Left Field Printing Group's (HKG:1540) Earnings Seem To Be Promising
Left Field Printing Group's (HKG:1540) Earnings Seem To Be Promising
The market seemed underwhelmed by the solid earnings posted by Left Field Printing Group Limited (HKG:1540) recently. Along with the solid headline numbers, we think that investors have some reasons for optimism.
最近,左场印刷集团有限公司(HKG:1540)发布的可观收益似乎让市场感到失望。除了可观的盈利数字,我们认为投资者有一些乐观的理由。
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Examining Cashflow Against Left Field Printing Group's Earnings
检查左场印刷集团的现金流与收益的关系。
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. The ratio shows us how much a company's profit exceeds its FCF.
用于衡量公司如何将其利润转化为自由现金流(FCF)的一个关键财务比率是预提账户。简单地说,这个比率从净利润中减去FCF,然后将那个数字除以该期间公司的平均营运资产。该比率显示了一个公司的利润超过了其FCF的多少。
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 June 2024, Left Field Printing Group recorded an accrual ratio of -0.17. 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 HK$68m during the period, dwarfing its reported profit of HK$36.2m. Left Field Printing Group's free cash flow improved over the last year, which is generally good to see.
在2024年6月的12个月里,左场印刷集团的应计比率为-0.17。这意味着它有非常好的现金转换能力,而且其去年的收益实际上严重低估了其自由现金流。换句话说,在这段时间内,它的自由现金流达到了6800万港元,远超过了其报告的3620万港元的利润。左场印刷集团的自由现金流在过去一年有所改善,这通常是一个好的迹象。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Left Field Printing Group.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对左场印刷集团资产负债表分析。
Our Take On Left Field Printing Group's Profit Performance
我们对左场印刷集团的盈利表现有着自己的看法
Happily for shareholders, Left Field Printing Group produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Left Field Printing Group's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And on top of that, its earnings per share have grown at an extremely impressive rate over the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For instance, we've identified 3 warning signs for Left Field Printing Group (1 can't be ignored) you should be familiar with.
对股东来说,令人欣喜的是,左场印刷集团创造了大量的自由现金流来支持其法定利润数据。因此,我们认为左场印刷集团的潜在盈利能力至少和法定利润一样好,甚至可能更好!此外,其每股收益在过去一年里增长速度极为令人印象深刻。在最后,如果你想正确理解这家公司,必须考虑的因素远不止上述因素。所以,如果你想深入了解这个股票,重要的是要考虑它面临的任何风险。例如,我们已经发现了三个警示信号,其中1个必须被忽视,你应该熟悉。
Today we've zoomed in on a single data point to better understand the nature of Left Field Printing Group's profit. But there are plenty of other ways to inform your opinion of a company. 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.
今天,我们将聚焦于一个单一数据点,以更好地理解左场印刷集团的盈利情况。但还有很多其他方法可以了解一家公司。有些人认为高杠杆回报是一家优质企业的一个好迹象。尽管这可能需要你进行一些研究,但你可能会发现这些宣称具有高杠杆回报的公司的免费收集,或者这些持有大量内部股份的股票清单非常有用。
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