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These 4 Measures Indicate That CK Hutchison Holdings (HKG:1) Is Using Debt Extensively
These 4 Measures Indicate That CK Hutchison Holdings (HKG:1) Is Using Debt Extensively
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. As with many other companies CK Hutchison Holdings Limited (HKG:1) makes use of debt. But is this debt a concern to shareholders?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for CK Hutchison Holdings
What Is CK Hutchison Holdings's Net Debt?
The image below, which you can click on for greater detail, shows that CK Hutchison Holdings had debt of HK$288.3b at the end of June 2022, a reduction from HK$354.4b over a year. However, because it has a cash reserve of HK$113.3b, its net debt is less, at about HK$175.0b.
SEHK:1 Debt to Equity History September 19th 2022How Healthy Is CK Hutchison Holdings' Balance Sheet?
The latest balance sheet data shows that CK Hutchison Holdings had liabilities of HK$151.5b due within a year, and liabilities of HK$349.2b falling due after that. On the other hand, it had cash of HK$113.3b and HK$34.2b worth of receivables due within a year. So it has liabilities totalling HK$353.2b more than its cash and near-term receivables, combined.
This deficit casts a shadow over the HK$187.7b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, CK Hutchison Holdings would probably need a major re-capitalization if its creditors were to demand repayment.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
CK Hutchison Holdings's debt is 3.3 times its EBITDA, and its EBIT cover its interest expense 3.1 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Another concern for investors might be that CK Hutchison Holdings's EBIT fell 15% in the last year. If that's the way things keep going handling the debt load will be like delivering hot coffees on a pogo stick. 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 CK Hutchison 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, CK Hutchison Holdings generated free cash flow amounting to a very robust 86% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
Our View
To be frank both CK Hutchison Holdings's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. We're quite clear that we consider CK Hutchison Holdings to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for CK Hutchison Holdings you should be aware of, and 1 of them is significant.
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。與許多其他公司一樣長和控股有限公司(HKG:1)利用債務。但這筆債務對股東來説是一個擔憂嗎?
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。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。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。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對長和控股的最新分析
長和控股的淨負債是多少?
下圖顯示,截至2022年6月底,長和控股的債務為2883億港元,低於一年內的3544億港元。你可以點擊查看更多細節。然而,由於其現金儲備為1,133億港元,其淨債務較少,約為1,750億港元。
聯交所:1債轉股歷史2022年9月19日長和控股的資產負債表有多健康?
最新的資產負債表數據顯示,長和控股有1,515億港元的負債在一年內到期,而3,492億港元的負債在一年內到期。另一方面,該公司有1,133億港元現金及價值342億港元的應收賬款於一年內到期。因此,該公司的負債總額為3532億港元,比現金和近期應收賬款的總和還要多。
這一赤字給這家市值1877億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,毫無疑問,我們會密切關注它的資產負債表。歸根結底,如果債權人要求償還債務,長和控股很可能需要進行一次重大的資本重組。
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
長和控股的債務是其息税前利潤的3.3倍,息税前利潤是利息支出的3.1倍以上。這表明,儘管債務水平很高,但我們不會説它們有問題。投資者的另一個擔憂可能是,長和控股去年的息税前利潤下跌了15%。如果事情就這樣發展下去,那麼處理債務負擔就像用泡條送熱咖啡一樣。毫無疑問,我們從資產負債表中瞭解到的債務最多。但決定長和控股未來能否保持健康資產負債表的,最重要的是公司未來的盈利狀況。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,我們總是檢查EBIT中有多少轉化為自由現金流。在過去三年中,長和控股產生的自由現金流佔其息税前利潤的86%,超出了我們的預期。這使它處於有利的地位,如果需要的話,它可以償還債務。
我們的觀點
坦率地説,長和控股的息税前利潤增長率和其保持在總負債之上的記錄都讓我們對其債務水平感到相當不安。但至少它在將息税前利潤轉化為自由現金流方面相當不錯;這是令人鼓舞的。我們非常清楚,由於長和控股的資產負債表狀況良好,我們認為其風險確實相當大。因此,我們對這種動物的警惕幾乎就像飢餓的小貓害怕掉進主人的魚塘一樣:正如他們所説的那樣,一次被咬,加倍害羞。當你分析債務時,資產負債表顯然是你關注的領域。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。一個恰當的例子:我們發現了長和控股的2個警告信號你應該意識到,其中1個是重要的。
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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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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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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