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We Think Linklogis' (HKG:9959) Robust Earnings Are Conservative
We Think Linklogis' (HKG:9959) Robust Earnings Are Conservative
Even though Linklogis Inc.'s (HKG:9959) recent earnings release was robust, the market didn't seem to notice. Our analysis suggests that investors might be missing some promising details.
Check out our latest analysis for Linklogis
SEHK:9959 Earnings and Revenue History September 29th 2022A Closer Look At Linklogis' 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. 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 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.
Linklogis has an accrual ratio of -0.18 for the year to June 2022. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of CN¥844m, well over the CN¥84.6m it reported in profit. Notably, Linklogis had negative free cash flow last year, so the CN¥844m it produced this year was a welcome improvement. 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?
Linklogis' profit was reduced by unusual items worth CN¥49m 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. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. If Linklogis 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 Linklogis' Profit Performance
In conclusion, both Linklogis' accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon Linklogis' statutory profit probably understates its earnings potential! If you'd like to know more about Linklogis as a business, it's important to be aware of any risks it's facing. You'd be interested to know, that we found 1 warning sign for Linklogis and you'll want to know about this.
Our examination of Linklogis 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. Some people consider a high return on equity to be a good sign of a quality business. 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.
即使 Linklogis Inc. 's (HKG: 9959) 最近發佈的財報表現強勁,市場似乎沒有注意到。我們的分析表明,投資者可能遺漏了一些有希望的細節。
看看我們對 Linklogis 的最新分析
香港交易所:9959 2022 年 9 月 29 日收益和收入記錄仔細看看 Linklogis 的收益
在高級財務中,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是 應計比率 (來自現金流)。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超出了其利潤所暗示的範圍。儘管應計比率爲正(表明非現金利潤達到一定水平)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙質利潤與現金流不匹配。值得注意的是,有一些學術證據表明,總的來說,高應計比率對短期利潤來說是個壞兆頭。
截至2022年6月的一年中,Linklogis的應計比率爲-0.18。因此,其法定收入大大低於其自由現金流。事實上,在過去的十二個月中,該公司報告的自由現金流爲8.44億元人民幣,遠遠超過其公佈的8,460萬元人民幣的利潤。值得注意的是,Linklogis去年的自由現金流爲負,因此其今年的8.44億元人民幣是一個可喜的改善。話雖如此,故事還有更多。應計比率至少部分反映了不尋常項目對法定利潤的影響。
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
不尋常的物品如何影響利潤?
在過去的十二個月中,Linklogis的利潤因價值4,900萬元人民幣的不尋常物品而減少,這有助於其實現很高的現金轉換率,其不尋常的物品就反映了這一點。這是你所期望看到的公司的非現金費用減少了紙質利潤。看到不尋常的物品使公司利潤蒙受損失從來都不是一件好事,但從好的方面來看,情況可能遲早會好轉。當我們分析全球絕大多數上市公司時,我們發現重要的不尋常項目通常不會重複。鑑於這些單列項目被認爲不尋常,這並不奇怪。如果Linklogis不認爲這些不尋常的支出重演,那麼在其他條件相同的情況下,我們預計其利潤將在來年增加。
我們對Linklogis利潤表現的看法
總之,Linklogis的應計比率及其不尋常的項目都表明其法定收益可能相當保守。在考慮了所有這些之後,我們認爲Linklogis的法定利潤可能低估了其盈利潛力!如果您想進一步瞭解Linklogis作爲一家企業,請務必瞭解其面臨的任何風險。你很想知道,我們發現了 Linklogis 有 1 個警告信號 你會想知道這個。
我們對Linklogis的研究側重於某些可能使其收益看起來好於實際的因素。而且它已經以優異的成績過去了。但是,如果你有能力將注意力集中在細節上,總會有更多值得探索的地方。有些人認爲高股本回報率是業務質量的好兆頭。雖然可能需要代表你做一些研究,但你可能會發現這一點 免費的 一系列擁有高股本回報率的公司,或者這份內部人士爲了有用而買入的股票清單。
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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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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