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We Think You Should Be Aware Of Some Concerning Factors In Ling Yue Services Group's (HKG:2165) Earnings
We Think You Should Be Aware Of Some Concerning Factors In Ling Yue Services Group's (HKG:2165) Earnings
Ling Yue Services Group Limited's (HKG:2165) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
Check out our latest analysis for Ling Yue Services Group
SEHK:2165 Earnings and Revenue History April 28th 2022Examining Cashflow Against Ling Yue Services Group's Earnings
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Ling Yue Services Group has an accrual ratio of 1.02 for the year to December 2021. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥10k, in contrast to the aforementioned profit of CN¥70.6m. It's worth noting that Ling Yue Services Group generated positive FCF of CN¥115m a year ago, so at least they've done it in the past. The good news for shareholders is that Ling Yue Services Group's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Ling Yue Services Group.
Our Take On Ling Yue Services Group's Profit Performance
As we have made quite clear, we're a bit worried that Ling Yue Services Group didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Ling Yue Services Group's underlying earnings power is lower than its statutory profit. Sadly, its EPS was down over the last twelve months. 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 Ling Yue Services Group, you'd also look into what risks it is currently facing. In terms of investment risks, we've identified 1 warning sign with Ling Yue Services Group, and understanding it should be part of your investment process.
Today we've zoomed in on a single data point to better understand the nature of Ling Yue Services Group's profit. But there are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
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.
Ling Yue Services Group Limited's (HKG:2165) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
凌越服务集团有限公司(HKG:2165)近期强劲的收益对股价影响不大。然而,法定利润数字并不能说明全部情况,我们发现了一些可能引起股东关注的因素。
Check out our latest analysis for Ling Yue Services Group
查看我们对凌越服务集团的最新分析
Examining Cashflow Against Ling Yue Services Group's Earnings
对照凌跃服务集团的收益考察现金流
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。为了得到应计比率,我们首先从一个时期的利润中减去FCF,然后用这个数字除以该时期的平均运营资产。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,当一家公司的应计比率为负时,它实际上被认为是一件好事,但如果它的应计比率为正,那就是一件坏事。虽然应计比率高于零并不令人担忧,但我们确实认为,当一家公司的应计比率相对较高时,这一点值得注意。引用勒维伦和雷苏泰克2014年的一篇论文,“应计利润较高的公司未来的利润往往较低”。
Ling Yue Services Group has an accrual ratio of 1.02 for the year to December 2021. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of CN¥10k, in contrast to the aforementioned profit of CN¥70.6m. It's worth noting that Ling Yue Services Group generated positive FCF of CN¥115m a year ago, so at least they've done it in the past. The good news for shareholders is that Ling Yue Services Group's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year.
凌越服务集团截至2021年12月的年度应计比率为1.02。从统计上讲,这对未来的收益是一个真正的负面影响。事实上,在此期间,该公司没有产生任何自由现金流。在过去的一年里,它实际上负面自由现金流为10K元,而前述利润为7060万元。值得注意的是,凌越服务集团一年前产生了1.15亿元的正FCF,所以至少他们过去做到了。对股东来说,好消息是,凌越服务集团去年的应计比率要好得多,因此今年的糟糕读数可能只是利润和FCF短期错配的一个例子。因此,一些股东可能希望在本年度实现更强劲的现金转换。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Ling Yue Services Group.
注:我们总是建议投资者检查资产负债表的实力。点击此处查看我们对凌越服务集团的资产负债表分析。
Our Take On Ling Yue Services Group's Profit Performance
我们对凌越服务集团盈利表现的看法
As we have made quite clear, we're a bit worried that Ling Yue Services Group didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Ling Yue Services Group's underlying earnings power is lower than its statutory profit. Sadly, its EPS was down over the last twelve months. 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 Ling Yue Services Group, you'd also look into what risks it is currently facing. In terms of investment risks, we've identified 1 warning sign with Ling Yue Services Group, and understanding it should be part of your investment process.
正如我们已经说得很清楚的那样,我们有点担心凌越服务集团没有用自由现金流来支持去年的利润。因此,我们认为凌越服务集团的潜在盈利能力很可能低于其法定利润。遗憾的是,在过去的12个月里,它的每股收益一直在下降。本文的目的是评估我们可以在多大程度上依赖法定收益来反映公司的潜力,但还有很多东西需要考虑。如果你真的想更深入地研究凌越服务集团,你还应该调查它目前面临的风险。在投资风险方面,我们已经与凌越服务集团确定了1个警示标志,并理解这应该是您投资过程的一部分。
Today we've zoomed in on a single data point to better understand the nature of Ling Yue Services Group's profit. But there are plenty of other ways to inform your opinion of a company. 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 that insiders are buying to be useful.
今天,我们放大了一个数据点,以更好地了解凌越服务集团的利润性质。但还有很多其他方式可以让你了解一家公司的看法。一些人认为,高股本回报率是高质量企业的良好标志。虽然这可能需要为您做一些研究,但您可能会发现免费拥有高股本回报率的公司的集合,或者是内部人士购买的有用的股票清单。
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.
对这篇文章有什么反馈吗?担心内容吗?保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说,华尔街在提到的任何股票中都没有头寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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