-
市场
-
产品
-
资讯
-
Moo社区
-
课堂
-
查看更多
-
功能介绍
-
费用费用透明,无最低余额限制
投资选择、功能介绍、费用相关信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 浅色
Statutory Profit Doesn't Reflect How Good Snack Empire Holdings' (HKG:1843) Earnings Are
Statutory Profit Doesn't Reflect How Good Snack Empire Holdings' (HKG:1843) Earnings Are
Last week's profit announcement from Snack Empire Holdings Limited (HKG:1843) was underwhelming for investors, despite headline numbers being robust. Our analysis uncovered some concerning factors that we believe the market might be paying attention to.
View our latest analysis for Snack Empire Holdings
SEHK:1843 Earnings and Revenue History August 4th 2022Zooming In On Snack Empire 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. 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.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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".
Over the twelve months to March 2022, Snack Empire Holdings recorded an accrual ratio of -0.72. 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 S$4.9m, well over the S$2.82m it reported in profit. Snack Empire 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. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Snack Empire Holdings.
The Impact Of Unusual Items On Profit
While the accrual ratio might bode well, we also note that Snack Empire Holdings' profit was boosted by unusual items worth S$1.1m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And, after all, that's exactly what the accounting terminology implies. Snack Empire Holdings had a rather significant contribution from unusual items relative to its profit to March 2022. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Our Take On Snack Empire Holdings' Profit Performance
Snack Empire Holdings' profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Given the contrasting considerations, we don't have a strong view as to whether Snack Empire Holdings's profits are an apt reflection of its underlying potential for profit. If you want to do dive deeper into Snack Empire Holdings, you'd also look into what risks it is currently facing. When we did our research, we found 4 warning signs for Snack Empire Holdings (1 is potentially serious!) that we believe deserve your full attention.
Our examination of Snack Empire Holdings has focussed on certain factors that can make its earnings look better than they are. 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. 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.
上周的盈利公告来自 零食帝国控股有限公司 (HKG: 1843)尽管标题数据强劲,但对投资者来说还是让人不知所措。我们的分析发现了一些我们认为市场可能正在关注的令人担忧的因素。
查看我们对零食帝国控股的最新分析
SEHK: 1843 收益和收入历史 2022 年 8 月 4 日放大 Snack Empire Holdings 的收益
用于衡量公司将其利润转换为自由现金流(FCF)效果的一个关键财务比率是 应计比率。应计比率从给定时期的利润中减去FCF,然后将结果除以公司在此期间的平均运营资产。这个比率告诉我们,公司有多少利润没有自由现金流的支持。
因此,负应计比率对公司来说是正数,而正应计比率是负数。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,应计比率相当高的地方。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。
在截至2022年3月的十二个月中,Snack Empire Holdings的应计比率为-0.72。这表明其自由现金流大大超过了其法定利润。事实上,在过去的十二个月中,该公司公布的自由现金流为490万新元,远远超过其公布的282万新元的利润。去年,Snack Empire Holdings的自由现金流实际上有所下降,这令人失望,就像不可生物降解的气球一样。但是,这还不是需要考虑的全部。应计比率至少部分反映了异常项目对法定利润的影响。
注意: 我们始终建议投资者检查资产负债表的强度。点击此处查看我们对Snack Empire Holdings的资产负债表分析。
不寻常物品对利润的影响
尽管应计比率可能是个好兆头,但我们还注意到,在过去十二个月中,价值110万新元的不寻常物品提振了Snack Empire Holdings的利润。我们不能否认更高的利润通常会使我们感到乐观,但如果利润是可持续的,我们更愿意这样做。我们计算了全球大多数上市公司的数字,不寻常的物品本质上是一次性的,这种情况很常见。而且,毕竟,这正是会计术语所暗示的。相对于截至2022年3月的利润,Snack Empire Holdings从不寻常的物品中做出了相当大的贡献。在其他条件相同的情况下,这可能会使法定利润成为基础收益能力的糟糕指南。
我们对零食帝国控股公司利润表现的看法
Snack Empire Holdings的利润得到了不寻常物品的提振,这表明这些物品可能无法持续下去,但其应计比率仍显示出稳健的现金转化率,这很有希望。考虑到截然不同的考虑,我们对Snack Empire Holdings的利润是否恰当地反映了其潜在的盈利潜力没有强烈的看法。如果你想更深入地了解Snack Empire Holdings,你还可以看看它目前面临的风险。当我们进行研究时,我们发现 零食帝国控股有 4 个警告标志 (1 可能很严重!)我们认为这值得你充分关注。
我们对Snack Empire Holdings的审查侧重于某些可能使其收益看起来比现在更好的因素。但是还有很多其他方法可以告诉你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这一点 免费的 一系列拥有高股本回报率的公司,或者这份内部人士为了有用而买入的股票清单。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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。
风险及免责提示
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用浏览器的分享功能,分享给你的好友吧