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Does Xinyi Electric Storage Holdings (HKG:8328) Have A Healthy Balance Sheet?
Does Xinyi Electric Storage Holdings (HKG:8328) Have A Healthy Balance Sheet?
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 Xinyi Electric Storage Holdings Limited (HKG:8328) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Xinyi Electric Storage Holdings
What Is Xinyi Electric Storage Holdings's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Xinyi Electric Storage Holdings had HK$355.8m of debt, an increase on HK$44.8m, over one year. However, it also had HK$168.3m in cash, and so its net debt is HK$187.5m.
SEHK:8328 Debt to Equity History August 4th 2022A Look At Xinyi Electric Storage Holdings' Liabilities
We can see from the most recent balance sheet that Xinyi Electric Storage Holdings had liabilities of HK$823.2m falling due within a year, and liabilities of HK$105.8m due beyond that. Offsetting this, it had HK$168.3m in cash and HK$469.3m in receivables that were due within 12 months. So its liabilities total HK$291.4m more than the combination of its cash and short-term receivables.
Since publicly traded Xinyi Electric Storage Holdings shares are worth a total of HK$4.85b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Xinyi Electric Storage Holdings has a low debt to EBITDA ratio of only 1.5. And remarkably, despite having net debt, it actually received more in interest over the last twelve months than it had to pay. So there's no doubt this company can take on debt while staying cool as a cucumber. Better yet, Xinyi Electric Storage Holdings grew its EBIT by 392% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Xinyi Electric Storage Holdings'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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Xinyi Electric Storage Holdings burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Happily, Xinyi Electric Storage Holdings's impressive interest cover implies it has the upper hand on its debt. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. Looking at all the aforementioned factors together, it strikes us that Xinyi Electric Storage Holdings can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 3 warning signs for Xinyi Electric Storage Holdings you should be aware of, and 1 of them is concerning.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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信义储电控股有限公司(HKG:8328)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。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(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对信义电子存储控股公司的最新分析
信义电储控股的债务是什么?
你可以点击下图查看历史数字,但它显示,截至2022年6月,信义电储控股有限公司的债务为3.558亿港元,较一年前的4480万港元有所增加。然而,该公司还有1.683亿港元现金,因此其净债务为1.875亿港元。
联交所:8328债转股历史2022年8月4日信义电储控股的负债情况一瞥
我们可以从最近的资产负债表中看到,信义电子控股有8.232亿港元的负债在一年内到期,而超过一年的负债有1.058亿港元到期。作为抵消,该公司有1.683亿港元现金和4.693亿港元应收账款在12个月内到期。因此,该公司的负债总额为2.914亿港元,超过了现金和短期应收账款的总和。
由于上市交易的信义电气控股股份的总价值为48.5亿港元,这种负债水平似乎不太可能构成重大威胁。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。
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。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
信义电储控股的债务与EBITDA之比较低,仅为1.5。值得注意的是,尽管它有净债务,但在过去12个月里,它实际上收到了比必须支付的更多的利息。因此,毫无疑问,这家公司可以在保持冷静的同时承担债务。更好的是,信义电子存储控股公司去年息税前利润增长了392%,这是一个令人印象深刻的进步。如果保持这样的增长,未来几年的债务将变得更加可控。当你分析债务时,资产负债表显然是你关注的领域。但影响未来资产负债表表现的,将是信义电子存储控股有限公司的盈利。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,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。因此,我们总是检查EBIT中有多少转化为自由现金流。在过去的三年里,信义电子存储控股公司烧掉了大量现金。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
令人欣慰的是,信义电子控股令人印象深刻的利息覆盖率意味着它在债务问题上占据了上风。但我们必须承认,我们发现它将息税前利润转换为自由现金流产生了相反的效果。综合上述因素,信义电储控股可以相当安心地处理其债务。当然,虽然这种杠杆可以提高股本回报率,但它确实带来了更多风险,因此值得关注这一点。当你分析债务时,资产负债表显然是你关注的领域。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。一个恰当的例子:我们发现了信义电储控股的3个警示标志你应该知道,其中有一条是有关的。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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。
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