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Shareholders In Winto Group (Holdings) (HKG:8238) Should Look Beyond Earnings For The Full Story
Shareholders In Winto Group (Holdings) (HKG:8238) Should Look Beyond Earnings For The Full Story
We didn't see Winto Group (Holdings) Limited's (HKG:8238) stock surge when it reported robust earnings recently. We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.
See our latest analysis for Winto Group (Holdings)
SEHK:8238 Earnings and Revenue History August 19th 2022Zooming In On Winto Group (Holdings)'s Earnings
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
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 having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
Winto Group (Holdings) has an accrual ratio of 0.72 for the year to June 2022. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. In the last twelve months it actually had negative free cash flow, with an outflow of HK$271k despite its profit of HK$19.9m, mentioned above. It's worth noting that Winto Group (Holdings) generated positive FCF of HK$7.6m a year ago, so at least they've done it in the past. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings. The good news for shareholders is that Winto Group (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 Winto Group (Holdings).
To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. As it happens, Winto Group (Holdings) issued 20% more new shares over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. Check out Winto Group (Holdings)'s historical EPS growth by clicking on this link.
How Is Dilution Impacting Winto Group (Holdings)'s Earnings Per Share (EPS)?
Three years ago, Winto Group (Holdings) lost money. On the bright side, in the last twelve months it grew profit by 238%. But EPS was less impressive, up only 217% in that time. And so, you can see quite clearly that dilution is influencing shareholder earnings.
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 Winto Group (Holdings) can grow EPS persistently. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit.
Our Take On Winto Group (Holdings)'s Profit Performance
As it turns out, Winto Group (Holdings) couldn't match its profit with cashflow and its dilution means that earnings per share growth is lagging net income growth. For the reasons mentioned above, we think that a perfunctory glance at Winto Group (Holdings)'s statutory profits might make it look better than it really is on an underlying level. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Case in point: We've spotted 5 warning signs for Winto Group (Holdings) you should be mindful of and 3 of them make us uncomfortable.
Our examination of Winto Group (Holdings) has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. 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.
我們沒看見 惠道集團(控股)有限公司 (HKG: 8238) 最近公佈強勁的收益,股價飆升。我們決定更深入地研究,我們認爲投資者可能會擔心我們發現的幾個令人擔憂的因素。
查看我們對惠陶集團(控股)的最新分析
聯交所:8238 收益及收入記錄 2022年8月19日聚焦惠陶集團(控股)的收益
許多投資者還沒有聽說過 現金流應計比率,但它實際上是衡量公司利潤在給定時期內自由現金流(FCF)在多大程度上得到支持的有用指標。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該期間公司的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司將來的利潤往往會降低”。
截至2022年6月的一年中,惠道集團(控股)的應計比率爲0.72。通常,這對未來的盈利能力來說是個壞兆頭。事實上,在此期間,該公司沒有產生任何自由現金流。在過去的十二個月裏,它實際上有 負面的 自由現金流,儘管如上所述,其利潤爲1,990萬港元,但流出量爲27.1萬港元。值得注意的是,Winto Group(控股)一年前創造了760萬港元的正FCF,因此至少他們過去曾這樣做過。對於股東來說,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所佔的份額。對股東來說,好消息是,去年,Winto Group(Holdings)的應計比率要好得多,因此今年的糟糕數據可能只是利潤與FCF之間短期不匹配的情況。如果情況確實如此,股東應該尋求相對於本年度利潤的現金流有所改善。
注意: 我們總是建議投資者查看資產負債表的實力。點擊此處查看我們對惠道集團(控股)的資產負債表分析。
要了解公司收益增長的價值,必須考慮股東權益的任何稀釋。碰巧的是,Winto Group(控股)發行的新股比去年增加了20%。因此,其淨收入現在由更多的股票分配。在不注意每股收益的情況下談論淨收入,會被大數字分散注意力,而忽略與之交談的較小數字 每股 價值。點擊此鏈接,查看惠道集團(控股)每股收益的歷史增長。
稀釋如何影響惠道集團(控股)的每股收益(EPS)?
三年前,Winto Group(控股)虧損。好的一面是,在過去的十二個月中,它的利潤增長了238%。但是每股收益並不那麼令人印象深刻,當時僅增長了217%。因此,你可以很清楚地看到,稀釋正在影響股東的收益。
從長遠來看,股價的變化往往反映了每股收益的變化。因此,如果Winto Group(Holdings)能夠持續增長每股收益,那肯定會對股東產生積極影響。但是,如果其利潤增加,而每股收益保持不變(甚至下降),那麼股東可能看不到太大的好處。對於普通散戶股東來說,每股收益是檢查你在公司利潤中的假設 “份額” 的好衡量標準。
我們對惠道集團(控股)盈利表現的看法
事實證明,Winto Group(Holdings)無法將其利潤與現金流相提並論,其稀釋意味着每股收益的增長落後於淨收入的增長。出於上述原因,我們認爲,敷衍地看一眼Winto Group(Holdings)的法定利潤可能會使其在基礎層面上看起來比實際情況要好。有鑑於此,如果您想對公司進行更多分析,瞭解所涉及的風險至關重要。一個很好的例子:我們發現了 惠陶集團(控股)的5個警告信號 你應該注意,其中 3 個讓我們感到不舒服。
我們對Winto Group(Holdings)的審查側重於某些可能使其收益看起來比現在更好的因素。而且,在此基礎上,我們有些懷疑。但是,還有很多其他方法可以讓你對公司的看法。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “關注資金”,尋找內部人士正在購買的股票。所以你不妨看看這個 免費的 一系列擁有高股本回報率的公司,或者這份內部人士正在買入的股票清單。
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章無意提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。
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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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