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Orient Overseas (International) (HKG:316) Seems To Use Debt Rather Sparingly
Orient Overseas (International) (HKG:316) Seems To Use Debt Rather Sparingly
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Orient Overseas (International) Limited (HKG:316) does carry debt. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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. If things get really bad, the lenders can take control of the business. 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. 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. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Orient Overseas (International)
How Much Debt Does Orient Overseas (International) Carry?
The image below, which you can click on for greater detail, shows that Orient Overseas (International) had debt of US$231.3m at the end of June 2022, a reduction from US$929.0m over a year. However, it does have US$11.0b in cash offsetting this, leading to net cash of US$10.8b.
SEHK:316 Debt to Equity History September 9th 2022How Healthy Is Orient Overseas (International)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Orient Overseas (International) had liabilities of US$4.15b due within 12 months and liabilities of US$2.64b due beyond that. On the other hand, it had cash of US$11.0b and US$1.08b worth of receivables due within a year. So it can boast US$5.30b more liquid assets than total liabilities.
This surplus strongly suggests that Orient Overseas (International) has a rock-solid balance sheet (and the debt is of no concern whatsoever). With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, Orient Overseas (International) boasts net cash, so it's fair to say it does not have a heavy debt load!
Even more impressive was the fact that Orient Overseas (International) grew its EBIT by 181% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Orient Overseas (International) 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. Orient Overseas (International) may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, Orient Overseas (International) actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Orient Overseas (International) has net cash of US$10.8b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$12b, being 115% of its EBIT. The bottom line is that Orient Overseas (International)'s use of debt is absolutely fine. 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. For example Orient Overseas (International) has 4 warning signs (and 1 which is a bit unpleasant) we think you should know about.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。重要的是东方海外国际(国际)有限公司(HKG:316)确实有债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
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。如果情况真的变得很糟糕,贷款人可以控制业务。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。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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。
查看我们对东方海外国际(国际)的最新分析
东方海外国际(国际)背负着多少债务?
下图(您可以点击查看更多详细信息)显示,截至2022年6月底,东方海外国际(国际)的债务为2.313亿美元,低于一年内的9.29亿美元。然而,它确实有110亿美元的现金来抵消这一点,导致净现金为108亿美元。
联交所:316债转股历史2022年9月9日东方海外国际(国际)的资产负债表健康程度如何?
放大最新的资产负债表数据,我们可以看到,东方海外国际(国际)有41.5亿美元的负债在12个月内到期,超过12个月的负债有26.4亿美元到期。另一方面,它有110亿美元的现金和10.8亿美元的应收账款在一年内到期。因此,它可以吹嘘自己拥有比总计负债。
这一盈余强烈表明,东方海外国际(国际)拥有坚如磐石的资产负债表(债务无论如何都不是问题)。考虑到这一点,人们可以断定,其资产负债表意味着该公司有能力应对一些逆境。简单地说,东方海外国际(国际)拥有净现金,所以可以说它没有沉重的债务负担!
更令人印象深刻的是,东方海外国际(国际)的息税前利润在12个月内增长了181%。如果保持这样的增长,未来几年的债务将变得更加可控。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定东方海外国际(国际)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,一家公司只能用冷硬现金偿还债务,而不是会计利润。东方海外国际(国际)的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。对于任何股东来说,令人高兴的是,东方海外国际(国际)在过去三年产生的自由现金流实际上比息税前利润还多。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
总结
虽然我们同情那些对债务感到担忧的投资者,但您应该记住,东方海外国际(国际)拥有108亿美元的净现金,流动资产多于负债。给我们留下深刻印象的是120亿美元的自由现金流,占其息税前利润的115%。归根结底,东方海外国际(国际)对债务的使用是绝对没有问题的。毫无疑问,我们最了解债务的是资产负债表。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。例如,东方海外国际(国际)4个警示标志(和1,这有点不愉快)我们认为你应该知道。
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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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。
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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。
风险及免责提示
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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