Does Hainan Meilan International Airport (HKG:357) Have A Healthy Balance Sheet?
Does Hainan Meilan International Airport (HKG:357) Have A Healthy Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Hainan Meilan International Airport had liabilities of CN¥5.59b due within 12 months and liabilities of CN¥1.17b due beyond that. On the other hand, it had cash of CN¥40.5m and CN¥404.2m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥6.31b. 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. As with many other companies Hainan Meilan International Airport Company Limited (HKG:357) makes use of debt. But is this debt a concern to shareholders?
沃伦·巴菲特曾经说过，“波动性远非风险的同义词。”因此，当您考虑任何特定股票的风险时，需要考虑债务，因为过多的债务可能会拖垮一家公司。与许多其他公司一样，海南美兰国际机场股份有限公司（HKG:357）利用了债务。但这些债务是否会令股东担忧呢？
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, 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.
一般来说，只有当公司无法轻松偿还债务，或者无法通过筹集资本或自有现金流来偿还债务时，债务才会成为真正的问题。如果公司无法履行偿还债务的法律义务，股东可能会一无所有。然而，一种更常见的（但仍然很昂贵的）情况是，公司必须以较低的股价稀释股东权益，以便控制债务。当然，债务可以是企业中重要的工具，特别是对于资本密集型企业。当我们考虑公司使用债务时，我们首先审视现金和债务之间的关系。
How Much Debt Does Hainan Meilan International Airport Carry?
海南美兰国际机场承担了多少债务？
As you can see below, Hainan Meilan International Airport had CN¥2.21b of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. And it doesn't have much cash, so its net debt is about the same.
如下所示，截至2024年6月，海南美兰国际机场的债务为22.1亿人民币，与前一年大致相同。您可以点击图表查看更详细的信息。由于现金不多，因此净债务也大致相同。
A Look At Hainan Meilan International Airport's Liabilities
海南美兰国际机场负债一览
Zooming in on the latest balance sheet data, we can see that Hainan Meilan International Airport had liabilities of CN¥5.59b due within 12 months and liabilities of CN¥1.17b due beyond that. On the other hand, it had cash of CN¥40.5m and CN¥404.2m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥6.31b.
Zooming in on the latest balance sheet data, we can see that 海南美兰国际机场 had liabilities of CN¥55.9亿 due within 12 months and liabilities of CN¥11.7亿 due beyond that. On the other hand, it had cash of CN¥4050万 and CN¥40420万 worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥63.1亿.
The deficiency here weighs heavily on the CN¥3.87b 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 definitely think shareholders need to watch this one closely. After all, Hainan Meilan International Airport would likely require a major re-capitalisation if it had to pay its creditors today. 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 Hainan Meilan International Airport'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.
The deficiency here weighs heavily on the CN¥38.7亿 company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his 体育 gear, and a trumpet. So we definitely think shareholders need to watch this one closely. After all, 海南美兰国际机场 would likely require a major re-capitalisation if it had to pay its creditors today. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will 判断 海南美兰国际机场's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this 自由现金流 report showing 分析师 profit forecasts.
In the last year Hainan Meilan International Airport wasn't profitable at an EBIT level, but managed to grow its revenue by 37%, to CN¥2.2b. Shareholders probably have their fingers crossed that it can grow its way to profits.
In the last year 海南美兰国际机场 wasn't profitable at an EBIt level, but managed to grow its 营业收入 by 37%, to CN¥22亿. Shareholders probably have their fingers crossed that it can grow its way to profits.
Caveat Emptor
买方自负。
Even though Hainan Meilan International Airport managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. To be specific the EBIT loss came in at CN¥14m. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. Not least because it burned through CN¥106m in negative free cash flow over the last year. So suffice it to say we consider the stock to be risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Hainan Meilan International Airport that you should be aware of before investing here.
Even though 海南美兰国际机场 managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIt line. To be specific the EBIt loss came in at CN¥1400万. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the 股票. Not least because it burned through CN¥10600万 in negative 自由现金流 over the last year. So suffice it to say we consider the 股票 to be risky. When analysing debt levels, the balance sheet is the obvious place to 开始控件. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for 海南美兰国际机场 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.
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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