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Does China Tangshang Holdings (HKG:674) Have A Healthy Balance Sheet?
Does China Tangshang Holdings (HKG:674) Have A Healthy Balance Sheet?
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.' 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. As with many other companies China Tangshang Holdings Limited (HKG:674) makes use of debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for China Tangshang Holdings
How Much Debt Does China Tangshang Holdings Carry?
As you can see below, China Tangshang Holdings had HK$99.2m of debt at March 2022, down from HK$289.5m a year prior. But on the other hand it also has HK$213.8m in cash, leading to a HK$114.5m net cash position.
SEHK:674 Debt to Equity History July 20th 2022How Healthy Is China Tangshang Holdings' Balance Sheet?
We can see from the most recent balance sheet that China Tangshang Holdings had liabilities of HK$875.4m falling due within a year, and liabilities of HK$482.5m due beyond that. Offsetting this, it had HK$213.8m in cash and HK$50.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$1.09b.
Given this deficit is actually higher than the company's market capitalization of HK$781.5m, we think shareholders really should watch China Tangshang 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. China Tangshang Holdings boasts net cash, so it's fair to say it does not have a heavy debt load, even if it does have very significant liabilities, in total.
Pleasingly, China Tangshang Holdings is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 2,484% gain in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But it is China Tangshang 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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While China Tangshang Holdings has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, China Tangshang Holdings saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
While China Tangshang Holdings does have more liabilities than liquid assets, it also has net cash of HK$114.5m. And we liked the look of last year's 2,484% year-on-year EBIT growth. Despite the cash, we do find China Tangshang Holdings's conversion of EBIT to free cash flow concerning, so we're not particularly comfortable with the stock. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 4 warning signs for China Tangshang Holdings (of which 1 is significant!) you should know about.
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 100% free, right now.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样中国唐商控股有限公司(HKG:674)利用债务。但真正的问题是,这笔债务是否让该公司面临风险。
为什么债务会带来风险?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对中国唐商控股的最新分析
中国唐商控股背负着多少债务?
如下所示,截至2022年3月,中国唐商银行的债务为9920万港元,低于一年前的2.895亿港元。但另一方面,它也拥有2.138亿港元的现金,使其拥有1.145亿港元的净现金头寸。
联交所:674债转股历史2022年7月20日中国唐商控股的资产负债表有多健康?
我们可以从最近的资产负债表中看到,中国唐商控股有8.754亿港元的负债在一年内到期,还有4.825亿港元的负债在一年内到期。作为抵消,该公司有2.138亿港元的现金和5010万港元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出10.9亿港元。
鉴于这一赤字实际上高于该公司7.815亿港元的市值,我们认为股东真的应该关注中国唐商控股的债务水平,就像父母第一次看孩子骑车一样。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。中国唐商控股拥有净现金,因此可以公平地说,它没有沉重的债务负担,尽管它总体上确实有非常重大的负债。
令人欣喜的是,中国唐商控股的息税前利润增长速度快于澳大利亚前总理鲍勃·霍克(Bob Hawke)。过去12个月,该公司息税前利润增长了2,484%。在分析债务水平时,资产负债表显然是一个起点。但影响未来资产负债表表现的将是中国唐商控股的盈利情况。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。虽然中国唐商控股的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去的三年里,中国唐商控股的自由现金流总体上出现了大幅负增长。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
总结
尽管中国唐商控股的负债确实多于流动资产,但它也拥有1.145亿港元的净现金。我们喜欢去年息税前利润同比增长2484%的表现。尽管有现金,但我们确实对中国唐商控股将息税前利润转换为自由现金流感到担忧,因此我们对这只股票并不是特别满意。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。这些风险可能很难发现。每家公司都有它们,我们已经发现中国唐商控股的4个警告信号(其中1个是重要的!)你应该知道。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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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