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Shareholders In Winto Group (Holdings) (HKG:8238) Should Look Beyond Earnings For The Full Story
Shareholders In Winto Group (Holdings) (HKG:8238) Should Look Beyond Earnings For The Full Story
We didn't see Winto Group (Holdings) Limited's (HKG:8238) stock surge when it reported robust earnings recently. We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.
See our latest analysis for Winto Group (Holdings)
SEHK:8238 Earnings and Revenue History August 19th 2022Zooming In On Winto Group (Holdings)'s 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. 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'.
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 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Winto Group (Holdings) has an accrual ratio of 0.72 for the year to June 2022. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. In the last twelve months it actually had negative free cash flow, with an outflow of HK$271k despite its profit of HK$19.9m, mentioned above. It's worth noting that Winto Group (Holdings) generated positive FCF of HK$7.6m a year ago, so at least they've done it in the past. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings. The good news for shareholders is that Winto Group (Holdings)'s 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 Winto Group (Holdings).
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. As it happens, Winto Group (Holdings) issued 20% more new shares over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Winto Group (Holdings)'s historical EPS growth by clicking on this link.
How Is Dilution Impacting Winto Group (Holdings)'s Earnings Per Share (EPS)?
Three years ago, Winto Group (Holdings) lost money. On the bright side, in the last twelve months it grew profit by 238%. But EPS was less impressive, up only 217% in that time. And so, you can see quite clearly that dilution is influencing shareholder earnings.
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if Winto Group (Holdings) can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
Our Take On Winto Group (Holdings)'s Profit Performance
As it turns out, Winto Group (Holdings) couldn't match its profit with cashflow and its dilution means that earnings per share growth is lagging net income growth. For the reasons mentioned above, we think that a perfunctory glance at Winto Group (Holdings)'s statutory profits might make it look better than it really is on an underlying level. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Case in point: We've spotted 5 warning signs for Winto Group (Holdings) you should be mindful of and 3 of them make us uncomfortable.
Our examination of Winto Group (Holdings) has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. 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. 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.
我们没看见 惠道集团(控股)有限公司 (HKG: 8238) 最近公布强劲的收益,股价飙升。我们决定更深入地研究,我们认为投资者可能会担心我们发现的几个令人担忧的因素。
查看我们对惠陶集团(控股)的最新分析
联交所:8238 收益及收入记录 2022年8月19日聚焦惠陶集团(控股)的收益
许多投资者还没有听说过 现金流应计比率,但它实际上是衡量公司利润在给定时期内自由现金流(FCF)在多大程度上得到支持的有用指标。简而言之,该比率从净利润中减去FCF,然后将该数字除以该期间公司的平均运营资产。你可以将现金流的应计比率视为 “非FCF利润率”。
这意味着负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。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。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”。
截至2022年6月的一年中,惠道集团(控股)的应计比率为0.72。通常,这对未来的盈利能力来说是个坏兆头。事实上,在此期间,该公司没有产生任何自由现金流。在过去的十二个月里,它实际上有 负面的 自由现金流,尽管如上所述,其利润为1,990万港元,但流出量为27.1万港元。值得注意的是,Winto Group(控股)一年前创造了760万港元的正FCF,因此至少他们过去曾这样做过。对于股东来说,不幸的是,该公司还一直在发行新股,稀释了他们在未来收益中所占的份额。对股东来说,好消息是,去年,Winto Group(Holdings)的应计比率要好得多,因此今年的糟糕数据可能只是利润与FCF之间短期不匹配的情况。如果情况确实如此,股东应该寻求相对于本年度利润的现金流有所改善。
注意: 我们总是建议投资者查看资产负债表的实力。点击此处查看我们对惠道集团(控股)的资产负债表分析。
要了解公司收益增长的价值,必须考虑股东权益的任何稀释。碰巧的是,Winto Group(控股)发行的新股比去年增加了20%。因此,其净收入现在由更多的股票分配。在不注意每股收益的情况下谈论净收入,会被大数字分散注意力,而忽略与之交谈的较小数字 每股 价值。点击此链接,查看惠道集团(控股)每股收益的历史增长。
稀释如何影响惠道集团(控股)的每股收益(EPS)?
三年前,Winto Group(控股)亏损。好的一面是,在过去的十二个月中,它的利润增长了238%。但是每股收益并不那么令人印象深刻,当时仅增长了217%。因此,你可以很清楚地看到,稀释正在影响股东的收益。
从长远来看,股价的变化往往反映了每股收益的变化。因此,如果Winto Group(Holdings)能够持续增长每股收益,那肯定会对股东产生积极影响。但是,如果其利润增加,而每股收益保持不变(甚至下降),那么股东可能看不到太大的好处。对于普通散户股东来说,每股收益是检查你在公司利润中的假设 “份额” 的好衡量标准。
我们对惠道集团(控股)盈利表现的看法
事实证明,Winto Group(Holdings)无法将其利润与现金流相提并论,其稀释意味着每股收益的增长落后于净收入的增长。出于上述原因,我们认为,敷衍地看一眼Winto Group(Holdings)的法定利润可能会使其在基础层面上看起来比实际情况要好。有鉴于此,如果您想对公司进行更多分析,了解所涉及的风险至关重要。一个很好的例子:我们发现了 惠陶集团(控股)的5个警告信号 你应该注意,其中 3 个让我们感到不舒服。
我们对Winto Group(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。而且,在此基础上,我们有些怀疑。但是,还有很多其他方法可以让你对公司的看法。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “关注资金”,寻找内部人士正在购买的股票。所以你不妨看看这个 免费的 一系列拥有高股本回报率的公司,或者这份内部人士正在买入的股票清单。
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。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 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。
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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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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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