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Singapore Technologies Engineering (SGX:S63) Seems To Use Debt Quite Sensibly
Singapore Technologies Engineering (SGX:S63) Seems To Use Debt Quite Sensibly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Singapore Technologies Engineering Ltd (SGX:S63) makes use of debt. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Singapore Technologies Engineering
What Is Singapore Technologies Engineering's Net Debt?
As you can see below, at the end of June 2022, Singapore Technologies Engineering had S$6.17b of debt, up from S$2.03b a year ago. Click the image for more detail. However, it also had S$533.3m in cash, and so its net debt is S$5.64b.
SGX:S63 Debt to Equity History August 16th 2022How Strong Is Singapore Technologies Engineering's Balance Sheet?
We can see from the most recent balance sheet that Singapore Technologies Engineering had liabilities of S$7.52b falling due within a year, and liabilities of S$4.52b due beyond that. On the other hand, it had cash of S$533.3m and S$3.23b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$8.28b.
This is a mountain of leverage relative to its market capitalization of S$12.5b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution.
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
As it happens Singapore Technologies Engineering has a fairly concerning net debt to EBITDA ratio of 5.6 but very strong interest coverage of 11.3. So either it has access to very cheap long term debt or that interest expense is going to grow! Importantly Singapore Technologies Engineering's EBIT was essentially flat over the last twelve months. We would prefer to see some earnings growth, because that always helps diminish debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Singapore Technologies Engineering 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 it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Singapore Technologies Engineering recorded free cash flow worth a fulsome 85% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Our View
Both Singapore Technologies Engineering's ability to to convert EBIT to free cash flow and its interest cover gave us comfort that it can handle its debt. In contrast, our confidence was undermined by its apparent struggle handle its debt, based on its EBITDA,. Looking at all this data makes us feel a little cautious about Singapore Technologies Engineering's debt levels. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Singapore Technologies Engineering is showing 2 warning signs in our investment analysis , you should know about...
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。与许多其他公司一样新加坡科技工程有限公司(新加坡证券交易所股票代码:S63)利用债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。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。
查看我们对新加坡技术工程公司的最新分析
新加坡科技工程公司的净债务是多少?
正如你在下面看到的,截至2022年6月底,新加坡科技工程公司的债务为61.7亿新元,高于一年前的20.3亿新元。单击图像了解更多详细信息。然而,它也有5.33亿新元的现金,因此其净债务为56.4亿新元。
新交所:S63债转股历史2022年8月16日新加坡科技工程公司的资产负债表有多强劲?
我们可以从最近的资产负债表中看到,新加坡科技工程公司有75.2亿新加坡元的负债在一年内到期,还有45.2亿新加坡元的负债在一年内到期。另一方面,该公司有5.33亿新元的现金和价值32.3亿新元的应收账款在一年内到期。因此,它的负债比现金和(近期)应收账款之和高出82.8亿新元。
与其125亿新元的市值相比,这是一个堆积如山的杠杆。如果它的贷款人要求它支撑资产负债表,股东可能会面临严重的稀释。
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。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
碰巧的是,新加坡科技工程公司的净债务与EBITDA之比相当令人担忧,为5.6倍,但利息覆盖率非常高,为11.3倍。因此,要么它可以获得非常便宜的长期债务,要么利息支出将会增长!重要的是,新加坡技术工程公司的息税前利润在过去12个月基本持平。我们更希望看到一些收益增长,因为这总是有助于减少债务。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定新加坡科技工程公司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,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去三年中,新加坡技术工程公司录得相当于息税前利润85%的自由现金流,这比我们通常预期的要好。这使它处于有利的地位,如果需要的话,它可以偿还债务。
我们的观点
新加坡科技工程公司将息税前利润转换为自由现金流的能力和利息覆盖率都让我们感到欣慰,因为它可以处理债务。相比之下,我们的信心受到了它在处理债务方面的明显困难,这是基于其EBITDA。看着所有这些数据,我们对新加坡科技工程公司的债务水平感到有点谨慎。虽然债务确实有更高的潜在回报,但我们认为股东绝对应该考虑债务水平可能会如何使股票的风险更高。当你分析债务时,资产负债表显然是你关注的领域。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。请注意,新加坡技术工程公司正在展示我们的投资分析中的2个警告信号,你应该知道关于……
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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