Pak Tak International (HKG:2668) Is Carrying A Fair Bit Of Debt
Pak Tak International (HKG:2668) Is Carrying A Fair Bit Of Debt
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. We can see that Pak Tak International Limited (HKG:2668) does use debt in its business. But the real question is whether this debt is making the company risky.
傳奇基金經理李錄(得到查理·芒格支持)曾說過,「最大的投資風險不是價格的波動,而是您是否會遭受永久性資本損失。」 當我們考慮一家公司有多大風險時,我們總是喜歡看它的債務使用,因爲債務過載可以導致毀滅。我們可以看到Pak Tak International Limited(HKG:2668)在其業務中使用了債務。但真正的問題是這些債務是否使公司變得風險很高。
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. If things get really bad, the lenders can take control of the business. 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. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業成長的工具,但如果企業無力償還債權人,則存在於他們的憐憫之下。如果情況變得非常糟糕,債權人可以接管企業。然而,更常見的(但仍然痛苦的)情況是,它必須以低價籌集新的股權資本,從而永久性稀釋股東權益。當然,很多公司使用債務來資助成長,沒有任何負面後果。當我們審查債務水平時,首先考慮現金和債務水平。
How Much Debt Does Pak Tak International Carry?
Pak Tak International承擔了多少債務?
You can click the graphic below for the historical numbers, but it shows that Pak Tak International had HK$355.3m of debt in June 2024, down from HK$375.4m, one year before. On the flip side, it has HK$58.8m in cash leading to net debt of about HK$296.5m.
您可以點擊下面的圖表查看歷史數據,但可以看到Pak Tak International在2024年6月的債務爲35530萬港元,比一年前的37540萬港元下降。另一方面,它有5880萬港元的現金,導致淨債務約爲29650萬港元。
A Look At Pak Tak International's Liabilities
關注百德國際的負債情況
We can see from the most recent balance sheet that Pak Tak International had liabilities of HK$474.7m falling due within a year, and liabilities of HK$78.6m due beyond that. Offsetting these obligations, it had cash of HK$58.8m as well as receivables valued at HK$511.4m due within 12 months. So it actually has HK$16.8m more liquid assets than total liabilities.
最近的資產負債表顯示,百德國際一年內到期的負債爲47470萬港元,超過一年的負債爲7860萬港元。 抵消這些義務,公司現金爲5880萬港元,應收賬款爲51140萬港元,12個月內到期。 因此,其流動資產比總負債多1680萬港元。
Having regard to Pak Tak International's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the HK$2.48b company is struggling for cash, we still think it's worth monitoring its balance sheet. When analysing debt levels, the balance sheet is the obvious place to start. But it is Pak Tak International'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.
考慮到百德國際的規模,其流動資產與總負債看起來是平衡的。 因此,雖然很難想象這家價值24.8億港元的公司現金緊張,但我們仍認爲值得監控其資產負債表。 在分析債務水平時,資產負債表是明顯的起點。 但是百德國際的盈利將影響資產負債表未來的表現。 因此,如果您渴望了解更多有關其收入方面的信息,不妨查看其長期收入趨勢圖。
Over 12 months, Pak Tak International reported revenue of HK$725m, which is a gain of 66%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在過去12個月中,百德國際報告的營業收入爲72500萬港元,增長了66%,儘管沒有披露任何利息和稅前利潤。 希望公司能夠通過增長實現盈利。
Caveat Emptor
買方自負。
While we can certainly appreciate Pak Tak International's revenue growth, its earnings before interest and tax (EBIT) loss is not ideal. Indeed, it lost HK$14m at the EBIT level. Looking on the brighter side, the business has adequate liquid assets, which give it time to grow and develop before its debt becomes a near-term issue. But a profit would do more to inspire us to research the business more closely. So it seems too risky for our taste. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Pak Tak International (of which 2 are significant!) you should know about.
雖然我們當然欣賞百德國際的營收增長,但其利息和稅前利潤(EBIT)虧損並不理想。 實際上,其EBIT虧損了1400萬港元。 但從積極的一面看,公司擁有足夠的流動資產,這使其有時間在債務對公司的近期問題之前增長和發展。 但盈利將更鼓舞我們更密切研究這家公司。 因此,我們認爲這對我們來說太冒險了。 無疑,我們通過資產負債表了解債務最多。 但最終,每家公司都可能存在超越資產負債表之外的風險。 這些風險可能很難發現。 每家公司都有這些風險,我們已經發現了百德國際的3個警示信號(其中2個是重要的!),您應該知道。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。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。Simply Wall St沒有任何股票頭寸。