Smart-Core Holdings (HKSE:02166) Operating Income : HK$103 Mil (TTM As of Dec. 2024)

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What is Smart-Core Holdings Operating Income?

Smart-Core Holdings's Operating Income for the six months ended in Dec. 2024 was HK$63 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 was HK$103 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Smart-Core Holdings's Operating Income for the six months ended in Dec. 2024 was HK$63 Mil. Smart-Core Holdings's Revenue for the six months ended in Dec. 2024 was HK$2,024 Mil. Therefore, Smart-Core Holdings's Operating Margin % for the quarter that ended in Dec. 2024 was 3.13%.

Good Sign:

Smart-Core Holdings Ltd operating margin is expanding. Margin expansion is usually a good sign.

Smart-Core Holdings's 5-Year average Growth Rate for Operating Margin % was 1.80% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Smart-Core Holdings's annualized ROC % for the quarter that ended in Dec. 2024 was 9.65%. Smart-Core Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 was 20.61%.

Smart-Core Holdings Operating Income Historical Data

The historical data trend for Smart-Core Holdings's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Smart-Core Holdings Operating Income Chart

Smart-Core Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Operating Income

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119.15

536.86

533.07

122.43

103.01

Smart-Core Holdings Semi-Annual Data
	Dec14	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Operating Income	Get a 7-Day Free Trial															136.85	47.95	74.47	39.68	63.33

Smart-Core Holdings Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$103 Mil.

Smart-Core Holdings (HKSE:02166) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Smart-Core Holdings's annualized ROC % for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	126.662 * ( 1 - 7.93% )	/	( (1322.665	+	1094.977)	/ 2 )
=	116.6177034	/	1208.821
=	9.65 %

where

	Invested Capital		(Q: Jun. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1921.712	-	406.063	-	( 192.984	-	max(0, 1001.628	-	1576.976	+	192.984	))
=	1322.665

	Invested Capital		(Q: Dec. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1693.916	-	359.484	-	( 239.455	-	max(0, 728.941	-	1339.075	+	239.455	))
=	1094.977

Note: The Operating Income data used here is two times the semi-annual (Dec. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

Smart-Core Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2024		Q: Dec. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	161.1	/	( ( (18.463 + max(862.109, 0))	+	(15.451 + max(667.072, 0)) )	/	2 )
=	161.1	/	( ( 880.572	+	682.523 )	/	2 )
=	161.1	/	781.5475
=	20.61 %

where Working Capital is:

	Working Capital		(Q: Jun. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(846.547	+	179.893	+	316.243)	-	(406.063	+	0	+	74.511)
=	862.109

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(644.937	+	190.118	+	250.477)	-	(359.484	+	0	+	58.976)
=	667.072

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Smart-Core Holdings's Operating Margin % for the quarter that ended in Dec. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2024 )	/	Revenue (Q: Dec. 2024 )
	=	63.331	/	2024.027
	=	3.13 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Smart-Core Holdings Operating Income Related Terms

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Smart-Core Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Smart-Core Holdings Ltd (HKSE:02166) » Definitions » Operating Income

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Traded in Other Exchanges

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Address

70 Ta Chuen Ping Street, 15th Floor, Tower B, Regent Centre, Kwai Chung, New Territories, Hong Kong, HKG

Website

https://www.smart-core.com.hk

Smart-Core Holdings Ltd is a distributor of integrated circuits and other electronic components and technology value-added service providers covering multiple market segments such as televisions (TV), optoelectronic displays, smart terminals, memory, security monitoring, Internet of Things (IoT), optical communications. Its service networks cover the majority of regions in Mainland China and Southeast Asia, providing diversified supply chain services of semiconductor chips and various electronic components for customers in the electronics industry, as well as corresponding technical solutions, technical support, and software services. Its segments include Authorised distribution and Independent distribution. It makes the majority of the revenue from the Authorised distribution segment.

Executives

Futu Trustee Limited	2301 Trustee
Insight Limited	2101 Beneficial owner
Liu Hongbing	2101 Beneficial owner
Wong Tsz Leung	2201 Interest of corporation controlled by you
Smart Ic Limited
Tian Weidong

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