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We Think DFI Retail Group Holdings' (SGX:D01) Solid Earnings Are Understated

We Think DFI Retail Group Holdings' (SGX:D01) Solid Earnings Are Understated

我們認爲友通零售集團控股公司(新加坡證券交易所股票代碼:D01)的穩健收益被低估了
Simply Wall St ·  03/14 18:21

Investors signalled that they were pleased with DFI Retail Group Holdings Limited's (SGX:D01) most recent earnings report. This reaction by the market reaction is understandable when looking at headline profits and we have found some further encouraging factors.

投資者表示,他們對友通零售集團控股有限公司(新加坡證券交易所股票代碼:D01)的最新收益報告感到滿意。從總體利潤來看,市場反應的這種反應是可以理解的,我們發現了一些進一步的令人鼓舞的因素。

earnings-and-revenue-history
SGX:D01 Earnings and Revenue History March 14th 2024
新加坡證券交易所:D01 收益和收入歷史記錄 2024 年 3 月 14 日

Examining Cashflow Against DFI Retail Group Holdings' Earnings

根據友通零售集團控股公司的收益研究現金流

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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'.

用於衡量公司將其利潤轉化爲自由現金流(FCF)的效果的一個關鍵財務比率是應計比率。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以公司在此期間的平均運營資產。你可以將現金流的應計比率視爲 “非FCF利潤率”。

Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。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。

Over the twelve months to December 2023, DFI Retail Group Holdings recorded an accrual ratio of -0.48. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of US$847m, well over the US$32.2m it reported in profit. DFI Retail Group Holdings shareholders are no doubt pleased that free cash flow improved over the last twelve months. 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.

在截至2023年12月的十二個月中,友通零售集團控股的應計比率爲-0.48。這表明其自由現金流大大超過了其法定利潤。事實上,在過去的十二個月中,它報告的自由現金流爲8.47億美元,遠遠超過其公佈的3,220萬美元的利潤。毫無疑問,友通零售集團控股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。但是,這還不是要考慮的全部。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。

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.

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。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

DFI Retail Group Holdings' profit was reduced by unusual items worth US$51m 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, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect DFI Retail Group Holdings to produce a higher profit next year, all else being equal.

在過去的十二個月中,DFI Retail Group Holdings的利潤因價值5100萬美元的不尋常物品而減少,這幫助其產生了很高的現金轉化率,其不尋常的項目就反映了這一點。這就是你所期望看到的公司的非現金費用會減少紙面利潤的情況。看到不尋常的項目使公司利潤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,我們發現重大不尋常的事項往往不會重演。而且,畢竟,這正是會計術語的含義。假設這些不尋常的支出不會再次出現,因此,我們預計友通零售集團控股公司在其他條件相同的情況下,明年將實現更高的利潤。

Our Take On DFI Retail Group Holdings' Profit Performance

我們對友通零售集團控股公司盈利表現的看法

In conclusion, both DFI Retail Group Holdings' accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon DFI Retail Group Holdings' statutory profit probably understates its earnings potential! If you want to do dive deeper into DFI Retail Group Holdings, you'd also look into what risks it is currently facing. When we did our research, we found 3 warning signs for DFI Retail Group Holdings (1 is a bit unpleasant!) that we believe deserve your full attention.

總之,DFI Retail Group Holdings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,我們認爲友通零售集團控股的法定利潤可能低估了其盈利潛力!如果你想更深入地了解友通零售集團控股公司,你還需要研究它目前面臨的風險。當我們進行研究時,我們發現了 DFI 零售集團控股公司的 3 個警告信號(1 個有點不愉快!)我們認爲值得你全神貫注。

After our examination into the nature of DFI Retail Group Holdings' profit, we've come away optimistic for the company. 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.

在我們研究了友通零售集團控股的利潤性質之後,我們對該公司持樂觀態度。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。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。

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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.

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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。

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