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Does JH Educational Technology (HKG:1935) Have A Healthy Balance Sheet?
Does JH Educational Technology (HKG:1935) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that JH Educational Technology INC. (HKG:1935) does use debt in its business. But the real question is whether this debt is making the company risky.
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. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for JH Educational Technology
What Is JH Educational Technology's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 JH Educational Technology had CN¥50.0m of debt, an increase on none, over one year. But on the other hand it also has CN¥989.3m in cash, leading to a CN¥939.3m net cash position.
SEHK:1935 Debt to Equity History September 1st 2022How Healthy Is JH Educational Technology's Balance Sheet?
According to the last reported balance sheet, JH Educational Technology had liabilities of CN¥201.2m due within 12 months, and liabilities of CN¥35.8m due beyond 12 months. Offsetting these obligations, it had cash of CN¥989.3m as well as receivables valued at CN¥210.0k due within 12 months. So it actually has CN¥752.5m more liquid assets than total liabilities.
It's good to see that JH Educational Technology has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, JH Educational Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, JH Educational Technology grew its EBIT by 35% over the last twelve months, and that growth will make it easier to handle its debt. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since JH Educational Technology will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. JH Educational Technology 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. During the last three years, JH Educational Technology produced sturdy free cash flow equating to 71% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that JH Educational Technology has net cash of CN¥939.3m, as well as more liquid assets than liabilities. And it impressed us with its EBIT growth of 35% over the last year. So is JH Educational Technology's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for JH Educational Technology that you should be aware of.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到JH教育科技有限公司(HKG:1935)确实在其业务中使用债务。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?
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。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,许多公司利用债务为增长提供资金,没有任何负面后果。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JH教育技术的最新分析
JH教育科技的净债务是多少?
你可以点击下图查看历史数据,但它显示,截至2022年6月,智和教育科技的债务为5000万元人民币,较一年前没有增加。但另一方面,它也拥有9.893亿加元的现金,导致净现金头寸为9.393亿加元。
联交所:1935债转股历史2022年9月1日JH教育科技的资产负债表健康程度如何?
根据最新报告的资产负债表,JH教育科技有2.012亿加元的负债在12个月内到期,3580万加元的负债在12个月后到期。与这些债务相抵的是,该公司有9.893亿加元的现金以及价值21.0万加元的应收账款在12个月内到期。所以它实际上有7.525亿元人民币更多流动资产超过总负债。
看到JH教育科技资产负债表上有充足的流动性,这是件好事,这表明它对负债的管理是保守的。鉴于它拥有充足的短期流动性,我们认为它与贷款人之间不会有任何问题。简而言之,JH教育科技拥有净现金,所以公平地说,它没有沉重的债务负担!
除此之外,JH教育科技在过去12个月中息税前利润增长了35%,这一增长将使其更容易处理债务。在分析债务水平时,资产负债表显然是一个起点。但你不能完全孤立地看待债务,因为JH教育科技需要盈利来偿还债务。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
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。JH教育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收益(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。在过去的三年里,JH教育科技产生了相当于息税前利润71%的稳健的自由现金流,这与我们预期的差不多。这种冷酷的现金意味着,它可以在想要的时候减少债务。
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,JH教育科技拥有9.393亿元人民币的净现金,流动资产多于负债。去年息税前利润增长了35%,给我们留下了深刻的印象。那么,JH教育科技的债务是一种风险吗?但在我们看来并非如此。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们已经确定JH教育科技的1个警示标志这一点你应该知道。
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。
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