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Is Zhe Jiang Taihua New Material (SHSE:603055) A Risky Investment?
Is Zhe Jiang Taihua New Material (SHSE:603055) A Risky Investment?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that Zhe Jiang Taihua New Material Co., Ltd. (SHSE:603055) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Zhe Jiang Taihua New Material
How Much Debt Does Zhe Jiang Taihua New Material Carry?
The image below, which you can click on for greater detail, shows that at March 2022 Zhe Jiang Taihua New Material had debt of CN¥1.80b, up from CN¥1.52b in one year. However, it does have CN¥1.01b in cash offsetting this, leading to net debt of about CN¥786.2m.
SHSE:603055 Debt to Equity History August 19th 2022A Look At Zhe Jiang Taihua New Material's Liabilities
Zooming in on the latest balance sheet data, we can see that Zhe Jiang Taihua New Material had liabilities of CN¥2.00b due within 12 months and liabilities of CN¥1.32b due beyond that. Offsetting these obligations, it had cash of CN¥1.01b as well as receivables valued at CN¥826.2m due within 12 months. So its liabilities total CN¥1.49b more than the combination of its cash and short-term receivables.
Since publicly traded Zhe Jiang Taihua New Material shares are worth a total of CN¥10.3b, 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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Zhe Jiang Taihua New Material has net debt of just 0.91 times EBITDA, indicating that it is certainly not a reckless borrower. And it boasts interest cover of 8.9 times, which is more than adequate. Better yet, Zhe Jiang Taihua New Material grew its EBIT by 116% 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 ultimately the future profitability of the business will decide if Zhe Jiang Taihua New Material can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Zhe Jiang Taihua New Material 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
Based on what we've seen Zhe Jiang Taihua New Material is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. In particular, we are dazzled with its EBIT growth rate. When we consider all the elements mentioned above, it seems to us that Zhe Jiang Taihua New Material is managing its debt quite well. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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. We've identified 3 warning signs with Zhe Jiang Taihua New Material , and understanding them should be part of your investment process.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,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。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到浙江泰华新材料有限公司。(上海证券交易所:603055)确实在其业务中使用债务。但股东是否应该担心它的债务使用情况?
债务在什么时候是危险的?
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,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。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。
查看我们对浙江泰华新材料的最新分析
浙江泰华新材料背负着多少债务?
您可以点击查看更多详细信息的下图显示,截至2022年3月,浙江泰华新材料的债务为人民币18.亿元,而一年的债务为人民币1.52B元。然而,它确实有10.1亿加元的现金来抵消这一点,导致净债务约为7.862亿加元。
上证综指:603055债转股历史2022年8月19日浙江泰华新材料负债情况一瞥
放大最新的资产负债表数据可以看到,浙江泰华新材12个月内到期负债20.亿元,12个月后到期负债13.2亿元。作为这些债务的抵消,该公司有10.1亿加元的现金以及8.262亿加元的应收账款在12个月内到期。因此,其负债总额为人民币14.9亿元,比现金和短期应收账款的总和还要多。
由于上市的浙江泰华新材料股份总价值为103亿元人民币,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。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
浙江泰华新材料的净债务仅为EBITDA的0.91倍,这表明它肯定不是一个鲁莽的借款人。而且它的利息覆盖率为8.9倍,绰绰有余。更好的是,浙江泰华新材料去年息税前利润增长了116%,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。但最终,该业务未来的盈利能力将决定浙江泰华新材料能否随着时间的推移加强其资产负债表。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,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,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去的三年里,浙江泰华新材料烧掉了大量的现金。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
根据我们所看到的浙江泰华新材料发现这并不容易,因为它将息税前利润转换为自由现金流,但我们考虑的其他因素给了我们乐观的理由。特别是,它的息税前利润增长率让我们眼花缭乱。综上所述,浙江泰华新材料的债务管理情况似乎相当不错。话虽如此,这笔负担足够沉重,我们建议任何股东都要密切关注。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。我们已经确定了三个警告信号与浙江泰华新材料合作,了解它们应该是您投资过程的一部分。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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