<p>沃伦·巴菲特曾说过：“波动性远非风险的同义词。” 当我们考虑一家公司有多风险时，我们总是喜欢查看其债务的使用情况，因为债务过重可能导致破产。我们注意到 <strong>洪新刘海运控股</strong>（SGX:A04）确实在其资产负债表上有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<h2>债务何时成为问题？</h2>
<p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险很大，无论是通过自由现金流还是以有吸引力的价格筹集资本。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股价稀释股东，仅仅是为了控制债务。当然，债务可以是企业的重要工具，特别是资本密集型企业。当我们审视债务水平时，我们首先考虑现金和债务水平。</p>
<h2>洪新刘海运控股的债务有多少？</h2>
<p>正如您在下面看到的，洪新刘海运控股在 2025 年 6 月的债务为 1.725 亿新元，较前一年的 2.199 亿新元有所下降。然而，它也有 2280 万新元的现金，因此其净债务为 1.497 亿新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8292719-debt-equity-history-analysis-1-dark-2/1758073367623?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8292719-debt-equity-history-analysis-1-dark-2/1758073367623"/></p>
<p>SGX:A04 债务与股本历史 2025 年 9 月 17 日</p>
<h2>看看洪新刘海运控股的负债</h2>
<p>根据最后报告的资产负债表，洪新刘海运控股在 12 个月内有 236.1 百万新元的负债，12 个月后有 151.0 百万新元的负债。抵消这些义务，它有 2280 万新元的现金以及 106.6 百万新元的应收账款（在 12 个月内到期）。因此，其负债超过现金和（短期）应收账款总和 257.7 百万新元。</p>
<p>鉴于这一赤字实际上高于公司市场资本化的 1.976 亿新元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注洪新刘海运控股的债务水平。假设，如果公司被迫以当前股价筹集资金偿还负债，将需要极其严重的稀释。</p>
<p>查看我们对洪新刘海运控股的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用（利息覆盖）的比率。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
<p>尽管洪新刘海运控股的债务仅为 2.1，但其利息覆盖率非常低，仅为 1.6。这主要是因为其折旧和摊销非常高。这些费用可能是非现金的，因此在偿还债务时可以排除。但会计费用存在是有原因的——一些资产被视为贬值。无论如何，毫无疑问，该股票正在使用相当大的杠杆。我们注意到洪新刘海运控股在过去一年中其 EBIT 增长了 21%，这应该使其未来偿还债务变得更容易。在分析债务水平时，资产负债表显然是一个好的起点。但影响资产负债表未来表现的将是洪新刘海运控股的收益。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
<p>最后，公司只能用现金偿还债务，而不是会计利润。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。对于任何股东来说，洪新刘海运控股在过去三年中实际产生的自由现金流超过了 EBIT。对于保持在贷方的良好信誉，没有什么比现金流入更重要的了。</p>
<h2>我们的看法</h2>
<p>洪新刘海运控股用 EBIT 覆盖利息费用的能力以及其总负债水平都没有让我们对其承担更多债务的能力感到信心。但好消息是，它似乎能够轻松将 EBIT 转化为自由现金流。我们认为，考虑到上述数据，洪新刘海运控股的债务确实使其有些风险。并非所有风险都是坏事，因为如果成功，它可以提升股价回报，但这种债务风险值得牢记。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。然而，并非所有投资风险都存在于资产负债表中——远非如此。举个例子：我们发现了 <strong>洪新刘海运控股的 3 个警告信号</strong>，您应该注意，其中 1 个是显著的。</p>
<p>总而言之，有时候关注那些根本不需要债务的公司更容易。读者现在可以访问一份零净债务的成长股列表，<strong>完全免费</strong>。</p>

洪新刘海运控股

<p>ASL Marine Holdings（新交所代码：A04）目前负债为 1.725 亿新元，较之前的 2.199 亿新元有所下降，现金为 2280 万新元，净负债为 1.497 亿新元。公司的负债超过现金和应收账款 2.577 亿新元，超过其市场市值 1.976 亿新元。尽管去年 EBIT 增长了 21%，但公司的利息覆盖率较低，仅为 1.6。虽然 ASL Marine 能够将 EBIT 转化为自由现金流，但其债务水平存在一定风险，需股东谨慎关注</p>

