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We Think That There Are More Issues For Lung Kee (Bermuda) Holdings (HKG:255) Than Just Sluggish Earnings
We Think That There Are More Issues For Lung Kee (Bermuda) Holdings (HKG:255) Than Just Sluggish Earnings
The subdued market reaction suggests that Lung Kee (Bermuda) Holdings Limited's (HKG:255) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.
See our latest analysis for Lung Kee (Bermuda) Holdings
SEHK:255 Earnings and Revenue History September 7th 2022A Closer Look At Lung Kee (Bermuda) 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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
For the year to June 2022, Lung Kee (Bermuda) Holdings had an accrual ratio of 0.22. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. Over the last year it actually had negative free cash flow of HK$122m, in contrast to the aforementioned profit of HK$160.8m. We saw that FCF was HK$294m a year ago though, so Lung Kee (Bermuda) Holdings has at least been able to generate positive FCF in the past. The good news for shareholders is that Lung Kee (Bermuda) 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 Lung Kee (Bermuda) Holdings.
Our Take On Lung Kee (Bermuda) Holdings' Profit Performance
Lung Kee (Bermuda) Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Lung Kee (Bermuda) Holdings' true underlying earnings power is actually less than its statutory profit. Nonetheless, it's still worth noting that its earnings per share have grown at 37% over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. If you want to do dive deeper into Lung Kee (Bermuda) Holdings, you'd also look into what risks it is currently facing. Case in point: We've spotted 3 warning signs for Lung Kee (Bermuda) Holdings you should be aware of.
Today we've zoomed in on a single data point to better understand the nature of Lung Kee (Bermuda) Holdings' profit. 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. 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.
低迷的市场反应表明龙记(百慕大)控股有限公司(HKG:255)最近的收益不包含任何意外。然而,我们认为投资者应该意识到一些可能令人担忧的潜在因素。
查看我们对龙记(百慕大)控股的最新分析
联交所:255盈利及收入历史2022年9月7日仔细看看龙记(百慕大)控股公司的收益
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。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
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。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,在应计比率相当高的地方。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月的一年中,龙记(百慕大)控股的应计比率为0.22。因此,我们知道它的自由现金流明显低于其法定利润,这很难说是一件好事。在过去的一年里,它实际上负面自由现金流为1.22亿港元,而上述利润为1.608亿港元。然而,我们看到一年前的FCF是2.94亿港元,所以龙记(百慕大)控股至少在过去能够产生正的FCF。对股东来说,好消息是龙记(百慕大)控股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龙记(百慕大)控股公司的资产负债表分析。
我们对龙记(百慕大)控股公司盈利表现的看法
龙记(百慕大)控股公司去年没有将大部分利润转化为自由现金流,一些投资者可能认为这相当不理想。因此,在我们看来,龙记(百慕大)控股的真实潜在盈利能力实际上可能低于其法定利润。尽管如此,值得注意的是,它的每股收益在过去三年里以37%的速度增长。当然,当谈到分析其收益时,我们只是触及了皮毛;人们还可以考虑利润率、预测增长和投资回报等因素。如果你真的想更深入地研究龙记(百慕大)控股公司,你还应该调查它目前面临的风险。一个恰当的例子:我们发现了龙记(百慕大)控股公司的3个警告标志你应该意识到。
今天,我们放大了一个数据点,以更好地了解龙记(百慕大)控股公司利润的性质。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。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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