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Sinolink Worldwide Holdings' (HKG:1168) Robust Earnings Are Not All Good News For Shareholders
Sinolink Worldwide Holdings' (HKG:1168) Robust Earnings Are Not All Good News For Shareholders
We didn't see Sinolink Worldwide Holdings Limited's (HKG:1168) stock surge when it reported robust earnings recently. We think that investors might be worried about the foundations the earnings are built on.
Check out our latest analysis for Sinolink Worldwide Holdings
SEHK:1168 Earnings and Revenue History September 22nd 2022Operating Revenue Or Not?
Companies will classify their revenue streams as either operating revenue or other revenue. 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. It's worth noting that Sinolink Worldwide Holdings saw a big increase in non-operating revenue over the last year. Indeed, its non-operating revenue rose from HK$26.3m last year to HK$104.2m 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 Sinolink Worldwide Holdings.
The Impact Of Unusual Items On Profit
As well as that spike in non-operating revenue, we should also consider the HK$549m boost to profit coming from unusual items, over the last year. 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. Which is hardly surprising, given the name. We can see that Sinolink Worldwide Holdings' positive unusual items were quite significant relative to its profit in the year to June 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On Sinolink Worldwide Holdings' Profit Performance
In the last year Sinolink Worldwide Holdings' non-operating revenue really gave it a boost, but not in a way that is necessarily going to be sustained. Furthermore, unusual items also made a nice positive contribution to its profit, which may well drop next year (all else being equal) if these phenomena are not repeated. For all the reasons mentioned above, we think that, at a glance, Sinolink Worldwide Holdings' statutory profits could be considered to be low quality, because they are likely to give investors an overly positive impression of the company. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example - Sinolink Worldwide Holdings has 1 warning sign we think you should be aware of.
Our examination of Sinolink Worldwide Holdings has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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.
我们没有看到国信环球控股有限公司的(HKG:1168)该公司最近公布强劲收益,股价飙升。我们认为,投资者可能担心盈利的基础。
查看我们对Sinolink Worldwide Holdings的最新分析
联交所:1168盈利及收入历史2022年9月22日营业收入是不是?
公司将把他们的收入流归类为运营收入或其他收入。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,国库控股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2630万港元增至今年的1.042亿港元。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。点击此处查看我们对国库控股的资产负债表分析。
异常项目对利润的影响
除了营业外收入的激增,我们还应该考虑过去一年来自不寻常项目的5.49亿港元利润增长。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。考虑到这个名字,这并不令人惊讶。我们可以看到,在截至2022年6月的一年中,Sinolink Worldwide Holdings的积极异常项目与其利润相比相当重要。因此,我们可以推测,这些不寻常的项目使其法定利润比其他情况下要强劲得多。
我们对Sinolink Worldwide Holdings盈利表现的看法
去年,Sinolink Worldwide 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。此外,不寻常的项目也对其利润做出了很好的积极贡献,如果这些现象不再发生,明年的利润很可能会下降(其他条件相同)。基于上述所有原因,我们认为,乍一看,国库控股的法定利润可以被认为是低质量的,因为它们可能会给投资者带来对公司过于积极的印象。请记住,在分析一只股票时,值得注意其中的风险。例如-Sinolink全球控股公司已经1个警告标志我们认为你应该意识到。
我们对Sinolink Worldwide Holdings的审查集中在某些因素上,这些因素可能会使其收益看起来比实际情况更好。在此基础上,我们对此持怀疑态度。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。
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