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Is Kingboard Laminates Holdings (HKG:1888) A Risky Investment?
Is Kingboard Laminates Holdings (HKG:1888) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 Kingboard Laminates Holdings Limited (HKG:1888) does use debt in its business. But is this debt a concern to shareholders?
When Is Debt A Problem?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Kingboard Laminates Holdings
What Is Kingboard Laminates Holdings's Debt?
The image below, which you can click on for greater detail, shows that Kingboard Laminates Holdings had debt of HK$3.32b at the end of June 2022, a reduction from HK$4.67b over a year. But on the other hand it also has HK$4.58b in cash, leading to a HK$1.27b net cash position.
SEHK:1888 Debt to Equity History August 30th 2022How Healthy Is Kingboard Laminates Holdings' Balance Sheet?
The latest balance sheet data shows that Kingboard Laminates Holdings had liabilities of HK$10.5b due within a year, and liabilities of HK$873.1m falling due after that. On the other hand, it had cash of HK$4.58b and HK$11.1b worth of receivables due within a year. So it actually has HK$4.38b more liquid assets than total liabilities.
It's good to see that Kingboard Laminates Holdings has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Succinctly put, Kingboard Laminates Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
Also good is that Kingboard Laminates Holdings grew its EBIT at 15% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Kingboard Laminates 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, a company can only pay off debt with cold hard cash, not accounting profits. While Kingboard Laminates 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 most recent three years, Kingboard Laminates Holdings recorded free cash flow worth 51% 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
While it is always sensible to investigate a company's debt, in this case Kingboard Laminates Holdings has HK$1.27b in net cash and a decent-looking balance sheet. And it also grew its EBIT by 15% over the last year. So is Kingboard Laminates 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 2 warning signs for Kingboard Laminates Holdings (of which 1 is a bit unpleasant!) you should know about.
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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。我們可以看到建滔積層板業集團有限公司(HKG:1888)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
什麼時候債務是個問題?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。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。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對建滔積層板控股的最新分析
建滔積層板控股的債務是什麼?
你可以點擊查看更多細節的下圖顯示,截至2022年6月底,建滔積層板控股的債務為33.2億港元,低於一年內的46.7億港元。但另一方面,它也擁有45.8億港元的現金,導致其淨現金頭寸為12.7億港元。
聯交所:1888債轉股歷史2022年8月30日建滔積層板業的資產負債表有多健康?
最新的資產負債表數據顯示,建滔積層板有105億港元的負債在一年內到期,8.731億港元的負債在一年內到期。另一方面,該公司有45.8億港元的現金和價值111億港元的應收賬款在一年內到期。因此,它實際上有43.8億港元更多流動資產超過總負債。
很高興看到建滔集團資產負債表上有充足的流動性,這表明它對負債的管理是保守的。由於它擁有充足的資產,它不太可能與其貸款人發生麻煩。簡而言之,建滔積層板控股擁有淨現金,所以公平地説,它沒有沉重的債務負擔!
同樣好的是,建滔積層板控股公司去年息税前利潤增長了15%,進一步增強了其管理債務的能力。在分析債務水平時,資產負債表顯然是一個起點。但比任何事情都重要的是,未來的收益將決定建滔積層板控股未來保持健康資產負債表的能力。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。儘管建滔積層板控股的資產負債表上有淨現金,但它將息税前收益(EBIT)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。在最近三年中,建滔積層板控股錄得的自由現金流相當於其息税前利潤的51%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。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
儘管調查一家公司的債務總是明智之舉,但在這起案件中,建滔積層板控股擁有12.7億港元的淨現金和看起來不錯的資產負債表。去年,它的息税前利潤也增長了15%。那麼,建滔積層板控股的債務是否存在風險?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,我們已經發現建滔積層板控股公司的2個警告標誌(其中1個有點不愉快!)你應該知道。
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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