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Solomon Systech (International) (HKG:2878) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Solomon Systech (International) (HKG:2878) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of
Solomon Systech (International) Limited's (HKG:2878) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.
See our latest analysis for Solomon Systech (International)
SEHK:2878 Earnings and Revenue History May 4th 2022A Closer Look At Solomon Systech (International)'s Earnings
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
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. 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 December 2021, Solomon Systech (International) had an accrual ratio of 1.11. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of US$23.8m, a look at free cash flow indicates it actually burnt through US$7.5m in the last year. We saw that FCF was US$33m a year ago though, so Solomon Systech (International) has at least been able to generate positive FCF in the past. The good news for shareholders is that Solomon Systech (International)'s accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Solomon Systech (International).
Our Take On Solomon Systech (International)'s Profit Performance
As we discussed above, we think Solomon Systech (International)'s earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Solomon Systech (International)'s statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted 2 warning signs for Solomon Systech (International) (of which 1 doesn't sit too well with us!) you should know about.
This note has only looked at a single factor that sheds light on the nature of Solomon Systech (International)'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.
Solomon Systech (International) Limited's (HKG:2878) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.
所羅門系統(國際)有限公司(HKG:2878)強勁的盈利報告未能推動其股票的市場走勢。我們的分析表明,股東們注意到了數字中的一些令人擔憂的地方。
See our latest analysis for Solomon Systech (International)
查看我們對所羅門系統技術公司(國際)的最新分析
A Closer Look At Solomon Systech (International)'s Earnings
仔細看看所羅門系統技術(國際)公司的收入
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
衡量一家公司將利潤轉換為自由現金流(FCF)的程度的一個關鍵財務比率是應計比率。簡單地説,這個比率是從淨利潤中減去FCF,然後用這個數字除以該公司在此期間的平均運營資產。這個比率向我們展示了一家公司的利潤超過了它的FCF的多少。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
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。雖然應計比率為正並不是問題,這表明非現金利潤達到了一定的水平,但高的應計比率可以説是一件壞事,因為它表明賬面利潤與現金流不匹配。引用勒維倫和雷蘇泰克2014年的一篇論文,“應計利潤較高的公司未來的利潤往往較低”。
For the year to December 2021, Solomon Systech (International) had an accrual ratio of 1.11. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of US$23.8m, a look at free cash flow indicates it actually burnt through US$7.5m in the last year. We saw that FCF was US$33m a year ago though, so Solomon Systech (International) has at least been able to generate positive FCF in the past. The good news for shareholders is that Solomon Systech (International)'s accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.
在截至2021年12月的一年中,所羅門系統(國際)的應計比率為1.11。一般來説,這對未來的盈利能力來説是個不好的預兆。換句話説,該公司在那段時間沒有產生一分錢的自由現金流。儘管該公司報告利潤為2380萬美元,但看看自由現金流就會發現,該公司去年實際上燒掉了750萬美元。我們看到一年前的FCF是3300萬美元,所以所羅門系統(國際)至少在過去能夠產生正的FCF。對股東來説,好消息是所羅門系統(國際)去年的應計比率要好得多,因此今年的糟糕讀數可能只是利潤和FCF之間短期錯配的一個例子。股東應該尋求改善本年度相對於利潤的現金流,如果情況確實如此的話。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Solomon Systech (International).
注:我們總是建議投資者檢查資產負債表的實力。單擊此處查看我們對所羅門系統技術(國際)的資產負債表分析。
Our Take On Solomon Systech (International)'s Profit Performance
我們對所羅門系統(國際)公司利潤表現的看法
As we discussed above, we think Solomon Systech (International)'s earnings were not supported by free cash flow, which might concern some investors. For this reason, we think that Solomon Systech (International)'s statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. But the happy news is that, while acknowledging we have to look beyond the statutory numbers, those numbers are still improving, with EPS growing at a very high rate over the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. Every company has risks, and we've spotted 2 warning signs for Solomon Systech (International) (of which 1 doesn't sit too well with us!) you should know about.
正如我們上面討論的,我們認為所羅門系統科技(國際)的收益不是由自由現金流支持的,這可能會讓一些投資者感到擔憂。出於這個原因,我們認為所羅門系統(國際)的法定利潤可能是其潛在盈利能力的不良指引,並可能給投資者帶來對該公司過於積極的印象。但好消息是,儘管我們承認我們必須超越法定數字,但這些數字仍在改善,去年每股收益以非常高的速度增長。本文的目的是評估我們可以在多大程度上依賴法定收益來反映公司的潛力,但還有很多東西需要考慮。因此,如果你想更深入地研究這隻股票,考慮它面臨的任何風險是至關重要的。每家公司都有風險,我們發現了所羅門系統(國際)的兩個警告信號(其中一個不太適合我們!)你應該知道。
This note has only looked at a single factor that sheds light on the nature of Solomon Systech (International)'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.
這份報告只關注了一個因素,揭示了所羅門系統國際公司利潤的本質。但如果你有能力將注意力集中在細節上,總會有更多因素需要發現。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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