We Think That There Are Some Issues For Excellence Commercial Property & Facilities Management Group (HKG:6989) Beyond Its Promising Earnings
We Think That There Are Some Issues For Excellence Commercial Property & Facilities Management Group (HKG:6989) Beyond Its Promising Earnings
The market for Excellence Commercial Property & Facilities Management Group Limited's (HKG:6989) stock was strong after it released a healthy earnings report last week. Despite this, our analysis suggests that there are some factors weakening the foundations of those good profit numbers.
上週發佈了健康的收入報告後,卓越商業地產及設施管理集團有限公司(HKG:6989)股票市場表現強勁。儘管如此,我們的分析表明有一些因素削弱了這些良好的利潤數字的基礎。
A Closer Look At Excellence Commercial Property & Facilities Management Group's Earnings
深入看一看卓越商業地產及設施管理集團的盈利情況
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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'.
在高金融領域,用於衡量公司將其報告利潤轉化爲自由現金流(FCF)的關鍵比率是從現金流量中計算的應計率。簡單點來說,這個比率從淨利潤中減去自由現金流,然後將這個數字除以公司在那段時間內的平均營業資產。從現金流來看,你可以把它看作是「非FCF利潤率」。
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。
For the year to June 2024, Excellence Commercial Property & Facilities Management Group had an accrual ratio of 0.57. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of CN¥302.8m, a look at free cash flow indicates it actually burnt through CN¥693m in the last year. We also note that Excellence Commercial Property & Facilities Management Group's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of CN¥693m.
截至2024年6月,卓越商業地產及設施管理集團的計提比率爲0.57。一般來說,這對未來的盈利能力不利。也就是說,該公司在那段時間內沒有產生任何自由現金流。儘管它報告了30280萬人民幣的利潤,但自由現金流的情況顯示,它實際上在過去一年中虧損了69300萬人民幣。我們還注意到,卓越商業地產及設施管理集團的自由現金流在去年實際上也是負的,因此我們能理解股東對其69300萬人民幣的流出感到擔憂。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Excellence Commercial Property & Facilities Management Group.
注:我們一直建議投資者覈查資產負債表的實力。點擊這裏查看我們對卓越商業地產及設施管理集團資產負債表分析。
Our Take On Excellence Commercial Property & Facilities Management Group's Profit Performance
我們對卓越商業地產與設施管理集團的利潤表現發表看法
As we have made quite clear, we're a bit worried that Excellence Commercial Property & Facilities Management Group didn't back up the last year's profit with free cashflow. For this reason, we think that Excellence Commercial Property & Facilities Management Group's statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But at least holders can take some solace from the 15% EPS growth in the last year. 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. If you'd like to know more about Excellence Commercial Property & Facilities Management Group 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 Excellence Commercial Property & Facilities Management Group (of which 2 are a bit unpleasant!) you should know about.
正如我們已經明確表明,我們有些擔心卓越商業地產與設施管理集團沒有用自由現金流支撐去年的利潤。因此,我們認爲卓越商業地產與設施管理集團的 statutory profits 可能不是其潛在盈利能力的良好指標,並可能讓投資者對公司產生過多正面印象。但至少股東們可以從去年的15% EPS增長中獲得一些安慰。當然,在分析其收益方面,我們只是剛剛觸及皮毛;人們還可以考慮毛利、預測增長和投資回報率等因素。如果您想了解更多關於卓越商業地產與設施管理集團作爲一個業務的信息,重要的是要了解它面臨的任何風險。每家公司都存在風險,我們發現了卓越商業地產與設施管理集團的3個警告信號(其中有2個有點不好!)您應該知道。
Today we've zoomed in on a single data point to better understand the nature of Excellence Commercial Property & Facilities Management Group's profit. 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.
今天,我們把焦點放在一個單一的數據點上,以更好地了解卓越商業地產與設施管理集團的利潤性質。但有很多其他方法可以幫助您評估一家公司。例如,許多人認爲高股本回報率表明良好的商業經濟狀況,而其他人則喜歡「追蹤資金」並尋找內部人員正在購買的股票。雖然這可能需要您進行一些研究,但您可能會發現這個免費收藏的公司名單中擁有高股本回報率,或者這份持有重要內部持股的股票列表會很有用。
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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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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。