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Is Man Wah Holdings (HKG:1999) A Risky Investment?
Is Man Wah Holdings (HKG:1999) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Man Wah Holdings Limited (HKG:1999) does use debt in its business. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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, debt can be an important tool in businesses, particularly capital heavy businesses. 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 Man Wah Holdings
What Is Man Wah Holdings's Net Debt?
As you can see below, at the end of March 2022, Man Wah Holdings had HK$4.34b of debt, up from HK$3.59b a year ago. Click the image for more detail. However, because it has a cash reserve of HK$3.30b, its net debt is less, at about HK$1.04b.
SEHK:1999 Debt to Equity History September 8th 2022A Look At Man Wah Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that Man Wah Holdings had liabilities of HK$7.44b due within 12 months and liabilities of HK$329.4m due beyond that. Offsetting this, it had HK$3.30b in cash and HK$2.59b in receivables that were due within 12 months. So it has liabilities totalling HK$1.88b more than its cash and near-term receivables, combined.
Of course, Man Wah Holdings has a market capitalization of HK$22.0b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
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). 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).
Man Wah Holdings has a low debt to EBITDA ratio of only 0.31. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. And we also note warmly that Man Wah Holdings grew its EBIT by 13% 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 Man Wah 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. In the last three years, Man Wah Holdings's free cash flow amounted to 41% 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 Man Wah Holdings's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. And the good news does not stop there, as its net debt to EBITDA also supports that impression! Taking all this data into account, it seems to us that Man Wah Holdings takes a pretty sensible approach to debt. While that brings some risk, it can also enhance returns for shareholders. 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. For instance, we've identified 1 warning sign for Man Wah Holdings that you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到敏华控股控股有限公司(HKG:1999)确实在其业务中使用债务。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?
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,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。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对敏华控股控股的最新分析
敏华控股控股的净负债是多少?
如下所示,截至2022年3月底,敏华控股控股的债务为43.4亿港元,高于一年前的35.9亿港元。单击图像了解更多详细信息。然而,由于该公司拥有33亿港元的现金储备,其净债务较少,约为10.4亿港元。
联交所:1999年债转股历史2022年9月8日敏华控股控股的负债状况一瞥
放大最新的资产负债表数据,我们可以看到,敏华控股控股有74.4亿港元的负债在12个月内到期,而在此之后还有3.294亿港元的负债到期。作为抵消,该公司有33亿港元现金和25.9亿港元应收账款在12个月内到期。因此,该公司的负债总额比现金和近期应收账款的总和还要高出18.8亿港元。
当然,敏华控股控股的市值为220亿港元,因此这些负债大概是可控的。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。
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。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
敏华控股控股的债务与EBITDA之比较低,仅为0.31.但真正酷的是,在过去的一年里,它实际上设法获得了比支付更多的利息。因此,公平地说,它可以处理债务,就像一位铁板烧大厨处理烹饪一样。我们也热情地注意到,敏华控股控股去年息税前利润增长了13%,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。但决定敏华控股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。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。在过去三年中,敏华控股控股的自由现金流占其息税前利润的41%,低于我们的预期。这种疲软的现金转换增加了处理债务的难度。
我们的观点
好消息是,敏华控股控股被证明有能力通过息税前利润来支付利息支出,这让我们感到高兴,就像毛茸茸的小狗对待蹒跚学步的孩子一样。好消息还不止于此,因为它对EBITDA的净债务也支持了这种印象!考虑到所有这些数据,在我们看来,敏华控股控股对债务采取了相当明智的做法。虽然这会带来一些风险,但也可以提高股东的回报。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。例如,我们已经确定敏华控股控股的1个警告标志这一点你应该知道。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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