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Sanxiang Advanced Materials (SHSE:603663) Has A Pretty Healthy Balance Sheet
Sanxiang Advanced Materials (SHSE:603663) Has A Pretty Healthy Balance Sheet
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Sanxiang Advanced Materials Co., Ltd. (SHSE:603663) makes use of debt. But should shareholders be worried about its use of debt?
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 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. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Sanxiang Advanced Materials
What Is Sanxiang Advanced Materials's Debt?
As you can see below, Sanxiang Advanced Materials had CN¥182.0m of debt at June 2022, down from CN¥438.3m a year prior. But on the other hand it also has CN¥198.0m in cash, leading to a CN¥16.1m net cash position.
SHSE:603663 Debt to Equity History August 25th 2022How Healthy Is Sanxiang Advanced Materials' Balance Sheet?
We can see from the most recent balance sheet that Sanxiang Advanced Materials had liabilities of CN¥381.7m falling due within a year, and liabilities of CN¥91.7m due beyond that. On the other hand, it had cash of CN¥198.0m and CN¥252.2m worth of receivables due within a year. So it has liabilities totalling CN¥23.2m more than its cash and near-term receivables, combined.
This state of affairs indicates that Sanxiang Advanced Materials' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥4.78b company is struggling for cash, we still think it's worth monitoring its balance sheet. While it does have liabilities worth noting, Sanxiang Advanced Materials also has more cash than debt, so we're pretty confident it can manage its debt safely.
On top of that, Sanxiang Advanced Materials grew its EBIT by 47% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But it is Sanxiang Advanced Materials's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Sanxiang Advanced Materials 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. In the last three years, Sanxiang Advanced Materials created free cash flow amounting to 7.8% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
Summing Up
We could understand if investors are concerned about Sanxiang Advanced Materials's liabilities, but we can be reassured by the fact it has has net cash of CN¥16.1m. And we liked the look of last year's 47% year-on-year EBIT growth. So is Sanxiang Advanced Materials'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. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 3 warning signs for Sanxiang Advanced Materials (1 is significant!) that you should be aware of before investing here.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,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。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三湘先進材料有限公司。(上海證券交易所:603663)利用債務。但股東是否應該擔心它的債務使用情況?
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,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。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對三湘先進材料的最新分析
三湘先進材料的債務是什麼?
如下所示,截至2022年6月,三湘先進材料的債務為1.82億加元,低於一年前的4.383億加元。但另一方面,它也擁有1.98億元人民幣的現金,導致淨現金頭寸為1610萬元人民幣。
上證綜指:603663債轉股歷史2022年8月25日三湘先進材料的資產負債表有多健康?
從最新的資產負債表可以看出,三湘先進材料有3.817億元的負債在一年內到期,還有9170萬元的負債在一年內到期。另一方面,它有1.98億新元的現金和2.522億新元的應收賬款在一年內到期。因此,它的負債總額比現金和近期應收賬款加起來還要多2320萬元。
這種情況表明,三湘先進材料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,儘管很難想象這家47.8億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。雖然三湘先進材料確實有值得注意的負債,但它的現金也多於債務,所以我們非常有信心它能夠安全地管理債務。
最重要的是,三湘先進材料在過去12個月中息税前利潤增長了47%,這一增長將使其更容易處理債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但三湘先進材料的盈利將影響未來資產負債表的表現。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
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。雖然三湘先進材料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。在過去的三年裏,三湘先進材料創造了相當於息税前利潤7.8%的自由現金流,這是一個平淡無奇的表現。這種疲軟的現金轉換水平削弱了它管理和償還債務的能力。
總結
如果投資者對三湘先進材料的負債感到擔憂,我們可以理解,但我們可以放心的是,該公司擁有1610萬元人民幣的淨現金。我們喜歡去年息税前利潤同比增長47%的表現。那麼,三湘先進材料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。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,我們發現三湘先進材料的3個警告標誌(1很重要!)在這裏投資之前你應該意識到這一點。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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