We Think You Can Look Beyond China Aircraft Leasing Group Holdings' (HKG:1848) Lackluster Earnings
We Think You Can Look Beyond China Aircraft Leasing Group Holdings' (HKG:1848) Lackluster Earnings
China Aircraft Leasing Group Holdings Limited's (HKG:1848) earnings announcement last week contained some soft numbers, disappointing investors. We did some digging and think there are some comforting factors lying beneath the statutory profit numbers.
中国飞机租赁集团控股有限公司(HKG: 1848)上周公布的财报包含一些疲软的数字,令投资者失望。我们进行了一些挖掘,认为法定利润数字之下有一些令人欣慰的因素。
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Operating Revenue Or Not?
营业收入与否?
Companies will classify their revenue streams as either operating revenue or other revenue. Where possible, we prefer rely on operating revenue to get a better understanding of how the business is functioning. However, we note that when non-operating revenue increases suddenly, it will sometimes generate an unsustainable boost to profit. Notably, China Aircraft Leasing Group Holdings had a significant increase in non-operating revenue as a proportion of total revenue over the last year. Indeed, this proportion rose from -50% last year to -38% this year. If that non-operating revenue fails to manifest in the current year, then there's a real risk the bottom line profit result will be impacted negatively. In order to better understand a company's profit result, it can sometimes help to consider whether the result would be very different without a sudden increase in non-operating revenue.
各公司将把其收入来源归类为营业收入或其他收入。在可能的情况下,我们更愿意依靠营业收入来更好地了解业务的运作方式。但是,我们注意到,当非营业收入突然增加时,有时会产生不可持续的利润增长。值得注意的是,中国飞机租赁集团控股公司的非营业收入占总收入的比例比去年大幅增加。事实上,这一比例从去年的-50%上升到今年的-38%。如果非营业收入未能在本年度显现,那么利润业绩确实有可能受到负面影响。为了更好地了解公司的利润结果,有时可以考虑在不突然增加营业外收入的情况下结果是否会有很大不同。
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.
这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。
How Do Unusual Items Influence Profit?
不寻常的物品如何影响利润?
Alongside that spike in non-operating revenue, it's also important to note that China Aircraft Leasing Group Holdings'profit suffered from unusual items, which reduced profit by HK$12m in the last twelve months. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. 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. In the twelve months to December 2023, China Aircraft Leasing Group Holdings had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.
除了营业外收入的激增外,还需要注意的是,中国飞机租赁集团控股公司的利润受到了不寻常的影响,在过去的十二个月中,利润减少了1200万港元。尽管由于不寻常项目而产生的扣除首先令人失望,但有一线希望。我们调查了数千家上市公司,发现不寻常的物品本质上往往是一次性的。而且,毕竟,这正是会计术语的含义。在截至2023年12月的十二个月中,中国飞机租赁集团控股公司出现了巨额不寻常的物品支出。因此,我们可以推测,这些不寻常的物品使其法定利润明显低于原来的水平。
Our Take On China Aircraft Leasing Group Holdings' Profit Performance
我们对中国飞机租赁集团控股公司盈利表现的看法
In its last report China Aircraft Leasing Group Holdings benefitted from a spike in non-operating revenue which may have boosted its profit in a way that may be no more sustainable than low quality coal mining. But on the other hand, it also saw an unusual item depress its profit, suggesting the statutory profit number will actually improve next year, if the unusual expenses are not repeated, and all else stays equal. Based on these factors, it's hard to tell if China Aircraft Leasing Group Holdings' profits are a reasonable reflection of its underlying profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, China Aircraft Leasing Group Holdings has 3 warning signs (and 2 which are a bit unpleasant) we think you should know about.
在上一份报告中,中国飞机租赁集团控股公司受益于非营业收入的激增,这可能以不比低质量煤炭开采更可持续的方式提高了利润。但另一方面,它也看到一个不寻常的项目压低了其利润,这表明如果不重复这种不寻常的支出,并且所有其他条件保持不变,明年的法定利润数字实际上将有所改善。基于这些因素,很难判断中国飞机租赁集团控股的利润是否合理地反映了其潜在的盈利能力。请记住,在分析股票时,值得注意所涉及的风险。例如,中国飞机租赁集团控股公司有3个警告标志(其中2个有点不愉快),我们认为你应该知道。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. 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.
在这篇文章中,我们研究了许多可能损害利润数字效用的因素,以此作为企业的指南。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。有些人认为高股本回报率是优质业务的好兆头。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根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。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,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。