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Shareholders Will Be Pleased With The Quality of Yuanda China Holdings' (HKG:2789) Earnings

Shareholders Will Be Pleased With The Quality of Yuanda China Holdings' (HKG:2789) Earnings

股東們將對遠大中國控股 (HKG: 2789) 的收益質量感到滿意
Simply Wall St ·  2023/10/04 18:23

Even though Yuanda China Holdings Limited's (HKG:2789) recent earnings release was robust, the market didn't seem to notice. We think that investors have missed some encouraging factors underlying the profit figures.

即使元大中國控股有限公司(HKG:2789)最近發佈的財報表現強勁,但市場似乎沒有注意到。我們認為,投資者沒有預料到利潤數位背後的一些鼓舞人心的因素。

See our latest analysis for Yuanda China Holdings

參見我們對元大中國控股的最新分析

earnings-and-revenue-history
SEHK:2789 Earnings and Revenue History October 4th 2023
聯交所:2789盈利及收入歷史2023年10月4日

Examining Cashflow Against Yuanda China Holdings' Earnings

從元大中國控股的盈利看現金流

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). 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.

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)。為了得到應計比率,我們首先從一個時期的利潤中減去FCF,然後用這個數位除以該時期的平均運營資產。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。

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. 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.

這意味著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。這並不意味著我們應該擔心應計比率為正,但值得注意的是,在應計比率相當高的地方。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。

For the year to June 2023, Yuanda China Holdings had an accrual ratio of -0.39. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. Indeed, in the last twelve months it reported free cash flow of CN¥456m, well over the CN¥73.8m it reported in profit. Yuanda China Holdings shareholders are no doubt pleased that free cash flow improved over the last twelve months.

截至2023年6月的一年,元大中國控股的應計比率為-0.39。這意味著它有非常好的現金轉換率,而且它去年的收益實際上大大低估了它的自由現金流。事實上,在過去的12個月裡,該公司報告的自由現金流為4.56億加元,遠高於其報告的利潤7380萬加元。元大中國控股的股東無疑對過去12個月自由現金流的改善感到高興。

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

注:我們總是建議投資者檢查資產負債表的實力。點擊此處進入我們對遠大中國控股的資產負債表分析。

Our Take On Yuanda China Holdings' Profit Performance

我們對元大中國控股盈利表現的看法

Happily for shareholders, Yuanda China Holdings produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that Yuanda China Holdings' statutory profit actually understates its earnings potential! And it's also positive that the company showed enough improvement to book a profit this year, after losing money last year. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. For example, we've discovered 2 warning signs that you should run your eye over to get a better picture of Yuanda China Holdings.

令股東高興的是,元大中國控股產生了大量的自由現金流,以支持其法定利潤數位。基於這一觀察,我們認為有可能元大中國控股的法定利潤實際上低估了其盈利潛力!同樣積極的是,該公司在去年虧損後,表現出了足夠的改善,今年實現了盈利。本文的目的是評估我們可以在多大程度上依賴法定收益來反映公司的潛力,但還有很多東西需要考慮。有鑒於此,如果你想對公司做更多的分析,瞭解其中的風險是至關重要的。例如,我們發現2個個警告標誌你應該掃視一下,才能更好地瞭解元大中國控股。

This note has only looked at a single factor that sheds light on the nature of Yuanda China 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.

這份報告只關注了一個因素,它揭示了元大中國控股的利潤性質。但還有很多其他方式可以讓你瞭解一家公司的看法。一些人認為,高股本回報率是高質量企業的良好標誌。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。

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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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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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