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A & S Group (Holdings)'s (HKG:1737) Soft Earnings Don't Show The Whole Picture
A & S Group (Holdings)'s (HKG:1737) Soft Earnings Don't Show The Whole Picture
Shareholders appeared unconcerned with A & S Group (Holdings) Limited's (HKG:1737) lackluster earnings report last week. We did some digging, and we believe the earnings are stronger than they seem.
Check out our latest analysis for A & S Group (Holdings)
SEHK:1737 Earnings and Revenue History July 29th 2022Examining Cashflow Against A & S Group (Holdings)'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. 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. The ratio shows us how much a company's profit exceeds its FCF.
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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
A & S Group (Holdings) has an accrual ratio of -0.46 for the year to March 2022. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of HK$83m in the last year, which was a lot more than its statutory profit of HK$32.5m. A & S Group (Holdings)'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 A & S Group (Holdings).
Our Take On A & S Group (Holdings)'s Profit Performance
Happily for shareholders, A & S Group (Holdings) produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think A & S Group (Holdings)'s underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, we've discovered 3 warning signs that you should run your eye over to get a better picture of A & S Group (Holdings).
This note has only looked at a single factor that sheds light on the nature of A & S Group (Holdings)'s profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
股东们似乎并不担心A&S集团(控股)有限公司(HKG:1737)上周财报乏善可陈。我们做了一些调查,我们相信收益比看起来更强劲。
查看我们对A&S Group(Holdings)的最新分析
联交所:1737盈利及收入历史2022年7月29日考察A&S集团(控股)的现金流
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。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。
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。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。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。
A&S Group(Holdings)在截至2022年3月的一年中的应计比率为-0.46。这表明它的自由现金流大大超过了它的法定利润。事实上,该公司去年的自由现金流为8300万港元,远高于其3250万港元的法定利润。A&S Group(Holdings)的自由现金流在过去一年有所改善,总体上是好的。
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A&S集团(控股)的资产负债表分析。
我们对A&S集团(控股)利润表现的看法
令股东高兴的是,A&S Group(Holdings)产生了大量的自由现金流,以支持其法定利润数字。正因为如此,我们认为A&S Group(Holdings)的潜在收益潜力与法定利润看起来一样好,甚至可能更好!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公司,除了上述因素,还有必要考虑更多因素。请记住,当谈到分析一只股票时,值得注意其中的风险。例如,我们发现3个警示标志你应该扫视一下,才能更好地了解A&S Group(Holdings)。
这份报告只关注了揭示A&S Group(Holdings)利润本质的一个因素。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。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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