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Does Greenland Hong Kong Holdings (HKG:337) Have A Healthy Balance Sheet?
Does Greenland Hong Kong Holdings (HKG:337) Have A Healthy Balance Sheet?
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. Importantly, Greenland Hong Kong Holdings Limited (HKG:337) does carry debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Greenland Hong Kong Holdings
How Much Debt Does Greenland Hong Kong Holdings Carry?
As you can see below, Greenland Hong Kong Holdings had CN¥16.7b of debt at June 2022, down from CN¥25.1b a year prior. On the flip side, it has CN¥5.35b in cash leading to net debt of about CN¥11.4b.
SEHK:337 Debt to Equity History September 29th 2022How Healthy Is Greenland Hong Kong Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Greenland Hong Kong Holdings had liabilities of CN¥131.9b due within 12 months and liabilities of CN¥9.71b due beyond that. On the other hand, it had cash of CN¥5.35b and CN¥21.3b worth of receivables due within a year. So it has liabilities totalling CN¥115.0b more than its cash and near-term receivables, combined.
This deficit casts a shadow over the CN¥1.51b 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, Greenland Hong Kong Holdings would probably need a major re-capitalization if its creditors were to demand repayment.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Greenland Hong Kong Holdings has a debt to EBITDA ratio of 3.4, which signals significant debt, but is still pretty reasonable for most types of business. However, its interest coverage of 25.6 is very high, suggesting that the interest expense on the debt is currently quite low. Importantly, Greenland Hong Kong Holdings's EBIT fell a jaw-dropping 47% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But it is Greenland Hong Kong Holdings's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, Greenland Hong Kong Holdings recorded free cash flow worth a fulsome 85% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Our View
To be frank both Greenland Hong Kong Holdings's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Overall, we think it's fair to say that Greenland Hong Kong Holdings has enough debt that there are some real risks around the balance sheet. If everything goes well that may pay off but the downside of this debt is a greater risk of permanent losses. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 5 warning signs for Greenland Hong Kong Holdings that you should be aware of before investing here.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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。重要的是绿地香港控股有限公司(HKG:337)确实有债务。但股东是否应该担心它的债务使用情况?
债务会带来什么风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对绿地香港控股的最新分析
绿地香港控股背负着多少债务?
如下所示,截至2022年6月,绿地香港控股的债务为人民币167亿元,低于一年前的人民币251亿元。另一方面,它拥有53.5亿加元的现金,导致净债务约为114亿加元。
联交所:337债转股历史2022年9月29日绿地香港控股的资产负债表健康程度如何?
放大最新的资产负债表数据可以看到,绿地香港控股有1319亿元人民币的负债在12个月内到期,还有97.1亿元人民币的负债在12个月内到期。另一方面,一年内有53.5亿加元现金和213亿加元应收账款到期。因此,它的负债总额比现金和近期应收账款加起来还要多人民币1150亿元。
这一赤字给这家15亿元人民币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,如果绿地香港控股的债权人要求偿还债务,它可能需要进行一次重大的资本重组。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。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。
绿地香港控股的债务与EBITDA之比为3.4,这意味着大量债务,但对于大多数类型的业务来说,这仍然是相当合理的。然而,其25.6的利息覆盖率非常高,表明债务的利息支出目前相当低。重要的是,绿地香港控股的息税前利润在过去12个月里下跌了令人瞠目结舌的47%。如果这种盈利趋势持续下去,那么偿还债务就像把猫赶上过山车一样容易。在分析债务水平时,资产负债表显然是一个起点。但影响未来资产负债表表现的是绿地香港控股的盈利情况。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在过去三年中,绿地香港控股录得相当于其息税前利润85%的自由现金流,这比我们通常预期的要好。这使其在偿还债务方面处于非常有利的地位。
我们的观点
坦率地说,绿地香港控股的息税前利润增长率,以及其保持在总负债之上的记录,都让我们对其债务水平感到相当不安。但从好的方面来看,它的利息覆盖是一个好兆头,让我们更加乐观。总体而言,我们认为,可以公平地说,绿地香港控股有足够的债务,资产负债表周围存在一些真正的风险。如果一切顺利,这可能会得到回报,但这笔债务的不利之处是永久性损失的风险更大。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现绿地香港控股的5个警告信号在这里投资之前你应该意识到这一点。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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