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Is China CSSC Holdings (SHSE:600150) Using Debt Sensibly?
Is China CSSC Holdings (SHSE:600150) Using Debt Sensibly?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that China CSSC Holdings Limited (SHSE:600150) does use debt in its business. But the real question is whether this debt is making the company risky.
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. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for China CSSC Holdings
What Is China CSSC Holdings's Net Debt?
As you can see below, China CSSC Holdings had CN¥20.3b of debt, at March 2022, which is about the same as the year before. You can click the chart for greater detail. But it also has CN¥55.2b in cash to offset that, meaning it has CN¥34.9b net cash.
SHSE:600150 Debt to Equity History August 23rd 2022How Strong Is China CSSC Holdings' Balance Sheet?
We can see from the most recent balance sheet that China CSSC Holdings had liabilities of CN¥99.9b falling due within a year, and liabilities of CN¥12.5b due beyond that. Offsetting these obligations, it had cash of CN¥55.2b as well as receivables valued at CN¥10.9b due within 12 months. So its liabilities total CN¥46.4b more than the combination of its cash and short-term receivables.
This deficit isn't so bad because China CSSC Holdings is worth a massive CN¥123.8b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. Despite its noteworthy liabilities, China CSSC Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine China CSSC Holdings'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.
In the last year China CSSC Holdings wasn't profitable at an EBIT level, but managed to grow its revenue by 14%, to CN¥63b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
So How Risky Is China CSSC Holdings?
Although China CSSC Holdings had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥174m. 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. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for China CSSC Holdings that 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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們可以看到中國中證金控股有限公司(上海證券交易所:600150)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。
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。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(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。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。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。
查看我們對中國中證金控股的最新分析
中國中證金控股的淨債務是多少?
如下所示,截至2022年3月,中國中證金控股的債務為人民幣203億元,與前一年大致相同。您可以單擊圖表查看更多詳細信息。但它也有552億加元的現金來抵消,這意味着它有349億加元的淨現金。
上證綜指:600150債轉股歷史2022年8月23日中國中證金控股的資產負債表有多強勁?
從最近的資產負債表可以看出,中證金控股有999億元人民幣的負債在一年內到期,還有125億元人民幣的負債在一年內到期。作為對這些債務的抵消,該公司有552億加元的現金以及價值109億加元的應收賬款在12個月內到期。因此,其負債總額為人民幣464億元,超過了現金和短期應收賬款的總和。
這一赤字並不是那麼糟糕,因為中國中證金控股的市值高達人民幣1,238億元,因此如果需要的話,可能會籌集到足夠的資本來支撐其資產負債表。但我們肯定希望密切關注其債務帶來太大風險的跡象。儘管有值得注意的負債,但中國中證金控股擁有淨現金,因此可以説它沒有沉重的債務負擔!在分析債務水平時,資產負債表顯然是一個起點。但決定中國中證金未來能否保持健康資產負債表的,最重要的是未來的盈利狀況。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。
去年,中證金控股沒有實現息税前利潤,但營收增長了14%,達到人民幣630億元。這種增長速度對我們的品味來説有點慢,但它需要所有類型的人來創造一個世界。
那麼,中國中證金控股的風險有多大?
儘管中國中證金控股在過去12個月中出現息税前利潤(EBIT)虧損,但其法定利潤為1.74億元人民幣。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。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。例如,我們已經確定中國中證金控股的2個警告信號這一點你應該知道。
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。
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。
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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