The Strong Earnings Posted By IMS Group Holdings (HKG:8136) Are A Good Indication Of The Strength Of The Business
The Strong Earnings Posted By IMS Group Holdings (HKG:8136) Are A Good Indication Of The Strength Of The Business
IMS Group Holdings Limited (HKG:8136) just reported healthy earnings but the stock price didn't move much. Investors are probably missing some underlying factors which are encouraging for the future of the company.
IMS集团控股有限公司(HKG：8136)刚刚公布了健康的收益，但股价没有太大变动。投资者可能遗漏了一些对公司未来令人鼓舞的潜在因素。
View our latest analysis for IMS Group Holdings
查看我们对IMS Group Holdings的最新分析
A Closer Look At IMS Group Holdings' Earnings
近距离观察IMS Group Holdings的收益
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. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
许多投资者都没有听说过现金流应计比率但它实际上是衡量一家公司在给定时期内自由现金流(FCF)支持公司利润的程度的有用指标。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。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 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
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。虽然应计比率为正并不是问题，这表明非现金利润达到了一定的水平，但高的应计比率可以说是一件坏事，因为它表明账面利润与现金流不匹配。值得注意的是，有一些学术证据表明，一般来说，高应计比率对短期利润来说不是一个好兆头。
Over the twelve months to March 2022, IMS Group Holdings recorded an accrual ratio of -0.30. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of HK$15m in the last year, which was a lot more than its statutory profit of HK$11.4m. Given that IMS Group Holdings had negative free cash flow in the prior corresponding period, the trailing twelve month resul of HK$15m would seem to be a step in the right direction.
在截至2022年3月的12个月中，IMS Group Holdings的应计比率为-0.30。这意味着它有非常好的现金转换率，而且它去年的收益实际上大大低估了它的自由现金流。事实上，该公司去年的自由现金流为1500万港元，远高于其1140万港元的法定利润。鉴于IMS Group Holdings在上一同期的自由现金流为负，后续12个月1500万港元的业绩似乎是朝着正确方向迈出的一步。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of IMS Group 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IMS Group Holdings的资产负债表分析。
Our Take On IMS Group Holdings' Profit Performance
我们对IMS集团控股公司利润表现的看法
Happily for shareholders, IMS Group Holdings produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that IMS Group Holdings' statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at an extremely impressive rate over the last three years. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. To help with this, we've discovered 2 warning signs (1 makes us a bit uncomfortable!) that you ought to be aware of before buying any shares in IMS Group Holdings.
令股东高兴的是，IMS Group Holdings产生了大量自由现金流，以支持其法定利润数字。基于这一观察，我们认为IMS Group Holdings的法定利润实际上可能低估了其盈利潜力！最重要的是，它的每股收益在过去三年里以非常令人印象深刻的速度增长。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。有鉴于此，如果你想对公司做更多的分析，了解其中的风险是至关重要的。为了帮助解决这个问题，我们发现2个警告标志(1让我们有点不舒服！)在购买IMS Group Holdings的任何股票之前，你应该意识到这一点。
Today we've zoomed in on a single data point to better understand the nature of IMS Group Holdings' profit. 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. 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IMS Group Holdings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。例如，许多人认为高股本回报率是有利的商业经济指标，而另一些人则喜欢“跟着钱走”，寻找内部人士正在买入的股票。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。
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