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Does Japfa (SGX:UD2) Have A Healthy Balance Sheet?

Does Japfa (SGX:UD2) Have A Healthy Balance Sheet?

japfa(新加坡交易所:UD2)是否擁有健康的資產負債表?
Simply Wall St ·  10/30 06:52

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Japfa Ltd. (SGX:UD2) does use debt in its business. But should shareholders be worried about its use of debt?

禾倫·巴菲特曾經說過:「波動性與風險遠非同義詞。」因此,聰明的投資者似乎知道,債務(通常涉及破產)是評估公司風險程度時非常重要的因素。我們可以看到,Japfa有限公司(新加坡交易所:UD2)的業務確實使用債務。但股東們是否應該擔心公司使用債務呢?

What Risk Does Debt Bring?

債務帶來了什麼風險?

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. 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. When we examine debt levels, we first consider both cash and debt levels, together.

負債是幫助企業增長的工具,但如果企業無法償還貸款,那麼它就存在於債權人的掌控之下。儘管這種情況並不常見,但我們經常看到負債累累的公司因債權人強迫它們以低於市價的價格募集資金而永久性地稀釋股東權益。然而,通過取代稀釋,債務可以成爲那些需要資本以高回報率投資增長的企業的極好工具。當我們審查債務水平時,我們首先考慮現金和債務水平。

What Is Japfa's Debt?

Japfa的債務情況是什麼?

As you can see below, Japfa had US$1.15b of debt at September 2024, down from US$1.31b a year prior. However, it does have US$182.0m in cash offsetting this, leading to net debt of about US$966.1m.

正如您在下文中所看到的,Japfa於2024年9月擁有11.5億美元債務,較去年同期的13.1億美元有所下降。然而,它確實有18200萬美元的現金來抵消這筆債務,從而形成約96610萬美元的淨債務。

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SGX:UD2 Debt to Equity History October 29th 2024
新加坡交易所:UD2債務與股本比歷史數據2024年10月29日

A Look At Japfa's Liabilities

Japfa負債概覽

We can see from the most recent balance sheet that Japfa had liabilities of US$1.03b falling due within a year, and liabilities of US$794.8m due beyond that. Offsetting these obligations, it had cash of US$182.0m as well as receivables valued at US$200.2m due within 12 months. So it has liabilities totalling US$1.44b more than its cash and near-term receivables, combined.

從最近的資產負債表上我們可以看出,Japfa有10.3億美元的短期到期負債,以及79480萬美元的長期到期負債。 抵消這些義務,它擁有18200萬美元的現金以及價值20020萬美元的應收賬款,到期時間在12個月內。 因此,它的負債總額爲14.4億美元,超過了其現金和近期應收賬款的總和。

The deficiency here weighs heavily on the US$607.1m company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. At the end of the day, Japfa would probably need a major re-capitalization if its creditors were to demand repayment.

這裏的不足嚴重影響着這家公司的60710萬美元,就像一個孩子承受着沉重的揹包重量,裏面裝滿了書籍、體育器材和小號。 因此,我們認爲股東們需要密切關注這一點。 最終,如果債權人要求償還,Japfa可能需要進行大規模的再資本化。

In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). 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).

爲了衡量公司相對於其收益的債務情況,我們計算其淨負債除以利息、稅項、折舊和攤銷前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆蓋率)。這種方法的優點是,我們既考慮了債務的絕對量(淨負債與 EBITDA),又考慮到了與該債務相關的實際利息支出(其利息覆蓋率)。

Japfa has net debt worth 2.4 times EBITDA, which isn't too much, but its interest cover looks a bit on the low side, with EBIT at only 3.3 times the interest expense. While these numbers do not alarm us, it's worth noting that the cost of the company's debt is having a real impact. Notably, Japfa made a loss at the EBIT level, last year, but improved that to positive EBIT of US$310m in the last twelve months. 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 Japfa 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.

Japfa的淨負債是EBITDA的2.4倍,這還算可以,但其利息保障看起來有點低,因爲EBIt僅爲利息費用的3.3倍。 儘管這些數字並沒有引起我們的警覺,但值得注意的是公司債務成本正在產生實質影響。 值得注意的是,Japfa去年在EBIt水平上虧損,但在過去12個月中將其提高到了31000萬美元的正收益。 毫無疑問,我們從資產負債表中了解到大部分債務信息。 但最終,業務未來的盈利能力將決定Japfa是否能夠隨着時間加強其資產負債表。 因此,如果您專注於未來,可以查看這份免費報告,顯示分析師的利潤預測。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. Over the most recent year, Japfa recorded free cash flow worth 54% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.

最終,一家公司只能用現金償還債務,而不是會計利潤。因此,檢查其利息和稅前利潤(EBIT)轉化爲實際自由現金流的比例非常重要。在最近一年中,Japfa錄得的自由現金流價值相當於其EBIT的54%,這在正常範圍內,因爲自由現金流不包括利息和稅。這份自由現金流使公司處於良好的償債狀態。

Our View

我們的觀點

Mulling over Japfa's attempt at staying on top of its total liabilities, we're certainly not enthusiastic. But at least it's pretty decent at converting EBIT to free cash flow; that's encouraging. Overall, it seems to us that Japfa's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Japfa is showing 1 warning sign in our investment analysis , you should know about...

考慮到Japfa在控制其總負債方面的努力,我們並不十分樂觀。但至少它在將EBIT轉化爲自由現金流方面表現相當不錯;這令人鼓舞。總的來看,我們認爲Japfa的資產負債表對業務而言確實存在較大風險。出於這個原因,我們對這支股票持謹慎態度,並認爲股東應該密切關注其流動性狀況。在分析債務水平時,資產負債表是明顯的起點。但最終,每家公司都可能存在超出資產負債表之外的風險。請注意,在我們的投資分析中,Japfa顯示了1個警示信號,你應該了解...。

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,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
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。

譯文內容由第三人軟體翻譯。


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