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Is Shangri-La Asia (HKG:69) A Risky Investment?
Is Shangri-La Asia (HKG:69) A Risky Investment?
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. We note that Shangri-La Asia Limited (HKG:69) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Shangri-La Asia
What Is Shangri-La Asia's Debt?
As you can see below, Shangri-La Asia had US$5.61b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of US$668.6m, its net debt is less, at about US$4.94b.
SEHK:69 Debt to Equity History September 8th 2022How Healthy Is Shangri-La Asia's Balance Sheet?
According to the last reported balance sheet, Shangri-La Asia had liabilities of US$1.33b due within 12 months, and liabilities of US$5.80b due beyond 12 months. Offsetting this, it had US$668.6m in cash and US$284.9m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$6.17b.
This deficit casts a shadow over the US$2.77b 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, Shangri-La Asia would probably need a major re-capitalization if its creditors were to demand repayment. 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 Shangri-La Asia'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.
In the last year Shangri-La Asia wasn't profitable at an EBIT level, but managed to grow its revenue by 18%, to US$1.3b. We usually like to see faster growth from unprofitable companies, but each to their own.
Caveat Emptor
Importantly, Shangri-La Asia had an earnings before interest and tax (EBIT) loss over the last year. Its EBIT loss was a whopping US$309m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it had negative free cash flow of US$221m over the last twelve months. So suffice it to say we consider the stock to be risky. For riskier companies like Shangri-La Asia I always like to keep an eye on whether insiders are buying or selling. So click here if you want to find out for yourself.
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。我们注意到香格里拉亚洲有限公司(HKG:69)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
为什么债务会带来风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对香格里拉亚洲的最新分析
香格里拉亚洲的债务是什么?
正如你在下面看到的,截至2022年6月,香格里拉亚洲的债务为56.1亿美元,与前一年大致相同。您可以单击图表查看更多详细信息。然而,由于它拥有6.686亿美元的现金储备,其净债务较少,约为49.4亿美元。
联交所:69债转股历史2022年9月8日香格里拉亚洲的资产负债表有多健康?
根据最新公布的资产负债表,香格里拉亚洲有13.3亿美元的负债在12个月内到期,58亿美元的负债在12个月后到期。作为抵消,它有6.686亿美元的现金和2.849亿美元的应收账款在12个月内到期。因此,它的负债比现金和(近期)应收账款之和高出61.7亿美元。
这一赤字给这家市值27.7亿美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,我们肯定认为股东需要密切关注这一事件。归根结底,如果债权人要求偿还,香格里拉亚洲可能需要进行一次重大的资本重组。当你分析债务时,资产负债表显然是你关注的领域。但决定香格里拉亚洲未来能否保持健康资产负债表的,最重要的是未来的收益。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。
去年,香格里拉亚洲的息税前利润没有达到盈利水平,但收入增长了18%,达到13亿美元。我们通常喜欢看到不盈利的公司实现更快的增长,但每个公司都有自己的特点。
告诫买入者
重要的是,香格里拉亚洲去年出现息税前收益(EBIT)亏损。其息税前利润亏损高达3.09亿美元。当我们把这一点与重大债务放在一起看时,我们对这家公司并不是特别有信心。在对这只股票产生太大兴趣之前,我们希望看到一些强劲的短期改善。尤其是因为它在过去12个月中的自由现金流为负2.21亿美元。因此,可以说,我们认为这只股票是有风险的。对于香格里拉亚洲这样风险较高的公司,我总是喜欢密切关注内部人士是在买入还是在卖出。因此,如果您想自己找出答案,请点击此处。
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。
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。
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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