-
市场
-
产品
-
资讯
-
Moo社区
-
课堂
-
查看更多
-
功能介绍
-
费用费用透明,无最低余额限制
投资选择、功能介绍、费用相关信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 浅色
CGN Power (HKG:1816) Has A Somewhat Strained Balance Sheet
CGN Power (HKG:1816) Has A Somewhat Strained Balance Sheet
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, CGN Power Co., Ltd. (HKG:1816) does carry debt. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for CGN Power
What Is CGN Power's Net Debt?
The chart below, which you can click on for greater detail, shows that CGN Power had CN¥208.1b in debt in March 2022; about the same as the year before. However, it also had CN¥16.4b in cash, and so its net debt is CN¥191.7b.
SEHK:1816 Debt to Equity History August 19th 2022How Strong Is CGN Power's Balance Sheet?
The latest balance sheet data shows that CGN Power had liabilities of CN¥73.6b due within a year, and liabilities of CN¥176.2b falling due after that. On the other hand, it had cash of CN¥16.4b and CN¥16.2b worth of receivables due within a year. So it has liabilities totalling CN¥217.1b more than its cash and near-term receivables, combined.
This deficit casts a shadow over the CN¥125.2b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. At the end of the day, CGN Power would probably need a major re-capitalization if its creditors were to demand repayment.
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).
CGN Power has a rather high debt to EBITDA ratio of 5.5 which suggests a meaningful debt load. But the good news is that it boasts fairly comforting interest cover of 4.5 times, suggesting it can responsibly service its obligations. Notably CGN Power's EBIT was pretty flat over the last year. Ideally it can diminish its debt load by kick-starting earnings growth. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if CGN Power can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, CGN Power recorded free cash flow worth 74% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Our View
On the face of it, CGN Power's net debt to EBITDA left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. Looking at the bigger picture, it seems clear to us that CGN Power's use of debt is creating risks for the company. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for CGN Power (1 doesn't sit too well with us) you should be aware of.
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.
霍华德·马克斯说得很好,与其担心股价波动,不如说:“我担心的是永久亏损的可能性... 我认识的每位实际投资者都担心这种风险。”当我们想到一家公司的风险有多大时,我们总是喜欢看看它对债务的使用,因为债务超负荷会导致破产。重要的是, 中广核电力有限公司 (HKG: 1816)确实有债务。但真正的问题是这笔债务是否使公司面临风险。
债务会带来什么风险?
债务为企业提供帮助,直到企业难以用新的资本或自由现金流还清债务。如果情况变得非常糟糕,贷款人可以控制业务。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。当然,债务可能是企业的重要工具,尤其是资本密集型企业。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。
查看我们对 CGN Power 的最新分析
中广核电力的净负债是多少?
您可以点击下图了解更多详情,该图表显示中广核电力在2022年3月的债务为2081亿元人民币;与前一年大致相同。但是,它也有164亿元人民币的现金,因此其净负债为1917亿元人民币。
香港交易所:1816 债务转股权历史记录 2022 年 8 月 19 日中广核电力资产负债表有多强?
最新的资产负债表数据显示,中广核电力在一年内到期的负债为736亿元人民币,此后到期的负债为176.2亿元人民币。另一方面,它有一年内到期的现金为164亿元人民币,还有价值162亿元人民币的应收账款。因此,它的负债总额比其现金和短期应收账款的总和多出2171亿元人民币。
这种赤字给这家125.2亿人民币的公司蒙上了阴影,就像一个超越凡人的巨人。因此,我们绝对认为股东需要密切关注这个问题。归根结底,如果债权人要求还款,中广核电力可能需要进行大规模的资本重组。
我们使用两个主要比率来告知我们相对于收益的债务水平。第一个是净负债除以利息、税项、折旧和摊销前的收益(EBITDA),第二个是其利息和税前收益(EBIT)覆盖其利息支出(或简称利息保障)的多少倍。这种方法的优势在于,我们既考虑了债务的绝对数量(包括净负债与息税折旧摊销前利润),也考虑了与该债务相关的实际利息支出(及其利息覆盖率)。
中广核电力公司的债务与息税折旧摊销前利润的比率相当高,为5.5,这表明债务负担相当可观。但好消息是,它拥有相当令人欣慰的4.5倍利息保障,这表明它可以负责任地履行其义务。值得注意的是,CGN Power的息税前利润与去年相比相当持平。理想情况下,它可以通过启动收益增长来减轻债务负担。资产负债表显然是分析债务时需要重点关注的领域。但归根结底,该业务未来的盈利能力将决定中广核电力能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,企业需要自由现金流来偿还债务;会计利润根本无法削减债务。因此,我们总是检查息税前利润中有多少转化为自由现金流。在最近三年中,中广核电力录得的自由现金流相当于其息税前利润的74%,这与正常水平差不多,前提是自由现金流不包括利息和税收。这笔冷硬现金意味着它可以在需要时减少债务。
我们的观点
从表面上看,中广核电力与息税折旧摊销前利润的净负债使我们对这只股票持怀疑态度,其总负债水平并不比一年中最繁忙的夜晚那家空荡荡的餐厅更具吸引力。但至少在将息税前利润转换为自由现金流方面相当不错;这令人鼓舞。从大局来看,我们似乎很清楚,中广核电力对债务的使用给公司带来了风险。如果一切顺利,这应该会提高回报,但另一方面,债务增加了永久资本损失的风险。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表内——远非如此。例如,我们已经确定了 中广核电力有 2 个警告信号 (1 对我们来说不太合适)你应该注意。
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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。
风险及免责提示
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用浏览器的分享功能,分享给你的好友吧