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Kingdee International Software Group (HKG:268) Has Debt But No Earnings; Should You Worry?
Kingdee International Software Group (HKG:268) Has Debt But No Earnings; Should You Worry?
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.' 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. Importantly, Kingdee International Software Group Company Limited (HKG:268) does carry debt. But the real question is whether this debt is making the company risky.
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. If things get really bad, the lenders can take control of the business. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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 Kingdee International Software Group
What Is Kingdee International Software Group's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Kingdee International Software Group had CN¥50.0m of debt, an increase on none, over one year. But on the other hand it also has CN¥1.98b in cash, leading to a CN¥1.93b net cash position.
SEHK:268 Debt to Equity History August 22nd 2022A Look At Kingdee International Software Group's Liabilities
The latest balance sheet data shows that Kingdee International Software Group had liabilities of CN¥3.29b due within a year, and liabilities of CN¥178.7m falling due after that. On the other hand, it had cash of CN¥1.98b and CN¥1.03b worth of receivables due within a year. So its liabilities total CN¥458.4m more than the combination of its cash and short-term receivables.
Having regard to Kingdee International Software Group's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥48.4b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Kingdee International Software Group also has more cash than debt, so we're pretty confident it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Kingdee International Software 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.
Over 12 months, Kingdee International Software Group reported revenue of CN¥4.5b, which is a gain of 17%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
So How Risky Is Kingdee International Software Group?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And the fact is that over the last twelve months Kingdee International Software Group lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥147m and booked a CN¥411m accounting loss. With only CN¥1.93b on the balance sheet, it would appear that its going to need to raise capital again soon. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. When I consider a company to be a bit risky, I think it is responsible to check out whether insiders have been reporting any share sales. Luckily, you can click here ito see our graphic depicting Kingdee International Software Group insider transactions.
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.
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。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。重要的是金蝶国际股份有限公司(HKG:268)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
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。如果情况真的变得很糟糕,贷款人可以控制业务。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。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。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。
查看我们对金蝶国际的最新分析
金蝶国际的债务是什么?
你可以点击下图查看历史数据,但它显示,截至2022年6月,金蝶国际的债务为人民币5000万元,较一年前没有增加。但另一方面,它也有19.8亿加元的现金,导致19.3亿加元的净现金头寸。
联交所:268债转股历史2022年8月22日看金蝶国际的负债
最新的资产负债表数据显示,金蝶国际有32.9亿元人民币的负债在一年内到期,1.787亿元人民币的负债在一年内到期。另一方面,一年内有19.8亿加元现金和10.3亿加元应收账款到期。因此,其负债总额为4.584亿加元,比现金和短期应收账款的总和还要多。
考虑到金蝶国际的规模,其流动资产与总负债似乎达到了很好的平衡。因此,这家484亿元人民币的公司不太可能出现现金短缺的情况,但仍值得关注其资产负债表。虽然金蝶国际确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定金蝶国际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。
在过去的12个月里,金蝶国际报告了45亿加元的收入,这是17%的收益,尽管它没有报告任何息税前收益。我们通常喜欢看到不盈利的公司实现更快的增长,但每个公司都有自己的特点。
那么,金蝶国际的风险有多大呢?
我们毫不怀疑,总的来说,亏损公司比盈利公司风险更大。事实是,在过去的12个月里,金蝶国际在息税前利润(EBIT)上亏损。同期,该公司出现了1.47亿加元的负自由现金流出,并计入了4.11亿加元的会计损失。由于资产负债表上只有19.3亿元人民币,它似乎很快就需要再次筹集资金。总而言之,我们对这一点持怀疑态度,因为在没有自由现金流的情况下,它似乎有相当大的风险。当我认为一家公司有一点风险时,我认为它有责任检查内部人士是否报告了任何股票出售。幸运的是,你可以点击这里看到我们描绘金蝶国际内幕交易的图表。
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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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。
风险及免责提示
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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