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We Think That There Are More Issues For Okura Holdings (HKG:1655) Than Just Sluggish Earnings

We Think That There Are More Issues For Okura Holdings (HKG:1655) Than Just Sluggish Earnings

我们认为okura holdings(HKG:1655)存在的问题不仅仅是盈利疲软。
Simply Wall St ·  10/25 06:33

Okura Holdings Limited (HKG:1655) recently posted soft earnings but shareholders didn't react strongly. Our analysis suggests that they may be missing some concerning details underlying the profit numbers.

Okura Holdings有限公司(HKG:1655)最近发布了不太理想的盈利数据,但股东们反应并不强烈。我们的分析表明,他们可能忽略了一些有关利润数字背后令人担忧的细节。

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SEHK:1655 Earnings and Revenue History October 24th 2024
SEHK:1655盈利和营业收入历史数据为2024年10月24日

How Do Unusual Items Influence Profit?

非常规项目如何影响利润?

Importantly, our data indicates that Okura Holdings' profit received a boost of JP¥805m in unusual items, over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. 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. Okura Holdings 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.

重要的是,我们的数据显示,Okura Holdings的利润在过去一年中因不寻常项目获得了JP¥80500万的提振。我们不能否认,更高的利润通常让我们感到乐观,但我们更希望利润是可持续的。我们对全球大多数上市公司进行了数据分析,发现不寻常项目通常只会在性质上只出现一次。毕竟,这正是会计术语所暗示的。截至2024年6月,Okura Holdings从不寻常项目相对于利润的贡献相当可观。因此,我们可以推断,这些不寻常项目使其法定利润比原本强大得多。

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

注意:我们始终建议投资者检查资产负债表的实力。点击这里查看我们对Okura Holdings资产负债表的分析。

An Unusual Tax Situation

一种不寻常的税务情况

Just as we noted the unusual items, we must inform you that Okura Holdings received a tax benefit which contributed JP¥140m to the bottom line. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. The receipt of a tax benefit is obviously a good thing, on its own. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.

正如我们注意到的不寻常项目一样,我们必须告诉您,Okura Holdings获得了一笔税收优惠,为底线贡献了JP¥14000万。当公司从国家财政部门获得支付而不是向其支付时,这总是有些引人关注。获得税收优惠显然是一件好事。然而,我们的数据表明,税收优惠可能会暂时提振入账年份的法定利润,但随后利润可能会回落。在税收优惠不重复的情况下,我们预计其法定利润水平会下降,至少在没有强劲增长的情况下。因此,虽然我们认为获得税收优惠是一件好事,但这确实意味着法定利润可能高估了业务的可持续盈利能力。

Our Take On Okura Holdings' Profit Performance

我们对okura holdings的利润表现有何看法

In the last year Okura Holdings received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. And on top of that, it also saw an unusual item boost its profit, suggesting that next year might see a lower profit number, if these events are not repeated. Considering all this we'd argue Okura Holdings' 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 Okura Holdings at this point in time. In terms of investment risks, we've identified 4 warning signs with Okura Holdings, and understanding them should be part of your investment process.

在过去一年,okura holdings获得了税收优惠,这提高了其利润,可能不太可持续,类似于将优质农田变成燃料币。除此之外,它还看到了一项飞凡项目提升了其利润,这表明如果这些事件不再发生,明年可能会看到更低的利润数字。考虑到所有这些,我们认为okura holdings的利润可能过于慷慨地显示了其可持续盈利水平。因此,虽然盈利质量很重要,但同样重要的是考虑目前okura holdings面临的风险。就投资风险而言,我们已确定了4个对okura holdings构成警告的迹象,深入了解它们应该是您投资过程的一部分。

Our examination of Okura Holdings 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 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

我们对okura holdings的检查侧重于某些因素,这些因素可能使其盈利看起来比实际情况更好。基于这一基础,我们有些怀疑。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表明企业经济状况良好,而另一些人则喜欢“追随资金”并寻找内部人员正在购买的股票。因此,您可能希望查看这里的免费公司收藏,其中包含高股本回报率的公司,或者这份拥有高内部所有权股票清单。

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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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