<p>沃倫·巴菲特曾説過：“波動性遠非風險的同義詞。” 當我們考慮一家公司有多風險時，我們總是喜歡查看其債務的使用情況，因為債務過重可能導致破產。我們注意到 <strong>洪新劉海運控股</strong>（SGX:A04）確實在其資產負債表上有債務。但真正的問題是，這些債務是否使公司變得風險更大。</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>債務何時成為問題？</h2>
<p>當企業無法輕鬆履行這些義務時，債務和其他負債就會變得風險很大，無論是通過自由現金流還是以有吸引力的價格籌集資本。在最壞的情況下，如果公司無法償還債權人，它可能會破產。然而，更常見（但仍然昂貴）的情況是，公司必須以低廉的股價稀釋股東，僅僅是為了控制債務。當然，債務可以是企業的重要工具，特別是資本密集型企業。當我們審視債務水平時，我們首先考慮現金和債務水平。</p>
<h2>洪新劉海運控股的債務有多少？</h2>
<p>正如您在下面看到的，洪新劉海運控股在 2025 年 6 月的債務為 1.725 億新元，較前一年的 2.199 億新元有所下降。然而，它也有 2280 萬新元的現金，因此其淨債務為 1.497 億新元。</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 債務與股本歷史 2025 年 9 月 17 日</p>
<h2>看看洪新劉海運控股的負債</h2>
<p>根據最後報告的資產負債表，洪新劉海運控股在 12 個月內有 236.1 百萬新元的負債，12 個月後有 151.0 百萬新元的負債。抵消這些義務，它有 2280 萬新元的現金以及 106.6 百萬新元的應收賬款（在 12 個月內到期）。因此，其負債超過現金和（短期）應收賬款總和 257.7 百萬新元。</p>
<p>鑑於這一赤字實際上高於公司市場資本化的 1.976 億新元，我們認為股東確實應該像父母第一次看着孩子騎自行車一樣關注洪新劉海運控股的債務水平。假設，如果公司被迫以當前股價籌集資金償還負債，將需要極其嚴重的稀釋。</p>
<p>查看我們對洪新劉海運控股的最新分析</p>
<p>為了評估公司的債務相對於其收益的規模，我們計算其淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及息税前利潤（EBIT）與利息費用（利息覆蓋）的比率。通過這種方式，我們考慮了債務的絕對數量以及支付的利率。</p>
<p>儘管洪新劉海運控股的債務僅為 2.1，但其利息覆蓋率非常低，僅為 1.6。這主要是因為其折舊和攤銷非常高。這些費用可能是非現金的，因此在償還債務時可以排除。但會計費用存在是有原因的——一些資產被視為貶值。無論如何，毫無疑問，該股票正在使用相當大的槓桿。我們注意到洪新劉海運控股在過去一年中其 EBIT 增長了 21%，這應該使其未來償還債務變得更容易。在分析債務水平時，資產負債表顯然是一個好的起點。但影響資產負債表未來表現的將是洪新劉海運控股的收益。因此，在考慮債務時，查看收益趨勢絕對是值得的。點擊這裏查看互動快照。</p>
<p>最後，公司只能用現金償還債務，而不是會計利潤。因此，我們顯然需要查看 EBIT 是否帶來了相應的自由現金流。對於任何股東來説，洪新劉海運控股在過去三年中實際產生的自由現金流超過了 EBIT。對於保持在貸方的良好信譽，沒有什麼比現金流入更重要的了。</p>
<h2>我們的看法</h2>
<p>洪新劉海運控股用 EBIT 覆蓋利息費用的能力以及其總負債水平都沒有讓我們對其承擔更多債務的能力感到信心。但好消息是，它似乎能夠輕鬆將 EBIT 轉化為自由現金流。我們認為，考慮到上述數據，洪新劉海運控股的債務確實使其有些風險。並非所有風險都是壞事，因為如果成功，它可以提升股價回報，但這種債務風險值得牢記。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。然而，並非所有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>洪新劉海運控股的 3 個警告信號</strong>，您應該注意，其中 1 個是顯著的。</p>
<p>總而言之，有時候關注那些根本不需要債務的公司更容易。讀者現在可以訪問一份零淨債務的成長股列表，<strong>完全免費</strong>。</p>

