<p>沃伦·巴菲特曾说过：“波动性远非风险的同义词。” 在评估一家公司的风险时，考虑其资产负债表是很自然的，因为债务往往与企业的崩溃有关。我们可以看到 <strong>明光海事</strong>（SGX:BEZ）确实在其业务中使用了债务。但这对股东来说是个问题吗？</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>为什么债务带来风险？</h2>
<p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资金。在最坏的情况下，如果公司无法偿还债权人，就可能破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以极低的价格发行股票，以此来支撑其资产负债表，从而永久稀释股东的权益。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了能够以高回报率再投资的公司的稀释时。在考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
<h2>明光海事的净债务是多少？</h2>
<p>下图（您可以点击以获取更详细信息）显示，明光海事在 2025 年 6 月底的债务为 622 万新元，较一年前的 666 万新元有所减少。然而，它有 2560 万新元的现金来抵消这些债务，导致净现金为 1940 万新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/12073904-debt-equity-history-analysis-1-dark-2/1759183300654?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/12073904-debt-equity-history-analysis-1-dark-2/1759183300654"/></p>
<p>SGX:BEZ 债务与股本历史 2025 年 9 月 29 日</p>
<h2>明光海事的资产负债表有多强？</h2>
<p>仔细查看最新的资产负债表数据，我们可以看到明光海事在 12 个月内到期的负债为 3860 万新元，超过 12 个月到期的负债为 675 万新元。抵消这些负债的是 2560 万新元的现金和 3740 万新元的应收账款，这些应收账款在 12 个月内到期。因此，它实际上拥有比总负债多出 1770 万新元的流动资产。</p>
<p>这种流动性过剩表明明光海事在债务方面采取了谨慎的态度。由于它拥有充足的资产，因此不太可能与贷方发生问题。简单来说，明光海事拥有的现金超过债务，这无疑是一个良好的迹象，表明它能够安全地管理其债务。</p>
<p>查看我们对明光海事的最新分析</p>
<p>好消息是，明光海事的息税前利润（EBIT）在过去 12 个月中增长了 2.4%，这应该能缓解对债务偿还的担忧。毫无疑问，我们从资产负债表中学到的大部分关于债务的知识。但未来的收益，尤其是将决定明光海事未来维持健康资产负债表的能力。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
<p>最后，公司只能用现金偿还债务，而不是会计利润。明光海事的资产负债表上可能有净现金，但查看企业如何将息税前利润（EBIT）转化为自由现金流仍然很有趣，因为这将影响其对债务的需求和管理能力。在过去三年中，明光海事产生的自由现金流占其 EBIT 的 87%，这一比例远超我们的预期。这使得它在需要偿还债务时处于良好位置。</p>
<h2>总结</h2>
<p>虽然我们理解那些对债务感到担忧的投资者，但您应该记住，明光海事拥有 1940 万新元的净现金，以及比负债更多的流动资产。它的自由现金流为 1500 万新元，占其 EBIT 的 87%。那么明光海事的债务是个风险吗？在我们看来似乎不是。分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。例如，明光海事有 <strong>2 个警告信号</strong> 我们认为您应该注意。</p>
<p>总而言之，有时候关注那些根本不需要债务的公司会更容易。读者现在可以访问一份 <strong>100% 免费</strong> 的零净债务成长股名单。</p>

明光海事

<p>明光海事 (SGX:BEZ) 的债务情况可控，净现金为 1940 万新元，流动资产超过负债。公司已将债务从 666 万新元减少至 622 万新元，并产生了强劲的自由现金流，占其息税前利润的 87%。尽管对债务存在担忧，但资产负债表显示出强劲的财务状况，尽管投资者应注意两个警示信号。总体而言，公司似乎在有效管理债务方面处于良好位置</p>

