Loco Hong Kong Holdings' (HKG:8162) Promising Earnings May Rest On Soft Foundations
Loco Hong Kong Holdings' (HKG:8162) Promising Earnings May Rest On Soft Foundations
Despite posting some strong earnings, the market for Loco Hong Kong Holdings Limited's (HKG:8162) stock hasn't moved much. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.
儘管公佈了一些強勁的收益,但Loco Hong Kong Hong Holdings Limited(HKG: 8162)的股票市場並沒有太大變化。我們的分析表明,這可能是因爲股東已經注意到了一些相關的潛在因素。
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Examining Cashflow Against Loco Hong Kong Holdings' Earnings
根據Loco Hong Hong Hong Holdings的收益研究現金流
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
用於衡量公司將其利潤轉化爲自由現金流(FCF)的效果的一個關鍵財務比率是應計比率。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以公司在此期間的平均運營資產。你可以將現金流的應計比率視爲 「非FCF利潤率」。
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。引用Lewellen和Resutek在2014年發表的一篇論文,「應計額較高的公司將來的利潤往往會降低」。
Over the twelve months to June 2024, Loco Hong Kong Holdings recorded an accrual ratio of 0.48. Ergo, its free cash flow is significantly weaker than its profit. As a general rule, that bodes poorly for future profitability. To wit, it produced free cash flow of HK$801k during the period, falling well short of its reported profit of HK$22.7m. Notably, Loco Hong Kong Holdings had negative free cash flow last year, so the HK$801k it produced this year was a welcome improvement.
在截至2024年6月的十二個月中,Loco Hong Kong Holdings的應計比率爲0.48。因此,其自由現金流明顯低於其利潤。通常,這對未來的盈利能力來說是個壞兆頭。換句話說,該公司在此期間產生了80.1萬港元的自由現金流,遠低於其報告的2270萬港元利潤。值得注意的是,Loco Hong Kong Holdings去年的自由現金流爲負,因此其今年的80.1萬港元是一個可喜的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Loco Hong Kong Holdings.
注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Loco Hong Hong Hong Holdings的資產負債表分析。
Our Take On Loco Hong Kong Holdings' Profit Performance
我們對Loco Hong Kong Holdings盈利表現的看法
As we discussed above, we think Loco Hong Kong Holdings' earnings were not supported by free cash flow, which might concern some investors. As a result, we think it may well be the case that Loco Hong Kong Holdings' underlying earnings power is lower than its statutory profit. The good news is that it earned a profit in the last twelve months, despite its previous loss. 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 Loco Hong Kong Holdings as a business, it's important to be aware of any risks it's facing. Every company has risks, and we've spotted 3 warning signs for Loco Hong Kong Holdings (of which 2 are potentially serious!) you should know about.
正如我們上面討論的那樣,我們認爲Loco Hong Kong Holdings的收益沒有得到自由現金流的支持,這可能會讓一些投資者感到擔憂。因此,我們認爲Loco Hong Kong Holdings的基礎盈利能力很可能低於其法定利潤。好消息是,儘管之前出現虧損,但它在過去十二個月中還是實現了盈利。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。如果您想進一步了解Loco Hong Kong Hong Holdings作爲一家企業,請務必了解其面臨的任何風險。每家公司都有風險,我們已經發現了Loco Hong Kong Holdings的3個警告信號(其中2個可能很嚴重!)你應該知道。
This note has only looked at a single factor that sheds light on the nature of Loco Hong Kong Holdings' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
本報告僅研究了揭示Loco Hong Kong Holdings利潤性質的單一因素。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 「關注資金」,尋找內部人士正在買入的股票。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。