Is Tongda Group Holdings (HKG:698) Using Debt In A Risky Way?
Is Tongda Group Holdings (HKG:698) Using Debt In A Risky Way?
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.' 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 Tongda Group Holdings Limited (HKG:698) makes use of debt. But the real question is whether this debt is making the company risky.
传奇基金经理李录(得到查理·芒格的支持)曾经说过,“最大的投资风险不在于价格的波动,而在于你是否会遭受永久性的资本损失。”因此,当你考虑任何股票的风险时,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,通达集团控股有限公司(HKG:698)利用了债务。但真正的问题是这些债务是否让公司变得更加风险。
What Risk Does Debt Bring?
债务带来了什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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.
债务可以帮助企业,直到企业开始难以偿还,无论是通过新资本还是通过自由现金流。如果情况变得非常糟糕,放贷人可能会接管企业。然而,一个更常见(但仍昂贵)的情况是,一家公司必须以低廉的股价稀释股东,以便控制债务。当然,债务可以是企业中重要的工具,特别是在资本密集型企业。当我们考虑一家公司使用债务时,我们首先看现金和债务。
How Much Debt Does Tongda Group Holdings Carry?
通达集团控股承担了多少债务?
You can click the graphic below for the historical numbers, but it shows that Tongda Group Holdings had HK$919.9m of debt in June 2024, down from HK$2.76b, one year before. However, its balance sheet shows it holds HK$996.7m in cash, so it actually has HK$76.8m net cash.
您可以点击下面的图表查看历史数字,但它显示通达集团控股在2024年6月有91990万港元的债务,比一年前的27.6亿港元减少了。然而,其资产负债表显示它持有99670万港元现金,因此实际上持有7680万港元净现金。
How Strong Is Tongda Group Holdings' Balance Sheet?
通达集团控股的资产负债表有多强?
The latest balance sheet data shows that Tongda Group Holdings had liabilities of HK$3.14b due within a year, and liabilities of HK$520.3m falling due after that. Offsetting these obligations, it had cash of HK$996.7m as well as receivables valued at HK$2.30b due within 12 months. So it has liabilities totalling HK$362.1m more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,通达集团控股有314亿港元的一年内到期负债,以及之后到期的52030万港元的负债。抵消这些义务的是,它有99670万港元的现金以及价值230亿港元的12个月内到期应收账款。因此,其负债总计36210万港元多于其现金和近期应收账款的结合。
While this might seem like a lot, it is not so bad since Tongda Group Holdings has a market capitalization of HK$1.19b, 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. Despite its noteworthy liabilities, Tongda Group Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! 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 Tongda Group Holdings'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.
虽然这看起来很多,但并不算太差,因为通达集团控股的市值为119亿港元,所以如果需要的话,可能通过增加资本来加强其资产负债表。但我们确实希望保持警惕,以防债务带来过多风险。尽管其显著的负债,通达集团控股具有净现金,因此可以说它没有沉重的债务负担!毫无疑问,我们从资产负债表中了解到最多有关债务情况。但最终决定通达集团控股能否保持健康的资产负债表,更多地还是取决于未来的收入。因此,如果您专注于未来,可以查看这份展示分析师盈利预测的免费报告。
Over 12 months, Tongda Group Holdings made a loss at the EBIT level, and saw its revenue drop to HK$6.5b, which is a fall of 5.4%. That's not what we would hope to see.
在过去12个月,通达集团控股在EBIt水平上亏损,并且其营业收入下降至650亿港元,下降了5.4%。这并不是我们希望看到的。
So How Risky Is Tongda Group Holdings?
通达集团控股有多大风险?
While Tongda Group Holdings lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow HK$27m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. With revenue growth uninspiring, we'd really need to see some positive EBIT before mustering much enthusiasm for this business. For riskier companies like Tongda Group Holdings I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
虽然通达集团控股在息税前盈利(EBIT)水平上亏损,但实际上创造了2700万港元的正自由现金流。因此,虽然有亏损,但考虑到净现金,似乎没有太多近期资产负债表风险。随着收入增长乏味,我们确实需要看到一些积极的EBIt才能对这家企业抱有热情。对于像通达控股这样的风险公司,我总是喜欢密切关注长期的盈利和营收趋势。幸运的是,您可以点击查看我们的盈利、营收和经营现金流的互动图表。
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.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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