Last week's profit announcement from Hypebeast Limited (HKG:150) was underwhelming for investors, despite headline numbers being robust. We think that the market might be paying attention to some underlying factors are concerning.
儘管標題數據強勁,但上週Hypebeast Limited(HKG: 150)的盈利公告令投資者望而卻步。我們認爲,市場可能會關注一些令人擔憂的潛在因素。
View our latest analysis for Hypebeast
查看我們對 Hypebeast 的最新分析
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231218/0-99714b39f6610d60c0a28ca902c196c6-0-37b02be28a8e4d3b7bafa93c09d0af0e.png/big)
A Closer Look At Hypebeast's Earnings
仔細看看Hypebeast的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
用於衡量公司將其利潤轉化爲自由現金流(FCF)的效果的一個關鍵財務比率是應計比率。爲了獲得應計比率,我們首先從一段時間內的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。
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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。這並不意味着我們應該擔心應計比率爲正,但值得注意的是,應計比率相當高的地方。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。
For the year to September 2023, Hypebeast had an accrual ratio of 0.21. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Even though it reported a profit of HK$49.6m, a look at free cash flow indicates it actually burnt through HK$5.5m in the last year. We also note that Hypebeast's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of HK$5.5m. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. The good news for shareholders is that Hypebeast's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2023年9月的一年中,Hypebeast的應計比率爲0.21。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。儘管該公司公佈了4,960萬港元的利潤,但從自由現金流來看,它實際上在去年消耗了550萬港元。我們還注意到,去年Hypebeast的自由現金流實際上也是負數,因此我們可以理解股東是否因其550萬港元的流出而感到困擾。話雖如此,故事還有更多。應計比率至少部分反映了不尋常項目對法定利潤的影響。對股東來說,好消息是,去年Hypebeast的應計比率要好得多,因此今年的糟糕數據可能只是利潤與FCF之間短期不匹配的例子。如果確實如此,股東應尋求在本年度的現金流相對於利潤的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Hypebeast.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Hypebeast的資產負債表分析。
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Given the accrual ratio, it's not overly surprising that Hypebeast's profit was boosted by unusual items worth HK$11m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. Hypebeast had a rather significant contribution from unusual items relative to its profit to September 2023. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
考慮到應計比率,在過去十二個月中,價值1100萬港元的不尋常物品提振了Hypebeast的利潤也就不足爲奇了。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。考慮到這個名字,這並不奇怪。相對於其截至2023年9月的利潤,Hypebeast從不尋常的項目中做出了相當大的貢獻。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯高於原來的水平。
Our Take On Hypebeast's Profit Performance
我們對Hypebeast盈利表現的看法
Hypebeast had a weak accrual ratio, but its profit did receive a boost from unusual items. For the reasons mentioned above, we think that a perfunctory glance at Hypebeast's statutory profits might make it look better than it really is on an underlying level. 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. To that end, you should learn about the 4 warning signs we've spotted with Hypebeast (including 2 which can't be ignored).
Hypebeast的應計比率較低,但其利潤確實得到了不尋常項目的提振。出於上述原因,我們認爲,敷衍地看一眼Hypebeast的法定利潤可能會使其看起來比實際水平要好。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。爲此,你應該了解我們在Hypebeast中發現的4個警告信號(包括2個不容忽視的信號)。
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there is always more to discover if you are capable of focussing your mind on minutiae. 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 that insiders are buying to be useful.
在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單很有用。
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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。