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COSCO SHIPPING Energy Transportation (HKG:1138) Is Carrying A Fair Bit Of Debt
COSCO SHIPPING Energy Transportation (HKG:1138) Is Carrying A Fair Bit Of Debt
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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that COSCO SHIPPING Energy Transportation Co., Ltd. (HKG:1138) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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 step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for COSCO SHIPPING Energy Transportation
What Is COSCO SHIPPING Energy Transportation's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 COSCO SHIPPING Energy Transportation had debt of CN¥25.6b, up from CN¥22.9b in one year. However, because it has a cash reserve of CN¥3.58b, its net debt is less, at about CN¥22.0b.
SEHK:1138 Debt to Equity History September 13th 2022A Look At COSCO SHIPPING Energy Transportation's Liabilities
According to the last reported balance sheet, COSCO SHIPPING Energy Transportation had liabilities of CN¥13.2b due within 12 months, and liabilities of CN¥18.7b due beyond 12 months. Offsetting this, it had CN¥3.58b in cash and CN¥2.53b in receivables that were due within 12 months. So its liabilities total CN¥25.8b more than the combination of its cash and short-term receivables.
COSCO SHIPPING Energy Transportation has a market capitalization of CN¥65.4b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if COSCO SHIPPING Energy Transportation can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Over 12 months, COSCO SHIPPING Energy Transportation reported revenue of CN¥14b, which is a gain of 11%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
Caveat Emptor
Importantly, COSCO SHIPPING Energy Transportation had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥291m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of CN¥5.4b. So we do think this stock is quite risky. 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. We've identified 2 warning signs with COSCO SHIPPING Energy Transportation (at least 1 which makes us a bit uncomfortable) , and understanding them should be part of your investment process.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们可以看到中远海运能源运输有限公司。(HKG:1138)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?
债务在什么时候是危险的?
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。如果情况真的变得很糟糕,贷款人可以控制业务。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。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。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对中远航运能源运输的最新分析
中远海运能源运输的净债务是多少?
下图显示,截至2022年6月,中远海运能源运输的债务为256亿元人民币,高于一年内的229亿元人民币。然而,由于其拥有35.8亿加元的现金储备,其净债务较少,约为220亿加元。
联交所:1138债转股历史2022年9月13日看中远航运能源运输的负债情况
根据最新报告的资产负债表,中远海运能源运输12个月内到期的负债为132亿元人民币,12个月后到期的负债为187亿元人民币。作为抵消,它有35.8亿加元的现金和25.3亿加元的应收账款在12个月内到期。因此,其负债总额为人民币258亿元,超过了现金和短期应收账款的总和。
中远海运能源运输的市值为人民币654亿元,因此如果有需要,它很可能会筹集现金来改善其资产负债表。然而,仍值得密切关注其偿债能力。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定中远航运能源运输能否随着时间的推移加强其资产负债表。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。
过去12个月,中远海运能源运输报告收入140亿元人民币,增长11%,尽管该公司没有公布任何息税前收益。这种增长速度对我们的品味来说有点慢,但它需要所有类型的人来创造一个世界。
告诫买入者
重要的是,中远航运能源运输在过去一年中出现息税前收益(EBIT)亏损。具体地说,息税前亏损为2.91亿加元。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,该公司有任何债务似乎是不明智的。因此,我们认为它的资产负债表有点紧张,但并不是无法修复。例如,我们不希望看到去年亏损54亿元的情况重演。因此,我们确实认为这只股票风险很大。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。我们已经确定了两个警告信号与中远航运能源运输(至少1,这让我们有点不舒服),并了解他们应该是您的投资过程的一部分。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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