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We Think Great Chinasoft TechnologyLtd (SZSE:002453) Can Stay On Top Of Its Debt
We Think Great Chinasoft TechnologyLtd (SZSE:002453) Can Stay On Top Of Its Debt
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 note that Great Chinasoft Technology Co.,Ltd. (SZSE:002453) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
View our latest analysis for Great Chinasoft TechnologyLtd
How Much Debt Does Great Chinasoft TechnologyLtd Carry?
You can click the graphic below for the historical numbers, but it shows that Great Chinasoft TechnologyLtd had CN¥490.6m of debt in March 2022, down from CN¥692.7m, one year before. However, it does have CN¥449.2m in cash offsetting this, leading to net debt of about CN¥41.4m.
SZSE:002453 Debt to Equity History September 2nd 2022How Strong Is Great Chinasoft TechnologyLtd's Balance Sheet?
According to the last reported balance sheet, Great Chinasoft TechnologyLtd had liabilities of CN¥1.31b due within 12 months, and liabilities of CN¥38.4m due beyond 12 months. Offsetting these obligations, it had cash of CN¥449.2m as well as receivables valued at CN¥881.3m due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.
Having regard to Great Chinasoft TechnologyLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥10.8b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Great Chinasoft TechnologyLtd has virtually no net debt, so it's fair to say it does not have a heavy debt load!
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Given net debt is only 0.29 times EBITDA, it is initially surprising to see that Great Chinasoft TechnologyLtd's EBIT has low interest coverage of 2.3 times. So one way or the other, it's clear the debt levels are not trivial. If Great Chinasoft TechnologyLtd can keep growing EBIT at last year's rate of 12% over the last year, then it will find its debt load easier to manage. There's no doubt that we learn most about debt from the balance sheet. But it is Great Chinasoft TechnologyLtd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Happily for any shareholders, Great Chinasoft TechnologyLtd actually produced more free cash flow than EBIT over the last two years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
Happily, Great Chinasoft TechnologyLtd's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. But we must concede we find its interest cover has the opposite effect. Looking at the bigger picture, we think Great Chinasoft TechnologyLtd's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Great Chinasoft TechnologyLtd that you should be aware of.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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。我们注意到大华软科技有限公司。(SZSE:002453)的资产负债表上确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务在什么时候是危险的?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。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,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。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。
查看我们对大华软科技有限公司的最新分析
伟大的中软科技有限公司背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年3月,大中软科技有限公司的债务为4.906亿元人民币,低于一年前的6.927亿元人民币。然而,它确实有4.492亿加元的现金来抵消这一点,导致净债务约为4140万加元。
深交所:002453债转股历史2022年9月2日大华软科技有限公司的资产负债表有多强?
根据最新报告的资产负债表,大中软科技有限公司有13.1亿加元的负债在12个月内到期,3840万加元的负债在12个月后到期。作为这些债务的抵消,该公司有4.492亿加元的现金以及价值8.813亿加元的应收账款在12个月内到期。因此,它的总负债与其较短期的流动资产几乎完全匹配。
考虑到大中软科技有限公司的规模,它的流动资产和总负债似乎很好地平衡了。因此,这家108亿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。但无论是哪种方式,大中软科技有限公司几乎没有净债务,所以公平地说,它没有沉重的债务负担!
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。这样,我们既考虑了债务的绝对量,也考虑了为其支付的利率。
鉴于净债务仅为EBITDA的0.29倍,最初令人惊讶的是,Great ChinaSoft Technology Ltd.的EBIT利息覆盖率低至2.3倍。因此,无论如何,很明显,债务水平并不是微不足道的。如果中软科技股份有限公司能够保持去年12%的息税前利润增长速度,那么它的债务负担将更容易管理。毫无疑问,我们从资产负债表中了解到的债务最多。但中软科技有限公司的盈利将影响未来资产负债表的表现。因此,如果你热衷于了解更多关于它的收益,可能值得查看一下它的长期收益趋势图。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。因此,我们总是检查EBIT中有多少转化为自由现金流。对于任何股东来说,令人高兴的是,大中华软科技有限公司在过去两年产生的自由现金流实际上超过了息税前利润。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
我们的观点
令人高兴的是,中软科技有限公司令人印象深刻地将息税前利润转换为自由现金流,这意味着它在债务上占据了上风。但我们必须承认,我们发现它的利息覆盖具有相反的效果。从更大的角度来看,我们认为中软科技有限公司的债务使用似乎相当合理,我们并不担心。毕竟,合理的杠杆可以提高股本回报率。毫无疑问,我们从资产负债表中了解到的债务最多。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。例如,我们已经确定大华软科技有限公司的2个警告标志这一点你应该知道。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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