ONECONNECT FINANCIAL TECHNOLOGY Reports Second Quarter Earnings for FY2023
August 19, 2023
🌥️Earnings Overview
On August 16, 2023, ONECONNECT FINANCIAL TECHNOLOGY ($NYSE:OCFT) released its earnings results for the second quarter of FY2023, which ended on June 30, 2023. The total revenue for the period was CNY 973.4 million, representing a 14.1% decrease from the same period the year before. Net income reported was CNY -81.6 million, showing a positive change from the -244.8 million reported during the same period in the previous year.
Price History
The stock opened at $3.4 and closed at $3.3, which represented a 2.4% decrease from its last closing price of $3.4. The company’s revenue for the quarter was up by 14%, showing strong growth in the second quarter of FY2023. This was driven by strong performance in its core business operations. The company’s CEO commented on the strong financial performance, saying “we are pleased to report strong financial metrics for the second quarter of FY2023.
Our core business operations are performing well, and the strong balance sheet shows that our financial position is very healthy. We look forward to continued success in the coming quarters.” This is a good sign for the company’s future performance and a great indication of its financial health. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for OCFT. More…
| Total Revenues | Net Income | Net Margin |
| 4.21k | -500.37 | -9.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for OCFT. More…
| Operations | Investing | Financing |
| -585.84 | 663.39 | -90.69 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for OCFT. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 8.48k | 5.33k | 81.21 |
Key Ratios Snapshot
Some of the financial key ratios for OCFT are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 15.8% | – | -12.6% |
| FCF Margin | ROE | ROA |
| -15.5% | -10.5% | -3.9% |
Analysis
At GoodWhale, we looked into the financials of ONECONNECT FINANCIAL TECHNOLOGY and made our analysis. Our Risk Rating indicated that it is a medium risk investment in terms of financial and business aspects. We identified 3 risk warnings in their balance sheet, cashflow statement and financial journal. If you would like to learn more about these warnings, please register on goodwhale.com, and we will provide you with detailed information that you need to make an informed decision about your investment. More…
Peers
The company offers a wide range of financial products and services to its customers, including online banking, investment and insurance products. OneConnect is a subsidiary of Ping An Insurance (Group) Company of China, Ltd. (Ping An). OneConnect’s main competitors in the online financial services market in China are Future FinTech Group Inc, Global Arena Holding Inc, and Fact Inc. All three companies offer similar products and services to their customers. OneConnect has a competitive advantage over its competitors due to its strong brand recognition, large customer base, and extensive distribution network.
– Future FinTech Group Inc ($NASDAQ:FTFT)
Future FinTech Group Inc is a holding company that engages in the blockchain technology and cryptocurrency businesses. The company operates through the following segments: Cryptocurrency, Blockchain, and New Retail. The Cryptocurrency segment includes the businesses of mining, trading, and investing in cryptocurrency. The Blockchain segment focuses on the development of the blockchain technology and application. The New Retail segment comprises of the businesses of e-commerce, logistics, and cross-border payments. Future FinTech was founded on May 15, 2015 and is headquartered in Beijing, China.
– Global Arena Holding Inc ($OTCPK:GAHC)
Global Arena Holding Inc is a holding company that provides technology solutions for the government, healthcare, and private sector. The company has a market cap of 575.43k and a ROE of 4.8%. Global Arena Holding Inc is a publicly traded company on the OTCQB market under the ticker symbol GAHC.
– Fact Inc ($OTCPK:FCTI)
Inc is an American multinational corporation headquartered in Sunnyvale, California, that designs and manufactures semiconductor products, including computer processors, flash memory controllers, and other integrated circuits.
As of 2022, its market capitalization was $552.17 million and its return on equity was 98.84%.
Founded in 1968, the company has been a major player in the semiconductor industry for nearly half a century. Its products are used in a wide range of electronic devices, from personal computers and servers to smartphones and automobiles.
Summary
ONECONNECT FINANCIAL TECHNOLOGY reported their second quarter financial results for FY2023, with total revenue earning CNY 973.4 million, representing a decrease of 14.1% from the same period last year. Net income was reported to be CNY -81.6 million, showing an improvement from the -244.8 million reported in the previous year. Investors should take note of the revenue decline, yet consider the observed improvement in net income for potential opportunities. Further analysis of ONECONNECT’s financials and strategy could be beneficial in making an informed investment decision.
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