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These 4 Measures Indicate That Hengan International Group (HKG:1044) Is Using Debt Reasonably Well
These 4 Measures Indicate That Hengan International Group (HKG:1044) Is Using Debt Reasonably Well
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.' 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 Hengan International Group Company Limited (HKG:1044) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
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. 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 Hengan International Group
What Is Hengan International Group's Net Debt?
As you can see below, Hengan International Group had CN¥22.9b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. However, it does have CN¥24.5b in cash offsetting this, leading to net cash of CN¥1.63b.
SEHK:1044 Debt to Equity History September 20th 2022How Strong Is Hengan International Group's Balance Sheet?
We can see from the most recent balance sheet that Hengan International Group had liabilities of CN¥24.8b falling due within a year, and liabilities of CN¥2.31b due beyond that. Offsetting these obligations, it had cash of CN¥24.5b as well as receivables valued at CN¥4.89b due within 12 months. So it can boast CN¥2.26b more liquid assets than total liabilities.
This surplus suggests that Hengan International Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Hengan International Group has more cash than debt is arguably a good indication that it can manage its debt safely.
The modesty of its debt load may become crucial for Hengan International Group if management cannot prevent a repeat of the 32% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Hengan International Group 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, a company can only pay off debt with cold hard cash, not accounting profits. Hengan International Group 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. During the last three years, Hengan International Group generated free cash flow amounting to a very robust 90% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Hengan International Group has net cash of CN¥1.63b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥3.7b, being 90% of its EBIT. So we are not troubled with Hengan International Group's debt use. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Hengan International Group that you should be aware of.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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。我们注意到恒安国际集团有限公司(HKG:1044)的资产负债表上确实有债务。但股东是否应该担心它的债务使用情况?
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。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。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。当然,在企业中,债务可以是一个重要的工具,特别是资本密集型企业。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。
查看我们对恒安国际集团的最新分析
恒安国际集团的净负债是多少?
如下所示,截至2022年6月,恒安国际集团的债务为229亿元人民币,与前一年大致相同。您可以单击图表查看更多详细信息。然而,它确实有245亿加元的现金抵消了这一点,导致净现金16.3亿元。
联交所:1044债转股历史2022年9月20日恒安国际集团的资产负债表有多强劲?
从最近的资产负债表可以看出,恒安国际集团有248亿元人民币的负债在一年内到期,还有23.1亿元人民币的负债在一年内到期。作为对这些债务的抵销,该公司有245亿加元的现金以及价值48.9亿加元的应收账款在12个月内到期。因此,它可以吹嘘比总计负债。
这一盈余表明,恒安国际集团拥有保守的资产负债表,很可能会毫不费力地消除债务。简而言之,恒安国际集团现金多于债务的事实可以说是一个很好的迹象,表明该集团能够安全地管理债务。
如果管理层不能防止去年息税前利润削减32%的情况重演,那么对恒安国际集团来说,适度的债务负担可能变得至关重要。收益下降(如果这种趋势持续下去)最终可能会使规模不大的债务面临相当大的风险。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恒安国际集团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,一家公司只能用冷硬现金偿还债务,而不是会计利润。恒安国际集团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。在过去三年中,恒安国际集团产生的自由现金流占其息税前利润的90%,非常强劲,超出了我们的预期。这使它处于有利的地位,如果需要的话,它可以偿还债务。
总结
虽然我们同情投资者对债务的担忧,但您应该记住,恒安国际集团拥有净现金人民币16.3亿元,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37亿元,占其息税前利润的90%。因此,我们对恒安国际集团的债务使用并不感到困扰。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,每家公司都可能包含存在于资产负债表之外的风险。例如,我们已经确定恒安国际集团的2个警示标志这一点你应该知道。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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