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China Resources Cement Holdings (HKG:1313) Has A Somewhat Strained Balance Sheet
China Resources Cement Holdings (HKG:1313) 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, China Resources Cement Holdings Limited (HKG:1313) does carry debt. But the more important question is: how much risk is that debt creating?
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. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for China Resources Cement Holdings
How Much Debt Does China Resources Cement Holdings Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 China Resources Cement Holdings had HK$9.96b of debt, an increase on HK$6.91b, over one year. However, it also had HK$3.60b in cash, and so its net debt is HK$6.36b.
SEHK:1313 Debt to Equity History August 26th 2022How Strong Is China Resources Cement Holdings' Balance Sheet?
We can see from the most recent balance sheet that China Resources Cement Holdings had liabilities of HK$18.9b falling due within a year, and liabilities of HK$3.92b due beyond that. Offsetting this, it had HK$3.60b in cash and HK$7.07b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$12.2b.
China Resources Cement Holdings has a market capitalization of HK$34.4b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
China Resources Cement Holdings's net debt is only 0.70 times its EBITDA. And its EBIT easily covers its interest expense, being 47.0 times the size. So you could argue it is no more threatened by its debt than an elephant is by a mouse. It is just as well that China Resources Cement Holdings's load is not too heavy, because its EBIT was down 32% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 China Resources Cement 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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Looking at the most recent three years, China Resources Cement Holdings recorded free cash flow of 22% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Our View
Neither China Resources Cement Holdings's ability to grow its EBIT nor its conversion of EBIT to free cash flow gave us confidence in its ability to take on more debt. But the good news is it seems to be able to cover its interest expense with its EBIT with ease. When we consider all the factors discussed, it seems to us that China Resources Cement Holdings is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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. Case in point: We've spotted 1 warning sign for China Resources Cement Holdings you should be aware of.
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。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。重要的是华润水泥控股有限公司(HKG:1313)确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
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。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,许多公司利用债务为增长提供资金,没有任何负面后果。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。
查看我们对华润水泥控股的最新分析
华润水泥控股背负着多少债务?
你可以点击下图查看历史数字,但它显示,截至2022年6月,华润水泥控股公司的债务为99.6亿港元,比一年前增加了69.1亿港元。然而,它也有36亿港元的现金,因此其净债务为63.6亿港元。
联交所:1313债转股历史2022年8月26日华润水泥控股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,华润水泥控股有限公司有189亿港元的负债在一年内到期,还有39.2亿港元的负债在一年内到期。作为抵消,该公司有36亿港元的现金和70.7亿港元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出122亿港元。
华润水泥控股的市值为344亿港元,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。但我们肯定希望密切关注其债务带来太大风险的迹象。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
华润水泥控股的净债务仅为其EBITDA的0.7倍。而且它的息税前利润轻松覆盖了利息支出,是其规模的47.0倍。因此,你可以辩称,它不会受到债务的威胁,就像大象受到老鼠的威胁一样。幸运的是,华润水泥的负担不是太重,因为其息税前利润比去年下降了32%。说到还债,收入下降并不比含糖汽水对你的健康有什么用处。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定华润水泥控股有限公司未来能否保持健康的资产负债表。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;会计利润只是不能削减这一点。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。看看最近三年,华润水泥控股录得的自由现金流占其息税前利润的22%,这比我们预期的要弱。当涉及到偿还债务时,这并不是很好。
我们的观点
无论是华润水泥增长息税前利润的能力,还是将息税前利润转换为自由现金流的能力,都让我们对其承担更多债务的能力失去了信心。但好消息是,它似乎能够轻松地用息税前利润来弥补利息支出。当我们考虑所有讨论的因素时,在我们看来,华润水泥控股公司的债务使用似乎正在承担一些风险。因此,尽管杠杆率确实提高了股本回报率,但我们并不真的希望看到它从现在开始增加。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。一个恰当的例子:我们发现了华润水泥控股有限公司的1个警告标志你应该意识到。
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。
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