Winson Holdings Hong Kong's (HKG:6812) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Winson Holdings Hong Kong's (HKG:6812) Sluggish Earnings Might Be Just The Beginning Of Its Problems
The subdued market reaction suggests that Winson Holdings Hong Kong Limited's (HKG:6812) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.
市场反应不强烈，因此我们认为温臣控股香港有限公司（HKG：6812）近期的收益没有任何惊喜。不过，我们认为投资者应该关注一些潜在的担忧因素。
Examining Cashflow Against Winson Holdings Hong Kong's Earnings
分析温臣控股香港的现金流：利润比较
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
用于衡量公司如何将其利润转换为自由现金流的一个关键财务比率是应计比率。 简单来说，这个比率从净利润中减去自由现金流，并将该数字除以该期间内公司的平均营运资产。 该比率告诉我们，公司利润中有多少不是由自由现金流支持的。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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.
这意味着负的应计比率是一件好事，因为它表明公司比其利润所示带来了更多的自由现金流。虽然应计比率高于零不足为凭，但如果公司的应计比率相对较高，我们认为这值得注意。值得注意的是，有一些学术证据表明，相对而言，高应计比率是短期利润的不利信号。
Over the twelve months to March 2024, Winson Holdings Hong Kong recorded an accrual ratio of 0.70. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of HK$51m despite its profit of HK$10.9m, mentioned above. We saw that FCF was HK$47m a year ago though, so Winson Holdings Hong Kong has at least been able to generate positive FCF in the past. One positive for Winson Holdings Hong Kong shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2024年3月的十二个月中，温臣控股香港的应计比率为0.70。从统计学上讲，这对未来的收益是真正的负面因素。可以看出，在那段时间里，公司没有产生任何自由现金流。负尽管上一段提到它的利润为1090万元港元，但在过去的十二个月中，它的自由现金流实际上为负数，流出5100万元港元。不过，一年前，我们看到自由现金流是4700万元港元，所以温臣控股香港至少曾经能够在过去产生正面的自由现金流。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Winson Holdings Hong Kong.
注意：我们始终建议投资者检查资产负债表的强度。单击此处可访问我们对温臣控股香港资产负债表分析的报告。
Our Take On Winson Holdings Hong Kong's Profit Performance
我们对温臣控股香港的利润表现的看法：
As we have made quite clear, we're a bit worried that Winson Holdings Hong Kong didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Winson Holdings Hong Kong's underlying earnings power is lower than its statutory profit. In further bad news, its earnings per share decreased in the 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. If you'd like to know more about Winson Holdings Hong Kong as a business, it's important to be aware of any risks it's facing. To that end, you should learn about the 4 warning signs we've spotted with Winson Holdings Hong Kong (including 2 which can't be ignored).
正如我们已经明确表明的那样，我们有点担心温臣控股香港没有用自由现金流支持去年的利润。因此，我们认为温臣控股香港潜在的盈利能力可能低于其法定利润。此外的坏消息是，它的每股收益在过去一年中有所下降。当然，我们只是涉及了分析其收益的表面；我们还可以考虑一些因素，如利润率、预测增长和投资回报率等。如果您想了解关于温臣控股香港的更多信息，了解其面临的任何风险是很重要的。为此，您应该了解我们发现的温臣控股香港的4个警告信号（包括不能忽略的2个）。
This note has only looked at a single factor that sheds light on the nature of Winson Holdings Hong Kong's profit. 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. 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 with significant insider holdings to be useful.
本笔注释仅研究了揭示温臣控股香港利润性质的单个因素。但是如果您能够聚焦细节，仍然可以发现更多内容。一些人将高股本回报率视为高质量企业的良好迹象。尽管这可能需要您进行一些研究，但您可能会发现以下方面的免费企业收藏高股本回报率收藏或具有重大内部持股的股票清单有所帮助。
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