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Taste Gourmet Group (HKG:8371) Is Posting Promising Earnings But The Good News Doesn't Stop There
Taste Gourmet Group (HKG:8371) Is Posting Promising Earnings But The Good News Doesn't Stop There
Taste Gourmet Group Limited's (HKG:8371) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
Check out our latest analysis for Taste Gourmet Group
SEHK:8371 Earnings and Revenue History June 30th 2022Zooming In On Taste Gourmet Group'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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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.
For the year to March 2022, Taste Gourmet Group had an accrual ratio of -0.84. 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 HK$97m, well over the HK$26.4m it reported in profit. Taste Gourmet Group's free cash flow improved over the last year, which is generally good to see. 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 Taste Gourmet Group.
How Do Unusual Items Influence Profit?
Surprisingly, given Taste Gourmet Group's accrual ratio implied strong cash conversion, its paper profit was actually boosted by HK$13m in unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. Which is hardly surprising, given the name. We can see that Taste Gourmet Group's positive unusual items were quite significant relative to its profit in the year to March 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
Our Take On Taste Gourmet Group's Profit Performance
In conclusion, Taste Gourmet Group's 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 Taste Gourmet Group'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 Taste Gourmet Group at this point in time. Every company has risks, and we've spotted 3 warning signs for Taste Gourmet Group you should know about.
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.
Taste Gourmet Group Limited's (HKG:8371) robust recent earnings didn't do much to move the stock. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.
味覺美食集團有限公司(HKG:8371)近期強勁的收益對股價影響不大。然而,法定利潤數字並不能説明全部情況,我們發現了一些可能引起股東關注的因素。
Check out our latest analysis for Taste Gourmet Group
查看我們對味覺美食組的最新分析
Zooming In On Taste Gourmet Group's Earnings
放大味覺美食集團的收益
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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。應計制比率從給定期間的利潤中減去FCF,然後將結果除以該時間段內公司的平均運營資產。你可以把來自現金流的應計比率看作是‘非FCF利潤率’。
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。
For the year to March 2022, Taste Gourmet Group had an accrual ratio of -0.84. 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 HK$97m, well over the HK$26.4m it reported in profit. Taste Gourmet Group's free cash flow improved over the last year, which is generally good to see. 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2022年3月的一年中,味覺美食集團的應計比率為-0.84。這意味着它有非常好的現金轉換率,而且它去年的收益實際上大大低估了它的自由現金流。事實上,在過去12個月裏,該公司報告的自由現金流為9700萬港元,遠高於其報告的2640萬港元的利潤。味覺美食集團的自由現金流在過去一年有所改善,總體來説是好的。話雖如此,故事中還有更多的東西。應計比率反映了不尋常項目對法定利潤的影響,至少在一定程度上是這樣。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Taste Gourmet Group.
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味覺美食集團的資產負債表分析。
How Do Unusual Items Influence Profit?
不尋常的項目如何影響利潤?
Surprisingly, given Taste Gourmet Group's accrual ratio implied strong cash conversion, its paper profit was actually boosted by HK$13m in unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. 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. Which is hardly surprising, given the name. We can see that Taste Gourmet Group's positive unusual items were quite significant relative to its profit in the year to March 2022. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.
令人意外的是,鑑於Taste Gourmet Group的應計比率意味着強勁的現金轉換,其賬面利潤實際上因不尋常的項目而增加了1300萬港元。雖然我們喜歡看到利潤增加,但當不尋常的項目做出了很大貢獻時,我們往往會更加謹慎。當我們分析了數千家上市公司的數據時,我們發現,在給定的一年中,不尋常的項目往往會帶來提振不第二年又重複了一遍。考慮到這個名字,這並不令人驚訝。我們可以看到,在截至2022年3月的一年中,Taste Gourmet Group的積極異常項目相對於其利潤來説相當重要。因此,我們可以推測,這些不尋常的項目使其法定利潤比其他情況下要強勁得多。
Our Take On Taste Gourmet Group's Profit Performance
我們對味覺美食集團盈利表現的看法
In conclusion, Taste Gourmet Group's 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 Taste Gourmet Group'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 Taste Gourmet Group at this point in time. Every company has risks, and we've spotted 3 warning signs for Taste Gourmet Group you should know about.
綜上所述,Taste Gourmet Group的應計比率表明其法定收益質量良好,但另一方面利潤受到不尋常項目的提振。基於這些因素,很難判斷Taste Gourmet Group的利潤是否合理地反映了其潛在的盈利能力。因此,儘管收益質量很重要,但考慮到味覺美食集團目前面臨的風險也同樣重要。每家公司都有風險,我們已經發現味覺美食團的3個警示標誌你應該知道。
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.
在這篇文章中,我們研究了一些因素,這些因素可能會削弱利潤數字作為企業指南的效用。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。一些人認為,高股本回報率是高質量企業的良好標誌。所以你可能想看看這個免費擁有高股本回報率的公司的集合,或內部人士正在購買的這份股票清單。
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。
本文由Simply Wall St.撰寫,具有概括性。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。Simply Wall St.對上述任何一隻股票都沒有持倉。
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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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