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Founder Holdings' (HKG:418) Profits May Not Reveal Underlying Issues

Founder Holdings' (HKG:418) Profits May Not Reveal Underlying Issues

創始人控股(HKG:418)的利潤可能隱藏了潛在問題
Simply Wall St ·  09/26 18:03

The stock price didn't jump after Founder Holdings Limited (HKG:418) posted decent earnings last week. We did some digging and believe investors may be worried about some underlying factors in the report.

上週飛凡控股有限公司(HKG:418)發佈了不錯的收益,但股價並未上漲。我們進行了一些調查,認爲投資者可能擔心報告中一些潛在因素。

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SEHK:418 Earnings and Revenue History September 26th 2024
SEHK:418盈利和營業收入歷史2024年9月26日

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。

To properly understand Founder Holdings' profit results, we need to consider the HK$25m gain attributed to unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And, after all, that's exactly what the accounting terminology implies. Founder Holdings had a rather significant contribution from unusual items relative to its profit to June 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

爲了正確認識飛凡控股的盈利結果,我們需要考慮到2500萬港元來源於飛凡項目的利潤。雖然我們樂於看到利潤增加,但當飛凡項目對貢獻較大時,我們往往會更加謹慎。我們對全球大多數上市公司進行了覈算,發現飛凡項目往往是一次性的。畢竟,這正是會計術語暗示的含義。相對於2024年6月的利潤,飛凡控股的飛凡項目貢獻相當顯着。其他條件相同的情況下,這可能會導致法定利潤對基本盈利能力的指引效果較差。

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

備註:我們始終建議投資者檢查資產負債表的實力。點擊這裏查看我們對飛凡控股資產負債表分析。

Our Take On Founder Holdings' Profit Performance

我們對飛凡控股的盈利表現的看法

As previously mentioned, Founder Holdings' large boost from unusual items won't be there indefinitely, so its statutory earnings are probably a poor guide to its underlying profitability. For this reason, we think that Founder Holdings' 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 16% EPS growth in the last year. 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. If you want to do dive deeper into Founder Holdings, you'd also look into what risks it is currently facing. In terms of investment risks, we've identified 2 warning signs with Founder Holdings, and understanding these bad boys should be part of your investment process.

如前所述,創始人控股公司由於飛凡項目的大幅提振,其統計收益可能不會永遠存在,因此其根本盈利能力可能會被其法定盈利指導所誤導。因此,我們認爲創始人控股公司的法定利潤可能是其基本盈利能力的錯誤指引,並可能給投資者過於樂觀的印象。但至少持有者可以從過去一年中16%的每股收益增長中獲得一些安慰。本文的目標是評估我們可以依賴統計收益來反映公司潛力的程度,但還有很多要考慮的。如果您想深入了解創始人控股公司,您還應該了解它目前面臨的風險。在投資風險方面,我們已經發現了創始人控股公司存在2個警示信號,了解這些問題應該是您投資過程中的一部分。

Today we've zoomed in on a single data point to better understand the nature of Founder Holdings' profit. 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. 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,我們將重點放在一個特定的數據點上,以更好地了解創始人控股公司利潤的性質。但如果您能夠專注於細枝末節,總能發現更多。有些人認爲高股本回報率是優質企業的好跡象。儘管這可能需要您進行一些調查研究,但您可能會發現這份免費的高股本回報率公司收藏,或者這份持有大量內部股份股票名單對您有用。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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