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Strong Petrochemical Holdings' (HKG:852) Solid Earnings Have Been Accounted For Conservatively
Strong Petrochemical Holdings' (HKG:852) Solid Earnings Have Been Accounted For Conservatively
Strong Petrochemical Holdings Limited's (HKG:852) solid earnings announcement recently didn't do much to the stock price. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.
View our latest analysis for Strong Petrochemical Holdings
SEHK:852 Earnings and Revenue History September 2nd 2022Zooming In On Strong Petrochemical 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'.
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
For the year to June 2022, Strong Petrochemical Holdings had an accrual ratio of -0.20. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of HK$283m in the last year, which was a lot more than its statutory profit of HK$25.3m. Strong Petrochemical Holdings shareholders are no doubt pleased that free cash flow improved 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.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Strong Petrochemical Holdings.
How Do Unusual Items Influence Profit?
While the accrual ratio might bode well, we also note that Strong Petrochemical Holdings' profit was boosted by unusual items worth HK$9.7m 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 that's as you'd expect, given these boosts are described as 'unusual'. If Strong Petrochemical Holdings doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
Our Take On Strong Petrochemical Holdings' Profit Performance
In conclusion, Strong Petrochemical Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, we think that Strong Petrochemical Holdings' profits are a reasonably conservative guide to its underlying profitability. So while earnings quality is important, it's equally important to consider the risks facing Strong Petrochemical Holdings at this point in time. Every company has risks, and we've spotted 3 warning signs for Strong Petrochemical Holdings (of which 1 is significant!) you should know about.
Our examination of Strong Petrochemical Holdings has focussed on certain factors that can make its earnings look better than they are. 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.
斯特朗石化控股有限公司(HKG:852)最近公佈的穩健業績並沒有對股價起到多大作用。我們的分析表明,股東可能在收益報告中遺漏了一些積極的潛在因素。
查看我們對Strong PetroChemical Holdings的最新分析
聯交所:852盈利及收入歷史2022年9月2日放大石化控股公司強勁的收益
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’。
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。雖然應計比率高於零並不令人擔憂,但我們確實認為,當一家公司的應計比率相對較高時,這一點值得注意。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。
在截至2022年6月的一年中,Strong PetroChemical Holdings的應計比率為-0.20。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2.83億港元,遠高於其2530萬港元的法定利潤。強大的石化控股公司股東無疑對自由現金流在過去12個月中的改善感到高興。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。
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Strong PetroChemical Holdings的資產負債表分析。
不尋常的項目如何影響利潤?
雖然應計比率可能是個好兆頭,但我們也注意到,強勁的石化控股公司的利潤在過去12個月受到價值970萬港元的不尋常項目的提振。雖然我們喜歡看到利潤增加,但當不尋常的項目做出了很大貢獻時,我們往往會更加謹慎。當我們分析了數千家上市公司的數據時,我們發現,在給定的一年中,不尋常的項目往往會帶來提振不第二年又重複了一遍。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。如果強大的石化控股公司沒有看到這種貢獻再次出現,那麼在其他條件相同的情況下,我們預計其利潤在本年度將下降。
我們對強勁的石化控股公司利潤表現的看法
總而言之,石化控股強勁的應計比率表明其法定收益質量良好,但另一方面利潤受到不尋常項目的提振。基於這些因素,我們認為,強勁的石化控股公司的利潤是其潛在盈利能力的一個相當保守的指南。因此,儘管盈利質量很重要,但考慮到強大的石化控股公司目前面臨的風險也同樣重要。每家公司都有風險,我們已經發現石化控股強勢的3個警告信號(其中1個是重要的!)你應該知道。
我們對強大的石化控股公司的審查集中在某些因素上,這些因素可以使其收益看起來比實際情況更好。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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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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