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There Are Some Holes In Bauhaus International (Holdings)'s (HKG:483) Solid Earnings Release
There Are Some Holes In Bauhaus International (Holdings)'s (HKG:483) Solid Earnings Release
Shareholders didn't seem to be thrilled with Bauhaus International (Holdings) Limited's (HKG:483) recent earnings report, despite healthy profit numbers. Our analysis has found some concerning factors which weaken the profit's foundation.
View our latest analysis for Bauhaus International (Holdings)
SEHK:483 Earnings and Revenue History July 22nd 2022A Closer Look At Bauhaus International (Holdings)'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. 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. The ratio shows us how much a company's profit exceeds its FCF.
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Bauhaus International (Holdings) has an accrual ratio of 0.68 for the year to March 2022. 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. In fact, it had free cash flow of HK$57m in the last year, which was a lot less than its statutory profit of HK$142.6m. Bauhaus International (Holdings) shareholders will no doubt be hoping that its free cash flow bounces back next year, since it was down over the last twelve months. 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. The good news for shareholders is that Bauhaus International (Holdings)'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 Bauhaus International (Holdings).
The Impact Of Unusual Items On Profit
Given the accrual ratio, it's not overly surprising that Bauhaus International (Holdings)'s profit was boosted by unusual items worth HK$188m in the last twelve months. 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. And, after all, that's exactly what the accounting terminology implies. We can see that Bauhaus International (Holdings)'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 Bauhaus International (Holdings)'s Profit Performance
Bauhaus International (Holdings) had a weak accrual ratio, but its profit did receive a boost from unusual items. On reflection, the above-mentioned factors give us the strong impression that Bauhaus International (Holdings)'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. When we did our research, we found 3 warning signs for Bauhaus International (Holdings) (1 is potentially serious!) that we believe deserve your full 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 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. 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.
股東們似乎對此並不滿意包豪斯國際(集團)有限公司(HKG:483)儘管利潤數字健康,但最近的收益報告。我們的分析發現,一些令人擔憂的因素削弱了利潤的基礎。
查看我們對包豪斯國際(控股)的最新分析
聯交所:483盈利及收入歷史2022年7月22日仔細看看包豪斯國際(控股)的收益
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。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。這個比率向我們展示了一家公司的利潤超過了它的FCF的多少。
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。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。
包豪斯國際(控股)在截至2022年3月的一年中的應計比率為0.68。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。事實上,該公司去年的自由現金流為5700萬港元,遠低於其1.426億港元的法定利潤。包豪斯國際(控股)的股東無疑希望其自由現金流明年反彈,因為它在過去12個月裏一直在下降。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。對股東來説,好消息是,包豪斯國際(控股)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。股東們應該尋找本年度相對於利潤的現金流改善,如果情況確實如此的話。
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包豪斯國際(控股)的資產負債表分析。
異常項目對利潤的影響
考慮到應計比率,包豪斯國際(控股)的利潤在過去12個月裏受到價值1.88億港元的不尋常項目的提振也就不足為奇了。雖然我們喜歡看到利潤增長,但當不尋常項目做出了很大貢獻時,我們往往會更加謹慎。當我們計算數千家上市公司的數據時,我們發現,在特定年份,不尋常項目帶來的提振通常是不第二年又重複了一遍。畢竟,這正是會計術語所暗示的。我們可以看到,在截至2022年3月的一年中,包豪斯國際(控股)的積極異常項目與其利潤相比相當重要。因此,我們可以推測,異常項目使其法定利潤顯著高於其他項目。
我們對包豪斯國際(控股)利潤表現的看法
包豪斯國際(控股)的應計比率較低,但其利潤確實得到了不尋常項目的提振。仔細想想,上述因素給我們的強烈印象是,根據法定利潤數字,包豪斯國際(控股)的潛在盈利能力並不像看起來那麼好。考慮到這一點,除非我們徹底瞭解風險,否則我們不會考慮投資股票。當我們進行研究時,我們發現包豪斯國際(控股)的3個警告標誌(%1可能很嚴重!)我們認為這值得你的全力關注。
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。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。
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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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。
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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。
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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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