Grand Banks Yachts' (SGX:G50) Solid Profits Have Weak Fundamentals
Grand Banks Yachts' (SGX:G50) Solid Profits Have Weak Fundamentals
Grand Banks Yachts Limited's (SGX:G50) stock was strong after they recently reported robust earnings. We did some analysis and think that investors are missing some details hidden beneath the profit numbers.
Grand Banks Yachts Limited（新加坡證券交易所股票代碼：G50）在最近公佈了強勁的收益後，股票表現強勁。我們做了一些分析，認爲投資者遺漏了一些隱藏在利潤數字之下的細節。
A Closer Look At Grand Banks Yachts' Earnings
仔細看看大銀行遊艇的收益
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
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。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 December 2023, Grand Banks Yachts had an accrual ratio of 0.21. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. To wit, it produced free cash flow of S$6.9m during the period, falling well short of its reported profit of S$13.4m. Notably, Grand Banks Yachts had negative free cash flow last year, so the S$6.9m it produced this year was a welcome improvement.
在截至2023年12月的一年中，大銀行遊艇的應計比率爲0.21。因此，我們知道它的自由現金流大大低於其法定利潤，這並不是一件好事。換句話說，它在此期間產生了690萬新元的自由現金流，遠低於其報告的1,340萬新元的利潤。值得注意的是，Grand Banks Yachts去年的自由現金流爲負，因此其今年產生的690萬新元是一個可喜的改善。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Grand Banks Yachts.
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大銀行遊艇的資產負債表分析。
Our Take On Grand Banks Yachts' Profit Performance
我們對大銀行遊艇盈利表現的看法
Grand Banks Yachts 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 Grand Banks Yachts' true underlying earnings power is actually less than its statutory profit. The good news is that, its earnings per share increased by 62% in the last year. 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. To help with this, we've discovered 3 warning signs (1 is potentially serious!) that you ought to be aware of before buying any shares in Grand Banks Yachts.
去年，Grand Banks Yachts沒有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種情況相當不理想。因此，在我們看來，Grand Banks Yachts的真正潛在盈利能力實際上可能低於其法定利潤。好消息是，其每股收益在去年增長了62％。歸根結底，如果你想正確地了解公司，必須考慮的不僅僅是上述因素。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。爲了幫助解決這個問題，我們發現了 3 個警告信號（1 個可能很嚴重！）在購買Grand Banks Yachts的任何股票之前，您應該注意這一點。
Today we've zoomed in on a single data point to better understand the nature of Grand Banks Yachts' 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.
今天，我們放大了單一數據點，以更好地了解大銀行遊艇利潤的性質。但是，還有很多其他方法可以讓你對公司的看法。例如，許多人認爲高股本回報率是有利的商業經濟的標誌，而另一些人則喜歡 “關注資金”，尋找內部人士正在買入的股票。因此，你可能希望看到這份免費收藏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。
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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.
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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。