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Here's Why Lonking Holdings (HKG:3339) Can Manage Its Debt Responsibly
Here's Why Lonking Holdings (HKG:3339) Can Manage Its Debt Responsibly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Lonking Holdings Limited (HKG:3339) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Lonking Holdings
What Is Lonking Holdings's Net Debt?
As you can see below, Lonking Holdings had CN¥682.4m 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 CN¥4.69b in cash, so it actually has CN¥4.01b net cash.
SEHK:3339 Debt to Equity History September 26th 2022How Strong Is Lonking Holdings' Balance Sheet?
We can see from the most recent balance sheet that Lonking Holdings had liabilities of CN¥5.56b falling due within a year, and liabilities of CN¥736.4m due beyond that. On the other hand, it had cash of CN¥4.69b and CN¥3.28b worth of receivables due within a year. So it actually has CN¥1.67b more liquid assets than total liabilities.
This surplus liquidity suggests that Lonking Holdings' balance sheet could take a hit just as well as Homer Simpson's head can take a punch. On this view, lenders should feel as safe as the beloved of a black-belt karate master. Simply put, the fact that Lonking Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.
It is just as well that Lonking Holdings's load is not too heavy, because its EBIT was down 68% over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Lonking Holdings 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Lonking Holdings has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the most recent three years, Lonking Holdings recorded free cash flow worth 53% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Lonking Holdings has net cash of CN¥4.01b, as well as more liquid assets than liabilities. So we are not troubled with Lonking Holdings's debt use. 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. Be aware that Lonking Holdings is showing 3 warning signs in our investment analysis , and 1 of those shouldn't be ignored...
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们注意到隆景控股有限公司(HKG:3339)的资产负债表上确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务会带来什么风险?
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。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。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。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。
查看我们对隆金控股的最新分析
隆金控股的净债务是多少?
如下所示,截至2022年6月,隆金控股的债务为6.824亿元人民币,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,它持有人民币46.9亿元现金,因此它实际上拥有人民币40.1亿元的净现金。
联交所:3339债转股历史2022年9月26日隆金控股的资产负债表有多强劲?
从最近的资产负债表可以看出,隆金控股有55.6亿加元的负债在一年内到期,还有7.364亿加元的负债在一年内到期。另一方面,一年内有46.9亿加元现金和32.8亿加元应收账款到期。所以它实际上有16.7亿元人民币更多流动资产超过总负债。
这种过剩的流动性表明,隆金控股的资产负债表可能会受到打击,就像霍默·辛普森的头可能会受到打击一样。按照这种观点,贷款人应该会觉得自己像黑带空手道大师的宠儿一样安全。简而言之,Lonking Holdings的现金多于债务这一事实可以说是一个很好的迹象,表明它能够安全地管理债务。
幸好隆金控股的负担不是太重,因为其息税前利润比去年下降了68%。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。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隆金控股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。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。虽然Lonking Holdings的资产负债表上有净现金,但它将息税前收益(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在最近三年中,Lonking Holdings录得的自由现金流相当于其息税前利润的53%,考虑到自由现金流不包括利息和税收,这大致是正常的。这种冷酷的现金意味着,它可以在想要的时候减少债务。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,隆金控股拥有40.1亿元人民币的净现金,流动资产多于负债。因此,我们对隆金控股的债务使用并不感到困扰。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。请注意,隆金控股正在展示我们的投资分析中的3个警告信号,其中一条不应被忽视……
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。
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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。
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