We Like XMH Holdings' (SGX:BQF) Earnings For More Than Just Statutory Profit
We Like XMH Holdings' (SGX:BQF) Earnings For More Than Just Statutory Profit
XMH Holdings Ltd. (SGX:BQF) announced a healthy earnings result recently, and the market rewarded it with a strong uplift in the stock price. This reaction by the market reaction is understandable when looking at headline profits and we have found some further encouraging factors.
XMH Holdings有限公司(新加坡交易所:BQF)最近宣佈了一個良好的盈利結果,市場通過股票價格的強勁反彈給予了它回應。這種市場反應在看到頭條利潤時是可以理解的,我們發現了一些進一步鼓舞人心的因素。
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A Closer Look At XMH Holdings' Earnings
深入研究XMH Holdings的盈利狀況
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.
衡量公司將其利潤轉化爲自由現金流(FCF)的一個重要財務比率是應計比率。 應計比率將FCF從給定時期的利潤中減去,並將結果除以公司在該期間的平均運營資產。 您可以將非自由現金流獲利比率視爲從現金流中提取的應計比率。
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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
這意味着負應計比率是一件好事,因爲它表明公司帶來的自由現金流比其利潤所建議的要多。這並不意味着我們應該擔心正應計比率,但值得注意的是應計比率相當高的地方。這是因爲一些學術研究表明,高應計比率往往會導致利潤降低或利潤增長較少。
Over the twelve months to April 2024, XMH Holdings recorded an accrual ratio of -0.13. That indicates that its free cash flow was a fair bit more than its statutory profit. In fact, it had free cash flow of S$21m in the last year, which was a lot more than its statutory profit of S$12.6m. XMH Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.
在截至2024年4月的十二個月中,XMH Holdings記錄了-0.13的應計比率。這表明其自由現金流比其法定利潤高得多。事實上,上一年它的自由現金流爲2100萬新元,遠遠超過其法定利潤的1260萬新元。XMH Holdings的自由現金流實際上在過去一年中有所下降,這是令人失望的,就像不可生物降解的氣球一樣。
Our data indicates that XMH Holdings insiders have been buying shares! Luckily we are in a position to provide you with this free chart of of all insider buying (and selling).
我們的數據顯示,XMH Holdings的內部人一直在購買股票! 幸運的是,我們有能力向您提供所有內部人士買賣的免費圖表。
Our Take On XMH Holdings' Profit Performance
我們對XMH Holdings的盈利表現看法如下
As we discussed above, XMH Holdings has perfectly satisfactory free cash flow relative to profit. Based on this observation, we consider it likely that XMH Holdings' statutory profit actually understates its earnings potential! Better yet, its EPS are growing strongly, which is nice to see. 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. 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. In terms of investment risks, we've identified 3 warning signs with XMH Holdings, and understanding them should be part of your investment process.
正如我們上面所討論的,相對於利潤,XMH Holdings的自由現金流非常令人滿意。基於此觀察,我們認爲XMH Holdings的法定利潤實際上低估了其盈利潛力!更好的是,它的每股收益正在強勁增長,這是令人欣慰的。當然,在分析其盈利方面時,我們只是剛剛開始;一個人還可以考慮邊際效益,預測增長和投資回報等其他因素。鑑於此,如果您想對公司進行更多的分析,了解相關的投資風險是至關重要的。就投資風險而言,我們已經確定了XMH Holdings的3個警示信號,並了解它們應該是您投資過程的一部分。
Today we've zoomed in on a single data point to better understand the nature of XMH 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.
今天,我們關注了一個單一的數據點,以更好地了解XMH Holdings的利潤性質。但是,還有許多其他方法可以了解公司。例如,許多人認爲高回報的股權是良好的商業經濟指標,而其他人則喜歡「跟隨資金」,尋找內部人士正在購買的股票。雖然您可能需要做一些研究工作,但您可能會發現這個具有高股權回報率的免費公司集合或者這個持有大量內部股權的股票清單很有用。
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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。