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Tse Sui Luen Jewellery (International)'s (HKG:417) Strong Earnings Are Of Good Quality
Tse Sui Luen Jewellery (International)'s (HKG:417) Strong Earnings Are Of Good Quality
Tse Sui Luen Jewellery (International) Limited (HKG:417) just reported healthy earnings but the stock price didn't move much. Our analysis suggests that investors might be missing some promising details.
See our latest analysis for Tse Sui Luen Jewellery (International)
SEHK:417 Earnings and Revenue History July 27th 2022Zooming In On Tse Sui Luen Jewellery (International)'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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that 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 having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Over the twelve months to March 2022, Tse Sui Luen Jewellery (International) recorded an accrual ratio of -0.15. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of HK$254m, well over the HK$15.5m it reported in profit. Tse Sui Luen Jewellery (International) did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Tse Sui Luen Jewellery (International).
How Do Unusual Items Influence Profit?
While the accrual ratio might bode well, we also note that Tse Sui Luen Jewellery (International)'s profit was boosted by unusual items worth HK$16m 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 analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. If Tse Sui Luen Jewellery (International) 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 Tse Sui Luen Jewellery (International)'s Profit Performance
In conclusion, Tse Sui Luen Jewellery (International)'s accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, it's hard to tell if Tse Sui Luen Jewellery (International)'s profits are a reasonable reflection of its underlying profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. While conducting our analysis, we found that Tse Sui Luen Jewellery (International) has 3 warning signs and it would be unwise to ignore these bad boys.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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. 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.
谢瑞联珠宝(国际)有限公司(HKG:417)刚刚公布了健康的收益,但股价没有太大变动。我们的分析表明,投资者可能遗漏了一些有希望的细节。
查看我们对谢瑞莲珠宝(国际)的最新分析
联交所:417盈利及收入历史2022年7月27日放大谢穗联珠宝(国际)的收入
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。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。这一比率向我们展示了一家公司的利润超过其固定现金流的程度。
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。虽然应计比率高于零并不令人担忧,但我们确实认为,当一家公司的应计比率相对较高时,这一点值得注意。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”。
截至2022年3月止十二个月内,谢瑞联珠宝(国际)录得-0.15的应计比率。这表明它的自由现金流大大超过了它的法定利润。事实上,在过去12个月里,该公司报告的自由现金流为2.54亿港元,远高于其报告的1550万港元的利润。谢瑞莲珠宝(国际)的自由现金流确实同比下降,这并不理想,就像没有地主威利的辛普森事件。然而,这并不是需要考虑的全部问题。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
注:我们总是建议投资者检查资产负债表的实力。请按此浏览谢瑞莲珠宝(国际)的资产负债表分析。
不寻常的项目如何影响利润?
虽然应计比率可能是个好兆头,但我们也注意到,谢瑞联珠宝(国际)的利润在过去12个月里受到价值1600万港元的不寻常项目的提振。虽然我们喜欢看到利润增长,但当不寻常项目做出了巨大贡献时,我们往往会更加谨慎。当我们分析全球绝大多数上市公司时,我们发现重大不寻常项目往往不会重复。这是你所预期的,因为这些提振被描述为“不寻常”。如果谢瑞莲珠宝(国际)没有看到这样的贡献重演,那么在其他条件相同的情况下,我们预计其利润将在本年度下降。
我们对谢穗联珠宝(国际)的盈利表现的看法
综上所述,谢瑞莲珠宝(国际)的应计比率显示其法定盈利质量良好,但另一方面利润是由异常项目推动的。基于这些因素,很难判断谢瑞联珠宝(国际)的利润是否合理地反映了其潜在的盈利能力。请记住,当涉及到分析一只股票时,值得注意其中涉及的风险。在进行分析时,我们发现谢瑞莲珠宝(国际)3个警示标志忽视这些坏孩子是不明智的。
在这篇文章中,我们研究了一些因素,这些因素可能会削弱利润数字作为企业指南的效用。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。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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