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Health Check: How Prudently Does Dongfeng Motor Group (HKG:489) Use Debt?
Health Check: How Prudently Does Dongfeng Motor Group (HKG:489) Use Debt?
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.' 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 Dongfeng Motor Group Company Limited (HKG:489) does use debt in its business. But is this debt a concern to shareholders?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Dongfeng Motor Group
How Much Debt Does Dongfeng Motor Group Carry?
The chart below, which you can click on for greater detail, shows that Dongfeng Motor Group had CN¥53.1b in debt in June 2022; about the same as the year before. However, its balance sheet shows it holds CN¥84.1b in cash, so it actually has CN¥31.0b net cash.
SEHK:489 Debt to Equity History September 2nd 2022How Strong Is Dongfeng Motor Group's Balance Sheet?
We can see from the most recent balance sheet that Dongfeng Motor Group had liabilities of CN¥125.0b falling due within a year, and liabilities of CN¥30.2b due beyond that. Offsetting these obligations, it had cash of CN¥84.1b as well as receivables valued at CN¥16.5b due within 12 months. So its liabilities total CN¥54.6b more than the combination of its cash and short-term receivables.
Given this deficit is actually higher than the company's market capitalization of CN¥37.8b, we think shareholders really should watch Dongfeng Motor Group's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. Given that Dongfeng Motor Group has more cash than debt, we're pretty confident it can handle its debt, despite the fact that it has a lot of liabilities in total. 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 Dongfeng Motor Group'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.
Over 12 months, Dongfeng Motor Group made a loss at the EBIT level, and saw its revenue drop to CN¥87b, which is a fall of 31%. To be frank that doesn't bode well.
So How Risky Is Dongfeng Motor Group?
While Dongfeng Motor Group lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥8.3b. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. We're not impressed by its revenue growth, so until we see some positive sustainable EBIT, we consider the stock to be high risk. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 1 warning sign for Dongfeng Motor Group you should be aware of.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。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。我们可以看到东风集团股份股份有限公司(HKG:489)确实在其业务中使用债务。但这笔债务对股东来说是一个担忧吗?
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。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。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。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
看看我们对东风集团股份的最新分析
东风集团股份背负着多少债务?
下面的图表,你可以点击查看更多细节,显示东风集团股份在2022年6月的债务为531亿元人民币,与前一年大致相同。然而,其资产负债表显示,它持有人民币841亿元的现金,因此它实际上拥有人民币310亿元的净现金。
联交所:489债转股历史2022年9月2日东风集团股份的资产负债表有多强?
从最近的资产负债表可以看出,东风集团股份有125.0亿元人民币的负债在一年内到期,超过这一期限的负债有302亿元人民币。作为对这些债务的抵消,该公司有841亿加元的现金以及价值165亿加元的应收账款在12个月内到期。因此,它的负债总额为人民币546亿元,比现金和短期应收账款的总和还要多。
鉴于这一赤字实际上高于该公司378亿元的市值,我们认为股东们真的应该关注东风集团股份的债务水平,就像父母第一次看孩子骑车一样。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。考虑到东风集团股份的现金多于债务,我们相当有信心它有能力处理债务,尽管它总共有很多负债。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,未来的收益将决定东风集团股份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。
在12个月的时间里,东风集团股份在息税前亏损,收入下降到870亿加元,降幅为31%。坦率地说,这不是一个好兆头。
那么,东风集团股份的风险有多大呢?
虽然东风集团股份在息税前收益(EBIT)水平上出现了亏损,但它实际上录得了83亿元的账面利润。因此,当你考虑到它有净现金和法定利润时,它的股票风险可能并不像看起来那样高,至少在短期内是这样。我们对其收入增长并不印象深刻,因此在我们看到一些积极的可持续息税前利润之前,我们认为该股风险很高。毫无疑问,我们从资产负债表中了解到的债务最多。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:我们发现了东风集团股份的1个警示标志你应该意识到。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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