<p>沃倫·巴菲特曾説過：“波動性遠非風險的同義詞。” 在評估一家公司的風險時，考慮其資產負債表是很自然的，因為債務往往與企業的崩潰有關。我們可以看到 <strong>明光海事</strong>（SGX:BEZ）確實在其業務中使用了債務。但這對股東來説是個問題嗎？</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>為什麼債務帶來風險？</h2>
<p>當企業無法輕鬆履行債務和其他負債時，這些負債就會變得風險重重，無論是通過自由現金流還是以有吸引力的價格籌集資金。在最壞的情況下，如果公司無法償還債權人，就可能破產。然而，更常見（但仍然代價高昂）的情況是，公司必須以極低的價格發行股票，以此來支撐其資產負債表，從而永久稀釋股東的權益。當然，債務的好處在於它通常代表着廉價資本，特別是當它替代了能夠以高回報率再投資的公司的稀釋時。在考慮企業使用多少債務時，首先要查看其現金和債務的結合情況。</p>
<h2>明光海事的淨債務是多少？</h2>
<p>下圖（您可以點擊以獲取更詳細信息）顯示，明光海事在 2025 年 6 月底的債務為 622 萬新元，較一年前的 666 萬新元有所減少。然而，它有 2560 萬新元的現金來抵消這些債務，導致淨現金為 1940 萬新元。</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 債務與股本歷史 2025 年 9 月 29 日</p>
<h2>明光海事的資產負債表有多強？</h2>
<p>仔細查看最新的資產負債表數據，我們可以看到明光海事在 12 個月內到期的負債為 3860 萬新元，超過 12 個月到期的負債為 675 萬新元。抵消這些負債的是 2560 萬新元的現金和 3740 萬新元的應收賬款，這些應收賬款在 12 個月內到期。因此，它實際上擁有比總負債多出 1770 萬新元的流動資產。</p>
<p>這種流動性過剩表明明光海事在債務方面採取了謹慎的態度。由於它擁有充足的資產，因此不太可能與貸方發生問題。簡單來説，明光海事擁有的現金超過債務，這無疑是一個良好的跡象，表明它能夠安全地管理其債務。</p>
<p>查看我們對明光海事的最新分析</p>
<p>好消息是，明光海事的息税前利潤（EBIT）在過去 12 個月中增長了 2.4%，這應該能緩解對債務償還的擔憂。毫無疑問，我們從資產負債表中學到的大部分關於債務的知識。但未來的收益，尤其是將決定明光海事未來維持健康資產負債表的能力。因此，如果您關注未來，可以查看這份 <strong>免費</strong> 報告，顯示分析師的利潤預測。</p>
<p>最後，公司只能用現金償還債務，而不是會計利潤。明光海事的資產負債表上可能有淨現金，但查看企業如何將息税前利潤（EBIT）轉化為自由現金流仍然很有趣，因為這將影響其對債務的需求和管理能力。在過去三年中，明光海事產生的自由現金流佔其 EBIT 的 87%，這一比例遠超我們的預期。這使得它在需要償還債務時處於良好位置。</p>
<h2>總結</h2>
<p>雖然我們理解那些對債務感到擔憂的投資者，但您應該記住，明光海事擁有 1940 萬新元的淨現金，以及比負債更多的流動資產。它的自由現金流為 1500 萬新元，佔其 EBIT 的 87%。那麼明光海事的債務是個風險嗎？在我們看來似乎不是。分析債務時，資產負債表顯然是重點。但最終，每家公司都可能存在資產負債表之外的風險。例如，明光海事有 <strong>2 個警告信號</strong> 我們認為您應該注意。</p>
<p>總而言之，有時候關注那些根本不需要債務的公司會更容易。讀者現在可以訪問一份 <strong>100% 免費</strong> 的零淨債務成長股名單。</p>

