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We Think ASMPT (HKG:522) Can Manage Its Debt With Ease
We Think ASMPT (HKG:522) Can Manage Its Debt With Ease
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.' 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, ASMPT Limited (HKG:522) does carry debt. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
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. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for ASMPT
What Is ASMPT's Debt?
The chart below, which you can click on for greater detail, shows that ASMPT had HK$3.05b in debt in June 2022; about the same as the year before. But on the other hand it also has HK$4.75b in cash, leading to a HK$1.70b net cash position.
SEHK:522 Debt to Equity History August 2nd 2022How Strong Is ASMPT's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that ASMPT had liabilities of HK$6.86b due within 12 months and liabilities of HK$3.89b due beyond that. Offsetting this, it had HK$4.75b in cash and HK$5.62b in receivables that were due within 12 months. So its liabilities total HK$383.1m more than the combination of its cash and short-term receivables.
Having regard to ASMPT's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the HK$25.3b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, ASMPT also has more cash than debt, so we're pretty confident it can manage its debt safely.
In addition to that, we're happy to report that ASMPT has boosted its EBIT by 95%, thus reducing the spectre of future debt repayments. 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 ASMPT'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. ASMPT may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, ASMPT recorded free cash flow worth 72% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
We could understand if investors are concerned about ASMPT's liabilities, but we can be reassured by the fact it has has net cash of HK$1.70b. And we liked the look of last year's 95% year-on-year EBIT growth. So is ASMPT's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for ASMPT (of which 1 is a bit concerning!) you should know about.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。重要的是ASMPT有限公司(HKG:522)確實有債務。但股東是否應該擔心它的債務使用情況?
為什麼債務會帶來風險?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對ASMPT的最新分析
ASMPT的債務是什麼?
下面的圖表顯示,截至2022年6月,ASMPT的債務為30.5億港元,與前一年大致相同。你可以點擊查看更多細節。但另一方面,它也擁有47.5億港元的現金,導致其淨現金頭寸為17.億港元。
聯交所:522債轉股歷史2022年8月2日ASMPT的資產負債表有多強勁?
放大最新的資產負債表數據,我們可以看到ASMPT有68.6億港元的負債在12個月內到期,而38.9億港元的負債在這之後到期。作為抵消,該公司有47.5億港元的現金和56.2億港元的應收賬款在12個月內到期。因此,該公司的負債總額為3.831億港元,比現金和短期應收賬款的總和還要多。
考慮到ASMPT的規模,其流動資產與總負債似乎達到了很好的平衡。因此,這家市值253億港元的公司不太可能出現現金短缺的情況,但仍值得關注其資產負債表。雖然ASMPT確實有值得注意的負債,但它的現金也多於債務,因此我們非常有信心它能夠安全地管理其債務。
除此之外,我們很高興地報告,ASMPT已將其息税前利潤提高了95%,從而減少了未來償還債務的幽靈。當你分析債務時,資產負債表顯然是你關注的領域。但最重要的是,未來的收益將決定ASMPT未來維持健康資產負債表的能力。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。ASMPT的資產負債表上可能有淨現金,但看看該業務將息税前收益(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在最近三年中,ASMPT記錄的自由現金流相當於其息税前利潤的72%,考慮到自由現金流不包括利息和税收,這大致是正常的。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
總結
如果投資者對ASMPT的負債感到擔憂,我們可以理解,但我們可以放心的是,該公司擁有17億港元的淨現金。我們喜歡去年息税前利潤同比增長95%的表現。那麼,ASMPT的債務是一種風險嗎?但在我們看來並非如此。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。這些風險可能很難發現。每家公司都有它們,我們已經發現ASMPT的2個警告標誌(其中1個有點令人擔憂!)你應該知道。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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