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Weak Statutory Earnings May Not Tell The Whole Story For Redco Healthy Living (HKG:2370)
Weak Statutory Earnings May Not Tell The Whole Story For Redco Healthy Living (HKG:2370)
The subdued market reaction suggests that Redco Healthy Living Company Limited's (HKG:2370) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.
View our latest analysis for Redco Healthy Living
SEHK:2370 Earnings and Revenue History October 5th 2022Examining Cashflow Against Redco Healthy Living's Earnings
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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".
Redco Healthy Living has an accrual ratio of 0.29 for the year to June 2022. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. Indeed, in the last twelve months it reported free cash flow of CN¥5.6m, which is significantly less than its profit of CN¥30.6m. Redco Healthy Living shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Redco Healthy Living.
Our Take On Redco Healthy Living's Profit Performance
Redco Healthy Living's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Because of this, we think that it may be that Redco Healthy Living's statutory profits are better than its underlying earnings power. Nonetheless, it's still worth noting that its earnings per share have grown at 47% over the last three years. 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. If you want to do dive deeper into Redco Healthy Living, you'd also look into what risks it is currently facing. When we did our research, we found 4 warning signs for Redco Healthy Living (2 don't sit too well with us!) that we believe deserve your full attention.
This note has only looked at a single factor that sheds light on the nature of Redco Healthy Living's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. 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.
疲软的市场反应表明 Redco 健康生活有限公司的 (HKG: 2370) 最近的收益没有任何意外。但是,我们认为,投资者应该意识到一些可能令人担忧的潜在因素。
查看我们对 Redco Health Living 的最新分析
SEHK: 2370 收益和收入历史 2022 年 10 月 5 日根据Redco Healthy Living的收入研究现金流
许多投资者还没有听说过 现金流应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。应计比率从给定时期的利润中减去FCF,然后将结果除以公司在此期间的平均运营资产。这个比率告诉我们,公司有多少利润没有自由现金流的支持。
因此,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。引用Lewellen和Resutek在2014年发表的一篇论文,“应计额较高的公司将来的利润往往会降低”。
截至2022年6月的一年中,Redco Healthy Living的应计比率为0.29。不幸的是,这意味着其自由现金流远低于其法定利润,这使我们怀疑利润作为指导的效用。事实上,在过去的十二个月中,该公司报告的自由现金流为560万元人民币,大大低于其3,060万元的利润。毫无疑问,Redco Healthy Living的股东希望其自由现金流在明年反弹,因为自由现金流在过去十二个月中有所下降。
注意: 我们始终建议投资者检查资产负债表的强度。点击此处查看我们对Redco Healthy Living的资产负债表分析。
我们对 Redco Healthy Living 盈利表现的
Redco Healthy Living在过去十二个月中的应计比率表明现金转换率不太理想,就我们对收益的看法而言,这是一个负数。因此,我们认为Redco Healthy Living的法定利润可能好于其基础盈利能力。尽管如此,仍然值得注意的是,在过去三年中,其每股收益增长了47%。当然,在分析其收益时,我们只是浮出水面;人们还可以考虑利润率、预测增长和投资回报率等因素。如果你想更深入地了解Redco Healthy Living,你还可以看看它目前面临哪些风险。当我们进行研究时,我们发现 Redco 健康生活的 4 个警告信号 (2 别和我们坐得太好!)我们认为这值得你充分关注。
这份报告只探讨了揭示Redco Healthy Living利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多东西需要发现。例如,许多人认为高股本回报率表明商业经济状况良好,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,但你可能会发现这一点 免费的 一系列拥有高股本回报率的公司,或者这份内部人士为了有用而买入的股票清单。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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