Yoho Group Holdings' (HKG:2347) Earnings Offer More Than Meets The Eye
Yoho Group Holdings' (HKG:2347) Earnings Offer More Than Meets The Eye
Yoho Group Holdings Limited's (HKG:2347) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
友和集團控股有限公司(HKG:2347)最近的收益報告沒有提供任何驚喜,股票於上週持平。 我們做了一些分析,發現投資者可能忽略了收益中包含的一些鼓舞人心的因素。
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A Closer Look At Yoho Group Holdings' Earnings
關於友和集團控股的收益的更詳細分析
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. The ratio shows us how much a company's profit exceeds its FCF.
正如金融迷們已經知道的那樣,從現金流量計算的應計比率是評估公司自由現金流(FCF)與其利潤相匹配程度的重要指標。應計比率將給定期間的FCF從利潤中減去,並將結果除以公司在該期間的平均經營資產。該比率顯示公司利潤超過其FCF的程度。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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.
因此,負淨應計比率對公司來說是一個積極的因素,而正淨應計比率則是一個消極因素。雖然淨應計比率高於零並不令人擔憂,但我們認爲,當一個公司的淨應計比率相對較高時,值得注意。值得注意的是,有一些學術證據表明,高淨應計比率通常是短期利潤的一個不良跡象。
For the year to March 2024, Yoho Group Holdings had an accrual ratio of -0.24. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of HK$34m in the last year, which was a lot more than its statutory profit of HK$22.3m. Notably, Yoho Group Holdings had negative free cash flow last year, so the HK$34m it produced this year was a welcome improvement.
截至2024年3月份的一整年時間內,友和集團控股的應計比率爲-0.24。這表明,其自由現金流顯著超過其法定利潤。事實上,去年它在上年創造了3400萬港元的自由現金流,這比其2230萬港元的法定利潤多得多。值得注意的是,友和集團控股去年的自由現金流爲負,所以今年它產生的3400萬港元是一項受歡迎的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Yoho Group Holdings.
注:我們始終建議投資者檢查資產負債表的強度。點擊這裏進入我們對友和集團控股的資產負債表分析。
Our Take On Yoho Group Holdings' Profit Performance
我們對友和集團控股的利潤表現的看法
Happily for shareholders, Yoho Group Holdings produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that Yoho Group Holdings' statutory profit actually understates its earnings potential! Furthermore, it has done a great job growing EPS over 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. So while earnings quality is important, it's equally important to consider the risks facing Yoho Group Holdings at this point in time. Our analysis shows 3 warning signs for Yoho Group Holdings (1 can't be ignored!) and we strongly recommend you look at them before investing.
對於股東而言,友和集團控股創造了足夠的自由現金流來支持其法定利潤數字。 基於這個觀察結果,我們認爲友和集團控股的法定利潤實際上低估了其盈利潛力! 此外,它在過去一年中也很好地增加了每股收益。 本文的目標是評估我們能夠依靠法定收益反映公司潛力的程度,但還有很多要考慮的因素。 因此,儘管收益質量很重要,但在此時同樣重要的是考慮面臨的風險。 我們的分析顯示,友和集團控股存在3個警示信號(1個不容忽視!),強烈建議您在投資之前查看它們。
This note has only looked at a single factor that sheds light on the nature of Yoho Group Holdings' 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.
這篇筆記只看了一個因素,揭示了友和集團控股利潤的性質。 但是,如果您能夠集中注意力關注細節,總會有更多的發現。 有些人認爲高淨資產收益率是優質企業的一個好跡象。 雖然您可能需要進行一些研究,但您可能會發現這個免費的以高淨資產收益率爲特點的企業集合,或者這個擁有顯著內部股權的股票列表是有用的。
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。