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IPC (SGX:AZA) Is Posting Healthy Earnings, But It Is Not All Good News

IPC (SGX:AZA) Is Posting Healthy Earnings, But It Is Not All Good News

IPC(新加坡交易所:AZA)發佈了健康的收益報告,但並非所有資訊都是好消息。
Simply Wall St ·  08/13 18:31

We didn't see IPC Corporation Ltd's (SGX:AZA) stock surge when it reported robust earnings recently. We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.

IPC Corporation Ltd(SGX:AZA)報告強勁收益後,股票並未出現明顯增長。我們決定深入研究,發現投資者可能對我們發現的幾個值得關注的因素感到擔憂。

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SGX:AZA Earnings and Revenue History August 13th 2024
IPC:AZA收益和營收歷史2024年8月13日

Zooming In On IPC's Earnings

深入研究IPC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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. The ratio shows us how much a company's profit exceeds its FCF.

很多投資者沒有聽說過現金流量的應計比率,但它實際上是一個衡量公司利潤在一個給定期間內由自由現金流(FCF)支持的有用指標。爲了獲得應計比率,首先我們需要從一個期間的利潤中減去FCF,然後將該數字除以該期間的平均營運資產。該比率顯示公司利潤超過FCF的多少。

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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

因此,當一個公司應記比率爲負數時,實際上這被視爲一件好事,而如果該比率爲正數則被視爲一件壞事。這並不意味着我們應該擔心正的應記比率,但值得注意的是,當應計比率相當高時,引用Lewellen和Resutek在2014年的一篇論文"高應計的公司未來的盈利能力較差"。

IPC has an accrual ratio of 0.21 for the year to June 2024. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. In the last twelve months it actually had negative free cash flow, with an outflow of S$4.3m despite its profit of S$4.52m, mentioned above. It's worth noting that IPC generated positive FCF of S$3.1m a year ago, so at least they've done it in the past. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. One positive for IPC shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.

IPC在截至2024年6月的一年中的應計分錄比率爲0.21。因此,我們可以推斷其自由現金流遠遠不足以覆蓋其法定利潤。在過去的十二個月中,儘管上述利潤爲452萬新幣,但實際上其自由現金流爲負430萬新幣。值得注意的是,IPC在一年前產生了310萬新幣的正自由現金流,所以至少他們曾經做到過。即便如此,這還只是故事的一部分。應計分錄比率反映了非經常項目對法定利潤的影響,至少在一定程度上如此。 IPC股東的一項好消息是去年其應計分錄比率要好得多,有理由相信它未來可能會恢復較強的現金轉換。如果確實如此,股東應該尋求在當前年度相對於利潤的改善現金流。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of IPC.

注意:我們始終建議投資者檢查資產負債表的情況。點擊這裏進入我們對IPC財務狀況的分析。

The Impact Of Unusual Items On Profit

除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。

The fact that the company had unusual items boosting profit by S$2.7m, in the last year, probably goes some way to explain why its accrual ratio was so weak. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And, after all, that's exactly what the accounting terminology implies. IPC had a rather significant contribution from unusual items relative to its profit to June 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

這家公司在過去一年中利潤增加了270萬新幣,可能在一定程度上解釋了其應計分錄比率如此之低的原因。雖然高利潤總是很好,但非經常性項目的大量貢獻有時會抑制我們的熱情。當我們分析數千家上市公司的數據時,我們發現在一個給定的年度中從非經常性項目中獲得的收益通常不會在下一年重複。 IPC在2024年6月的利潤中從非經常項目中得到了相當大的貢獻。因此,我們可以推斷,非經常性項目使其法定利潤比本來應該強得多。

Our Take On IPC's Profit Performance

我們對IPC的盈利表現的看法

Summing up, IPC received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. Considering all this we'd argue IPC's profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing IPC at this point in time. For instance, we've identified 4 warning signs for IPC (2 are significant) you should be familiar with.

綜上所述,IPC從非經常性項目獲得了不錯的利潤,但無法將其紙面利潤與自由現金流相匹配。考慮到這一切,我們認爲IPC的利潤可能過分慷慨地反映了其可持續盈利水平。因此,儘管盈利質量很重要,但在此時考慮困擾IPC的風險同樣重要。例如,我們已經爲IPC確定了4個警示信號(其中2個是重要的),您應該熟悉這些信號。

Our examination of IPC has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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. 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.

我們對IPC的檢查集中在某些因素上,這些因素可以使其盈利看起來比實際更好。基於這個基礎,我們有些懷疑。但是,如果您能集中注意力考慮這些細枝末節,總會有更多的發現。例如,許多人認爲高股本回報率是良好商業經濟的__indication,而其他人則喜歡「跟蹤資金」並尋找內部人在購買的股票。雖然您可能需要進行一些研究,但您可能會發現這個免費的公司集合稱爲高股本回報率,或者這個股票列表中的股票擁有重要的內部人持有量是有用的。

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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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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。

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