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Guangdong Champion Asia ElectronicsLtd (SHSE:603386) Takes On Some Risk With Its Use Of Debt
Guangdong Champion Asia ElectronicsLtd (SHSE:603386) Takes On Some Risk With Its Use Of Debt
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. Importantly, Guangdong Champion Asia Electronics Co.,Ltd. (SHSE:603386) does carry debt. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Guangdong Champion Asia ElectronicsLtd
What Is Guangdong Champion Asia ElectronicsLtd's Debt?
The image below, which you can click on for greater detail, shows that Guangdong Champion Asia ElectronicsLtd had debt of CN¥630.3m at the end of March 2022, a reduction from CN¥710.6m over a year. However, it also had CN¥169.3m in cash, and so its net debt is CN¥461.0m.
SHSE:603386 Debt to Equity History August 1st 2022A Look At Guangdong Champion Asia ElectronicsLtd's Liabilities
The latest balance sheet data shows that Guangdong Champion Asia ElectronicsLtd had liabilities of CN¥1.60b due within a year, and liabilities of CN¥233.8m falling due after that. On the other hand, it had cash of CN¥169.3m and CN¥710.2m worth of receivables due within a year. So it has liabilities totalling CN¥958.8m more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since Guangdong Champion Asia ElectronicsLtd has a market capitalization of CN¥4.37b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
With net debt sitting at just 1.4 times EBITDA, Guangdong Champion Asia ElectronicsLtd is arguably pretty conservatively geared. And this view is supported by the solid interest coverage, with EBIT coming in at 7.1 times the interest expense over the last year. But the bad news is that Guangdong Champion Asia ElectronicsLtd has seen its EBIT plunge 18% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Guangdong Champion Asia ElectronicsLtd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. In the last two years, Guangdong Champion Asia ElectronicsLtd created free cash flow amounting to 7.4% of its EBIT, an uninspiring performance. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Our View
Guangdong Champion Asia ElectronicsLtd's struggle to grow its EBIT had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. For example, its interest cover is relatively strong. When we consider all the factors discussed, it seems to us that Guangdong Champion Asia ElectronicsLtd is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Guangdong Champion Asia ElectronicsLtd is showing 3 warning signs in our investment analysis , you should know about...
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。重要的是广东冠军亚洲电子有限公司。(上海证券交易所:603386)确实背负着债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
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,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。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。
查看我们对广东冠军亚洲电子有限公司的最新分析
广东冠军亚洲电子有限公司的债务是什么?
下面的图片,你可以点击查看更多细节,显示广东冠军亚洲电子有限公司在2022年3月底的债务为6.303亿元人民币,比一年内的7.106亿元人民币有所减少。然而,它也有1.693亿新元的现金,因此其净债务为4.61亿新元。
上证综指:603386债转股历史2022年8月1日广东冠军亚洲电子有限公司负债情况一瞥
最新的资产负债表数据显示,广东冠军亚洲电子有限公司有16.亿元人民币的负债在一年内到期,2.338亿元的负债在一年内到期。另一方面,它有1.693亿加元的现金和7.102亿加元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款加起来还要多9.588亿元。
虽然这看起来可能很多,但并不是很糟糕,因为广东冠军亚洲电子有限公司的市值为人民币43.7亿元,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。但我们肯定希望密切关注其债务带来太大风险的迹象。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
由于净债务仅为EBITDA的1.4倍,广东冠军亚洲电子有限公司的杠杆率可以说相当保守。这一观点得到了坚实的利息覆盖率的支持,去年息税前利润是利息支出的7.1倍。但坏消息是,广东冠军亚洲电子有限公司的息税前利润在过去12个月里暴跌了18%。我们认为,这种表现,如果经常重复,很可能会导致股票陷入困境。当你分析债务时,资产负债表显然是你关注的领域。但广东冠军亚洲电子有限公司的收益将影响未来资产负债表的表现。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
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。因此,我们总是检查EBIT中有多少转化为自由现金流。在过去的两年里,广东冠军亚洲电子有限公司创造了相当于息税前利润7.4%的自由现金流,这是一个平淡无奇的表现。对我们来说,低现金转换引发了一点偏执,那就是偿还债务的能力。
我们的观点
广东冠军亚洲电子有限公司在息税前利润增长方面的挣扎让我们对其资产负债表的实力产生了怀疑,但我们考虑的其他数据点相对来说是可取的。例如,它的利息覆盖率相对较强。当我们考虑所有讨论的因素时,在我们看来,广东冠军亚洲电子有限公司在使用债务方面似乎承担了一些风险。因此,尽管杠杆率确实提高了股本回报率,但我们并不真的希望看到它从现在开始增加。在分析债务水平时,资产负债表显然是一个起点。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。请注意,广东冠军亚洲电子有限公司正在展示我们的投资分析中的3个警告信号,你应该知道关于……
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。
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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