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Robust Earnings May Not Tell The Whole Story For Space Group Holdings (HKG:2448)
Robust Earnings May Not Tell The Whole Story For Space Group Holdings (HKG:2448)
Space Group Holdings Limited's (HKG:2448) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
See our latest analysis for Space Group Holdings
SEHK:2448 Earnings and Revenue History May 2nd 2022Examining Cashflow Against Space Group Holdings' Earnings
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. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Over the twelve months to December 2021, Space Group Holdings recorded an accrual ratio of 0.20. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of MO$131m, in contrast to the aforementioned profit of MO$51.8m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of MO$131m, this year, indicates high risk.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Space Group Holdings.
Our Take On Space Group Holdings' Profit Performance
Space Group Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Space Group Holdings' true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 26% in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you'd like to know more about Space Group Holdings as a business, it's important to be aware of any risks it's facing. For example, we've found that Space Group Holdings has 4 warning signs (3 are significant!) that deserve your attention before going any further with your analysis.
Today we've zoomed in on a single data point to better understand the nature of Space Group Holdings' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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 that insiders are buying.
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.
Space Group Holdings Limited's (HKG:2448) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
太空集团控股有限公司旗下 (HKG: 2448) 健康的利润数字并没有给投资者带来任何意外。我们认为,这是由于投资者将目光投向了法定利润之外并担心他们所看到的情况。
See our latest analysis for Space Group Holdings
查看我们对太空集团控股的最新分析
Examining Cashflow Against Space Group Holdings' Earnings
将现金流与太空集团控股公司的收益进行比较
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. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
许多投资者还没有听说过 现金流应计比率,但它实际上是衡量公司利润在给定时期内自由现金流(FCF)在多大程度上得到支持的有用指标。为了获得应计比率,我们首先从一段时间的利润中减去FCF,然后将该数字除以该期间的平均运营资产。这个比率告诉我们公司有多少利润没有自由现金流支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,负的应计比率对公司来说是正数,而正的应计比率是负数。虽然拥有正应计比率(表示一定水平的非现金利润)不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。这是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长放缓。
Over the twelve months to December 2021, Space Group Holdings recorded an accrual ratio of 0.20. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of MO$131m, in contrast to the aforementioned profit of MO$51.8m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of MO$131m, this year, indicates high risk.
在截至2021年12月的十二个月中,太空集团控股公司的应计比率为0.20。因此,我们可以推断出其自由现金流远低于其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为1.31亿澳门元,而上述利润为5180万澳门元。在去年自由现金流为负的背景下,我们想象一些股东可能会怀疑其今年1.31亿澳门元的现金消耗是否表明风险很高。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Space Group Holdings.
注意: 我们总是建议投资者查看资产负债表的实力。点击此处查看我们对太空集团控股的资产负债表分析。
Our Take On Space Group Holdings' Profit Performance
我们的 Take On Space 集团控股公司的利润表现
Space Group Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Space Group Holdings' true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 26% in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you'd like to know more about Space Group Holdings as a business, it's important to be aware of any risks it's facing. For example, we've found that Space Group Holdings has 4 warning signs (3 are significant!) that deserve your attention before going any further with your analysis.
去年,Space Group Holdings没有将其大部分利润转换为自由现金流,一些投资者可能认为这相当不理想。因此,在我们看来,Space Group Holdings的真正基础收益能力实际上可能低于其法定利润。好消息是,其每股收益在去年增长了26%。归根结底,如果你想正确地了解公司,就必须考虑的不仅仅是上述因素。如果你想进一步了解Space Group Holdings作为一家企业,重要的是要意识到它面临的任何风险。例如,我们发现 Space Group Holdings 有 4 个警告信号(3 个很重要!)在进一步分析之前,这值得你注意。
Today we've zoomed in on a single data point to better understand the nature of Space Group Holdings' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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 that insiders are buying.
今天,我们放大了单个数据点,以更好地了解Space Group Holdings的利润性质。但是,如果你能够将注意力集中在细节上,总会有更多东西要发现。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “关注资金”,寻找内部人士正在购买的股票。所以你不妨看看这个 免费的 一系列拥有高股本回报率的公司,或者这份内部人士正在买入的股票清单。
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.
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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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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