Earnings Troubles May Signal Larger Issues for Accel Group Holdings (HKG:1283) Shareholders
Earnings Troubles May Signal Larger Issues for Accel Group Holdings (HKG:1283) Shareholders
The market wasn't impressed with the soft earnings from Accel Group Holdings Limited (HKG:1283) recently. Our analysis has found some reasons to be concerned, beyond the weak headline numbers.
Accel Group Holdings Limited(HKG: 1283)最近的疲軟收益並沒有給市場留下深刻的印象。我們的分析發現,除了疲軟的標題數字外,還有一些令人擔憂的理由。
Check out our latest analysis for Accel Group Holdings
查看我們對Accel Group Holdings的最新分析
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231223/0-07b69e1dc62b1178655f0e3a02c4e069-0-3d9d7b5e7b1a47e62157faf2202634cd.png/big)
Zooming In On Accel Group Holdings' Earnings
放大Accel集團控股公司的收益
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. The ratio shows us how much a company's profit exceeds its FCF.
正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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,負應計比率對公司來說是正數,而正應計比率是負數。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。這是因爲一些學術研究表明,高應計率往往會導致利潤下降或利潤增長減弱。
For the year to September 2023, Accel Group Holdings had an accrual ratio of 0.24. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Even though it reported a profit of HK$40.4m, a look at free cash flow indicates it actually burnt through HK$38m in the last year. It's worth noting that Accel Group Holdings generated positive FCF of HK$50m a year ago, so at least they've done it in the past.
在截至2023年9月的一年中,Accel Group Holdings的應計比率爲0.24。不幸的是,這意味着其自由現金流遠低於其報告的利潤。儘管該公司公佈了4,040萬港元的利潤,但從自由現金流來看,它實際上在去年消耗了3,800萬港元。值得注意的是,Accel Group Holdings在一年前創造了5000萬港元的正FCF,因此至少他們過去曾這樣做過。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Accel Group Holdings.
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Accel集團控股的資產負債表分析。
Our Take On Accel Group Holdings' Profit Performance
我們對Accel Group Holdings利潤表現的看法
Accel Group Holdings' accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Because of this, we think that it may be that Accel Group Holdings' statutory profits are better than its underlying earnings power. In further bad news, its earnings per share decreased in the last year. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Be aware that Accel Group Holdings is showing 4 warning signs in our investment analysis and 2 of those make us uncomfortable...
Accel Group Holdings在過去十二個月中的應計比率表明現金轉換率不理想,就我們對收益的看法而言,這是負數。因此,我們認爲Accel Group Holdings的法定利潤可能好於其基礎盈利能力。另一個壞消息是,其每股收益在去年有所下降。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。考慮到這一點,除非我們對風險有透徹的了解,否則我們不會考慮投資股票。請注意,Accel Group Holdings在我們的投資分析中顯示了4個警告信號,其中2個讓我們感到不舒服...
Today we've zoomed in on a single data point to better understand the nature of Accel Group 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. 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.
今天,我們放大了單一數據點,以更好地了解Accel Group Holdings利潤的性質。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。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.
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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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。