There May Be Reason For Hope In BOE Varitronix's (HKG:710) Disappointing Earnings
There May Be Reason For Hope In BOE Varitronix's (HKG:710) Disappointing Earnings
BOE Varitronix Limited's (HKG:710) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. Our analysis suggests that investors may have noticed some promising signs beyond the statutory profit figures.
由于股价表现强劲,京东方精电有限公司(HKG: 710)最近的疲软利润数字似乎并没有让股东感到担忧。我们的分析表明,除了法定利润数字外,投资者可能已经注意到一些令人鼓舞的迹象。
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Examining Cashflow Against BOE Varitronix's Earnings
根据京东方精电的收益检查现金流
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高级财务中,用于衡量公司将报告的利润转换为自由现金流(FCF)的关键比率是应计比率(来自现金流)。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。
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。
Over the twelve months to December 2023, BOE Varitronix recorded an accrual ratio of -0.12. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of HK$678m during the period, dwarfing its reported profit of HK$475.3m. Notably, BOE Varitronix had negative free cash flow last year, so the HK$678m it produced this year was a welcome improvement.
在截至2023年12月的十二个月中,京东方精电的应计比率为-0.12。因此,其法定收入远远低于其自由现金流。换句话说,它在此期间产生了6.78亿港元的自由现金流,使其报告的4.753亿港元利润相形见绌。值得注意的是,京东方精电去年的自由现金流为负,因此其今年的6.78亿港元是一个可喜的改善。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
Our Take On BOE Varitronix's Profit Performance
我们对京东方精电盈利表现的看法
BOE Varitronix's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think BOE Varitronix's earnings potential is at least as good as it seems, and maybe even better! And on top of that, its earnings per share have grown at an extremely impressive rate over the last three years. 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 if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted 1 warning sign for BOE Varitronix you should know about.
正如我们在上面讨论的那样,京东方精电的应计比率稳健,表明自由现金流强劲。因此,我们认为京东方精电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,在过去三年中,其每股收益以极其惊人的速度增长。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,如果你想更深入地研究这只股票,那么考虑它面临的任何风险至关重要。每家公司都有风险,我们发现了一个你应该知道的京东方精电警告信号。
Today we've zoomed in on a single data point to better understand the nature of BOE Varitronix's profit. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
今天,我们放大了单一数据点,以更好地了解京东方精电利润的性质。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。因此,你可能希望看到这份免费收藏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。
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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。