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Folangsi's (HKG:2499) Solid Earnings Are Supported By Other Strong Factors

Folangsi's (HKG:2499) Solid Earnings Are Supported By Other Strong Factors

佛朗斯股份(HKG:2499)的穩固收入得到其他強力因素的支持
Simply Wall St ·  09/28 07:14

The subdued stock price reaction suggests that Folangsi Co., Ltd.'s (HKG:2499) strong earnings didn't offer any surprises. Our analysis suggests that investors might be missing some promising details.

佛朗斯股份有限公司(HKG:2499)股價反應疲軟,表明其強勁收益並沒有帶來任何驚喜。我們的分析表明,投資者可能錯過了一些有前景的細節。

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SEHK:2499 Earnings and Revenue History September 27th 2024
SEHK:2499盈利和營業收入歷史數據截至2024年9月27日

Zooming In On Folangsi's Earnings

聚焦佛朗斯的盈利

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。

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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

因此,當一家公司的淨應計流量比率爲負數時,實際上它被認爲是一件好事,但是如果它的應計流量比率爲正數,那麼就是一件壞事了。儘管應計流量比率高於零時並不值得擔憂,但當一家公司的應計流量比率相對較高時,我們認爲值得注意。原因是一些學術研究表明高的應計比率往往導致利潤或利潤增長較少。

Folangsi has an accrual ratio of -0.14 for the year to June 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of CN¥289m, well over the CN¥62.7m it reported in profit. Folangsi's free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.

截至2024年6月,佛朗斯的計提比率爲-0.14。這表明其自由現金流明顯超過了法定利潤。事實上,在過去十二個月中,它報告了2.89億元人民幣的自由現金流,遠遠超過了其6.27億元人民幣的利潤報告。佛朗斯的自由現金流在過去一年有所改善,這通常是令人滿意的。然而,需要考慮的不僅僅是這些。計提比率反映了非飛凡項目對法定利潤的影響,至少在一定程度上。

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。

The Impact Of Unusual Items On Profit

除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。

Folangsi's profit was reduced by unusual items worth CN¥18m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Folangsi to produce a higher profit next year, all else being equal.

飛凡過去十二個月的利潤因飛凡價值1800萬人民幣的飛凡項而減少,在協助其產生高現金轉化率的同時,反映了其飛凡項的飛凡。在這種情況下,如果這些飛凡項包括非現金費用,我們預計會看到強大的應計比率,這正是在這種情況下所發生的。看到飛凡項損失了公司利潤並不是好事,但好的一面是,情況可能很快會有所好轉。我們對成千上萬家上市公司進行了研究,發現飛凡項很常常是一次性的。畢竟,這正是會計術語所暗示的。假設那些飛凡開支不會再次出現,我們因此期望飛凡明年將產生更高的利潤,其他條件不變。

Our Take On Folangsi's Profit Performance

我們對飛凡的利潤表現持有看法

Considering both Folangsi's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. Looking at all these factors, we'd say that Folangsi's underlying earnings power is at least as good as the statutory numbers would make it seem. 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. Case in point: We've spotted 2 warning signs for Folangsi you should be mindful of and 1 of these doesn't sit too well with us.

考慮到飛凡的應計比率和其飛凡項,我們認爲其法定收益不太可能誇大公司的基本收益能力。綜合考慮所有這些因素,我們會說飛凡的基本收益能力至少和法定數字所顯示的一樣好。鑑於此,如果您希望對該公司進行更多分析,了解涉及的風險是至關重要的。例如:我們已經發現了2個針對飛凡的警告信號,您應該謹慎對待其中之一。

After our examination into the nature of Folangsi's profit, we've come away optimistic for the company. 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.

經過我們對飛凡利潤性質的調查,我們對該公司持樂觀態度。但還有很多其他方法可以了解公司。例如,許多人將高股本回報視爲良好業務經濟的指標,而另一些人則喜歡「跟隨資金」並尋找內部人員正在買入的股票。儘管這可能需要您進行一些研究,但您也許會發現這個提供高股本回報的公司收藏或者這份擁有重要內部持股的股票列表會有所幫助。

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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。

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