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Shareholders Shouldn't Be Too Comfortable With abc Multiactive's (HKG:8131) Strong Earnings
Shareholders Shouldn't Be Too Comfortable With abc Multiactive's (HKG:8131) Strong Earnings
abc Multiactive Limited's (HKG:8131) stock rose after it released a robust earnings report. While the headline numbers were strong, we found some underlying problems once we started looking at what drove earnings.
Check out our latest analysis for abc Multiactive
SEHK:8131 Earnings and Revenue History July 19th 2022Examining Cashflow Against abc Multiactive's Earnings
In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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'.
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. 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.
Over the twelve months to May 2022, abc Multiactive recorded an accrual ratio of 1.47. That means it didn't generate anywhere near enough free cash flow to match its profit. Statistically speaking, that's a real negative for future earnings. To wit, it produced free cash flow of HK$5.5m during the period, falling well short of its reported profit of HK$25.3m. At this point we should mention that abc Multiactive did manage to increase its free cash flow in the last twelve months Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of abc Multiactive.
In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. abc Multiactive expanded the number of shares on issue by 58% over the last year. That means its earnings are split among a greater number of shares. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. You can see a chart of abc Multiactive's EPS by clicking here.
A Look At The Impact Of abc Multiactive's Dilution on Its Earnings Per Share (EPS).
Three years ago, abc Multiactive lost money. The good news is that profit was up 846% in the last twelve months. But EPS was less impressive, up only 550% in that time. Therefore, one can observe that the dilution is having a fairly profound effect on shareholder returns.
Changes in the share price do tend to reflect changes in earnings per share, in the long run. So it will certainly be a positive for shareholders if abc Multiactive can grow EPS persistently. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
Our Take On abc Multiactive's Profit Performance
As it turns out, abc Multiactive couldn't match its profit with cashflow and its dilution means that earnings per share growth is lagging net income growth. For all the reasons mentioned above, we think that, at a glance, abc Multiactive's statutory profits could be considered to be low quality, because they are likely to give investors an overly positive impression of the company. So while earnings quality is important, it's equally important to consider the risks facing abc Multiactive at this point in time. At Simply Wall St, we found 4 warning signs for abc Multiactive and we think they deserve your attention.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.
ABC Multiactive Limited的(HKG:8131)股價上漲,此前該公司發佈強勁的收益報告。儘管整體數據強勁,但一旦我們開始研究推動收益的因素,我們就發現了一些潛在的問題。
查看我們對ABC Multiactive的最新分析
聯交所:8131盈利及收入歷史2022年7月19日根據ABC Multiactive的收益檢查現金流
在高端金融領域,衡量一家公司將報告利潤轉換為自由現金流(FCF)的程度的關鍵比率是應計比率(來自現金流)。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’。
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。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。
在截至2022年5月的12個月中,ABC Multiactive的應計比率為1.47。這意味着它沒有產生足夠的自由現金流來匹配它的利潤。從統計上講,這對未來的收益是一個真正的負面影響。換言之,該公司在此期間產生了550萬港元的自由現金流,遠低於其報告的2530萬港元的利潤。在這一點上,我們應該提到,ABC Multiactive在過去12個月中確實設法增加了自由現金流。對股東來説,不幸的是,該公司還一直在發行新股,稀釋了他們在未來收益中的份額。
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ABC Multiactive的資產負債表分析。
為了理解每股回報的潛力,考慮一家公司稀釋股東的程度是至關重要的。ABC Multiactive將發行的股票數量比去年增加了58%。這意味着它的收益被分配到更多的股票中。在慶祝淨利潤的同時忽視稀釋,就像是因為你只有一片更大的披薩而感到高興,但忽略了披薩現在被切成更多片的事實。點擊這裏,你可以看到ABC Multiactive的每股收益圖表。
看看ABC Multiactive的稀釋對其每股收益(EPS)的影響。
三年前,ABC Multiactive虧損。好消息是,在過去的12個月裏,利潤增長了846%。但每股收益沒有那麼令人印象深刻,在此期間僅上漲了550%。因此,人們可以觀察到,稀釋正在對股東回報產生相當深遠的影響。
從長遠來看,股價的變化確實傾向於反映每股收益的變化。因此,如果ABC Multiactive能夠持續增長每股收益,對股東來説肯定是一個利好。但另一方面,當我們得知利潤(但不是每股收益)改善時,我們就不會那麼興奮了。對於普通散户股東來説,EPS是檢查你假設的公司利潤份額的一個很好的措施。
我們對ABC Multiactive利潤表現的看法
事實證明,ABC Multiactive無法將其利潤與現金流相匹配,其稀釋意味着每股收益的增長落後於淨利潤的增長。基於上述所有原因,我們認為,乍看之下,ABC Multiactive的法定利潤可以被認為是低質量的,因為它們可能會給投資者帶來對公司過於積極的印象。因此,儘管收益質量很重要,但考慮到ABC Multiactive目前面臨的風險也同樣重要。在Simply Wall St.,我們發現ABC Multiactive的4個警告標誌我們認為他們值得你的關注。
在這篇文章中,我們研究了一些可能削弱利潤數字效用的因素,我們對此持謹慎態度。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。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。
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。
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。
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