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These 4 Measures Indicate That First Pacific (HKG:142) Is Using Debt Extensively
These 4 Measures Indicate That First Pacific (HKG:142) Is Using Debt Extensively
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 can see that First Pacific Company Limited (HKG:142) does use debt in its business. But the real question is whether this debt is making the company risky.
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for First Pacific
What Is First Pacific's Debt?
As you can see below, First Pacific had US$11.0b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$2.81b in cash offsetting this, leading to net debt of about US$8.20b.
SEHK:142 Debt to Equity History September 26th 2022How Healthy Is First Pacific's Balance Sheet?
We can see from the most recent balance sheet that First Pacific had liabilities of US$4.21b falling due within a year, and liabilities of US$11.0b due beyond that. Offsetting these obligations, it had cash of US$2.81b as well as receivables valued at US$1.36b due within 12 months. So it has liabilities totalling US$11.0b more than its cash and near-term receivables, combined.
The deficiency here weighs heavily on the US$1.40b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, First Pacific would probably need a major re-capitalization if its creditors were to demand repayment.
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.
First Pacific's debt is 4.1 times its EBITDA, and its EBIT cover its interest expense 3.8 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. On the other hand, First Pacific grew its EBIT by 29% 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. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine First Pacific'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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, First Pacific created free cash flow amounting to 5.5% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Our View
We'd go so far as to say First Pacific's level of total liabilities was disappointing. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. Overall, it seems to us that First Pacific's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 2 warning signs we've spotted with First Pacific (including 1 which is potentially serious) .
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。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。我们可以看到第一太平有限公司(HKG:142)确实在其业务中使用债务。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。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。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。
查看我们对第一太平洋的最新分析
第一太平洋的债务是什么?
正如你在下面看到的,截至2022年6月,第一太平洋的债务为11亿美元,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,它确实有28.1亿美元的现金来抵消这一点,导致净债务约为82亿美元。
联交所:142债转股历史2022年9月26日第一太平洋的资产负债表有多健康?
我们可以从最近的资产负债表中看到,第一太平洋有42.1亿美元的负债在一年内到期,而11亿美元的负债在这之后到期。与这些债务相抵销的是,它有28.1亿美元的现金以及价值13.6亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款的总和还要多110亿美元。
这一不足给这家市值14.亿美元的公司本身带来了沉重的压力,就像一个孩子在一个装满书籍、运动装备和小号的巨大背包的重压下挣扎一样。因此,毫无疑问,我们会密切关注它的资产负债表。归根结底,如果第一太平洋的债权人要求偿还债务,它可能需要进行大规模的资本重组。
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。
第一太平洋的债务是其息税前利润的4.1倍,息税前利润是利息支出的3.8倍。综上所述,这意味着,尽管我们不希望看到债务水平上升,但我们认为它可以处理好目前的杠杆。另一方面,第一太平洋去年息税前利润增长了29%。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。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定第一太平洋未来维持健康资产负债表的能力。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。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去三年中,第一太平洋创造了相当于息税前利润5.5%的自由现金流,这是一个平淡无奇的表现。对我们来说,低现金转换引发了一点偏执,那就是偿还债务的能力。
我们的观点
我们甚至可以说,第一太平洋的总负债水平令人失望。但从好的方面来看,它的息税前利润增长率是一个好兆头,让我们更加乐观。总体而言,在我们看来,第一太平洋的资产负债表确实对该业务构成了相当大的风险。出于这个原因,我们对该股相当谨慎,我们认为股东应该密切关注其流动性。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。为此,您应该了解2个警告标志我们已经发现了第一太平洋(包括1个潜在的严重问题)。
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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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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