There May Be Reason For Hope In BOE Varitronix's (HKG:710) Disappointing Earnings
There May Be Reason For Hope In BOE Varitronix's (HKG:710) Disappointing Earnings
BOE Varitronix Limited's (HKG:710) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. Our analysis suggests that investors may have noticed some promising signs beyond the statutory profit figures.
由於股價表現強勁,京東方精電有限公司(HKG: 710)最近的疲軟利潤數字似乎並沒有讓股東感到擔憂。我們的分析表明,除了法定利潤數字外,投資者可能已經注意到一些令人鼓舞的跡象。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240502/0-e100d43db6a655392e818a4f98f4cbb3-0-56f85da2c7ab7760f2c9c44ac0b1b86f.png/big)
Examining Cashflow Against BOE Varitronix's Earnings
根據京東方精電的收益檢查現金流
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). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
在高級財務中,用於衡量公司將報告的利潤轉換爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。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。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
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. 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,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。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。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。
Over the twelve months to December 2023, BOE Varitronix recorded an accrual ratio of -0.12. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of HK$678m during the period, dwarfing its reported profit of HK$475.3m. Notably, BOE Varitronix had negative free cash flow last year, so the HK$678m it produced this year was a welcome improvement.
在截至2023年12月的十二個月中,京東方精電的應計比率爲-0.12。因此,其法定收入遠遠低於其自由現金流。換句話說,它在此期間產生了6.78億港元的自由現金流,使其報告的4.753億港元利潤相形見絀。值得注意的是,京東方精電去年的自由現金流爲負,因此其今年的6.78億港元是一個可喜的改善。
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 BOE Varitronix's Profit Performance
我們對京東方精電盈利表現的看法
BOE Varitronix's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Because of this, we think BOE Varitronix's earnings potential is at least as good as it seems, and maybe even better! And on top of that, its earnings per share have grown at an extremely impressive rate over the last three years. 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. 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 BOE Varitronix you should know about.
正如我們在上面討論的那樣,京東方精電的應計比率穩健,表明自由現金流強勁。因此,我們認爲京東方精電的盈利潛力至少和看起來一樣好,甚至可能更好!最重要的是,在過去三年中,其每股收益以極其驚人的速度增長。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。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,我們發現了一個你應該知道的京東方精電警告信號。
Today we've zoomed in on a single data point to better understand the nature of BOE Varitronix'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.
今天,我們放大了單一數據點,以更好地了解京東方精電利潤的性質。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。