We Think Computime Group's (HKG:320) Solid Earnings Are Understated
We Think Computime Group's (HKG:320) Solid Earnings Are Understated
Computime Group Limited (HKG:320) announced a healthy earnings result recently, and the market rewarded it with a strong uplift in the stock price. Looking deeper at the numbers, we found several encouraging factors beyond the headline profit numbers.
金寶通集團有限公司(HKG:320)最近公佈了健康的收益業績,市場以強勁的股價上漲回應。從數據深入挖掘,我們發現除了主營業績數據外,還有一些鼓舞人心的因素。
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Examining Cashflow Against Computime Group's Earnings
對比金寶通集團的營收和自由現金流情況
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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.
許多投資者沒有聽說過現金流的權責發生制比率,但實際上它是一個衡量公司在一定時期內利潤受自由現金流(FCF)支持程度的有用指標。該權責發生制比率將給定期間的自由現金流從利潤中減去,並將結果除以公司在此期間的平均營運資產。該比率告訴我們公司利潤中有多少是不受自由現金流支持的。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負的計提率是件好事,因爲它表明該公司所帶來的自由現金流比其利潤所顯示的要多。雖然高於零的計提率沒有什麼大礙,但我們認爲當公司的計提率相對較高時值得注意。這是因爲一些學術研究表明,高計提率往往導致利潤更少或者更少的利潤增長。
For the year to March 2024, Computime Group had an accrual ratio of -0.12. Therefore, its statutory earnings were quite a lot less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of HK$234m, well over the HK$84.8m it reported in profit. Computime Group's free cash flow improved over the last year, which is generally good to see.
2024年3月結算年度內,金寶通集團的應計率爲-0.12。因此,其法定收益要比自由現金流少得多。事實上,在過去的12個月中,它報告了2,3400萬港元的自由現金流,超過了8480萬港元的利潤。金寶通集團的自由現金流在過去一年中有所改善,這通常是一個好跡象。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Computime Group.
注意:我們始終建議投資者檢查資產負債表的實力。單擊此處可查看我們對金寶通集團資產負債表的分析。
Our Take On Computime Group's Profit Performance
我們對金寶通集團的收益表現的看法
As we discussed above, Computime Group has perfectly satisfactory free cash flow relative to profit. Because of this, we think Computime Group's earnings potential is at least as good as it seems, and maybe even better! Furthermore, it has done a great job growing EPS over 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 2 warning signs for Computime Group you should know about.
正如我們上面討論的,與利潤相比,金寶通集團的自由現金流表現完全令人滿意。由於這一點,我們認爲金寶通集團的盈利潛力至少與表面看起來一樣好,甚至可能更好!此外,它在過去一年中增加了每股收益,做得非常好。最終,如果您想充分了解公司,就必須考慮不僅僅是以上因素。基於此,如果您想對公司進行更多分析,則必須了解涉及的風險。每個公司都有風險,我們已經發現了金寶通集團的兩個警告信號,您應該了解。
This note has only looked at a single factor that sheds light on the nature of Computime 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 with high insider ownership.
本注只關注揭示金寶通集團盈利性質的一個單一因素。但是,如果您能將注意力集中在細節上,總有更多的發現。例如,許多人認爲高股本回報率是良好商業經濟的一個指標,而其他人則喜歡“跟蹤資金”,並尋找內部人士正在購買的股票。因此,您可能希望查看這個具有高股本回報率的公司免費收藏,或此具有高內部所有權的股票清單。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。