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Fairwood Holdings' (HKG:52) Conservative Accounting Might Explain Soft Earnings
Fairwood Holdings' (HKG:52) Conservative Accounting Might Explain Soft Earnings
Shareholders appeared unconcerned with Fairwood Holdings Limited's (HKG:52) lackluster earnings report last week. We did some digging, and we believe the earnings are stronger than they seem.
See our latest analysis for Fairwood Holdings
SEHK:52 Earnings and Revenue History August 4th 2022Examining Cashflow Against Fairwood Holdings' 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.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
For the year to March 2022, Fairwood Holdings had an accrual ratio of -2.99. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$485m in the last year, which was a lot more than its statutory profit of HK$42.6m. Fairwood Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. 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 Fairwood Holdings.
How Do Unusual Items Influence Profit?
While the accrual ratio might bode well, we also note that Fairwood Holdings' profit was boosted by unusual items worth HK$9.4m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
Our Take On Fairwood Holdings' Profit Performance
In conclusion, Fairwood Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Considering all the aforementioned, we'd venture that Fairwood Holdings' profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. When we did our research, we found 4 warning signs for Fairwood Holdings (1 is potentially serious!) that we believe deserve your full attention.
Our examination of Fairwood Holdings has focussed on certain factors that can make its earnings look better than they are. 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. 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Fairwood Holdings Limited的(HKG:52)上周的收益报告平淡无奇。我们做了一些调查,我们相信收益比看起来更强劲。
查看我们对费尔伍德控股公司的最新分析
联交所:52盈利及收入历史2022年8月4日审查现金流与费尔伍德控股公司的收益
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。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,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。值得注意的是,有一些学术证据表明,一般来说,高应计比率对短期利润来说不是一个好兆头。
在截至2022年3月的一年中,费尔伍德控股的应计比率为-2.99。因此,其法定收益非常显著地低于其自由现金流。事实上,该公司去年的自由现金流为4.85亿港元,远高于其4260万港元的法定利润。费尔伍德控股的自由现金流实际上在去年有所下降,这令人失望,就像不可生物降解的气球一样。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。点击此处查看我们对Fairwood Holdings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,Fairwood Holdings的利润在过去12个月受到价值940万港元的不寻常项目的提振。虽然有更高的利润总是好事,但不寻常的东西带来的巨大贡献有时会挫伤我们的热情。当我们分析全球绝大多数上市公司时,我们发现重大的不寻常项目往往不会重复。毕竟,这正是会计术语所暗示的。假设这些不同寻常的项目在本年度不会再次出现,我们因此预计明年的利润会更弱(也就是说,在没有业务增长的情况下)。
我们对费尔伍德控股公司利润表现的看法
总而言之,Fairwood Holdings的应计比率表明其法定收益质量良好,但另一方面,利润受到不寻常项目的提振。考虑到上述所有情况,我们敢说,费尔伍德控股公司的利润结果是衡量其真正盈利能力的一个相当好的指南,尽管有点保守。因此,如果你想更深入地研究这只股票,考虑它面临的任何风险是至关重要的。当我们做研究时,我们发现Fairwood Holdings的4个警告标志(%1可能很严重!)我们认为这值得你的全力关注。
我们对费尔伍德控股的审查集中在某些因素上,这些因素可以使其收益看起来比实际情况更好。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。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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