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We Like The Quality Of Daphne International Holdings' (HKG:210) Earnings
We Like The Quality Of Daphne International Holdings' (HKG:210) Earnings
The market seemed underwhelmed by last week's earnings announcement from Daphne International Holdings Limited (HKG:210) despite the healthy numbers. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
Check out our latest analysis for Daphne International Holdings
SEHK:210 Earnings and Revenue History September 13th 2022Zooming In On Daphne International 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. 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.
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
For the year to June 2022, Daphne International Holdings had an accrual ratio of -0.11. That implies it has good cash conversion, and implies that its free cash flow solidly exceeded its profit last year. To wit, it produced free cash flow of HK$85m during the period, dwarfing its reported profit of HK$27.1m. Notably, Daphne International Holdings had negative free cash flow last year, so the HK$85m it produced this year was a welcome improvement. 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 Daphne International Holdings.
How Do Unusual Items Influence Profit?
Daphne International Holdings' profit was reduced by unusual items worth HK$12m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. If Daphne International Holdings doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
Our Take On Daphne International Holdings' Profit Performance
In conclusion, both Daphne International Holdings' accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Looking at all these factors, we'd say that Daphne International Holdings' underlying earnings power is at least as good as the statutory numbers would make it seem. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. While conducting our analysis, we found that Daphne International Holdings has 2 warning signs and it would be unwise to ignore these.
Our examination of Daphne International Holdings has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
市场似乎对上周公布的财报不以为然达芙妮国际控股有限公司(HKG:210)尽管有健康的数字。我们的分析表明,股东可能在收益报告中遗漏了一些积极的潜在因素。
查看我们对达芙妮国际控股公司的最新分析
联交所:210盈利及收入历史2022年9月13日放大达芙妮国际控股公司的收益
衡量一家公司将利润转换为自由现金流(FCF)的程度的一个关键财务比率是应计比率。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。
因此,当一家公司的应计比率为负时,它实际上被认为是一件好事,但如果它的应计比率为正,那就是一件坏事。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。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月的一年中,达芙妮国际控股的应计比率为-0.11。这意味着它有很好的现金转换率,并意味着它的自由现金流稳步超过了去年的利润。换言之,该公司在此期间产生了8500万港元的自由现金流,令其报告的2710万港元利润相形见绌。值得注意的是,达芙妮国际控股去年的自由现金流为负,因此今年8500万港元的收入是一个可喜的进步。然而,这并不是需要考虑的全部问题。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。
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达芙妮国际控股公司的资产负债表分析。
不寻常的项目如何影响利润?
过去12个月,达芙妮国际控股的利润因价值1200万港元的不寻常项目而减少,这帮助其产生了高现金转换率,其不寻常项目反映了这一点。这就是你会看到的,一家公司的非现金费用减少了账面利润。虽然最初由于不寻常的项目而扣除的金额令人失望,但也有一线希望。我们查看了数千家上市公司,发现不寻常的项目往往是一次性的。考虑到这些项目被认为是不寻常的,这并不令人惊讶。如果达芙妮国际控股公司没有看到这些不寻常的支出重演,那么在其他条件相同的情况下,我们预计来年该公司的利润将会增加。
我们对达芙妮国际控股公司盈利表现的看法
总而言之,达芙妮国际控股的应计比率和不寻常的项目都表明,其法定收益可能相当保守。考虑到所有这些因素,我们会说,达芙妮国际控股公司的潜在盈利能力至少像法定数字所显示的那样好。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。我们在进行分析时发现,达芙妮国际控股有限公司2个警告标志忽视这些将是不明智的。
我们对达芙妮国际控股公司的审查集中在某些因素上,这些因素可以使其收益看起来比实际情况更好。而且它已经以优异的成绩通过了。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。一些人认为,高股本回报率是高质量企业的良好标志。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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