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Hygieia Group's (HKG:1650) Conservative Accounting Might Explain Soft Earnings
Hygieia Group's (HKG:1650) Conservative Accounting Might Explain Soft Earnings
The market for Hygieia Group Limited's (HKG:1650) shares didn't move much after it posted weak earnings recently. We did some digging, and we believe the earnings are stronger than they seem.
See our latest analysis for Hygieia Group
SEHK:1650 Earnings and Revenue History October 6th 2022A Closer Look At Hygieia Group'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. 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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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, Hygieia Group had an accrual ratio of -0.29. That indicates that its free cash flow quite significantly exceeded its statutory profit. To wit, it produced free cash flow of S$6.0m during the period, dwarfing its reported profit of S$2.09m. Hygieia Group did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie. Having said that, there is more to the story. 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 Hygieia Group.
How Do Unusual Items Influence Profit?
Surprisingly, given Hygieia Group's accrual ratio implied strong cash conversion, its paper profit was actually boosted by S$875k in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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. Hygieia Group had a rather significant contribution from unusual items relative to its profit to June 2022. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Our Take On Hygieia Group's Profit Performance
In conclusion, Hygieia Group's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Given the contrasting considerations, we don't have a strong view as to whether Hygieia Group's profits are an apt reflection of its underlying potential for profit. So while earnings quality is important, it's equally important to consider the risks facing Hygieia Group at this point in time. Our analysis shows 5 warning signs for Hygieia Group (1 can't be ignored!) and we strongly recommend you look at these before investing.
Our examination of Hygieia Group has focussed on certain factors that can make its earnings look better than they are. 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.
中国的市场海吉亚集团有限公司(HKG:1650)在最近公布疲弱的收益后,股价没有太大变动。我们做了一些调查,我们相信收益比看起来更强劲。
查看我们对Hygieia Group的最新分析
联交所:1650盈利及收入历史2022年10月6日更仔细地看Hygieia Group的收益
许多投资者都没有听说过现金流应计比率但它实际上是衡量一家公司在给定时期内自由现金流(FCF)支持公司利润的程度的有用指标。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。这并不意味着我们应该担心应计比率为正,但值得注意的是,在应计比率相当高的地方。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,Hygieia Group的应计比率为-0.29。这表明它的自由现金流大大超过了它的法定利润。换言之,该公司在此期间产生了60万新加坡元的自由现金流,令其报告的209万新加坡元利润相形见绌。Hygieia Group的自由现金流确实同比下降,这并不理想,就像没有土地管理员威利的辛普森一集。话虽如此,故事中还有更多的东西。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。单击此处查看我们对Hygieia Group的资产负债表分析。
不寻常的项目如何影响利润?
令人惊讶的是,鉴于Hygieia Group的应计比率意味着强劲的现金转换,其账面利润实际上是由87.5万新元的不寻常项目提振的。虽然有更高的利润总是好事,但不寻常的东西带来的巨大贡献有时会挫伤我们的热情。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。截至2022年6月,Hygieia Group的异常项目相对于其利润有相当大的贡献。在其他条件不变的情况下,这可能会使法定利润成为衡量潜在盈利能力的糟糕指标。
我们对Hygieia集团利润表现的看法
总之,Hygieia Group的应计比率表明其法定收益质量良好,但另一方面,利润受到不寻常项目的提振。考虑到这些不同的考虑因素,我们对Hygieia Group的利润是否恰如其分地反映了其潜在的盈利潜力并没有强烈的看法。因此,尽管盈利质量很重要,但考虑到Hygieia Group目前面临的风险也同样重要。我们的分析显示Hegieia集团的5个警告标志(1不容忽视!)我们强烈建议你在投资之前先看看这些。
我们对Hygieia Group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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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。
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