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We Think Hong Kong and China Gas (HKG:3) Is Taking Some Risk With Its Debt
We Think Hong Kong and China Gas (HKG:3) Is Taking Some Risk With Its Debt
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 The Hong Kong and China Gas Company Limited (HKG:3) does use debt in its business. But should shareholders be worried about its use of debt?
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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 Hong Kong and China Gas
What Is Hong Kong and China Gas's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Hong Kong and China Gas had debt of HK$58.3b, up from HK$51.9b in one year. On the flip side, it has HK$10.2b in cash leading to net debt of about HK$48.1b.
SEHK:3 Debt to Equity History September 11th 2022How Strong Is Hong Kong and China Gas' Balance Sheet?
According to the last reported balance sheet, Hong Kong and China Gas had liabilities of HK$35.1b due within 12 months, and liabilities of HK$51.7b due beyond 12 months. Offsetting this, it had HK$10.2b in cash and HK$8.79b in receivables that were due within 12 months. So its liabilities total HK$67.8b more than the combination of its cash and short-term receivables.
While this might seem like a lot, it is not so bad since Hong Kong and China Gas has a huge market capitalization of HK$137.3b, and so it could probably strengthen its balance sheet by raising capital if it needed to. However, it is still worthwhile taking a close look at its ability to pay off debt.
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.
Hong Kong and China Gas's debt is 4.1 times its EBITDA, and its EBIT cover its interest expense 6.9 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, Hong Kong and China Gas saw its EBIT slide 5.9% 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. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Hong Kong and China Gas'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Looking at the most recent three years, Hong Kong and China Gas recorded free cash flow of 33% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Our View
Both Hong Kong and China Gas's net debt to EBITDA and its EBIT growth rate were discouraging. At least its interest cover gives us reason to be optimistic. We should also note that Gas Utilities industry companies like Hong Kong and China Gas commonly do use debt without problems. Taking the abovementioned factors together we do think Hong Kong and China Gas's debt poses some risks to the business. While that debt can boost returns, we think the company has enough leverage now. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 3 warning signs for Hong Kong and China Gas (2 are a bit concerning) you should be aware of.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。我們可以看到香港中華煤氣股份有限公司(HKG:3)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。如果情況真的變得很糟糕,貸款人可以控制業務。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。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。
參見我們對香港中華煤氣的最新分析
香港中華煤氣的債務是什麼?
下圖顯示,截至2022年6月,香港中華煤氣的債務為583億港元,高於一年內的519億港元。你可以點擊查看更多細節。另一方面,該公司擁有102億港元現金,淨債務約為481億港元。
聯交所:3債轉股歷史2022年9月11日香港中華煤氣的資產負債表有多強?
根據最近一次公佈的資產負債表,香港中華煤氣有351億港元的負債在12個月內到期,517億港元的負債在12個月後到期。作為抵消,該公司有102億港元的現金和87.9億港元的應收賬款在12個月內到期。因此,該公司的負債總額為678億港元,超過了現金和短期應收賬款的總和。
雖然這看起來可能很多,但並不是很糟糕,因為香港中華煤氣擁有1,373億港元的鉅額市值,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。然而,仍值得密切關注其償債能力。
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。
香港中華煤氣的債務是其息税前利潤的4.1倍,息税前利潤是利息支出的6.9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,香港中華煤氣的息税前利潤在過去12個月裏下滑了5.9%。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。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定香港中華煤氣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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。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。縱觀最近三年,香港中華煤氣的自由現金流佔其息税前利潤的33%,低於我們的預期。這種疲軟的現金轉換增加了處理債務的難度。
我們的觀點
香港中華煤氣的淨債務與息税前利潤之比和息税前利潤增長率都令人沮喪。至少它的利息覆蓋給了我們樂觀的理由。我們還應該注意到,像香港中華煤氣這樣的燃氣公用事業行業公司使用債務通常是沒有問題的。綜合上述因素,我們確實認為香港中華煤氣的債務對業務構成了一些風險。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。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們已經確定香港中華煤氣的3個警示標誌(2個有點令人擔憂)你應該知道。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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。
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