Investors Can Find Comfort In Tam Jai International's (HKG:2217) Earnings Quality
Investors Can Find Comfort In Tam Jai International's (HKG:2217) Earnings Quality
Tam Jai International Co. Limited's (HKG:2217) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. We think that investors might be looking at some positive factors beyond the earnings numbers.
谭仔国际(临时代码)近期的软盈利数值并未担忧股东,因为股价表现强劲。我们认为,投资者可能正在关注除收益数字外的一些积极因素。
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Examining Cashflow Against Tam Jai International's Earnings
审查谭仔国际的现金流与收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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.
很多投资者并不了解从现金流量表中计算的预付账款率,但它实际上是衡量公司利润由自由现金流(FCF)支撑情况的有用指标。简单地讲,这个比率将自由现金流(FCF)从净利润中减去,然后除以该期间公司的平均营运资产。这一比率告诉我们公司多少利润不由自由现金流支撑。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,当一个公司应记比率为负数时,实际上这被视为一件好事,而如果该比率为正数则被视为一件坏事。这并不意味着我们应该担心正的应记比率,但值得注意的是,当应计比率相当高时,引用Lewellen和Resutek在2014年的一篇论文"高应计的公司未来的盈利能力较差"。
For the year to March 2024, Tam Jai International had an accrual ratio of -2.92. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$557m in the last year, which was a lot more than its statutory profit of HK$118.6m. Over the last year, Tam Jai International's free cash flow remained steady.
对于2024年3月的一年,谭仔国际的应计比率为-2.92。因此,其法定收益明显低于其自由现金流。事实上,它在过去的一年中有55700万港元的自由现金流,远远超过了其11860万港元的法定利润。在过去的一年中,谭仔国际的自由现金流保持稳定。
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.
这可能会让您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基于其估计的未来盈利能力的互动图表。
Our Take On Tam Jai International's Profit Performance
我们对谭仔国际的盈利表现的看法
Happily for shareholders, Tam Jai International produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Tam Jai International's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Unfortunately, though, its earnings per share actually fell back over 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. You'd be interested to know, that we found 1 warning sign for Tam Jai International and you'll want to know about it.
对于股东而言,谭仔国际产生了大量可以支持其法定利润数字的自由现金流。因此,我们认为谭仔国际的潜在盈利能力与其法定利润相当,甚至可能比其法定利润更好!不幸的是,虽然其每股收益实际上在过去一年中回落,但我们在分析其收益方面只是表层浅尝辄止;人们还可以考虑利润率、预测增长和投资回报率等其他因素。考虑到这一点,除非我们完全了解风险,否则我们不会考虑投资股票。你可能会感兴趣的是,我们发现了1个关于谭仔国际的警告信号,你会想知道这个信号。
This note has only looked at a single factor that sheds light on the nature of Tam Jai International'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.
这个提示只看了一个因素,揭示了谭仔国际盈利性质的一些光芒。但是,如果你能集中注意力关注细节,总是能发现更多的内容。有些人认为高股东权益回报率是一个高质量企业的良好标志。虽然可能需要您进行一些调查,但您可能会发现这个免费的公司收藏集合,其中的公司拥有高回报率的股权,或这个有重要内部持股的股票清单,对您有所帮助。
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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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