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Is Guangzhou Kingmed Diagnostics Group (SHSE:603882) A Risky Investment?
Is Guangzhou Kingmed Diagnostics Group (SHSE:603882) A Risky Investment?
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. We can see that Guangzhou Kingmed Diagnostics Group Co., Ltd. (SHSE:603882) does use debt in its business. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Guangzhou Kingmed Diagnostics Group
How Much Debt Does Guangzhou Kingmed Diagnostics Group Carry?
The chart below, which you can click on for greater detail, shows that Guangzhou Kingmed Diagnostics Group had CN¥457.5m in debt in March 2022; about the same as the year before. But on the other hand it also has CN¥2.47b in cash, leading to a CN¥2.01b net cash position.
SHSE:603882 Debt to Equity History July 19th 2022A Look At Guangzhou Kingmed Diagnostics Group's Liabilities
According to the last reported balance sheet, Guangzhou Kingmed Diagnostics Group had liabilities of CN¥4.67b due within 12 months, and liabilities of CN¥443.1m due beyond 12 months. Offsetting these obligations, it had cash of CN¥2.47b as well as receivables valued at CN¥6.69b due within 12 months. So it actually has CN¥4.04b more liquid assets than total liabilities.
This short term liquidity is a sign that Guangzhou Kingmed Diagnostics Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Guangzhou Kingmed Diagnostics Group has more cash than debt is arguably a good indication that it can manage its debt safely.
In addition to that, we're happy to report that Guangzhou Kingmed Diagnostics Group has boosted its EBIT by 32%, thus reducing the spectre of future debt repayments. 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 Guangzhou Kingmed Diagnostics Group can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Guangzhou Kingmed Diagnostics Group 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. Looking at the most recent three years, Guangzhou Kingmed Diagnostics Group recorded free cash flow of 41% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Guangzhou Kingmed Diagnostics Group has net cash of CN¥2.01b, as well as more liquid assets than liabilities. And we liked the look of last year's 32% year-on-year EBIT growth. So we don't think Guangzhou Kingmed Diagnostics Group's use of debt is risky. 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. For example, we've discovered 2 warning signs for Guangzhou Kingmed Diagnostics Group (1 is a bit concerning!) that you should be aware of before investing here.
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.
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。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。我們可以看到廣州金美診斷集團有限公司。(上海證券交易所:603882)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對廣州金美診斷集團的最新分析
廣州金美診斷集團揹負着多少債務?
下面的圖表顯示,2022年3月,廣州金美診斷集團的債務為4.575億元人民幣,與前一年大致相同。你可以點擊查看更多詳細信息。但另一方面,它也有24.7億元人民幣的現金,導致20.1億元的淨現金頭寸。
上證綜指:603882債轉股歷史2022年7月19日廣州金美診斷集團負債情況一瞥
根據最近一次報告的資產負債表,廣州金美診斷集團有46.7億加元的負債在12個月內到期,4.431億加元的負債在12個月後到期。作為對這些債務的抵消,該公司有24.7億加元的現金以及價值66.9億加元的應收賬款在12個月內到期。所以它實際上有40.4億元人民幣更多流動資產超過總負債。
這種短期流動性是一個跡象,表明廣州金美診斷集團可能可以輕鬆償還債務,因為該集團的資產負債表遠未捉襟見肘。簡而言之,廣州金美診斷集團現金多於債務的事實,可以説是一個很好的跡象,表明該集團能夠安全地管理債務。
此外,我們很高興地報告,廣州金美診斷集團已將其息税前利潤提高了32%,從而降低了未來償還債務的幽靈。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定廣州金美診斷集團能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
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。雖然廣州金美診斷集團的資產負債表上有淨現金,但它將息税前利潤(EBIT)轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它正在以多快的速度建立(或侵蝕)現金餘額。縱觀最近三年,廣州金美診斷集團的自由現金流佔其息税前利潤的41%,這一數字低於我們的預期。當涉及到償還債務時,這並不是很好。
總結
雖然我們同情投資者對債務的擔憂,但您應該記住,廣州金美診斷集團擁有20.1億元人民幣的淨現金,流動資產多於負債。我們喜歡去年息税前利潤同比增長32%的表現。因此,我們不認為廣州金美診斷集團使用債務是有風險的。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。例如,我們發現廣州金美診斷集團的2個警示標誌(1有點令人擔憂!)在這裏投資之前你應該意識到這一點。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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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。
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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。
風險及免責聲明
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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