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Statutory Profit Doesn't Reflect How Good Emperor Watch & Jewellery's (HKG:887) Earnings Are
Statutory Profit Doesn't Reflect How Good Emperor Watch & Jewellery's (HKG:887) Earnings Are
Even though Emperor Watch & Jewellery Limited's (HKG:887) recent earnings release was robust, the market didn't seem to notice. Investors are probably missing some underlying factors which are encouraging for the future of the company.
View our latest analysis for Emperor Watch & Jewellery
SEHK:887 Earnings and Revenue History April 29th 2022Examining Cashflow Against Emperor Watch & Jewellery'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.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Emperor Watch & Jewellery has an accrual ratio of -0.16 for the year to December 2021. 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$939m, well over the HK$204.7m it reported in profit. Emperor Watch & Jewellery shareholders are no doubt pleased that free cash flow improved 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 Emperor Watch & Jewellery.
Our Take On Emperor Watch & Jewellery's Profit Performance
Happily for shareholders, Emperor Watch & Jewellery produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that Emperor Watch & Jewellery's statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at an extremely impressive rate 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. In terms of investment risks, we've identified 1 warning sign with Emperor Watch & Jewellery, and understanding it should be part of your investment process.
Today we've zoomed in on a single data point to better understand the nature of Emperor Watch & Jewellery'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.
Even though Emperor Watch & Jewellery Limited's (HKG:887) recent earnings release was robust, the market didn't seem to notice. Investors are probably missing some underlying factors which are encouraging for the future of the company.
即使英皇鐘錶珠寶有限公司(HKG:887)最近發佈的財報表現強勁,但市場似乎沒有注意到。投資者可能遺漏了一些對公司未來令人鼓舞的潛在因素。
View our latest analysis for Emperor Watch & Jewellery
查看我們對英皇手錶和珠寶的最新分析
Examining Cashflow Against Emperor Watch & Jewellery's Earnings
對照英皇鐘錶珠寶公司的收益考察現金流
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.
正如金融書呆子們已經知道的那樣,現金流應計比率是評估一家公司的自由現金流(FCF)與利潤匹配程度的關鍵指標。為了得到應計比率,我們首先從一個時期的利潤中減去FCF,然後用這個數字除以該時期的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少不是由自由現金流支持的。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,負的應計比率對公司是積極的,而正的應計比率是負的。這並不意味着我們應該擔心應計比率為正,但值得注意的是,在應計比率相當高的地方。這是因為一些學術研究表明,高應計制比率往往會導致較低的利潤或較低的利潤增長。
Emperor Watch & Jewellery has an accrual ratio of -0.16 for the year to December 2021. 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$939m, well over the HK$204.7m it reported in profit. Emperor Watch & Jewellery shareholders are no doubt pleased that free cash flow improved over the last twelve months.
在截至2021年12月的一年裏,帝皇鐘錶珠寶的應計比率為-0.16。這表明它的自由現金流大大超過了它的法定利潤。事實上,在過去12個月裏,該公司報告的自由現金流為9.39億港元,遠高於該公司報告的2.047億港元的利潤。帝皇鐘錶珠寶的股東無疑對過去12個月自由現金流的改善感到高興。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Emperor Watch & Jewellery.
注:我們總是建議投資者檢查資產負債表的實力。點擊此處查看我們對英皇手錶和珠寶的資產負債表分析。
Our Take On Emperor Watch & Jewellery's Profit Performance
我們對英皇鐘錶珠寶盈利表現的看法
Happily for shareholders, Emperor Watch & Jewellery produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that Emperor Watch & Jewellery's statutory profit actually understates its earnings potential! And on top of that, its earnings per share have grown at an extremely impressive rate 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. In terms of investment risks, we've identified 1 warning sign with Emperor Watch & Jewellery, and understanding it should be part of your investment process.
令股東高興的是,英皇鐘錶珠寶創造了充足的自由現金流,以支持其法定利潤數字。基於這一觀察,我們認為,英皇鐘錶珠寶的法定利潤實際上可能低估了其盈利潛力!最重要的是,它的每股收益在過去一年裏以非常令人印象深刻的速度增長。當然,當談到分析其收益時,我們只是觸及了皮毛;人們還可以考慮利潤率、預測增長和投資回報等因素。請記住,在分析一隻股票時,值得注意其中的風險。在投資風險方面,我們已經向英皇鐘錶珠寶公司確認了1個警告標誌,並理解這應該是您投資過程的一部分。
Today we've zoomed in on a single data point to better understand the nature of Emperor Watch & Jewellery'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.
今天,我們放大了一個數據點,以更好地瞭解英皇鐘錶珠寶的利潤性質。但如果你有能力將注意力集中在細枝末節上,總會有更多的東西需要發現。例如,許多人認為高股本回報率是有利的商業經濟指標,而另一些人則喜歡“跟着錢走”,尋找內部人士正在買入的股票。雖然這可能需要為您做一些研究,但您可能會發現免費擁有高股本回報率的公司的集合,或者是內部人士購買的有用的股票清單。
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.
對這篇文章有什麼反饋嗎?擔心內容嗎?保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
這篇由《華爾街日報》撰寫的文章本質上是籠統的。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。簡單地説,華爾街在提到的任何股票中都沒有頭寸。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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