We Think You Can Look Beyond Ocean Line Port Development's (HKG:8502) Lackluster Earnings
We Think You Can Look Beyond Ocean Line Port Development's (HKG:8502) Lackluster Earnings
Shareholders appeared unconcerned with Ocean Line Port Development Limited's (HKG:8502) lackluster earnings report last week. We did some digging, and we believe the earnings are stronger than they seem.
上週遠航港口發展有限公司(HKG:8502)的業績報告不佳,股東似乎並不擔心。我們進行了一些調查,認爲業績比表面看起來更強。
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A Closer Look At Ocean Line Port Development's Earnings
深入了解遠航港口發展的業績
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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
許多投資者並不了解從現金流量中計算的應計比率,但實際上它是一個衡量公司利潤由自由現金流(FCF)在一定期間內支持的程度的有用指標。簡單來說,這個比率將FCF從淨利潤中減去,然後將該數字除以公司在該期間內的平均經營資產。這個比率告訴我們公司的利潤超過其FCF的多少。
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。
Over the twelve months to June 2024, Ocean Line Port Development recorded an accrual ratio of -0.10. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of CN¥92m during the period, dwarfing its reported profit of CN¥56.9m. Ocean Line Port Development's free cash flow improved over the last year, which is generally good to see.
在2024年6月的十二個月內,遠航港口發展的應計比率爲-0.10。因此,其法定收益遠低於自由現金流。因此,在此期間,它產生了9.2億人民幣的自由現金流,而其報告利潤只有5.69億人民幣。遠航港口發展的自由現金流在過去一年有所改善,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 Ocean Line Port Development.
注:我們始終建議投資者檢查資產負債表的強度。點擊此處查看我們對遠航港口發展的資產負債表分析。
Our Take On Ocean Line Port Development's Profit Performance
我們對遠航港口發展的盈利表現的看法
Ocean Line Port Development's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Based on this observation, we consider it likely that Ocean Line Port Development's statutory profit actually understates its earnings potential! And the EPS is up 26% annually, over the last three years. 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. You'd be interested to know, that we found 1 warning sign for Ocean Line Port Development and you'll want to know about this.
遠航港口發展的應計比率很穩定,表明自由現金流強勁,正如我們在上面所討論的那樣。基於這一觀察結果,我們認爲遠航港口發展的法定盈利實際上低估了其盈利潛力!每股收益年均增長26%,過去三年。當然,在分析其盈利方面我們只是碰了個頭;人們還可以考慮利潤率,預測增長和投資回報率等因素。鑑於此,如果您想對該公司進行更多分析,了解其中的風險是至關重要的。您會有興趣知道我們發現了遠航港口發展的1個警告信號,您會想知道這些信息。
Today we've zoomed in on a single data point to better understand the nature of Ocean Line Port Development's 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. 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.
今天我們放大了某個數據點,以更好地了解遠航港口發展的盈利性質。但如果您將注意力集中在細節上,總能發現更多。有些人認爲資產回報率高是一個優質企業的良好標誌。所以,您可能希望查看這個擁有高資產回報率的企業免費集合,或者這個擁有高內部持股的股票列表。
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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。