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There May Be Reason For Hope In Yau Lee Holdings' (HKG:406) Disappointing Earnings
There May Be Reason For Hope In Yau Lee Holdings' (HKG:406) Disappointing Earnings
Soft earnings didn't appear to concern Yau Lee Holdings Limited's (HKG:406) shareholders over the last week. We think that the softer headline numbers might be getting counterbalanced by some positive underlying factors.
View our latest analysis for Yau Lee Holdings
SEHK:406 Earnings and Revenue History July 28th 2022Zooming In On Yau Lee Holdings' 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. 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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Yau Lee Holdings has an accrual ratio of -0.32 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$750m in the last year, which was a lot more than its statutory profit of HK$68.2m. Yau Lee Holdings' free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Yau Lee Holdings.
The Impact Of Unusual Items On Profit
Yau Lee Holdings' profit was reduced by unusual items worth HK$41m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Yau Lee Holdings doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
Our Take On Yau Lee Holdings' Profit Performance
Considering both Yau Lee Holdings' accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. After considering all this, we reckon Yau Lee Holdings' statutory profit probably understates its earnings potential! If you'd like to know more about Yau Lee Holdings as a business, it's important to be aware of any risks it's facing. For example, we've discovered 4 warning signs that you should run your eye over to get a better picture of Yau Lee Holdings.
Our examination of Yau Lee Holdings has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. 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.
疲軟的收益似乎並不令人擔憂友利集團有限公司(HKG:406)過去一週的股東人數。我們認為,疲軟的整體數據可能正在被一些積極的潛在因素所抵消。
查看我們對友利控股的最新分析
聯交所:406盈利及收入歷史2022年7月28日放大友利控股的收益
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。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。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”。
友利控股截至2022年3月的年度應計比率為-0.32。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7.5億港元,遠高於其6820萬港元的法定利潤。友利控股的自由現金流在過去一年有所改善,總體上是好的。然而,這並不是需要考慮的全部問題。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
注:我們總是建議投資者檢查資產負債表的實力。點擊此處進入我們對友利控股的資產負債表分析。
異常項目對利潤的影響
友利控股的利潤在過去12個月中因價值4100萬港元的不尋常項目而減少,這幫助其產生了較高的現金轉換率,其不尋常項目反映了這一點。這就是你會看到的,一家公司的非現金費用減少了賬面利潤。雖然最初由於不尋常的項目而扣除的金額令人失望,但也有一線希望。我們查看了數千家上市公司,發現不尋常的項目往往是一次性的。畢竟,這正是會計術語所暗示的。如果友利控股沒有看到這些不尋常的支出重演,那麼在其他條件相同的情況下,我們預計來年該公司的利潤將會增加。
我們對友利控股盈利表現的看法
考慮到友利控股的應計比率及其不尋常的項目,我們認為其法定收益不太可能誇大公司的潛在收益能力。考慮到這一切,我們認為友利控股的法定利潤可能低估了其盈利潛力!如果你想更多地瞭解友利控股作為一家企業,意識到它面臨的任何風險是很重要的。例如,我們發現4個警示標誌你應該掃視一下,才能更好地瞭解友利控股。
我們對友利控股的審查集中在某些因素上,這些因素可能會使其收益看起來比實際情況更好。而且它已經以優異的成績通過了。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。
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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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