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We Think You Can Look Beyond Mi Ming Mart Holdings' (HKG:8473) Lackluster Earnings
We Think You Can Look Beyond Mi Ming Mart Holdings' (HKG:8473) Lackluster Earnings
Shareholders appeared unconcerned with Mi Ming Mart Holdings Limited's (HKG:8473) lackluster earnings report last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
View our latest analysis for Mi Ming Mart Holdings
SEHK:8473 Earnings and Revenue History July 5th 2022A Closer Look At Mi Ming Mart Holdings' 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Mi Ming Mart Holdings has an accrual ratio of -0.17 for the year to March 2022. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$27m in the last year, which was a lot more than its statutory profit of HK$20.1m. Mi Ming Mart Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Mi Ming Mart Holdings.
Our Take On Mi Ming Mart Holdings' Profit Performance
Happily for shareholders, Mi Ming Mart Holdings produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Mi Ming Mart Holdings' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Unfortunately, though, its earnings per share actually fell back over 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 Mi Ming Mart Holdings as a business, it's important to be aware of any risks it's facing. For example, we've discovered 3 warning signs that you should run your eye over to get a better picture of Mi Ming Mart Holdings.
This note has only looked at a single factor that sheds light on the nature of Mi Ming Mart Holdings' profit. 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.
Shareholders appeared unconcerned with Mi Ming Mart Holdings Limited's (HKG:8473) lackluster earnings report last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
股東們似乎並不擔心美明超市集團有限公司(HKG:8473)上週財報乏善可陳。我們的分析表明,儘管利潤疲軟,但業務的基礎是強大的。
View our latest analysis for Mi Ming Mart Holdings
查看我們對米明商城控股的最新分析
A Closer Look At Mi Ming Mart Holdings' Earnings
仔細看看米明瑪特控股公司的收益
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. 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。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。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”。
Mi Ming Mart Holdings has an accrual ratio of -0.17 for the year to March 2022. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$27m in the last year, which was a lot more than its statutory profit of HK$20.1m. Mi Ming Mart Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons.
在截至2022年3月的一年中,米明瑪特控股的應計比率為-0.17。因此,其法定收益非常顯著地低於其自由現金流。事實上,該公司去年的自由現金流為2700萬港元,遠高於其2010萬港元的法定利潤。在過去的一年裏,咪鳴超市控股的自由現金流實際上出現了下降,這令人失望,就像不可生物降解的氣球一樣。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Mi Ming Mart 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米明超市控股的資產負債表分析。
Our Take On Mi Ming Mart Holdings' Profit Performance
我們對米明超市控股公司盈利表現的看法
Happily for shareholders, Mi Ming Mart Holdings produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Mi Ming Mart Holdings' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Unfortunately, though, its earnings per share actually fell back over 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 Mi Ming Mart Holdings as a business, it's important to be aware of any risks it's facing. For example, we've discovered 3 warning signs that you should run your eye over to get a better picture of Mi Ming Mart Holdings.
令股東高興的是,米明超市控股有限公司產生了大量的自由現金流,以支持其法定利潤數字。正因為如此,我們認為米明瑪特控股的潛在收益潛力與法定利潤看起來一樣好,甚至可能更好!然而,不幸的是,它的每股收益實際上在去年有所回落。歸根結底,如果你想正確地瞭解這家公司,除了以上幾個因素之外,考慮其他因素也是至關重要的。如果你想更多地瞭解米明瑪特控股作為一項業務,重要的是意識到它面臨的任何風險。例如,我們發現3個警示標誌你應該掃視一下,才能更好地瞭解米明超市控股公司。
This note has only looked at a single factor that sheds light on the nature of Mi Ming Mart Holdings' profit. 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.
這份報告只關注了一個因素,它揭示了米明超市控股公司的利潤性質。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。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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