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Folangsi's (HKG:2499) Solid Earnings Are Supported By Other Strong Factors

Folangsi's (HKG:2499) Solid Earnings Are Supported By Other Strong Factors

佛朗斯股份(HKG:2499)的稳健收益得到其他强劲因素的支持
Simply Wall St ·  2024/09/28 07:14

The subdued stock price reaction suggests that Folangsi Co., Ltd.'s (HKG:2499) strong earnings didn't offer any surprises. Our analysis suggests that investors might be missing some promising details.

佛朗斯股份有限公司(HKG:2499)股价反应疲软,表明其强劲收益并没有带来任何惊喜。我们的分析表明,投资者可能错过了一些有前景的细节。

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SEHK:2499 Earnings and Revenue History September 27th 2024
SEHK:2499盈利和营业收入历史数据截至2024年9月27日

Zooming In On Folangsi's Earnings

聚焦佛朗斯的盈利

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

衡量公司将其利润转化为自由现金流(FCF)的一个重要财务比率是应计比率。 应计比率将FCF从给定时期的利润中减去,并将结果除以公司在该期间的平均运营资产。 您可以将非自由现金流获利比率视为从现金流中提取的应计比率。

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,当一家公司的净应计流量比率为负数时,实际上它被认为是一件好事,但是如果它的应计流量比率为正数,那么就是一件坏事了。尽管应计流量比率高于零时并不值得担忧,但当一家公司的应计流量比率相对较高时,我们认为值得注意。原因是一些学术研究表明高的应计比率往往导致利润或利润增长较少。

Folangsi has an accrual ratio of -0.14 for the year to June 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥289m, well over the CN¥62.7m it reported in profit. Folangsi's free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.

截至2024年6月,佛朗斯的计提比率为-0.14。这表明其自由现金流明显超过了法定利润。事实上,在过去十二个月中,它报告了2.89亿元人民币的自由现金流,远远超过了其6.27亿元人民币的利润报告。佛朗斯的自由现金流在过去一年有所改善,这通常是令人满意的。然而,需要考虑的不仅仅是这些。计提比率反映了非飞凡项目对法定利润的影响,至少在一定程度上。

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。

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。

Folangsi's profit was reduced by unusual items worth CN¥18m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Folangsi to produce a higher profit next year, all else being equal.

飞凡过去十二个月的利润因飞凡价值1800万人民币的飞凡项而减少,在协助其产生高现金转化率的同时,反映了其飞凡项的飞凡。在这种情况下,如果这些飞凡项包括非现金费用,我们预计会看到强大的应计比率,这正是在这种情况下所发生的。看到飞凡项损失了公司利润并不是好事,但好的一面是,情况可能很快会有所好转。我们对成千上万家上市公司进行了研究,发现飞凡项很常常是一次性的。毕竟,这正是会计术语所暗示的。假设那些飞凡开支不会再次出现,我们因此期望飞凡明年将产生更高的利润,其他条件不变。

Our Take On Folangsi's Profit Performance

我们对飞凡的利润表现持有看法

Considering both Folangsi's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Looking at all these factors, we'd say that Folangsi's underlying earnings power is at least as good as the statutory numbers would make it seem. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Case in point: We've spotted 2 warning signs for Folangsi you should be mindful of and 1 of these doesn't sit too well with us.

考虑到飞凡的应计比率和其飞凡项,我们认为其法定收益不太可能夸大公司的基本收益能力。综合考虑所有这些因素,我们会说飞凡的基本收益能力至少和法定数字所显示的一样好。鉴于此,如果您希望对该公司进行更多分析,了解涉及的风险是至关重要的。例如:我们已经发现了2个针对飞凡的警告信号,您应该谨慎对待其中之一。

After our examination into the nature of Folangsi's profit, we've come away optimistic for the company. 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. 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.

经过我们对飞凡利润性质的调查,我们对该公司持乐观态度。但还有很多其他方法可以了解公司。例如,许多人将高股本回报视为良好业务经济的指标,而另一些人则喜欢“跟随资金”并寻找内部人员正在买入的股票。尽管这可能需要您进行一些研究,但您也许会发现这个提供高股本回报的公司收藏或者这份拥有重要内部持股的股票列表会有所帮助。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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