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Here's Why Sunny Optical Technology (Group) (HKG:2382) Can Manage Its Debt Responsibly
Here's Why Sunny Optical Technology (Group) (HKG:2382) Can Manage Its Debt Responsibly
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 Sunny Optical Technology (Group) Company Limited (HKG:2382) 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. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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 Sunny Optical Technology (Group)
What Is Sunny Optical Technology (Group)'s Debt?
As you can see below, Sunny Optical Technology (Group) had CN¥6.25b of debt, at June 2022, which is about the same as the year before. You can click the chart for greater detail. But on the other hand it also has CN¥14.4b in cash, leading to a CN¥8.18b net cash position.
SEHK:2382 Debt to Equity History September 29th 2022How Healthy Is Sunny Optical Technology (Group)'s Balance Sheet?
The latest balance sheet data shows that Sunny Optical Technology (Group) had liabilities of CN¥15.0b due within a year, and liabilities of CN¥2.23b falling due after that. Offsetting this, it had CN¥14.4b in cash and CN¥7.18b in receivables that were due within 12 months. So it actually has CN¥4.41b more liquid assets than total liabilities.
This surplus suggests that Sunny Optical Technology (Group) has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Sunny Optical Technology (Group) has more cash than debt is arguably a good indication that it can manage its debt safely.
It is just as well that Sunny Optical Technology (Group)'s load is not too heavy, because its EBIT was down 44% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 Sunny Optical Technology (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 company can only pay off debt with cold hard cash, not accounting profits. Sunny Optical Technology (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. Over the most recent three years, Sunny Optical Technology (Group) recorded free cash flow worth 72% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Sunny Optical Technology (Group) has net cash of CN¥8.18b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥3.3b, being 72% of its EBIT. So we are not troubled with Sunny Optical Technology (Group)'s debt use. 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 Sunny Optical Technology (Group)'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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,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。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。我们注意到舜宇光学科技(集团)股份有限公司(HKG:2382)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。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。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。
请看我们对舜宇光学科技(集团)的最新分析
舜宇光学科技(集团)的债务是什么?
如下所示,截至2022年6月,舜宇光学科技(集团)负债62.5亿元,与前一年持平。您可以单击图表查看更多详细信息。但另一方面,它也有144亿加元的现金,导致81.8亿加元的净现金头寸。
联交所:2382债转股历史2022年9月29日舜宇光学科技(集团)的资产负债表健康程度如何?
最新的资产负债表数据显示,舜宇光学科技(集团)有150亿元人民币的负债在一年内到期,22.3亿元的负债在一年内到期。作为抵消,它有144亿加元的现金和71.8亿加元的应收账款在12个月内到期。所以它实际上有44.1亿元人民币更多流动资产超过总负债。
这一盈余表明,舜宇光学科技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,舜宇光学科技(集团)现金多于债务的事实可以说是一个很好的迹象,表明它可以安全地管理债务。
舜宇光学科技集团的负担不是太重,因为它的息税前利润在过去一年里下降了44%。在偿还债务方面,不断下降的收益并不比含糖苏打水对你的健康更有用。当你分析债务时,资产负债表显然是你关注的领域。但最终,未来的业务盈利能力将决定舜宇光学科技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,一家公司只能用冷硬现金偿还债务,而不是会计利润。舜宇光学科技(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收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在最近三年,舜宇光学科技(集团)录得的自由现金流相当于其息税前利润的72%,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。这种冷酷的现金意味着,它可以在想要的时候减少债务。
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,舜宇光学科技(集团)拥有81.8亿元人民币的净现金,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33亿元,占其息税前利润的72%。因此,我们并不担心舜宇光学科技集团的债务使用情况。在大多数其他衡量标准中,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舜宇光学科技集团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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