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Does AviChina Industry & Technology (HKG:2357) Have A Healthy Balance Sheet?
Does AviChina Industry & Technology (HKG:2357) Have A Healthy Balance Sheet?
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 AviChina Industry & Technology Company Limited (HKG:2357) makes use of debt. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for AviChina Industry & Technology
What Is AviChina Industry & Technology's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 AviChina Industry & Technology had debt of CN¥12.5b, up from CN¥7.25b in one year. However, it does have CN¥17.3b in cash offsetting this, leading to net cash of CN¥4.86b.
SEHK:2357 Debt to Equity History September 20th 2022How Strong Is AviChina Industry & Technology's Balance Sheet?
The latest balance sheet data shows that AviChina Industry & Technology had liabilities of CN¥69.7b due within a year, and liabilities of CN¥8.54b falling due after that. Offsetting these obligations, it had cash of CN¥17.3b as well as receivables valued at CN¥43.2b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥17.7b.
This deficit is considerable relative to its market capitalization of CN¥24.0b, so it does suggest shareholders should keep an eye on AviChina Industry & Technology'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, AviChina Industry & Technology also has more cash than debt, so we're pretty confident it can manage its debt safely.
The good news is that AviChina Industry & Technology has increased its EBIT by 3.4% over twelve months, which should ease any concerns about debt repayment. 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 AviChina Industry & Technology 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. AviChina Industry & Technology may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Considering the last three years, AviChina Industry & Technology actually recorded a cash outflow, overall. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
Summing Up
While AviChina Industry & Technology does have more liabilities than liquid assets, it also has net cash of CN¥4.86b. On top of that, it increased its EBIT by 3.4% in the last twelve months. So although we see some areas for improvement, we're not too worried about AviChina Industry & Technology's balance sheet. Above most other metrics, we think its important to track how fast earnings per share is growing, if at all. If you've also come to that realization, you're in luck, because today you can view this interactive graph of AviChina Industry & Technology's earnings per share history for free.
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艾维中国实业科技有限公司(HKG:2357)利用债务。但股东是否应该担心它的债务使用情况?
什么时候债务是个问题?
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(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。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AviChina行业和技术的最新分析
AviChina工业科技的债务是什么?
下图显示,截至2022年6月,AviChina Industry&Technology的债务为125亿元人民币,高于一年内的72.5亿元人民币。你可以点击查看更多详细信息。然而,它确实有173亿加元的现金抵消了这一点,导致净现金为48.6亿加元。
联交所:2357债转股历史2022年9月20日AviChina工业科技的资产负债表有多强劲?
最新的资产负债表数据显示,AviChina工业科技有697亿元的负债在一年内到期,85.4亿元的负债在一年内到期。作为对这些债务的抵销,该公司有173亿加元的现金以及价值432亿加元的应收账款在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177亿元。
与其240亿元的市值相比,这一赤字是相当可观的,因此这确实表明股东应该密切关注AviChina Industry&Technology的债务使用情况。如果它的贷款人要求它支撑资产负债表,股东可能会面临严重的稀释。虽然AviChina Industry&Technology确实有值得注意的债务,但它的现金也多于债务,所以我们非常有信心它能够安全地管理债务。
好消息是,AviChina Industry&Technology在过去12个月中息税前利润增长了3.4%,这应该会缓解人们对债务偿还的担忧。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,该业务未来的盈利能力将决定AviChina Industry&Technology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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。AviChina Industry&Technology的资产负债表上可能有净现金,但看看该业务将息税前利润(EBIT)转换为自由现金流的情况仍很有趣,因为这将影响其对债务的需求和管理债务的能力。考虑到过去三年,AviChina Industry&Technology实际上总体上录得了现金流出。在自由现金流为负的公司手中,债务通常更昂贵,风险也几乎总是更高。股东们应该希望情况有所改善。
总结
虽然AviChina Industry&Technology的负债确实多于流动资产,但它也有48.6亿元的净现金。最重要的是,它在过去12个月中息税前利润增长了3.4%。因此,尽管我们看到了一些有待改进的地方,但我们并不太担心AviChina工业科技的资产负债表。在大多数其他指标中,我们认为跟踪每股收益的增长速度(如果有的话)是很重要的。如果你也意识到了这一点,那么你就幸运了,因为今天你可以免费查看AviChina Industry&Technology每股收益历史的互动图表。
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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