Does Xinyi Solar Holdings (HKG:968) Have A Healthy Balance Sheet?
Does Xinyi Solar Holdings (HKG:968) Have A 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.' 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. As with many other companies Xinyi Solar Holdings Limited (HKG:968) makes use of debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李露(Charlie Munger 支持他)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”當我們想到一家公司的風險有多大時,我們總是喜歡看看它對債務的使用,因爲債務超負荷會導致破產。和許多其他公司一樣 信義太陽能控股有限公司 (HKG: 968) 利用債務。但更重要的問題是:這筆債務造成了多少風險?
What Risk Does Debt Bring?
債務會帶來什麼風險?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會變得有風險。在最壞的情況下,如果公司無法償還債權人,它可能會破產。儘管這種情況並不常見,但我們經常看到負債累累的公司會永久稀釋股東,因爲貸款機構迫使他們以不利的價格籌集資金。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可以成爲一個非常好的工具。考慮公司債務水平的第一步是將其現金和債務一起考慮。
View our latest analysis for Xinyi Solar Holdings
查看我們對信義太陽能控股的最新分析
What Is Xinyi Solar Holdings's Debt?
信義光能控股的債務是什麼?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 Xinyi Solar Holdings had HK$8.45b of debt, an increase on HK$6.98b, over one year. However, it also had HK$4.26b in cash, and so its net debt is HK$4.19b.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年6月,信義光能控股在一年內有84.5億港元的債務,比69.8億港元增加。但是,它也有42.6億港元的現金,因此其淨負債爲41.9億港元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231113/0-4bd8c13d49005770cf78b1ee042d7f9e-0-5a798784cdfc20340cfc3a010b95c3b5.png/big)
A Look At Xinyi Solar Holdings' Liabilities
看看信義光能控股的負債
According to the last reported balance sheet, Xinyi Solar Holdings had liabilities of HK$14.2b due within 12 months, and liabilities of HK$4.00b due beyond 12 months. Offsetting this, it had HK$4.26b in cash and HK$12.0b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$1.96b.
根據上次公佈的資產負債表,信義光能控股在12個月內到期的負債爲142億港元,在12個月後到期的負債爲40億港元。抵消這一點的是,它有42.6億港元的現金和120億港元的應收賬款,這些應收賬款將在12個月內到期。因此,其負債超過現金和(近期)應收賬款總額19.6億港元。
Since publicly traded Xinyi Solar Holdings shares are worth a total of HK$40.2b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse.
由於公開交易的信義光能控股的股票總價值爲402億港元,因此這一負債水平似乎不太可能成爲重大威脅。話雖如此,很明顯,我們應該繼續監控其資產負債表,以免情況變得更糟。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們通過以下方法來衡量公司的債務負擔與其盈利能力:將其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),並計算其利息和稅前收益(EBIT)支付利息支出(利息保障)的難易程度。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。
Xinyi Solar Holdings's net debt is only 0.66 times its EBITDA. And its EBIT covers its interest expense a whopping 15.5 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the other side of the story is that Xinyi Solar Holdings saw its EBIT decline by 9.5% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Xinyi Solar 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.
信義光能控股的淨負債僅爲其息稅折舊攤銷前利潤的0.66倍。而且其息稅前利潤覆蓋其利息支出的高達15.5倍。因此,你可以爭辯說,它受到債務的威脅並不比大象受到老鼠的威脅更大。但故事的另一面是,信義光能控股的息稅前利潤比去年下降了9.5%。這種下降如果持續下去,顯然會使債務更難處理。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務的未來盈利能力將決定信義光能控股能否隨着時間的推移加強其資產負債表。因此,如果你專注於未來,你可以看看這個 免費的 顯示分析師盈利預測的報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Considering the last three years, Xinyi Solar Holdings actually recorded a cash outflow, overall. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
最後,企業需要自由現金流來償還債務;會計利潤根本無法削減債務。因此,合乎邏輯的步驟是查看息稅前收益中與實際自由現金流相匹配的比例。考慮到過去三年,信義光能控股實際上總體上出現了現金流出。債務通常更昂貴,而且在自由現金流爲負的公司手中幾乎總是風險更大。股東們應該希望有所改善。
Our View
我們的觀點
When it comes to the balance sheet, the standout positive for Xinyi Solar Holdings was the fact that it seems able to cover its interest expense with its EBIT confidently. But the other factors we noted above weren't so encouraging. To be specific, it seems about as good at converting EBIT to free cash flow as wet socks are at keeping your feet warm. When we consider all the factors mentioned above, we do feel a bit cautious about Xinyi Solar Holdings's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more 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. To that end, you should be aware of the 2 warning signs we've spotted with Xinyi Solar Holdings .
在資產負債表方面,信義光能控股最突出的利好因素是,它似乎能夠自信地用息稅前利潤來彌補利息支出。但是我們在上面提到的其他因素並不那麼令人鼓舞。具體而言,它在將息稅前利潤轉換爲自由現金流方面似乎和溼襪在保持雙腳溫暖方面一樣好。當我們考慮上述所有因素時,我們確實對信義光能控股使用債務感到有些謹慎。儘管債務確實有更高的潛在回報的好處,但我們認爲股東一定要考慮債務水平如何使股票更具風險。在分析債務水平時,資產負債表顯然是起點。但是,並非所有的投資風險都存在於資產負債表中——遠非如此。爲此,你應該意識到 2 個警告標誌 我們發現了信義光能控股。
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.
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,那麼請立即查看我們的獨家淨現金增長股票清單。
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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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Simply Wall St的這篇文章本質上是籠統的。 我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議,也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之,華爾街在上述任何股票中都沒有頭寸。