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These 4 Measures Indicate That Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Is Using Debt Safely
These 4 Measures Indicate That Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Is Using Debt Safely
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.' 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, Yangzijiang Shipbuilding (Holdings) Ltd. (SGX:BS6) does carry debt. But should shareholders be worried about its use of debt?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Yangzijiang Shipbuilding (Holdings)
What Is Yangzijiang Shipbuilding (Holdings)'s Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Yangzijiang Shipbuilding (Holdings) had debt of CN¥5.33b, up from CN¥4.68b in one year. But it also has CN¥11.4b in cash to offset that, meaning it has CN¥6.07b net cash.
SGX:BS6 Debt to Equity History September 27th 2022How Healthy Is Yangzijiang Shipbuilding (Holdings)'s Balance Sheet?
The latest balance sheet data shows that Yangzijiang Shipbuilding (Holdings) had liabilities of CN¥12.6b due within a year, and liabilities of CN¥2.32b falling due after that. On the other hand, it had cash of CN¥11.4b and CN¥8.48b worth of receivables due within a year. So it actually has CN¥4.98b more liquid assets than total liabilities.
It's good to see that Yangzijiang Shipbuilding (Holdings) has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that Yangzijiang Shipbuilding (Holdings) has more cash than debt is arguably a good indication that it can manage its debt safely.
In addition to that, we're happy to report that Yangzijiang Shipbuilding (Holdings) has boosted its EBIT by 43%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Yangzijiang Shipbuilding (Holdings)'s ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Yangzijiang Shipbuilding (Holdings) 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. Over the last three years, Yangzijiang Shipbuilding (Holdings) actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Yangzijiang Shipbuilding (Holdings) has net cash of CN¥6.07b, as well as more liquid assets than liabilities. The cherry on top was that in converted 126% of that EBIT to free cash flow, bringing in CN¥3.4b. The bottom line is that we do not find Yangzijiang Shipbuilding (Holdings)'s debt levels at all concerning. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Yangzijiang Shipbuilding (Holdings) you should know about.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。重要的是扬子江造船(集团)有限公司(SGX:BS6)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?
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。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。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。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。
查看我们对扬子江造船(控股)的最新分析
扬子江造船(控股)的债务是什么?
你可以点击查看更多细节的下图显示,截至2022年6月,扬子江造船(控股)的债务为53.3亿加元,高于一年内的46.8亿加元。但它也有人民币114亿元的现金来抵消,这意味着它有人民币60.7亿元的净现金。
新交所:BS6债转股历史2022年9月27日扬子江造船(控股)的资产负债表健康程度如何?
最新的资产负债表数据显示,扬子江造船(控股)有126亿元的负债在一年内到期,23.2亿元的负债在一年内到期。另一方面,它有114亿加元的现金和84.8亿加元的应收账款在一年内到期。所以它实际上有49.8亿元人民币更多流动资产超过总负债。
很高兴看到扬子江造船(控股)的资产负债表上有充足的流动性,这意味着对负债的保守管理。考虑到它拥有充足的短期流动性,我们认为它与贷款人之间不会有任何问题。简而言之,扬子江造船(控股)的现金多于债务,可以说是一个很好的迹象,表明它可以安全地管理债务。
此外,我们很高兴地报告,扬子江造船(控股)已将其息税前利润提高了43%,从而降低了未来偿还债务的幽灵。当你分析债务时,资产负债表显然是你关注的领域。但扬子江造船(控股)能否继续保持健康的资产负债表,最重要的是未来的收益。免费显示分析师利润预测的报告。
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。扬子江造船(控股)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。在过去的三年里,扬子江造船(控股)实际上产生了比息税前利润更多的自由现金流。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
总结
虽然我们同情投资者对债务的担忧,但您应该记住,扬子江造船(控股)拥有60.7亿元人民币的净现金,流动资产多于负债。上面的樱桃是In将息税前利润的126%转化为自由现金流,带来了人民币34亿元的收入。归根结底,我们根本没有发现扬子江造船(控股)的债务水平令人担忧。当你分析债务时,资产负债表显然是你关注的领域。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。这些风险可能很难发现。每一家公司都有这些风险,我们已经发现了扬子江造船(控股)1号警示标志你应该知道。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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