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These 4 Measures Indicate That China Resources Land (HKG:1109) Is Using Debt Extensively
These 4 Measures Indicate That China Resources Land (HKG:1109) Is Using Debt Extensively
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.' 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. Importantly, China Resources Land Limited (HKG:1109) does carry debt. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for China Resources Land
What Is China Resources Land's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 China Resources Land had debt of CN¥270.5b, up from CN¥230.4b in one year. However, it also had CN¥115.8b in cash, and so its net debt is CN¥154.7b.
SEHK:1109 Debt to Equity History September 12th 2022A Look At China Resources Land's Liabilities
The latest balance sheet data shows that China Resources Land had liabilities of CN¥492.6b due within a year, and liabilities of CN¥210.7b falling due after that. On the other hand, it had cash of CN¥115.8b and CN¥70.7b worth of receivables due within a year. So its liabilities total CN¥516.8b more than the combination of its cash and short-term receivables.
The deficiency here weighs heavily on the CN¥212.0b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. After all, China Resources Land would likely require a major re-capitalisation if it had to pay its creditors today.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
China Resources Land's net debt is 3.6 times its EBITDA, which is a significant but still reasonable amount of leverage. However, its interest coverage of 1k is very high, suggesting that the interest expense on the debt is currently quite low. The bad news is that China Resources Land saw its EBIT decline by 18% 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. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine China Resources Land'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, China Resources Land recorded free cash flow of 24% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Our View
To be frank both China Resources Land's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. We're quite clear that we consider China Resources Land to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. 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. We've identified 2 warning signs with China Resources Land (at least 1 which doesn't sit too well with us) , and understanding them should be part of your investment process.
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。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。重要的是华润置地有限公司(HKG:1109)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
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。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。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,许多公司利用债务为增长提供资金,没有任何负面后果。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。
参见我们对华润置地的最新分析
华润置地的净负债是多少?
你可以点击查看更多细节的下图显示,截至2022年6月,华润置地的债务为人民币2705亿元,而一年的债务为人民币2304亿元。然而,它也有1158亿元现金,因此其净债务为1547亿元。
联交所:1109债转股历史2022年9月12日看华润置地的负债
最新的资产负债表数据显示,华润置地有4926亿元人民币的负债在一年内到期,2107亿元人民币的负债在一年内到期。另一方面,它还有1158亿元现金和707亿元应收账款在一年内到期。因此,其负债总额为人民币5168亿元,超过了现金和短期应收账款的总和。
这一不足给CN公司本身带来了沉重的负担,就像一个孩子在一个装满书籍、运动装备和小号的巨大背包的重压下挣扎一样。因此,我们肯定认为股东需要密切关注这一事件。毕竟,如果华润置地今天不得不偿还债权人的债务,它很可能需要进行一次大规模的资本重组。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
华润置地的净债务是其息税前利润的3.6倍,这是一个相当可观但仍然合理的杠杆率。然而,其1k的利息覆盖率非常高,这表明债务的利息支出目前相当低。坏消息是,华润置地的息税前利润比去年下降了18%。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。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定华润置地未来能否保持健康的资产负债表。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,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。因此,我们总是检查EBIT中有多少转化为自由现金流。纵观最近三年,华润置地的自由现金流占其息税前利润的24%,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
坦率地说,华润置地的息税前利润增长速度和其保持在总负债之上的记录都让我们对其债务水平感到相当不安。但从好的方面来看,它的利息覆盖是一个好兆头,让我们更加乐观。我们非常清楚,由于华润置地的资产负债表状况良好,我们认为其风险确实相当大。因此,我们对这种动物的警惕几乎就像饥饿的小猫害怕掉进主人的鱼塘一样:正如他们所说的那样,一次被咬,加倍害羞。毫无疑问,我们从资产负债表中了解到的债务最多。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。我们已经确定了两个警告信号与华润置地(至少有一个不太受我们欢迎),了解他们应该是你投资过程的一部分。
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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