<p>有些人認為波動性而非債務是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過：“波動性遠非風險的同義詞。” 在審視一家公司的風險時，考慮其資產負債表是很自然的，因為債務往往與企業的倒閉有關。我們可以看到 <strong>首鑄集團</strong>（SGX:ADN）確實在其業務中使用了債務。但更重要的問題是：這些債務帶來了多少風險？</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
<h2>何時債務成為問題？</h2>
<p>一般來説，債務只有在公司無法輕鬆償還時才會成為真正的問題，無論是通過籌集資金還是依靠自身的現金流。如果情況變得非常糟糕，貸款方可能會控制企業。雖然這種情況並不常見，但我們確實經常看到負債公司因貸款方強迫其以低價籌集資金而永久稀釋股東權益。當然，債務的好處在於它通常代表着廉價資本，尤其是在它替代了能夠以高回報率再投資的公司的稀釋。考慮一家公司的債務水平時，第一步是將其現金和債務一起考慮。</p>
<h2>首鑄集團的債務是什麼？</h2>
<p>正如您在下面看到的，首鑄集團在 2025 年 6 月的債務為 13.4 億新元，較前一年減少了 14.2 億新元。然而，它也有 1.53 億新元的現金，因此其淨債務為 11.9 億新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597?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/117859900-debt-equity-history-analysis-1-dark-2/1756096956597"/></p>
<p>SGX:ADN 債務與股本歷史 2025 年 8 月 25 日</p>
<h2>看一下首鑄集團的負債</h2>
<p>最新的資產負債表數據顯示，首鑄集團在一年內到期的負債為 15.4 億新元，之後到期的負債為 9.965 億新元。抵消這些義務，它有 1.53 億新元的現金以及價值 4.817 億新元的應收賬款，均在 12 個月內到期。因此，它的負債總額為 19 億新元，超過了其現金和短期應收賬款的總和。</p>
<p>這裏的缺口對這家 11.5 億新元的公司造成了沉重的負擔，就像一個孩子在揹負着裝滿書籍、運動器材和小號的巨大揹包時的掙扎。因此，我們無疑會密切關注其資產負債表。畢竟，如果今天必須償還債權人，首鑄集團可能需要進行重大再融資。</p>
<p>查看我們對首鑄集團的最新分析</p>
<p>我們通過查看淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及計算息税前利潤（EBIT）覆蓋利息支出的能力，來衡量公司的債務負擔。因此，我們在考慮債務時同時考慮了折舊和攤銷費用。</p>
<p>首鑄集團的股東面臨着淨債務與 EBITDA 比率高達 10.0 的雙重打擊，且利息覆蓋率相對較弱，因為 EBIT 僅是利息支出的 2.3 倍。這意味着我們認為它的債務負擔沉重。好消息是，首鑄集團在過去 12 個月中 EBIT 增長平穩，達到了 81%。這種增長就像人類善良的牛奶，增強了公司的韌性，使其更能管理債務。毫無疑問，我們從資產負債表中學到了大部分關於債務的知識。但首鑄集團的盈利能力將影響未來資產負債表的表現。因此，如果您想了解更多關於其盈利的信息，查看其長期盈利趨勢的圖表可能值得一看。</p>
<p>最後，一家企業需要自由現金流來償還債務；會計利潤並不足夠。因此，值得檢查 EBIT 中有多少是由自由現金流支持的。在過去三年中，首鑄集團消耗了大量現金。雖然這可能是由於增長支出，但這確實使得債務風險更大。</p>
<h2>我們的看法</h2>
<p>乍一看，首鑄集團將 EBIT 轉化為自由現金流的能力讓我們對該股票持謹慎態度，其總負債水平也沒有比一年中最繁忙的夜晚唯一空蕩蕩的餐廳更具吸引力。但好的一面是，其 EBIT 增長率是一個好兆頭，讓我們更加樂觀。我們非常清楚，由於其資產負債表的健康狀況，我們認為首鑄集團確實相當風險。因此，我們對這隻股票的謹慎程度幾乎與一隻飢餓的小貓對掉入主人魚塘的警惕程度相當：一朝被蛇咬，十年怕井繩，正如人們所説。分析債務時，資產負債表顯然是重點關注的領域。然而，並非所有的投資風險都存在於資產負債表中——遠非如此。舉個例子：我們發現了 <strong>首鑄集團的 3 個警告信號</strong>，您應該注意，其中 2 個是顯著的。</p>
<p>説到底，有時候關注那些根本不需要債務的公司更容易。讀者現在可以免費訪問一份零淨債務的成長型股票列表。</p>

