Does Tsim Sha Tsui Properties (HKG:247) Have A Healthy Balance Sheet?
Does Tsim Sha Tsui Properties (HKG:247) 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. We can see that Tsim Sha Tsui Properties Limited (HKG:247) does use debt in its business. But is this debt a concern to shareholders?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看到,尖沙咀置業有限公司(HKG: 247)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有當公司無法通過籌集資金或使用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是它必須以低價籌集新的股權資本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面後果。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起考慮。
What Is Tsim Sha Tsui Properties's Debt?
尖沙咀地產的債務是多少?
As you can see below, Tsim Sha Tsui Properties had HK$5.15b of debt at December 2023, down from HK$6.66b a year prior. On the flip side, it has HK$2.63b in cash leading to net debt of about HK$2.51b.
如下所示,截至2023年12月,尖沙咀地產的債務爲51.5億港元,低於去年同期的66.6億港元。另一方面,它擁有26.3億港元的現金,淨負債約爲251億港元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240301/0-276598978b891d27f30a9ae57713509a-0-fe0a866b95ac4340069de4b686727b11.png/big)
A Look At Tsim Sha Tsui Properties' Liabilities
看看尖沙咀地產的負債
We can see from the most recent balance sheet that Tsim Sha Tsui Properties had liabilities of HK$8.57b falling due within a year, and liabilities of HK$6.22b due beyond that. On the other hand, it had cash of HK$2.63b and HK$7.59b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$4.57b.
我們可以從最新的資產負債表中看出,尖沙咀地產的負債爲85.7億港元,一年後到期的負債爲62.2億港元。另一方面,它有26.3億港元的現金和價值75.9億港元的應收賬款在一年內到期。因此,其負債超過其現金和(短期)應收賬款總額45.7億港元。
Since publicly traded Tsim Sha Tsui Properties shares are worth a total of HK$41.4b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
由於公開交易的尖沙咀地產股票總價值爲414億港元,因此這種負債水平似乎不太可能構成重大威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
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。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。
Tsim Sha Tsui Properties has a low debt to EBITDA ratio of only 0.61. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. It is just as well that Tsim Sha Tsui Properties's load is not too heavy, because its EBIT was down 22% over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Tsim Sha Tsui Properties will need earnings to service that debt. 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.
尖沙咀地產的債務與息稅折舊攤銷前利潤的比率很低,僅爲0.61。值得注意的是,儘管有淨負債,但它在過去十二個月中獲得的利息實際上超過了必須支付的利息。因此,可以公平地說,它可以像炙手可熱的鐵板燒廚師處理烹飪一樣處理債務。同樣地,尖沙咀地產的負荷並不太大,因爲其息稅前利潤比去年下降了22%。當一家公司看到盈利下降時,它有時會發現與貸款機構的關係惡化。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲尖沙咀地產需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. In the last three years, Tsim Sha Tsui Properties's free cash flow amounted to 34% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在過去三年中,尖沙咀地產的自由現金流佔其息稅前利潤的34%,低於我們的預期。在償還債務方面,這並不好。
Our View
我們的觀點
Tsim Sha Tsui Properties's EBIT growth rate was a real negative on this analysis, although the other factors we considered were considerably better. In particular, we are dazzled with its interest cover. When we consider all the factors mentioned above, we do feel a bit cautious about Tsim Sha Tsui Properties's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Tsim Sha Tsui Properties has 1 warning sign we think you should be aware of.
儘管我們考慮的其他因素要好得多,但根據這項分析,尖沙咀地產的息稅前利潤增長率確實爲負數。特別是,它的興趣封面令我們眼花繚亂。當我們考慮上述所有因素時,我們對尖沙咀地產的債務使用確實有些謹慎。儘管我們意識到債務可以提高股本回報率,但我們建議股東密切關注其債務水平,以免債務增加。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,尖沙咀地產有 1 個警告標誌,我們認爲您應該注意。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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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,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。