share_log

Jia Yao Holdings (HKG:1626) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

Jia Yao Holdings (HKG:1626) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

嘉耀控股(HKG:1626)发布了健康的收益,但还有一些其他因素需要注意
Simply Wall St ·  09/28 08:03

Jia Yao Holdings Limited (HKG:1626) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.

嘉耀控股有限公司(HKG:1626)宣布强劲盈利,但股票走势停滞。我们的分析表明,股东已经注意到数字中的一些令人担忧的地方。

big
SEHK:1626 Earnings and Revenue History September 28th 2024
SEHK:1626盈利和营业收入历史数据为2024年9月28日

A Closer Look At Jia Yao Holdings' Earnings

深入研究嘉耀控股的盈利情况

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 it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

因此,当公司的应计负债比率为负时,实际上是一件好事,但如果其应计负债比率为正,那就是一件坏事。虽然应计负债比率为正不是问题,表明某种程度的非现金利润,但高应计负债比率可以说是一件坏事,因为这表明纸面利润与现金流不匹配。因为一些学术研究表明,高应计负债比率往往导致利润较低或利润增长较少。

Jia Yao Holdings has an accrual ratio of 0.40 for the year to June 2024. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥9.2m, in contrast to the aforementioned profit of CN¥93.0m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥9.2m, this year, indicates high risk.

嘉耀控股截至2024年6月的应计比率为0.40。从统计角度来看,这对未来盈利实际上是负面的。事实上,在该期间,公司根本没有产生任何自由现金流。在过去一年中,其实际自由现金流为-920万人民币,与前述的9300万人民币盈利形成鲜明对比。由于去年的负自由现金流,我们可以想象一些股东可能会担心今年的-920万人民币的现金燃烧是否表明了高风险。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jia Yao Holdings.

注意:我们始终建议投资者检查资产负债表的强弱。点击这里进入我们对嘉耀控股资产负债表分析。

Our Take On Jia Yao Holdings' Profit Performance

我们对嘉耀控股的盈利表现有所看法

As we discussed above, we think Jia Yao Holdings' earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Jia Yao Holdings' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The silver lining is that its EPS growth over the last year has been really wonderful, even if it's not a perfect measure. 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 while earnings quality is important, it's equally important to consider the risks facing Jia Yao Holdings at this point in time. You'd be interested to know, that we found 1 warning sign for Jia Yao Holdings and you'll want to know about this.

如我们上面所讨论的,我们认为嘉耀控股的收益并未得到自由现金流的支持,这可能让一些投资者感到担忧。因此,我们认为嘉耀控股的法定利润可能不是其潜在收益能力的良好指引,可能会给投资者过分正面的印象。残光之中,过去一年其每股收益的增长确实十分出色,即使它并非完美的衡量标准。最终,如果您想正确了解这家公司,重要的是要考虑更多的因素,而不仅仅是上述因素。因此,虽然盈利质量很重要,但同样重要的是要考虑目前嘉耀控股所面临的风险。您可能对此感兴趣,我们发现嘉耀控股有1个警示标志,您可能想了解这个。

Today we've zoomed in on a single data point to better understand the nature of Jia Yao Holdings' 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,我们聚焦于一个单一的数据点,以更好地了解嘉耀控股盈利的本质。但有很多其他方法可以了解一个公司。一些人认为股本回报率高是一个优质公司的良好迹象。虽然这可能需要您进行一些调查研究,但您可能会发现收集这些具有高股本回报率的公司的自由信息或者那些拥有重要内部持股的股票清单对您很有帮助。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发