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Goldpac Group's (HKG:3315) Shareholders Have More To Worry About Than Only Soft Earnings
Goldpac Group's (HKG:3315) Shareholders Have More To Worry About Than Only Soft Earnings
The subdued market reaction suggests that Goldpac Group Limited's (HKG:3315) recent earnings didn't contain any surprises. We think that investors are worried about some weaknesses underlying the earnings.
Check out our latest analysis for Goldpac Group
SEHK:3315 Earnings and Revenue History April 20th 2022A Closer Look At Goldpac Group's 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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 December 2021, Goldpac Group recorded an accrual ratio of 0.29. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Even though it reported a profit of CN¥138.2m, a look at free cash flow indicates it actually burnt through CN¥86m in the last year. It's worth noting that Goldpac Group generated positive FCF of CN¥117m a year ago, so at least they've done it in the past.
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Goldpac Group.
Our Take On Goldpac Group's Profit Performance
Goldpac Group didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Because of this, we think that it may be that Goldpac Group's statutory profits are better than its underlying earnings power. Sadly, its EPS was down over the last twelve months. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For instance, we've identified 3 warning signs for Goldpac Group (2 are potentially serious) you should be familiar with.
Today we've zoomed in on a single data point to better understand the nature of Goldpac Group's profit. 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. 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.
The subdued market reaction suggests that Goldpac Group Limited's (HKG:3315) recent earnings didn't contain any surprises. We think that investors are worried about some weaknesses underlying the earnings.
柔和的市場反應表明 金邦達寶集團有限公司 (HKG: 3315) 近期盈利並沒有包含任何驚喜。我們認為投資者擔心盈利潛在的一些弱點。
Check out our latest analysis for Goldpac Group
查看我們對金邦達集團的最新分析
A Closer Look At Goldpac Group's Earnings
仔細看金邦達集團的盈利
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
用於衡量公司將利潤轉換為自由現金流(FCF)的一個關鍵財務比率是 應計比率。為了獲得應計比率,我們首先從利潤中減去 FCF 一段時間,然後將該數字除以該期間的平均營業資產。這個比率告訴我們一家公司的利潤有多少不是由自由現金流支持的。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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,而正應計比率則為負值。這並不意味著我們應該擔心積極的應計比率,但值得注意的是,應計比率相當高。這是因為一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長減少。
Over the twelve months to December 2021, Goldpac Group recorded an accrual ratio of 0.29. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, raising questions about how useful that profit figure really is. Even though it reported a profit of CN¥138.2m, a look at free cash flow indicates it actually burnt through CN¥86m in the last year. It's worth noting that Goldpac Group generated positive FCF of CN¥117m a year ago, so at least they've done it in the past.
截至 2021 年 12 月的十二個月內,金邦達寶集團錄得 0.29 的累積比率。因此,我們知道它的自由現金流遠低於其法定利潤,引發了有關該利潤數字真正有用的問題。儘管它報告的利潤為人民幣 138.2 億元,但看看自由現金流表明它在去年實際上通過 86 億人民幣被燒毀。值得注意的是,金邦達寶集團一年前產生了 115 億 CNN 元的正面 FCF,因此至少他們過去已經做到了這一點。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Goldpac Group.
注意: 我們始終建議投資者檢查資產負債表強度。點擊這裡被帶到我們對金邦達寶集團的資產負債表分析。
Our Take On Goldpac Group's Profit Performance
我們對金邦達集團利潤表現的看法
Goldpac Group didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Because of this, we think that it may be that Goldpac Group's statutory profits are better than its underlying earnings power. Sadly, its EPS was down over the last twelve months. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. For instance, we've identified 3 warning signs for Goldpac Group (2 are potentially serious) you should be familiar with.
Goldpac 集團在去年並沒有將其大部分利潤轉換為自由現金流,有些投資者可能認為這是不理想的。因此,我們認為 Goldpac 集團的法定利潤可能優於其基礎盈利能力。可悲的是,在過去的十二個月裡,它的每股收益下降了。本文的目標是評估我們可以如何依靠法定收益來反映公司的潛力,但還有很多要考慮的事情。考慮到這一點,除非我們對風險有徹底的了解,否則我們不會考慮投資股票。例如,我們為 Goldpac 集團確定了 3 個警告標誌(2 個潛在嚴重)您應該熟悉。
Today we've zoomed in on a single data point to better understand the nature of Goldpac Group's profit. 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. 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.
今天,我們放大了一個數據點,以更好地了解 Goldpac 集團的利潤性質。但總是有更多的發現,如果你有能力把你的思想集中在分鐘.例如,許多人認為股權回報率高,作為有利的商業經濟學的指示,而其他人則喜歡「跟隨錢」並搜索內部人士正在購買的股票。所以大家不妨看看這個 自由 集合擁有高股權回報率的公司, 或這個名單的股票,內部人士正在購買.
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?關注內容? 取得聯繫 直接與我們聯繫。 或者,通過電子郵件發送電子郵件給編輯團隊。
這篇文章由簡單牆聖是一般性質. 我們僅使用公正的方法,根據歷史數據和分析師預測提供評論,我們的文章並不打算作為財務建議。 它並不構成購買或出售任何股票的建議,也不會考慮您的目標或您的財務狀況。我們的目標是為您帶來由基本數據驅動的長期集中分析。請注意,我們的分析可能不會考慮最新的價格敏感公司公告或定性材料。簡易華街在提及的任何股票中都沒有倉位。
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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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