There May Be Underlying Issues With The Quality Of Hypebeast's (HKG:150) Earnings
There May Be Underlying Issues With The Quality Of Hypebeast's (HKG:150) Earnings
Last week's profit announcement from Hypebeast Limited (HKG:150) was underwhelming for investors, despite headline numbers being robust. We think that the market might be paying attention to some underlying factors are concerning.
尽管标题数据强劲,但上周Hypebeast Limited(HKG: 150)的盈利公告令投资者望而却步。我们认为,市场可能会关注一些令人担忧的潜在因素。
View our latest analysis for Hypebeast
查看我们对 Hypebeast 的最新分析
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A Closer Look At Hypebeast's Earnings
仔细看看Hypebeast的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
用于衡量公司将其利润转化为自由现金流(FCF)的效果的一个关键财务比率是应计比率。为了获得应计比率,我们首先从一段时间内的利润中减去FCF,然后将该数字除以该期间的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,当公司的应计比率为负时,这实际上被认为是一件好事,但是如果应计比率为正,则被认为是一件坏事。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。那是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长放缓。
For the year to September 2023, Hypebeast had an accrual ratio of 0.21. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Even though it reported a profit of HK$49.6m, a look at free cash flow indicates it actually burnt through HK$5.5m in the last year. We also note that Hypebeast's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of HK$5.5m. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. The good news for shareholders is that Hypebeast's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2023年9月的一年中,Hypebeast的应计比率为0.21。因此,我们可以推断出其自由现金流远不足以支付其法定利润。尽管该公司公布了4,960万港元的利润,但从自由现金流来看,它实际上在去年消耗了550万港元。我们还注意到,去年Hypebeast的自由现金流实际上也是负数,因此我们可以理解股东是否因其550万港元的流出而感到困扰。话虽如此,故事还有更多。应计比率至少部分反映了不寻常项目对法定利润的影响。对股东来说,好消息是,去年Hypebeast的应计比率要好得多,因此今年的糟糕数据可能只是利润与FCF之间短期不匹配的例子。如果确实如此,股东应寻求在本年度的现金流相对于利润的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Hypebeast.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对Hypebeast的资产负债表分析。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Given the accrual ratio, it's not overly surprising that Hypebeast's profit was boosted by unusual items worth HK$11m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. Hypebeast had a rather significant contribution from unusual items relative to its profit to September 2023. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
考虑到应计比率,在过去十二个月中,价值1100万港元的不寻常物品提振了Hypebeast的利润也就不足为奇了。虽然获得更高的利润总是件好事,但来自不寻常物品的巨额捐款有时会抑制我们的热情。当我们计算数千家上市公司的数字时,我们发现,特定年份中不寻常的项目所带来的提振通常不会在第二年重演。考虑到这个名字,这并不奇怪。相对于其截至2023年9月的利润,Hypebeast从不寻常的项目中做出了相当大的贡献。因此,我们可以推测,这些不寻常的物品使其法定利润明显高于原来的水平。
Our Take On Hypebeast's Profit Performance
我们对Hypebeast盈利表现的看法
Hypebeast had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at Hypebeast's statutory profits might make it look better than it really is on an underlying level. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. To that end, you should learn about the 4 warning signs we've spotted with Hypebeast (including 2 which can't be ignored).
Hypebeast的应计比率较低,但其利润确实得到了不寻常项目的提振。出于上述原因,我们认为,敷衍地看一眼Hypebeast的法定利润可能会使其看起来比实际水平要好。有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。为此,你应该了解我们在Hypebeast中发现的4个警告信号(包括2个不容忽视的信号)。
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
在这篇文章中,我们研究了许多可能损害利润数字效用的因素,我们采取了谨慎的态度。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。