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Is Yonghui Superstores (SHSE:601933) A Risky Investment?
Is Yonghui Superstores (SHSE:601933) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 Yonghui Superstores Co., Ltd. (SHSE:601933) does use debt in its business. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
Check out our latest analysis for Yonghui Superstores
How Much Debt Does Yonghui Superstores Carry?
You can click the graphic below for the historical numbers, but it shows that Yonghui Superstores had CN¥10.7b of debt in March 2022, down from CN¥14.5b, one year before. On the flip side, it has CN¥10.7b in cash leading to net debt of about CN¥73.8m.
SHSE:601933 Debt to Equity History July 19th 2022A Look At Yonghui Superstores' Liabilities
According to the last reported balance sheet, Yonghui Superstores had liabilities of CN¥28.4b due within 12 months, and liabilities of CN¥27.2b due beyond 12 months. On the other hand, it had cash of CN¥10.7b and CN¥3.33b worth of receivables due within a year. So it has liabilities totalling CN¥41.6b more than its cash and near-term receivables, combined.
When you consider that this deficiency exceeds the company's CN¥33.5b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution. Yonghui Superstores has a very little net debt but plenty of other liabilities weighing it down. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Yonghui Superstores can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
In the last year Yonghui Superstores's revenue was pretty flat, and it made a negative EBIT. While that hardly impresses, its not too bad either.
Caveat Emptor
Over the last twelve months Yonghui Superstores produced an earnings before interest and tax (EBIT) loss. Indeed, it lost CN¥1.9b at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. It's fair to say the loss of CN¥3.5b didn't encourage us either; we'd like to see a profit. And until that time we think this is a risky stock. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Yonghui Superstores you should be aware of.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们可以看到永辉超市有限公司(上海证券交易所:601933)确实在其业务中使用债务。但真正的问题是,这笔债务是否让该公司面临风险。
什么时候债务是个问题?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对永辉超市的最新分析
永辉超市背负着多少债务?
你可以点击下图查看历史数据,但它显示,2022年3月,永辉超市的债务为人民币107亿元,低于一年前的人民币145亿元。另一方面,它拥有107亿加元的现金,导致净债务约为7380万加元。
上证综指:601933债转股历史2022年7月19日看永辉超市的负债情况
根据最新报告的资产负债表,永辉超市有284亿加元的负债在12个月内到期,272亿加元的负债在12个月后到期。另一方面,它有107亿元现金和33.3亿元的应收账款在一年内到期。因此,该公司的负债总额为人民币416亿元,比现金和近期应收账款加起来还要多。
当你考虑到这一缺口超过了该公司335亿元的市值时,你很可能会倾向于专心审查资产负债表。在该公司不得不迅速清理其资产负债表的情况下,股东似乎可能会遭受广泛的稀释。永辉超市的净债务非常少,但还有大量其他债务拖累了它。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定永辉超市能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
去年,永辉超市的收入相当平淡,息税前利润为负。虽然这不会给人留下深刻的印象,但也不算太糟糕。
告诫买入者
在过去的12个月里,永辉超市产生了息税前收益(EBIT)亏损。事实上,在息税前利润水平上,它亏损了19亿元人民币。当我们把这一点与重大债务放在一起看时,我们对这家公司并不是特别有信心。它需要迅速改善运营,才能让我们对它感兴趣。公平地说,35亿元的损失也没有给我们带来鼓舞,我们希望看到盈利。在此之前,我们认为这是一只高风险的股票。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。一个恰当的例子:我们发现了永辉超市的1个警示标志你应该意识到。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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