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Guangdong Land Holdings (HKG:124) Is Posting Solid Earnings, But It Is Not All Good News
Guangdong Land Holdings (HKG:124) Is Posting Solid Earnings, But It Is Not All Good News
Shareholders didn't seem to be thrilled with Guangdong Land Holdings Limited's (HKG:124) recent earnings report, despite healthy profit numbers. We think that they might be concerned about some underlying details that our analysis found.
See our latest analysis for Guangdong Land Holdings
SEHK:124 Earnings and Revenue History September 29th 2022A Closer Look At Guangdong Land Holdings' 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). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
Over the twelve months to June 2022, Guangdong Land Holdings recorded an accrual ratio of 0.55. 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. Over the last year it actually had negative free cash flow of HK$13b, in contrast to the aforementioned profit of HK$1.31b. We also note that Guangdong Land Holdings' free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of HK$13b. However, that's not all there is to consider. 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 Guangdong Land Holdings.
How Do Unusual Items Influence Profit?
The fact that the company had unusual items boosting profit by HK$676m, in the last year, probably goes some way to explain why its accrual ratio was so weak. 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'. Guangdong Land Holdings had a rather significant contribution from unusual items relative to its profit to June 2022. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.
Our Take On Guangdong Land Holdings' Profit Performance
Summing up, Guangdong Land Holdings received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. For the reasons mentioned above, we think that a perfunctory glance at Guangdong Land Holdings' statutory profits might make it look better than it really is on an underlying level. So while earnings quality is important, it's equally important to consider the risks facing Guangdong Land Holdings at this point in time. For example, Guangdong Land Holdings has 3 warning signs (and 2 which don't sit too well with us) we think you should know about.
In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.
股東們似乎對此並不滿意廣東置地控股有限公司(HKG:124)儘管利潤數字健康,但最近的收益報告。我們認為,他們可能對我們分析發現的一些潛在細節感到擔憂。
查看我們對廣東置地的最新分析
聯交所:124盈利及收入歷史2022年9月29日仔細看看廣東置地控股的收益
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)。應計制比率從給定期間的利潤中減去FCF,然後將結果除以該時間段內公司的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少不是由自由現金流支持的。
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。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。
截至2022年6月的12個月內,廣東置地的應計比率為0.55。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。在過去的一年裏,它實際上負面自由現金流為130億港元,與上述盈利13.1億港元形成對比。我們還注意到,廣東置地去年的自由現金流實際上也是負的,因此我們可以理解股東是否因其130億港元的資金外流而感到困擾。然而,這並不是需要考慮的全部問題。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廣東置地的資產負債表分析。
不尋常的項目如何影響利潤?
該公司去年有一些不同尋常的項目將利潤提高了6.76億港元,這一事實很可能在一定程度上解釋了其應計比率如此之低的原因。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,廣東置地控股的異常項目做出了相當大的貢獻。在其他條件不變的情況下,這可能會使法定利潤成為衡量潛在盈利能力的糟糕指標。
我們對廣東置地控股盈利表現的看法
綜上所述,廣東置地控股從異常項目中獲利獲得了不錯的提振,但其賬面利潤與自由現金流無法匹配。基於上述原因,我們認為,敷衍地看一眼廣東置地的法定利潤,可能會讓它在潛在層面上看起來比實際情況更好。因此,儘管盈利質量很重要,但考慮到廣東置地目前面臨的風險也同樣重要。例如,廣東置地控股有限公司擁有3個警示標誌(2)我們認為你應該知道這一點。
在這篇文章中,我們研究了一些可能削弱利潤數字效用的因素,我們對此持謹慎態度。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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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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