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These 4 Measures Indicate That Hongkong Land Holdings (SGX:H78) Is Using Debt Extensively
These 4 Measures Indicate That Hongkong Land Holdings (SGX:H78) Is Using Debt Extensively
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Hongkong Land Holdings Limited (SGX:H78) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for Hongkong Land Holdings
What Is Hongkong Land Holdings's Debt?
The chart below, which you can click on for greater detail, shows that Hongkong Land Holdings had US$6.81b in debt in June 2022; about the same as the year before. However, because it has a cash reserve of US$746.7m, its net debt is less, at about US$6.06b.
SGX:H78 Debt to Equity History August 31st 2022How Healthy Is Hongkong Land Holdings' Balance Sheet?
According to the last reported balance sheet, Hongkong Land Holdings had liabilities of US$2.56b due within 12 months, and liabilities of US$6.69b due beyond 12 months. Offsetting these obligations, it had cash of US$746.7m as well as receivables valued at US$903.4m due within 12 months. So its liabilities total US$7.60b more than the combination of its cash and short-term receivables.
This is a mountain of leverage even relative to its gargantuan market capitalization of US$10.8b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
With a net debt to EBITDA ratio of 6.7, it's fair to say Hongkong Land Holdings does have a significant amount of debt. However, its interest coverage of 5.9 is reasonably strong, which is a good sign. Unfortunately, Hongkong Land Holdings saw its EBIT slide 4.8% in the last twelve months. If earnings continue on that decline then managing that debt will be difficult like delivering hot soup on a unicycle. 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 Hongkong Land 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. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Hongkong Land Holdings produced sturdy free cash flow equating to 64% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Our View
Hongkong Land Holdings's net debt to EBITDA was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. For example, its conversion of EBIT to free cash flow is relatively strong. When we consider all the factors discussed, it seems to us that Hongkong Land Holdings is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Hongkong Land Holdings you should be aware of.
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。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。我們可以看到香港置地集團有限公司(SGX:H78)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
債務在什麼時候是危險的?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。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。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。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。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。
查看我們對香港置地的最新分析
香港置地控股的債務是什麼?
下面的圖表顯示,截至2022年6月,香港置地的債務為68.1億美元,與前一年大致相同。點擊查看更多詳細信息。然而,由於它擁有7.467億美元的現金儲備,其淨債務較少,約為60.6億美元。
新交所:H78債轉股歷史2022年8月31日香港置地的資產負債表有多健康?
根據最近一次公佈的資產負債表,香港置地有25.6億美元的負債在12個月內到期,66.9億美元的負債在12個月後到期。為了抵消這些債務,它有7.467億美元的現金以及價值9.034億美元的應收賬款在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多76億美元。
即使與其108億美元的龐大市值相比,這也是一個堆積如山的槓桿。這表明,如果該公司需要匆忙支撐其資產負債表,股東將被嚴重稀釋。
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。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
由於淨債務與EBITDA的比率為6.7,公平地説,香港置地確實有大量債務。然而,其5.9%的利息覆蓋率相當強勁,這是一個好跡象。不幸的是,香港置地在過去12個月的息税前利潤下滑了4.8%。如果收益繼續下降,那麼管理債務將很困難,就像騎獨輪車送熱湯一樣。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,未來的收益將決定香港置地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,香港置地控股公司產生了相當於息税前利潤64%的強勁自由現金流,這與我們預期的差不多。這種冷酷的現金意味着,它可以在想要的時候減少債務。
我們的觀點
在這項分析中,香港置地的淨債務與EBITDA之比是一個真正的負面因素,儘管我們考慮的其他因素對它的影響要好得多。例如,它將息税前利潤轉換為自由現金流的力度相對較大。當我們考慮所有討論的因素時,在我們看來,香港置地控股公司在使用債務方面似乎承擔了一些風險。雖然這筆債務可以提高回報,但我們認為該公司現在有足夠的槓桿。在分析債務水平時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了香港置業集團的1個警告標誌你應該意識到。
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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