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Rex International Holding (SGX:5WH) Is Posting Promising Earnings But The Good News Doesn't Stop There
Rex International Holding (SGX:5WH) Is Posting Promising Earnings But The Good News Doesn't Stop There
Rex International Holding Limited's (SGX:5WH) solid earnings announcement recently didn't do much to the stock price. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
Check out our latest analysis for Rex International Holding
SGX:5WH Earnings and Revenue History August 19th 2022Examining Cashflow Against Rex International Holding's 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. 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. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Over the twelve months to June 2022, Rex International Holding recorded an accrual ratio of -0.28. 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 US$88m, well over the US$48.1m it reported in profit. Rex International Holding's free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
How Do Unusual Items Influence Profit?
Surprisingly, given Rex International Holding's accrual ratio implied strong cash conversion, its paper profit was actually boosted by US$15m in unusual items. 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 that's as you'd expect, given these boosts are described as 'unusual'. Rex International Holding had a rather significant contribution from unusual items relative to its profit to June 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On Rex International Holding's Profit Performance
Rex International Holding's 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. Considering the aforementioned, we think that Rex International Holding's profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. If you'd like to know more about Rex International Holding as a business, it's important to be aware of any risks it's facing. In terms of investment risks, we've identified 2 warning signs with Rex International Holding, and understanding these bad boys should be part of your investment process.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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. 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.
雷克斯国际控股有限公司(SGX:5WH)最近公布的稳健业绩并没有对股价起到太大作用。我们做了一些分析,以找出原因,并认为投资者可能错过了收益中包含的一些鼓舞人心的因素。
查看我们对雷克斯国际控股公司的最新分析
新交所:5WH收益和收入历史2022年8月19日考察现金流与雷克斯国际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。这个比率向我们展示了一家公司的利润超过了它的FCF的多少。
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。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。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6月的12个月中,雷克斯国际控股的应计比率为-0.28。这表明它的自由现金流大大超过了它的法定利润。事实上,在过去12个月中,该公司报告的自由现金流为8800万美元,远高于其报告的4810万美元的利润。Rex International Holding的自由现金流在过去一年有所改善,这总体上是好的。话虽如此,故事中还有更多的东西。应计比率反映了不寻常项目对法定利润的影响,至少在一定程度上是这样。
这可能会让你想知道,分析师对未来盈利能力的预测是什么。幸运的是,您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
不寻常的项目如何影响利润?
令人惊讶的是,鉴于Rex International Holding的应计比率意味着强劲的现金转换,其账面利润实际上得到了1500万美元不寻常项目的提振。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。考虑到这些提振被描述为“不寻常的”,这正如你所预期的那样。与截至2022年6月的利润相比,雷克斯国际控股公司的异常项目做出了相当大的贡献。因此,我们可以推测,这些不寻常的项目使其法定利润比其他情况下要强劲得多。
我们对雷克斯国际控股公司利润表现的看法
Rex International Holding的利润从不寻常的项目中获得提振,这表明它们可能无法持续,但其应计比率仍显示出稳健的现金转换,这是有希望的。考虑到上述情况,我们认为Rex International Holding的利润可能合理地反映了其潜在的盈利能力;尽管如果我们看到一组更干净的业绩,我们会对这一结论充满信心。如果你想更多地了解雷克斯国际控股作为一项业务,意识到它面临的任何风险是很重要的。在投资风险方面,我们已经确定了两个警告信号与雷克斯国际控股公司合作,了解这些坏孩子应该是你投资过程的一部分。
在这篇文章中,我们研究了一些因素,这些因素可能会削弱利润数字作为企业指南的效用。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。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。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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