Royal Deluxe Holdings' (HKG:3789) Soft Earnings Don't Show The Whole Picture
Royal Deluxe Holdings' (HKG:3789) Soft Earnings Don't Show The Whole Picture
The market for Royal Deluxe Holdings Limited's (HKG:3789) shares didn't move much after it posted weak earnings recently. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
御佳控股(HKG:3789)的股票價格在最近發佈低新聞後並未有較大的波動。我們的分析表明,雖然利潤較低,但公司基礎依然穩固。
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A Closer Look At Royal Deluxe Holdings' Earnings
詳細分析御佳控股的營業收入與利潤
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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
許多投資者沒有聽說過來自現金流的計提比率,但實際上它是衡量公司利潤在給定期間內如何得到自由現金流(FCF)支持的有用指標。該計提比率從給定期間的FCF中減去利潤,然後將結果除以該時期公司的平均運營資產。您可將來自現金流的計提比率視爲「非FCF利潤比率」。
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. 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,一家公司有負應計比率實際上是一件好事,但是如果它的應計比率爲正,那是一件壞事。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,如果應計比率相當高,有一些學術證據表明,這是一個不利於近期利潤的壞跡象。
Over the twelve months to March 2024, Royal Deluxe Holdings 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$35m during the period, dwarfing its reported profit of HK$9.77m. Royal Deluxe Holdings shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
經過12個月的計算,御佳控股錄得了-0.12的應計利潤率。因此,其法定利潤大幅低於其自由現金流。換而言之,在這期間,公司自由現金流爲3500萬港幣,遠超其報告的977萬港幣的盈利。御佳控股的股東無疑對過去12個月自由現金流的提升感到高興。但是話說回來,故事還有更多的內涵。應計利潤率在一定程度上反映了非經常性項目對法定利潤的影響。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Royal Deluxe Holdings.
注:我們始終建議投資者檢查資產負債表的實力。單擊此處可進入我們有關御佳控股資產負債表分析的頁面。
How Do Unusual Items Influence Profit?
非常規項目如何影響利潤?
Royal Deluxe Holdings' profit was reduced by unusual items worth HK$3.3m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Royal Deluxe Holdings took a rather significant hit from unusual items in the year to March 2024. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.
御佳控股在過去12個月中因非經常性項目減記330萬港幣的資產而盈利受到了影響,但這也讓其出現了盈利高於應計項目的情況,這在公司減記紙面利潤的情況下是可以預見的。看到非經常性項目成本減少公司盈利並不是太好的事情,但好的一面是,未來可能很快會見好轉。我們研究了全球大多數上市公司,發現重大的非經常性項目通常不會重複出現。畢竟這正是會計術語的含義。
Our Take On Royal Deluxe Holdings' Profit Performance
我們對御佳控股的盈利表現進行評估
Considering both Royal Deluxe Holdings' accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Based on these factors, we think Royal Deluxe Holdings' earnings potential is at least as good as it seems, and maybe even better! So while earnings quality is important, it's equally important to consider the risks facing Royal Deluxe Holdings at this point in time. When we did our research, we found 4 warning signs for Royal Deluxe Holdings (2 don't sit too well with us!) that we believe deserve your full attention.
結合御佳控股的應計利潤率和非經常性項目,我們認爲其法定盈利不太可能誇大公司潛在的盈利能力。基於這些因素,我們認爲御佳控股的盈利潛力至少與表面一致,甚至可能更好!因此,雖然盈利質量很重要,但在目前的時點上,考慮御佳控股面臨的風險同樣重要。我們進行了研究,並發現了御佳控股有4個預警信號(其中兩個信號不怎麼讓我們滿意!)需要受到您的充分重視。
After our examination into the nature of Royal Deluxe Holdings' profit, we've come away optimistic for the company. 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.
通過對御佳控股利潤性質的調查,我們對公司持樂觀態度。但如果您能將注意力集中於細節,還有更多可供發現的東西。有些人認爲高股本回報率是高質量業務的一個良好跡象。雖然這可能需要您進行一些研究,但您可能會發現這篇涵蓋高股本回報率公司的免費合集,或者這份擁有重要內部持股的股票清單非常有用。
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。