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Sinomine Resource Group (SZSE:002738) Could Easily Take On More Debt
Sinomine Resource Group (SZSE:002738) 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. As with many other companies Sinomine Resource Group Co., Ltd. (SZSE:002738) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. 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 Sinomine Resource Group
What Is Sinomine Resource Group's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Sinomine Resource Group had CN¥2.19b of debt, an increase on CN¥914.2m, over one year. However, it does have CN¥2.31b in cash offsetting this, leading to net cash of CN¥118.5m.
SZSE:002738 Debt to Equity History August 26th 2022How Strong Is Sinomine Resource Group's Balance Sheet?
The latest balance sheet data shows that Sinomine Resource Group had liabilities of CN¥1.88b due within a year, and liabilities of CN¥1.77b falling due after that. Offsetting these obligations, it had cash of CN¥2.31b as well as receivables valued at CN¥754.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥589.8m.
This state of affairs indicates that Sinomine Resource Group's 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¥41.9b company is struggling for cash, we still think it's worth monitoring its balance sheet. While it does have liabilities worth noting, Sinomine Resource Group also has more cash than debt, so we're pretty confident it can manage its debt safely.
Better yet, Sinomine Resource Group grew its EBIT by 509% last year, which is an impressive improvement. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Sinomine Resource Group'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Sinomine Resource Group 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. Looking at the most recent three years, Sinomine Resource Group recorded free cash flow of 39% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
We could understand if investors are concerned about Sinomine Resource Group's liabilities, but we can be reassured by the fact it has has net cash of CN¥118.5m. And it impressed us with its EBIT growth of 509% over the last year. So is Sinomine Resource Group's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example - Sinomine Resource Group has 1 warning sign we think 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。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中矿资源集团有限公司。(SZSE:002738)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
为什么债务会带来风险?
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,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,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。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Sinomine资源集团的最新分析
国矿资源集团的净负债是多少?
你可以点击下图查看历史数字,但它显示,截至2022年6月,中矿资源集团的债务为21.9亿元人民币,比一年前增加了9.142亿元人民币。然而,它确实有23.1亿加元的现金抵消了这一点,导致净现金为1.185亿加元。
深圳证交所:002738债转股历史2022年8月26日国美资源集团的资产负债表有多强?
最新的资产负债表数据显示,中矿资源集团有18.8亿元的负债在一年内到期,17.7亿元的负债在一年内到期。为了抵消这些债务,该公司有23.1亿加元的现金和7.549亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和5.898亿元。
这种情况表明,国美资源集团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419亿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。虽然国美资源集团确实有值得注意的负债,但它的现金也多于债务,因此我们非常有信心它能够安全地管理其债务。
更好的是,国美资源集团去年息税前利润增长了509%,这是一个令人印象深刻的进步。这一提振将使未来偿还债务变得更加容易。在分析债务水平时,资产负债表显然是一个起点。但决定国美资源集团未来能否保持健康资产负债表的,最重要的是未来的收益。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。国美资源集团的资产负债表上可能有净现金,但看看该业务将息税前利润(EBIT)转换为自由现金流的情况仍很有趣,因为这将影响其对债务的需求和管理债务的能力。纵观最近三年,国美资源集团的自由现金流占其息税前利润的39%,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
如果投资者担心国美资源集团的负债,我们可以理解,但我们可以放心的是,该集团拥有1.185亿元人民币的净现金。去年息税前利润509%的增长给我们留下了深刻的印象。那么,国美资源集团的债务是一种风险吗?但在我们看来并非如此。当你分析债务时,资产负债表显然是你关注的领域。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-Sinomine资源集团拥有1个警告标志我们认为你应该意识到。
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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