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Zhejiang Huangma TechnologyLtd (SHSE:603181) Has A Pretty Healthy Balance Sheet
Zhejiang Huangma TechnologyLtd (SHSE:603181) Has A Pretty 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.' 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 Zhejiang Huangma Technology Co.,Ltd (SHSE:603181) does have debt on its balance sheet. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. 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 Zhejiang Huangma TechnologyLtd
How Much Debt Does Zhejiang Huangma TechnologyLtd Carry?
The image below, which you can click on for greater detail, shows that at March 2022 Zhejiang Huangma TechnologyLtd had debt of CN¥428.9m, up from CN¥145.1m in one year. However, its balance sheet shows it holds CN¥739.0m in cash, so it actually has CN¥310.1m net cash.
SHSE:603181 Debt to Equity History July 7th 2022How Strong Is Zhejiang Huangma TechnologyLtd's Balance Sheet?
The latest balance sheet data shows that Zhejiang Huangma TechnologyLtd had liabilities of CN¥461.7m due within a year, and liabilities of CN¥427.8m falling due after that. On the other hand, it had cash of CN¥739.0m and CN¥411.1m worth of receivables due within a year. So it can boast CN¥260.5m more liquid assets than total liabilities.
This short term liquidity is a sign that Zhejiang Huangma TechnologyLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Zhejiang Huangma TechnologyLtd has more cash than debt is arguably a good indication that it can manage its debt safely.
Another good sign is that Zhejiang Huangma TechnologyLtd has been able to increase its EBIT by 24% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Zhejiang Huangma TechnologyLtd'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. Zhejiang Huangma TechnologyLtd 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, Zhejiang Huangma TechnologyLtd recorded negative free cash flow, in total. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
Summing up
While it is always sensible to investigate a company's debt, in this case Zhejiang Huangma TechnologyLtd has CN¥310.1m in net cash and a decent-looking balance sheet. And it impressed us with its EBIT growth of 24% over the last year. So we are not troubled with Zhejiang Huangma TechnologyLtd's debt use. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Zhejiang Huangma TechnologyLtd (of which 1 is significant!) you should know about.
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.
傳奇基金經理理想汽車·盧曾説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們注意到浙江黃馬科技有限公司(上交所:603181)的資產負債表上確實有債務。但這筆債務對股東來説是一個擔憂嗎?
為什麼債務會帶來風險?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對浙江黃馬科技有限公司的最新分析
浙江黃馬科技有限公司揹負着多少債務?
你可以點擊查看更多細節的下圖顯示,截至2022年3月,浙江黃馬科技有限公司的債務為4.289億加元,高於一年內的1.451億加元。然而,其資產負債表顯示,它持有7.39億元人民幣的現金,因此它實際上擁有3.101億元淨現金。
上證綜指:603181債轉股歷史2022年7月7日浙江黃馬科技有限公司的資產負債表有多強?
最新的資產負債表數據顯示,浙江黃馬科技有限公司有4.617億加元的負債在一年內到期,4.278億加元的負債在一年內到期。另一方面,它有7.39億加元的現金和4.111億加元的應收賬款在一年內到期。因此,它的流動資產比總計負債。
這種短期流動性是浙江黃馬科技有限公司可能輕鬆償還債務的跡象,因為其資產負債表遠未捉襟見肘。簡而言之,浙江黃馬科技有限公司現金多於債務的事實可以説是一個很好的跡象,表明它可以安全地管理債務。
另一個好跡象是,浙江黃馬科技有限公司在12個月內息税前利潤增長了24%,使償還債務變得更容易。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定浙江黃馬科技有限公司未來保持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。浙江黃馬科技有限公司的資產負債表上可能有淨現金,但看看該公司將息税前收益(EBIT)轉換為自由現金流的情況仍然很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裏,浙江黃馬科技有限公司的自由現金流總額為負。對於自由現金流不可靠的公司來説,債務的風險要大得多,因此股東們應該希望過去的支出能在未來產生自由現金流。
總結
雖然調查一家公司的債務總是明智之舉,但在這起案件中,浙江黃馬科技有限公司擁有3.101億元人民幣的淨現金和體面的資產負債表。去年息税前利潤增長了24%,給我們留下了深刻的印象。因此,我們對浙江黃馬科技有限公司的債務使用並不感到困擾。毫無疑問,我們從資產負債表中瞭解到的債務最多。然而,並非所有投資風險都存在於資產負債表中--遠非如此。這些風險可能很難發現。每家公司都有它們,我們已經發現浙江黃馬科技有限公司2個警示標誌(其中1個是重要的!)你應該知道。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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