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Is China CSSC Holdings (SHSE:600150) Using Debt Sensibly?
Is China CSSC Holdings (SHSE:600150) Using Debt Sensibly?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that China CSSC Holdings Limited (SHSE:600150) does use debt in its business. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for China CSSC Holdings
What Is China CSSC Holdings's Net Debt?
As you can see below, China CSSC Holdings had CN¥20.3b of debt, at March 2022, which is about the same as the year before. You can click the chart for greater detail. But it also has CN¥55.2b in cash to offset that, meaning it has CN¥34.9b net cash.
SHSE:600150 Debt to Equity History August 23rd 2022How Strong Is China CSSC Holdings' Balance Sheet?
We can see from the most recent balance sheet that China CSSC Holdings had liabilities of CN¥99.9b falling due within a year, and liabilities of CN¥12.5b due beyond that. Offsetting these obligations, it had cash of CN¥55.2b as well as receivables valued at CN¥10.9b due within 12 months. So its liabilities total CN¥46.4b more than the combination of its cash and short-term receivables.
This deficit isn't so bad because China CSSC Holdings is worth a massive CN¥123.8b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. Despite its noteworthy liabilities, China CSSC Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine China CSSC Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
In the last year China CSSC Holdings wasn't profitable at an EBIT level, but managed to grow its revenue by 14%, to CN¥63b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
So How Risky Is China CSSC Holdings?
Although China CSSC Holdings had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥174m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for China CSSC Holdings that you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们可以看到中国中证金控股有限公司(上海证券交易所:600150)确实在其业务中使用债务。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?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对中国中证金控股的最新分析
中国中证金控股的净债务是多少?
如下所示,截至2022年3月,中国中证金控股的债务为人民币203亿元,与前一年大致相同。您可以单击图表查看更多详细信息。但它也有552亿加元的现金来抵消,这意味着它有349亿加元的净现金。
上证综指:600150债转股历史2022年8月23日中国中证金控股的资产负债表有多强劲?
从最近的资产负债表可以看出,中证金控股有999亿元人民币的负债在一年内到期,还有125亿元人民币的负债在一年内到期。作为对这些债务的抵消,该公司有552亿加元的现金以及价值109亿加元的应收账款在12个月内到期。因此,其负债总额为人民币464亿元,超过了现金和短期应收账款的总和。
这一赤字并不是那么糟糕,因为中国中证金控股的市值高达人民币1,238亿元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。尽管有值得注意的负债,但中国中证金控股拥有净现金,因此可以说它没有沉重的债务负担!在分析债务水平时,资产负债表显然是一个起点。但决定中国中证金未来能否保持健康资产负债表的,最重要的是未来的盈利状况。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。
去年,中证金控股没有实现息税前利润,但营收增长了14%,达到人民币630亿元。这种增长速度对我们的品味来说有点慢,但它需要所有类型的人来创造一个世界。
那么,中国中证金控股的风险有多大?
尽管中国中证金控股在过去12个月中出现息税前利润(EBIT)亏损,但其法定利润为1.74亿元人民币。因此,当你考虑到它有净现金和法定利润时,它的股票风险可能并不像看起来那样高,至少在短期内是这样。在我们看到一些积极的息税前利润,我们对该股有点谨慎,尤其是因为收入增长相当温和。毫无疑问,我们从资产负债表中了解到的债务最多。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。例如,我们已经确定中国中证金控股的2个警告信号这一点你应该知道。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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