Jia Yao Holdings (HKG:1626) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Jia Yao Holdings (HKG:1626) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Jia Yao Holdings Limited (HKG:1626) announced strong profits, but the stock was stagnant. Our analysis suggests that shareholders have noticed something concerning in the numbers.
嘉耀控股有限公司(HKG:1626)宣佈強勁盈利,但股票走勢停滯。我們的分析表明,股東已經注意到數字中的一些令人擔憂的地方。
A Closer Look At Jia Yao Holdings' Earnings
深入研究嘉耀控股的盈利情況
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。
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 it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,當公司的應計負債比率爲負時,實際上是一件好事,但如果其應計負債比率爲正,那就是一件壞事。雖然應計負債比率爲正不是問題,表明某種程度的非現金利潤,但高應計負債比率可以說是一件壞事,因爲這表明紙面利潤與現金流不匹配。因爲一些學術研究表明,高應計負債比率往往導致利潤較低或利潤增長較少。
Jia Yao Holdings has an accrual ratio of 0.40 for the year to June 2024. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥9.2m, in contrast to the aforementioned profit of CN¥93.0m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥9.2m, this year, indicates high risk.
嘉耀控股截至2024年6月的應計比率爲0.40。從統計角度來看,這對未來盈利實際上是負面的。事實上,在該期間,公司根本沒有產生任何自由現金流。在過去一年中,其實際自由現金流爲-920萬人民幣,與前述的9300萬人民幣盈利形成鮮明對比。由於去年的負自由現金流,我們可以想象一些股東可能會擔心今年的-920萬人民幣的現金燃燒是否表明了高風險。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Jia Yao Holdings.
注意:我們始終建議投資者檢查資產負債表的強弱。點擊這裏進入我們對嘉耀控股資產負債表分析。
Our Take On Jia Yao Holdings' Profit Performance
我們對嘉耀控股的盈利表現有所看法
As we discussed above, we think Jia Yao Holdings' earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Jia Yao Holdings' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The silver lining is that its EPS growth over the last year has been really wonderful, even if it's not a perfect measure. 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. So while earnings quality is important, it's equally important to consider the risks facing Jia Yao Holdings at this point in time. You'd be interested to know, that we found 1 warning sign for Jia Yao Holdings and you'll want to know about this.
如我們上面所討論的,我們認爲嘉耀控股的收益並未得到自由現金流的支持,這可能讓一些投資者感到擔憂。因此,我們認爲嘉耀控股的法定利潤可能不是其潛在收益能力的良好指引,可能會給投資者過分正面的印象。殘光之中,過去一年其每股收益的增長確實十分出色,即使它並非完美的衡量標準。最終,如果您想正確了解這家公司,重要的是要考慮更多的因素,而不僅僅是上述因素。因此,雖然盈利質量很重要,但同樣重要的是要考慮目前嘉耀控股所面臨的風險。您可能對此感興趣,我們發現嘉耀控股有1個警示標誌,您可能想了解這個。
Today we've zoomed in on a single data point to better understand the nature of Jia Yao Holdings' profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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,我們聚焦於一個單一的數據點,以更好地了解嘉耀控股盈利的本質。但有很多其他方法可以了解一個公司。一些人認爲股本回報率高是一個優質公司的良好跡象。雖然這可能需要您進行一些調查研究,但您可能會發現收集這些具有高股本回報率的公司的自由信息或者那些擁有重要內部持股的股票清單對您很有幫助。
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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.
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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。