Does Xinyi Glass Holdings (HKG:868) Have A Healthy Balance Sheet?
Does Xinyi Glass Holdings (HKG:868) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. Importantly, Xinyi Glass Holdings Limited (HKG:868) does carry debt. But is this debt a concern to shareholders?
有人说波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾 famously 说过:‘波动性远非与风险同义。’所以在考虑任何股票的风险时,显然需要考虑债务,因为过多的债务可能会使一家公司陷入困境。重要的是,信义玻璃控股有限公司 (HKG:868) 确实承担了债务。但这对股东来说是个问题吗?
Why Does Debt Bring Risk?
为什么债务带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业成长的工具,但如果企业无法偿还贷方,那么它就处于他们的掌控之中。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。然而,更频繁(但仍然代价高昂)的情况是公司必须以极低的价格发行股份,永久稀释股东,以便修复其资产负债表。当然,许多公司在没有任何负面后果的情况下利用债务来资助增长。当我们考虑公司的债务使用时,我们首先将现金和债务放在一起进行考量。
What Is Xinyi Glass Holdings's Debt?
信义玻璃控股有限公司的债务是多少?
The image below, which you can click on for greater detail, shows that Xinyi Glass Holdings had debt of HK$7.10b at the end of June 2024, a reduction from HK$12.9b over a year. However, it does have HK$1.38b in cash offsetting this, leading to net debt of about HK$5.72b.
下图(您可以点击以获取更多细节)显示,信义玻璃控股有限公司在2024年6月底的债务为71亿港元,比起一年前的129亿港元有所减少。然而,它有13.8亿港元的现金对此进行抵消,导致净债务约为57.2亿港元。
How Healthy Is Xinyi Glass Holdings' Balance Sheet?
信义玻璃控股的资产负债表健康吗?
We can see from the most recent balance sheet that Xinyi Glass Holdings had liabilities of HK$12.6b falling due within a year, and liabilities of HK$2.63b due beyond that. Offsetting this, it had HK$1.38b in cash and HK$3.26b in receivables that were due within 12 months. So its liabilities total HK$10.6b more than the combination of its cash and short-term receivables.
从最近的资产负债表上可以看到,信义玻璃控股的流动负债为126亿港元,长期负债为26.3亿港元。相抵的是,它拥有13.8亿港元的现金和32.6亿港元的应收账款,这些均在12个月内到期。因此,它的负债总额超过现金和短期应收账款的总和,达到了106亿港元。
While this might seem like a lot, it is not so bad since Xinyi Glass Holdings has a market capitalization of HK$33.8b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
虽然这看起来很多,但并不是那么糟糕,因为信义玻璃控股的市值为338亿港元,因此如果需要,它可能通过募资来增强其资产负债表。不过,我们确实需要警惕其债务带来过多风险的迹象。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我们使用两个主要指标来告知我们债务水平与盈利的关系。第一个是净债务与息税折旧摊销前利润(EBITDA)的比率,而第二个是其息税前利润(EBIT)覆盖其利息费用(或其利息覆盖,简称)。这种方法的优点在于我们考虑了债务的绝对数量(通过净债务与EBITDA比率)和与该债务相关的实际利息费用(通过其利息覆盖比率)。
Xinyi Glass Holdings's net debt is only 0.75 times its EBITDA. And its EBIT covers its interest expense a whopping 25.0 times over. So we're pretty relaxed about its super-conservative use of debt. On top of that, Xinyi Glass Holdings grew its EBIT by 65% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Xinyi Glass Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
信义玻璃控股的净债务仅为其EBITDA的0.75倍。而且它的EBIT可以覆盖其利息支出高达25.0倍。因此,我们对它极其保守的债务使用感到相当放松。此外,信义玻璃控股的EBIT在过去12个月内增长了65%,这种增长将使其更容易处理债务。在分析债务水平时,资产负债表显然是一个显而易见的起点。但最终,企业未来的盈利能力将决定信义玻璃控股是否能够随着时间的推移增强其资产负债表。因此,如果你关注未来,可以查看这份免费的报告,了解分析师的利润预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Xinyi Glass Holdings produced sturdy free cash flow equating to 66% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,一家公司只能用现金偿还债务,而不是会计利润。因此,我们明显需要关注EBIT是否导致相应的自由现金流。在过去三年中,信义玻璃控股产生了相当于其EBIT的66%的稳定自由现金流,这与我们的预期大致相符。这种自由现金流使公司在适当的时候能够偿还债务。
Our View
我们的观点
Xinyi Glass Holdings's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its EBIT growth rate also supports that impression! Zooming out, Xinyi Glass Holdings seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example Xinyi Glass Holdings has 3 warning signs (and 1 which is concerning) we think you should know about.
信义玻璃控股的利息覆盖率表明,它可以像克里斯蒂亚诺·罗纳尔多对阵一名14岁以下的门将那样轻松应对债务。而且好消息还不止于此,EBIT增长率也支持这一印象!从整体来看,信义玻璃控股似乎合理地使用债务;这得到了我们的认可。毕竟,合理的杠杆可以提高股本回报。毫无疑问,我们对债务最了解的是资产负债表。但最终,每家公司都可能存在超出资产负债表的风险。例如,信义玻璃控股有3个警告信号(其中1个让人担忧),我们认为您应该知道。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
无论最终结果如何,有时候更容易关注那些根本不需要债务的公司。读者可以立即免费获取一份净债务为零的成长股列表。
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