Jinmao Property Services' (HKG:816) Solid Earnings Have Been Accounted For Conservatively
Jinmao Property Services' (HKG:816) Solid Earnings Have Been Accounted For Conservatively
Jinmao Property Services Co., Limited's (HKG:816) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.
金茂物業服務有限公司(HKG: 816)最近的收益報告沒有任何意外,該股上週保持不變。我們進行了一些挖掘,我們認爲投資者在基礎數據中遺漏了一些令人鼓舞的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-93c1f0c4a2a3c37ee4e809c001b7a4ec-0-9dd77b7bec52e04779b2962fd770200e.png/big)
Zooming In On Jinmao Property Services' Earnings
放大金茂物業服務的收益
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
在高級財務中,用於衡量公司將報告的利潤轉化爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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,但如果其應計比率爲正,則是一件壞事。雖然正應計比率表明非現金利潤達到一定水平不是問題,但高應計比率可以說是一件壞事,因爲它表明紙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,“應計額較高的公司將來的利潤往往會降低”。
Over the twelve months to December 2023, Jinmao Property Services recorded an accrual ratio of -0.22. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of CN¥395m in the last year, which was a lot more than its statutory profit of CN¥337.3m. Jinmao Property Services shareholders are no doubt pleased that free cash flow improved over the last twelve months.
在截至2023年12月的十二個月中,金茂物業服務的應計比率爲-0.22。因此,其法定收入大大低於其自由現金流。實際上,它去年的自由現金流爲3.95億元人民幣,遠遠超過其3.373億元的法定利潤。毫無疑問,金茂物業服務的股東對過去十二個月自由現金流的改善感到高興。
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.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On Jinmao Property Services' Profit Performance
我們對金茂物業服務盈利表現的看法
As we discussed above, Jinmao Property Services' accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think Jinmao Property Services' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Better yet, its EPS are growing strongly, which is nice to see. 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 if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted 1 warning sign for Jinmao Property Services you should know about.
正如我們上面討論的那樣,金茂物業服務的應計比率表明利潤向自由現金流的強勁轉換,這對公司來說是一個積極的利潤。正因爲如此,我們認爲金茂物業服務的潛在盈利潛力與法定利潤看上去一樣好,甚至可能更好!更好的是,其每股收益強勁增長,這很高興看到。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。因此,如果你想更深入地研究這隻股票,那麼考慮它面臨的任何風險至關重要。每家公司都有風險,我們已經發現了一個你應該知道的金茂物業服務警告信號。
Today we've zoomed in on a single data point to better understand the nature of Jinmao Property Services' 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.
今天,我們放大了單個數據點,以更好地了解金茂物業服務利潤的性質。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.
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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。