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China Railway Hi-tech Industry (SHSE:600528) Takes On Some Risk With Its Use Of Debt
China Railway Hi-tech Industry (SHSE:600528) Takes On Some Risk With Its Use Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies China Railway Hi-tech Industry Corporation Limited (SHSE:600528) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
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 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for China Railway Hi-tech Industry
What Is China Railway Hi-tech Industry's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 China Railway Hi-tech Industry had debt of CN¥598.0m, up from CN¥385.0m in one year. However, its balance sheet shows it holds CN¥4.98b in cash, so it actually has CN¥4.38b net cash.
SHSE:600528 Debt to Equity History September 29th 2022A Look At China Railway Hi-tech Industry's Liabilities
The latest balance sheet data shows that China Railway Hi-tech Industry had liabilities of CN¥26.9b due within a year, and liabilities of CN¥820.0m falling due after that. Offsetting these obligations, it had cash of CN¥4.98b as well as receivables valued at CN¥13.6b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥9.14b.
While this might seem like a lot, it is not so bad since China Railway Hi-tech Industry has a market capitalization of CN¥16.4b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. While it does have liabilities worth noting, China Railway Hi-tech Industry also has more cash than debt, so we're pretty confident it can manage its debt safely.
But the other side of the story is that China Railway Hi-tech Industry saw its EBIT decline by 4.8% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. There's no doubt that we learn most about debt from the balance sheet. But it is China Railway Hi-tech Industry's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. China Railway Hi-tech Industry 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, China Railway Hi-tech Industry burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
Although China Railway Hi-tech Industry's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥4.38b. So although we see some areas for improvement, we're not too worried about China Railway Hi-tech Industry's balance sheet. 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. Case in point: We've spotted 1 warning sign for China Railway Hi-tech Industry 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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。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。与许多其他公司一样中国铁路高新技术产业股份有限公司(上海证券交易所:600528)利用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务在什么时候是危险的?
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,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,许多公司利用债务为增长提供资金,没有任何负面后果。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对中国铁路高科技产业的最新分析
中铁高新的债务是什么?
下图显示,截至2022年6月,中铁高新的债务为5.98亿加元,高于一年内的3.85亿加元。点击查看更多详情。然而,其资产负债表显示,它持有人民币49.8亿元现金,因此它实际上拥有人民币43.8亿元的净现金。
上证综指:600528债转股历史2022年9月29日中国铁路高技术产业负债问题管窥
最新的资产负债表数据显示,中铁高新有269亿元的负债在一年内到期,8.2亿元的负债在一年内到期。作为对这些债务的抵销,该公司有49.8亿加元的现金以及价值136亿加元的应收账款在12个月内到期。因此,它的负债比现金和(近期)应收账款之和高出91.4亿元。
虽然这看起来可能很多,但并不是那么糟糕,因为中铁高新的市值为人民币164亿元,因此如果需要的话,它可能会通过筹集资本来加强其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。尽管中铁高新确实有值得注意的负债,但它的现金也多于债务,所以我们相当有信心它能够安全地管理债务。
但另一方面,中国铁路高新技术产业去年的息税前利润下降了4.8%。这种下降,如果持续下去,显然会使债务更难处理。毫无疑问,我们从资产负债表中了解到的债务最多。但影响未来资产负债表表现的将是中铁高新的盈利情况。因此,当考虑债务时,绝对值得关注收益趋势。点击此处查看互动快照。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。中铁高新可能在资产负债表上有净现金,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,中国铁路高新技术产业烧掉了大量的现金。尽管这可能是增长支出的结果,但它确实使债务的风险大得多。
总结
尽管中铁高新的资产负债表不是特别强劲,但由于总负债,它的净现金为43.8亿元人民币,这显然是积极的。因此,尽管我们看到了一些有待改善的地方,但我们并不太担心中铁高新的资产负债表。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。一个恰当的例子:我们发现了中国铁路高技术产业的一块警示牌你应该意识到。
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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