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There May Be Reason For Hope In ABR Holdings' (SGX:533) Disappointing Earnings
There May Be Reason For Hope In ABR Holdings' (SGX:533) Disappointing Earnings
A lackluster earnings announcement from ABR Holdings Limited (SGX:533) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.
View our latest analysis for ABR Holdings
SGX:533 Earnings and Revenue History April 19th 2022Examining Cashflow Against ABR Holdings' Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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 it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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 December 2021, ABR Holdings recorded an accrual ratio of -0.23. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. Indeed, in the last twelve months it reported free cash flow of S$16m, well over the S$2.49m it reported in profit. ABR Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. 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 ABR Holdings.
The Impact Of Unusual Items On Profit
Surprisingly, given ABR Holdings' accrual ratio implied strong cash conversion, its paper profit was actually boosted by S$10m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. ABR Holdings had a rather significant contribution from unusual items relative to its profit to December 2021. 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 ABR Holdings' Profit Performance
In conclusion, ABR Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, it's hard to tell if ABR Holdings' profits are a reasonable reflection of its underlying profitability. If you want to do dive deeper into ABR Holdings, you'd also look into what risks it is currently facing. Our analysis shows 4 warning signs for ABR Holdings (1 makes us a bit uncomfortable!) and we strongly recommend you look at these before investing.
Our examination of ABR Holdings has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. 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.
A lackluster earnings announcement from ABR Holdings Limited (SGX:533) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.
一份平淡无奇的财报ABR控股有限公司(SGX:533)上周的股价并未下跌。然而,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。
View our latest analysis for ABR Holdings
查看我们对ABR Holdings的最新分析
Examining Cashflow Against ABR Holdings' Earnings
检查ABR控股公司的现金流和收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
衡量一家公司将利润转换为自由现金流(FCF)的程度的一个关键财务比率是应计比率。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。你可以把来自现金流的应计比率看作是‘非FCF利润率’。
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 it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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。虽然应计比率为正并不是问题,这表明非现金利润达到了一定的水平,但高的应计比率可以说是一件坏事,因为它表明账面利润与现金流不匹配。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”。
Over the twelve months to December 2021, ABR Holdings recorded an accrual ratio of -0.23. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. Indeed, in the last twelve months it reported free cash flow of S$16m, well over the S$2.49m it reported in profit. ABR Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. 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.
在截至2021年12月的12个月中,ABR Holdings的应计比率为-0.23。这意味着它有非常好的现金转换率,而且它去年的收益实际上大大低估了它的自由现金流。事实上,在过去12个月中,该公司报告的自由现金流为1600万新元,远高于其报告的249万新元的利润。ABR Holdings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。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。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of ABR Holdings.
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ABR控股的资产负债表分析。
The Impact Of Unusual Items On Profit
异常项目对利润的影响
Surprisingly, given ABR Holdings' accrual ratio implied strong cash conversion, its paper profit was actually boosted by S$10m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. ABR Holdings had a rather significant contribution from unusual items relative to its profit to December 2021. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
令人意外的是,鉴于ABR Holdings的应计比率意味着强劲的现金转换,其账面利润实际上得到了1000万新元不寻常项目的提振。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。当我们分析了数千家上市公司的数据时,我们发现,在给定的一年中,不寻常的项目往往会带来提振不第二年又重复了一遍。考虑到这些提振被描述为“不寻常的”,这正如你所预期的那样。与截至2021年12月的利润相比,ABR控股公司的异常项目做出了相当大的贡献。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。
Our Take On ABR Holdings' Profit Performance
我们对ABR控股公司利润表现的看法
In conclusion, ABR Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, it's hard to tell if ABR Holdings' profits are a reasonable reflection of its underlying profitability. If you want to do dive deeper into ABR Holdings, you'd also look into what risks it is currently facing. Our analysis shows 4 warning signs for ABR Holdings (1 makes us a bit uncomfortable!) and we strongly recommend you look at these before investing.
总而言之,ABR Holdings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。基于这些因素,很难说ABR Holdings的利润是否合理地反映了其潜在的盈利能力。如果你真的想更深入地研究ABR Holdings,你还应该调查它目前面临的风险。我们的分析显示了ABR Holdings的4个警告信号(1个让我们有点不舒服!)我们强烈建议你在投资之前先看看这些。
Our examination of ABR Holdings has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. 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.
我们对ABR控股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。但还有很多其他方式可以让你了解一家公司的看法。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。
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.
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。
这篇由《华尔街日报》撰写的文章本质上是笼统的。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。简单地说,华尔街在提到的任何股票中都没有头寸。
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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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