-
市場
-
產品
-
資訊
-
Moo社區
-
課堂
-
查看更多
-
功能介紹
-
費用費用透明,無最低余額限制
投資選擇、功能介紹、費用相關信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 淺色
Does Shandong Hi-Speed New Energy Group (HKG:1250) Have A Healthy Balance Sheet?
Does Shandong Hi-Speed New Energy Group (HKG:1250) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Shandong Hi-Speed New Energy Group Limited (HKG:1250) makes use of debt. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Shandong Hi-Speed New Energy Group
What Is Shandong Hi-Speed New Energy Group's Debt?
As you can see below, Shandong Hi-Speed New Energy Group had HK$12.8b of debt at June 2022, down from HK$25.7b a year prior. However, it does have HK$3.86b in cash offsetting this, leading to net debt of about HK$8.96b.
SEHK:1250 Debt to Equity History September 5th 2022A Look At Shandong Hi-Speed New Energy Group's Liabilities
We can see from the most recent balance sheet that Shandong Hi-Speed New Energy Group had liabilities of HK$11.5b falling due within a year, and liabilities of HK$27.1b due beyond that. Offsetting this, it had HK$3.86b in cash and HK$12.0b in receivables that were due within 12 months. So it has liabilities totalling HK$22.8b more than its cash and near-term receivables, combined.
This deficit casts a shadow over the HK$8.31b company, like a colossus towering over mere mortals. So we definitely think shareholders need to watch this one closely. After all, Shandong Hi-Speed New Energy Group would likely require a major re-capitalisation if it had to pay its creditors today.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
While we wouldn't worry about Shandong Hi-Speed New Energy Group's net debt to EBITDA ratio of 3.2, we think its super-low interest cover of 0.85 times is a sign of high leverage. In large part that's due to the company's significant depreciation and amortisation charges, which arguably mean its EBITDA is a very generous measure of earnings, and its debt may be more of a burden than it first appears. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. Worse, Shandong Hi-Speed New Energy Group's EBIT was down 48% over the last year. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Shandong Hi-Speed New Energy Group will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Shandong Hi-Speed New Energy Group 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
On the face of it, Shandong Hi-Speed New Energy Group's EBIT growth rate left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. And even its interest cover fails to inspire much confidence. Considering everything we've mentioned above, it's fair to say that Shandong Hi-Speed New Energy Group is carrying heavy debt load. If you harvest honey without a bee suit, you risk getting stung, so we'd probably stay away from this particular stock. 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. For instance, we've identified 3 warning signs for Shandong Hi-Speed New Energy Group that 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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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山東高速新能源集團有限公司(HKG:1250)利用債務。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?
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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。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,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。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。
查看我們對山東高速新能源集團的最新分析
山東高速新能源集團的債務是什麼?
如下所示,截至2022年6月,山東高速新能源集團的債務為128億港元,低於一年前的257億港元。然而,它確實有38.6億港元的現金抵消了這一點,導致淨債務約為89.6億港元。
聯交所:1250債轉股歷史2022年9月5日山東高速新能源集團負債情況一瞥
我們從最近的資產負債表可以看到,山東高速新能源集團有115億港元的負債在一年內到期,還有271億港元的負債在一年內到期。作為抵消,該公司有38.6億港元的現金和120億港元的應收賬款在12個月內到期。因此,該公司的負債總額為228億港元,超過了現金和近期應收賬款的總和。
這一赤字給這家市值83.1億港元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,我們肯定認為股東需要密切關注這一事件。畢竟,如果山東高速新能源集團今天不得不償還債權人的債務,它很可能需要進行一次大規模的資本重組。
我們通過查看公司的淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),並計算其息税前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。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。
雖然我們不會擔心山東高速新能源集團的淨債務與EBITDA之比為3.2,但我們認為其0.85倍的超低利息覆蓋是高槓杆的跡象。這在很大程度上是因為該公司的鉅額折舊和攤銷費用,這可以説意味着它的EBITDA是一個非常慷慨的收益衡量標準,它的債務可能比最初看起來更沉重。最近似乎很明顯,借貸成本正在對股東的回報產生負面影響。更糟糕的是,山東高速新能源集團的息税前利潤比去年下降了48%。如果盈利繼續沿着這一軌跡發展,還清債務將比説服我們在雨中跑馬拉鬆更難。當你分析債務時,資產負債表顯然是你關注的領域。但你不能完全孤立地看待債務,因為山東高速新能源集團需要盈利來償還債務。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。因此,有必要檢查這筆息税前利潤中有多少是由自由現金流支持的。在過去的三年裏,山東高速新能源集團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
從表面上看,山東高速新能源集團的EBIT增長率讓我們對該股持懷疑態度,其總負債水平並不比一年中最繁忙的夜晚的一家空蕩蕩的餐廳更具誘惑力。即使是它的利息覆蓋也未能激發多少信心。綜上所述,山東高速新能源集團揹負着沉重的債務負擔。如果你收穫蜂蜜時不穿蜂服,你就有被叮咬的風險,所以我們可能會遠離這種特殊的蜂羣。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。例如,我們已經確定山東高速新能源集團的三個警示信號這一點你應該知道。
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。
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。
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用瀏覽器的分享功能,分享給你的好友吧