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These 4 Measures Indicate That China Tobacco International (HK) (HKG:6055) Is Using Debt Reasonably Well
These 4 Measures Indicate That China Tobacco International (HK) (HKG:6055) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Tobacco International (HK) Company Limited (HKG:6055) does carry 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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for China Tobacco International (HK)
How Much Debt Does China Tobacco International (HK) Carry?
As you can see below, at the end of June 2022, China Tobacco International (HK) had HK$2.08b of debt, up from none a year ago. Click the image for more detail. On the flip side, it has HK$2.02b in cash leading to net debt of about HK$60.3m.
SEHK:6055 Debt to Equity History September 6th 2022How Strong Is China Tobacco International (HK)'s Balance Sheet?
The latest balance sheet data shows that China Tobacco International (HK) had liabilities of HK$4.02b due within a year, and liabilities of HK$87.4m falling due after that. Offsetting this, it had HK$2.02b in cash and HK$1.20b in receivables that were due within 12 months. So it has liabilities totalling HK$886.4m more than its cash and near-term receivables, combined.
Since publicly traded China Tobacco International (HK) shares are worth a total of HK$7.59b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. But either way, China Tobacco International (HK) has virtually no net debt, so it's fair to say it does not have a heavy debt load!
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).
China Tobacco International (HK) has a low net debt to EBITDA ratio of only 0.10. And its EBIT covers its interest expense a whopping 17.3 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Better yet, China Tobacco International (HK) grew its EBIT by 218% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if China Tobacco International (HK) 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 company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. In the last three years, China Tobacco International (HK)'s free cash flow amounted to 36% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Our View
The good news is that China Tobacco International (HK)'s demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But truth be told we feel its conversion of EBIT to free cash flow does undermine this impression a bit. Looking at the bigger picture, we think China Tobacco International (HK)'s use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of China Tobacco International (HK)'s earnings per share history for free.
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.
有人说,作为投资者,波动性而不是债务是考虑风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们想到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,因为债务超负荷可能导致破产。重要的是, 中烟国际(香港)有限公司 (HKG: 6055)确实有债务。但是股东们是否应该担心它对债务的使用?
债务会带来什么风险?
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。尽管这种情况不太常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以低价筹集资金。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的一个非常好的工具。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。
查看我们对中烟国际(香港)的最新分析
中烟国际(香港)有多少债务?
如下所示,截至2022年6月底,中国烟草国际(香港)的债务为20.8亿港元,高于一年前的无债务。点击图片了解更多细节。另一方面,它拥有20.2亿港元的现金,净负债约为6030万港元。
香港交易所:6055 2022 年 9 月 6 日债务转股权历史记录中烟国际(香港)的资产负债表有多强?
最新的资产负债表数据显示,中烟国际(香港)在一年内到期的负债为40.2亿港元,此后到期的负债为8,740万港元。抵消了这一点,它有20.2亿港元的现金和12亿港元的应收账款在12个月内到期。因此,它的负债总额比其现金和短期应收账款的总和多出8.864亿港元。
由于公开交易的中国烟草国际(香港)股票总价值75.9亿港元,这种负债水平似乎不太可能成为重大威胁。但是,负债已经足够了,我们肯定会建议股东们今后继续监测资产负债表。但不管怎样,中烟国际(香港)几乎没有净负债,因此可以公平地说,它的债务负担并不沉重!
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)。
中国烟草国际(香港)的净负债与息税折旧摊销前利润的比率很低,仅为0.10。而且其息税前利润涵盖了高达17.3倍的利息支出。因此,你可以争辩说,它受到的债务威胁并不比大象受到老鼠的威胁更大。更好的是,中烟国际(香港)去年的息税前利润增长了218%,这是一个令人印象深刻的改善。这种提振将使未来偿还债务变得更加容易。在分析债务水平时,资产负债表是显而易见的起点。但最终,该业务未来的盈利能力将决定中烟国际(香港)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,公司只能用冷硬现金偿还债务,不能用会计利润。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。在过去三年中,中烟国际(香港)的自由现金流达到其息税前利润的36%,低于我们的预期。这种疲软的现金转换使处理债务变得更加困难。
我们的观点
好消息是,中国烟草国际(香港)表现出能够用息税前利润支付利息支出,这让我们感到高兴,就像一只毛茸茸的小狗对待幼儿。但说实话,我们认为它将息税前利润转换为自由现金流确实稍微削弱了这种印象。从大局来看,我们认为中烟国际(香港)使用债务似乎很合理,我们对此并不担心。毕竟,合理的杠杆可以提高股本回报率。除了大多数其他指标外,我们认为重要的是要追踪每股收益的增长速度(如果有的话)。如果你也意识到了这一点,那你很幸运,因为今天你可以免费查看中国烟草国际(香港)每股收益历史的交互式图表。
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。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论,我们的文章并非旨在提供财务建议。 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。
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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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