We Think Ever Sunshine Services Group's (HKG:1995) Profit Is Only A Baseline For What They Can Achieve
We Think Ever Sunshine Services Group's (HKG:1995) Profit Is Only A Baseline For What They Can Achieve
Ever Sunshine Services Group Limited (HKG:1995) recently posted some strong earnings, and the market responded positively. We have done some analysis, and we found several positive factors beyond the profit numbers.
世紀陽光服務集團有限公司(HKG:1995)最近發佈了一些強勁的收益,市場做出了積極反應。我們進行了一些分析,發現除了利潤數字之外還有幾個積極因素。
A Closer Look At Ever Sunshine Services Group's Earnings
對世紀陽光服務集團收益的仔細審視
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
用於衡量公司如何將其利潤轉化爲自由現金流(FCF)的一個關鍵財務比率是應計比率。應計比率從給定期間的自由現金流中減去利潤,然後將結果除以公司在那段時間內的平均營運資產。這個比率告訴我們,公司利潤中有多少不受自由現金流支持。
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".
這意味着負的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利潤預示的要多。儘管應計比率高於零並不令人擔憂,但我們認爲值得注意的是,當公司應計比率相對較高時。引用Lewellen和Resutek 2014年的一篇論文:「應計較高的公司未來可能不那麼有盈利能力」。
For the year to June 2024, Ever Sunshine Services Group had an accrual ratio of -0.12. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of CN¥862m during the period, dwarfing its reported profit of CN¥459.1m. Given that Ever Sunshine Services Group had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥862m would seem to be a step in the right direction.
截至2024年6月,世紀陽光服務集團的計提比率爲-0.12。因此,其法定收益遠低於自由現金流。換句話說,在該時期內,其自由現金流爲86200萬元人民幣,超過其報告利潤的45910萬元人民幣。考慮到世紀陽光服務集團在前一個對應時期的自由現金流爲負,截至最近十二個月的86200萬元人民幣似乎是朝着正確方向邁出的一步。
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。
Our Take On Ever Sunshine Services Group's Profit Performance
我們對世紀陽光服務集團的利潤表現持樂觀態度
As we discussed above, Ever Sunshine Services Group has perfectly satisfactory free cash flow relative to profit. Based on this observation, we consider it likely that Ever Sunshine Services Group's statutory profit actually understates its earnings potential! And the EPS is up 34% over the last twelve months. 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 want to do dive deeper into Ever Sunshine Services Group, you'd also look into what risks it is currently facing. Every company has risks, and we've spotted 1 warning sign for Ever Sunshine Services Group you should know about.
正如我們上面討論的,相對於利潤,世紀陽光服務集團的自由現金流表現完全令人滿意。根據這一觀察結果,我們認爲世紀陽光服務集團的法定利潤實際上低估了其盈利潛力!每股收益過去12個月增長了34%。最終,如果您想正確了解公司,不僅需要考慮上述因素。如果您希望更深入了解世紀陽光服務集團,您還應該了解其目前面臨的風險。每家公司都有風險,我們發現世紀陽光服務集團存在1個警示信號,您應該知道。
Today we've zoomed in on a single data point to better understand the nature of Ever Sunshine Services Group's 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. 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.
今天我們聚焦一個單一數據點,以更好地了解世紀陽光服務集團利潤的性質。但如果您能把注意力集中在細枝末節上,總會有更多發現。例如,許多人認爲高股本回報率代表良好的商業經濟狀況,而其他人則喜歡『跟着資金走』,尋找內部人員正在買入的股票。因此,您可能希望查看這個提供高股本回報率公司的免費收藏,或者查看具有高內部持股比例的股票清單。
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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。