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There May Be Reason For Hope In ABR Holdings' (SGX:533) Disappointing Earnings

There May Be Reason For Hope In ABR Holdings' (SGX:533) Disappointing Earnings

ABR Holdings (SGX: 533) 令人失望的收益可能有理由抱有希望
Simply Wall St ·  2022/04/20 06:47

A lackluster earnings announcement from ABR Holdings Limited (SGX:533) last week didn't sink the stock price. However, we believe that investors should be aware of some underlying factors which may be of concern.

一份乏善可陳的財報公告 ABR 控股有限公司 (SGX: 533) 上週股價沒有下跌。但是,我們認爲,投資者應該意識到一些可能令人擔憂的潛在因素。

View our latest analysis for ABR Holdings

查看我們對 ABR Holdings 的最新分析

SGX:533 Earnings and Revenue History April 19th 2022
SGX: 533 2022年4月19日收益和收入記錄

Examining Cashflow Against ABR Holdings' Earnings

將現金流與ABR Holdings的收益進行比較

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. 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換爲自由現金流(FCF)效果的一個關鍵財務比率是 應計比率。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。你可以將現金流的應計比率視爲 “非FCF利潤率”。

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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".

這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然正應計比率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,因爲它表明紙面利潤與現金流不匹配。引用Lewellen和Resutek在2014年發表的一篇論文,“應計額較高的公司將來的利潤往往會降低”。

Over the twelve months to December 2021, ABR Holdings recorded an accrual ratio of -0.23. 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 S$16m, well over the S$2.49m it reported in profit. ABR Holdings' free cash flow actually declined over the last year, which is disappointing, like non-biodegradable balloons. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.

在截至2021年12月的十二個月中,ABR Holdings的應計比率爲-0.23。這意味着它的現金轉換率非常好,而且其去年的收益實際上大大低估了其自由現金流。事實上,在過去的十二個月中,該公司公佈的自由現金流爲1600萬新元,遠高於其公佈的249萬新元的利潤。去年,ABR Holdings的自由現金流實際上有所下降,這令人失望,就像不可生物降解的氣球一樣。話雖如此,故事還有更多。應計比率反映了不尋常項目對法定利潤的影響,至少部分是如此。

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

注意: 我們總是建議投資者查看資產負債表的實力。點擊此處查看我們對ABR Holdings的資產負債表分析。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Surprisingly, given ABR Holdings' accrual ratio implied strong cash conversion, its paper profit was actually boosted by S$10m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. ABR Holdings had a rather significant contribution from unusual items relative to its profit to December 2021. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

令人驚訝的是,鑑於ABR Holdings的應計比率意味着強勁的現金轉換,其票面利潤實際上是由1000萬新元的不尋常物品提振的。雖然獲得更高的利潤總是件好事,但來自不尋常物品的大量貢獻有時會抑制我們的熱情。當我們計算數千家上市公司的數字時,我們發現,在給定年份中,不尋常的項目通常會帶來提振 第二年重複。這正如你所預料的那樣,因爲這些提升被描述爲 “不尋常”。與截至2021年12月的利潤相比,ABR Holdings從不尋常的項目中獲得了相當可觀的貢獻。在其他條件相同的情況下,這可能會使法定利潤成爲衡量基礎收益能力的糟糕指南。

Our Take On ABR Holdings' Profit Performance

我們對ABR Holdings盈利表現的看法

In conclusion, ABR Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, it's hard to tell if ABR Holdings' profits are a reasonable reflection of its underlying profitability. If you want to do dive deeper into ABR Holdings, you'd also look into what risks it is currently facing. Our analysis shows 4 warning signs for ABR Holdings (1 makes us a bit uncomfortable!) and we strongly recommend you look at these before investing.

總之,ABR Holdings的應計比率表明其法定收益質量良好,但另一方面,不尋常的項目提振了利潤。基於這些因素,很難判斷ABR Holdings的利潤是否合理地反映了其潛在盈利能力。如果你想更深入地瞭解ABR Holdings,你還需要研究一下它目前面臨的風險。我們的分析顯示 ABR Holdings 有 4 個警告信號(1 個讓我們有點不舒服!)我們強烈建議您在投資前先看一下這些。

Our examination of ABR Holdings has focussed on certain factors that can make its earnings look better than they are. 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.

我們對ABR Holdings的審查側重於某些可能使其收益看起來比現在更好的因素。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,高股本回報率是高質量業務的好兆頭。雖然可能需要代表你進行一些研究,但你可能會發現這個 免費的 一系列擁有高股本回報率的公司,或者這份內部人士爲了有用而買入的股票清單。

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?擔心內容嗎? 取得聯繫 直接和我們在一起。 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,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之,華爾街在上述任何股票中都沒有頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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