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China Overseas Property Holdings (HKG:2669) Seems To Use Debt Rather Sparingly
China Overseas Property Holdings (HKG:2669) Seems To Use Debt Rather Sparingly
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.' 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 note that China Overseas Property Holdings Limited (HKG:2669) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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 Overseas Property Holdings
How Much Debt Does China Overseas Property Holdings Carry?
As you can see below, at the end of June 2022, China Overseas Property Holdings had HK$449.8m of debt, up from none a year ago. Click the image for more detail. But on the other hand it also has HK$3.56b in cash, leading to a HK$3.11b net cash position.
SEHK:2669 Debt to Equity History September 26th 2022How Strong Is China Overseas Property Holdings' Balance Sheet?
We can see from the most recent balance sheet that China Overseas Property Holdings had liabilities of HK$5.65b falling due within a year, and liabilities of HK$121.6m due beyond that. Offsetting these obligations, it had cash of HK$3.56b as well as receivables valued at HK$3.06b due within 12 months. So it can boast HK$838.3m more liquid assets than total liabilities.
This short term liquidity is a sign that China Overseas Property Holdings could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that China Overseas Property Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.
On top of that, China Overseas Property Holdings grew its EBIT by 36% over the last twelve months, and that growth will make it easier to handle its 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 China Overseas Property 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While China Overseas Property 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. In the last three years, China Overseas Property Holdings's free cash flow amounted to 44% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that China Overseas Property Holdings has net cash of HK$3.11b, as well as more liquid assets than liabilities. And we liked the look of last year's 36% year-on-year EBIT growth. So is China Overseas Property Holdings's debt a risk? It doesn't seem so to us. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of China Overseas Property Holdings's earnings per share history for free.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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。我们注意到中国海外置业集团有限公司(HKG:2669)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。
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。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,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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。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。
查看我们对中国海外地产控股公司的最新分析
中国海外地产控股公司背负着多少债务?
如下所示,截至2022年6月底,中国海外地产控股有限公司(China Overseas Property Holdings)的债务为4.498亿港元,而一年前为零。单击图像了解更多详细信息。但另一方面,它也拥有35.6亿港元的现金,导致其净现金头寸为31.1亿港元。
联交所:2669债转股历史2022年9月26日中国海外地产控股公司的资产负债表有多强劲?
我们可以从最近的资产负债表中看到,中国海外地产控股有限公司有56.5亿港元的负债在一年内到期,而在这之后还有1.216亿港元的负债到期。该公司有35.6亿港元的现金及30.6亿港元的应收账款于12个月内到期,以抵销这些债务。因此,它可以号称拥有比总计负债。
这种短期流动性是一个迹象,表明中国海外地产控股有限公司(China Overseas Property Holdings)很可能可以轻松偿还债务,因为该公司的资产负债表远未捉襟见肘。简而言之,中国海外地产控股有限公司的现金多于债务的事实,可以说是一个很好的迹象,表明它能够安全地管理债务。
最重要的是,中国海外地产控股有限公司在过去12个月中息税前利润增长了36%,这一增长将使其更容易处理债务。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,该业务未来的盈利能力将决定中国海外地产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。
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。尽管中国海外地产控股公司的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍值得一看,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。过去三年,中国海外地产控股有限公司的自由现金流占其息税前利润的44%,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。
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,中国海外地产控股公司拥有31.1亿港元的净现金,流动资产多于负债。我们喜欢去年息税前利润同比增长36%的表现。那么,中国海外地产控股有限公司的债务是否存在风险?但在我们看来并非如此。在大多数其他指标中,我们认为跟踪每股收益的增长速度(如果有的话)是很重要的。如果你也意识到了这一点,那你就幸运了,因为今天你可以免费观看这张中国海外地产控股公司每股收益历史的互动图表。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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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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