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Want Want China Holdings (HKG:151) Has A Rock Solid Balance Sheet
Want Want China Holdings (HKG:151) Has A Rock Solid Balance Sheet
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.' 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. Importantly, Want Want China Holdings Limited (HKG:151) does carry debt. But the more important question is: how much risk is that debt creating?
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. 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 think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Want Want China Holdings
What Is Want Want China Holdings's Net Debt?
The image below, which you can click on for greater detail, shows that Want Want China Holdings had debt of CN¥6.90b at the end of March 2022, a reduction from CN¥9.83b over a year. However, its balance sheet shows it holds CN¥11.3b in cash, so it actually has CN¥4.39b net cash.
SEHK:151 Debt to Equity History August 1st 2022How Strong Is Want Want China Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Want Want China Holdings had liabilities of CN¥9.25b due within 12 months and liabilities of CN¥3.90b due beyond that. Offsetting this, it had CN¥11.3b in cash and CN¥1.38b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥482.0m.
Having regard to Want Want China Holdings' size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥65.2b company is short on cash, but still worth keeping an eye on the balance sheet. Despite its noteworthy liabilities, Want Want China Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
But the other side of the story is that Want Want China Holdings saw its EBIT decline by 2.1% 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 Want Want China 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Want Want China 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. During the last three years, Want Want China Holdings generated free cash flow amounting to a very robust 85% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Want Want China Holdings has CN¥4.39b in net cash. The cherry on top was that in converted 85% of that EBIT to free cash flow, bringing in CN¥3.5b. So is Want Want China Holdings's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Want Want China Holdings is showing 1 warning sign in our investment analysis , 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。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。重要的是中國旺旺控股有限公司(HKG:151)確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
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。
查看我們對中國旺旺控股的最新分析
中國旺旺控股的淨負債是多少?
下面的圖片,你可以點擊查看更多細節,顯示中國旺旺控股在2022年3月底的債務為69億加元,比一年內的98.3億加元有所減少。然而,其資產負債表顯示,它持有人民幣113億元的現金,因此它實際上擁有人民幣43.9億元的淨現金。
聯交所:151債轉股歷史2022年8月1日中國旺旺控股的資產負債表有多強?
放大最新的資產負債表數據可以看到,中國旺旺控股有92.5億元的負債在12個月內到期,還有39.億元的負債在12個月內到期。作為抵消,它有113億加元的現金和13.8億加元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出4.82億元。
考慮到中國旺旺控股的規模,其流動資產與總負債似乎達到了很好的平衡。因此,這家價值652億元人民幣的公司不太可能出現現金短缺的情況,但仍值得關注其資產負債表。儘管中國旺旺控股有值得注意的負債,但它擁有淨現金,所以可以説它沒有沉重的債務負擔!
但另一方面,中國旺旺控股去年的息税前利潤下降了2.1%。這種下降,如果持續下去,顯然會使債務更難處理。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中國旺旺控股能否隨着時間的推移加強其資產負債表。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,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。雖然中國旺旺控股的資產負債表上有淨現金,但它將息税前利潤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。在過去三年中,中國旺旺控股產生的自由現金流佔其息税前利潤的85%,非常強勁,超出了我們的預期。這使它處於有利的地位,如果需要的話,它可以償還債務。
總結
雖然看一家公司的總負債總是明智之舉,但中國旺旺控股擁有43.9億元人民幣的淨現金,這讓人非常放心。上面的櫻桃是In將85%的息税前利潤轉化為自由現金流,帶來了35億元人民幣的收入。那麼,中國旺旺控股的債務是一種風險嗎?但在我們看來並非如此。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。請注意,中國旺旺控股正在展示在我們的投資分析中出現1個警告信號,你應該知道關於……
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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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。
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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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