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China Communications Services (HKG:552) Seems To Use Debt Quite Sensibly
China Communications Services (HKG:552) Seems To Use Debt Quite Sensibly
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that China Communications Services Corporation Limited (HKG:552) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
What Risk Does Debt Bring?
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. If things get really bad, the lenders can take control of the business. 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, 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.
View our latest analysis for China Communications Services
How Much Debt Does China Communications Services Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 China Communications Services had CN¥850.0m of debt, an increase on CN¥764.9m, over one year. But on the other hand it also has CN¥19.5b in cash, leading to a CN¥18.6b net cash position.
SEHK:552 Debt to Equity History August 30th 2022A Look At China Communications Services' Liabilities
The latest balance sheet data shows that China Communications Services had liabilities of CN¥64.2b due within a year, and liabilities of CN¥2.30b falling due after that. Offsetting these obligations, it had cash of CN¥19.5b as well as receivables valued at CN¥47.8b due within 12 months. So these liquid assets roughly match the total liabilities.
This short term liquidity is a sign that China Communications Services could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, China Communications Services boasts net cash, so it's fair to say it does not have a heavy debt load!
The modesty of its debt load may become crucial for China Communications Services if management cannot prevent a repeat of the 44% cut to EBIT over the last year. 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 it is future earnings, more than anything, that will determine China Communications Services'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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. China Communications Services 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, China Communications Services actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that China Communications Services has net cash of CN¥18.6b, as well as more liquid assets than liabilities. The cherry on top was that in converted 108% of that EBIT to free cash flow, bringing in CN¥2.7b. So we are not troubled with China Communications Services's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with China Communications Services .
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们注意到中国通信服务股份有限公司(HKG:552)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
债务会带来什么风险?
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。如果情况真的变得很糟糕,贷款人可以控制业务。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,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。
查看我们对中国通信服务的最新分析
中国通信服务公司背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年6月,中国通信服务公司的债务为8.50亿元人民币,比一年前增加7.649亿元人民币。但另一方面,它也有195亿加元的现金,导致186亿加元的净现金头寸。
联交所:552债转股历史2022年8月30日看中国通信服务公司的负债情况
最新的资产负债表数据显示,中国通信服务一年内到期负债642亿元,一年后到期负债23.亿元。作为对这些债务的抵销,该公司有195亿加元的现金以及价值478亿加元的应收账款在12个月内到期。因此,这些流动资产大致相当于总负债。
这种短期流动性是一个迹象,表明中国通信服务集团很可能可以轻松偿还债务,因为该公司的资产负债表远未捉襟见肘。简而言之,中国通信服务拥有净现金,所以可以说它没有沉重的债务负担!
如果管理层不能防止去年息税前利润削减44%的局面重演,其适度的债务负担可能对中国通信服务至关重要。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。但决定中国通信未来能否保持健康资产负债表的,最重要的是未来的盈利。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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。中国通信服务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。在过去三年中,中国通信服务实际上产生了比息税前利润更多的自由现金流。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,中国通信服务公司拥有186亿元人民币的净现金,流动资产多于负债。上面的樱桃是IN将这笔息税前利润的108%转化为自由现金流,带来了人民币27亿元。因此,我们并不为中国通信服务公司的债务使用感到困扰。当你分析债务时,资产负债表显然是你关注的领域。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。为此,您应该意识到1个警告标志我们已经发现了中国通信服务公司。
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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