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Is Xtep International Holdings (HKG:1368) A Risky Investment?
Is Xtep International Holdings (HKG:1368) A Risky Investment?
Warren Buffett famously said, '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. As with many other companies Xtep International Holdings Limited (HKG:1368) makes use of debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Xtep International Holdings
What Is Xtep International Holdings's Debt?
As you can see below, at the end of June 2022, Xtep International Holdings had CN¥2.98b of debt, up from CN¥1.95b a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥3.81b in cash, so it actually has CN¥828.5m net cash.
SEHK:1368 Debt to Equity History August 25th 2022How Strong Is Xtep International Holdings' Balance Sheet?
According to the last reported balance sheet, Xtep International Holdings had liabilities of CN¥4.92b due within 12 months, and liabilities of CN¥2.55b due beyond 12 months. Offsetting these obligations, it had cash of CN¥3.81b as well as receivables valued at CN¥3.67b due within 12 months. So these liquid assets roughly match the total liabilities.
Having regard to Xtep International Holdings' size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥23.6b company is struggling for cash, we still think it's worth monitoring its balance sheet. Simply put, the fact that Xtep International Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.
In addition to that, we're happy to report that Xtep International Holdings has boosted its EBIT by 55%, thus reducing the spectre of future debt repayments. 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 Xtep International Holdings'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Xtep International Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, Xtep International Holdings reported free cash flow worth 7.5% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.
Summing Up
While it is always sensible to investigate a company's debt, in this case Xtep International Holdings has CN¥828.5m in net cash and a decent-looking balance sheet. And we liked the look of last year's 55% year-on-year EBIT growth. So is Xtep International Holdings's debt a risk? It doesn't seem so to us. 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 1 warning sign for Xtep International Holdings that you should be aware of.
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.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。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。與許多其他公司一樣特步國際控股有限公司(HKG:1368)利用債務。但這筆債務對股東來説是一個擔憂嗎?
為什麼債務會帶來風險?
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。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。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。
請看我們對特步國際控股的最新分析
特步國際控股的債務是什麼?
如下所示,截至2022年6月底,特步國際控股的債務為29.8億元人民幣,高於一年前的19.5億元人民幣。單擊圖像瞭解更多詳細信息。然而,其資產負債表顯示,它持有38.1億元人民幣的現金,因此它實際上擁有8.285億元淨現金。
聯交所:1368債轉股歷史2022年8月25日特步國際控股的資產負債表有多強?
根據最新上報的資產負債表,特步國際控股有49.2億加元的負債在12個月內到期,25.5億加元的負債在12個月後到期。作為對這些債務的抵銷,該公司有38.1億加元的現金以及36.7億加元的應收賬款在12個月內到期。因此,這些流動資產大致相當於總負債。
考慮到特步國際控股的規模,其流動資產與總負債似乎達到了很好的平衡。因此,儘管很難想象這家236億元人民幣的公司正在為現金而苦苦掙扎,但我們仍然認為,值得監控其資產負債表。簡而言之,特步國際控股的現金多於債務,可以説是一個很好的跡象,表明該公司有能力安全地管理債務。
除此之外,我們很高興地報告,特步國際控股公司將其息税前利潤提高了55%,從而降低了未來償還債務的幽靈。毫無疑問,我們從資產負債表中瞭解到的債務最多。但決定特步國際控股未來能否保持健康資產負債表的,最重要的是未來的收益。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。特步國際控股的資產負債表上可能有淨現金,但看看該公司將息税前收益(EBIT)轉換為自由現金流的情況仍然很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裏,特步國際控股公司報告的自由現金流相當於其息税前利潤的7.5%,這確實是相當低的。對我們來説,低現金轉換引發了一點偏執,那就是償還債務的能力。
總結
雖然調查一家公司的債務總是明智的,但在這起案件中,特步國際控股擁有8.285億元人民幣的淨現金和體面的資產負債表。我們喜歡去年息税前利潤同比增長55%的表現。那麼,特步國際控股的債務是否存在風險?但在我們看來並非如此。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,我們已經確定特步國際控股公司的1個警告標誌這一點你應該知道。
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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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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