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Some Investors May Be Willing To Look Past Dickson Concepts (International)'s (HKG:113) Soft Earnings
Some Investors May Be Willing To Look Past Dickson Concepts (International)'s (HKG:113) Soft Earnings
Soft earnings didn't appear to concern Dickson Concepts (International) Limited's (HKG:113) shareholders over the last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
Check out our latest analysis for Dickson Concepts (International)
SEHK:113 Earnings and Revenue History July 20th 2022A Closer Look At Dickson Concepts (International)'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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. This ratio tells us how much of a company's profit is not backed by free cashflow.
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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.
Over the twelve months to March 2022, Dickson Concepts (International) recorded an accrual ratio of -0.65. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of HK$743m, well over the HK$200.9m it reported in profit. Dickson Concepts (International)'s free cash flow improved over the last year, which is generally good to see.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Dickson Concepts (International).
Our Take On Dickson Concepts (International)'s Profit Performance
As we discussed above, Dickson Concepts (International)'s accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Based on this observation, we consider it possible that Dickson Concepts (International)'s statutory profit actually understates its earnings potential! On the other hand, its EPS actually shrunk in the last twelve months. 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 Dickson Concepts (International) as a business, it's important to be aware of any risks it's facing. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of Dickson Concepts (International).
This note has only looked at a single factor that sheds light on the nature of Dickson Concepts (International)'s profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
疲软的收益似乎并不令人担忧迪克森概念(国际)有限公司的(HKG:113)过去一周的股东人数。我们的分析表明,尽管利润疲软,但业务的基础是强大的。
查看我们对Dickson Concepts(国际)的最新分析
联交所:113盈利及收入历史2022年7月20日仔细看看迪克森概念(国际)公司的收益
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。简单地说,这个比率是从净利润中减去FCF,然后用这个数字除以该公司在此期间的平均运营资产。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。
这意味着负的应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。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。
在截至2022年3月的12个月中,迪克森概念(国际)的应计比率为-0.65。因此,其法定收益非常显著地低于其自由现金流。事实上,在过去12个月里,该公司报告的自由现金流为7.43亿港元,远高于该公司报告的2.09亿港元的利润。迪克森概念(国际)的自由现金流在过去一年有所改善,总体来说是好的。
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迪克森概念(国际)的资产负债表分析。
我们对迪克森概念(国际)公司利润表现的看法
正如我们上面所讨论的,Dickson Concepts(International)的应计比率表明利润到自由现金流的强劲转换,这对公司来说是一个积极的因素。基于这一观察,我们认为Dickson Concepts(International)的法定利润实际上可能低估了其盈利潜力!另一方面,它的每股收益在过去12个月里实际上出现了缩水。归根结底,如果你想正确地了解这家公司,除了以上几个因素之外,考虑其他因素也是至关重要的。如果你想更多地了解Dickson Concepts(International)作为一家企业,了解它面临的任何风险是很重要的。例如,我们发现2个警告标志你应该扫视一下,才能更好地了解迪克森概念(国际)。
这本笔记只关注了一个因素,它揭示了迪克森概念(国际)公司的利润本质。但如果你有能力将注意力集中在细节上,总会有更多因素需要发现。有些人认为高股本回报率是高质量企业的良好标志。虽然你可能需要做一些研究,但你可能会发现这一点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。
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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