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China Leadshine Technology (SZSE:002979) Seems To Use Debt Quite Sensibly
China Leadshine Technology (SZSE:002979) Seems To Use Debt Quite Sensibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies China Leadshine Technology Co., Ltd. (SZSE:002979) makes use of debt. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
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. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for China Leadshine Technology
How Much Debt Does China Leadshine Technology Carry?
The image below, which you can click on for greater detail, shows that at March 2022 China Leadshine Technology had debt of CN¥440.6m, up from CN¥60.0m in one year. On the flip side, it has CN¥268.1m in cash leading to net debt of about CN¥172.5m.
SZSE:002979 Debt to Equity History August 16th 2022How Strong Is China Leadshine Technology's Balance Sheet?
According to the last reported balance sheet, China Leadshine Technology had liabilities of CN¥522.9m due within 12 months, and liabilities of CN¥305.2m due beyond 12 months. Offsetting these obligations, it had cash of CN¥268.1m as well as receivables valued at CN¥446.9m due within 12 months. So its liabilities total CN¥113.1m more than the combination of its cash and short-term receivables.
This state of affairs indicates that China Leadshine Technology's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥6.84b company is short on cash, but still worth keeping an eye on the balance sheet.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
China Leadshine Technology has net debt of just 0.75 times EBITDA, suggesting it could ramp leverage without breaking a sweat. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So there's no doubt this company can take on debt while staying cool as a cucumber. But the other side of the story is that China Leadshine Technology saw its EBIT decline by 7.9% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. 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 China Leadshine Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, China Leadshine Technology saw substantial negative free cash flow, in total. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Based on what we've seen China Leadshine Technology is not finding it easy, given its conversion of EBIT to free cash flow, but the other factors we considered give us cause to be optimistic. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. When we consider all the factors mentioned above, we do feel a bit cautious about China Leadshine Technology's use of debt. While we appreciate debt can enhance returns on equity, we'd suggest that shareholders keep close watch on its debt levels, lest they increase. 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 China Leadshine Technology has 2 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。與許多其他公司一樣中國利德陽光科技有限公司(SZSE:002979)利用債務。但這筆債務對股東來説是一個擔憂嗎?
債務會帶來什麼風險?
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。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對中國領光科技的最新分析
中國領光科技揹負着多少債務?
下圖顯示,截至2022年3月,中國領光科技的債務為4.406億加元,高於一年內的6000萬加元。你可以點擊查看更多細節。另一方面,它擁有2.681億加元的現金,導致淨債務約為1.725億加元。
深圳證交所:002979債轉股歷史2022年8月16日中國領光科技的資產負債表有多強勁?
根據最新報告的資產負債表,中國領光科技有5.229億加元的負債在12個月內到期,3.052億加元的負債在12個月後到期。作為這些債務的抵消,該公司有2.681億加元的現金以及價值4.469億加元的應收賬款在12個月內到期。因此,其負債總額為1.131億加元,比現金和短期應收賬款的總和還要多。
這種情況表明,中國領光科技的資產負債表看起來相當穩健,其總負債與流動資產大致相當。因此,這家68.4億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。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
中國先鋒科技的淨債務僅為EBITDA的0.75倍,這表明它可以毫不費力地提高槓杆率。但真正酷的是,在過去的一年裏,它實際上設法獲得了比支付更多的利息。因此,毫無疑問,這家公司可以在保持冷靜的同時承擔債務。但另一方面,中國領先科技去年的息税前利潤下降了7.9%。如果收益繼續以這樣的速度下降,該公司管理債務負擔的難度可能會越來越大。毫無疑問,我們從資產負債表中瞭解到的債務最多。但未來的盈利將比任何事情都更能決定中國領光科技未來能否保持健康的資產負債表。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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在過去的三年裏,中國領光科技的自由現金流總體上出現了大幅負增長。儘管投資者無疑預計這種情況會在適當的時候逆轉,但這顯然意味着它使用債務的風險更大。
我們的觀點
根據我們所看到的情況,考慮到將息税前利潤轉換為自由現金流,中國領光科技發現這並不容易,但我們考慮的其他因素讓我們有理由樂觀。毫無疑問,它用息税前利潤來彌補利息支出的能力是相當閃光的。當我們考慮到上述所有因素時,我們確實對中國領光科技的舉債方式感到有點謹慎。雖然我們認識到債務可以提高股本回報率,但我們建議股東密切關注其債務水平,以免增加。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。例如,中國領光科技擁有2個警告標誌(這讓我們有點不舒服)我們認為你應該知道這一點。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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