YB1R

首鑄集團

W6XR

<p>首鑄集團（SGX:ADN）負債沉重，債務總額為 13.4 億新元，扣除 1.53 億新元現金後的淨債務為 11.9 億新元。該公司的負債總額達到 19 億新元，超過了其現金和應收賬款。由於淨債務與息税折舊攤銷前利潤（EBITDA）比率高達 10.0，且利息覆蓋率較弱，該公司被視為風險較高。然而，其息税前利潤（EBIT）在過去一年增長了 81%，儘管對現金流和整體資產負債表健康狀況存在擔憂，但仍帶來了一些樂觀情緒</p>

<p>Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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>First Sponsor Group Limited</strong> (SGX:ADN) does use debt in its business. But the more important question is: how much risk is that debt creating?</p>
<div class="lb-trans"><p>有些人認為波動性而非債務是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過：“波動性遠非風險的同義詞。” 在審視一家公司的風險時，考慮其資產負債表是很自然的，因為債務往往與企業的倒閉有關。我們可以看到 <strong>首鑄集團</strong>（SGX:ADN）確實在其業務中使用了債務。但更重要的問題是：這些債務帶來了多少風險？</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
</div><h2>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何時債務成為問題？</h2>
</div><p>Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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. 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 step when considering a company's debt levels is to consider its cash and debt together.</p>
<div class="lb-trans"><p>一般來説，債務只有在公司無法輕鬆償還時才會成為真正的問題，無論是通過籌集資金還是依靠自身的現金流。如果情況變得非常糟糕，貸款方可能會控制企業。雖然這種情況並不常見，但我們確實經常看到負債公司因貸款方強迫其以低價籌集資金而永久稀釋股東權益。當然，債務的好處在於它通常代表着廉價資本，尤其是在它替代了能夠以高回報率再投資的公司的稀釋。考慮一家公司的債務水平時，第一步是將其現金和債務一起考慮。</p>
</div><h2>What Is First Sponsor Group's Debt?</h2>
<div class="lb-trans"><h2>首鑄集團的債務是什麼？</h2>
</div><p>As you can see below, First Sponsor Group had S$1.34b of debt at June 2025, down from S$1.42b a year prior. However, it also had S$153.0m in cash, and so its net debt is S$1.19b.</p>
<div class="lb-trans"><p>正如您在下面看到的，首鑄集團在 2025 年 6 月的債務為 13.4 億新元，較前一年減少了 14.2 億新元。然而，它也有 1.53 億新元的現金，因此其淨債務為 11.9 億新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597" alt="" original-src="https://images.simplywall.st/asset/chart/117859900-debt-equity-history-analysis-1-dark-2/1756096956597"/></p>
<p>SGX:ADN Debt to Equity History August 25th 2025</p>
<div class="lb-trans"><p>SGX:ADN 債務與股本歷史 2025 年 8 月 25 日</p>
</div><h2>A Look At First Sponsor Group's Liabilities</h2>
<div class="lb-trans"><h2>看一下首鑄集團的負債</h2>
</div><p>The latest balance sheet data shows that First Sponsor Group had liabilities of S$1.54b due within a year, and liabilities of S$996.5m falling due after that. Offsetting these obligations, it had cash of S$153.0m as well as receivables valued at S$481.7m due within 12 months. So it has liabilities totalling S$1.90b more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>最新的資產負債表數據顯示，首鑄集團在一年內到期的負債為 15.4 億新元，之後到期的負債為 9.965 億新元。抵消這些義務，它有 1.53 億新元的現金以及價值 4.817 億新元的應收賬款，均在 12 個月內到期。因此，它的負債總額為 19 億新元，超過了其現金和短期應收賬款的總和。</p>
</div><p>The deficiency here weighs heavily on the S$1.15b 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'd watch its balance sheet closely, without a doubt. After all, First Sponsor Group would likely require a major re-capitalisation if it had to pay its creditors today.</p>
