$A-Mark Precious Metals (AMRK.US)$🎯 2023.12.1 The current p...

New data: full year of 2023 and 2024Q1

In 2023, revenue increased 13.8%, operating profit increased 24.7%, net profit increased 17.8%, and interest expenses accounted for 4.7% of operating profit.

The balance ratio fell from 66% to 61.2%, accounts receivable fell by $140 million, and inventories increased by $240 million. The ratio was quite normal. Long-term loans were cleared to zero, and short-term loans surged to 666 million, which is 1.1 times the net assets of 600 million yuan.

Net operating cash flow is negative.

2024Q1 revenue increased by 30.8%, operating profit plummeted by 55.5% due to the decline in gross margin, and net profit shrank by 58.3%.

Currently, the price-earnings ratio is 4.6, and the price-earnings ratio TTM has been raised to 5.5. If net profit falls by 50% for the whole year, the price-earnings ratio will rise to 9.6. The dividend rate is 2.8%. The current contraction appears to be due to cyclical factors in precious metals. Currently, positions are not heavy, so there is no need for adjustments for the time being.