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Is JSTI Group (SZSE:300284) A Risky Investment?
Is JSTI Group (SZSE:300284) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. As with many other companies JSTI Group (SZSE:300284) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for JSTI Group
What Is JSTI Group's Net Debt?
As you can see below, JSTI Group had CN¥2.01b of debt at March 2022, down from CN¥3.40b a year prior. But on the other hand it also has CN¥3.30b in cash, leading to a CN¥1.29b net cash position.
SZSE:300284 Debt to Equity History August 3rd 2022How Strong Is JSTI Group's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that JSTI Group had liabilities of CN¥5.62b due within 12 months and liabilities of CN¥858.7m due beyond that. Offsetting this, it had CN¥3.30b in cash and CN¥7.75b in receivables that were due within 12 months. So it actually has CN¥4.57b more liquid assets than total liabilities.
This surplus liquidity suggests that JSTI Group's balance sheet could take a hit just as well as Homer Simpson's head can take a punch. On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, JSTI Group boasts net cash, so it's fair to say it does not have a heavy debt load!
But the other side of the story is that JSTI Group saw its EBIT decline by 5.1% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. 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 JSTI Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While JSTI Group 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. Looking at the most recent three years, JSTI Group recorded free cash flow of 48% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that JSTI Group has net cash of CN¥1.29b, as well as more liquid assets than liabilities. So we don't think JSTI Group's use of debt is risky. 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. For example - JSTI Group has 2 warning signs we think you should be aware of.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。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。与许多其他公司一样JSTI集团(SZSE:300284)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
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。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JSTI集团的最新分析
JSTI集团的净债务是多少?
如下所示,截至2022年3月,江苏科工集团的债务为人民币20.1亿元,低于一年前的人民币34亿元。但另一方面,它也有33亿元人民币的现金,导致12.9亿元人民币的净现金头寸。
深交所:300284债转股历史2022年8月3日JSTI集团的资产负债表有多强劲?
放大最新的资产负债表数据,我们可以看到JSTI集团有56.2亿元的负债在12个月内到期,还有8.587亿元的负债在12个月内到期。作为抵消,它有33亿加元的现金和77.5亿加元的应收账款在12个月内到期。所以它实际上有45.7亿元人民币更多流动资产超过总负债。
这种过剩的流动性表明,JSTI集团的资产负债表可能会受到打击,就像霍默·辛普森的头可能会受到打击一样。按照这种观点,贷款人应该会觉得自己像黑带空手道大师的宠儿一样安全。简而言之,JSTI集团拥有净现金,所以可以说它没有沉重的债务负担!
但另一方面,JSTI Group的息税前利润去年下降了5.1%。这种下降,如果持续下去,显然会使债务更难处理。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定JSTI集团未来保持健康资产负债表的能力。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。
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JSTI Group的资产负债表上有净现金,但它将息税前收益(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。纵观最近三年,JSTI Group录得的自由现金流占其息税前利润的48%,这一数字低于我们的预期。当涉及到偿还债务时,这并不是很好。
总结
虽然我们同情投资者对债务的担忧,但您应该记住,JSTI集团拥有12.9亿元人民币的净现金,流动资产多于负债。因此,我们不认为JSTI集团使用债务是有风险的。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。例如-JSTI集团拥有2个警告标志我们认为你应该意识到。
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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