<p>Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 note that <strong>ASL Marine Holdings Ltd.</strong> (SGX:A04) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>沃伦·巴菲特曾说过：“波动性远非风险的同义词。” 当我们考虑一家公司有多风险时，我们总是喜欢查看其债务的使用情况，因为债务过重可能导致破产。我们注意到 <strong>洪新刘海运控股</strong>（SGX:A04）确实在其资产负债表上有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><h2>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>债务何时成为问题？</h2>
</div><p>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. 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 examine debt levels, we first consider both cash and debt levels, together.</p>
<div class="lb-trans"><p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险很大，无论是通过自由现金流还是以有吸引力的价格筹集资本。在最坏的情况下，如果公司无法偿还债权人，它可能会破产。然而，更常见（但仍然昂贵）的情况是，公司必须以低廉的股价稀释股东，仅仅是为了控制债务。当然，债务可以是企业的重要工具，特别是资本密集型企业。当我们审视债务水平时，我们首先考虑现金和债务水平。</p>
</div><h2>How Much Debt Does ASL Marine Holdings Carry?</h2>
<div class="lb-trans"><h2>洪新刘海运控股的债务有多少？</h2>
</div><p>As you can see below, ASL Marine Holdings had S$172.5m of debt at June 2025, down from S$219.9m a year prior. However, it also had S$22.8m in cash, and so its net debt is S$149.7m.</p>
<div class="lb-trans"><p>正如您在下面看到的，洪新刘海运控股在 2025 年 6 月的债务为 1.725 亿新元，较前一年的 2.199 亿新元有所下降。然而，它也有 2280 万新元的现金，因此其净债务为 1.497 亿新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8292719-debt-equity-history-analysis-1-dark-2/1758073367623" alt="" original-src="https://images.simplywall.st/asset/chart/8292719-debt-equity-history-analysis-1-dark-2/1758073367623"/></p>
<p>SGX:A04 Debt to Equity History September 17th 2025</p>
<div class="lb-trans"><p>SGX:A04 债务与股本历史 2025 年 9 月 17 日</p>
</div><h2>A Look At ASL Marine Holdings' Liabilities</h2>
<div class="lb-trans"><h2>看看洪新刘海运控股的负债</h2>
</div><p>According to the last reported balance sheet, ASL Marine Holdings had liabilities of S$236.1m due within 12 months, and liabilities of S$151.0m due beyond 12 months. Offsetting these obligations, it had cash of S$22.8m as well as receivables valued at S$106.6m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by S$257.7m.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，洪新刘海运控股在 12 个月内有 236.1 百万新元的负债，12 个月后有 151.0 百万新元的负债。抵消这些义务，它有 2280 万新元的现金以及 106.6 百万新元的应收账款（在 12 个月内到期）。因此，其负债超过现金和（短期）应收账款总和 257.7 百万新元。</p>
</div><p>Given this deficit is actually higher than the company's market capitalization of S$197.6m, we think shareholders really should watch ASL Marine Holdings's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.</p>
<div class="lb-trans"><p>鉴于这一赤字实际上高于公司市场资本化的 1.976 亿新元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注洪新刘海运控股的债务水平。假设，如果公司被迫以当前股价筹集资金偿还负债，将需要极其严重的稀释。</p>
</div><p>Check out our latest analysis for ASL Marine Holdings</p>
<div class="lb-trans"><p>查看我们对洪新刘海运控股的最新分析</p>
</div><p>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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.</p>
<div class="lb-trans"><p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用（利息覆盖）的比率。通过这种方式，我们考虑了债务的绝对数量以及支付的利率。</p>
</div><p>Even though ASL Marine Holdings's debt is only 2.1, its interest cover is really very low at 1.6. The main reason for this is that it has such high depreciation and amortisation. These charges may be non-cash, so they could be excluded when it comes to paying down debt. But the accounting charges are there for a reason -- some assets are seen to be losing value. Either way there's no doubt the stock is using meaningful leverage. We note that ASL Marine Holdings grew its EBIT by 21% in the last year, and that should make it easier to pay down debt, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is ASL Marine Holdings's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.</p>
<div class="lb-trans"><p>尽管洪新刘海运控股的债务仅为 2.1，但其利息覆盖率非常低，仅为 1.6。这主要是因为其折旧和摊销非常高。这些费用可能是非现金的，因此在偿还债务时可以排除。但会计费用存在是有原因的——一些资产被视为贬值。无论如何，毫无疑问，该股票正在使用相当大的杠杆。我们注意到洪新刘海运控股在过去一年中其 EBIT 增长了 21%，这应该使其未来偿还债务变得更容易。在分析债务水平时，资产负债表显然是一个好的起点。但影响资产负债表未来表现的将是洪新刘海运控股的收益。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Happily for any shareholders, ASL Marine Holdings actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.</p>
<div class="lb-trans"><p>最后，公司只能用现金偿还债务，而不是会计利润。因此，我们显然需要查看 EBIT 是否带来了相应的自由现金流。对于任何股东来说，洪新刘海运控股在过去三年中实际产生的自由现金流超过了 EBIT。对于保持在贷方的良好信誉，没有什么比现金流入更重要的了。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>Neither ASL Marine Holdings's ability to cover its interest expense with its EBIT nor its level of total liabilities gave us confidence in its ability to take on more debt. But the good news is it seems to be able to convert EBIT to free cash flow with ease. We think that ASL Marine Holdings's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted <strong>3 warning signs for ASL Marine Holdings</strong> you should be aware of, and 1 of them is significant.</p>
<div class="lb-trans"><p>洪新刘海运控股用 EBIT 覆盖利息费用的能力以及其总负债水平都没有让我们对其承担更多债务的能力感到信心。但好消息是，它似乎能够轻松将 EBIT 转化为自由现金流。我们认为，考虑到上述数据，洪新刘海运控股的债务确实使其有些风险。并非所有风险都是坏事，因为如果成功，它可以提升股价回报，但这种债务风险值得牢记。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。然而，并非所有投资风险都存在于资产负债表中——远非如此。举个例子：我们发现了 <strong>洪新刘海运控股的 3 个警告信号</strong>，您应该注意，其中 1 个是显著的。</p>
</div><p>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 <strong>100% free</strong>, right now.</p>
<div class="lb-trans"><p>总而言之，有时候关注那些根本不需要债务的公司更容易。读者现在可以访问一份零净债务的成长股列表，<strong>完全免费</strong>。</p>
</div>

洪新刘海运控股（SGX:A04）在使用债务方面承担了一定风险