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Is Tong Ren Tang Technologies (HKG:1666) A Risky Investment?
Is Tong Ren Tang Technologies (HKG:1666) A Risky Investment?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Tong Ren Tang Technologies Co. Ltd. (HKG:1666) 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 and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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 step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Tong Ren Tang Technologies
What Is Tong Ren Tang Technologies's Debt?
As you can see below, Tong Ren Tang Technologies had CN¥1.50b of debt at June 2022, down from CN¥2.34b a year prior. However, its balance sheet shows it holds CN¥4.31b in cash, so it actually has CN¥2.82b net cash.
SEHK:1666 Debt to Equity History August 30th 2022A Look At Tong Ren Tang Technologies' Liabilities
We can see from the most recent balance sheet that Tong Ren Tang Technologies had liabilities of CN¥2.78b falling due within a year, and liabilities of CN¥1.16b due beyond that. Offsetting these obligations, it had cash of CN¥4.31b as well as receivables valued at CN¥1.53b due within 12 months. So it can boast CN¥1.90b more liquid assets than total liabilities.
This surplus strongly suggests that Tong Ren Tang Technologies has a rock-solid balance sheet (and the debt is of no concern whatsoever). On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, Tong Ren Tang Technologies boasts net cash, so it's fair to say it does not have a heavy debt load!
While Tong Ren Tang Technologies doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Tong Ren Tang Technologies'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. Tong Ren Tang Technologies 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. In the last three years, Tong Ren Tang Technologies's free cash flow amounted to 49% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Tong Ren Tang Technologies has net cash of CN¥2.82b, as well as more liquid assets than liabilities. So we don't think Tong Ren Tang Technologies's use of debt is risky. Another positive for shareholders is that it pays dividends. So if you like receiving those dividend payments, check Tong Ren Tang Technologies's dividend history, without delay!
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们注意到同仁堂科技有限公司。(HKG:1666)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?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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。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。
查看我们对同仁堂科技的最新分析
同仁堂科技的债务是什么?
如下所示,截至2022年6月,同仁堂科技的债务为人民币15.亿元,低于一年前的23.4亿元。然而,其资产负债表显示,它持有人民币43.1亿元的现金,因此它实际上拥有人民币28.2亿元的净现金。
联交所:1666债转股历史2022年8月30日同仁堂科技的负债问题
从最近的资产负债表可以看出,同仁堂科技有27.8亿元人民币的负债在一年内到期,11.6亿元人民币的负债在一年内到期。作为对这些债务的抵销,该公司有43.1亿加元的现金以及15.3亿加元的应收账款在12个月内到期。因此,它可以吹嘘比总计负债。
这一盈余强烈表明,同仁堂科技拥有坚如磐石的资产负债表(债务丝毫不令人担忧)。按照这种观点,贷款人应该会觉得自己像黑带空手道大师的宠儿一样安全。简而言之,同仁堂科技拥有净现金,可以说它没有沉重的债务负担!
虽然同仁堂科技似乎在息税前利润上没有太大收益,但至少目前盈利保持稳定。当你分析债务时,资产负债表显然是你关注的领域。但决定同仁堂科技未来保持健康资产负债表能力的,最重要的是未来的收益。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。同仁堂科技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是有趣的,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,同仁堂科技的自由现金流占其息税前利润的49%,低于我们的预期。这种疲软的现金转换增加了处理债务的难度。
总结
虽然我们同情那些发现债务问题的投资者,但你应该记住,同仁堂科技拥有28.2亿元人民币的净现金,以及更多的流动资产而不是负债。因此,我们不认为同仁堂科技使用债务是有风险的。对股东来说,另一个利好是它支付股息。因此,如果您喜欢收到这些股息支付,请立即查看同仁堂科技的股息历史记录!
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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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