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Is Tianneng Power International (HKG:819) A Risky Investment?
Is Tianneng Power International (HKG:819) A Risky Investment?
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.' 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. Importantly, Tianneng Power International Limited (HKG:819) does carry debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Tianneng Power International
What Is Tianneng Power International's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Tianneng Power International had CN¥7.62b of debt, an increase on CN¥6.05b, over one year. However, it does have CN¥11.9b in cash offsetting this, leading to net cash of CN¥4.30b.
SEHK:819 Debt to Equity History September 16th 2022A Look At Tianneng Power International's Liabilities
We can see from the most recent balance sheet that Tianneng Power International had liabilities of CN¥21.6b falling due within a year, and liabilities of CN¥2.20b due beyond that. Offsetting this, it had CN¥11.9b in cash and CN¥4.36b in receivables that were due within 12 months. So its liabilities total CN¥7.47b more than the combination of its cash and short-term receivables.
This deficit is considerable relative to its market capitalization of CN¥7.53b, so it does suggest shareholders should keep an eye on Tianneng Power International's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. While it does have liabilities worth noting, Tianneng Power International also has more cash than debt, so we're pretty confident it can manage its debt safely.
In fact Tianneng Power International's saving grace is its low debt levels, because its EBIT has tanked 43% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 Tianneng Power International 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Tianneng Power International 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. Over the last three years, Tianneng Power International recorded negative free cash flow, in total. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
Summing Up
While Tianneng Power International does have more liabilities than liquid assets, it also has net cash of CN¥4.30b. Despite its cash we think that Tianneng Power International seems to struggle to grow its EBIT, so we are wary of the stock. 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. We've identified 2 warning signs with Tianneng Power International , and understanding them should be part of your investment process.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”在研究公司的资产负债表有多风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时通常涉及债务。重要的是, 天能电力国际有限公司 (HKG: 819)确实有债务。但真正的问题是这笔债务是否使公司面临风险。
债务何时危险?
当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。当然,债务可能是企业的重要工具,尤其是资本密集型企业。当我们考虑公司对债务的使用时,我们首先要同时考虑现金和债务。
查看我们对天能电力国际的最新分析
天能电力国际的净负债是多少?
你可以点击下图查看历史数字,但它显示,截至2022年6月,天能电力国际在一年内有762亿元人民币的债务,比60.5亿元人民币有所增加。但是,它确实有119亿元人民币的现金抵消了这一点,从而净现金为43.0亿元人民币。
香港交易所:819 债务转股权历史记录 2022 年 9 月 16 日看看天能电力国际的负债
从最新的资产负债表中我们可以看出,天能电力国际在一年内到期的负债为216亿元人民币,在此之后的到期负债为220亿元人民币。抵消这一点的是,它有119亿元的现金和43.6亿元人民币的应收账款,这些应收账款将在12个月内到期。因此,其负债总额比现金和短期应收账款的总和多出74.7亿元人民币。
相对于其753亿元人民币的市值,这一赤字相当可观,因此这确实表明股东应该密切关注天能电力国际对债务的使用。如果其贷款机构要求其支撑资产负债表,股东可能会面临严重的稀释。尽管天能电力国际确实有负债值得注意,但它的现金也多于债务,因此我们非常有信心它能够安全地管理债务。
事实上,天能电力国际的储蓄优势在于其低债务水平,因为其息税前利润在过去十二个月中下降了43%。在偿还债务方面,收入下降并不比含糖苏打水对你的健康更有用。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,该业务未来的盈利能力将决定天能电力国际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。
但我们最后的考虑因素也很重要,因为公司无法用纸质利润偿还债务;它需要冷硬现金。尽管天能电力国际的资产负债表上有净现金,但仍值得一看其将利息和税前收益(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。在过去的三年中,天能电力国际的自由现金流总额为负。对于自由现金流不可靠的公司来说,债务风险要大得多,因此股东应该希望过去的支出能在未来产生自由现金流。
总结
尽管天能电力国际的负债确实多于流动资产,但其净现金也为43.0亿元人民币。尽管有现金,但我们认为天能电力国际似乎难以增加其息税前利润,因此我们对该股持谨慎态度。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表内——远非如此。 我们已经确定了 2 个警告信号 加入天能电力国际,了解它们应该是你投资过程的一部分。
当一切都说完之后,有时候更容易将注意力集中在甚至不需要债务的公司身上。读者可以访问净负债为零的成长型股票清单 100% 免费,现在。
对这篇文章有反馈吗?对内容感到担忧? 取得联系 直接和我们联系。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。
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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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