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Is Nantong Jiangshan Agrochemical & ChemicalsLtd (SHSE:600389) Using Too Much Debt?
Is Nantong Jiangshan Agrochemical & ChemicalsLtd (SHSE:600389) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd. (SHSE:600389) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Nantong Jiangshan Agrochemical & ChemicalsLtd
What Is Nantong Jiangshan Agrochemical & ChemicalsLtd's Debt?
As you can see below, at the end of June 2022, Nantong Jiangshan Agrochemical & ChemicalsLtd had CN¥733.5m of debt, up from CN¥620.6m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥2.51b in cash, so it actually has CN¥1.78b net cash.
SHSE:600389 Debt to Equity History September 19th 2022How Healthy Is Nantong Jiangshan Agrochemical & ChemicalsLtd's Balance Sheet?
We can see from the most recent balance sheet that Nantong Jiangshan Agrochemical & ChemicalsLtd had liabilities of CN¥2.85b falling due within a year, and liabilities of CN¥538.8m due beyond that. Offsetting this, it had CN¥2.51b in cash and CN¥1.50b in receivables that were due within 12 months. So it actually has CN¥613.8m more liquid assets than total liabilities.
This short term liquidity is a sign that Nantong Jiangshan Agrochemical & ChemicalsLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Nantong Jiangshan Agrochemical & ChemicalsLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
Better yet, Nantong Jiangshan Agrochemical & ChemicalsLtd grew its EBIT by 254% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Nantong Jiangshan Agrochemical & ChemicalsLtd's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Nantong Jiangshan Agrochemical & ChemicalsLtd 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. During the last three years, Nantong Jiangshan Agrochemical & ChemicalsLtd generated free cash flow amounting to a very robust 89% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Nantong Jiangshan Agrochemical & ChemicalsLtd has net cash of CN¥1.78b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥1.7b, being 89% of its EBIT. So we don't think Nantong Jiangshan Agrochemical & ChemicalsLtd's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Nantong Jiangshan Agrochemical & ChemicalsLtd 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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。与许多其他公司一样南通江山农化股份有限公司(上海证券交易所:600389)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
为什么债务会带来风险?
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。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。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。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。
查看我们对南通江山农化股份有限公司的最新分析
南通江山农化股份有限公司的债务是什么?
如下所示,截至2022年6月底,南通江山农化股份有限公司的债务为7.335亿加元,高于一年前的6.206亿加元。单击图像了解更多详细信息。然而,其资产负债表显示,它持有人民币25.1亿元现金,因此它实际上拥有人民币17.8亿元的净现金。
上证综指:600389债转股历史2022年9月19日南通江山农化的资产负债表健康程度如何?
从最近的资产负债表可以看出,南通江山农化股份有限公司有28.5亿加元的负债在一年内到期,还有5.388亿加元的负债在一年内到期。作为抵消,它有25.1亿加元的现金和15.亿加元的应收账款在12个月内到期。所以它实际上有6.138亿元人民币更多流动资产超过总负债。
这种短期流动性是一个迹象,表明南通江山农化股份有限公司可能会轻松偿还债务,因为该公司的资产负债表远未捉襟见肘。简而言之,南通江山农化股份有限公司拥有净现金,可以说它没有沉重的债务负担!
更好的是,南通江山农化股份有限公司去年息税前利润增长了254%,这是一个令人印象深刻的进步。如果保持这样的增长,未来几年的债务将变得更加可控。在分析债务水平时,资产负债表显然是一个起点。但决定南通江山农化股份有限公司未来保持健康资产负债表的能力,最重要的是未来的收益。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,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。虽然南通江山农化股份有限公司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。在过去的三年里,南通江山农化股份有限公司产生了非常强劲的自由现金流,占息税前利润的89%,超出了我们的预期。这使其在偿还债务方面处于非常有利的地位。
总结
虽然我们同情投资者对债务的担忧,但您应该记住,南通江山农化股份有限公司拥有净现金人民币17.8亿元,流动资产多于负债。它给我们留下了深刻的印象,自由现金流为17亿元人民币,占其息税前利润的89%。因此,我们不认为南通江山农化股份有限公司使用债务是有风险的。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。一个恰当的例子:我们发现了南通江山农化股份有限公司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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