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We Think That There Are Some Issues For Azeus Systems Holdings (SGX:BBW) Beyond Its Promising Earnings

We Think That There Are Some Issues For Azeus Systems Holdings (SGX:BBW) Beyond Its Promising Earnings

我們認爲,除了可觀的收益外,Azeus Systems Holdings(新加坡證券交易所股票代碼:BBW)還存在一些問題
Simply Wall St ·  2023/11/22 06:02

Azeus Systems Holdings Ltd.'s (SGX:BBW) healthy profit numbers didn't contain any surprises for investors. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

Azeus Systems 控股有限公司's(新加坡證券交易所股票代碼:BBW)健康的利潤數字並沒有給投資者帶來任何意外。但是,法定利潤數字並不能說明全部情況,我們發現了一些可能引起股東關注的因素。

Check out our latest analysis for Azeus Systems Holdings

查看我們對 Azeus Systems Holdings 的最新分析

earnings-and-revenue-history
SGX:BBW Earnings and Revenue History November 21st 2023
新加坡交易所:BBW 收益和收入記錄 2023 年 11 月 21 日

A Closer Look At Azeus Systems Holdings' Earnings

仔細看看Azeus Systems Holdings的收益

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. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.

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。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。

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

因此,負應計比率對公司來說是正數,而正應計比率是負數。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”。

Azeus Systems Holdings has an accrual ratio of 0.31 for the year to September 2023. We can therefore deduce that its free cash flow fell well short of covering its statutory profit, suggesting we might want to think twice before putting a lot of weight on the latter. To wit, it produced free cash flow of HK$48m during the period, falling well short of its reported profit of HK$57.6m. We note, however, that Azeus Systems Holdings grew its free cash flow over the last year.

截至2023年9月的一年中,Azeus Systems Holdings的應計比率爲0.31。因此,我們可以推斷出其自由現金流遠不足以彌補其法定利潤,這表明在對後者進行大量關注之前,我們可能需要三思而後行。換句話說,該公司在此期間創造了4.8億港元的自由現金流,遠低於其報告的5,760萬港元的利潤。但是,我們注意到,Azeus Systems Holdings的自由現金流在過去一年中有所增長。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Azeus Systems 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Azeus Systems Holdings的資產負債表分析。

Our Take On Azeus Systems Holdings' Profit Performance

我們對Azeus Systems Holdings盈利表現的看法

Azeus Systems Holdings didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Therefore, it seems possible to us that Azeus Systems Holdings' true underlying earnings power is actually less than its statutory profit. But the good news is that its EPS growth over the last three years has been very impressive. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. 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. Case in point: We've spotted 2 warning signs for Azeus Systems Holdings you should be aware of.

去年,Azeus Systems Holdings並未將其大部分利潤轉換爲自由現金流,一些投資者可能認爲這相當不理想。因此,在我們看來,Azeus Systems Holdings的真正潛在盈利能力實際上可能低於其法定利潤。但好消息是,在過去三年中,其每股收益增長令人印象深刻。歸根結底,如果你想正確地了解公司,那麼除了上述因素外,還必須考慮更多因素。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。一個很好的例子:我們已經爲Azeus Systems Holdings發現了兩個警告信號,你應該注意。

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

本說明僅研究了揭示Azeus Systems Holdings利潤性質的單一因素。但是,還有很多其他方法可以告知你對公司的看法。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。因此,你可能希望看到這批擁有高股本回報率的免費公司,或者這份內部人士正在購買的股票清單。

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?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。

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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