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Brook Crompton Holdings' (SGX:AWC) Shareholders Have More To Worry About Than Only Soft Earnings

Brook Crompton Holdings' (SGX:AWC) Shareholders Have More To Worry About Than Only Soft Earnings

布魯克·克朗普頓控股公司(SGX: AWC)的股東所擔心的不僅僅是疲軟的收益
Simply Wall St ·  2023/03/02 16:16

The market wasn't impressed with the soft earnings from Brook Crompton Holdings Ltd. (SGX:AWC) recently. Our analysis has found some reasons to be concerned, beyond the weak headline numbers.

來自市場的疲軟收益並沒有給市場留下深刻的印象 布魯克·克朗普頓控股有限公司 (SGX: AWC)最近。我們的分析發現,除了標題數字不佳外,還有一些令人擔憂的理由。

View our latest analysis for Brook Crompton Holdings

查看我們對布魯克·克朗普頓控股公司的最新分析

earnings-and-revenue-history
SGX:AWC Earnings and Revenue History March 2nd 2023
新加坡交易所:AWC 2023 年 3 月 2 日的收益和收入歷史記錄

Examining Cashflow Against Brook Crompton Holdings' Earnings

將現金流與布魯克·克朗普頓控股公司的收益進行比較

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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

在高級財務中,用於衡量公司將申報的利潤轉化爲自由現金流(FCF)的效果的關鍵比率是 應計比率 (來自現金流)。爲了獲得應計比率,我們首先從一段時間的利潤中減去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”。

Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。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。

Brook Crompton Holdings has an accrual ratio of 0.44 for the year to December 2022. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. Over the last year it actually had negative free cash flow of S$7.8m, in contrast to the aforementioned profit of S$1.98m. It's worth noting that Brook Crompton Holdings generated positive FCF of S$2.8m a year ago, so at least they've done it in the past. The good news for shareholders is that Brook Crompton Holdings' accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. Shareholders should look for improved cashflow relative to profit in the current year, if that is indeed the case.

截至2022年12月的一年中,布魯克·克朗普頓控股的應計比率爲0.44。一般而言,這對未來的盈利能力來說是個壞兆頭。事實上,在此期間,該公司沒有產生任何自由現金流。在過去的一年裏,它實際上有 負面的 自由現金流爲780萬新元,而上述利潤爲198萬新元。值得注意的是,Brook Crompton Holdings在一年前創造了280萬新元的正FCF,因此至少他們過去曾這樣做過。對股東來說,好消息是,布魯克·克朗普頓控股去年的應計比率要好得多,因此今年的糟糕數據可能只是利潤與FCF之間短期不匹配的一個例子。如果情況確實如此,股東應該尋求相對於本年度利潤的現金流有所改善。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Brook Crompton 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布魯克·克朗普頓控股的資產負債表分析。

Our Take On Brook Crompton Holdings' Profit Performance

我們對布魯克·克朗普頓控股公司利潤表現的看法

As we have made quite clear, we're a bit worried that Brook Crompton Holdings didn't back up the last year's profit with free cashflow. For this reason, we think that Brook Crompton Holdings' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. In further bad news, its earnings per share decreased in the last year. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 6 warning signs for Brook Crompton Holdings (3 make us uncomfortable!) and we strongly recommend you look at them before investing.

正如我們已經明確指出的那樣,我們有點擔心Brook Crompton Holdings沒有通過自由現金流來支持去年的利潤。出於這個原因,我們認爲Brook Crompton Holdings的法定利潤可能不利於其潛在的盈利能力,並可能給投資者帶來對公司的過於樂觀的印象。另一個壞消息是,其每股收益在去年有所下降。當然,在分析其收益時,我們只是浮出水面;人們也可以考慮利潤率、預測增長和投資回報率等因素。請記住,在分析股票時,值得注意所涉及的風險。我們的分析顯示 布魯克·克朗普頓控股公司有 6 個警告信號 (3 讓我們不舒服!)我們強烈建議您在投資之前先看看它們。

Today we've zoomed in on a single data point to better understand the nature of Brook Crompton 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.

今天,我們放大了單個數據點,以更好地瞭解布魯克·克朗普頓控股公司利潤的本質。但是,還有很多其他方法可以告知你對公司的看法。有些人認爲高股本回報率是業務質量的好兆頭。雖然可能需要代表你做一些研究,但你可能會發現這一點 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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