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COSCO SHIPPING Energy Transportation (HKG:1138) Is Carrying A Fair Bit Of Debt
COSCO SHIPPING Energy Transportation (HKG:1138) Is Carrying A Fair Bit Of Debt
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. We can see that COSCO SHIPPING Energy Transportation Co., Ltd. (HKG:1138) 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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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 step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for COSCO SHIPPING Energy Transportation
What Is COSCO SHIPPING Energy Transportation's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 COSCO SHIPPING Energy Transportation had debt of CN¥25.6b, up from CN¥22.9b in one year. However, because it has a cash reserve of CN¥3.58b, its net debt is less, at about CN¥22.0b.
SEHK:1138 Debt to Equity History September 13th 2022A Look At COSCO SHIPPING Energy Transportation's Liabilities
According to the last reported balance sheet, COSCO SHIPPING Energy Transportation had liabilities of CN¥13.2b due within 12 months, and liabilities of CN¥18.7b due beyond 12 months. Offsetting this, it had CN¥3.58b in cash and CN¥2.53b in receivables that were due within 12 months. So its liabilities total CN¥25.8b more than the combination of its cash and short-term receivables.
COSCO SHIPPING Energy Transportation has a market capitalization of CN¥65.4b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if COSCO SHIPPING Energy Transportation can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Over 12 months, COSCO SHIPPING Energy Transportation reported revenue of CN¥14b, which is a gain of 11%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
Caveat Emptor
Importantly, COSCO SHIPPING Energy Transportation had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥291m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of CN¥5.4b. So we do think this stock is quite risky. 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. We've identified 2 warning signs with COSCO SHIPPING Energy Transportation (at least 1 which makes us a bit uncomfortable) , and understanding them should be part of your investment process.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。當我們考慮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,因為債務過重可能導致破產。我們可以看到中遠海運能源運輸有限公司。(HKG:1138)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,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對中遠航運能源運輸的最新分析
中遠海運能源運輸的淨債務是多少?
下圖顯示,截至2022年6月,中遠海運能源運輸的債務為256億元人民幣,高於一年內的229億元人民幣。然而,由於其擁有35.8億加元的現金儲備,其淨債務較少,約為220億加元。
聯交所:1138債轉股歷史2022年9月13日看中遠航運能源運輸的負債情況
根據最新報告的資產負債表,中遠海運能源運輸12個月內到期的負債為132億元人民幣,12個月後到期的負債為187億元人民幣。作為抵消,它有35.8億加元的現金和25.3億加元的應收賬款在12個月內到期。因此,其負債總額為人民幣258億元,超過了現金和短期應收賬款的總和。
中遠海運能源運輸的市值為人民幣654億元,因此如果有需要,它很可能會籌集現金來改善其資產負債表。然而,仍值得密切關注其償債能力。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定中遠航運能源運輸能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
過去12個月,中遠海運能源運輸報告收入140億元人民幣,增長11%,儘管該公司沒有公佈任何息税前收益。這種增長速度對我們的品味來説有點慢,但它需要所有類型的人來創造一個世界。
告誡買入者
重要的是,中遠航運能源運輸在過去一年中出現息税前收益(EBIT)虧損。具體地説,息税前虧損為2.91億加元。當我們看到這一點,並回憶起資產負債表上相對於現金的負債時,在我們看來,該公司有任何債務似乎是不明智的。因此,我們認為它的資產負債表有點緊張,但並不是無法修復。例如,我們不希望看到去年虧損54億元的情況重演。因此,我們確實認為這隻股票風險很大。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。我們已經確定了兩個警告信號與中遠航運能源運輸(至少1,這讓我們有點不舒服),並瞭解他們應該是您的投資過程的一部分。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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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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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