ASL Marine Holdings' (SGX:A04) Promising Earnings May Rest On Soft Foundations
ASL Marine Holdings' (SGX:A04) Promising Earnings May Rest On Soft Foundations
ASL Marine Holdings Ltd. (SGX:A04) just reported some strong earnings, and the market reacted accordingly with a healthy uplift in the share price. However, we think that shareholders may be missing some concerning details in the numbers.
ASL Marine Holdings Ltd.（新加坡證券交易所股票代碼：A04）剛剛公佈了一些強勁的收益，市場做出了相應的反應，股價出現了健康的上漲。但是，我們認爲股東可能會在數字中遺漏一些令人擔憂的細節。
View our latest analysis for ASL Marine Holdings
查看我們對ASL Marine Holdings的最新分析
A Closer Look At ASL Marine Holdings' Earnings
仔細看看ASL Marine Holdings的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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.
許多投資者尚未聽說過現金流的應計比率，但它實際上是衡量公司在給定時期內自由現金流（FCF）在多大程度上支持利潤的有用指標。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. 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.
因此，負應計比率對公司來說是正數，而正應計比率是負數。這並不意味着我們應該擔心應計比率爲正，但值得注意的是，應計比率相當高的地方。這是因爲一些學術研究表明，高應計率往往會導致利潤下降或利潤增長減弱。
For the year to September 2023, ASL Marine Holdings had an accrual ratio of -0.13. That indicates that its free cash flow was a fair bit more than its statutory profit. To wit, it produced free cash flow of S$60m during the period, dwarfing its reported profit of S$14.8m. ASL Marine Holdings' free cash flow improved over the last year, which is generally good to see. 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9月的一年中，ASL Marine Holdings的應計比率爲-0.13。這表明其自由現金流遠高於其法定利潤。換句話說，它在此期間創造了6000萬新元的自由現金流，使其報告的1480萬新元的利潤相形見絀。ASL Marine Holdings的自由現金流比去年有所改善，總體而言，這是件好事。話雖如此，這個故事還有更多。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 ASL Marine 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ASL Marine 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 ASL Marine Holdings' accrual ratio implied strong cash conversion, its paper profit was actually boosted by S$8.7m in unusual items. 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 analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).
令人驚訝的是，鑑於ASL Marine Holdings的應計比率意味着強勁的現金轉換，其賬面利潤實際上被870萬新元的不尋常項目提振了。我們不能否認，更高的利潤通常使我們感到樂觀，但如果利潤是可持續的，我們更願意這樣做。當我們分析全球絕大多數上市公司時，我們發現重要的不尋常項目通常不會重演。而且，畢竟，這正是會計術語的含義。假設這些不尋常的項目在本年度不會再次出現，因此我們預計明年的利潤將疲軟（也就是說，在業務沒有增長的情況下）。
Our Take On ASL Marine Holdings' Profit Performance
我們對ASL Marine Holdings盈利表現的看法
In conclusion, ASL Marine Holdings' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Given the contrasting considerations, we don't have a strong view as to whether ASL Marine Holdings's profits are an apt reflection of its underlying potential for profit. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For instance, we've identified 4 warning signs for ASL Marine Holdings (1 is a bit concerning) you should be familiar with.
總之，ASL Marine 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。考慮到截然不同的考慮，我們對ASL Marine Holdings的利潤是否恰當地反映了其潛在的利潤潛力沒有強烈的看法。請記住，在分析股票時，值得注意所涉及的風險。例如，我們已經爲ASL Marine Holdings確定了4個警告標誌（其中一個有點令人擔憂），你應該熟悉。
Our examination of ASL Marine 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. 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.
我們對ASL Marine 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告知你對公司的看法。有些人認爲高股本回報率是高質量業務的好兆頭。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。
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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。