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TCL Electronics Holdings (HKG:1070) Has Debt But No Earnings; Should You Worry?
TCL Electronics Holdings (HKG:1070) Has Debt But No Earnings; Should You Worry?
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.' 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. We can see that TCL Electronics Holdings Limited (HKG:1070) does use debt in its business. But is this debt a concern to shareholders?
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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for TCL Electronics Holdings
What Is TCL Electronics Holdings's Net Debt?
As you can see below, TCL Electronics Holdings had HK$7.26b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds HK$9.09b in cash, so it actually has HK$1.83b net cash.
SEHK:1070 Debt to Equity History September 16th 2022How Healthy Is TCL Electronics Holdings' Balance Sheet?
The latest balance sheet data shows that TCL Electronics Holdings had liabilities of HK$39.6b due within a year, and liabilities of HK$1.78b falling due after that. Offsetting these obligations, it had cash of HK$9.09b as well as receivables valued at HK$12.4b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$20.0b.
This deficit casts a shadow over the HK$7.85b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, TCL Electronics Holdings would probably need a major re-capitalization if its creditors were to demand repayment. TCL Electronics Holdings boasts net cash, so it's fair to say it does not have a heavy debt load, even if it does have very significant liabilities, in total. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if TCL Electronics Holdings 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.
In the last year TCL Electronics Holdings wasn't profitable at an EBIT level, but managed to grow its revenue by 7.1%, to HK$74b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
So How Risky Is TCL Electronics Holdings?
Although TCL Electronics Holdings had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of HK$392m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. We're not impressed by its revenue growth, so until we see some positive sustainable EBIT, we consider the stock to be high risk. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 5 warning signs for TCL Electronics Holdings you should be aware of, and 1 of them is significant.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。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。我们可以看到TCL电子控股有限公司(HKG:1070)确实在其业务中使用债务。但这笔债务对股东来说是一个担忧吗?
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。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。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。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TCL电子控股的最新分析
TCL电子控股的净债务是多少?
正如你在下面看到的,截至2022年6月,TCL电子控股的债务为72.6亿港元,与前一年大致相同。您可以单击图表查看更多详细信息。然而,其资产负债表显示,它持有90.9亿港元现金,因此它实际上拥有18.3亿港元的净现金。
联交所:1070债转股历史2022年9月16日TCL电子控股的资产负债表有多健康?
最新的资产负债表数据显示,TCL电子控股有396亿港元的负债在一年内到期,17.8亿港元的负债在一年内到期。为抵销这些债务,该公司有90.9亿港元现金及124亿港元应收账款于12个月内到期。因此,其负债比现金和(近期)应收账款之和高出200亿港元。
这一赤字给这家市值78.5亿港元的公司蒙上了一层阴影,就像一个庞然大物耸立在凡人之上。因此,毫无疑问,我们会密切关注它的资产负债表。归根结底,如果债权人要求偿还,TCL电子控股公司可能需要进行一次重大的资本重组。TCL电子控股拥有净现金,因此可以公平地说,它没有沉重的债务负担,即使它总共有非常重大的债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定TCL电子控股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。
去年,TCL电子控股没有实现息税前利润,但收入增长了7.1%,达到740亿港元。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。
那么,TCL电子控股的风险有多大?
尽管TCL电子控股在过去12个月出现息税前利润(EBIT)亏损,但其法定利润为3.92亿港元。因此,从表面上看,考虑到现金,我们认为短期内风险不是很大。我们对其收入增长并不印象深刻,因此在我们看到一些积极的可持续息税前利润之前,我们认为该股风险很高。在分析债务水平时,资产负债表显然是一个起点。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。一个恰当的例子:我们发现了TCL电子控股的5个警告信号你应该意识到,其中1个是重要的。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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