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Lapco Holdings' (HKG:8472) Shareholders Have More To Worry About Than Lackluster Earnings
Lapco Holdings' (HKG:8472) Shareholders Have More To Worry About Than Lackluster Earnings
Lapco Holdings Limited's (HKG:8472) stock wasn't much affected by its recent lackluster earnings numbers. Our analysis suggests that they may be missing some concerning details underlying the profit numbers.
Check out our latest analysis for Lapco Holdings
SEHK:8472 Earnings and Revenue History August 19th 2022A Closer Look At Lapco Holdings' 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). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Over the twelve months to June 2022, Lapco Holdings recorded an accrual ratio of 0.55. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of HK$58m, in contrast to the aforementioned profit of HK$11.3m. It's worth noting that Lapco Holdings generated positive FCF of HK$91m a year ago, so at least they've done it in the past. 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. The good news for shareholders is that Lapco 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. As a result, some shareholders may be looking for stronger cash conversion in the current year.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Lapco Holdings.
The Impact Of Unusual Items On Profit
Given the accrual ratio, it's not overly surprising that Lapco Holdings' profit was boosted by unusual items worth HK$2.8m 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. 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'. We can see that Lapco Holdings' positive unusual items were quite significant relative to its profit in the year to June 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 Lapco Holdings' Profit Performance
Summing up, Lapco Holdings received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. For the reasons mentioned above, we think that a perfunctory glance at Lapco Holdings' statutory profits might make it look better than it really is on an underlying level. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Our analysis shows 4 warning signs for Lapco Holdings (3 shouldn't be ignored!) and we strongly recommend you look at them before investing.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.
Lapco Holdings Limited的(HKG:8472)近期低迷的盈利数据对股价影响不大。我们的分析表明,他们可能遗漏了一些与利润数字相关的细节。
查看我们对Lapco Holdings的最新分析
联交所:8472盈利及收入历史2022年8月19日仔细看看Lapco Holdings的收益
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)。为了得到应计比率,我们首先从一个时期的利润中减去FCF,然后用这个数字除以该时期的平均运营资产。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。
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。这是因为一些学术研究表明,高应计制比率往往会导致较低的利润或较低的利润增长。
在截至2022年6月的12个月中,Lapco Holdings的应计比率为0.55。从统计上讲,这对未来的收益是一个真正的负面影响。事实上,在此期间,该公司没有产生任何自由现金流。在过去的一年里,它实际上负面自由现金流为5800万港元,而上述利润为1130万港元。值得注意的是,Lapco Holdings一年前产生了9100万港元的正FCF,所以至少他们过去做到了。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。对股东来说,好消息是Lapco 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。因此,一些股东可能希望在本年度实现更强劲的现金转换。
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Lapco Holdings的资产负债表分析。
异常项目对利润的影响
考虑到应计比率,Lapco Holdings的利润在过去12个月里受到价值280万港元的不寻常项目的提振也就不足为奇了。我们不能否认,更高的利润通常会让我们保持乐观,但如果利润是可持续的,我们更愿意这样做。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。我们可以看到,在截至2022年6月的一年中,Lapco Holdings的积极异常项目与其利润相比相当重要。在其他条件不变的情况下,这可能会使法定利润成为衡量潜在盈利能力的糟糕指标。
我们对Lapco Holdings的利润表现的看法
综上所述,Lapco Holdings从不寻常的项目中获得了不错的利润提振,但无法将其账面利润与自由现金流相匹配。出于上述原因,我们认为,敷衍地看一眼Lapco Holdings的法定利润,可能会让它看起来比实际情况更好。考虑到这一点,除非我们对风险有透彻的了解,否则我们不会考虑投资股票。我们的分析显示Lapco Holdings的4个警告信号(3个不容忽视!)我们强烈建议你在投资之前先看看它们。
在这篇文章中,我们研究了一些可能削弱利润数字效用的因素,我们对此持谨慎态度。但还有很多其他方式可以让你了解一家公司的看法。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。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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