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WK Group (Holdings)'s (HKG:2535) Problems Go Beyond Weak Profit

WK Group (Holdings)'s (HKG:2535) Problems Go Beyond Weak Profit

Wk Group(控股)(HKG:2535)的问题不仅仅是利润疲软
Simply Wall St ·  10/02 19:47

A lackluster earnings announcement from WK Group (Holdings) Limited (HKG:2535) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.

上周Wk Group(Holdings) Limited(HKG:2535)发布的收益公告并未使股价下跌。然而,我们认为投资者应该注意一些潜在因素可能值得关注。

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SEHK:2535 Earnings and Revenue History October 2nd 2024
SEHK:2535盈利和营业收入历史数据2024年10月2日

A Closer Look At WK Group (Holdings)'s Earnings

深入了解Wk Group(Holdings)的盈利情况

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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

许多投资者没有听说过来自现金流的计提比率,但实际上它是衡量公司利润在给定期间内如何得到自由现金流(FCF)支持的有用指标。该计提比率从给定期间的FCF中减去利润,然后将结果除以该时期公司的平均运营资产。您可将来自现金流的计提比率视为“非FCF利润比率”。

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.

这意味着负的应计比率是一件好事,因为它表明公司比其利润所示带来了更多的自由现金流。虽然应计比率高于零不足为凭,但如果公司的应计比率相对较高,我们认为这值得注意。值得注意的是,有一些学术证据表明,相对而言,高应计比率是短期利润的不利信号。

Over the twelve months to June 2024, WK Group (Holdings) recorded an accrual ratio of 0.24. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. To wit, it produced free cash flow of HK$2.9m during the period, falling well short of its reported profit of HK$29.3m. WK Group (Holdings) shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months.

在截至2024年6月的十二个月内,Wk Group(Holdings)的应计比率为0.24。因此,我们知道它的自由现金流明显低于其法定利润,这并不是一件好事。换句话说,在此期间,它的自由现金流为290万港元,远低于其报道的利润2930万港元。Wk Group(Holdings)的股东们无疑希望明年其自由现金流能反弹,因为在过去的十二个月里它已经下降。

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

注意:我们始终建议投资者检查资产负债表的实力。点击这里查看Wk Group(Holdings)资产负债表分析。

Our Take On WK Group (Holdings)'s Profit Performance

我们对Wk Group(Holdings)的盈利表现持有看法

WK Group (Holdings)'s accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Because of this, we think that it may be that WK Group (Holdings)'s statutory profits are better than its underlying earnings power. In further bad news, its earnings per share decreased 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. So while earnings quality is important, it's equally important to consider the risks facing WK Group (Holdings) at this point in time. For example - WK Group (Holdings) has 2 warning signs we think you should be aware of.

Wk Group(Holdings)过去十二个月的准现金比率表明现金转换不尽如人意,对我们对其盈利的看法是负面的。由于这一点,我们认为可能是Wk Group(Holdings)的财务利润优于其基本盈利能力。进一步的坏消息是,其每股盈利在过去一年里有所下降。当然,在分析其盈利方面,我们只是刚刚触及表面;人们还可以考虑到边际、预测增长和投资回报率等其他因素。因此,尽管盈利质量很重要,但在当前时点考虑Wk Group(Holdings)面临的风险同样重要。例如 - Wk Group(Holdings)有2个警示信号,我们认为您应该注意。

Today we've zoomed in on a single data point to better understand the nature of WK Group (Holdings)'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,我们将重点放在一个单一数据点上,以更好地了解Wk Group(Holdings)盈利的性质。但还有很多其他方法可以帮助您了解一家公司。例如,许多人认为高股本回报率是有利的商业经济指标,而其他人则喜欢“跟随资金”并寻找内部人员正在买入的股票。虽然这可能需要您做一些研究,但您可能会发现这些拥有高股本回报率的公司收集,或者这些拥有重要内部持股的股票清单是有用的。

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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.

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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。

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