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Rex International Holding (SGX:5WH) Is Posting Promising Earnings But The Good News Doesn't Stop There
Rex International Holding (SGX:5WH) Is Posting Promising Earnings But The Good News Doesn't Stop There
Rex International Holding Limited's (SGX:5WH) solid earnings announcement recently didn't do much to the stock price. We did some analysis to find out why and believe that investors might be missing some encouraging factors contained in the earnings.
Check out our latest analysis for Rex International Holding
SGX:5WH Earnings and Revenue History August 19th 2022Examining Cashflow Against Rex International Holding'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). 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.
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
Over the twelve months to June 2022, Rex International Holding recorded an accrual ratio of -0.28. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of US$88m, well over the US$48.1m it reported in profit. Rex International Holding's free cash flow improved over the last year, which is generally good to see. 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.
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
How Do Unusual Items Influence Profit?
Surprisingly, given Rex International Holding's accrual ratio implied strong cash conversion, its paper profit was actually boosted by US$15m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. Rex International Holding had a rather significant contribution from unusual items relative to its profit to June 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 Rex International Holding's Profit Performance
Rex International Holding's profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Considering the aforementioned, we think that Rex International Holding's profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. If you'd like to know more about Rex International Holding as a business, it's important to be aware of any risks it's facing. In terms of investment risks, we've identified 2 warning signs with Rex International Holding, and understanding these bad boys should be part of your investment process.
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.
雷克斯國際控股有限公司(SGX:5WH)最近公佈的穩健業績並沒有對股價起到太大作用。我們做了一些分析,以找出原因,並認為投資者可能錯過了收益中包含的一些鼓舞人心的因素。
查看我們對雷克斯國際控股公司的最新分析
新交所:5WH收益和收入歷史2022年8月19日考察現金流與雷克斯國際控股公司收益的關係
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)。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。
這意味着負的應計比率是一件好事,因為它表明該公司帶來的自由現金流比其利潤所暗示的要多。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。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。
在截至2022年6月的12個月中,雷克斯國際控股的應計比率為-0.28。這表明它的自由現金流大大超過了它的法定利潤。事實上,在過去12個月中,該公司報告的自由現金流為8800萬美元,遠高於其報告的4810萬美元的利潤。Rex International Holding的自由現金流在過去一年有所改善,這總體上是好的。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。
這可能會讓你想知道,分析師對未來盈利能力的預測是什麼。幸運的是,您可以單擊此處查看基於他們估計的未來盈利能力的互動圖表。
不尋常的項目如何影響利潤?
令人驚訝的是,鑑於Rex International Holding的應計比率意味着強勁的現金轉換,其賬面利潤實際上得到了1500萬美元不尋常項目的提振。雖然有更高的利潤總是好事,但不尋常的東西帶來的巨大貢獻有時會挫傷我們的熱情。當我們分析全球絕大多數上市公司時,我們發現重大的不尋常項目往往不會重複。考慮到這些提振被描述為“不尋常的”,這正如你所預期的那樣。與截至2022年6月的利潤相比,雷克斯國際控股公司的異常項目做出了相當大的貢獻。因此,我們可以推測,這些不尋常的項目使其法定利潤比其他情況下要強勁得多。
我們對雷克斯國際控股公司利潤表現的看法
Rex International Holding的利潤從不尋常的項目中獲得提振,這表明它們可能無法持續,但其應計比率仍顯示出穩健的現金轉換,這是有希望的。考慮到上述情況,我們認為Rex International Holding的利潤可能合理地反映了其潛在的盈利能力;儘管如果我們看到一組更乾淨的業績,我們會對這一結論充滿信心。如果你想更多地瞭解雷克斯國際控股作為一項業務,意識到它面臨的任何風險是很重要的。在投資風險方面,我們已經確定了兩個警告信號與雷克斯國際控股公司合作,瞭解這些壞孩子應該是你投資過程的一部分。
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。
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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。
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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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