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These 4 Measures Indicate That CIMC Vehicles (Group) (HKG:1839) Is Using Debt Reasonably Well
These 4 Measures Indicate That CIMC Vehicles (Group) (HKG:1839) Is Using Debt Reasonably Well
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 note that CIMC Vehicles (Group) Co., Ltd. (HKG:1839) does have debt on its balance sheet. But is this debt a concern to shareholders?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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 CIMC Vehicles (Group)
How Much Debt Does CIMC Vehicles (Group) Carry?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 CIMC Vehicles (Group) had CN¥1.47b of debt, an increase on none, over one year. But on the other hand it also has CN¥4.42b in cash, leading to a CN¥2.96b net cash position.
SEHK:1839 Debt to Equity History August 4th 2022How Strong Is CIMC Vehicles (Group)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that CIMC Vehicles (Group) had liabilities of CN¥9.30b due within 12 months and liabilities of CN¥765.2m due beyond that. Offsetting this, it had CN¥4.42b in cash and CN¥4.32b in receivables that were due within 12 months. So it has liabilities totalling CN¥1.33b more than its cash and near-term receivables, combined.
Since publicly traded CIMC Vehicles (Group) shares are worth a total of CN¥15.7b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, CIMC Vehicles (Group) boasts net cash, so it's fair to say it does not have a heavy debt load!
In fact CIMC Vehicles (Group)'s saving grace is its low debt levels, because its EBIT has tanked 49% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if CIMC Vehicles (Group) 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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While CIMC Vehicles (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, CIMC Vehicles (Group) recorded free cash flow of 27% of its EBIT, which is weaker than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
We could understand if investors are concerned about CIMC Vehicles (Group)'s liabilities, but we can be reassured by the fact it has has net cash of CN¥2.96b. So we are not troubled with CIMC Vehicles (Group)'s debt use. 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 CIMC Vehicles (Group) (1 shouldn't be ignored!) that you should be aware of before investing here.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。我們注意到中集車輛(集團)有限公司(HKG:1839)的資產負債表上確實有債務。但這筆債務對股東來説是一個擔憂嗎?
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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。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。
查看我們對中集車輛(集團)的最新分析
中集車輛(集團)揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年3月,中集車輛(集團)的債務為14.7億元人民幣,較一年前沒有增加。但另一方面,它也擁有44.2億元人民幣的現金,導致淨現金頭寸為29.6億元。
聯交所:1839債轉股歷史2022年8月4日中集車輛(集團)的資產負債表狀況如何?
放大最新的資產負債表數據,我們可以看到,中集集團有93億元的負債在12個月內到期,還有7.652億元的負債在12個月內到期。作為抵消,它有44.2億加元的現金和43.2億加元的應收賬款在12個月內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多人民幣13.3億元。
由於上市交易的中集車輛(集團)股份總價值157億元人民幣,這一負債水平似乎不太可能構成重大威脅。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。儘管有值得注意的負債,但中集車輛(集團)擁有淨現金,因此可以説它沒有沉重的債務負擔!
事實上,中集集團的救星在於其較低的債務水平,因為它的息税前利潤在過去12個月裏暴跌了49%。在償還債務方面,不斷下降的收益並不比含糖蘇打水對健康的幫助更大。毫無疑問,我們從資產負債表中瞭解到最多的是債務。但最終,未來業務的盈利能力將決定中集集團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,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。雖然中集車輛(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,中集車輛(集團)的自由現金流佔其息税前利潤的27%,弱於我們的預期。這種疲軟的現金轉換增加了處理債務的難度。
總結
如果投資者關心中集集團的負債,我們是可以理解的,但我們可以放心的是,中集集團擁有29.6億元的淨現金。因此,我們並不擔心中集集團的債務使用。毫無疑問,我們最瞭解債務的是資產負債表。然而,並不是所有的投資風險都存在於資產負債表中--遠非如此。例如,我們發現2中集車輛(集團)警示標誌(1不應該被忽視!)在這裏投資之前你應該意識到這一點。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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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