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Weak Statutory Earnings May Not Tell The Whole Story For Build King Holdings (HKG:240)
Weak Statutory Earnings May Not Tell The Whole Story For Build King Holdings (HKG:240)
The subdued market reaction suggests that Build King Holdings Limited's (HKG:240) recent earnings didn't contain any surprises. Our analysis suggests that along with soft profit numbers, investors should be aware of some other underlying weaknesses in the numbers.
Check out our latest analysis for Build King Holdings
SEHK:240 Earnings and Revenue History September 22nd 2022Examining Cashflow Against Build King 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). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
For the year to June 2022, Build King Holdings had an accrual ratio of 0.80. Ergo, its free cash flow is significantly weaker than its profit. As a general rule, that bodes poorly for future profitability. To wit, it produced free cash flow of HK$148m during the period, falling well short of its reported profit of HK$346.4m. At this point we should mention that Build King Holdings did manage to increase its free cash flow in the last twelve months 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 Build King Holdings.
The Impact Of Unusual Items On Profit
Build King Holdings' profit suffered from unusual items, which reduced profit by HK$69m in the last twelve months. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Build King 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 Build King Holdings' Profit Performance
In conclusion, Build King Holdings' accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Having considered these factors, we don't think Build King Holdings' statutory profits give an overly harsh view of the business. So while earnings quality is important, it's equally important to consider the risks facing Build King Holdings at this point in time. For example, Build King Holdings has 2 warning signs (and 1 which doesn't sit too well with us) we think you should know about.
Our examination of Build King Holdings has focussed on certain factors that can make its earnings look better than they are. 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.
低迷的市场反应表明建造英皇控股有限公司的(HKG:240)最近的收益不包含任何意外。我们的分析表明,除了疲软的利润数据外,投资者还应该意识到数字中的其他一些潜在弱点。
查看我们对Build King Holdings的最新分析
联交所:240盈利及收入历史2022年9月22日对照Build King Holdings的收益审查现金流
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)。应计制比率从给定期间的利润中减去FCF,然后将结果除以该时间段内公司的平均运营资产。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
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。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。引用勒维伦和雷苏泰克2014年的一篇论文,“应计利润较高的公司未来的利润往往较低”。
在截至2022年6月的一年中,Build King Holdings的应计比率为0.80。因此,其自由现金流明显弱于其利润。一般来说,这对未来的盈利能力来说是个不好的预兆。换言之,该公司在此期间产生了1.48亿港元的自由现金流,远低于其报告的3.464亿港元的利润。在这一点上,我们应该提到Build King Holdings在过去12个月中确实设法增加了自由现金流,然而,这并不是需要考虑的全部。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。点击此处进入我们对Build King Holdings的资产负债表分析。
异常项目对利润的影响
Build King Holdings的利润受到不寻常项目的影响,在过去12个月里利润减少了6900万港元。如果这是一项非现金费用,如果现金流保持强劲,它会使应计比率更好,所以与一个没有激励作用的应计比率结合在一起并不是很好。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。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。毕竟,这正是会计术语所暗示的。如果Build King Holdings没有看到这些不寻常的支出再次出现,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Build King Holdings的利润表现的看法
总而言之,Build King Holdings的应计比率表明,其法定收益没有现金流支持,尽管不寻常的项目拖累了利润。考虑到这些因素,我们不认为Build King Holdings的法定利润对该业务的看法过于苛刻。因此,尽管收益质量很重要,但考虑到Build King Holdings目前面临的风险也同样重要。例如,Build King Holdings拥有2个警告标志(1)我们认为你应该知道这一点。
我们对Build King Holdings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。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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