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Sanxiang Advanced Materials (SHSE:603663) Has A Pretty Healthy Balance Sheet
Sanxiang Advanced Materials (SHSE:603663) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Sanxiang Advanced Materials Co., Ltd. (SHSE:603663) makes use of debt. But should shareholders be worried about its use of debt?
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 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Sanxiang Advanced Materials
What Is Sanxiang Advanced Materials's Debt?
As you can see below, Sanxiang Advanced Materials had CN¥182.0m of debt at June 2022, down from CN¥438.3m a year prior. But on the other hand it also has CN¥198.0m in cash, leading to a CN¥16.1m net cash position.
SHSE:603663 Debt to Equity History August 25th 2022How Healthy Is Sanxiang Advanced Materials' Balance Sheet?
We can see from the most recent balance sheet that Sanxiang Advanced Materials had liabilities of CN¥381.7m falling due within a year, and liabilities of CN¥91.7m due beyond that. On the other hand, it had cash of CN¥198.0m and CN¥252.2m worth of receivables due within a year. So it has liabilities totalling CN¥23.2m more than its cash and near-term receivables, combined.
This state of affairs indicates that Sanxiang Advanced Materials' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥4.78b company is struggling for cash, we still think it's worth monitoring its balance sheet. While it does have liabilities worth noting, Sanxiang Advanced Materials also has more cash than debt, so we're pretty confident it can manage its debt safely.
On top of that, Sanxiang Advanced Materials grew its EBIT by 47% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But it is Sanxiang Advanced Materials's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Sanxiang Advanced Materials 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. In the last three years, Sanxiang Advanced Materials created free cash flow amounting to 7.8% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
Summing Up
We could understand if investors are concerned about Sanxiang Advanced Materials's liabilities, but we can be reassured by the fact it has has net cash of CN¥16.1m. And we liked the look of last year's 47% year-on-year EBIT growth. So is Sanxiang Advanced Materials'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. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 3 warning signs for Sanxiang Advanced Materials (1 is significant!) that you should be aware of before investing here.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,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。与许多其他公司一样三湘先进材料有限公司。(上海证券交易所:603663)利用债务。但股东是否应该担心它的债务使用情况?
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,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,许多公司利用债务为增长提供资金,没有任何负面后果。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对三湘先进材料的最新分析
三湘先进材料的债务是什么?
如下所示,截至2022年6月,三湘先进材料的债务为1.82亿加元,低于一年前的4.383亿加元。但另一方面,它也拥有1.98亿元人民币的现金,导致净现金头寸为1610万元人民币。
上证综指:603663债转股历史2022年8月25日三湘先进材料的资产负债表有多健康?
从最新的资产负债表可以看出,三湘先进材料有3.817亿元的负债在一年内到期,还有9170万元的负债在一年内到期。另一方面,它有1.98亿新元的现金和2.522亿新元的应收账款在一年内到期。因此,它的负债总额比现金和近期应收账款加起来还要多2320万元。
这种情况表明,三湘先进材料的资产负债表看起来相当稳健,其总负债与流动资产大致相当。因此,尽管很难想象这家47.8亿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。虽然三湘先进材料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。
最重要的是,三湘先进材料在过去12个月中息税前利润增长了47%,这一增长将使其更容易处理债务。毫无疑问,我们从资产负债表中了解到的债务最多。但三湘先进材料的盈利将影响未来资产负债表的表现。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
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。虽然三湘先进材料的资产负债表上有净现金,但它将息税前利润(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。在过去的三年里,三湘先进材料创造了相当于息税前利润7.8%的自由现金流,这是一个平淡无奇的表现。这种疲软的现金转换水平削弱了它管理和偿还债务的能力。
总结
如果投资者对三湘先进材料的负债感到担忧,我们可以理解,但我们可以放心的是,该公司拥有1610万元人民币的净现金。我们喜欢去年息税前利润同比增长47%的表现。那么,三湘先进材料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。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,我们发现三湘先进材料的3个警告标志(1很重要!)在这里投资之前你应该意识到这一点。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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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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