Pacific Millennium Packaging Group's (HKG:1820) Soft Earnings Don't Show The Whole Picture
Pacific Millennium Packaging Group's (HKG:1820) Soft Earnings Don't Show The Whole Picture
Soft earnings didn't appear to concern Pacific Millennium Packaging Group Corporation's (HKG:1820) shareholders over the last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
上週,太平洋千禧包裝集團公司(HKG: 1820)的股東似乎並未感到疲軟的收益。我們的分析表明,儘管利潤疲軟,但業務基礎卻很牢固。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240430/0-b03da2e139ef3b49c45e9174c9fe73e8-0-ac0aabd74adf4d792a40ce1cdac56bab.png/big)
A Closer Look At Pacific Millennium Packaging Group's Earnings
仔細研究太平洋千禧包裝集團的收益
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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
許多投資者還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)在多大程度上支持利潤的有用指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期公司的平均運營資產。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. 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. 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。儘管應計比率爲正(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,因爲它表明紙質利潤與現金流不匹配。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。
Pacific Millennium Packaging Group has an accrual ratio of -0.13 for the year to December 2023. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of CN¥131m during the period, dwarfing its reported profit of CN¥22.4m. Pacific Millennium Packaging Group's free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.
截至2023年12月的一年中,太平洋千禧包裝集團的應計比率爲-0.13。因此,其法定收入遠遠低於其自由現金流。換句話說,它在此期間產生的自由現金流爲1.31億元人民幣,與其報告的2240萬加元利潤相形見絀。去年,太平洋千禧包裝集團的自由現金流實際上有所下降,這令人失望,就像不可生物降解的氣球一樣。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Pacific Millennium Packaging 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太平洋千禧包裝集團的資產負債表分析。
Our Take On Pacific Millennium Packaging Group's Profit Performance
我們對太平洋千禧包裝集團利潤表現的看法
Pacific Millennium Packaging Group's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think Pacific Millennium Packaging Group's earnings potential is at least as good as it seems, and maybe even better! Unfortunately, though, its earnings per share actually fell back over the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you'd like to know more about Pacific Millennium Packaging Group as a business, it's important to be aware of any risks it's facing. In terms of investment risks, we've identified 1 warning sign with Pacific Millennium Packaging Group, and understanding it should be part of your investment process.
正如我們在上面討論的那樣,太平洋千禧包裝集團的應計比率穩健,表明自由現金流強勁。正因爲如此,我們認爲太平洋千禧包裝集團的盈利潛力至少和看上去一樣好,甚至可能更好!但不幸的是,其每股收益實際上在去年有所回落。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。如果您想進一步了解太平洋千禧包裝集團作爲一家企業,請務必了解其面臨的任何風險。在投資風險方面,我們已經向太平洋千禧包裝集團確定了一個警告信號,我們知道這應該是您投資過程的一部分。
This note has only looked at a single factor that sheds light on the nature of Pacific Millennium Packaging 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.
本報告僅研究了闡明太平洋千禧包裝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。
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。