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SINOPEC Engineering (Group) (HKG:2386) Could Easily Take On More Debt
SINOPEC Engineering (Group) (HKG:2386) Could Easily Take On More Debt
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.' 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. We note that SINOPEC Engineering (Group) Co., Ltd. (HKG:2386) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
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. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for SINOPEC Engineering (Group)
How Much Debt Does SINOPEC Engineering (Group) Carry?
You can click the graphic below for the historical numbers, but it shows that SINOPEC Engineering (Group) had CN¥134.2m of debt in June 2022, down from CN¥174.6m, one year before. But it also has CN¥17.4b in cash to offset that, meaning it has CN¥17.3b net cash.
SEHK:2386 Debt to Equity History September 19th 2022How Healthy Is SINOPEC Engineering (Group)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that SINOPEC Engineering (Group) had liabilities of CN¥40.4b due within 12 months and liabilities of CN¥2.35b due beyond that. Offsetting these obligations, it had cash of CN¥17.4b as well as receivables valued at CN¥40.3b due within 12 months. So it can boast CN¥15.0b more liquid assets than total liabilities.
This surplus strongly suggests that SINOPEC Engineering (Group) has a rock-solid balance sheet (and the debt is of no concern whatsoever). Having regard to this fact, we think its balance sheet is as strong as an ox. Succinctly put, SINOPEC Engineering (Group) boasts net cash, so it's fair to say it does not have a heavy debt load!
In fact SINOPEC Engineering (Group)'s saving grace is its low debt levels, because its EBIT has tanked 31% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 SINOPEC Engineering (Group) 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, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While SINOPEC Engineering (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. Over the last three years, SINOPEC Engineering (Group) actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
While we empathize with investors who find debt concerning, the bottom line is that SINOPEC Engineering (Group) has net cash of CN¥17.3b and plenty of liquid assets. And it impressed us with free cash flow of CN¥2.7b, being 139% of its EBIT. So we don't think SINOPEC Engineering (Group)'s use of debt is risky. 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. For instance, we've identified 1 warning sign for SINOPEC Engineering (Group) that 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.
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。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。我们注意到中国石化工程(集团)有限公司(HKG:2386)的资产负债表上确实有债务。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?
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。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,许多公司利用债务为增长提供资金,没有任何负面后果。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对中石化工程(集团)的最新分析
中石化工程(集团)背负着多少债务?
你可以点击下图查看历史数据,但它显示,截至2022年6月,中石化工程(集团)的债务为1.342亿加元,低于一年前的1.746亿加元。但它也有人民币174亿元的现金来抵消,这意味着它有人民币173亿元的净现金。
联交所:2386债转股历史2022年9月19日中石化工程(集团)的资产负债表健康程度如何?
放大最新的资产负债表数据可以看到,中石化工程(集团)有404亿加元的负债在12个月内到期,还有23.5亿加元的负债在12个月内到期。作为对这些债务的抵销,该公司有174亿加元的现金以及价值403亿加元的应收账款在12个月内到期。因此,它的流动资产比总计负债。
这一盈余强烈表明,中石化工程(集团)拥有坚如磐石的资产负债表(债务并不令人担忧)。考虑到这一事实,我们认为它的资产负债表像牛一样坚固。简而言之,中石化工程(集团)拥有净现金,可以说它没有沉重的债务负担!
事实上,中石化工程(集团)的可取之处在于其较低的债务水平,因为它的息税前利润在过去12个月里暴跌了31%。收益下降(如果这种趋势继续下去)最终可能会使适度的债务面临相当大的风险。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,未来业务的盈利能力将决定中石化工程(集团)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,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。虽然中石化工程(集团)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。在过去三年中,中石化工程(集团)实际上产生了比息税前利润更多的自由现金流。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
总结
虽然我们同情那些对债务感到担忧的投资者,但底线是中石化工程(集团)拥有173亿元人民币的净现金和充足的流动资产。它给我们留下了深刻的印象,自由现金流为27亿元人民币,占其息税前利润的139%。因此,我们不认为中石化工程(集团)使用债务是有风险的。毫无疑问,我们最了解债务的是资产负债表。然而,并不是所有的投资风险都存在于资产负债表内--远非如此。例如,我们已经确定1中石化工程(集团)警告标志这一点你应该知道。
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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