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Shareholders Can Be Confident That KPa-BM Holdings' (HKG:2663) Earnings Are High Quality

Shareholders Can Be Confident That KPa-BM Holdings' (HKG:2663) Earnings Are High Quality

股東們可以放心,KPa-Bm控股(HKG:2663)的盈利質量很高。
Simply Wall St ·  08/02 20:21

The subdued stock price reaction suggests that KPa-BM Holdings Limited's (HKG:2663) strong earnings didn't offer any surprises. We think that investors have missed some encouraging factors underlying the profit figures.

沉寂的股票價格反應表明KPa-Bm控股有限公司(HKG: 2663)的強勁收益沒有提供任何驚喜。我們認爲,投資者錯過了一些有助於其利潤增長的因素。

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SEHK:2663 Earnings and Revenue History August 3rd 2024
SEHK: 2663 收益和營業收入歷史 2024年8月3日

Zooming In On KPa-BM Holdings' Earnings

盯緊KPa-Bm控股的收益

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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. 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量淨額的應計比率,但它實際上是衡量公司利潤在一個給定期間內是否有自由現金流(FCF)支持的有用指標。我們首先將FCF從一個期間的利潤中減去,然後將該數字除以該期間的平均營運資產。這個比率告訴我們,公司利潤有多少不是由自由現金流支持的。

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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

因此,當一個公司應記比率爲負數時,實際上這被視爲一件好事,而如果該比率爲正數則被視爲一件壞事。這並不意味着我們應該擔心正的應記比率,但值得注意的是,當應計比率相當高時,引用Lewellen和Resutek在2014年的一篇論文"高應計的公司未來的盈利能力較差"。

For the year to March 2024, KPa-BM Holdings had an accrual ratio of -0.39. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$107m in the last year, which was a lot more than its statutory profit of HK$46.4m. KPa-BM Holdings' free cash flow improved over the last year, which is generally good to see.

截至2024年3月的一年中,KPa-Bm控股的應計銷項比率爲-0.39。因此,其法定收益遠遠低於其自由現金流。事實上,它在過去的一年中擁有1.07億港元的自由現金流,遠高於其4640萬港元的法定利潤。KPa-Bm控股的自由現金流在過去一年中有所提高,這通常是令人欣慰的。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of KPa-BM 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,進入我們對KPa-Bm控股的資產負債表分析。

Our Take On KPa-BM Holdings' Profit Performance

我們對KPa-Bm控股的利潤表現的看法

As we discussed above, KPa-BM Holdings' accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Based on this observation, we consider it possible that KPa-BM Holdings' statutory profit actually understates its earnings potential! And on top of that, its earnings per share increased by 33% in 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. If you'd like to know more about KPa-BM Holdings as a business, it's important to be aware of any risks it's facing. For instance, we've identified 3 warning signs for KPa-BM Holdings (1 makes us a bit uncomfortable) you should be familiar with.

正如我們上面討論的,KPa-Bm控股的應計銷項比率表明了利潤轉化爲自由現金流的強勁能力,這對該公司是一個積極因素。基於這個觀察結果,我們認爲KPa-Bm控股的法定利潤實際上低估了其盈利潛力的可能性是存在的!此外,其每股收益在過去一年中增長了33%。歸根結底,如果你想正確地了解公司,重要的是要考慮不僅僅是上述因素。如果您想更多地了解KPa-Bm控股的業務,了解其面臨的任何風險是很重要的。例如,我們已經確定了3個警示信號給KPa-Bm控股(其中1個讓我們感到有點不舒服),您應該熟悉。

This note has only looked at a single factor that sheds light on the nature of KPa-BM Holdings' profit. But there are plenty of other ways to inform your opinion of a company. 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. 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.

本注只涉及揭示KPa-Bm控股的利潤性質的一個因素。但是,有很多其他方式可以讓您了解公司的情況。例如,許多人認爲高股本回報率是良好商業經濟的指示,而其他人則喜歡“跟蹤資金”,尋找內部人士正在購買的股票。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高股本回報率公司集合,或這個持有重要內部人員的股票清單的集合很有用。

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。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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