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Weak Statutory Earnings May Not Tell The Whole Story For Termbray Industries International (Holdings) (HKG:93)
Weak Statutory Earnings May Not Tell The Whole Story For Termbray Industries International (Holdings) (HKG:93)
The market shrugged off Termbray Industries International (Holdings) Limited's (HKG:93) weak earnings report last week. We looked at the details, and we think that investors may be responding to some encouraging factors.
View our latest analysis for Termbray Industries International (Holdings)
SEHK:93 Earnings and Revenue History September 20th 2022The Power Of Non-Operating Revenue
Most companies divide classify their revenue as either 'operating revenue', which comes from normal operations, and other revenue, which could include government grants, for example. Where possible, we prefer rely on operating revenue to get a better understanding of how the business is functioning. Importantly, the non-operating revenue often comes without associated ongoing costs, so it can boost profit by letting it fall straight to the bottom line, making the operating business seem better than it really is. Notably, Termbray Industries International (Holdings) had a significant increase in non-operating revenue over the last year. Indeed, its non-operating revenue rose from HK$65.7m last year to HK$130.9m this year. If that non-operating revenue fails to manifest in the current year, then there's a real risk the bottom line profit result will be impacted negatively. Sometimes, you can get a better idea of the underlying earnings potential of a company by excluding unusual boosts to non-operating revenue.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Termbray Industries International (Holdings).
How Do Unusual Items Influence Profit?
On top of the non-operating revenue spike, we should also consider the HK$11m impact of unusual items in the last year, which had the effect of suppressing profit. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. If Termbray Industries 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 Termbray Industries International (Holdings)'s Profit Performance
In the last year Termbray Industries International (Holdings)'s non-operating revenue really gave it a boost, but not in a way that is necessarily going to be sustained. Having said that, it also took a hit from unusual items, which could bode well for next year, assuming the expense was one-off in nature. Based on these factors, we think it's very unlikely that Termbray Industries International (Holdings)'s statutory profits make it seem much weaker than it is. 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 3 warning signs for Termbray Industries International (Holdings) you should be aware of.
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 are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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.
市场对此不屑一顾Termbray Industries International(Holdings)Limited(HKG:93)上周财报疲弱。我们研究了细节,我们认为投资者可能是在对一些令人鼓舞的因素做出反应。
查看我们对Termbray Industries International(Holdings)的最新分析
联交所:93盈利及收入历史2022年9月20日非经营性收入的力量
例如,大多数Divide公司将其收入分为来自正常运营的运营收入和可能包括政府拨款在内的其他收入。在可能的情况下,我们更愿意依靠运营收入来更好地了解业务是如何运作的。重要的是,非营业收入通常没有相关的持续成本,所以它可以通过让利润直接下降到底线来提高利润,使经营业务看起来比实际情况要好。值得注意的是,Termbray Industries International(Holdings)去年的营业外收入大幅增长。事实上,该公司的营业外收入从去年的6570万港元增至今年的1.309亿港元。如果非营业收入未能在本年度显现,那么底线利润结果将受到负面影响的风险是真实存在的。有时,通过剔除营业外收入的不寻常增长,你可以更好地了解一家公司的潜在收益潜力。
注:我们总是建议投资者检查资产负债表的实力。单击此处查看我们对Termbray Industries International(Holdings)的资产负债表分析。
不寻常的项目如何影响利润?
除了营业外收入的飙升,我们还应该考虑去年异常项目对1100万港元的影响,这些项目抑制了利润。看到不寻常的项目让公司损失利润从来都不是件好事,但从好的方面来看,情况可能很快就会改善。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。毕竟,这正是会计术语所暗示的。如果Termbray Industries International(Holdings)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,我们预计来年其利润将会增加。
我们对Termbray Industries International(Holdings)利润表现的看法
去年,Termbray Industries International(Holdings)的营业外收入确实给它带来了提振,但并不是以一种必然会持续的方式。话虽如此,它也受到了不寻常项目的打击,假设支出是一次性的,这可能是明年的好兆头。基于这些因素,我们认为Termbray Industries International(Holdings)的法定利润不太可能让它看起来比实际情况弱得多。有鉴于此,如果你想对公司做更多的分析,了解其中的风险是至关重要的。一个恰当的例子:我们发现了Termbray Industries International(Holdings)的3个警告标志你应该意识到。
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。但还有很多其他方式可以让你了解一家公司的看法。一些人认为,高股本回报率是高质量企业的良好标志。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。
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