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Investors Can Find Comfort In Marine Products' (NYSE:MPX) Earnings Quality

Investors Can Find Comfort In Marine Products' (NYSE:MPX) Earnings Quality

投資者可以在海洋產品(紐交所:MPX)的盈利質量中找到安慰
Simply Wall St ·  10/31 18:49

Soft earnings didn't appear to concern Marine Products Corporation's (NYSE:MPX) shareholders over the last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.

在過去的一週裏,軟盈利似乎並未引起海洋產品公司(紐交所: MPX)股東的擔憂。我們的分析表明,儘管利潤較低,但企業的基礎是堅實的。

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NYSE:MPX Earnings and Revenue History October 31st 2024
紐交所:MPX 2024年10月31日的盈利和營業收入歷史

Zooming In On Marine Products' Earnings

關注海洋產品的盈利

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. The ratio shows us how much a company's profit exceeds its FCF.

許多投資者沒有聽說過現金流量的計提比率,但它實際上是衡量一個公司在給定期間的自由現金流(FCF)支持其利潤能力的有用指標。計提比率從該期間的利潤中減去FCF,並將結果除以公司在該時間內的平均營運資產。該比率告訴我們一個公司的利潤超過了其自由現金流的多少。

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

這意味着負的計提率是件好事,因爲它表明該公司所帶來的自由現金流比其利潤所顯示的要多。雖然高於零的計提率沒有什麼大礙,但我們認爲當公司的計提率相對較高時值得注意。這是因爲一些學術研究表明,高計提率往往導致利潤更少或者更少的利潤增長。

Marine Products has an accrual ratio of -0.21 for the year to September 2024. That indicates that its free cash flow quite significantly exceeded its statutory profit. Indeed, in the last twelve months it reported free cash flow of US$36m, well over the US$19.0m it reported in profit. Marine Products did see its free cash flow drop year on year, which is less than ideal, like a Simpson's episode without Groundskeeper Willie. 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.

海洋產品在2024年9月的一年中擁有-0.21的計提比率。這表明其自由現金流大大超過其法定利潤。事實上,在過去的十二個月中,它報告了3600萬美元的自由現金流,遠遠超過了它報告的1900萬美元的利潤。海洋產品的自由現金流的確在年度間下降,這並不理想,就像是一個沒有威利園丁的辛普森劇集一樣。但這並不是考慮的全部。我們可以看到,一些飛凡項目影響了其法定利潤,因此影響了計提比率。

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。

The Impact Of Unusual Items On Profit

除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。

While the accrual ratio might bode well, we also note that Marine Products' profit was boosted by unusual items worth US$2.2m 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. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. If Marine Products doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.

儘管應計比率可能很順利,我們還注意到,過去十二個月海洋產品的利潤受到價值220萬美元的飛凡項目的提振。我們不能否認,利潤較高通常會讓我們感到樂觀,但我們更希望利潤能夠持續。我們對全球大多數上市公司進行了數據分析,發現飛凡項目通常是一次性的。考慮到名稱,這並不奇怪。如果海洋產品沒有看到這種貢獻重複,那麼其他條件相同,我們預計其利潤在當前年度將會下降。

Our Take On Marine Products' Profit Performance

我們對海洋產品的利潤表現提出看法

In conclusion, Marine Products' accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Considering all the aforementioned, we'd venture that Marine Products' profit result is a pretty good guide to its true profitability, albeit a bit on the conservative side. So while earnings quality is important, it's equally important to consider the risks facing Marine Products at this point in time. Be aware that Marine Products is showing 3 warning signs in our investment analysis and 1 of those can't be ignored...

總的來說,海洋產品的應計比率表明其法定收益質量良好,但另一方面利潤受到飛凡項目的提振。考慮到前述所有因素,我們認爲海洋產品的利潤結果相當好地反映了其真實盈利能力,儘管略顯保守。因此,儘管盈利質量很重要,但同樣重要的是考慮海洋產品目前面臨的風險。請注意,我們的投資分析中海洋產品展現出了3個警示信號,其中1個不容忽視...

Our examination of Marine Products 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. 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 with significant insider holdings to be useful.

我們對海洋產品的審查着重關注了一些因素,這些因素可能使其盈利看起來比實際要好。但還有很多其他方法可以幫助您評估一家公司。有些人認爲高股本回報率是優質企業的良好跡象。雖然這可能需要您做一些調查,但您可能會發現這個免費股票資料庫,其中包含很多股票的高股本回報率,或者這份持有大量內部股份的股票清單,對您有所幫助。

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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。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。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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