洪新劉海運控股

<p>ASL Marine Holdings（新交所代碼：A04）目前負債為 1.725 億新元，較之前的 2.199 億新元有所下降，現金為 2280 萬新元，淨負債為 1.497 億新元。公司的負債超過現金和應收賬款 2.577 億新元，超過其市場市值 1.976 億新元。儘管去年 EBIT 增長了 21%，但公司的利息覆蓋率較低，僅為 1.6。雖然 ASL Marine 能夠將 EBIT 轉化為自由現金流，但其債務水平存在一定風險，需股東謹慎關注</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>沃倫·巴菲特曾説過：“波動性遠非風險的同義詞。” 當我們考慮一家公司有多風險時，我們總是喜歡查看其債務的使用情況，因為債務過重可能導致破產。我們注意到 <strong>洪新劉海運控股</strong>（SGX:A04）確實在其資產負債表上有債務。但真正的問題是，這些債務是否使公司變得風險更大。</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>債務何時成為問題？</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>當企業無法輕鬆履行這些義務時，債務和其他負債就會變得風險很大，無論是通過自由現金流還是以有吸引力的價格籌集資本。在最壞的情況下，如果公司無法償還債權人，它可能會破產。然而，更常見（但仍然昂貴）的情況是，公司必須以低廉的股價稀釋股東，僅僅是為了控制債務。當然，債務可以是企業的重要工具，特別是資本密集型企業。當我們審視債務水平時，我們首先考慮現金和債務水平。</p>
</div><h2>How Much Debt Does ASL Marine Holdings Carry?</h2>
<div class="lb-trans"><h2>洪新劉海運控股的債務有多少？</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，洪新劉海運控股在 2025 年 6 月的債務為 1.725 億新元，較前一年的 2.199 億新元有所下降。然而，它也有 2280 萬新元的現金，因此其淨債務為 1.497 億新元。</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 債務與股本歷史 2025 年 9 月 17 日</p>
</div><h2>A Look At ASL Marine Holdings' Liabilities</h2>
<div class="lb-trans"><h2>看看洪新劉海運控股的負債</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>根據最後報告的資產負債表，洪新劉海運控股在 12 個月內有 236.1 百萬新元的負債，12 個月後有 151.0 百萬新元的負債。抵消這些義務，它有 2280 萬新元的現金以及 106.6 百萬新元的應收賬款（在 12 個月內到期）。因此，其負債超過現金和（短期）應收賬款總和 257.7 百萬新元。</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>鑑於這一赤字實際上高於公司市場資本化的 1.976 億新元，我們認為股東確實應該像父母第一次看着孩子騎自行車一樣關注洪新劉海運控股的債務水平。假設，如果公司被迫以當前股價籌集資金償還負債，將需要極其嚴重的稀釋。</p>
</div><p>Check out our latest analysis for ASL Marine Holdings</p>
<div class="lb-trans"><p>查看我們對洪新劉海運控股的最新分析</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>為了評估公司的債務相對於其收益的規模，我們計算其淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及息税前利潤（EBIT）與利息費用（利息覆蓋）的比率。通過這種方式，我們考慮了債務的絕對數量以及支付的利率。</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>儘管洪新劉海運控股的債務僅為 2.1，但其利息覆蓋率非常低，僅為 1.6。這主要是因為其折舊和攤銷非常高。這些費用可能是非現金的，因此在償還債務時可以排除。但會計費用存在是有原因的——一些資產被視為貶值。無論如何，毫無疑問，該股票正在使用相當大的槓桿。我們注意到洪新劉海運控股在過去一年中其 EBIT 增長了 21%，這應該使其未來償還債務變得更容易。在分析債務水平時，資產負債表顯然是一個好的起點。但影響資產負債表未來表現的將是洪新劉海運控股的收益。因此，在考慮債務時，查看收益趨勢絕對是值得的。點擊這裏查看互動快照。</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>最後，公司只能用現金償還債務，而不是會計利潤。因此，我們顯然需要查看 EBIT 是否帶來了相應的自由現金流。對於任何股東來説，洪新劉海運控股在過去三年中實際產生的自由現金流超過了 EBIT。對於保持在貸方的良好信譽，沒有什麼比現金流入更重要的了。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的看法</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>洪新劉海運控股用 EBIT 覆蓋利息費用的能力以及其總負債水平都沒有讓我們對其承擔更多債務的能力感到信心。但好消息是，它似乎能夠輕鬆將 EBIT 轉化為自由現金流。我們認為，考慮到上述數據，洪新劉海運控股的債務確實使其有些風險。並非所有風險都是壞事，因為如果成功，它可以提升股價回報，但這種債務風險值得牢記。毫無疑問，我們從資產負債表中學到的關於債務的知識最多。然而，並非所有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>洪新劉海運控股的 3 個警告信號</strong>，您應該注意，其中 1 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>總而言之，有時候關注那些根本不需要債務的公司更容易。讀者現在可以訪問一份零淨債務的成長股列表，<strong>完全免費</strong>。</p>
</div>

洪新劉海運控股（SGX:A04）在使用債務方面承擔了一定風險