There May Be Some Bright Spots In Computime Group's (HKG:320) Earnings
There May Be Some Bright Spots In Computime Group's (HKG:320) Earnings
Computime Group Limited's (HKG:320) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. We think that investors might be looking at some positive factors beyond the earnings numbers.
金宝通集团有限公司(HKG: 320)最近的软利润数字似乎并没有让股东感到担忧,因为股价表现出强劲。我们认为,除了收益数字外,投资者可能会考虑一些积极因素。
Check out our latest analysis for Computime Group
查看我们对金宝通集团的最新分析
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A Closer Look At Computime Group's Earnings
仔细研究金宝通集团的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者没有听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)对利润的支持程度的有用指标。简而言之,该比率从净利润中减去FCF,然后将该数字除以公司在此期间的平均运营资产。这个比率告诉我们公司有多少利润没有自由现金流支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负应计比率对公司来说是正数,正应计比率是负数。尽管应计比率为正并不是问题,表明非现金利润达到一定水平,但高应计比率可以说是一件坏事,因为它表明票面利润与现金流不匹配。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司未来的利润往往较低”。
Computime Group has an accrual ratio of -0.12 for the year to September 2023. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. In fact, it had free cash flow of HK$179m in the last year, which was a lot more than its statutory profit of HK$30.0m. Computime Group's free cash flow improved over the last year, which is generally good to see.
截至2023年9月的一年中,金宝通集团的应计比率为-0.12。这意味着它具有良好的现金转化率,也意味着其去年的自由现金流稳步超过了利润。实际上,它去年的自由现金流为1.79亿港元,远远超过其3000万港元的法定利润。金宝通集团的自由现金流比去年有所改善,总体而言,这是值得期待的。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Computime Group.
注意:我们始终建议投资者检查资产负债表的实力。点击此处查看我们对金宝通集团的资产负债表分析。
Our Take On Computime Group's Profit Performance
我们对金宝通集团利润表现的看法
As we discussed above, Computime Group has perfectly satisfactory free cash flow relative to profit. Based on this observation, we consider it likely that Computime Group's statutory profit actually understates its earnings potential! On the other hand, its EPS actually shrunk in the last twelve months. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Case in point: We've spotted 5 warning signs for Computime Group you should be aware of.
正如我们上面讨论的那样,金宝通集团的自由现金流相对于利润来说非常令人满意。基于这一观察,我们认为金宝通集团的法定利润实际上可能低估了其盈利潜力!另一方面,其每股收益实际上在过去十二个月中萎缩了。本文的目标是评估我们在多大程度上可以依靠法定收益来反映公司的潜力,但还有很多需要考虑的地方。请记住,在分析股票时,值得注意所涉及的风险。一个很好的例子:我们已经发现了金宝通集团的5个警告信号,你应该注意。
This note has only looked at a single factor that sheds light on the nature of Computime 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 that insiders are buying.
本报告仅研究了揭示金宝通集团利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。
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Simply Wall St 的这篇文章本质上是笼统的。我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章并非旨在提供财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不会考虑最新的价格敏感型公司公告或定性材料。华尔街只是没有持有上述任何股票的头寸。