ManpowerGroup Greater China's (HKG:2180) Solid Earnings May Rest On Weak Foundations
ManpowerGroup Greater China's (HKG:2180) Solid Earnings May Rest On Weak Foundations
ManpowerGroup Greater China Limited's (HKG:2180) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
萬寶盛華集團大中華有限公司(HKG: 2180)近期的強勁收益並沒有對該股產生太大影響。但是,法定利潤數字並不能說明全部情況,我們發現了一些可能引起股東關注的因素。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240503/0-cf313faaeda2e422c4105f78178126cd-0-6d9e38ac9131b772f2ed57e9b2cc4d89.png/big)
Examining Cashflow Against ManpowerGroup Greater China's Earnings
根據萬寶盛華集團大中華區的收益研究現金流
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”。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,負應計比率對公司來說是正數,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。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司未來的利潤往往較低”。
Over the twelve months to December 2023, ManpowerGroup Greater China recorded an accrual ratio of 0.21. Unfortunately, that means its free cash flow fell significantly short of its reported profits. Indeed, in the last twelve months it reported free cash flow of CN¥74m, which is significantly less than its profit of CN¥126.5m. ManpowerGroup Greater China shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. One positive for ManpowerGroup Greater China shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. 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,萬寶盛華集團大中華區的應計比率爲0.21。不幸的是,這意味着其自由現金流遠低於其報告的利潤。事實上,在過去的十二個月中,它報告的自由現金流爲7400萬元人民幣,大大低於其1.265億加元的利潤。毫無疑問,萬寶盛寶集團大中華區的股東們將希望其自由現金流能夠在明年反彈,因爲在過去的十二個月中一直處於下降狀態。ManpowerGroup大中華區股東的一個積極因素是,去年的應計比率明顯改善,這使人們有理由相信其未來可能會恢復更強勁的現金轉換。因此,一些股東可能希望在本年度實現更強的現金轉換。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of ManpowerGroup Greater China.
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萬寶盛華集團大中華區的資產負債表分析。
Our Take On ManpowerGroup Greater China's Profit Performance
我們對萬寶盛華集團大中華區利潤表現的看法
ManpowerGroup Greater China's 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. Therefore, it seems possible to us that ManpowerGroup Greater China's true underlying earnings power is actually less than its statutory profit. But at least holders can take some solace from the 8.5% EPS growth 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. Our analysis shows 2 warning signs for ManpowerGroup Greater China (1 is a bit unpleasant!) and we strongly recommend you look at these before investing.
ManpowerGroup大中華區過去十二個月的應計比率表明現金轉換率不理想,對於我們對其收益的看法,這是負數。因此,在我們看來,萬寶盛華集團大中華區的真正潛在盈利能力實際上可能低於其法定利潤。但是,至少持有人可以從去年8.5%的每股收益增長中得到一些安慰。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。我們的分析顯示,萬寶盛華集團大中華區有兩個警告信號(其中一個有點不愉快!)我們強烈建議您在投資之前先看看這些。
Today we've zoomed in on a single data point to better understand the nature of ManpowerGroup Greater China's 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,以更好地了解萬寶盛華集團大中華區利潤的性質。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.
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。