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Smart City Development Holdings (HKG:8268) Is Posting Promising Earnings But The Good News Doesn't Stop There
Smart City Development Holdings (HKG:8268) Is Posting Promising Earnings But The Good News Doesn't Stop There
The market seemed underwhelmed by last week's earnings announcement from Smart City Development Holdings Limited (HKG:8268) despite the healthy numbers. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.
See our latest analysis for Smart City Development Holdings
SEHK:8268 Earnings and Revenue History June 30th 2022Examining Cashflow Against Smart City Development Holdings' Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Smart City Development Holdings has an accrual ratio of -0.77 for the year to March 2022. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$42m in the last year, which was a lot more than its statutory profit of HK$15.3m. Notably, Smart City Development Holdings had negative free cash flow last year, so the HK$42m it produced this year was a welcome improvement. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Smart City Development Holdings.
How Do Unusual Items Influence Profit?
While the accrual ratio might bode well, we also note that Smart City Development Holdings' profit was boosted by unusual items worth HK$2.1m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. If Smart City Development Holdings doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
Our Take On Smart City Development Holdings' Profit Performance
In conclusion, Smart City Development Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Considering all the aforementioned, we'd venture that Smart City Development Holdings' profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. If you want to do dive deeper into Smart City Development Holdings, you'd also look into what risks it is currently facing. For instance, we've identified 2 warning signs for Smart City Development Holdings (1 is a bit concerning) you should be familiar with.
Our examination of Smart City Development Holdings has focussed on certain factors that can make its earnings look better than they are. 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.
The market seemed underwhelmed by last week's earnings announcement from Smart City Development Holdings Limited (HKG:8268) despite the healthy numbers. We did some digging, and we think that investors are missing some encouraging factors in the underlying numbers.
市场似乎对上周公布的财报不以为然智慧城市发展控股有限公司(HKG:8268)尽管有健康的数字。我们做了一些调查,我们认为投资者在潜在数据中遗漏了一些令人鼓舞的因素。
See our latest analysis for Smart City Development Holdings
查看我们对智慧城市发展控股公司的最新分析
Examining Cashflow Against Smart City Development Holdings' Earnings
考察智能城市发展控股公司的现金流和收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
衡量一家公司将利润转换为自由现金流(FCF)的程度的一个关键财务比率是应计比率。应计制比率从给定期间的利润中减去FCF,然后将结果除以该时间段内公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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。这并不意味着我们应该担心应计比率为正,但值得注意的是,在应计比率相当高的地方。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”。
Smart City Development Holdings has an accrual ratio of -0.77 for the year to March 2022. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$42m in the last year, which was a lot more than its statutory profit of HK$15.3m. Notably, Smart City Development Holdings had negative free cash flow last year, so the HK$42m it produced this year was a welcome improvement. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
智慧城市发展控股在截至2022年3月的一年中的应计比率为-0.77。因此,其法定收益远远低于其自由现金流。事实上,该公司去年的自由现金流为4200万港元,远高于其1530万港元的法定利润。值得注意的是,智慧城市发展控股有限公司去年的自由现金流为负,因此其今年4200万港元的收入是一个可喜的改善。然而,这并不是需要考虑的全部问题。应计比率反映了不寻常项目对法定利润的影响,至少在一定程度上是这样。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Smart City Development Holdings.
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智慧城市发展控股公司的资产负债表分析。
How Do Unusual Items Influence Profit?
不寻常的项目如何影响利润?
While the accrual ratio might bode well, we also note that Smart City Development Holdings' profit was boosted by unusual items worth HK$2.1m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. If Smart City Development Holdings doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
虽然应计比率可能是个好兆头,但我们也注意到,智慧城市发展控股公司的利润在过去12个月受到价值210万港元的不寻常项目的提振。虽然我们喜欢看到利润增加,但当不寻常的项目做出了很大贡献时,我们往往会更加谨慎。当我们分析了数千家上市公司的数据时,我们发现,在给定的一年中,不寻常的项目往往会带来提振不第二年又重复了一遍。考虑到这些提振被描述为“不寻常的”,这正如你所预期的那样。如果智慧城市发展控股公司没有看到这种贡献再次出现,那么在其他条件相同的情况下,我们预计其利润在本年度将下降。
Our Take On Smart City Development Holdings' Profit Performance
我们对智慧城市发展控股公司盈利表现的看法
In conclusion, Smart City Development Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Considering all the aforementioned, we'd venture that Smart City Development Holdings' profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. If you want to do dive deeper into Smart City Development Holdings, you'd also look into what risks it is currently facing. For instance, we've identified 2 warning signs for Smart City Development Holdings (1 is a bit concerning) you should be familiar with.
总而言之,智慧城市发展控股的应计比率表明其法定收益质量良好,但另一方面利润受到不寻常项目的提振。考虑到上述所有情况,我们敢说,Smart City Development Holdings的利润结果是衡量其真正盈利能力的相当好的指南,尽管有点保守。如果你想更深入地研究智能城市发展控股公司,你还应该调查它目前面临的风险。例如,我们已经确定智慧城市发展控股有限公司的2个警告标志(1有点令人担忧)你应该很熟悉。
Our examination of Smart City Development Holdings has focussed on certain factors that can make its earnings look better than they are. 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.
我们对智慧城市发展控股公司的审查集中在某些因素上,这些因素可以使其收益看起来比实际情况更好。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。
本文由Simply Wall St.撰写,具有概括性。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。Simply Wall St.对上述任何一只股票都没有持仓。
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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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