Is UMS Holdings (SGX:558) Using Too Much Debt?
Is UMS Holdings (SGX:558) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that UMS Holdings Limited (SGX:558) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
沃伦·巴菲特曾经说过:“波动性远不能等同于风险。”因此,当你考虑任何一只股票的风险时,需要考虑债务,因为太多的债务会拖垮一家公司。我们注意到UMS控股(SGX:558)的资产负债表上确实有债务。但更重要的问题是:这些债务带来了多少风险?
When Is Debt Dangerous?
债务何时有危险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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. 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.
通常情况下,当一家公司无法轻易地通过筹集资本或利用自身现金流来偿还债务时,债务才会成为真正的问题。如果情况变得非常糟糕,贷款人可能会接管业务。但更普遍的(但仍然是昂贵的)情况是,公司必须以低廉的股票价格稀释股东权益,以便控制债务。尽管债务取代了稀释股权,但对于需要资本以高速率投资于高回报增长的公司来说,债务可能是一种极好的工具。在考虑公司的债务水平时,第一步是考虑其现金和债务总额。
What Is UMS Holdings's Debt?
UMS控股的债务情况是什么?
The image below, which you can click on for greater detail, shows that UMS Holdings had debt of S$17.9m at the end of March 2024, a reduction from S$21.2m over a year. However, its balance sheet shows it holds S$116.5m in cash, so it actually has S$98.6m net cash.
下面的图片可以放大查看,显示UMS控股在2024年3月底的债务为1790万新元,相比一年前的2120万新元有所减少。然而,其资产负债表显示它持有1.165亿新元的现金,因此实际上它拥有9.86亿新元的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240726/0-d4574a5f6bc988a6392be99dfac77930-0-1f61325e3941989ff9c9cd82009f9d42.png/big)
How Healthy Is UMS Holdings' Balance Sheet?
UMS控股的资产负债表情况如何?
According to the last reported balance sheet, UMS Holdings had liabilities of S$55.3m due within 12 months, and liabilities of S$33.8m due beyond 12 months. On the other hand, it had cash of S$116.5m and S$51.7m worth of receivables due within a year. So it actually has S$79.0m more liquid assets than total liabilities.
根据最近披露的资产负债表,UMS控股有5,530万新元的负债在12个月内到期,3,380万新元的负债在12个月后到期。另一方面,它持有1.165亿新元现金和5,170万新元的应收账款。因此,它实际上比总负债多出7.9亿新元的流动资产。
This short term liquidity is a sign that UMS Holdings could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that UMS Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.
这种短期流动性表明UMS控股可以轻松还清债务,因为其资产负债表远未过度悬挂。简单地说,UMS控股比债务多现金显然是一个好的迹象,表明它可以安全地管理债务。
It is just as well that UMS Holdings's load is not too heavy, because its EBIT was down 41% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 UMS Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
UMS控股的负担不太重,因为其利润税前收入在过去一年中下降了41%。当涉及偿还债务时,下降的收入对于身体健康来说一样无用,就像糖水一样。毫无疑问,我们从资产负债表上最多了解有关债务的信息。但是,未来的收入,尤其是UMS控股的未来收入,将决定其维持健康资产负债表的能力。因此,如果您关注未来,可以查看这份免费报告,其中显示了分析师的利润预测。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. UMS Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, UMS Holdings recorded free cash flow worth 55% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
但我们最后的考虑也很重要,因为一家公司不能用纸质利润来偿还债务;它需要实实在在的现金。UMS控股的资产负债表上可能有净现金,但是查看企业将利息和税前收入(EBIT)转换为自由现金流的能力,也很有趣,因为这将影响其需要和管理债务的能力。在最近的三年中,UMS控股的自由现金流价值相当于其EBIT的55%,这是正常水平,因为自由现金流不包括利息和税。这些实实在在的现金意味着它可以在需要时减少债务。
Summing Up
总之
While we empathize with investors who find debt concerning, you should keep in mind that UMS Holdings has net cash of S$98.6m, as well as more liquid assets than liabilities. So we don't have any problem with UMS Holdings's use of debt. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for UMS Holdings that you should be aware of.
虽然我们理解投资者有所顾虑,但您应该记住UMS控股有9860万新元的净现金,以及比负债还高的流动资产。因此,我们对UMS控股的债务使用没有任何问题。很明显,资产负债表是分析债务时要关注的领域。然而,并不是所有的投资风险都存在于资产负债表上。例如,我们已经发现UMS控股存在2个警告信号,您应该注意这些信号。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。