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Does China Tangshang Holdings (HKG:674) Have A Healthy Balance Sheet?
Does China Tangshang Holdings (HKG:674) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. As with many other companies China Tangshang Holdings Limited (HKG:674) makes use of debt. But the real question is whether this debt is making the company risky.
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 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for China Tangshang Holdings
How Much Debt Does China Tangshang Holdings Carry?
As you can see below, China Tangshang Holdings had HK$99.2m of debt at March 2022, down from HK$289.5m a year prior. But on the other hand it also has HK$213.8m in cash, leading to a HK$114.5m net cash position.
SEHK:674 Debt to Equity History July 20th 2022How Healthy Is China Tangshang Holdings' Balance Sheet?
We can see from the most recent balance sheet that China Tangshang Holdings had liabilities of HK$875.4m falling due within a year, and liabilities of HK$482.5m due beyond that. Offsetting this, it had HK$213.8m in cash and HK$50.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$1.09b.
Given this deficit is actually higher than the company's market capitalization of HK$781.5m, we think shareholders really should watch China Tangshang 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. China Tangshang Holdings boasts net cash, so it's fair to say it does not have a heavy debt load, even if it does have very significant liabilities, in total.
Pleasingly, China Tangshang Holdings is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 2,484% gain in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But it is China Tangshang Holdings'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While China Tangshang Holdings 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. Over the last three years, China Tangshang Holdings saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
While China Tangshang Holdings does have more liabilities than liquid assets, it also has net cash of HK$114.5m. And we liked the look of last year's 2,484% year-on-year EBIT growth. Despite the cash, we do find China Tangshang Holdings's conversion of EBIT to free cash flow concerning, so we're not particularly comfortable with the stock. 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. These risks can be hard to spot. Every company has them, and we've spotted 4 warning signs for China Tangshang Holdings (of which 1 is significant!) you should know about.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。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。與許多其他公司一樣中國唐商控股有限公司(HKG:674)利用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
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,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對中國唐商控股的最新分析
中國唐商控股揹負着多少債務?
如下所示,截至2022年3月,中國唐商銀行的債務為9920萬港元,低於一年前的2.895億港元。但另一方面,它也擁有2.138億港元的現金,使其擁有1.145億港元的淨現金頭寸。
聯交所:674債轉股歷史2022年7月20日中國唐商控股的資產負債表有多健康?
我們可以從最近的資產負債表中看到,中國唐商控股有8.754億港元的負債在一年內到期,還有4.825億港元的負債在一年內到期。作為抵消,該公司有2.138億港元的現金和5010萬港元的應收賬款在12個月內到期。因此,其負債比現金和(近期)應收賬款之和高出10.9億港元。
鑑於這一赤字實際上高於該公司7.815億港元的市值,我們認為股東真的應該關注中國唐商控股的債務水平,就像父母第一次看孩子騎車一樣。假設,如果該公司被迫通過以當前股價籌集資金來償還債務,將需要極大的稀釋。中國唐商控股擁有淨現金,因此可以公平地説,它沒有沉重的債務負擔,儘管它總體上確實有非常重大的負債。
令人欣喜的是,中國唐商控股的息税前利潤增長速度快於澳大利亞前總理鮑勃·霍克(Bob Hawke)。過去12個月,該公司息税前利潤增長了2,484%。在分析債務水平時,資產負債表顯然是一個起點。但影響未來資產負債表表現的將是中國唐商控股的盈利情況。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
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。雖然中國唐商控股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。在過去的三年裏,中國唐商控股的自由現金流總體上出現了大幅負增長。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
總結
儘管中國唐商控股的負債確實多於流動資產,但它也擁有1.145億港元的淨現金。我們喜歡去年息税前利潤同比增長2484%的表現。儘管有現金,但我們確實對中國唐商控股將息税前利潤轉換為自由現金流感到擔憂,因此我們對這隻股票並不是特別滿意。在分析債務水平時,資產負債表顯然是一個起點。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,我們已經發現中國唐商控股的4個警告信號(其中1個是重要的!)你應該知道。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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 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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