We Think That There Are Issues Underlying OrbusNeich Medical Group Holdings' (HKG:6929) Earnings
We Think That There Are Issues Underlying OrbusNeich Medical Group Holdings' (HKG:6929) Earnings
Despite posting some strong earnings, the market for OrbusNeich Medical Group Holdings Limited's (HKG:6929) stock hasn't moved much. We did some digging, and we found some concerning factors in the details.
儘管公佈了一些強勁的收益,但OrbusNeich Medical Group Holdings Limited(HKG: 6929)的股票市場並沒有太大變化。我們進行了一些挖掘,在細節中發現了一些相關的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240426/0-a8a642c63ad973dbbb90a0d7a963c1b1-0-bc0c58908a4fb5dde4fa2cb3909830ab.png/big)
Examining Cashflow Against OrbusNeich Medical Group Holdings' Earnings
根據OrbusNeich Medical Group Holdings的收益檢查現金流
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. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,負應計比率對公司來說是正數,而正應計比率是負數。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。值得注意的是,有一些學術證據表明,總的來說,高應計率對短期利潤來說是個壞兆頭。
Over the twelve months to December 2023, OrbusNeich Medical Group Holdings recorded an accrual ratio of 0.29. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Indeed, in the last twelve months it reported free cash flow of US$17m, which is significantly less than its profit of US$45.1m. OrbusNeich Medical Group Holdings' free cash flow actually declined over the last year, but it may bounce back next year, since free cash flow is often more volatile than accounting profits. The good news for shareholders is that OrbusNeich Medical Group Holdings' 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. As a result, some shareholders may be looking for stronger cash conversion in the current year.
在截至2023年12月的十二個月中,OrbusNeich Medical Group Holdings的應計比率爲0.29。因此,我們知道它的自由現金流大大低於其法定利潤,這引發了人們對該利潤數字到底有多有用的質疑。事實上,在過去的十二個月中,它報告的自由現金流爲1700萬美元,大大低於其4510萬美元的利潤。去年,OrbusNeich Medical Group Holdings的自由現金流實際上有所下降,但明年可能會反彈,因爲自由現金流通常比會計利潤更具波動性。對股東來說,好消息是,去年,OrbusNeich Medical Group Holdings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之間短期不匹配的情況。因此,一些股東可能希望在本年度實現更強的現金轉換。
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 OrbusNeich Medical Group Holdings' Profit Performance
我們對OrbusNeich Medical Group Holdings利潤表現的看法
OrbusNeich Medical 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 OrbusNeich Medical Group Holdings' statutory profits are better than its underlying earnings power. The good news is that, its earnings per share increased by 72% in the last year. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. While conducting our analysis, we found that OrbusNeich Medical Group Holdings has 1 warning sign and it would be unwise to ignore it.
OrbusNeich Medical 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,從我們對收益的看法來看,這是負數。因此,我們認爲OrbusNeich Medical Group Holdings的法定利潤可能好於其基礎盈利能力。好消息是,其每股收益在去年增長了72%。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。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。在進行分析時,我們發現OrbusNeich Medical Group Holdings有1個警告信號,忽視它是不明智的。
This note has only looked at a single factor that sheds light on the nature of OrbusNeich Medical Group Holdings' 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OrbusNeich Medical Group Holdings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。
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。