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We Think Overseas Education's (SGX:RQ1) Profit Is Only A Baseline For What They Can Achieve

We Think Overseas Education's (SGX:RQ1) Profit Is Only A Baseline For What They Can Achieve

我们认为海外教育(新加坡证券交易所股票代码:RQ1)的利润只是他们所能实现的目标的基准
Simply Wall St ·  04/15 18:47

Even though Overseas Education Limited's (SGX:RQ1) recent earnings release was robust, the market didn't seem to notice. Our analysis suggests that investors might be missing some promising details.

尽管海外教育有限公司(新加坡证券交易所股票代码:RQ1)最近发布的财报表现强劲,但市场似乎没有注意到。我们的分析表明,投资者可能遗漏了一些令人鼓舞的细节。

earnings-and-revenue-history
SGX:RQ1 Earnings and Revenue History April 15th 2024
新加坡证券交易所:RQ1 收益和收入历史记录 2024 年 4 月 15 日

Zooming In On Overseas Education's Earnings

放大海外教育的收入

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. The ratio shows us how much a company's profit exceeds its FCF.

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。该比率向我们显示了公司的利润超过其FCF的程度。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.

因此,负应计比率对公司来说是正数,而正应计比率是负数。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。

For the year to December 2023, Overseas Education had an accrual ratio of -0.10. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. Indeed, in the last twelve months it reported free cash flow of S$25m, well over the S$6.73m it reported in profit. Overseas Education did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie.

在截至2023年12月的一年中,海外教育的应计率为-0.10。这意味着它具有良好的现金转化率,也意味着其去年的自由现金流稳步超过了利润。事实上,在过去的十二个月中,该公司报告的自由现金流为2500万新元,远远超过其公布的673万新元的利润。海外教育的自由现金流确实同比下降,这并不理想,就像辛普森没有场地管理员威利的剧集一样。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Overseas Education.

注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们的海外教育资产负债表分析。

Our Take On Overseas Education's Profit Performance

我们对海外教育盈利表现的看法

Overseas Education's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think Overseas Education's earnings potential is at least as good as it seems, and maybe even better! And on top of that, its earnings per share increased by 27% in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you want to do dive deeper into Overseas Education, you'd also look into what risks it is currently facing. Case in point: We've spotted 3 warning signs for Overseas Education you should be mindful of and 1 of them is concerning.

正如我们在上面讨论的那样,海外教育的应计率稳健,表明自由现金流强劲。正因为如此,我们认为海外教育的盈利潜力至少和看起来一样好,甚至可能更好!最重要的是,其每股收益在去年增长了27%。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。如果你想更深入地研究海外教育,你还需要研究它目前面临的风险。一个很好的例子:我们发现了你应该注意的3个海外教育警告信号,其中一个令人担忧。

Today we've zoomed in on a single data point to better understand the nature of Overseas Education's profit. But there are plenty of other ways to inform your opinion of a company. 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.

今天,我们放大了单一数据点,以更好地了解海外教育利润的性质。但是,还有很多其他方法可以让你对公司的看法。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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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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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