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We Think PC Partner Group's (HKG:1263) Profit Is Only A Baseline For What They Can Achieve
We Think PC Partner Group's (HKG:1263) Profit Is Only A Baseline For What They Can Achieve
The subdued stock price reaction suggests that PC Partner Group Limited's (HKG:1263) strong earnings didn't offer any surprises. Our analysis suggests that investors might be missing some promising details.
Check out our latest analysis for PC Partner Group
SEHK:1263 Earnings and Revenue History September 30th 2022A Closer Look At PC Partner Group's Earnings
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. 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. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Over the twelve months to June 2022, PC Partner Group recorded an accrual ratio of -2.17. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of HK$4.0b in the last year, which was a lot more than its statutory profit of HK$2.24b. PC Partner Group's free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of PC Partner Group.
Our Take On PC Partner Group's Profit Performance
Happily for shareholders, PC Partner Group produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that PC Partner Group's statutory profit actually understates its earnings potential! Furthermore, it has done a great job growing EPS over the last year. 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. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of PC Partner Group.
Today we've zoomed in on a single data point to better understand the nature of PC Partner Group's profit. 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. 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.
低迷的股价反应表明,PC Partner Group Limited的(HKG:1263)强劲的盈利并未带来任何意外。我们的分析表明,投资者可能遗漏了一些有希望的细节。
查看我们对PC合作伙伴小组的最新分析
联交所:1263盈利及收入历史2022年9月30日仔细看看PC Partner Group的收益
正如金融书呆子们已经知道的那样,现金流应计比率是评估一家公司的自由现金流(FCF)与利润匹配程度的关键指标。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。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。虽然应计比率高于零并不令人担忧,但我们确实认为,当一家公司的应计比率相对较高时,这一点值得注意。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12个月中,PC Partner Group的应计比率为-2.17。这表明它的自由现金流大大超过了它的法定利润。事实上,该公司去年的自由现金流为40亿港元,远高于其22.4亿港元的法定利润。PC Partner Group的自由现金流实际上在去年有所下降,这令人失望,就像不可生物降解的气球一样。
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PC合作伙伴集团的资产负债表分析。
我们对PC合作伙伴集团利润表现的看法
令股东高兴的是,PC Partner Group产生了大量的自由现金流,以支持其法定利润数字。基于这一观察,我们认为PC Partner Group的法定利润实际上可能低估了其盈利潜力!此外,在过去的一年里,它在增长每股收益方面做得很好。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。因此,如果你想更深入地研究这只股票,考虑它面临的任何风险是至关重要的。例如,我们发现2个警告标志您应该扫视一下,以便更好地了解PC Partner Group。
今天,我们放大了一个数据点,以更好地了解PC Partner Group的利润性质。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。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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