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These 4 Measures Indicate That CITIC Resources Holdings (HKG:1205) Is Using Debt Reasonably Well
These 4 Measures Indicate That CITIC Resources Holdings (HKG:1205) Is Using Debt Reasonably Well
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, CITIC Resources Holdings Limited (HKG:1205) does carry debt. But is this debt a concern to shareholders?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
Check out our latest analysis for CITIC Resources Holdings
What Is CITIC Resources Holdings's Debt?
As you can see below, CITIC Resources Holdings had HK$3.33b of debt at June 2022, down from HK$3.73b a year prior. However, because it has a cash reserve of HK$2.49b, its net debt is less, at about HK$843.5m.
SEHK:1205 Debt to Equity History September 28th 2022A Look At CITIC Resources Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that CITIC Resources Holdings had liabilities of HK$1.85b due within 12 months and liabilities of HK$4.05b due beyond that. Offsetting these obligations, it had cash of HK$2.49b as well as receivables valued at HK$588.2m due within 12 months. So it has liabilities totalling HK$2.83b more than its cash and near-term receivables, combined.
This is a mountain of leverage relative to its market capitalization of HK$3.22b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
CITIC Resources Holdings has a low net debt to EBITDA ratio of only 0.43. And its EBIT covers its interest expense a whopping 29.8 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Even more impressive was the fact that CITIC Resources Holdings grew its EBIT by 538% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is CITIC Resources Holdings's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
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. Over the last two years, CITIC Resources Holdings recorded free cash flow worth a fulsome 86% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.
Our View
CITIC Resources Holdings's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But, on a more sombre note, we are a little concerned by its level of total liabilities. Looking at the bigger picture, we think CITIC Resources Holdings's use of debt seems quite reasonable and we're not concerned about it. While debt does bring risk, when used wisely it can also bring a higher return on equity. 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 example, we've discovered 1 warning sign for CITIC Resources Holdings that you should be aware of before investing here.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
傳奇基金經理理想汽車·盧曾説,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。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。重要的是中信股份資源控股有限公司(HKG:1205)確實有債務。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。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。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。
查看我們對中信股份資源控股的最新分析
中信股份資源控股的債務是什麼?
如下所示,截至2022年6月,中信股份資源控股公司的債務為33.3億港元,低於一年前的37.3億港元。然而,由於該公司擁有24.9億港元的現金儲備,其淨債務較少,約為8.435億港元。
聯交所:1205債轉股歷史2022年9月28日中信股份資源控股的負債問題
放大最新的資產負債表數據,我們可以看到,中信股份資源控股有18.5億港元的負債在12個月內到期,而在此之後還有40.5億港元的負債到期。與這些債務相抵銷的是,該公司有24.9億港元現金以及5.882億港元應收賬款在12個月內到期。因此,該公司的負債總額為28.3億港元,超過了現金和近期應收賬款的總和。
與其32.2億港元的市值相比,這是一個堆積如山的槓桿。這表明,如果該公司需要匆忙支撐其資產負債表,股東將被嚴重稀釋。
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)。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。
中信股份資源控股的淨債務與EBITDA之比較低,僅為0.43。它的息税前利潤高出利息支出29.8倍。因此,你可以辯稱,它不會受到債務的威脅,就像大象受到老鼠的威脅一樣。更令人印象深刻的是,中信股份資源控股的息税前利潤在12個月內增長了538%。如果保持這樣的增長,未來幾年的債務將變得更加可控。在分析債務水平時,資產負債表顯然是一個起點。但中信股份資源控股的盈利將影響未來資產負債表的表現。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
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。在過去的兩年裏,中信股份資源控股錄得相當於息税前利潤的86%的自由現金流,這比我們通常預期的要好。這使其在償還債務方面處於非常有利的地位。
我們的觀點
中信股份資源控股的利息掩護表明,它可以輕鬆地處理債務,就像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣。但是,更為悲觀的是,我們對其總負債水平略感擔憂。從大局來看,我們認為中信股份資源控股的債務使用似乎相當合理,我們並不擔心。儘管債務確實會帶來風險,但如果使用得當,它也可以帶來更高的股本回報率。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,我們發現中信股份資源控股公司的1個警告標誌在這裏投資之前你應該意識到這一點。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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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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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