-
市場
-
產品
-
資訊
-
Moo社區
-
課堂
-
查看更多
-
功能介紹
-
費用費用透明,無最低余額限制
投資選擇、功能介紹、費用相關信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 淺色
Robust Earnings May Not Tell The Whole Story For Space Group Holdings (HKG:2448)
Robust Earnings May Not Tell The Whole Story For Space Group Holdings (HKG:2448)
Space Group Holdings Limited's (HKG:2448) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
See our latest analysis for Space Group Holdings
SEHK:2448 Earnings and Revenue History May 2nd 2022Examining Cashflow Against Space Group Holdings' 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. 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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Over the twelve months to December 2021, Space Group Holdings recorded an accrual ratio of 0.20. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of MO$131m, in contrast to the aforementioned profit of MO$51.8m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of MO$131m, this year, indicates high risk.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Space Group Holdings.
Our Take On Space Group Holdings' Profit Performance
Space Group Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Space Group Holdings' true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 26% in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you'd like to know more about Space Group Holdings as a business, it's important to be aware of any risks it's facing. For example, we've found that Space Group Holdings has 4 warning signs (3 are significant!) that deserve your attention before going any further with your analysis.
Today we've zoomed in on a single data point to better understand the nature of Space Group Holdings' 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. 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.
Space Group Holdings Limited's (HKG:2448) healthy profit numbers didn't contain any surprises for investors. We think this is due to investors looking beyond the statutory profits and being concerned with what they see.
太空集團控股有限公司旗下 (HKG: 2448) 健康的利潤數字並沒有給投資者帶來任何意外。我們認爲,這是由於投資者將目光投向了法定利潤之外並擔心他們所看到的情況。
See our latest analysis for Space Group Holdings
查看我們對太空集團控股的最新分析
Examining Cashflow Against Space Group Holdings' Earnings
將現金流與太空集團控股公司的收益進行比較
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. 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.
許多投資者還沒有聽說過 現金流應計比率,但它實際上是衡量公司利潤在給定時期內自由現金流(FCF)在多大程度上得到支持的有用指標。爲了獲得應計比率,我們首先從一段時間的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有自由現金流支持。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. 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來說是正數,而正的應計比率是負數。雖然擁有正應計比率(表示一定水平的非現金利潤)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙面利潤與現金流不匹配。這是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。
Over the twelve months to December 2021, Space Group Holdings recorded an accrual ratio of 0.20. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of MO$131m, in contrast to the aforementioned profit of MO$51.8m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of MO$131m, this year, indicates high risk.
在截至2021年12月的十二個月中,太空集團控股公司的應計比率爲0.20。因此,我們可以推斷出其自由現金流遠低於其法定利潤。在過去的一年裏,它實際上有 負面的 自由現金流爲1.31億澳門元,而上述利潤爲5180萬澳門元。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年1.31億澳門元的現金消耗是否表明風險很高。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Space Group Holdings.
注意: 我們總是建議投資者查看資產負債表的實力。點擊此處查看我們對太空集團控股的資產負債表分析。
Our Take On Space Group Holdings' Profit Performance
我們的 Take On Space 集團控股公司的利潤表現
Space Group Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Space Group Holdings' true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 26% in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you'd like to know more about Space Group Holdings as a business, it's important to be aware of any risks it's facing. For example, we've found that Space Group Holdings has 4 warning signs (3 are significant!) that deserve your attention before going any further with your analysis.
去年,Space Group Holdings沒有將其大部分利潤轉換爲自由現金流,一些投資者可能認爲這相當不理想。因此,在我們看來,Space Group Holdings的真正基礎收益能力實際上可能低於其法定利潤。好消息是,其每股收益在去年增長了26%。歸根結底,如果你想正確地瞭解公司,就必須考慮的不僅僅是上述因素。如果你想進一步瞭解Space Group Holdings作爲一家企業,重要的是要意識到它面臨的任何風險。例如,我們發現 Space Group Holdings 有 4 個警告信號(3 個很重要!)在進一步分析之前,這值得你注意。
Today we've zoomed in on a single data point to better understand the nature of Space Group Holdings' 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. 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.
今天,我們放大了單個數據點,以更好地瞭解Space Group Holdings的利潤性質。但是,如果你能夠將注意力集中在細節上,總會有更多東西要發現。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “關注資金”,尋找內部人士正在購買的股票。所以你不妨看看這個 免費的 一系列擁有高股本回報率的公司,或者這份內部人士正在買入的股票清單。
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.
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。
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。
風險及免責聲明
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用瀏覽器的分享功能,分享給你的好友吧