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Is China Fortune Land Development (SHSE:600340) Using Too Much Debt?
Is China Fortune Land Development (SHSE:600340) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies China Fortune Land Development Co., Ltd. (SHSE:600340) makes use of debt. But is this debt a concern to shareholders?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for China Fortune Land Development
What Is China Fortune Land Development's Debt?
As you can see below, at the end of March 2022, China Fortune Land Development had CN¥206.3b of debt, up from CN¥187.1b a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥14.6b, its net debt is less, at about CN¥191.7b.
SHSE:600340 Debt to Equity History August 24th 2022How Strong Is China Fortune Land Development's Balance Sheet?
We can see from the most recent balance sheet that China Fortune Land Development had liabilities of CN¥290.9b falling due within a year, and liabilities of CN¥116.8b due beyond that. Offsetting these obligations, it had cash of CN¥14.6b as well as receivables valued at CN¥208.9b due within 12 months. So its liabilities total CN¥184.2b more than the combination of its cash and short-term receivables.
The deficiency here weighs heavily on the CN¥11.0b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. At the end of the day, China Fortune Land Development would probably need a major re-capitalization if its creditors were to demand repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if China Fortune Land Development 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.
Over 12 months, China Fortune Land Development made a loss at the EBIT level, and saw its revenue drop to CN¥39b, which is a fall of 56%. That makes us nervous, to say the least.
Caveat Emptor
While China Fortune Land Development's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Its EBIT loss was a whopping CN¥19b. Reflecting on this and the significant total liabilities, it's hard to know what to say about the stock because of our intense dis-affinity for it. Sure, the company might have a nice story about how they are going on to a brighter future. But the fact is that it incinerated CN¥922m of cash in the last twelve months, and has precious few liquid assets in comparison to its liabilities. So we consider this a high risk stock, and we're worried its share price could sink faster than than a dingy with a great white shark attacking it. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for China Fortune Land Development that you should be aware of before investing here.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。与许多其他公司一样华润置地有限公司。(上海证券交易所:600340)利用债务。但这笔债务对股东来说是一个担忧吗?
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。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。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,许多公司利用债务为增长提供资金,没有任何负面后果。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。
查看我们对华润置地的最新分析
华润置地的债务是什么?
如下所示,截至2022年3月底,华润置地的债务为人民币2063亿元,高于一年前的人民币1871亿元。单击图像了解更多详细信息。然而,由于其现金储备为人民币146亿元,其净债务较少,约为人民币1917亿元。
上证综指:600340债转股历史2022年8月24日华润置地的资产负债表有多强?
从最近的资产负债表可以看出,华润置地有2909亿元的负债在一年内到期,还有1168亿元的负债在一年内到期。为了抵消这些债务,该公司有146亿加元的现金以及价值2089亿加元的应收账款在12个月内到期。因此,其负债总额为人民币1842亿元,超过了现金和短期应收账款的总和。
这一不足给CN公司本身带来了沉重的负担,就像一个孩子在一个装满书籍、运动装备和小号的巨大背包的重压下挣扎一样。因此,我们肯定认为股东需要密切关注这一事件。归根结底,如果债权人要求偿还债务,华润置地很可能需要进行一次重大的资本重组。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华润置地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。
过去12个月,华润置地的息税前利润出现亏损,收入降至人民币390亿元,降幅达56%。至少可以说,这让我们感到紧张。
告诫买入者
虽然华润置地的营收下滑令人心碎,但可以说,其息税前利润(EBIT)亏损就更没有吸引力了。其息税前利润损失高达人民币190亿元。考虑到这一点和重大的总负债,很难知道如何评价这只股票,因为我们对它的亲和力非常低。当然,这家公司可能有一个美好的故事,讲述他们如何走向更光明的未来。但事实是,它在过去12个月里烧毁了9.22亿元人民币的现金,与其负债相比,其流动资产非常少。因此,我们认为这是一只高风险的股票,我们担心它的股价下跌的速度可能比被大白鲨袭击的昏暗的股票还快。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现华润置地的两个警示信号在这里投资之前你应该意识到这一点。
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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