China Aircraft Leasing Group Holdings' (HKG:1848) Earnings Aren't As Good As They Appear

Simply Wall St.

05/01

We didn't see China Aircraft Leasing Group Holdings Limited's (HKG:1848) stock surge when it reported robust earnings recently. We decided to have a deeper look, and we believe that investors might ...

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We decided to have a deeper look, and we believe that investors might ...</p>\n\n<a href=\"https://simplywall.st/stocks/hk/capital-goods/hkg-1848/china-aircraft-leasing-group-holdings-shares/news/china-aircraft-leasing-group-holdings-hkg1848-earnings-arent\">网页链接</a>\n\n</div>\n","source":"simplywall_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China Aircraft Leasing Group Holdings' (HKG:1848) Earnings Aren't As Good As They Appear</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina Aircraft Leasing Group Holdings' (HKG:1848) Earnings Aren't As Good As They Appear\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Simply Wall St.</strong><span class=\"h-time small\">2026-05-01 08:38</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>We didn't see China Aircraft Leasing Group Holdings Limited's (HKG:1848) stock surge when it reported robust earnings recently.  We decided to have a deeper look, and we believe that investors might ...</p>\n\n<a href=\"https://simplywall.st/stocks/hk/capital-goods/hkg-1848/china-aircraft-leasing-group-holdings-shares/news/china-aircraft-leasing-group-holdings-hkg1848-earnings-arent\">网页链接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://simplywall.st/stocks/hk/capital-goods/hkg-1848/china-aircraft-leasing-group-holdings-shares/news/china-aircraft-leasing-group-holdings-hkg1848-earnings-arent\">Simply Wall St.</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01848","symbol_name":"中國飛機租賃","start_time":0,"source_url":"https://simplywall.st/stocks/hk/capital-goods/hkg-1848/china-aircraft-leasing-group-holdings-shares/news/china-aircraft-leasing-group-holdings-hkg1848-earnings-arent","article_id":"2632385696","we_media_id":null,"thumbnails":["https://images.simplywall.st/asset/industry/3081000-choice2-main-header/1585186749644"],"rights":{"source":"simplywall_highlight","url":"https://simplywall.st/stocks/hk/capital-goods/hkg-1848/china-aircraft-leasing-group-holdings-shares/news/china-aircraft-leasing-group-holdings-hkg1848-earnings-arent","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2632385696","pubTimestamp":1777595916,"columns":[],"sourceInfo":{"source_id":"simplywall_highlight","name":"Simply Wall St."},"weMediaInfo":null,"summary":"We didn't see China Aircraft Leasing Group Holdings Limited's ( HKG:1848 ) stock surge when it reported robust earnings...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"01848":"中国飞机租赁"},"translate_title":"中国飞机租赁集团控股公司（HKG：1848）的盈利并不像看起来那么好","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01848":1.5},"content_text":"We didn't see China Aircraft Leasing Group Holdings Limited's (HKG:1848) stock surge when it reported robust earnings recently.  We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.    Trump has pledged to \"unleash\" American oil and gas and these 15 US stocks have developments that are poised to benefit.SEHK:1848 Earnings and Revenue History May 1st 2026 Advertisement Examining Cashflow Against China Aircraft Leasing Group Holdings' Earnings  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.  The ratio shows us how much a company's profit exceeds its FCF.  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.  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.  To quote a 2014 paper by Lewellen and Resutek, \"firms with higher accruals tend to be less profitable in the future\".  Over the twelve months to December 2025, China Aircraft Leasing Group Holdings recorded an accrual ratio of 0.26.   Unfortunately, that means its free cash flow fell significantly short of its reported profits.    In the last twelve months it actually had negative free cash flow, with an outflow of HK$12b despite its profit of HK$338.5m, mentioned above.    We also note that China Aircraft Leasing Group Holdings' free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of HK$12b.     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.    Check out our latest analysis for China Aircraft Leasing Group Holdings  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.   How Do Unusual Items Influence Profit?  The fact that the company had unusual items boosting profit by HK$502m, in the last year, probably goes some way to explain why its accrual ratio was so weak.   While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution.  When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated.  And that's as you'd expect, given these boosts are described as 'unusual'.   China Aircraft Leasing Group Holdings had a rather significant contribution from unusual items relative to its profit to December 2025.  As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.    Our Take On China Aircraft Leasing Group Holdings' Profit Performance China Aircraft Leasing Group Holdings had a weak accrual ratio, but its profit did receive a boost from unusual items.       Considering all this we'd argue China Aircraft Leasing Group Holdings' profits probably give an overly generous impression of its sustainable level of profitability.     So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing.    For example, we've found that China Aircraft Leasing Group Holdings has 3 warning signs (2 make us uncomfortable!) that deserve your attention before going any further with your analysis.   Our examination of China Aircraft Leasing Group Holdings has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical.   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 with high insider ownership. New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave 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.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}