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Is Xtep International Holdings (HKG:1368) A Risky Investment?
Is Xtep International Holdings (HKG:1368) A Risky Investment?
Warren Buffett famously said, '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. As with many other companies Xtep International Holdings Limited (HKG:1368) makes use of debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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 examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Xtep International Holdings
What Is Xtep International Holdings's Debt?
As you can see below, at the end of June 2022, Xtep International Holdings had CN¥2.98b of debt, up from CN¥1.95b a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥3.81b in cash, so it actually has CN¥828.5m net cash.
SEHK:1368 Debt to Equity History August 25th 2022How Strong Is Xtep International Holdings' Balance Sheet?
According to the last reported balance sheet, Xtep International Holdings had liabilities of CN¥4.92b due within 12 months, and liabilities of CN¥2.55b due beyond 12 months. Offsetting these obligations, it had cash of CN¥3.81b as well as receivables valued at CN¥3.67b due within 12 months. So these liquid assets roughly match the total liabilities.
Having regard to Xtep International Holdings' size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥23.6b company is struggling for cash, we still think it's worth monitoring its balance sheet. Simply put, the fact that Xtep International Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.
In addition to that, we're happy to report that Xtep International Holdings has boosted its EBIT by 55%, thus reducing the spectre of future debt repayments. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Xtep International Holdings's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Xtep International Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Xtep International Holdings reported free cash flow worth 7.5% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Summing Up
While it is always sensible to investigate a company's debt, in this case Xtep International Holdings has CN¥828.5m in net cash and a decent-looking balance sheet. And we liked the look of last year's 55% year-on-year EBIT growth. So is Xtep International Holdings's debt a risk? It doesn't seem so to us. 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 1 warning sign for Xtep International Holdings that 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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。与许多其他公司一样特步国际控股有限公司(HKG:1368)利用债务。但这笔债务对股东来说是一个担忧吗?
为什么债务会带来风险?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
请看我们对特步国际控股的最新分析
特步国际控股的债务是什么?
如下所示,截至2022年6月底,特步国际控股的债务为29.8亿元人民币,高于一年前的19.5亿元人民币。单击图像了解更多详细信息。然而,其资产负债表显示,它持有38.1亿元人民币的现金,因此它实际上拥有8.285亿元净现金。
联交所:1368债转股历史2022年8月25日特步国际控股的资产负债表有多强?
根据最新上报的资产负债表,特步国际控股有49.2亿加元的负债在12个月内到期,25.5亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有38.1亿加元的现金以及36.7亿加元的应收账款在12个月内到期。因此,这些流动资产大致相当于总负债。
考虑到特步国际控股的规模,其流动资产与总负债似乎达到了很好的平衡。因此,尽管很难想象这家236亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为,值得监控其资产负债表。简而言之,特步国际控股的现金多于债务,可以说是一个很好的迹象,表明该公司有能力安全地管理债务。
除此之外,我们很高兴地报告,特步国际控股公司将其息税前利润提高了55%,从而降低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。但决定特步国际控股未来能否保持健康资产负债表的,最重要的是未来的收益。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。
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。特步国际控股的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去的三年里,特步国际控股公司报告的自由现金流相当于其息税前利润的7.5%,这确实是相当低的。对我们来说,低现金转换引发了一点偏执,那就是偿还债务的能力。
总结
虽然调查一家公司的债务总是明智的,但在这起案件中,特步国际控股拥有8.285亿元人民币的净现金和体面的资产负债表。我们喜欢去年息税前利润同比增长55%的表现。那么,特步国际控股的债务是否存在风险?但在我们看来并非如此。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,我们已经确定特步国际控股公司的1个警告标志这一点你应该知道。
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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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。
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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。
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