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These 4 Measures Indicate That China Tobacco International (HK) (HKG:6055) Is Using Debt Reasonably Well
These 4 Measures Indicate That China Tobacco International (HK) (HKG:6055) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, China Tobacco International (HK) Company Limited (HKG:6055) does carry debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. 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 China Tobacco International (HK)
How Much Debt Does China Tobacco International (HK) Carry?
As you can see below, at the end of June 2022, China Tobacco International (HK) had HK$2.08b of debt, up from none a year ago. Click the image for more detail. On the flip side, it has HK$2.02b in cash leading to net debt of about HK$60.3m.
SEHK:6055 Debt to Equity History September 6th 2022How Strong Is China Tobacco International (HK)'s Balance Sheet?
The latest balance sheet data shows that China Tobacco International (HK) had liabilities of HK$4.02b due within a year, and liabilities of HK$87.4m falling due after that. Offsetting this, it had HK$2.02b in cash and HK$1.20b in receivables that were due within 12 months. So it has liabilities totalling HK$886.4m more than its cash and near-term receivables, combined.
Since publicly traded China Tobacco International (HK) shares are worth a total of HK$7.59b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. But either way, China Tobacco International (HK) has virtually no net debt, so it's fair to say it does not have a heavy debt load!
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).
China Tobacco International (HK) has a low net debt to EBITDA ratio of only 0.10. And its EBIT covers its interest expense a whopping 17.3 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Better yet, China Tobacco International (HK) grew its EBIT by 218% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if China Tobacco International (HK) can strengthen its balance sheet over time. 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 we always check how much of that EBIT is translated into free cash flow. In the last three years, China Tobacco International (HK)'s free cash flow amounted to 36% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Our View
The good news is that China Tobacco International (HK)'s demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But truth be told we feel its conversion of EBIT to free cash flow does undermine this impression a bit. Looking at the bigger picture, we think China Tobacco International (HK)'s use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of China Tobacco International (HK)'s earnings per share history for free.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
有人說,作爲投資者,波動性而不是債務是考慮風險的最佳方式,但沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們想到一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因爲債務超負荷可能導致破產。重要的是, 中煙國際(香港)有限公司 (HKG: 6055)確實有債務。但是股東們是否應該擔心它對債務的使用?
債務會帶來甚麼風險?
一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。資本主義的重要部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。儘管這種情況不太常見,但我們經常看到負債公司永久稀釋股東,因爲貸款人迫使他們以低價籌集資金。但是,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
查看我們對中煙國際(香港)的最新分析
中煙國際(香港)有多少債務?
如下所示,截至2022年6月底,中國菸草國際(香港)的債務爲20.8億港元,高於一年前的無債務。點擊圖片瞭解更多細節。另一方面,它擁有20.2億港元的現金,淨負債約爲6030萬港元。
香港交易所:6055 2022 年 9 月 6 日債務轉股權歷史記錄中煙國際(香港)的資產負債表有多強?
最新的資產負債表數據顯示,中煙國際(香港)在一年內到期的負債爲40.2億港元,此後到期的負債爲8,740萬港元。抵消了這一點,它有20.2億港元的現金和12億港元的應收賬款在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和多出8.864億港元。
由於公開交易的中國菸草國際(香港)股票總價值75.9億港元,這種負債水平似乎不太可能成爲重大威脅。但是,負債已經足夠了,我們肯定會建議股東們今後繼續監測資產負債表。但不管怎樣,中煙國際(香港)幾乎沒有淨負債,因此可以公平地說,它的債務負擔並不沉重!
我們使用兩個主要比率來告知我們相對於收益的債務水平。第一個是淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)覆蓋其利息支出(或簡稱利息保障)的多少倍。這種方法的優勢在於,我們既考慮了債務的絕對數量(包括淨負債與息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。
中國菸草國際(香港)的淨負債與息稅折舊攤銷前利潤的比率很低,僅爲0.10。而且其息稅前利潤涵蓋了高達17.3倍的利息支出。因此,你可以爭辯說,它受到的債務威脅並不比大象受到老鼠的威脅更大。更好的是,中煙國際(香港)去年的息稅前利潤增長了218%,這是一個令人印象深刻的改善。這種提振將使未來償還債務變得更加容易。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定中煙國際(香港)能否隨着時間的推移加強其資產負債表。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,公司只能用冷硬現金償還債務,不能用會計利潤。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在過去三年中,中煙國際(香港)的自由現金流達到其息稅前利潤的36%,低於我們的預期。這種疲軟的現金轉換使處理債務變得更加困難。
我們的觀點
好消息是,中國菸草國際(香港)表現出能夠用息稅前利潤支付利息支出,這讓我們感到高興,就像一隻毛茸茸的小狗對待幼兒。但說實話,我們認爲它將息稅前利潤轉換爲自由現金流確實稍微削弱了這種印象。從大局來看,我們認爲中煙國際(香港)使用債務似乎很合理,我們對此並不擔心。畢竟,合理的槓桿可以提高股本回報率。除了大多數其他指標外,我們認爲重要的是要追蹤每股收益的增長速度(如果有的話)。如果你也意識到了這一點,那你很幸運,因爲今天你可以免費查看中國菸草國際(香港)每股收益歷史的交互式圖表。
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
對這篇文章有反饋嗎?對內容感到擔憂? 取得聯繫 直接和我們聯繫。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St 的這篇文章本質上是一般性的。 我們僅使用不偏不倚的方法根據歷史數據和分析師預測提供評論,我們的文章並非旨在提供財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能未將最新的價格敏感型公司公告或定性材料考慮在內。簡而言之,華爾街對上述任何股票都沒有頭寸。
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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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