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Health Check: How Prudently Does South Manganese Investment (HKG:1091) Use Debt?

Health Check: How Prudently Does South Manganese Investment (HKG:1091) Use Debt?

健康检查:南方锰业(HKG:1091)如何谨慎地使用债务?
Simply Wall St ·  10/04 08:22

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We note that South Manganese Investment Limited (HKG:1091) does have debt on its balance sheet. But is this debt a concern to shareholders?

霍华德·马克斯说得很好,他认为,与其担心股价波动,'我担心的是永久性损失的可能性... 我认识的每位实际投资者都担心这个。' 当我们考虑一家公司有多大风险时,我们总是喜欢看它的债务使用情况,因为债务过重可能导致灭亡。 我们注意到,南方锰业投资有限公司(HKG:1091)的资产负债表上确实有债务。 但这笔债务是否会让股东担忧呢?

When Is Debt A Problem?

什么时候负债才是一个问题?

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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.

债务为企业提供援助,直到企业无法通过新的资本或自由现金流来偿还债务为止。如果状况变得极为糟糕,债权人可以接管企业。虽然这种情况不太常见,但我们经常看到由于贷款人强迫受困的企业以危机价格筹集资本,从而永久地稀释股东。当然,债务可以是企业的重要工具,特别是对于资本密集型企业而言。当我们思考一家企业的债务使用情况时,我们首先会查看现金和债务。

What Is South Manganese Investment's Net Debt?

南方锰业投资的净债务是多少?

The image below, which you can click on for greater detail, shows that at June 2024 South Manganese Investment had debt of HK$4.72b, up from HK$4.02b in one year. However, it does have HK$1.48b in cash offsetting this, leading to net debt of about HK$3.24b.

下面的图片(点击可查看更多细节)显示,2024年6月,南方锰业投资公司的债务为HK$47.2亿,比一年前的HK$40.2亿增加。 不过,它拥有HK$14.8亿的现金抵消这笔债务,使净债务达到约HK$32.4亿。

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SEHK:1091 Debt to Equity History October 4th 2024
SEHK:1091从2024年10月4日开始的资产负债比历史数据

How Strong Is South Manganese Investment's Balance Sheet?

南方锰业的资产负债表有多坚实?

We can see from the most recent balance sheet that South Manganese Investment had liabilities of HK$7.16b falling due within a year, and liabilities of HK$1.53b due beyond that. On the other hand, it had cash of HK$1.48b and HK$1.42b worth of receivables due within a year. So its liabilities total HK$5.80b more than the combination of its cash and short-term receivables.

从最新的资产负债表可以看出,南方锰业有短期到期的债务约716亿港币,而长期债务则为153亿港币。另一方面,公司有148亿港币的现金和142亿港币的一年内应收账款。因此,其债务总额比现金和短期应收账款的总和多580亿港币。

The deficiency here weighs heavily on the HK$2.16b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, South Manganese Investment would probably need a major re-capitalization if its creditors were to demand repayment. The balance sheet is clearly the area to focus on when you are analysing debt. But it is South Manganese Investment's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.

这里的不足严重拖累了216亿港币的公司本身,就像一个孩子被背着装满书籍、体育装备和小号的沉重背包所困扰一样。因此,我们会密切关注其资产负债表,毫无疑问。最终,如果债权人要求偿还债务,南方锰业可能需要一次重大资本重组。在分析债务时,资产负债表显然是需要关注的领域。但南方锰业的盈利将影响其未来的资产负债表情况。因此,如果您想了解更多有关其盈利的信息,不妨查看其长期盈利趋势图。

Over 12 months, South Manganese Investment reported revenue of HK$15b, which is a gain of 2.6%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

在过去的12个月里,南方锰业报告了150亿港币的营业收入,增长了2.6%,尽管其没有报告任何利息和税前收入。这种增长速度对我们来说有点慢,但世界上各种类型的公司都有存在的价值。

Caveat Emptor

买方自负。

Over the last twelve months South Manganese Investment produced an earnings before interest and tax (EBIT) loss. Indeed, it lost a very considerable HK$236m at the EBIT level. If you consider the significant liabilities mentioned above, we are extremely wary of this investment. That said, it is possible that the company will turn its fortunes around. Nevertheless, we would not bet on it given that it vaporized HK$459m in cash over the last twelve months, and it doesn't have much by way of liquid assets. So we think this stock is risky, like walking through a dirty dog park with a mask on. 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. To that end, you should be aware of the 1 warning sign we've spotted with South Manganese Investment .

在过去12个月中,南方锰业的利息和税前收入(EBIT)出现亏损。实际上,在EBIT级别上亏损了非常可观的2.36亿港币。考虑到上述重要债务,我们对这项投资极为谨慎。尽管如此,该公司有可能扭转局面。尽管如此,考虑到过去12个月内烧掉4590万港币现金,并且没有太多流动资产,我们认为这支股票风险较高,就像戴着口罩在肮脏的狗公园里行走一样。在分析债务水平时,资产负债表显然是显而易见的起点。但归根结底,每家公司都可能存在超出资产负债表范围之外的风险。因此,您应该注意我们发现的南方锰业的一个警示信号。

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.

当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。

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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.

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