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Does China Merchants Port Holdings (HKG:144) Have A Healthy Balance Sheet?
Does China Merchants Port Holdings (HKG:144) Have A Healthy Balance Sheet?
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.' 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. We note that China Merchants Port Holdings Company Limited (HKG:144) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
Check out our latest analysis for China Merchants Port Holdings
What Is China Merchants Port Holdings's Debt?
As you can see below, China Merchants Port Holdings had HK$35.1b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has HK$8.86b in cash leading to net debt of about HK$26.2b.
SEHK:144 Debt to Equity History September 13th 2022How Healthy Is China Merchants Port Holdings' Balance Sheet?
According to the last reported balance sheet, China Merchants Port Holdings had liabilities of HK$17.7b due within 12 months, and liabilities of HK$36.0b due beyond 12 months. On the other hand, it had cash of HK$8.86b and HK$4.13b worth of receivables due within a year. So it has liabilities totalling HK$40.7b more than its cash and near-term receivables, combined.
This deficit is considerable relative to its market capitalization of HK$46.2b, so it does suggest shareholders should keep an eye on China Merchants Port Holdings' use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
China Merchants Port Holdings's debt is 4.3 times its EBITDA, and its EBIT cover its interest expense 2.9 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. On the other hand, China Merchants Port Holdings grew its EBIT by 28% in the last year. If it can maintain that kind of improvement, its debt load will begin to melt away like glaciers in a warming world. 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 Merchants Port 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, China Merchants Port Holdings actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
China Merchants Port Holdings's conversion of EBIT to free cash flow was a real positive on this analysis, as was its EBIT growth rate. On the other hand, its net debt to EBITDA makes us a little less comfortable about its debt. We would also note that Infrastructure industry companies like China Merchants Port Holdings commonly do use debt without problems. When we consider all the elements mentioned above, it seems to us that China Merchants Port Holdings is managing its debt quite well. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. To that end, you should be aware of the 2 warning signs we've spotted with China Merchants Port Holdings .
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.
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。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。我们注意到招商证券港口控股有限公司(HKG:144)的资产负债表上确实有债务。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?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。
查看我们对招商证券港口控股公司的最新分析
招商证券港务控股的债务是什么?
如下所示,截至2022年6月,招商证券港口控股的债务为351亿港元,与前一年大致相同。您可以单击图表查看更多详细信息。另一方面,该公司拥有88.6亿港元现金,净债务约为262亿港元。
联交所:144债转股历史2022年9月13日招商证券港口控股的资产负债表有多健康?
根据最近一次报告的资产负债表,招商证券港口控股公司有177亿港元的负债在12个月内到期,360亿港元的负债在12个月后到期。另一方面,该公司有88.6亿港元的现金和价值41.3亿港元的应收账款在一年内到期。因此,该公司的负债总额为407亿港元,超过了现金和近期应收账款的总和。
与招商证券462亿港元的市值相比,这一赤字是相当可观的,因此它确实表明股东应该密切关注招商证券港口控股的债务使用情况。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
招商证券港口控股的债务是其息税前利润的4.3倍,息税前利润是利息支出的2.9倍以上。这表明,尽管债务水平很高,但我们不会说它们有问题。另一方面,招商证券港口控股去年息税前利润增长28%。如果它能保持这种改善,它的债务负担将开始融化,就像全球变暖中的冰川一样。毫无疑问,我们从资产负债表中了解到的债务最多。但决定招商证券港口控股未来保持健康资产负债表能力的,是未来的收益,而不是任何东西。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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在过去的三年里,招商证券港口控股实际上产生了比息税前利润更多的自由现金流。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。
我们的观点
招商证券港口控股将息税前利润转换为自由现金流是这一分析的一个真正积极的因素,其息税前利润增长率也是如此。另一方面,它的净债务与EBITDA之比让我们对它的债务不那么放心。我们还应该注意到,像招商证券港口控股这样的基础设施行业公司通常会使用债务,而不会出现问题。综合上述因素,在我们看来,招商证券港口控股公司的债务管理得相当不错。话虽如此,这笔负担足够沉重,我们建议任何股东都要密切关注。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。为此,您应该意识到2个警告标志我们已经发现了招商证券港口控股公司。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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