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Soho Holly's (SHSE:600128) Sluggish Earnings Might Be Just The Beginning Of Its Problems

Soho Holly's (SHSE:600128) Sluggish Earnings Might Be Just The Beginning Of Its Problems

Soho Holly(SHSE: 600128)的低迷收益可能僅僅是問題的開始
Simply Wall St ·  04/30 11:18

Soho Holly Corporation's (SHSE:600128) recent weak earnings report didn't cause a big stock movement. We think that investors are worried about some weaknesses underlying the earnings.

Soho Holly Corporation(上海證券交易所股票代碼:600128)最近疲軟的收益報告並未導致股市大幅波動。我們認爲,投資者擔心收益背後的一些弱點。

earnings-and-revenue-history
SHSE:600128 Earnings and Revenue History April 30th 2024
SHSE: 600128 2024 年 4 月 30 日的收益和收入歷史記錄

A Closer Look At Soho Holly's Earnings

仔細看看 Soho Holly 的收益

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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. 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)的情況的一個關鍵財務比率是應計比率。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。你可以將現金流的應計比率視爲 “非FCF利潤率”。

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. 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,而正的應計比率是負數。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, Soho Holly recorded an accrual ratio of -0.12. Therefore, its statutory earnings were quite a lot less than its free cashflow. To wit, it produced free cash flow of CN¥272m during the period, dwarfing its reported profit of CN¥32.6m. Given that Soho Holly had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CN¥272m would seem to be a step in the right direction. 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2023年12月的十二個月中,Soho Holly的應計比率爲-0.12。因此,其法定收入遠遠低於其自由現金流。換句話說,它在此期間產生的自由現金流爲2.72億元人民幣,與其報告的3,260萬元人民幣利潤相形見絀。鑑於Soho Holly在前一同期的自由現金流爲負,過去十二個月的2.72億元人民幣的業績似乎是朝着正確方向邁出的一步。話雖如此,故事還有更多。應計比率至少部分反映了不尋常項目對法定利潤的影響。

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

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Soho Holly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

While the accrual ratio might bode well, we also note that Soho Holly's profit was boosted by unusual items worth CN¥7.6m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. 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. Which is hardly surprising, given the name. We can see that Soho Holly's positive unusual items were quite significant relative to its profit in the year to December 2023. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

儘管應計比率可能是個好兆頭,但我們還注意到,在過去的十二個月中,價值760萬元人民幣的不尋常物品提振了Soho Holly的利潤。我們不能否認更高的利潤通常會讓我們感到樂觀,但如果利潤是可持續的,我們更願意這樣做。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。考慮到這個名字,這並不奇怪。我們可以看到,相對於截至2023年12月的一年中,Soho Holly的正面不尋常項目相對於其利潤相當可觀。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯高於原來的水平。

Our Take On Soho Holly's Profit Performance

我們對Soho Holly盈利表現的看法

Soho Holly's profits got a boost from unusual items, which indicates they might not be sustained and yet its accrual ratio still indicated solid cash conversion, which is promising. Based on these factors, we think it's very unlikely that Soho Holly's statutory profits make it seem much weaker than it is. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, we've discovered 1 warning sign that you should run your eye over to get a better picture of Soho Holly.

不尋常的項目提振了Soho Holly的利潤,這表明這些利潤可能無法持續下去,但其應計比率仍然顯示出穩健的現金轉換,這令人鼓舞。基於這些因素,我們認爲Soho Holly的法定利潤不太可能使其看起來比現在疲軟得多。請記住,在分析股票時,值得注意所涉及的風險。例如,我們發現了 1 個警告標誌,爲了更好地了解 Soho Holly,你應該把視線移過去。

In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. 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.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,以此作爲企業的指南。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。

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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