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Is Truly International Holdings (HKG:732) A Risky Investment?
Is Truly International Holdings (HKG:732) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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. As with many other companies Truly International Holdings Limited (HKG:732) makes use of debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
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. 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, 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 think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Truly International Holdings
What Is Truly International Holdings's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Truly International Holdings had HK$7.14b of debt, an increase on HK$5.12b, over one year. On the flip side, it has HK$1.21b in cash leading to net debt of about HK$5.93b.
SEHK:732 Debt to Equity History September 2nd 2022How Healthy Is Truly International Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Truly International Holdings had liabilities of HK$15.4b due within 12 months and liabilities of HK$962.5m due beyond that. Offsetting this, it had HK$1.21b in cash and HK$4.57b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$10.6b.
This deficit casts a shadow over the HK$5.22b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, Truly International Holdings would likely require a major re-capitalisation if it had to pay its creditors today.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Truly International Holdings has net debt worth 2.2 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 4.7 times the interest expense. In large part that's due to the company's significant depreciation and amortisation charges, which arguably mean its EBITDA is a very generous measure of earnings, and its debt may be more of a burden than it first appears. The bad news is that Truly International Holdings saw its EBIT decline by 13% over the last year. If earnings continue to decline at that rate then handling the debt will be more difficult than taking three children under 5 to a fancy pants restaurant. 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 Truly International Holdings's ability to maintain a healthy balance sheet going forward. 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, Truly International Holdings actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Our View
Mulling over Truly International Holdings's attempt at staying on top of its total liabilities, we're certainly not enthusiastic. But on the bright side, its conversion of EBIT to free cash flow is a good sign, and makes us more optimistic. Overall, we think it's fair to say that Truly International Holdings has enough debt that there are some real risks around the balance sheet. If all goes well, that should boost returns, but on the flip side, the risk of permanent capital loss is elevated by the debt. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Truly International Holdings is showing 2 warning signs in our investment analysis , 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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。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。与许多其他公司一样信实国际控股有限公司(HKG:732)利用债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
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。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,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True International Holdings的最新分析
国际控股的真正债务是什么?
你可以点击下图查看历史数字,但它显示,截至2022年6月,真国际控股的债务为71.4亿港元,比一年前增加了51.2亿港元。另一方面,它拥有12.1亿港元的现金,导致净债务约为59.3亿港元。
联交所:732债转股历史2022年9月2日国际控股的资产负债表到底有多健康?
放大最新的资产负债表数据,我们可以看到,真实国际控股有154亿港元的负债在12个月内到期,而在此之后还有9.625亿港元的负债到期。作为抵消,该公司有12.1亿港元的现金和45.7亿港元的应收账款在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106亿港元。
这一赤字给这家市值52.2亿港元的公司蒙上了一层阴影,就像一个庞然大物耸立在凡人之上。因此,毫无疑问,我们会密切关注它的资产负债表。毕竟,如果真国际控股今天不得不偿还债权人的债务,它很可能需要进行大规模的资本重组。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
True International Holdings的净债务是EBITDA的2.2倍,这并不是太多,但其利息覆盖率看起来有点低,EBIT仅为利息支出的4.7倍。这在很大程度上是因为该公司的巨额折旧和摊销费用,这可以说意味着它的EBITDA是一个非常慷慨的收益衡量标准,它的债务可能比最初看起来更沉重。坏消息是,True International Holdings的息税前利润在去年下降了13%。如果收入继续以这样的速度下降,那么处理债务将比带三个5岁以下的孩子去高档裤子餐厅更难。当你分析债务时,资产负债表显然是你关注的领域。但真正决定国际控股未来保持健康资产负债表能力的是未来的收益,而不是任何东西。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。在过去的三年里,True International Holdings实际上产生了比EBIT更多的自由现金流。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
我们的观点
考虑到True International Holdings试图控制其总负债,我们肯定不是很热情。但从好的方面来看,它将息税前利润转换为自由现金流是一个好迹象,让我们更加乐观。总体而言,我们认为,可以公平地说,True International Holdings拥有足够的债务,资产负债表周围存在一些真正的风险。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。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。请注意,True International Holdings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……
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。
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