-
市場
-
產品
-
資訊
-
Moo社區
-
課堂
-
查看更多
-
功能介紹
-
費用費用透明,無最低余額限制
投資選擇、功能介紹、費用相關信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 淺色
Wang On Properties' (HKG:1243) Sluggish Earnings Might Be Just The Beginning Of Its Problems
Wang On Properties' (HKG:1243) Sluggish Earnings Might Be Just The Beginning Of Its Problems
The subdued market reaction suggests that Wang On Properties Limited's (HKG:1243) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.
View our latest analysis for Wang On Properties
SEHK:1243 Earnings and Revenue History July 29th 2022Examining Cashflow Against Wang On Properties' 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. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that 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. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
For the year to March 2022, Wang On Properties had an accrual ratio of 0.38. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of HK$285.1m, a look at free cash flow indicates it actually burnt through HK$3.0b in the last year. We also note that Wang On Properties' free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of HK$3.0b. Having said that, there is more to the story. 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 Wang On Properties.
The Impact Of Unusual Items On Profit
Wang On Properties' profit suffered from unusual items, which reduced profit by HK$45m in the last twelve months. If this was a non-cash charge, it would have made the accrual ratio better, if cashflow had stayed strong, so it's not great to see in combination with an uninspiring accrual ratio. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect Wang On Properties to produce a higher profit next year, all else being equal.
Our Take On Wang On Properties' Profit Performance
Wang On Properties saw unusual items weigh on its profit, which should have made it easier to show high cash conversion, which it did not do, according to its accrual ratio. Based on these factors, we think it's very unlikely that Wang On Properties' statutory profits make it seem much weaker than it is. So while earnings quality is important, it's equally important to consider the risks facing Wang On Properties at this point in time. For instance, we've identified 5 warning signs for Wang On Properties (3 are a bit concerning) you should be familiar with.
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.
低迷的市場反應表明宏安置業有限公司的(HKG:1243)近期盈利不包含任何意外。然而,我們認為投資者應該意識到一些可能令人擔憂的潛在因素。
查看我們對Wang on Properties的最新分析
聯交所:1243盈利及收入歷史2022年7月29日審查房地產收益與王健林的現金流
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。簡單地説,這個比率是從淨利潤中減去FCF,然後用這個數字除以該公司在此期間的平均運營資產。這一比率向我們展示了一家公司的利潤超過其固定現金流的程度。
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。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。
截至2022年3月止年度,宏安物業的應計比率為0.38。一般來説,這對未來的盈利能力來説是個不好的預兆。換句話説,該公司在那段時間沒有產生一分錢的自由現金流。儘管該公司報告盈利2.851億港元,但看看自由現金流就會發現,該公司去年實際上燒掉了30億港元。我們還注意到,宏安地產去年的自由現金流實際上也是負的,所以我們可以理解股東是否對其30億港元的資金外流感到困擾。話雖如此,故事中還有更多的東西。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。點擊此處查看我們對王安石地產的資產負債表分析。
異常項目對利潤的影響
宏安地產的利潤受到不尋常項目的影響,在過去12個月中利潤減少了4500萬港元。如果這是一項非現金費用,如果現金流保持強勁,它會使應計比率更好,所以與一個沒有激勵作用的應計比率結合在一起並不是很好。看到不尋常的項目讓公司損失利潤從來都不是件好事,但從好的方面來看,情況可能很快就會改善。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。考慮到這些項目被認為是不尋常的,這並不令人驚訝。假設這些不尋常的支出不會再次出現,我們因此預計,在其他條件相同的情況下,王安地產明年將產生更高的利潤。
我們對王健林房地產公司盈利表現的看法
王安地產認為,不尋常的項目對其利潤構成了壓力,根據其應計比率,這本應更容易顯示出高現金轉換率,但它並沒有這樣做。基於這些因素,我們認為宏安地產的法定利潤不太可能讓它看起來比實際情況弱得多。因此,儘管盈利質量很重要,但考慮到王安地產目前面臨的風險也同樣重要。例如,我們已經確定對王安物業的5個警告標誌(3個有點擔心)你應該很熟悉。
在這篇文章中,我們研究了一些因素,這些因素可能會削弱利潤數字作為企業指南的效用。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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用瀏覽器的分享功能,分享給你的好友吧