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Health Check: How Prudently Does CSSC Offshore & Marine Engineering (Group) (HKG:317) Use Debt?
Health Check: How Prudently Does CSSC Offshore & Marine Engineering (Group) (HKG:317) Use Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that CSSC Offshore & Marine Engineering (Group) Company Limited (HKG:317) does use debt in its business. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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 CSSC Offshore & Marine Engineering (Group)
What Is CSSC Offshore & Marine Engineering (Group)'s Net Debt?
The image below, which you can click on for greater detail, shows that at March 2022 CSSC Offshore & Marine Engineering (Group) had debt of CN¥6.50b, up from CN¥6.12b in one year. However, its balance sheet shows it holds CN¥16.3b in cash, so it actually has CN¥9.80b net cash.
SEHK:317 Debt to Equity History July 22nd 2022How Healthy Is CSSC Offshore & Marine Engineering (Group)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that CSSC Offshore & Marine Engineering (Group) had liabilities of CN¥26.3b due within 12 months and liabilities of CN¥4.33b due beyond that. On the other hand, it had cash of CN¥16.3b and CN¥3.88b worth of receivables due within a year. So it has liabilities totalling CN¥10.4b more than its cash and near-term receivables, combined.
While this might seem like a lot, it is not so bad since CSSC Offshore & Marine Engineering (Group) has a market capitalization of CN¥20.2b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, CSSC Offshore & Marine Engineering (Group) also has more cash than debt, so we're pretty confident it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But it is CSSC Offshore & Marine Engineering (Group)'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.
Over 12 months, CSSC Offshore & Marine Engineering (Group) saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that's not too bad, we'd prefer see growth.
So How Risky Is CSSC Offshore & Marine Engineering (Group)?
While CSSC Offshore & Marine Engineering (Group) lost money on an earnings before interest and tax (EBIT) level, it actually booked a paper profit of CN¥88m. So when you consider it has net cash, along with the statutory profit, the stock probably isn't as risky as it might seem, at least in the short term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. 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 CSSC Offshore & Marine Engineering (Group) you should know about.
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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。我們可以看到中船集團海洋工程(集團)有限公司(HKG:317)確實在其業務中使用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務會帶來什麼風險?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。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CSSC海洋和海洋工程(集團)的最新分析
CSSC海洋與海洋工程(集團)的淨債務是多少?
下圖顯示,截至2022年3月,CSSC海洋與海洋工程(集團)的債務為人民幣65億元,高於一年內的人民幣61.2億元。然而,其資產負債表顯示,它持有人民幣163億元的現金,因此它實際上擁有人民幣98億元的淨現金。
聯交所:317債轉股歷史2022年7月22日CSSC海洋與海洋工程(集團)的資產負債表是否健康?
放大最新的資產負債表數據,我們可以看到,CSSC海洋工程(集團)公司有263億元的負債在12個月內到期,還有43.3億元的負債在12個月內到期。另一方面,一年內有163億加元現金和38.8億加元應收賬款到期。因此,它的負債總額為人民幣104億元,超過了現金和近期應收賬款的總和。
雖然這看起來可能很多,但並不是很糟糕,因為CSSC Offshore&Marine Engineering(Group)的市值為人民幣20.2B元,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。但很明顯,我們絕對應該仔細檢查它是否能夠在不稀釋的情況下管理債務。雖然CSSC Offshore&Marine Engineering(Group)確實有值得注意的負債,但它的現金也多於債務,因此我們非常有信心它能夠安全地管理其債務。在分析債務水平時,資產負債表顯然是一個起點。但CSSC海洋和海洋工程(集團)的收益將影響未來資產負債表的表現。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。
在12個月的時間裏,CSSC海洋和海洋工程(集團)的收入保持相當穩定,沒有公佈正的息税前收益。雖然這並不是太糟糕,但我們更希望看到增長。
那麼,CSSC海洋和海洋工程(集團)的風險有多大?
雖然CSSC海洋與海洋工程(集團)在息税前收益(EBIT)水平上虧損,但它實際上錄得了8800萬加元的賬面利潤。因此,當你考慮到它有淨現金和法定利潤時,它的股票風險可能並不像看起來那樣高,至少在短期內是這樣。在我們看到一些積極的息税前利潤,我們對該股有點謹慎,尤其是因為收入增長相當温和。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2 CSSC海洋與海洋工程(集團)警示標誌你應該知道。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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