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Is JSTI Group (SZSE:300284) A Risky Investment?
Is JSTI Group (SZSE:300284) 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.' 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. As with many other companies JSTI Group (SZSE:300284) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for JSTI Group
What Is JSTI Group's Net Debt?
As you can see below, JSTI Group had CN¥2.01b of debt at March 2022, down from CN¥3.40b a year prior. But on the other hand it also has CN¥3.30b in cash, leading to a CN¥1.29b net cash position.
SZSE:300284 Debt to Equity History August 3rd 2022How Strong Is JSTI Group's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that JSTI Group had liabilities of CN¥5.62b due within 12 months and liabilities of CN¥858.7m due beyond that. Offsetting this, it had CN¥3.30b in cash and CN¥7.75b in receivables that were due within 12 months. So it actually has CN¥4.57b more liquid assets than total liabilities.
This surplus liquidity suggests that JSTI Group's balance sheet could take a hit just as well as Homer Simpson's head can take a punch. On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, JSTI Group 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 JSTI Group saw its EBIT decline by 5.1% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. 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 JSTI Group's ability to maintain a healthy balance sheet going forward. 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 JSTI 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, JSTI Group recorded free cash flow of 48% 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 JSTI Group has net cash of CN¥1.29b, as well as more liquid assets than liabilities. So we don't think JSTI Group's use of debt is risky. 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. For example - JSTI Group has 2 warning signs we think you should be aware of.
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.
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。與許多其他公司一樣JSTI集團(SZSE:300284)利用債務。但更重要的問題是:這筆債務造成了多大的風險?
債務在什麼時候是危險的?
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。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。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。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JSTI集團的最新分析
JSTI集團的淨債務是多少?
如下所示,截至2022年3月,江蘇科工集團的債務為人民幣20.1億元,低於一年前的人民幣34億元。但另一方面,它也有33億元人民幣的現金,導致12.9億元人民幣的淨現金頭寸。
深交所:300284債轉股歷史2022年8月3日JSTI集團的資產負債表有多強勁?
放大最新的資產負債表數據,我們可以看到JSTI集團有56.2億元的負債在12個月內到期,還有8.587億元的負債在12個月內到期。作為抵消,它有33億加元的現金和77.5億加元的應收賬款在12個月內到期。所以它實際上有45.7億元人民幣更多流動資產超過總負債。
這種過剩的流動性表明,JSTI集團的資產負債表可能會受到打擊,就像霍默·辛普森的頭可能會受到打擊一樣。按照這種觀點,貸款人應該會覺得自己像黑帶空手道大師的寵兒一樣安全。簡而言之,JSTI集團擁有淨現金,所以可以説它沒有沉重的債務負擔!
但另一方面,JSTI Group的息税前利潤去年下降了5.1%。這種下降,如果持續下去,顯然會使債務更難處理。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JSTI集團未來保持健康資產負債表的能力。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JSTI Group的資產負債表上有淨現金,但它將息税前收益(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。縱觀最近三年,JSTI Group錄得的自由現金流佔其息税前利潤的48%,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,JSTI集團擁有12.9億元人民幣的淨現金,流動資產多於負債。因此,我們不認為JSTI集團使用債務是有風險的。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。例如-JSTI集團擁有2個警告標誌我們認為你應該意識到。
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。
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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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