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Does Xinyi Solar Holdings (HKG:968) Have A Healthy Balance Sheet?
Does Xinyi Solar Holdings (HKG:968) Have A Healthy Balance Sheet?
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. Importantly, Xinyi Solar Holdings Limited (HKG:968) does carry debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Xinyi Solar Holdings
What Is Xinyi Solar Holdings's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Xinyi Solar Holdings had HK$6.98b of debt, an increase on HK$6.55b, over one year. But on the other hand it also has HK$7.47b in cash, leading to a HK$493.4m net cash position.
SEHK:968 Debt to Equity History August 29th 2022How Strong Is Xinyi Solar Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Xinyi Solar Holdings had liabilities of HK$9.96b due within 12 months and liabilities of HK$3.71b due beyond that. Offsetting these obligations, it had cash of HK$7.47b as well as receivables valued at HK$10.7b due within 12 months. So it actually has HK$4.51b more liquid assets than total liabilities.
This short term liquidity is a sign that Xinyi Solar Holdings could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Xinyi Solar Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
In fact Xinyi Solar Holdings's saving grace is its low debt levels, because its EBIT has tanked 34% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Xinyi Solar Holdings can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Xinyi Solar 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, Xinyi Solar Holdings barely recorded positive free cash flow, in total. While many companies do operate at break-even, we prefer see substantial free cash flow, especially if a it already has dead.
Summing Up
While it is always sensible to investigate a company's debt, in this case Xinyi Solar Holdings has HK$493.4m in net cash and a decent-looking balance sheet. So we don't have any problem with Xinyi Solar Holdings's use of debt. 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. We've identified 1 warning sign with Xinyi Solar Holdings , and understanding them should be part of your investment process.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。重要的是信义光能控股有限公司(HKG:968)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务在什么时候是危险的?
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。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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。
查看我们对信义光能控股的最新分析
信义光能控股的债务是什么?
你可以点击下图查看历史数据,但它显示,截至2022年6月,信义光能控股的债务为69.8亿港元,比一年前增加了65.5亿港元。但另一方面,它也拥有74.7亿港元的现金,使其拥有4.934亿港元的净现金头寸。
联交所:968债转股历史2022年8月29日信义光能控股的资产负债表有多强?
放大最新的资产负债表数据,我们可以看到,信义光能控股有99.6亿港元的负债在12个月内到期,而在此之后还有37.1亿港元的负债到期。该公司有74.7亿港元现金及价值107亿港元的应收账款于12个月内到期,以抵销这些债务。因此,它实际上有45.1亿港元更多流动资产超过总负债。
这种短期流动性是一个迹象,表明信义光能控股很可能可以轻松偿还债务,因为其资产负债表远未捉襟见肘。简而言之,信义光能控股拥有净现金,可以说它没有沉重的债务负担!
事实上,信义光能控股的可取之处在于其较低的债务水平,因为它的息税前利润在过去12个月里暴跌了34%。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。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信义光能控股能否随着时间的推移加强其资产负债表。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,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。信义光能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利润(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,信义光能控股几乎没有录得总的正自由现金流。尽管许多公司确实在盈亏平衡的情况下运营,但我们更希望看到大量的自由现金流,特别是如果一家公司已经死亡。
总结
尽管调查一家公司的债务总是明智之举,但在这起案件中,信义光能控股拥有4.934亿港元的净现金和看起来不错的资产负债表。因此,我们对信义光能控股的债务使用没有任何问题。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了1个警告信号与信义光能控股合作,了解他们应该是你投资过程的一部分。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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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