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We Think C&D International Investment Group (HKG:1908) Is Taking Some Risk With Its Debt
We Think C&D International Investment Group (HKG:1908) Is Taking Some Risk With Its 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.' 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. We note that C&D International Investment Group Limited (HKG:1908) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt A Problem?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for C&D International Investment Group
What Is C&D International Investment Group's Debt?
As you can see below, at the end of June 2022, C&D International Investment Group had CN¥84.1b of debt, up from CN¥77.0b a year ago. Click the image for more detail. However, because it has a cash reserve of CN¥37.6b, its net debt is less, at about CN¥46.5b.
SEHK:1908 Debt to Equity History August 30th 2022How Healthy Is C&D International Investment Group's Balance Sheet?
The latest balance sheet data shows that C&D International Investment Group had liabilities of CN¥249.7b due within a year, and liabilities of CN¥75.8b falling due after that. On the other hand, it had cash of CN¥37.6b and CN¥41.8b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥246.1b.
This deficit casts a shadow over the CN¥22.3b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. After all, C&D International Investment Group would likely require a major re-capitalisation if it had to pay its creditors today.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Strangely C&D International Investment Group has a sky high EBITDA ratio of 7.5, implying high debt, but a strong interest coverage of 94.9. This means that unless the company has access to very cheap debt, that interest expense will likely grow in the future. One way C&D International Investment Group could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 16%, as it did over the last year. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine C&D International Investment 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 business needs free cash flow to pay off debt; accounting profits just don't cut it. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, C&D International Investment Group burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
To be frank both C&D International Investment Group's conversion of EBIT to free cash flow and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Overall, it seems to us that C&D International Investment Group's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. We've identified 3 warning signs with C&D International Investment Group (at least 1 which is a bit concerning) , and understanding them should be part of your investment process.
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.
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。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。我们注意到C&D国际投资集团有限公司(HKG:1908)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
什么时候债务是个问题?
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。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,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,许多公司利用债务为增长提供资金,没有任何负面后果。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对C&D国际投资集团的最新分析
C&D国际投资集团的债务是什么?
如下所示,截至2022年6月底,C&D国际投资集团的债务为人民币841亿元,高于一年前的人民币770亿元。单击图像了解更多详细信息。然而,由于拥有376亿加元的现金储备,其净债务较少,约为465亿加元。
联交所:1908年债转股历史2022年8月30日C&D国际投资集团的资产负债表有多健康?
最新的资产负债表数据显示,C&D国际投资集团有2497亿元人民币的负债在一年内到期,758亿元人民币的负债在一年内到期。另一方面,一年内有376亿加元现金和418亿加元应收账款到期。因此,它的负债超过了现金和(近期)应收账款的总和2461亿元。
这一赤字给这家市值223亿元的公司蒙上了一层阴影,就像一个庞然大物耸立在凡人之上。因此,毫无疑问,我们会密切关注它的资产负债表。毕竟,如果C&D国际投资集团(C&D International Investment Group)今天不得不偿还债权人的债务,它很可能需要进行大规模的资本重组。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
奇怪的是,C&D国际投资集团的EBITDA比率高达7.5,这意味着债务很高,但利息覆盖率高达94.9。这意味着,除非该公司能够获得非常廉价的债务,否则未来的利息支出可能会增加。C&D国际投资集团(C&D International Investment Group)偿还债务的一种方法是停止更多借款,但像过去一年一样,息税前利润继续以16%左右的速度增长。在分析债务水平时,资产负债表显然是一个起点。但决定C&D国际投资集团未来保持健康资产负债表的能力,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,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。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,C&D国际投资集团烧掉了大量现金。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
坦率地说,C&D国际投资集团将息税前利润转换为自由现金流,以及其保持在总负债之上的记录,都让我们对其债务水平感到相当不安。但从好的方面来看,它的利息覆盖是一个好兆头,让我们更加乐观。总体而言,在我们看来,C&D国际投资集团的资产负债表确实对该业务构成了相当大的风险。因此,我们对这种动物的警惕几乎就像饥饿的小猫害怕掉进主人的鱼塘一样:正如他们所说的那样,一次被咬,加倍害羞。在分析债务水平时,资产负债表显然是一个起点。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。我们已经确定了三个警告信号与C&D国际投资集团合作(至少1个,这有点令人担忧),了解他们应该是你投资过程的一部分。
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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风险及免责提示
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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