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KFM Kingdom Holdings' (HKG:3816) Shareholders May Want To Dig Deeper Than Statutory Profit
KFM Kingdom Holdings' (HKG:3816) Shareholders May Want To Dig Deeper Than Statutory Profit
KFM Kingdom Holdings Limited's (HKG:3816) healthy profit numbers didn't contain any surprises for investors. We believe that shareholders have noticed some concerning factors beyond the statutory profit numbers.
View our latest analysis for KFM Kingdom Holdings
SEHK:3816 Earnings and Revenue History July 29th 2022Examining Cashflow Against KFM Kingdom Holdings' Earnings
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
For the year to March 2022, KFM Kingdom Holdings had an accrual ratio of 0.34. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Over the last year it actually had negative free cash flow of HK$82m, in contrast to the aforementioned profit of HK$13.2m. We saw that FCF was HK$42m a year ago though, so KFM Kingdom Holdings has at least been able to generate positive FCF in the past. The good news for shareholders is that KFM Kingdom Holdings' 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 KFM Kingdom Holdings.
Our Take On KFM Kingdom Holdings' Profit Performance
As we have made quite clear, we're a bit worried that KFM Kingdom Holdings didn't back up the last year's profit with free cashflow. For this reason, we think that KFM Kingdom Holdings' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. The good news is that, its earnings per share increased by 52% in the last year. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Our analysis shows 2 warning signs for KFM Kingdom Holdings (1 doesn't sit too well with us!) and we strongly recommend you look at these before investing.
Today we've zoomed in on a single data point to better understand the nature of KFM Kingdom Holdings' 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.
KFM王国控股有限公司的(HKG:3816)健康的利润数字不会给投资者带来任何惊喜。我们相信,股东已经注意到了法定利润数字以外的一些令人担忧的因素。
查看我们对KFM王国控股公司的最新分析
联交所:3816盈利及收入历史2022年7月29日考察现金流与KFM王国控股公司收益的关系
在高端金融领域,衡量一家公司将报告利润转换为自由现金流(FCF)的程度的关键比率是应计比率(来自现金流)。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。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
因此,负的应计比率对公司是积极的,而正的应计比率是负的。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。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”。
在截至2022年3月的一年中,KFM王国控股公司的应计比率为0.34。因此,我们知道它的自由现金流明显低于其法定利润,这引发了人们对这个利润数字到底有多大用处的疑问。在过去的一年里,它实际上负面自由现金流为8200万港元,而上述利润为1320万港元。我们看到一年前的FCF是4200万港元,所以KFM王国控股公司至少在过去能够产生正的FCF。对股东来说,好消息是KFM王国控股公司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。如果情况确实如此,股东应该期待本年度相对于利润的现金流有所改善。
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KFM王国控股公司的资产负债表分析。
我们对KFM王国控股公司利润表现的看法
正如我们已经说得很清楚的那样,我们有点担心KFM王国控股公司没有用自由现金流来支持去年的利润。出于这个原因,我们认为KFM王国控股公司的法定利润可能是其潜在盈利能力的不良指引,并可能给投资者带来对该公司过于积极的印象。好消息是,它的每股收益在去年增长了52%。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。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。我们的分析显示KFM王国控股公司的2个警告标志(%1与我们的关系不太好!)我们强烈建议你在投资之前先看看这些。
今天,我们放大了一个数据点,以更好地了解KFM王国控股公司的利润性质。但如果你有能力将注意力集中在细枝末节上,总会有更多的东西需要发现。一些人认为,高股本回报率是高质量企业的良好标志。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。
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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