When ASL Marine Holdings Ltd. (SGX:A04) reported its results to June 2022 its auditors, Ernst & Young LLP could not be sure that it would be able to continue as a going concern in the next year. It is therefore fair to assume that, based on those financials, the company should strengthen its balance sheet in the short term, perhaps by issuing shares.
If the company does have to issue more shares, potential investors will be sure to consider how desperate it is for capital. So current risks on the balance sheet could have a big impact on how shareholders fare from here. Debt is always a risk factor in these cases, as creditors could be in a position to wind up the company, in the worst case scenario.
View our latest analysis for ASL Marine Holdings
What Is ASL Marine Holdings's Net Debt?
As you can see below, ASL Marine Holdings had S$310.0m of debt at June 2022, down from S$329.1m a year prior. However, it also had S$23.1m in cash, and so its net debt is S$286.8m.
SGX:A04 Debt to Equity History October 14th 2022
How Healthy Is ASL Marine Holdings' Balance Sheet?
We can see from the most recent balance sheet that ASL Marine Holdings had liabilities of S$230.7m falling due within a year, and liabilities of S$285.5m due beyond that. On the other hand, it had cash of S$23.1m and S$76.7m worth of receivables due within a year. So its liabilities total S$416.4m more than the combination of its cash and short-term receivables.
This deficit casts a shadow over the S$23.3m company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, ASL Marine Holdings would likely require a major re-capitalisation if it had to pay its creditors today. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since ASL Marine Holdings will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
In the last year ASL Marine Holdings wasn't profitable at an EBIT level, but managed to grow its revenue by 22%, to S$236m. With any luck the company will be able to grow its way to profitability.
Caveat Emptor
Despite the top line growth, ASL Marine Holdings still had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost a very considerable S$16m at the EBIT level. Reflecting on this and the significant total liabilities, it's hard to know what to say about the stock because of our intense dis-affinity for it. Sure, the company might have a nice story about how they are going on to a brighter future. But the reality is that it is low on liquid assets relative to liabilities, and it lost S$32m in the last year. So we think buying this stock is risky. We prefer to avoid a company after its auditor has expressed any uncertainty about its ability to continue as a going concern. That's because we find it more comfortable to invest in companies that always keep the balance sheet reasonably strong. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that ASL Marine Holdings is showing 2 warning signs in our investment analysis , and 1 of those is potentially serious...
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.
什么时候 ASL 海洋控股有限公司 (SGX: A04) 向2022年6月报告了业绩，其审计师安永会计师事务所无法确定其能否在明年继续作为持续经营企业继续运作。因此，可以公平地假设，根据这些财务状况，公司应该在短期内加强其资产负债表，也许可以通过发行股票来加强其资产负债表。
如果公司确实必须发行更多股票，潜在投资者一定会考虑其对资金的迫切程度。因此，当前资产负债表上的风险可能会对股东今后的表现产生重大影响。在这些情况下，债务始终是风险因素，因为在最坏的情况下，债权人可能有能力将公司清盘。
查看我们对ASL Marine Holdings的最新分析
ASL Marine Holdings的净负债是多少？
如下所示，截至2022年6月，ASL Marine Holdings的债务为3.1亿新元，低于去年同期的3.291亿新元。但是，它也有2310万新元的现金，因此其净负债为2.868亿新元。
新加坡证券交易所：A04 债转股历史记录 2022 年 10 月 14 日
ASL Marine Holdings的资产负债表有多健康？
我们可以从最新的资产负债表中看出，ASL Marine Holdings在一年内到期的负债为2.307亿新元，在此之后到期的负债为2.855亿新元。另一方面，它有2310万新元的现金和价值7,670万新元的应收账款在一年内到期。因此，其负债总额比其现金和短期应收账款的总和多出4.164亿新元。
这种赤字给这家2330万新元的公司蒙上了阴影，就像一只耸立在凡人之上的巨人。因此，毫无疑问，我们将密切关注其资产负债表。毕竟，如果ASL Marine Holdings今天必须偿还债权人，则可能需要进行重大的资本重组。在分析债务水平时，资产负债表是显而易见的起点。但是你不能完全孤立地看待债务；因为ASL Marine Holdings需要收益来偿还债务。因此，在考虑债务时，绝对值得一看收益趋势。点击此处查看交互式快照。
去年，ASL Marine Holdings在息税前利润水平上没有盈利，但设法将其收入增长了22％，达到2.36亿新元。运气好的话，公司将能够成长为盈利之路。
Caveat Emptor
尽管收入有所增长，但ASL Marine Holdings在去年仍出现了利息和税前收益（EBIT）亏损。事实上，它在息税前利润水平上损失了1600万新元。考虑到这一点和可观的总负债，很难知道该对这只股票说些什么，因为我们对这只股票非常不感兴趣。当然，公司可能有一个关于他们如何走向更光明的未来的好故事。但现实是，与负债相比，它的流动资产较低，去年损失了3200万新元。因此，我们认为买入这只股票是有风险的。在审计师对公司继续作为持续经营企业的能力表示不确定之后，我们宁愿避开该公司。那是因为我们发现投资那些始终保持资产负债表相当强劲的公司更舒服。在分析债务水平时，资产负债表是显而易见的起点。但归根结底，每家公司都可以控制资产负债表之外存在的风险。请注意 ASL Marine Holdings 正在露面 我们的投资分析中有两个警告信号 ，其中一个可能很严重...
毕竟，如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣，那么请立即查看我们的净现金增长股票清单。
对这篇文章有反馈吗？对内容感到担忧？ 取得联系 直接和我们联系。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论，我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议，也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意，我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之，华尔街对上述任何股票都没有头寸。
