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CK Asset Holdings (HKG:1113) Seems To Use Debt Rather Sparingly
CK Asset Holdings (HKG:1113) 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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies CK Asset Holdings Limited (HKG:1113) makes use of debt. But should shareholders be worried about its use of debt?
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. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for CK Asset Holdings
What Is CK Asset Holdings's Debt?
As you can see below, CK Asset Holdings had HK$45.9b of debt at June 2022, down from HK$93.2b a year prior. However, it does have HK$59.8b in cash offsetting this, leading to net cash of HK$13.9b.
SEHK:1113 Debt to Equity History August 19th 2022How Healthy Is CK Asset Holdings' Balance Sheet?
We can see from the most recent balance sheet that CK Asset Holdings had liabilities of HK$45.3b falling due within a year, and liabilities of HK$61.6b due beyond that. On the other hand, it had cash of HK$59.8b and HK$4.59b worth of receivables due within a year. So it has liabilities totalling HK$42.5b more than its cash and near-term receivables, combined.
This deficit isn't so bad because CK Asset Holdings is worth a massive HK$197.0b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. Despite its noteworthy liabilities, CK Asset Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
And we also note warmly that CK Asset Holdings grew its EBIT by 11% last year, making its debt load easier to handle. 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 CK Asset Holdings's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While CK Asset 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 last three years, CK Asset Holdings recorded free cash flow worth a fulsome 93% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Summing Up
Although CK Asset Holdings's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of HK$13.9b. The cherry on top was that in converted 93% of that EBIT to free cash flow, bringing in HK$22b. So is CK Asset Holdings'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. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for CK Asset Holdings you should know about.
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.
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。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。與許多其他公司一樣長實集團控股有限公司(HKG:1113)利用債務。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?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對長實集團控股的最新分析
長實集團控股的債務是什麼?
如下所示,截至2022年6月,長實集團控股的債務為459億港元,低於一年前的932億港元。然而,它確實有598億港元的現金抵消了這一影響,導致淨現金為139億港元。
聯交所:1113債轉股歷史2022年8月19日長實集團控股的資產負債表有多健康?
我們從最近的資產負債表可以看到,長實集團控股有453億港元的負債在一年內到期,而616億港元的負債在這之後到期。另一方面,該公司有598億港元的現金和價值45.9億港元的應收賬款在一年內到期。因此,該公司的負債總額比現金和近期應收賬款的總和高出425億港元。
這一赤字並不是那麼糟糕,因為長實集團控股的市值高達1,970億港元,因此如果需要的話,可能會籌集到足夠的資本來支撐其資產負債表。然而,仍值得密切關注其償債能力。儘管長實集團控股有值得注意的負債,但它擁有淨現金,所以可以説它沒有沉重的債務負擔!
我們也熱情地注意到,長實集團控股去年息税前利潤增長了11%,使其債務負擔更容易處理。當你分析債務時,資產負債表顯然是你關注的領域。但決定長實集團控股未來能否保持健康資產負債表的,最重要的是公司未來的盈利狀況。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。雖然長實集團控股的資產負債表上有淨現金,但它將息税前利潤轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它正在以多快的速度建立(或侵蝕)現金餘額。在過去的三年裏,長實集團控股錄得相當於息税前利潤的93%的自由現金流,這比我們通常預期的要好。這使其在償還債務方面處於非常有利的地位。
總結
儘管長實集團控股的資產負債表不是特別強勁,但考慮到總負債,它的淨現金為139億港元,這顯然是積極的。最重要的是,它將93%的息税前利潤轉化為自由現金流,帶來了220億港元的收入。那麼,長實集團控股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。然而,並非所有投資風險都存在於資產負債表中--遠非如此。這些風險可能很難發現。每家公司都有它們,我們已經發現長實集團控股的1個警告標誌你應該知道。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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風險及免責聲明
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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