<p>Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that <strong>Beng Kuang Marine Limited</strong> (SGX:BEZ) does use debt in its business. But is this debt a concern to shareholders?</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。” 在评估一家公司的风险时，考虑其资产负债表是很自然的，因为债务往往与企业的崩溃有关。我们可以看到 <strong>明光海事</strong>（SGX:BEZ）确实在其业务中使用了债务。但这对股东来说是个问题吗？</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>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>为什么债务带来风险？</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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.</p>
<div class="lb-trans"><p>当企业无法轻松履行债务和其他负债时，这些负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资金。在最坏的情况下，如果公司无法偿还债权人，就可能破产。然而，更常见（但仍然代价高昂）的情况是，公司必须以极低的价格发行股票，以此来支撑其资产负债表，从而永久稀释股东的权益。当然，债务的好处在于它通常代表着廉价资本，特别是当它替代了能够以高回报率再投资的公司的稀释时。在考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
</div><h2>What Is Beng Kuang Marine's Net Debt?</h2>
<div class="lb-trans"><h2>明光海事的净债务是多少？</h2>
</div><p>The image below, which you can click on for greater detail, shows that Beng Kuang Marine had debt of S$6.22m at the end of June 2025, a reduction from S$6.66m over a year. However, it does have S$25.6m in cash offsetting this, leading to net cash of S$19.4m.</p>
<div class="lb-trans"><p>下图（您可以点击以获取更详细信息）显示，明光海事在 2025 年 6 月底的债务为 622 万新元，较一年前的 666 万新元有所减少。然而，它有 2560 万新元的现金来抵消这些债务，导致净现金为 1940 万新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/12073904-debt-equity-history-analysis-1-dark-2/1759183300654" alt="" original-src="https://images.simplywall.st/asset/chart/12073904-debt-equity-history-analysis-1-dark-2/1759183300654"/></p>
<p>SGX:BEZ Debt to Equity History September 29th 2025</p>
<div class="lb-trans"><p>SGX:BEZ 债务与股本历史 2025 年 9 月 29 日</p>
</div><h2>How Strong Is Beng Kuang Marine's Balance Sheet?</h2>
<div class="lb-trans"><h2>明光海事的资产负债表有多强？</h2>
</div><p>Zooming in on the latest balance sheet data, we can see that Beng Kuang Marine had liabilities of S$38.6m due within 12 months and liabilities of S$6.75m due beyond that. Offsetting this, it had S$25.6m in cash and S$37.4m in receivables that were due within 12 months. So it actually has S$17.7m <em>more</em> liquid assets than total liabilities.</p>
<div class="lb-trans"><p>仔细查看最新的资产负债表数据，我们可以看到明光海事在 12 个月内到期的负债为 3860 万新元，超过 12 个月到期的负债为 675 万新元。抵消这些负债的是 2560 万新元的现金和 3740 万新元的应收账款，这些应收账款在 12 个月内到期。因此，它实际上拥有比总负债多出 1770 万新元的流动资产。</p>
</div><p>This excess liquidity suggests that Beng Kuang Marine is taking a careful approach to debt. Because it has plenty of assets, it is unlikely to have trouble with its lenders. Simply put, the fact that Beng Kuang Marine has more cash than debt is arguably a good indication that it can manage its debt safely.</p>
<div class="lb-trans"><p>这种流动性过剩表明明光海事在债务方面采取了谨慎的态度。由于它拥有充足的资产，因此不太可能与贷方发生问题。简单来说，明光海事拥有的现金超过债务，这无疑是一个良好的迹象，表明它能够安全地管理其债务。</p>
</div><p>Check out our latest analysis for Beng Kuang Marine</p>
<div class="lb-trans"><p>查看我们对明光海事的最新分析</p>
</div><p>The good news is that Beng Kuang Marine has increased its EBIT by 2.4% over twelve months, which should ease any concerns about debt repayment. 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 Beng Kuang Marine's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this <strong>free</strong> report showing analyst profit forecasts.</p>
<div class="lb-trans"><p>好消息是，明光海事的息税前利润（EBIT）在过去 12 个月中增长了 2.4%，这应该能缓解对债务偿还的担忧。毫无疑问，我们从资产负债表中学到的大部分关于债务的知识。但未来的收益，尤其是将决定明光海事未来维持健康资产负债表的能力。因此，如果您关注未来，可以查看这份 <strong>免费</strong> 报告，显示分析师的利润预测。</p>
</div><p>Finally, a company can only pay off debt with cold hard cash, not accounting profits. Beng Kuang Marine may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Beng Kuang Marine generated free cash flow amounting to a very robust 87% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.</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。明光海事的资产负债表上可能有净现金，但查看企业如何将息税前利润（EBIT）转化为自由现金流仍然很有趣，因为这将影响其对债务的需求和管理能力。在过去三年中，明光海事产生的自由现金流占其 EBIT 的 87%，这一比例远超我们的预期。这使得它在需要偿还债务时处于良好位置。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>While we empathize with investors who find debt concerning, you should keep in mind that Beng Kuang Marine has net cash of S$19.4m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of S$15m, being 87% of its EBIT. So is Beng Kuang Marine's debt a risk? It doesn't seem so to us. 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 - Beng Kuang Marine has <strong>2 warning signs</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>虽然我们理解那些对债务感到担忧的投资者，但您应该记住，明光海事拥有 1940 万新元的净现金，以及比负债更多的流动资产。它的自由现金流为 1500 万新元，占其 EBIT 的 87%。那么明光海事的债务是个风险吗？在我们看来似乎不是。分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。例如，明光海事有 <strong>2 个警告信号</strong> 我们认为您应该注意。</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会更容易。读者现在可以访问一份 <strong>100% 免费</strong> 的零净债务成长股名单。</p>
</div>

明光海事（SGX:BEZ）是否是一个高风险的投资？