There May Be Some Bright Spots In Computime Group's (HKG:320) Earnings
There May Be Some Bright Spots In Computime Group's (HKG:320) Earnings
Computime Group Limited's (HKG:320) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. We think that investors might be looking at some positive factors beyond the earnings numbers.
金寶通集團有限公司(HKG: 320)最近的軟利潤數字似乎並沒有讓股東感到擔憂,因爲股價表現出強勁。我們認爲,除了收益數字外,投資者可能會考慮一些積極因素。
Check out our latest analysis for Computime Group
查看我們對金寶通集團的最新分析
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231218/0-d722b3595585750d6e380b39546077bf-0-ef42062310f1485b3e451381f360d3bc.png/big)
A Closer Look At Computime Group's Earnings
仔細研究金寶通集團的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
許多投資者沒有聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)對利潤的支持程度的有用指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以公司在此期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有自由現金流支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,負應計比率對公司來說是正數,正應計比率是負數。儘管應計比率爲正並不是問題,表明非現金利潤達到一定水平,但高應計比率可以說是一件壞事,因爲它表明票面利潤與現金流不匹配。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司未來的利潤往往較低”。
Computime Group has an accrual ratio of -0.12 for the year to September 2023. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. In fact, it had free cash flow of HK$179m in the last year, which was a lot more than its statutory profit of HK$30.0m. Computime Group's free cash flow improved over the last year, which is generally good to see.
截至2023年9月的一年中,金寶通集團的應計比率爲-0.12。這意味着它具有良好的現金轉化率,也意味着其去年的自由現金流穩步超過了利潤。實際上,它去年的自由現金流爲1.79億港元,遠遠超過其3000萬港元的法定利潤。金寶通集團的自由現金流比去年有所改善,總體而言,這是值得期待的。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Computime Group.
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金寶通集團的資產負債表分析。
Our Take On Computime Group's Profit Performance
我們對金寶通集團利潤表現的看法
As we discussed above, Computime Group has perfectly satisfactory free cash flow relative to profit. Based on this observation, we consider it likely that Computime Group's statutory profit actually understates its earnings potential! On the other hand, its EPS actually shrunk in the last twelve months. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Case in point: We've spotted 5 warning signs for Computime Group you should be aware of.
正如我們上面討論的那樣,金寶通集團的自由現金流相對於利潤來說非常令人滿意。基於這一觀察,我們認爲金寶通集團的法定利潤實際上可能低估了其盈利潛力!另一方面,其每股收益實際上在過去十二個月中萎縮了。本文的目標是評估我們在多大程度上可以依靠法定收益來反映公司的潛力,但還有很多需要考慮的地方。請記住,在分析股票時,值得注意所涉及的風險。一個很好的例子:我們已經發現了金寶通集團的5個警告信號,你應該注意。
This note has only looked at a single factor that sheds light on the nature of Computime Group's profit. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.
本報告僅研究了揭示金寶通集團利潤性質的單一因素。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。因此,你可能希望看到這份免費收藏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。
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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.
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。