<div class="lb-trans"><p>這裏的缺口對這家 11.5 億新元的公司造成了沉重的負擔，就像一個孩子在揹負着裝滿書籍、運動器材和小號的巨大揹包時的掙扎。因此，我們無疑會密切關注其資產負債表。畢竟，如果今天必須償還債權人，首鑄集團可能需要進行重大再融資。</p>
</div><p>See our latest analysis for First Sponsor Group</p>
<div class="lb-trans"><p>查看我們對首鑄集團的最新分析</p>
</div><p>We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.</p>
<div class="lb-trans"><p>我們通過查看淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及計算息税前利潤（EBIT）覆蓋利息支出的能力，來衡量公司的債務負擔。因此，我們在考慮債務時同時考慮了折舊和攤銷費用。</p>
</div><p>First Sponsor Group shareholders face the double whammy of a high net debt to EBITDA ratio (10.0), and fairly weak interest coverage, since EBIT is just 2.3 times the interest expense. This means we'd consider it to have a heavy debt load. The good news is that First Sponsor Group grew its EBIT a smooth 81% over the last twelve months. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. There's no doubt that we learn most about debt from the balance sheet. But it is First Sponsor Group'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.</p>
<div class="lb-trans"><p>首鑄集團的股東面臨着淨債務與 EBITDA 比率高達 10.0 的雙重打擊，且利息覆蓋率相對較弱，因為 EBIT 僅是利息支出的 2.3 倍。這意味着我們認為它的債務負擔沉重。好消息是，首鑄集團在過去 12 個月中 EBIT 增長平穩，達到了 81%。這種增長就像人類善良的牛奶，增強了公司的韌性，使其更能管理債務。毫無疑問，我們從資產負債表中學到了大部分關於債務的知識。但首鑄集團的盈利能力將影響未來資產負債表的表現。因此，如果您想了解更多關於其盈利的信息，查看其長期盈利趨勢的圖表可能值得一看。</p>
</div><p>Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, First Sponsor Group burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.</p>
<div class="lb-trans"><p>最後，一家企業需要自由現金流來償還債務；會計利潤並不足夠。因此，值得檢查 EBIT 中有多少是由自由現金流支持的。在過去三年中，首鑄集團消耗了大量現金。雖然這可能是由於增長支出，但這確實使得債務風險更大。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的看法</h2>
</div><p>On the face of it, First Sponsor Group's conversion of EBIT to free cash flow left us tentative about the stock, and its level of total liabilities was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its EBIT growth rate is a good sign, and makes us more optimistic. We're quite clear that we consider First Sponsor Group to be really rather risky, as a result of its balance sheet health. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted <strong>3 warning signs for First Sponsor Group</strong> you should be aware of, and 2 of them are significant.</p>
<div class="lb-trans"><p>乍一看，首鑄集團將 EBIT 轉化為自由現金流的能力讓我們對該股票持謹慎態度，其總負債水平也沒有比一年中最繁忙的夜晚唯一空蕩蕩的餐廳更具吸引力。但好的一面是，其 EBIT 增長率是一個好兆頭，讓我們更加樂觀。我們非常清楚，由於其資產負債表的健康狀況，我們認為首鑄集團確實相當風險。因此，我們對這隻股票的謹慎程度幾乎與一隻飢餓的小貓對掉入主人魚塘的警惕程度相當：一朝被蛇咬，十年怕井繩，正如人們所説。分析債務時，資產負債表顯然是重點關注的領域。然而，並非所有的投資風險都存在於資產負債表中——遠非如此。舉個例子：我們發現了 <strong>首鑄集團的 3 個警告信號</strong>，您應該注意，其中 2 個是顯著的。</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>説到底，有時候關注那些根本不需要債務的公司更容易。讀者現在可以免費訪問一份零淨債務的成長型股票列表。</p>
</div>

首鑄集團（SGX:ADN）是否過度使用債務？