share_log

Solid Earnings Reflect Fsilon Furnishing and Construction Materials' (SHSE:605318) Strength As A Business

Solid Earnings Reflect Fsilon Furnishing and Construction Materials' (SHSE:605318) Strength As A Business

穩健的收益反映了Fsilon Furnishing and Construction Meaterials(SHSE: 605318)的企業實力
Simply Wall St ·  05/06 14:18

Fsilon Furnishing and Construction Materials Corporation's (SHSE:605318) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.

Fsilon Furnishing and Corporation(SHSE: 605318)強勁的收益報告未能推動其股票的市場走勢。我們的分析表明,股東們注意到了一些令人擔憂的數字。

earnings-and-revenue-history
SHSE:605318 Earnings and Revenue History May 6th 2024
SHSE: 605318 收益和收入歷史記錄 2024 年 5 月 6 日

A Closer Look At Fsilon Furnishing and Construction Materials' Earnings

仔細研究Fsilon傢俱和建築材料的收益

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. 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'.

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。爲了獲得應計比率,我們首先從一段時期的利潤中減去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. 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,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。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。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。

For the year to March 2024, Fsilon Furnishing and Construction Materials had an accrual ratio of 0.77. Statistically speaking, that's a real negative for future earnings. And indeed, during the period the company didn't produce any free cash flow whatsoever. Even though it reported a profit of CN¥12.6m, a look at free cash flow indicates it actually burnt through CN¥182m in the last year. It's worth noting that Fsilon Furnishing and Construction Materials generated positive FCF of CN¥140m a year ago, so at least they've done it in the past. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio. The good news for shareholders is that Fsilon Furnishing and Construction Materials' 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.

在截至2024年3月的一年中,Fsilon Furnishing and Construction Materials的應計比率爲0.77。從統計學上講,這對未來的收益來說確實是負面的。事實上,在此期間,該公司沒有產生任何自由現金流。儘管該公司報告的利潤爲1,260萬元人民幣,但從自由現金流來看,它實際上在去年消耗了1.82億元人民幣。值得注意的是,Fsilon傢俱和建築材料在一年前創造了1.4億元人民幣的正FCF,因此至少他們過去曾這樣做過。但是,這還不是要考慮的全部。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。對股東來說,好消息是,去年,Fsilon Furnishing and Construction Materials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之間短期不匹配的情況。如果確實如此,股東應尋求在本年度的現金流相對於利潤的改善。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Fsilon Furnishing and Construction Materials.

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Fsilon傢俱和建築材料的資產負債表分析。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Unfortunately (in the short term) Fsilon Furnishing and Construction Materials saw its profit reduced by unusual items worth CN¥49m. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. 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. In the twelve months to March 2024, Fsilon Furnishing and Construction Materials had a big unusual items expense. As a result, we can surmise that the unusual items made its statutory profit significantly weaker than it would otherwise be.

不幸的是(短期內)Fsilon傢俱和建築材料公司的利潤因價值4900萬元人民幣的不尋常物品而減少。如果這是一筆非現金費用,則可以更輕鬆地實現高現金轉換,因此令人驚訝的是,應計比率講述了一個不同的故事。看到不尋常的項目使公司利潤損失從來都不是一件好事,但從好的方面來看,情況可能遲早會好轉。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。而且,畢竟,這正是會計術語的含義。在截至2024年3月的十二個月中,Fsilon傢俱和建築材料公司有一筆巨額的不尋常物品支出。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯低於原來的水平。

Our Take On Fsilon Furnishing and Construction Materials' Profit Performance

我們對Fasilon傢俱和建築材料的利潤表現的看法

In conclusion, Fsilon Furnishing and Construction Materials' accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Given the contrasting considerations, we don't have a strong view as to whether Fsilon Furnishing and Construction Materials'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 example - Fsilon Furnishing and Construction Materials has 3 warning signs we think you should be aware of.

總之,Fsilon Furnishing and Construction Materials的應計比率表明,儘管不尋常的項目打壓了利潤,但其法定收益沒有現金流支持。鑑於截然不同的考慮,我們對Fsilon Furnishing and Construction Materialsing的利潤是否恰當反映了其潛在的盈利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,Fsilon 傢俱和建築材料有 3 個警告標誌,我們認爲您應該注意。

Our examination of Fsilon Furnishing and Construction Materials has focussed on certain factors that can make its earnings look better than they are. 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. 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Fsilon傢俱和建築材料的審查側重於某些可能使其收益看起來好於實際的因素。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。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。

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。
    搶先評論