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CK Asset Holdings (HKG:1113) Seems To Use Debt Rather Sparingly
CK Asset Holdings (HKG:1113) Seems To Use Debt Rather Sparingly
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.' 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 CK Asset Holdings Limited (HKG:1113) makes use of debt. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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 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. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for CK Asset Holdings
What Is CK Asset Holdings's Debt?
As you can see below, CK Asset Holdings had HK$45.9b of debt at June 2022, down from HK$93.2b a year prior. However, it does have HK$59.8b in cash offsetting this, leading to net cash of HK$13.9b.
SEHK:1113 Debt to Equity History August 19th 2022How Healthy Is CK Asset Holdings' Balance Sheet?
We can see from the most recent balance sheet that CK Asset Holdings had liabilities of HK$45.3b falling due within a year, and liabilities of HK$61.6b due beyond that. On the other hand, it had cash of HK$59.8b and HK$4.59b worth of receivables due within a year. So it has liabilities totalling HK$42.5b more than its cash and near-term receivables, combined.
This deficit isn't so bad because CK Asset Holdings is worth a massive HK$197.0b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. Despite its noteworthy liabilities, CK Asset Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
And we also note warmly that CK Asset Holdings grew its EBIT by 11% last year, making its debt load easier to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine CK Asset Holdings's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While CK Asset Holdings has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, CK Asset Holdings recorded free cash flow worth a fulsome 93% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Summing Up
Although CK Asset Holdings's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of HK$13.9b. The cherry on top was that in converted 93% of that EBIT to free cash flow, bringing in HK$22b. So is CK Asset Holdings's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for CK Asset Holdings 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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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长实集团控股有限公司(HKG:1113)利用债务。但股东是否应该担心它的债务使用情况?
为什么债务会带来风险?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。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。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对长实集团控股的最新分析
长实集团控股的债务是什么?
如下所示,截至2022年6月,长实集团控股的债务为459亿港元,低于一年前的932亿港元。然而,它确实有598亿港元的现金抵消了这一影响,导致净现金为139亿港元。
联交所:1113债转股历史2022年8月19日长实集团控股的资产负债表有多健康?
我们从最近的资产负债表可以看到,长实集团控股有453亿港元的负债在一年内到期,而616亿港元的负债在这之后到期。另一方面,该公司有598亿港元的现金和价值45.9亿港元的应收账款在一年内到期。因此,该公司的负债总额比现金和近期应收账款的总和高出425亿港元。
这一赤字并不是那么糟糕,因为长实集团控股的市值高达1,970亿港元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。然而,仍值得密切关注其偿债能力。尽管长实集团控股有值得注意的负债,但它拥有净现金,所以可以说它没有沉重的债务负担!
我们也热情地注意到,长实集团控股去年息税前利润增长了11%,使其债务负担更容易处理。当你分析债务时,资产负债表显然是你关注的领域。但决定长实集团控股未来能否保持健康资产负债表的,最重要的是公司未来的盈利状况。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,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。虽然长实集团控股的资产负债表上有净现金,但它将息税前利润转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的三年里,长实集团控股录得相当于息税前利润的93%的自由现金流,这比我们通常预期的要好。这使其在偿还债务方面处于非常有利的地位。
总结
尽管长实集团控股的资产负债表不是特别强劲,但考虑到总负债,它的净现金为139亿港元,这显然是积极的。最重要的是,它将93%的息税前利润转化为自由现金流,带来了220亿港元的收入。那么,长实集团控股的债务是一种风险吗?但在我们看来并非如此。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。这些风险可能很难发现。每家公司都有它们,我们已经发现长实集团控股的1个警告标志你应该知道。
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。
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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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