Niraku GC Holdings' (HKG:1245) Conservative Accounting Might Explain Soft Earnings
Niraku GC Holdings' (HKG:1245) Conservative Accounting Might Explain Soft Earnings
Soft earnings didn't appear to concern Niraku GC Holdings, Inc.'s (HKG:1245) shareholders over the last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
上周,Niraku GC Holdings Inc.(HKG:1245)的股东似乎并没有对公司的业绩不佳感到担忧。我们的分析表明,虽然盈利不高,但公司的基础牢固。
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Zooming In On Niraku GC Holdings' Earnings
深入分析Niraku GC Holdings的盈利情况。
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.
在高端金融领域,用于衡量公司将实际利润转化为自由现金流(FCF)的关键比率是应记比率(来自现金流)。要获取应计比率,我们首先要从某一期间的利润中减去FCF,然后将该数字除以该期间的平均营运资产。这个比率告诉我们公司实际利润有多少不是由自由现金流支持的。
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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,当公司预付账款率为负数时,实际上是一件好事,但如果预付账款率为正数,则是一件坏事。虽然预付账款率高于零的情况不会引起太大关注,但当公司的预付账款率相对较高时,我们认为值得注意。这是因为一些学术研究表明,较高的预付账款率往往导致利润或利润增长较少。
Niraku GC Holdings has an accrual ratio of -0.28 for the year to March 2024. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. To wit, it produced free cash flow of JP¥5.9b during the period, dwarfing its reported profit of JP¥962.0m. Niraku GC Holdings' free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
截至2024年3月,Niraku GC Holdings的应计比率为-0.28。这意味着公司具有非常好的现金转换能力,并且最近一年的盈利实际上明显低于其自由现金流。事实上,公司在此期间产生了59亿日元的自由现金流,远远超过其报告的利润96200万日元。Niraku GC Holdings的自由现金流在过去一年里有所提高,通常是一个好现象。尽管如此,事情还有更多的故事。我们可以看出,非常规项目影响了其法定利润,从而影响了应计比率。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Niraku GC Holdings.
注意:我们始终建议投资者检查资产负债表强度。单击此处,即可了解有关Niraku GC Holdings资产负债表分析的详细信息。
The Impact Of Unusual Items On Profit
除了稀释之外,还应该注意的是,万集科技在过去12个月中因不寻常项目获得了价值人民币3.5万元的利润。虽然我们希望看到利润增加,但当这些不寻常项目对利润做出重大贡献时,我们会更加谨慎。我们对全球大部分上市公司的数据进行了分析,发现不寻常项目往往是一次性的。这正如我们所期望的那样,因为这些提升被描述为"不寻常"。相对于其利润而言,万集科技在2021年12月前的不寻常项目贡献大。因此,我们可以推断出,这些不寻常项目正在使其财务利润显著增强。
Niraku GC Holdings' profit was reduced by unusual items worth JP¥301m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Niraku GC Holdings to produce a higher profit next year, all else being equal.
在过去的十二个月中,Niraku GC Holdings的利润减少了价值30100万日元的非常规费用,这有助于它生产高现金转换率,并反映了其非常规项目。这是您希望看到的,当公司有非现金费用减少纸面利润时。看到非常规项目给公司带来了损失从来不是一件好事,但好消息是,事情可能会很快得到好转。当我们分析全球大多数上市公司时,我们发现重要的非常规项目通常不会重复发生。考虑到这些项目通常被视为不寻常,假设这些不寻常的费用不会再次出现,我们因此预计Niraku GC Holdings在下一年将产生更高的利润,其他条件相同时。
Our Take On Niraku GC Holdings' Profit Performance
我们对Niraku GC Holdings的利润表现进行了分析。
Considering both Niraku GC Holdings' accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think Niraku GC Holdings' underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! If you'd like to know more about Niraku GC Holdings as a business, it's important to be aware of any risks it's facing. For example - Niraku GC Holdings has 3 warning signs we think you should be aware of.
考虑到Niraku GC Holdings的应计比率和非常规项目,我们认为其法定利润不太可能夸大公司的潜在盈利能力。基于这些因素,我们认为Niraku GC Holdings的潜在盈利能力与法定利润相当,甚至可能更好!如果您想了解Niraku GC Holdings作为一家企业的更多信息,重要的是要了解它面临的任何风险。例如-Niraku GC Holdings有3个警告标志,我们认为您应该知道。
Our examination of Niraku GC Holdings has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
我们对Niraku GC Holdings的检查侧重于某些因素,这些因素可以使其利润看起来比实际情况更好。它通过了審查。但是,如果您能够把注意力放在细节上,就会发现更多的内容。有些人认为高股本回报率是优质企业的好标志。因此,您可能希望查看此高股本回报率的公司的免费收藏或具有高内部所有权的股票列表。
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