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Here's Why Shenzhen JPT Opto-Electronics (SHSE:688025) Can Manage Its Debt Responsibly
Here's Why Shenzhen JPT Opto-Electronics (SHSE:688025) Can Manage Its Debt Responsibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Shenzhen JPT Opto-Electronics Co., Ltd. (SHSE:688025) makes use of debt. But should shareholders be worried about its use of debt?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Shenzhen JPT Opto-Electronics
How Much Debt Does Shenzhen JPT Opto-Electronics Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Shenzhen JPT Opto-Electronics had debt of CN¥144.1m, up from CN¥30.0m in one year. However, its balance sheet shows it holds CN¥500.5m in cash, so it actually has CN¥356.5m net cash.
SHSE:688025 Debt to Equity History August 31st 2022How Strong Is Shenzhen JPT Opto-Electronics' Balance Sheet?
We can see from the most recent balance sheet that Shenzhen JPT Opto-Electronics had liabilities of CN¥608.0m falling due within a year, and liabilities of CN¥111.2m due beyond that. Offsetting this, it had CN¥500.5m in cash and CN¥441.9m in receivables that were due within 12 months. So it actually has CN¥223.3m more liquid assets than total liabilities.
This surplus suggests that Shenzhen JPT Opto-Electronics has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shenzhen JPT Opto-Electronics boasts net cash, so it's fair to say it does not have a heavy debt load!
Fortunately, Shenzhen JPT Opto-Electronics grew its EBIT by 9.4% in the last year, making that debt load look even more manageable. 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 Shenzhen JPT Opto-Electronics'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. While Shenzhen JPT Opto-Electronics 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. During the last three years, Shenzhen JPT Opto-Electronics burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
While it is always sensible to investigate a company's debt, in this case Shenzhen JPT Opto-Electronics has CN¥356.5m in net cash and a decent-looking balance sheet. On top of that, it increased its EBIT by 9.4% in the last twelve months. So we are not troubled with Shenzhen JPT Opto-Electronics's debt use. 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. Case in point: We've spotted 3 warning signs for Shenzhen JPT Opto-Electronics you should be aware of, and 1 of them can't be ignored.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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。与许多其他公司一样深圳市捷普光电有限公司。(上海证券交易所:688025)利用债务。但股东是否应该担心它的债务使用情况?
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。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。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。
查看我们对深圳JPT光电的最新分析
深圳捷普光电背负着多少债务?
下图显示,截至2022年6月,深圳捷普光电的债务为1.441亿加元,高于一年内的3.0亿加元。你可以点击查看更多详情。然而,其资产负债表显示,它持有5.05亿新元现金,因此它实际上拥有3.565亿新元净现金。
上证综指:688025债转股历史2022年8月31日深圳捷普光电的资产负债表到底有多强?
从最近的资产负债表可以看出,深圳捷普光电有6.08亿元的负债在一年内到期,还有1.112亿元的负债在一年内到期。作为抵消,它有5.05亿加元的现金和4.419亿加元的应收账款在12个月内到期。所以它实际上有2.233亿元人民币更多流动资产超过总负债。
这一盈余表明,深圳捷普光电的资产负债表较为保守,很可能会毫不费力地消除债务。简而言之,深圳JPT光电拥有净现金,所以可以说它没有沉重的债务负担!
幸运的是,深圳捷普光电去年息税前利润增长了9.4%,这使得债务负担看起来更容易管理。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的盈利将决定深圳捷普光电未来能否保持健康的资产负债表。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。虽然深圳捷普光电的资产负债表上有净现金,但它将息税前利润(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。在过去的三年里,深圳JPT光电烧掉了大量现金。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
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,深圳捷普光电拥有3.565亿元人民币的净现金和看起来不错的资产负债表。最重要的是,它在过去12个月中息税前利润增长了9.4%。因此,我们并不担心深圳JPT光电的举债问题。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。一个恰当的例子:我们发现了深圳JPT光电的3个警示标志你应该意识到,其中有1个是不容忽视的。
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。
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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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