BOC Aviation (HKG:2588) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
BOC Aviation (HKG:2588) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Last week's profit announcement from BOC Aviation Limited (HKG:2588) was underwhelming for investors, despite headline numbers being robust. We think that the market might be paying attention to some underlying factors that they find to be concerning.
尽管总体数据强劲,但中银航空租赁有限公司(HKG: 2588)上周的盈利公告令投资者望而却步。我们认为,市场可能会关注一些他们认为令人担忧的潜在因素。
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The Power Of Non-Operating Revenue
非营业收入的力量
Most companies divide classify their revenue as either 'operating revenue', which comes from normal operations, and other revenue, which could include government grants, for example. Oftentimes, non-operating revenue spikes are not repeated, so it makes sense to be cautious where non-operating revenue has made a very large contribution to total profit. Importantly, the non-operating revenue often comes without associated ongoing costs, so it can boost profit by letting it fall straight to the bottom line, making the operating business seem better than it really is. It's worth noting that BOC Aviation saw a big increase in non-operating revenue over the last year. In fact, our data indicates that non-operating revenue increased from US$123.4m to US$226.9m. If that non-operating revenue fails to manifest in the current year, then there's a real risk the bottom line profit result will be impacted negatively. Sometimes, you can get a better idea of the underlying earnings potential of a company by excluding unusual boosts to non-operating revenue.
例如,大多数公司将其收入归类为 “营业收入”(来自正常运营)和其他收入(可能包括政府补助金)。通常,非营业收入激增不会重演,因此,在非营业收入对总利润的贡献非常大的情况下,谨慎行事是合理的。重要的是,非营业收入通常没有相关的持续成本,因此它可以通过让利润直接降至利润来提高利润,使运营业务看起来比实际情况更好。值得注意的是,中银航空租赁的非营业收入比去年大幅增加。实际上,我们的数据表明,营业外收入从1.234亿美元增加到2.269亿美元。如果非营业收入未能在本年度显现,那么利润业绩确实有可能受到负面影响。有时,通过排除非营业收入的不寻常增长,你可以更好地了解公司的潜在收益潜力。
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。
The Impact Of Unusual Items On Profit
不寻常物品对利润的影响
Alongside that spike in non-operating revenue, it's also important to note that BOC Aviation'sprofit was boosted by unusual items worth US$284m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. If BOC Aviation doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
除了营业外收入的激增外,还需要注意的是,在过去的十二个月中,价值2.84亿美元的不寻常项目提振了中银航空租赁的利润。我们不能否认更高的利润通常会让我们感到乐观,但如果利润是可持续的,我们更愿意这样做。当我们分析全球绝大多数上市公司时,我们发现重大不寻常的事项往往不会重演。这正如你所预料的那样,因为这些增强被描述为 “不寻常”。如果中银航空租赁认为这一捐款不会重演,那么在其他条件相同的情况下,我们预计其本年度的利润将下降。
Our Take On BOC Aviation's Profit Performance
我们对中银航空租赁盈利表现的看法
In the last year BOC Aviation's non-operating revenue really gave it a boost, but not in a way that is necessarily going to be sustained. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated and everything else is equal. For the reasons mentioned above, we think that a perfunctory glance at BOC Aviation's statutory profits might make it look better than it really is on an underlying level. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, BOC Aviation has 4 warning signs (and 2 which make us uncomfortable) we think you should know about.
去年,中银航空租赁的非营业收入确实为其带来了提振,但不一定能持续下去。最重要的是,它还看到一个不寻常的项目提高了利润,这表明如果这些事件不重演,其他一切都一样,明年的利润数字可能会降低。出于上述原因,我们认为,敷衍地看一眼中银航空租赁的法定利润可能会使其看起来比实际水平要好。请记住,在分析股票时,值得注意所涉及的风险。例如,中银航空租赁有4个警告标志(其中2个令我们感到不舒服),我们认为您应该知道。
Our examination of BOC Aviation has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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. 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.
我们对中银航空租赁的审查侧重于某些可能使其收益好于实际的因素。而且,在此基础上,我们有些怀疑。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。因此,你可能希望看到这份拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。
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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。