The Strong Earnings Posted By IMS Group Holdings (HKG:8136) Are A Good Indication Of The Strength Of The Business
The Strong Earnings Posted By IMS Group Holdings (HKG:8136) Are A Good Indication Of The Strength Of The Business
IMS Group Holdings Limited (HKG:8136) just reported healthy earnings but the stock price didn't move much. Investors are probably missing some underlying factors which are encouraging for the future of the company.
IMS集團控股有限公司(HKG：8136)剛剛公佈了健康的收益，但股價沒有太大變動。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 IMS Group Holdings
查看我們對IMS Group Holdings的最新分析
A Closer Look At IMS Group Holdings' Earnings
近距離觀察IMS Group Holdings的收益
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. 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'.
許多投資者都沒有聽説過現金流應計比率但它實際上是衡量一家公司在給定時期內自由現金流(FCF)支持公司利潤的程度的有用指標。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’。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此，當一家公司的應計比率為負時，它實際上被認為是一件好事，但如果它的應計比率為正，那就是一件壞事。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。值得注意的是，有一些學術證據表明，一般來説，高應計比率對短期利潤來説不是一個好兆頭。
Over the twelve months to March 2022, IMS Group Holdings recorded an accrual ratio of -0.30. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of HK$15m in the last year, which was a lot more than its statutory profit of HK$11.4m. Given that IMS Group Holdings had negative free cash flow in the prior corresponding period, the trailing twelve month resul of HK$15m would seem to be a step in the right direction.
在截至2022年3月的12個月中，IMS Group Holdings的應計比率為-0.30。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，該公司去年的自由現金流為1500萬港元，遠高於其1140萬港元的法定利潤。鑑於IMS Group Holdings在上一同期的自由現金流為負，後續12個月1500萬港元的業績似乎是朝着正確方向邁出的一步。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of IMS Group Holdings.
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IMS Group Holdings的資產負債表分析。
Our Take On IMS Group Holdings' Profit Performance
我們對IMS集團控股公司利潤表現的看法
Happily for shareholders, IMS Group Holdings produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that IMS Group Holdings' 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 three years. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. To help with this, we've discovered 2 warning signs (1 makes us a bit uncomfortable!) that you ought to be aware of before buying any shares in IMS Group Holdings.
令股東高興的是，IMS Group Holdings產生了大量自由現金流，以支持其法定利潤數字。基於這一觀察，我們認為IMS Group Holdings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三年裏以非常令人印象深刻的速度增長。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。有鑑於此，如果你想對公司做更多的分析，瞭解其中的風險是至關重要的。為了幫助解決這個問題，我們發現2個警告標誌(1讓我們有點不舒服！)在購買IMS Group Holdings的任何股票之前，你應該意識到這一點。
Today we've zoomed in on a single data point to better understand the nature of IMS Group Holdings' profit. But there are plenty of other ways to inform your opinion of a company. 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IMS Group Holdings的利潤性質。但還有很多其他方式可以讓你瞭解一家公司的看法。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。
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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.
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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。