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We Think Winning Health Technology Group (SZSE:300253) Can Stay On Top Of Its Debt
We Think Winning Health Technology Group (SZSE:300253) Can Stay On Top Of Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Winning Health Technology Group Co., Ltd. (SZSE:300253) makes use of debt. But the more important question is: how much risk is that debt creating?
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 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Winning Health Technology Group
What Is Winning Health Technology Group's Net Debt?
As you can see below, at the end of June 2022, Winning Health Technology Group had CN¥927.8m of debt, up from CN¥871.9m a year ago. Click the image for more detail. But it also has CN¥1.13b in cash to offset that, meaning it has CN¥206.4m net cash.
SZSE:300253 Debt to Equity History September 8th 2022A Look At Winning Health Technology Group's Liabilities
According to the last reported balance sheet, Winning Health Technology Group had liabilities of CN¥1.20b due within 12 months, and liabilities of CN¥1.08b due beyond 12 months. Offsetting this, it had CN¥1.13b in cash and CN¥2.41b in receivables that were due within 12 months. So it can boast CN¥1.26b more liquid assets than total liabilities.
This surplus suggests that Winning Health Technology Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Winning Health Technology Group boasts net cash, so it's fair to say it does not have a heavy debt load!
Importantly, Winning Health Technology Group's EBIT fell a jaw-dropping 55% in the last twelve months. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Winning Health Technology Group can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Winning Health Technology Group 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, Winning Health Technology Group recorded free cash flow of 23% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Winning Health Technology Group has net cash of CN¥206.4m, as well as more liquid assets than liabilities. So we don't have any problem with Winning Health Technology Group's use of debt. 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 2 warning signs for Winning Health Technology Group you should be aware of.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。与许多其他公司一样赢利健康科技集团有限公司。(SZSE:300253)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
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。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。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对赢得健康技术组的最新分析
赢得健康科技集团的净债务是什么?
如下所示,截至2022年6月底,赢利健康科技集团的债务为9.278亿加元,高于一年前的8.719亿加元。单击图像了解更多详细信息。但它也有11.3亿加元的现金来抵消,这意味着它有2.064亿加元的净现金。
深交所:300253债转股历史2022年9月8日看赢健康科技集团的负债
根据最新上报的资产负债表,赢利健康科技集团12个月内到期负债12.亿元,12个月后到期负债10.8亿元。作为抵消,它有11.3亿加元的现金和24.1亿加元的应收账款在12个月内到期。因此,它可以吹嘘比总计负债。
这一盈余表明,Winning Health Technology Group拥有保守的资产负债表,很可能会毫不费力地消除债务。简而言之,Winning Health Technology Group拥有净现金,所以公平地说,它没有沉重的债务负担!
重要的是,Winning Health Technology Group的息税前利润在过去12个月里下降了令人瞠目结舌的55%。如果这种盈利趋势持续下去,那么偿还债务就像把猫赶上过山车一样容易。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定赢得Health Technology Group能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
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Winning Health Technology Group的资产负债表上有净现金,但仍值得看看它将息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。看看最近三年,Winning Health Technology Group的自由现金流占其息税前利润的23%,这比我们预期的要弱。这种疲软的现金转换增加了处理债务的难度。
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,胜利健康科技集团拥有2.064亿元人民币的净现金,以及更多的流动资产而不是负债。因此,我们在赢得健康科技集团的债务使用方面没有任何问题。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:我们发现了健康科技组获奖的2个警示标志你应该意识到。
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。
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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