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Is Jiang Su Suyan JingshenLtd (SHSE:603299) A Risky Investment?
Is Jiang Su Suyan JingshenLtd (SHSE:603299) A Risky Investment?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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, Jiang Su Suyan Jingshen Co.,Ltd. (SHSE:603299) does carry debt. But the real question is whether this debt is making the company risky.
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. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Jiang Su Suyan JingshenLtd
What Is Jiang Su Suyan JingshenLtd's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 Jiang Su Suyan JingshenLtd had CN¥1.62b of debt, an increase on CN¥1.42b, over one year. But it also has CN¥2.22b in cash to offset that, meaning it has CN¥598.2m net cash.
SHSE:603299 Debt to Equity History August 16th 2022A Look At Jiang Su Suyan JingshenLtd's Liabilities
According to the last reported balance sheet, Jiang Su Suyan JingshenLtd had liabilities of CN¥3.81b due within 12 months, and liabilities of CN¥341.4m due beyond 12 months. On the other hand, it had cash of CN¥2.22b and CN¥1.37b worth of receivables due within a year. So its liabilities total CN¥561.0m more than the combination of its cash and short-term receivables.
Since publicly traded Jiang Su Suyan JingshenLtd shares are worth a total of CN¥10.2b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Jiang Su Suyan JingshenLtd also has more cash than debt, so we're pretty confident it can manage its debt safely.
Even more impressive was the fact that Jiang Su Suyan JingshenLtd grew its EBIT by 496% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Jiang Su Suyan JingshenLtd will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Jiang Su Suyan JingshenLtd may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Jiang Su Suyan JingshenLtd actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
We could understand if investors are concerned about Jiang Su Suyan JingshenLtd's liabilities, but we can be reassured by the fact it has has net cash of CN¥598.2m. And it impressed us with free cash flow of CN¥710m, being 139% of its EBIT. So is Jiang Su Suyan JingshenLtd's debt a risk? It doesn't seem so to us. 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 Jiang Su Suyan JingshenLtd is showing 2 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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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。重要的是江苏苏州燕京深有限公司。(上海证券交易所:603299)确实背负着债务。但真正的问题是,这笔债务是否让该公司面临风险。
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。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。
查看我们对江苏苏烟精深有限公司的最新分析
江苏素燕精深股份有限公司的净债务是多少?
你可以点击下图查看历史数据,但它显示,截至2022年3月,江苏苏烟精深有限公司的债务为16.2亿元,比一年前增加了14.2亿元。但它也有22.2亿加元的现金来抵消,这意味着它有5.982亿加元的净现金。
上证综指:603299债转股历史2022年8月16日江苏苏烟精深股份有限公司负债情况一瞥
根据最新报告的资产负债表,江苏苏岩精深有限公司有38.1亿加元的负债在12个月内到期,3.414亿加元的负债在12个月后到期。另一方面,它有22.2亿元现金和13.7亿元的应收账款在一年内到期。因此,其负债总额为5.61亿加元,比现金和短期应收账款的总和还要多。
由于上市的江苏苏烟精深股份有限公司的股票总价值为102亿元人民币,这样的负债水平似乎不太可能构成重大威胁。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。虽然它确实有值得注意的负债,但江苏苏烟精深有限公司的现金也多于债务,所以我们非常有信心它能够安全地管理债务。
更令人印象深刻的是,江苏苏燕精深有限公司在12个月的时间里息税前利润增长了496%。如果保持这样的增长,未来几年的债务将变得更加可控。在分析债务水平时,资产负债表显然是一个起点。但你不能完全孤立地看待债务;因为江苏素燕精深股份有限公司需要盈利来偿还债务。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。
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。江苏苏燕精深有限公司的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去的三年里,江苏苏燕精深有限公司产生的自由现金流实际上超过了息税前利润。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
总结
如果投资者担心江苏苏烟精深的负债,我们可以理解,但我们可以放心的是,它拥有5.982亿元的净现金。它给我们留下了深刻的印象,自由现金流为7.1亿元人民币,占其息税前利润的139%。那么,江苏苏烟精深股份有限公司的债务是一种风险吗?但在我们看来并非如此。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,江苏苏燕精深有限公司正在展示我们的投资分析中的2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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