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Does Sany Heavy Equipment International Holdings (HKG:631) Have A Healthy Balance Sheet?
Does Sany Heavy Equipment International Holdings (HKG:631) Have A Healthy Balance Sheet?
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Sany Heavy Equipment International Holdings Company Limited (HKG:631) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Sany Heavy Equipment International Holdings
What Is Sany Heavy Equipment International Holdings's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Sany Heavy Equipment International Holdings had debt of CN¥4.02b, up from CN¥3.28b in one year. But it also has CN¥5.11b in cash to offset that, meaning it has CN¥1.09b net cash.
SEHK:631 Debt to Equity History September 5th 2022A Look At Sany Heavy Equipment International Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that Sany Heavy Equipment International Holdings had liabilities of CN¥11.7b due within 12 months and liabilities of CN¥2.15b due beyond that. On the other hand, it had cash of CN¥5.11b and CN¥7.02b worth of receivables due within a year. So its liabilities total CN¥1.73b more than the combination of its cash and short-term receivables.
Of course, Sany Heavy Equipment International Holdings has a market capitalization of CN¥23.2b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, Sany Heavy Equipment International Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, Sany Heavy Equipment International Holdings grew its EBIT by 31% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Sany Heavy Equipment International Holdings can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Sany Heavy Equipment International 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. Looking at the most recent three years, Sany Heavy Equipment International Holdings recorded free cash flow of 39% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Sany Heavy Equipment International Holdings has CN¥1.09b in net cash. And we liked the look of last year's 31% year-on-year EBIT growth. So is Sany Heavy Equipment International Holdings's debt a risk? It doesn't seem so to us. 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 1 warning sign for Sany Heavy Equipment International Holdings that 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,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。与许多其他公司一样三一重工国际控股有限公司(HKG:631)利用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务在什么时候是危险的?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。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。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。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
参见我们对三一重工国际控股的最新分析
三一重工国际控股的净债务是多少?
下图显示,截至2022年6月,三一重工国际控股的债务为40.2亿加元,高于一年内的32.8亿加元。你可以点击查看更多细节。但它也有人民币51.1亿元的现金来抵消,这意味着它有人民币10.9亿元的净现金。
联交所:631债转股历史2022年9月5日三一重工国际控股的负债问题
放大最新的资产负债表数据可以看到,三一重工国际控股有117亿加元的负债在12个月内到期,还有21.5亿加元的负债在12个月内到期。另一方面,一年内有现金51.1亿元和应收账款70.20亿元到期。因此,其负债总额为人民币17.3亿元,超过了现金和短期应收账款的总和。
当然,三一重工国际控股的市值为232亿元人民币,因此这些负债可能是可控的。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。尽管有值得注意的负债,但三一重工国际控股拥有净现金,因此可以说它没有沉重的债务负担!
除此之外,三一重工国际控股有限公司在过去12个月中息税前利润增长了31%,这一增长将使其更容易处理债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定三一重工国际控股能否随着时间的推移加强其资产负债表。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,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。尽管三一重工国际控股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。纵观最近三年,三一重工国际控股有限公司的自由现金流占其息税前利润的39%,这一数字低于我们的预期。当涉及到偿还债务时,这并不是很好。
总结
尽管查看一家公司的总负债总是明智的,但令人欣慰的是,三一重工国际控股拥有10.9亿元人民币的净现金。我们喜欢去年息税前利润同比增长31%的表现。那么,三一重工国际控股的债务是否存在风险?但在我们看来并非如此。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,我们已经确定三一重工国际控股的1个警告标志这一点你应该知道。
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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