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There May Be Reason For Hope In Tam Jai International's (HKG:2217) Disappointing Earnings
There May Be Reason For Hope In Tam Jai International's (HKG:2217) Disappointing Earnings
The market shrugged off Tam Jai International Co. Limited's (HKG:2217) weak earnings report last week. Our analysis suggests that there are some positive factors lying below the troubling profit numbers which investors are finding comfort in.
See our latest analysis for Tam Jai International
SEHK:2217 Earnings and Revenue History December 15th 2022Examining Cashflow Against Tam Jai International'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. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. This ratio tells us how much of a company's profit is not backed by free cashflow.
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Tam Jai International has an accrual ratio of -6.81 for the year to September 2022. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of HK$479m, well over the HK$147.9m it reported in profit. Tam Jai International did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
The Impact Of Unusual Items On Profit
While the accrual ratio might bode well, we also note that Tam Jai International's profit was boosted by unusual items worth HK$102m in the last twelve months. 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. Tam Jai International had a rather significant contribution from unusual items relative to its profit to September 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 Tam Jai International's Profit Performance
Tam Jai International's profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, it's hard to tell if Tam Jai International's profits are a reasonable reflection of its underlying profitability. So while earnings quality is important, it's equally important to consider the risks facing Tam Jai International at this point in time. Case in point: We've spotted 3 warning signs for Tam Jai International you should be aware of.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.
市场对此不屑一顾谭载国际有限公司(HKG:2217)上周财报疲弱。我们的分析表明,在令人不安的利润数字之下隐藏着一些积极因素,投资者对此感到欣慰。
查看我们对Tam Jai International的最新分析
联交所:2217盈利及收入历史2022年12月15日根据Tam Jai International的收益审查现金流
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。为了得到应计比率,我们首先从一个时期的利润中减去FCF,然后用这个数字除以该时期的平均运营资产。这个比率告诉我们,一家公司的利润中有多少不是由自由现金流支持的。
这意味着负的应计比率是一件好事,因为它表明该公司带来的自由现金流比其利润所暗示的要多。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。这是因为一些学术研究表明,高应计制比率往往会导致较低的利润或较低的利润增长。
Tam Jai International在截至2022年9月的一年中的应计比率为-6.81。这表明它的自由现金流大大超过了它的法定利润。事实上,在过去12个月里,该公司报告的自由现金流为4.79亿港元,远高于其报告的1.479亿港元的利润。Tam Jai International的自由现金流确实同比下降,这并不理想,就像没有农场饲养员威利的辛普森一集。然而,这并不是需要考虑的全部问题。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。
这可能会让你想知道,分析师对未来盈利能力的预测是什么。幸运的是,您可以单击此处查看基于他们估计的未来盈利能力的互动图表。
异常项目对利润的影响
虽然应计比率可能是个好兆头,但我们也注意到谭载国际的利润在过去12个月受到价值1.02亿港元的不寻常项目的提振。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。Tam Jai International在截至2022年9月的利润中,来自异常项目的贡献相当大。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Tam Jai International盈利表现的看法
Tam Jai International的利润从不寻常的项目中获得提振,这表明它们可能无法持续,但其应计比率仍显示出稳健的现金转换,这是有希望的。基于这些因素,很难说谭宰国际的利润是否合理地反映了其潜在的盈利能力。因此,尽管盈利质量很重要,但同样重要的是要考虑Tam Jai International目前面临的风险。一个恰当的例子:我们发现了Tam Jai International的3个警告标志你应该意识到。
在这篇文章中,我们研究了一些因素,这些因素可能会削弱利润数字作为企业指南的效用。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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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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