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These 4 Measures Indicate That CIMC Vehicles (Group) (HKG:1839) Is Using Debt Reasonably Well
These 4 Measures Indicate That CIMC Vehicles (Group) (HKG:1839) Is Using Debt Reasonably Well
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 note that CIMC Vehicles (Group) Co., Ltd. (HKG:1839) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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 CIMC Vehicles (Group)
How Much Debt Does CIMC Vehicles (Group) Carry?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 CIMC Vehicles (Group) had CN¥1.47b of debt, an increase on none, over one year. But on the other hand it also has CN¥4.42b in cash, leading to a CN¥2.96b net cash position.
SEHK:1839 Debt to Equity History August 4th 2022How Strong Is CIMC Vehicles (Group)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that CIMC Vehicles (Group) had liabilities of CN¥9.30b due within 12 months and liabilities of CN¥765.2m due beyond that. Offsetting this, it had CN¥4.42b in cash and CN¥4.32b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.33b more than its cash and near-term receivables, combined.
Since publicly traded CIMC Vehicles (Group) shares are worth a total of CN¥15.7b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, CIMC Vehicles (Group) boasts net cash, so it's fair to say it does not have a heavy debt load!
In fact CIMC Vehicles (Group)'s saving grace is its low debt levels, because its EBIT has tanked 49% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if CIMC Vehicles (Group) can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While CIMC Vehicles (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, CIMC Vehicles (Group) recorded free cash flow of 27% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
We could understand if investors are concerned about CIMC Vehicles (Group)'s liabilities, but we can be reassured by the fact it has has net cash of CN¥2.96b. So we are not troubled with CIMC Vehicles (Group)'s debt use. 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. For example, we've discovered 2 warning signs for CIMC Vehicles (Group) (1 shouldn't be ignored!) that you should be aware of before investing here.
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。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。我们注意到中集车辆(集团)有限公司(HKG:1839)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
什么时候债务是个问题?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。
查看我们对中集车辆(集团)的最新分析
中集车辆(集团)背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年3月,中集车辆(集团)的债务为14.7亿元人民币,较一年前没有增加。但另一方面,它也拥有44.2亿元人民币的现金,导致净现金头寸为29.6亿元。
联交所:1839债转股历史2022年8月4日中集车辆(集团)的资产负债表状况如何?
放大最新的资产负债表数据,我们可以看到,中集集团有93亿元的负债在12个月内到期,还有7.652亿元的负债在12个月内到期。作为抵消,它有44.2亿加元的现金和43.2亿加元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多人民币13.3亿元。
由于上市交易的中集车辆(集团)股份总价值157亿元人民币,这一负债水平似乎不太可能构成重大威胁。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。尽管有值得注意的负债,但中集车辆(集团)拥有净现金,因此可以说它没有沉重的债务负担!
事实上,中集集团的救星在于其较低的债务水平,因为它的息税前利润在过去12个月里暴跌了49%。在偿还债务方面,不断下降的收益并不比含糖苏打水对健康的帮助更大。毫无疑问,我们从资产负债表中了解到最多的是债务。但最终,未来业务的盈利能力将决定中集集团能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
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。虽然中集车辆(集团)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然值得一看,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,中集车辆(集团)的自由现金流占其息税前利润的27%,弱于我们的预期。这种疲软的现金转换增加了处理债务的难度。
总结
如果投资者关心中集集团的负债,我们是可以理解的,但我们可以放心的是,中集集团拥有29.6亿元的净现金。因此,我们并不担心中集集团的债务使用。毫无疑问,我们最了解债务的是资产负债表。然而,并不是所有的投资风险都存在于资产负债表中--远非如此。例如,我们发现2中集车辆(集团)警示标志(1不应该被忽视!)在这里投资之前你应该意识到这一点。
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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