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Health Check: How Prudently Does CSSC Offshore & Marine Engineering (Group) (HKG:317) Use Debt?
Health Check: How Prudently Does CSSC Offshore & Marine Engineering (Group) (HKG:317) Use Debt?
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that CSSC Offshore & Marine Engineering (Group) Company Limited (HKG:317) does use debt in its business. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for CSSC Offshore & Marine Engineering (Group)
What Is CSSC Offshore & Marine Engineering (Group)'s Net Debt?
The image below, which you can click on for greater detail, shows that at March 2022 CSSC Offshore & Marine Engineering (Group) had debt of CN¥6.50b, up from CN¥6.12b in one year. However, its balance sheet shows it holds CN¥16.3b in cash, so it actually has CN¥9.80b net cash.
SEHK:317 Debt to Equity History July 22nd 2022How Healthy Is CSSC Offshore & Marine Engineering (Group)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that CSSC Offshore & Marine Engineering (Group) had liabilities of CN¥26.3b due within 12 months and liabilities of CN¥4.33b due beyond that. On the other hand, it had cash of CN¥16.3b and CN¥3.88b worth of receivables due within a year. So it has liabilities totalling CN¥10.4b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since CSSC Offshore & Marine Engineering (Group) has a market capitalization of CN¥20.2b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, CSSC Offshore & Marine Engineering (Group) also has more cash than debt, so we're pretty confident it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is CSSC Offshore & Marine Engineering (Group)'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.
Over 12 months, CSSC Offshore & Marine Engineering (Group) saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that's not too bad, we'd prefer see growth.
So How Risky Is CSSC Offshore & Marine Engineering (Group)?
While CSSC Offshore & Marine Engineering (Group) lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥88m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for CSSC Offshore & Marine Engineering (Group) you should know about.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们可以看到中船集团海洋工程(集团)有限公司(HKG:317)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。
债务会带来什么风险?
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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对CSSC海洋和海洋工程(集团)的最新分析
CSSC海洋与海洋工程(集团)的净债务是多少?
下图显示,截至2022年3月,CSSC海洋与海洋工程(集团)的债务为人民币65亿元,高于一年内的人民币61.2亿元。然而,其资产负债表显示,它持有人民币163亿元的现金,因此它实际上拥有人民币98亿元的净现金。
联交所:317债转股历史2022年7月22日CSSC海洋与海洋工程(集团)的资产负债表是否健康?
放大最新的资产负债表数据,我们可以看到,CSSC海洋工程(集团)公司有263亿元的负债在12个月内到期,还有43.3亿元的负债在12个月内到期。另一方面,一年内有163亿加元现金和38.8亿加元应收账款到期。因此,它的负债总额为人民币104亿元,超过了现金和近期应收账款的总和。
虽然这看起来可能很多,但并不是很糟糕,因为CSSC Offshore&Marine Engineering(Group)的市值为人民币20.2B元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。虽然CSSC Offshore&Marine Engineering(Group)确实有值得注意的负债,但它的现金也多于债务,因此我们非常有信心它能够安全地管理其债务。在分析债务水平时,资产负债表显然是一个起点。但CSSC海洋和海洋工程(集团)的收益将影响未来资产负债表的表现。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。
在12个月的时间里,CSSC海洋和海洋工程(集团)的收入保持相当稳定,没有公布正的息税前收益。虽然这并不是太糟糕,但我们更希望看到增长。
那么,CSSC海洋和海洋工程(集团)的风险有多大?
虽然CSSC海洋与海洋工程(集团)在息税前收益(EBIT)水平上亏损,但它实际上录得了8800万加元的账面利润。因此,当你考虑到它有净现金和法定利润时,它的股票风险可能并不像看起来那样高,至少在短期内是这样。在我们看到一些积极的息税前利润,我们对该股有点谨慎,尤其是因为收入增长相当温和。毫无疑问,我们从资产负债表中了解到的债务最多。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2 CSSC海洋与海洋工程(集团)警示标志你应该知道。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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