share_log

Shareholders Will Be Pleased With The Quality of Avi-Tech Holdings' (SGX:1R6) Earnings

Shareholders Will Be Pleased With The Quality of Avi-Tech Holdings' (SGX:1R6) Earnings

股東們將對Avi-Tech Holdings(新加坡證券交易所股票代碼:1R6)的收益質量感到滿意
Simply Wall St ·  02/15 17:10

Avi-Tech Holdings Limited (SGX:1R6) just reported healthy earnings but the stock price didn't move much. Our analysis suggests that investors might be missing some promising details.

Avi-Tech Holdings Limited(新加坡證券交易所股票代碼:1R6)剛剛公佈了可觀的收益,但股價並沒有太大波動。我們的分析表明,投資者可能遺漏了一些令人鼓舞的細節。

earnings-and-revenue-history
SGX:1R6 Earnings and Revenue History February 15th 2024
新加坡證券交易所:1R6 收益和收入歷史記錄 2024 年 2 月 15 日

Examining Cashflow Against Avi-Tech Holdings' Earnings

根據Avi-Tech Holdings的收益研究現金流

As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. 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. The ratio shows us how much a company's profit exceeds its FCF.

正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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.

因此,負的應計比率對公司來說是正數,而正的應計比率是負數。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。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。

Avi-Tech Holdings has an accrual ratio of -0.20 for the year to December 2023. That indicates that its free cash flow quite significantly exceeded its statutory profit. In fact, it had free cash flow of S$7.6m in the last year, which was a lot more than its statutory profit of S$4.08m. Avi-Tech Holdings shareholders are no doubt pleased that free cash flow improved over the last twelve months.

截至2023年12月的一年中,Avi-Tech Holdings的應計比率爲-0.20。這表明其自由現金流大大超過了其法定利潤。實際上,它去年的自由現金流爲760萬新元,遠遠超過其408萬新元的法定利潤。毫無疑問,Avi-Tech Holdings的股東對自由現金流在過去十二個月中有所改善感到高興。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Avi-Tech Holdings.

注意:我們始終建議投資者檢查資產負債表的實力。點擊此處查看我們對Avi-Tech Holdings的資產負債表分析。

Our Take On Avi-Tech Holdings' Profit Performance

我們對Avi-Tech Holdings盈利表現的看法

As we discussed above, Avi-Tech Holdings' accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Based on this observation, we consider it possible that Avi-Tech Holdings' statutory profit actually understates its earnings potential! And on top of that, its earnings per share increased by 27% in the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. So while earnings quality is important, it's equally important to consider the risks facing Avi-Tech Holdings at this point in time. To help with this, we've discovered 3 warning signs (1 is concerning!) that you ought to be aware of before buying any shares in Avi-Tech Holdings.

正如我們上面討論的那樣,Avi-Tech Holdings的應計比率表明利潤向自由現金流的強勁轉換,這對公司來說是一個積極的利潤。基於這一觀察,我們認爲Avi-Tech Holdings的法定利潤實際上可能低估了其盈利潛力!最重要的是,其每股收益在去年增長了27%。當然,我們只是在分析其收益時才浮出水面;人們還可以考慮利潤率、預測增長和投資回報率等因素。因此,儘管收益質量很重要,但考慮Avi-Tech Holdings目前面臨的風險同樣重要。爲了幫助解決這個問題,我們發現了 3 個警告信號(1 個令人擔憂!)在購買Avi-Tech Holdings的任何股票之前,您應該注意這一點。

This note has only looked at a single factor that sheds light on the nature of Avi-Tech Holdings' profit. But there are plenty of other ways to inform your opinion of a company. 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.

本報告僅研究了揭示Avi-Tech Holdings利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單很有用。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 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籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
    搶先評論