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Precision Tsugami (China) (HKG:1651) Could Easily Take On More Debt
Precision Tsugami (China) (HKG:1651) Could Easily Take On More Debt
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.' 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 note that Precision Tsugami (China) Corporation Limited (HKG:1651) does have debt on its balance sheet. But is this debt a concern to shareholders?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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 Precision Tsugami (China)
How Much Debt Does Precision Tsugami (China) Carry?
The image below, which you can click on for greater detail, shows that at March 2022 Precision Tsugami (China) had debt of CN¥22.1m, up from none in one year. However, its balance sheet shows it holds CN¥555.4m in cash, so it actually has CN¥533.3m net cash.
SEHK:1651 Debt to Equity History August 23rd 2022How Strong Is Precision Tsugami (China)'s Balance Sheet?
The latest balance sheet data shows that Precision Tsugami (China) had liabilities of CN¥1.21b due within a year, and liabilities of CN¥79.0m falling due after that. Offsetting these obligations, it had cash of CN¥555.4m as well as receivables valued at CN¥1.22b due within 12 months. So it actually has CN¥484.7m more liquid assets than total liabilities.
This surplus suggests that Precision Tsugami (China) is using debt in a way that is appears to be both safe and conservative. Due to its strong net asset position, it is not likely to face issues with its lenders. Succinctly put, Precision Tsugami (China) boasts net cash, so it's fair to say it does not have a heavy debt load!
In addition to that, we're happy to report that Precision Tsugami (China) has boosted its EBIT by 68%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Precision Tsugami (China) 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 company can only pay off debt with cold hard cash, not accounting profits. While Precision Tsugami (China) has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent three years, Precision Tsugami (China) recorded free cash flow of 33% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Precision Tsugami (China) has net cash of CN¥533.3m, as well as more liquid assets than liabilities. And we liked the look of last year's 68% year-on-year EBIT growth. So is Precision Tsugami (China)'s debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Precision Tsugami (China) (1 makes us a bit uncomfortable) you should be aware of.
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.
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。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。我们注意到筑美精密(中国)有限公司(HKG:1651)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
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。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。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Precision Tsugami(中国)的最新分析
Precision Tsugami(中国)背负着多少债务?
下图显示,截至2022年3月,Precision Tsugami(中国)的债务为2210万元,而一年内为零。你可以点击查看更多细节。然而,其资产负债表显示,它持有5.554亿加元的现金,因此它实际上拥有5.333亿加元的净现金。
联交所:1651债转股历史2022年8月23日Precision Tsugami(中国)的资产负债表有多强劲?
最新的资产负债表数据显示,Precision Tsugami(中国)有12.1亿元人民币的负债在一年内到期,而7900万元的负债在一年内到期。为了抵消这些债务,该公司有5.554亿加元的现金和12.2亿加元的应收账款在12个月内到期。所以它实际上有人民币4.847亿元更多流动资产超过总负债。
这一盈余表明,Precision Tsugami(中国)正在以一种似乎既安全又保守的方式使用债务。由于其强大的净资产状况,它不太可能面临与贷款人的问题。简而言之,Precision Tsugami(中国)拥有净现金,所以公平地说,它没有沉重的债务负担!
除此之外,我们很高兴地报告,Precision Tsugami(中国)已将其息税前利润提高了68%,从而减少了未来偿还债务的幽灵。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定Precision Tsugami(中国)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,一家公司只能用冷硬现金偿还债务,而不是会计利润。虽然Precision Tsugami(中国)的资产负债表上有净现金,但它将息税前收益(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。纵观最近三年,Precision Tsugami(China)的自由现金流占其息税前利润的33%,这一数字低于我们的预期。当涉及到偿还债务时,这并不是很好。
总结
虽然我们同情那些对债务感到担忧的投资者,但您应该记住,Precision Tsugami(中国)拥有5.33亿元人民币的净现金,流动资产多于负债。我们喜欢去年息税前利润同比增长68%的表现。那么,Precision Tsugami(中国)的债务是一种风险吗?在我们看来并非如此。在分析债务水平时,资产负债表是显而易见的起点。然而,并非所有投资风险都存在于资产负债表内--远非如此。例如,我们已经确定Precision Tsugami(中国)的2个警告标志(1让我们有点不舒服)你应该知道。
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。
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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