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These 4 Measures Indicate That AAC Technologies Holdings (HKG:2018) Is Using Debt Extensively
These 4 Measures Indicate That AAC Technologies Holdings (HKG:2018) Is Using Debt Extensively
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that AAC Technologies Holdings Inc. (HKG:2018) does use debt in its business. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
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. If things get really bad, the lenders can take control of the business. 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. 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 AAC Technologies Holdings
How Much Debt Does AAC Technologies Holdings Carry?
The chart below, which you can click on for greater detail, shows that AAC Technologies Holdings had CN¥9.56b in debt in June 2022; about the same as the year before. However, it does have CN¥5.22b in cash offsetting this, leading to net debt of about CN¥4.34b.
SEHK:2018 Debt to Equity History September 9th 2022How Strong Is AAC Technologies Holdings' Balance Sheet?
The latest balance sheet data shows that AAC Technologies Holdings had liabilities of CN¥7.98b due within a year, and liabilities of CN¥10.0b falling due after that. Offsetting this, it had CN¥5.22b in cash and CN¥5.14b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥7.66b.
While this might seem like a lot, it is not so bad since AAC Technologies Holdings has a market capitalization of CN¥15.3b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
While AAC Technologies Holdings's low debt to EBITDA ratio of 1.2 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 3.0 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. Importantly, AAC Technologies Holdings'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. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if AAC Technologies Holdings 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, 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. Over the last three years, AAC Technologies Holdings saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
On the face of it, AAC Technologies Holdings's conversion of EBIT to free cash flow left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But on the bright side, its net debt to EBITDA is a good sign, and makes us more optimistic. Overall, it seems to us that AAC Technologies Holdings's balance sheet is really quite a risk to the business. So we're almost as wary of this stock as a hungry kitten is about falling into its owner's fish pond: once bitten, twice shy, as they say. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with AAC Technologies Holdings .
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.
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。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们可以看到瑞声科技股份有限公司(HKG:2018)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。
为什么债务会带来风险?
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。如果情况真的变得很糟糕,贷款人可以控制业务。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。
看看我们对瑞声科技的最新分析
瑞声科技背负着多少债务?
下面的图表,你可以点击查看更多细节,显示瑞声科技在2022年6月的债务为95.6亿元人民币,与前一年大致相同。然而,它确实有52.2亿加元的现金来抵消这一点,导致净债务约为43.4亿加元。
联交所:2018年债转股历史2022年9月9日瑞声科技的资产负债表有多强?
最新的资产负债表数据显示,瑞声科技有79.8亿元的负债在一年内到期,10.0亿元的负债在一年内到期。作为抵消,它有52.2亿加元的现金和51.4亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和76.6亿元。
虽然这看起来可能很多,但并不是很糟糕,因为瑞声科技的市值为人民币153亿元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。但很明显,我们绝对应该仔细检查它是否能够在不稀释的情况下管理债务。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
尽管瑞声科技的债务与息税折旧摊销前利润之比只有1.2%,这表明债务只是适度使用,但去年息税前利润仅为利息支出的3.0倍,这一事实确实让我们犹豫。因此,我们建议密切关注融资成本对业务的影响。重要的是,瑞声科技的息税前利润在过去12个月里下跌了令人瞠目结舌的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。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定瑞声科技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,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。在过去的三年里,瑞声科技的自由现金流总计出现了大幅负增长。尽管投资者无疑预计这种情况会在适当的时候逆转,但这显然意味着它使用债务的风险更大。
我们的观点
从表面上看,瑞声科技将息税前利润转换为自由现金流,让我们对这只股票持怀疑态度,其息税前利润增长率并不比一年中最繁忙的夜晚的一家空荡荡的餐厅更具诱惑力。但从好的方面来看,它的净债务与EBITDA之比是一个好迹象,让我们更加乐观。总体而言,在我们看来,瑞声科技的资产负债表确实对该业务构成了相当大的风险。因此,我们对这种动物的警惕几乎就像饥饿的小猫害怕掉进主人的鱼塘一样:正如他们所说的那样,一次被咬,加倍害羞。当你分析债务时,资产负债表显然是你关注的领域。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。为此,您应该意识到1个警告标志我们已经看到了瑞声科技。
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。
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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