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China Yongda Automobiles Services Holdings (HKG:3669) Has A Somewhat Strained Balance Sheet
China Yongda Automobiles Services Holdings (HKG:3669) Has A Somewhat Strained 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.' 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. We note that China Yongda Automobiles Services Holdings Limited (HKG:3669) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for China Yongda Automobiles Services Holdings
How Much Debt Does China Yongda Automobiles Services Holdings Carry?
As you can see below, China Yongda Automobiles Services Holdings had CN¥5.05b of debt at June 2022, down from CN¥6.88b a year prior. On the flip side, it has CN¥3.69b in cash leading to net debt of about CN¥1.36b.
SEHK:3669 Debt to Equity History November 17th 2022How Strong Is China Yongda Automobiles Services Holdings' Balance Sheet?
We can see from the most recent balance sheet that China Yongda Automobiles Services Holdings had liabilities of CN¥12.9b falling due within a year, and liabilities of CN¥3.84b due beyond that. Offsetting these obligations, it had cash of CN¥3.69b as well as receivables valued at CN¥3.35b due within 12 months. So its liabilities total CN¥9.68b more than the combination of its cash and short-term receivables.
Given this deficit is actually higher than the company's market capitalization of CN¥7.52b, we think shareholders really should watch China Yongda Automobiles Services Holdings's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
With net debt sitting at just 0.34 times EBITDA, China Yongda Automobiles Services Holdings is arguably pretty conservatively geared. And it boasts interest cover of 9.1 times, which is more than adequate. But the other side of the story is that China Yongda Automobiles Services Holdings saw its EBIT decline by 5.0% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. 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 China Yongda Automobiles Services Holdings 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, China Yongda Automobiles Services 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.
Our View
While China Yongda Automobiles Services Holdings's level of total liabilities has us nervous. To wit both its conversion of EBIT to free cash flow and net debt to EBITDA were encouraging signs. We think that China Yongda Automobiles Services Holdings's debt does make it a bit risky, after considering the aforementioned data points together. That's not necessarily a bad thing, since leverage can boost returns on equity, but it is something to be aware of. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that China Yongda Automobiles Services Holdings is showing 1 warning sign in our investment analysis , you should know about...
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.
传奇基金经理Li·Lu曾说过,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。我们注意到中国永达汽车服务控股有限公司(HKG:3669)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?
什么时候债务是个问题?
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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对中国永达汽车服务控股公司的最新分析
中国永达汽车服务控股公司背负着多少债务?
如下所示,截至2022年6月,中国永达汽车服务控股有限公司的债务为人民币50.5亿元,低于一年前的人民币68.8亿元。另一方面,它拥有人民币36.9亿元的现金,净债务约为人民币13.6亿元。
联交所:3669债转股历史2022年11月17日中国永达汽车服务控股的资产负债表有多强?
从最近的资产负债表中可以看到,中国永达汽车服务控股有限公司有129亿元人民币的负债在一年内到期,还有38.4亿元的负债在一年内到期。作为对这些债务的抵销,该公司有36.9亿加元的现金以及33.5亿加元的应收账款在12个月内到期。因此,它的负债总额为人民币96.8亿元,比现金和短期应收账款的总和还要多。
鉴于这一赤字实际上高于该公司75.2亿元的市值,我们认为股东真的应该关注中国永达汽车服务控股公司的债务水平,就像父母第一次看孩子骑车一样。假设,如果该公司被迫通过以当前股价筹集资金来偿还债务,将需要极大的稀释。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
中国汽车服务控股公司的净债务仅为息税前利润的0.34倍,可以说是相当保守的杠杆率。而且它的利息覆盖率为9.1倍,绰绰有余。但另一方面,中国永达汽车服务控股有限公司去年息税前利润下降了5.0%。这种下降,如果持续下去,显然会使债务更难处理。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中国永达汽车服务控股有限公司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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,中国永达汽车服务控股公司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。
我们的观点
而中国永达汽车服务控股有限公司的总负债水平让我们感到紧张。换句话说,它将息税前利润转换为自由现金流,以及将净债务转换为息税折旧摊销前利润,都是令人鼓舞的迹象。综合前述数据点,我们认为中国永达汽车服务控股的债务确实使其具有一定的风险。这不一定是一件坏事,因为杠杆可以提高股本回报率,但这是需要注意的。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。要知道,中国永达汽车服务控股有限公司正在展示在我们的投资分析中出现1个警告信号,你应该知道关于……
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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