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Singapore Technologies Engineering (SGX:S63) Has A Pretty Healthy Balance Sheet
Singapore Technologies Engineering (SGX:S63) Has A Pretty Healthy Balance Sheet
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. We note that Singapore Technologies Engineering Ltd (SGX:S63) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
What Risk Does Debt Bring?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Singapore Technologies Engineering
What Is Singapore Technologies Engineering's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Singapore Technologies Engineering had S$6.17b of debt, an increase on S$2.03b, over one year. However, because it has a cash reserve of S$533.3m, its net debt is less, at about S$5.64b.
SGX:S63 Debt to Equity History December 19th 2022How Strong Is Singapore Technologies Engineering's Balance Sheet?
We can see from the most recent balance sheet that Singapore Technologies Engineering had liabilities of S$7.52b falling due within a year, and liabilities of S$4.52b due beyond that. On the other hand, it had cash of S$533.3m and S$3.23b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$8.28b.
This deficit is considerable relative to its market capitalization of S$10.5b, so it does suggest shareholders should keep an eye on Singapore Technologies Engineering's use of debt. 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.
Strangely Singapore Technologies Engineering has a sky high EBITDA ratio of 5.6, implying high debt, but a strong interest coverage of 11.3. This means that unless the company has access to very cheap debt, that interest expense will likely grow in the future. Notably Singapore Technologies Engineering's EBIT was pretty flat over the last year. Ideally it can diminish its debt load by kick-starting earnings growth. 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 Singapore Technologies Engineering'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Singapore Technologies Engineering generated free cash flow amounting to a very robust 85% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Our View
Both Singapore Technologies Engineering's ability to to convert EBIT to free cash flow and its interest cover gave us comfort that it can handle its debt. But truth be told its net debt to EBITDA had us nibbling our nails. Looking at all this data makes us feel a little cautious about Singapore Technologies Engineering's debt levels. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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 2 warning signs for Singapore Technologies Engineering that you should be aware of before investing here.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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Li·Lu曾説過,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。我們注意到新加坡科技工程有限公司(新加坡證券交易所股票代碼:S63)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
債務會帶來什麼風險?
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(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。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。
查看我們對新加坡技術工程公司的最新分析
新加坡科技工程公司的淨債務是多少?
您可以點擊下圖查看歷史數字,但它顯示,截至2022年6月,新加坡技術工程公司的債務為61.7億新元,比一年前增加了20.3億新元。然而,由於該公司擁有5.33億新元的現金儲備,其淨債務較少,約為56.4億新元。
新交所:S63債轉股歷史2022年12月19日新加坡科技工程公司的資產負債表有多強勁?
我們可以從最近的資產負債表中看到,新加坡科技工程公司有75.2億新加坡元的負債在一年內到期,還有45.2億新加坡元的負債在一年內到期。另一方面,該公司有5.33億新元的現金和價值32.3億新元的應收賬款在一年內到期。因此,它的負債比現金和(近期)應收賬款之和高出82.8億新元。
與其105億新元的市值相比,這一赤字是相當可觀的,因此它確實表明,股東應該密切關注新加坡科技工程公司的債務使用情況。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。
奇怪的是,新加坡科技工程公司的EBITDA比率高達5.6,這意味着債務很高,但利息覆蓋率高達11.3。這意味着,除非該公司能夠獲得非常廉價的債務,否則未來的利息支出可能會增加。值得注意的是,新加坡科技工程公司去年的息税前利潤基本持平。理想情況下,它可以通過啟動盈利增長來減輕債務負擔。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,未來的收益將決定新加坡科技工程公司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。
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。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。在過去的三年中,新加坡科技工程公司產生了相當強勁的自由現金流,佔其息税前利潤的85%,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
我們的觀點
新加坡科技工程公司將息税前利潤轉換為自由現金流的能力和利息覆蓋率都讓我們感到欣慰,因為它可以處理債務。但説實話,它對EBITDA的淨債務讓我們咬緊牙關。看着所有這些數據,我們對新加坡科技工程公司的債務水平感到有點謹慎。雖然我們認識到債務可以提高股本回報率,但我們建議股東密切關注其債務水平,以免增加。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,我們發現新加坡技術工程公司的2個警告標誌在這裏投資之前你應該意識到這一點。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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