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There Are Some Holes In Bauhaus International (Holdings)'s (HKG:483) Solid Earnings Release
There Are Some Holes In Bauhaus International (Holdings)'s (HKG:483) Solid Earnings Release
Shareholders didn't seem to be thrilled with Bauhaus International (Holdings) Limited's (HKG:483) recent earnings report, despite healthy profit numbers. Our analysis has found some concerning factors which weaken the profit's foundation.
View our latest analysis for Bauhaus International (Holdings)
SEHK:483 Earnings and Revenue History July 22nd 2022A Closer Look At Bauhaus International (Holdings)'s Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. The ratio shows us how much a company's profit exceeds its FCF.
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Bauhaus International (Holdings) has an accrual ratio of 0.68 for the year to March 2022. That means it didn't generate anywhere near enough free cash flow to match its profit. Statistically speaking, that's a real negative for future earnings. In fact, it had free cash flow of HK$57m in the last year, which was a lot less than its statutory profit of HK$142.6m. Bauhaus International (Holdings) shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. The good news for shareholders is that Bauhaus International (Holdings)'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. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Bauhaus International (Holdings).
The Impact Of Unusual Items On Profit
Given the accrual ratio, it's not overly surprising that Bauhaus International (Holdings)'s profit was boosted by unusual items worth HK$188m 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, after all, that's exactly what the accounting terminology implies. We can see that Bauhaus International (Holdings)'s positive unusual items were quite significant relative to its profit in the year to March 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On Bauhaus International (Holdings)'s Profit Performance
Bauhaus International (Holdings) had a weak accrual ratio, but its profit did receive a boost from unusual items. On reflection, the above-mentioned factors give us the strong impression that Bauhaus International (Holdings)'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. When we did our research, we found 3 warning signs for Bauhaus International (Holdings) (1 is potentially serious!) that we believe deserve your full attention.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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. 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.
股东们似乎对此并不满意包豪斯国际(集团)有限公司(HKG:483)尽管利润数字健康,但最近的收益报告。我们的分析发现,一些令人担忧的因素削弱了利润的基础。
查看我们对包豪斯国际(控股)的最新分析
联交所:483盈利及收入历史2022年7月22日仔细看看包豪斯国际(控股)的收益
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。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。这个比率向我们展示了一家公司的利润超过了它的FCF的多少。
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。这是因为一些学术研究表明,高应计制比率往往会导致较低的利润或较低的利润增长。
包豪斯国际(控股)在截至2022年3月的一年中的应计比率为0.68。这意味着它没有产生足够的自由现金流来匹配它的利润。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,该公司去年的自由现金流为5700万港元,远低于其1.426亿港元的法定利润。包豪斯国际(控股)的股东无疑希望其自由现金流明年反弹,因为它在过去12个月里一直在下降。话虽如此,故事中还有更多的东西。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。对股东来说,好消息是,包豪斯国际(控股)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之间短期错配的一个例子。股东们应该寻找本年度相对于利润的现金流改善,如果情况确实如此的话。
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包豪斯国际(控股)的资产负债表分析。
异常项目对利润的影响
考虑到应计比率,包豪斯国际(控股)的利润在过去12个月里受到价值1.88亿港元的不寻常项目的提振也就不足为奇了。虽然我们喜欢看到利润增长,但当不寻常项目做出了很大贡献时,我们往往会更加谨慎。当我们计算数千家上市公司的数据时,我们发现,在特定年份,不寻常项目带来的提振通常是不第二年又重复了一遍。毕竟,这正是会计术语所暗示的。我们可以看到,在截至2022年3月的一年中,包豪斯国际(控股)的积极异常项目与其利润相比相当重要。因此,我们可以推测,异常项目使其法定利润显著高于其他项目。
我们对包豪斯国际(控股)利润表现的看法
包豪斯国际(控股)的应计比率较低,但其利润确实得到了不寻常项目的提振。仔细想想,上述因素给我们的强烈印象是,根据法定利润数字,包豪斯国际(控股)的潜在盈利能力并不像看起来那么好。考虑到这一点,除非我们彻底了解风险,否则我们不会考虑投资股票。当我们进行研究时,我们发现包豪斯国际(控股)的3个警告标志(%1可能很严重!)我们认为这值得你的全力关注。
在这篇文章中,我们研究了一些可能削弱利润数字效用的因素,我们对此持谨慎态度。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。所以你可能想看看这个免费拥有高股本回报率的公司的集合,或内部人士正在购买的这份股票清单。
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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