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Is Xin Point Holdings (HKG:1571) Using Too Much Debt?
Is Xin Point Holdings (HKG:1571) Using Too Much Debt?
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.' 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. Importantly, Xin Point Holdings Limited (HKG:1571) does carry debt. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free 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 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, 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. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Xin Point Holdings
What Is Xin Point Holdings's Net Debt?
You can click the graphic below for the historical numbers, but it shows that Xin Point Holdings had CN¥81.5m of debt in June 2022, down from CN¥146.7m, one year before. But it also has CN¥151.9m in cash to offset that, meaning it has CN¥70.4m net cash.
SEHK:1571 Debt to Equity History August 30th 2022How Strong Is Xin Point Holdings' Balance Sheet?
The latest balance sheet data shows that Xin Point Holdings had liabilities of CN¥823.3m due within a year, and liabilities of CN¥91.4m falling due after that. Offsetting these obligations, it had cash of CN¥151.9m as well as receivables valued at CN¥720.6m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥42.3m.
This state of affairs indicates that Xin Point Holdings' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥2.19b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Xin Point Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely.
In fact Xin Point Holdings's saving grace is its low debt levels, because its EBIT has tanked 43% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 Xin Point Holdings'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 business needs free cash flow to pay off debt; accounting profits just don't cut it. While Xin Point Holdings has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Xin Point Holdings recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Xin Point Holdings has CN¥70.4m in net cash. So although we see some areas for improvement, we're not too worried about Xin Point Holdings's balance sheet. 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. Case in point: We've spotted 3 warning signs for Xin Point Holdings you should be aware of.
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。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。重要的是新点控股有限公司(HKG:1571)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。
债务会带来什么风险?
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。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,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,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。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对新点控股的最新分析
信点控股的净负债是多少?
你可以点击下图查看历史数字,但它显示,新点控股在2022年6月的债务为8150万元人民币,低于一年前的1.467亿元人民币。但它也有1.519亿加元的现金来抵消,这意味着它有7040万加元的净现金。
联交所:1571债转股历史2022年8月30日新点控股的资产负债表有多强?
最新的资产负债表数据显示,信点控股有8.233亿加元的负债在一年内到期,9140万加元的负债在一年内到期。为了抵消这些债务,该公司有1.519亿加元的现金和7.206亿加元的应收账款在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4230万元。
这种情况表明,信点控股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,这家价值21.9亿元人民币的公司不太可能出现现金短缺的情况,但仍值得关注其资产负债表。虽然Xin Point Holdings确实有值得注意的负债,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。
事实上,Xin Point Holdings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43%。说到还债,收入下降并不比含糖汽水对你的健康有什么用处。毫无疑问,我们从资产负债表中了解到的债务最多。但决定新点控股未来能否保持健康资产负债表的,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,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。虽然Xin Point Holdings的资产负债表上有净现金,但它将息税前收益(EBIT)转换为自由现金流的能力仍然值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。在过去三年中,信点控股的自由现金流总计为负。在自由现金流为负的公司手中,债务通常更昂贵,风险也几乎总是更高。股东们应该希望情况有所改善。
总结
尽管查看一家公司的总负债总是明智的,但新点控股拥有7040万元人民币的净现金,这让人非常放心。因此,尽管我们看到了一些有待改善的地方,但我们并不太担心新点控股的资产负债表。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。一个恰当的例子:我们发现了新点控股的3个警告信号你应该意识到。
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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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。
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