明光海事

<p>明光海事 (SGX:BEZ) 的債務情況可控，淨現金為 1940 萬新元，流動資產超過負債。公司已將債務從 666 萬新元減少至 622 萬新元，併產生了強勁的自由現金流，佔其息税前利潤的 87%。儘管對債務存在擔憂，但資產負債表顯示出強勁的財務狀況，儘管投資者應注意兩個警示信號。總體而言，公司似乎在有效管理債務方面處於良好位置</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>沃倫·巴菲特曾説過：“波動性遠非風險的同義詞。” 在評估一家公司的風險時，考慮其資產負債表是很自然的，因為債務往往與企業的崩潰有關。我們可以看到 <strong>明光海事</strong>（SGX:BEZ）確實在其業務中使用了債務。但這對股東來説是個問題嗎？</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>Why Does Debt Bring Risk?</h2>
<div class="lb-trans"><h2>為什麼債務帶來風險？</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>當企業無法輕鬆履行債務和其他負債時，這些負債就會變得風險重重，無論是通過自由現金流還是以有吸引力的價格籌集資金。在最壞的情況下，如果公司無法償還債權人，就可能破產。然而，更常見（但仍然代價高昂）的情況是，公司必須以極低的價格發行股票，以此來支撐其資產負債表，從而永久稀釋股東的權益。當然，債務的好處在於它通常代表着廉價資本，特別是當它替代了能夠以高回報率再投資的公司的稀釋時。在考慮企業使用多少債務時，首先要查看其現金和債務的結合情況。</p>
</div><h2>What Is Beng Kuang Marine's Net Debt?</h2>
<div class="lb-trans"><h2>明光海事的淨債務是多少？</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>下圖（您可以點擊以獲取更詳細信息）顯示，明光海事在 2025 年 6 月底的債務為 622 萬新元，較一年前的 666 萬新元有所減少。然而，它有 2560 萬新元的現金來抵消這些債務，導致淨現金為 1940 萬新元。</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 債務與股本歷史 2025 年 9 月 29 日</p>
</div><h2>How Strong Is Beng Kuang Marine's Balance Sheet?</h2>
<div class="lb-trans"><h2>明光海事的資產負債表有多強？</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>仔細查看最新的資產負債表數據，我們可以看到明光海事在 12 個月內到期的負債為 3860 萬新元，超過 12 個月到期的負債為 675 萬新元。抵消這些負債的是 2560 萬新元的現金和 3740 萬新元的應收賬款，這些應收賬款在 12 個月內到期。因此，它實際上擁有比總負債多出 1770 萬新元的流動資產。</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>這種流動性過剩表明明光海事在債務方面採取了謹慎的態度。由於它擁有充足的資產，因此不太可能與貸方發生問題。簡單來説，明光海事擁有的現金超過債務，這無疑是一個良好的跡象，表明它能夠安全地管理其債務。</p>
</div><p>Check out our latest analysis for Beng Kuang Marine</p>
<div class="lb-trans"><p>查看我們對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潤（EBIT）在過去 12 個月中增長了 2.4%，這應該能緩解對債務償還的擔憂。毫無疑問，我們從資產負債表中學到的大部分關於債務的知識。但未來的收益，尤其是將決定明光海事未來維持健康資產負債表的能力。因此，如果您關注未來，可以查看這份 <strong>免費</strong> 報告，顯示分析師的利潤預測。</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>最後，公司只能用現金償還債務，而不是會計利潤。明光海事的資產負債表上可能有淨現金，但查看企業如何將息税前利潤（EBIT）轉化為自由現金流仍然很有趣，因為這將影響其對債務的需求和管理能力。在過去三年中，明光海事產生的自由現金流佔其 EBIT 的 87%，這一比例遠超我們的預期。這使得它在需要償還債務時處於良好位置。</p>
</div><h2>Summing Up</h2>
<div class="lb-trans"><h2>總結</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>雖然我們理解那些對債務感到擔憂的投資者，但您應該記住，明光海事擁有 1940 萬新元的淨現金，以及比負債更多的流動資產。它的自由現金流為 1500 萬新元，佔其 EBIT 的 87%。那麼明光海事的債務是個風險嗎？在我們看來似乎不是。分析債務時，資產負債表顯然是重點。但最終，每家公司都可能存在資產負債表之外的風險。例如，明光海事有 <strong>2 個警告信號</strong> 我們認為您應該注意。</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>總而言之，有時候關注那些根本不需要債務的公司會更容易。讀者現在可以訪問一份 <strong>100% 免費</strong> 的零淨債務成長股名單。</p>
</div>

明光海事（SGX:BEZ）是否是一個高風險的投資？