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Does Digital China Information Service (SZSE:000555) Have A Healthy Balance Sheet?
Does Digital China Information Service (SZSE:000555) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. Importantly, Digital China Information Service Company Ltd. (SZSE:000555) does carry debt. 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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Digital China Information Service
What Is Digital China Information Service's Debt?
As you can see below, Digital China Information Service had CN¥232.7m of debt at June 2022, down from CN¥414.9m a year prior. However, its balance sheet shows it holds CN¥1.36b in cash, so it actually has CN¥1.13b net cash.
SZSE:000555 Debt to Equity History September 29th 2022A Look At Digital China Information Service's Liabilities
We can see from the most recent balance sheet that Digital China Information Service had liabilities of CN¥5.49b falling due within a year, and liabilities of CN¥171.2m due beyond that. Offsetting these obligations, it had cash of CN¥1.36b as well as receivables valued at CN¥4.31b due within 12 months. So these liquid assets roughly match the total liabilities.
Having regard to Digital China Information Service's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥9.04b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Digital China Information Service boasts net cash, so it's fair to say it does not have a heavy debt load!
But the bad news is that Digital China Information Service has seen its EBIT plunge 17% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. 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 Digital China Information Service'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Digital China Information Service 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 most recent three years, Digital China Information Service recorded free cash flow worth 65% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Digital China Information Service has net cash of CN¥1.13b, as well as more liquid assets than liabilities. So we don't have any problem with Digital China Information Service's use of debt. 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. Case in point: We've spotted 1 warning sign for Digital China Information Service you should be aware of.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。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。重要的是神州数码信息服务有限公司。(SZSE:000555)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。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(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对神州数码信息服务的最新分析
神州数码的债务是什么?
如下所示,截至2022年6月,神州数码的债务为2.327亿加元,低于一年前的4.149亿加元。然而,其资产负债表显示,它持有人民币13.6亿元现金,因此它实际上拥有人民币11.3亿元的净现金。
深圳证交所:000555债转股历史2022年9月29日神州数码信息服务的负债问题
从最近的资产负债表我们可以看到,神州信息服务有54.9亿元的负债在一年内到期,还有1.712亿元的负债在一年内到期。作为对这些债务的抵销,该公司有13.6亿加元的现金以及价值43.1亿加元的应收账款在12个月内到期。因此,这些流动资产大致相当于总负债。
考虑到神州数码的规模,其流动资产与总负债似乎达到了很好的平衡。因此,尽管很难想象这家90.4亿元人民币的公司正在为现金而苦苦挣扎,但我们仍然认为值得监控其资产负债表。简而言之,神州数码拥有净现金,因此可以说它没有沉重的债务负担!
但坏消息是,神州数码的息税前利润在过去12个月里暴跌了17%。我们认为,这种表现,如果经常重复,很可能会导致股票陷入困境。当你分析债务时,资产负债表显然是你关注的领域。但未来的盈利将决定神州数码未来能否保持健康的资产负债表。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,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。虽然神州数码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。在最近三年中,神州数码录得的自由现金流相当于其息税前利润的65%,考虑到自由现金流不包括利息和税收,这一数字接近正常水平。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
总结
虽然我们同情那些对债务感到担忧的投资者,但您应该记住,神州数码拥有11.3亿元人民币的净现金,流动资产多于负债。因此我们对神州数码的债务使用没有任何问题。毫无疑问,我们从资产负债表中了解到的债务最多。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:我们发现了神州数码信息服务1个警示标志你应该意识到。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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