We Think Sino Hotels (Holdings)'s (HKG:1221) Solid Earnings Are Understated
We Think Sino Hotels (Holdings)'s (HKG:1221) Solid Earnings Are Understated
Sino Hotels (Holdings) Limited's (HKG:1221) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
信和酒店(控股)有限公司(HKG: 1221)最近的收益报告并未带来任何意外,该股上周保持不变。我们进行了一些分析以找出原因,并认为投资者可能遗漏了收益中包含的一些令人鼓舞的因素。
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How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
For anyone who wants to understand Sino Hotels (Holdings)'s profit beyond the statutory numbers, it's important to note that during the last twelve months statutory profit was reduced by HK$36m due to unusual items. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. In the twelve months to December 2023, Sino Hotels (Holdings) had a big unusual items expense. All else being equal, this would likely have the effect of making the statutory profit look worse than its underlying earnings power.
对于任何想了解信和酒店(控股)超出法定数字的利润的人来说,值得注意的是,在过去的十二个月中,由于异常项目,法定利润减少了3,600万港元。看到不寻常的项目使公司利润付出代价从来都不是一件好事,但从好的方面来看,情况可能迟早会好转。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。鉴于这些单列项目被认为不寻常,这并不奇怪。在截至2023年12月的十二个月中,信和酒店(控股)有一笔巨额的不寻常物品支出。在其他条件相同的情况下,这可能会使法定利润看起来比其基本盈利能力差。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Sino Hotels (Holdings).
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信和酒店(控股)的资产负债表分析。
Our Take On Sino Hotels (Holdings)'s Profit Performance
我们对信和酒店(控股)盈利表现的看法
As we mentioned previously, the Sino Hotels (Holdings)'s profit was hampered by unusual items in the last year. Because of this, we think Sino Hotels (Holdings)'s underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And it's also positive that the company showed enough improvement to book a profit this year, after losing money last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing Sino Hotels (Holdings) at this point in time. When we did our research, we found 2 warning signs for Sino Hotels (Holdings) (1 is a bit concerning!) that we believe deserve your full attention.
正如我们之前提到的,信和酒店(控股)的利润在去年受到不寻常项目的阻碍。正因为如此,我们认为信和酒店(控股)的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!同样乐观的是,该公司在去年亏损之后,表现出了足够的改善,今年实现了盈利。当然,我们只是在分析其收益时才浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。因此,尽管收益质量很重要,但考虑信和酒店(控股)目前面临的风险同样重要。当我们进行研究时,我们发现信和酒店(控股)有两个警告信号(其中一个有点令人担忧!)我们认为值得你全神贯注。
This note has only looked at a single factor that sheds light on the nature of Sino Hotels (Holdings)'s profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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.
本报告仅研究了揭示信和酒店(控股)利润性质的单一因素。但是,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。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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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。