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Is China Energy Engineering (HKG:3996) A Risky Investment?
Is China Energy Engineering (HKG:3996) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that China Energy Engineering Corporation Limited (HKG:3996) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for China Energy Engineering
What Is China Energy Engineering's Debt?
As you can see below, at the end of March 2022, China Energy Engineering had CN¥133.5b of debt, up from CN¥96.4b a year ago. Click the image for more detail. However, it does have CN¥57.4b in cash offsetting this, leading to net debt of about CN¥76.1b.
SEHK:3996 Debt to Equity History August 23rd 2022How Healthy Is China Energy Engineering's Balance Sheet?
The latest balance sheet data shows that China Energy Engineering had liabilities of CN¥280.6b due within a year, and liabilities of CN¥116.3b falling due after that. Offsetting this, it had CN¥57.4b in cash and CN¥168.1b in receivables that were due within 12 months. So its liabilities total CN¥171.4b more than the combination of its cash and short-term receivables.
This deficit casts a shadow over the CN¥36.9b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, China Energy Engineering would likely require a major re-capitalisation if it had to pay its creditors today.
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.
China Energy Engineering's debt is 3.6 times its EBITDA, and its EBIT cover its interest expense 6.7 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. Unfortunately, China Energy Engineering saw its EBIT slide 2.3% in the last twelve months. If that earnings trend continues then its debt load will grow heavy like the heart of a polar bear watching its sole cub. 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 China Energy Engineering'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, 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, China Energy Engineering saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
To be frank both China Energy Engineering's conversion of EBIT to free cash flow and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. After considering the datapoints discussed, we think China Energy Engineering has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that China Energy Engineering is showing 2 warning signs in our investment analysis , and 1 of those is a bit concerning...
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.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。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。我們注意到中國能源工程股份有限公司(HKG:3996)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
債務在什麼時候是危險的?
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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對中國能源工程的最新分析
中國能源工程的債務是什麼?
如下所示,截至2022年3月底,中國能源工程的債務為人民幣1335億元,高於一年前的人民幣964億元。單擊圖像瞭解更多詳細信息。然而,它確實有574億加元的現金來抵消這一點,導致淨債務約為761億加元。
聯交所:3996債轉股歷史2022年8月23日中國能源工程的資產負債表有多健康?
最新的資產負債表數據顯示,中國能源工程有2806億元的負債在一年內到期,1163億元的負債在一年內到期。作為抵消,它有574億加元的現金和1681億加元的應收賬款在12個月內到期。因此,其負債總額為人民幣1714億元,超過了現金和短期應收賬款的總和。
這一赤字給這家369億元人民幣的公司蒙上了一層陰影,就像一個龐然大物聳立在凡人之上。因此,毫無疑問,我們會密切關注它的資產負債表。畢竟,如果中國能源工程必須在今天償還債權人債務,它很可能需要進行一次大規模的資本重組。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
中國能源工程的債務是其息税前利潤的3.6倍,息税前利潤是利息支出的6.7倍以上。綜上所述,這意味着,儘管我們不希望看到債務水平上升,但我們認為它可以處理好目前的槓桿。不幸的是,中國能源工程的息税前利潤在過去12個月裏下滑了2.3%。如果盈利趨勢繼續下去,那麼它的債務負擔將變得沉重,就像北極熊看着自己唯一的幼崽的心臟一樣。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,未來的收益將決定中國能源工程未來能否保持健康的資產負債表。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,一家公司只能用冷硬現金償還債務,而不是會計利潤。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在過去的三年裏,中國能源工程的自由現金流總體上出現了大幅負增長。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
我們的觀點
坦率地説,中國能源工程將息税前利潤轉換為自由現金流,以及其對總負債保持領先的記錄,都讓我們對其債務水平感到相當不安。但至少它在用息税前利潤支付利息支出方面相當不錯;這是令人鼓舞的。在考慮了討論的數據點後,我們認為中國能源工程負債太多。這種風險對一些人來説是可以接受的,但肯定不會讓我們的船漂浮起來。在分析債務水平時,資產負債表顯然是一個起點。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。請注意,中國能源工程正在展示我們的投資分析中的2個警告信號,其中一條是關於...
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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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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