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Does China Gas Holdings (HKG:384) Have A Healthy Balance Sheet?
Does China Gas Holdings (HKG:384) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies China Gas Holdings Limited (HKG:384) makes use of debt. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for China Gas Holdings
What Is China Gas Holdings's Net Debt?
The image below, which you can click on for greater detail, shows that at March 2022 China Gas Holdings had debt of HK$56.1b, up from HK$49.0b in one year. However, because it has a cash reserve of HK$10.1b, its net debt is less, at about HK$46.0b.
SEHK:384 Debt to Equity History July 15th 2022A Look At China Gas Holdings' Liabilities
We can see from the most recent balance sheet that China Gas Holdings had liabilities of HK$54.3b falling due within a year, and liabilities of HK$36.8b due beyond that. Offsetting this, it had HK$10.1b in cash and HK$31.4b in receivables that were due within 12 months. So its liabilities total HK$49.6b more than the combination of its cash and short-term receivables.
This is a mountain of leverage relative to its market capitalization of HK$61.0b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
China Gas Holdings's debt is 3.9 times its EBITDA, and its EBIT cover its interest expense 6.8 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Shareholders should be aware that China Gas Holdings's EBIT was down 23% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if China Gas Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, China Gas Holdings recorded negative free cash flow, in total. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
Our View
We'd go so far as to say China Gas Holdings's EBIT growth rate was disappointing. But on the bright side, its interest cover is a good sign, and makes us more optimistic. It's also worth noting that China Gas Holdings is in the Gas Utilities industry, which is often considered to be quite defensive. We're quite clear that we consider China Gas Holdings to be really rather risky, as a result of its balance sheet health. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for China Gas Holdings (1 can't be ignored!) that you should be aware of before investing here.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。与许多其他公司一样中国燃气控股有限公司(HKG:384)利用债务。但股东是否应该担心它的债务使用情况?
债务在什么时候是危险的?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。如果情况真的变得很糟糕,贷款人可以控制业务。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对中国燃气控股的最新分析
中国燃气控股的净负债是多少?
下图显示,截至2022年3月,中国燃气控股的债务为561亿港元,高于一年内的49亿港元。然而,由于该公司拥有101亿港元的现金储备,其净债务较少,约为460亿港元。
联交所:384债转股历史2022年7月15日中国燃气控股的负债状况一瞥
我们从最近的资产负债表可以看到,中国燃气控股有543亿港元的负债在一年内到期,还有368亿港元的负债在这之后到期。作为抵消,该公司有101亿港元现金和314亿港元应收账款在12个月内到期。因此,该公司的负债总额为496亿港元,超过了现金和短期应收账款的总和。
与其610亿港元的市值相比,这是一个堆积如山的杠杆。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
中国燃气控股的债务是其息税前利润的3.9倍,息税前利润是利息支出的6.8倍以上。这表明,尽管债务水平很高,但我们不会说它们有问题。股东们应该知道,中国燃气控股去年的息税前利润下降了23%。如果这种下降趋势继续下去,那么偿还债务将比在素食大会上出售鹅肝酱更难。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定中国燃气控股能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去三年中,中国燃气控股的自由现金流总计为负。对于自由现金流不可靠的公司来说,债务的风险要大得多,因此股东们应该希望过去的支出能在未来产生自由现金流。
我们的观点
我们甚至可以说,中国燃气控股的息税前利润增长率令人失望。但从好的方面来看,它的利息覆盖是一个好兆头,让我们更加乐观。同样值得注意的是,中国燃气控股在燃气公用事业行业,这个行业通常被认为是相当防御性的。我们非常清楚,由于中国燃气控股的资产负债表状况良好,我们认为其风险确实相当大。出于这个原因,我们对该股相当谨慎,我们认为股东应该密切关注其流动性。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如,我们发现中国燃气控股的2个警告信号(1不容忽视!)在这里投资之前你应该意识到这一点。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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