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Yue Yuen Industrial (Holdings) (HKG:551) Is Making Moderate Use Of Debt
Yue Yuen Industrial (Holdings) (HKG:551) Is Making Moderate Use Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Yue Yuen Industrial (Holdings) Limited (HKG:551) makes use of debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Yue Yuen Industrial (Holdings)
How Much Debt Does Yue Yuen Industrial (Holdings) Carry?
The chart below, which you can click on for greater detail, shows that Yue Yuen Industrial (Holdings) had US$1.92b in debt in June 2022; about the same as the year before. However, it does have US$929.1m in cash offsetting this, leading to net debt of about US$987.5m.
SEHK:551 Debt to Equity History August 15th 2022A Look At Yue Yuen Industrial (Holdings)'s Liabilities
According to the last reported balance sheet, Yue Yuen Industrial (Holdings) had liabilities of US$2.37b due within 12 months, and liabilities of US$1.50b due beyond 12 months. On the other hand, it had cash of US$929.1m and US$1.81b worth of receivables due within a year. So it has liabilities totalling US$1.13b more than its cash and near-term receivables, combined.
Yue Yuen Industrial (Holdings) has a market capitalization of US$2.31b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. 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 Yue Yuen Industrial (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.
In the last year Yue Yuen Industrial (Holdings) had a loss before interest and tax, and actually shrunk its revenue by 8.0%, to US$8.4b. That's not what we would hope to see.
Caveat Emptor
Over the last twelve months Yue Yuen Industrial (Holdings) produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$23m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. On the bright side, we note that trailing twelve month EBIT is worse than the free cash flow of US$177m and the profit of US$120m. So one might argue that there's still a chance it can get things on the right track. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Yue Yuen Industrial (Holdings) has 3 warning signs (and 1 which is significant) we think you should know about.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。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裕元实业(集团)有限公司(HKG:551)利用债务。但这笔债务对股东来说是一个担忧吗?
债务会带来什么风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。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(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对裕元实业(控股)的最新分析
裕元实业(集团)背负多少债务?
下面的图表显示,裕元实业(控股)在2022年6月的债务为19.2亿美元,与前一年大致相同。然而,它确实有9.291亿美元的现金来抵消这一点,导致净债务约为9.875亿美元。
联交所:551债转股历史2022年8月15日裕元实业(集团)的负债问题
根据最近一次报告的资产负债表,裕元实业(控股)有23.7亿美元的负债在12个月内到期,而15亿美元的负债在12个月后到期。另一方面,它有9.291亿美元的现金和18.1亿美元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款加起来还要多11.3亿美元。
裕元实业(控股)的市值为23.1亿美元,因此如果有需要,它很可能会筹集现金来改善其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。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裕元实业(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。
去年,裕元实业(集团)出现息税前亏损,实际收入缩水8.0%,至84亿美元。这不是我们希望看到的。
告诫买入者
在过去十二个月内,裕元实业(集团)录得息税前盈利(EBIT)亏损。事实上,它在息税前利润水平上亏损了2300万美元。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,该公司有任何债务似乎是不明智的。因此,我们认为它的资产负债表有点紧张,但并不是无法修复。从好的方面来看,我们注意到,过去12个月的息税前利润低于1.77亿美元的自由现金流和1.2亿美元的利润。因此,有人可能会争辩说,它仍然有可能让事情走上正轨。毫无疑问,我们从资产负债表中了解到的债务最多。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,裕元实业(控股)拥有3个警示标志(还有一点很重要)我们认为你应该知道。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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