Winson Holdings Hong Kong's (HKG:6812) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Winson Holdings Hong Kong's (HKG:6812) Sluggish Earnings Might Be Just The Beginning Of Its Problems
The subdued market reaction suggests that Winson Holdings Hong Kong Limited's (HKG:6812) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.
市場反應不強烈,因此我們認爲溫臣控股香港有限公司(HKG:6812)近期的收益沒有任何驚喜。不過,我們認爲投資者應該關注一些潛在的擔憂因素。
Examining Cashflow Against Winson Holdings Hong Kong's Earnings
分析溫臣控股香港的現金流:利潤比較
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
用於衡量公司如何將其利潤轉換爲自由現金流的一個關鍵財務比率是應計比率。 簡單來說,這個比率從淨利潤中減去自由現金流,並將該數字除以該期間內公司的平均營運資產。 該比率告訴我們,公司利潤中有多少不是由自由現金流支持的。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
這意味着負的應計比率是一件好事,因爲它表明公司比其利潤所示帶來了更多的自由現金流。雖然應計比率高於零不足爲憑,但如果公司的應計比率相對較高,我們認爲這值得注意。值得注意的是,有一些學術證據表明,相對而言,高應計比率是短期利潤的不利信號。
Over the twelve months to March 2024, Winson Holdings Hong Kong recorded an accrual ratio of 0.70. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of HK$51m despite its profit of HK$10.9m, mentioned above. We saw that FCF was HK$47m a year ago though, so Winson Holdings Hong Kong has at least been able to generate positive FCF in the past. One positive for Winson Holdings Hong Kong 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. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2024年3月的十二個月中,溫臣控股香港的應計比率爲0.70。從統計學上講,這對未來的收益是真正的負面因素。可以看出,在那段時間裏,公司沒有產生任何自由現金流。負儘管上一段提到它的利潤爲1090萬元港元,但在過去的十二個月中,它的自由現金流實際上爲負數,流出5100萬元港元。不過,一年前,我們看到自由現金流是4700萬元港元,所以溫臣控股香港至少曾經能夠在過去產生正面的自由現金流。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Winson Holdings Hong Kong.
注意:我們始終建議投資者檢查資產負債表的強度。單擊此處可訪問我們對溫臣控股香港資產負債表分析的報告。
Our Take On Winson Holdings Hong Kong's Profit Performance
我們對溫臣控股香港的利潤表現的看法:
As we have made quite clear, we're a bit worried that Winson Holdings Hong Kong didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Winson Holdings Hong Kong's underlying earnings power is lower than its statutory profit. In further bad news, its earnings per share decreased in 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 Winson Holdings Hong Kong as a business, it's important to be aware of any risks it's facing. To that end, you should learn about the 4 warning signs we've spotted with Winson Holdings Hong Kong (including 2 which can't be ignored).
正如我們已經明確表明的那樣,我們有點擔心溫臣控股香港沒有用自由現金流支持去年的利潤。因此,我們認爲溫臣控股香港潛在的盈利能力可能低於其法定利潤。此外的壞消息是,它的每股收益在過去一年中有所下降。當然,我們只是涉及了分析其收益的表面;我們還可以考慮一些因素,如利潤率、預測增長和投資回報率等。如果您想了解關於溫臣控股香港的更多信息,了解其面臨的任何風險是很重要的。爲此,您應該了解我們發現的溫臣控股香港的4個警告信號(包括不能忽略的2個)。
This note has only looked at a single factor that sheds light on the nature of Winson Holdings Hong Kong's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
本筆註釋僅研究了揭示溫臣控股香港利潤性質的單個因素。但是如果您能夠聚焦細節,仍然可以發現更多內容。一些人將高股本回報率視爲高質量企業的良好跡象。儘管這可能需要您進行一些研究,但您可能會發現以下方面的免費企業收藏高股本回報率收藏或具有重大內部持股的股票清單有所幫助。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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