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Why Accel Group Holdings' (HKG:1283) Shaky Earnings Are Just The Beginning Of Its Problems
Why Accel Group Holdings' (HKG:1283) Shaky Earnings Are Just The Beginning Of Its Problems
The subdued market reaction suggests that Accel Group Holdings Limited's (HKG:1283) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.
Check out our latest analysis for Accel Group Holdings
SEHK:1283 Earnings and Revenue History August 1st 2022Zooming In On Accel Group Holdings' Earnings
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Accel Group Holdings has an accrual ratio of 0.34 for the year to March 2022. 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. Even though it reported a profit of HK$68.2m, a look at free cash flow indicates it actually burnt through HK$4.8m in the last year. It's worth noting that Accel Group Holdings generated positive FCF of HK$78m a year ago, so at least they've done it in the past. The good news for shareholders is that Accel Group 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 Accel Group Holdings.
Our Take On Accel Group Holdings' Profit Performance
As we have made quite clear, we're a bit worried that Accel Group Holdings didn't back up the last year's profit with free cashflow. For this reason, we think that Accel Group Holdings' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. Nonetheless, it's still worth noting that its earnings per share have grown at 12% over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into Accel Group Holdings, you'd also look into what risks it is currently facing. At Simply Wall St, we found 1 warning sign for Accel Group Holdings and we think they deserve your attention.
Today we've zoomed in on a single data point to better understand the nature of Accel Group Holdings' profit. 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.
低迷的市场反应表明Accel Group Holdings Limited的(HKG:1283)近期盈利不含任何意外。然而,我们认为投资者应该意识到一些可能令人担忧的潜在因素。
查看我们对Accel Group Holdings的最新分析
联交所:1283盈利及收入历史2022年8月1日放大Accel Group Holdings的收益
许多投资者都没有听说过现金流应计比率但它实际上是衡量一家公司在给定时期内自由现金流(FCF)支持公司利润的程度的有用指标。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。
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。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。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”。
Accel Group Holdings在截至2022年3月的一年中的应计比率为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。尽管该公司报告盈利6820万港元,但看看自由现金流就会发现,该公司去年实际上烧掉了480万港元。值得注意的是,Accel Group Holdings一年前产生了7800万港元的正FCF,所以至少他们过去做到了。对股东来说,好消息是Accel Group Holdings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Accel Group Holdings的资产负债表分析。
我们对Accel Group Holdings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Accel Group Holdings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Accel Group Holdings的法定利润可能是其潜在盈利能力的不良指引,可能会给投资者带来过于积极的公司印象。尽管如此,值得注意的是,它的每股收益在过去三年里以12%的速度增长。本文的目的是评估我们可以在多大程度上依赖法定收益来反映公司的潜力,但还有很多东西需要考虑。如果你真的想更深入地研究Accel Group Holdings,你还应该调查它目前面临的风险。在Simply Wall St.,我们发现Accel Group Holdings的1个警告标志我们认为他们值得你的关注。
今天,我们放大了一个数据点,以更好地了解Accel Group Holdings的利润性质。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。
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