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China Communications Services (HKG:552) Seems To Use Debt Quite Sensibly
China Communications Services (HKG:552) Seems To Use Debt Quite Sensibly
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 China Communications Services Corporation Limited (HKG:552) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
What Risk Does Debt Bring?
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. 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, 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.
View our latest analysis for China Communications Services
How Much Debt Does China Communications Services Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 China Communications Services had CN¥850.0m of debt, an increase on CN¥764.9m, over one year. But on the other hand it also has CN¥19.5b in cash, leading to a CN¥18.6b net cash position.
SEHK:552 Debt to Equity History August 30th 2022A Look At China Communications Services' Liabilities
The latest balance sheet data shows that China Communications Services had liabilities of CN¥64.2b due within a year, and liabilities of CN¥2.30b falling due after that. Offsetting these obligations, it had cash of CN¥19.5b as well as receivables valued at CN¥47.8b due within 12 months. So these liquid assets roughly match the total liabilities.
This short term liquidity is a sign that China Communications Services could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, China Communications Services boasts net cash, so it's fair to say it does not have a heavy debt load!
The modesty of its debt load may become crucial for China Communications Services if management cannot prevent a repeat of the 44% cut to EBIT over the last year. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Communications Services'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. China Communications Services 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, China Communications Services actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that China Communications Services has net cash of CN¥18.6b, as well as more liquid assets than liabilities. The cherry on top was that in converted 108% of that EBIT to free cash flow, bringing in CN¥2.7b. So we are not troubled with China Communications Services's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with China Communications Services .
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.
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。我們注意到中國通信服務股份有限公司(HKG:552)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
債務會帶來什麼風險?
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。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,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。
查看我們對中國通信服務的最新分析
中國通信服務公司揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,中國通信服務公司的債務為8.50億元人民幣,比一年前增加7.649億元人民幣。但另一方面,它也有195億加元的現金,導致186億加元的淨現金頭寸。
聯交所:552債轉股歷史2022年8月30日看中國通信服務公司的負債情況
最新的資產負債表數據顯示,中國通信服務一年內到期負債642億元,一年後到期負債23.億元。作為對這些債務的抵銷,該公司有195億加元的現金以及價值478億加元的應收賬款在12個月內到期。因此,這些流動資產大致相當於總負債。
這種短期流動性是一個跡象,表明中國通信服務集團很可能可以輕鬆償還債務,因為該公司的資產負債表遠未捉襟見肘。簡而言之,中國通信服務擁有淨現金,所以可以説它沒有沉重的債務負擔!
如果管理層不能防止去年息税前利潤削減44%的局面重演,其適度的債務負擔可能對中國通信服務至關重要。收益下降(如果這種趨勢持續下去)最終可能會使規模不大的債務面臨相當大的風險。毫無疑問,我們從資產負債表中瞭解到的債務最多。但決定中國通信未來能否保持健康資產負債表的,最重要的是未來的盈利。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。中國通信服務的資產負債表上可能有淨現金,但看看該業務將息税前利潤(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去三年中,中國通信服務實際上產生了比息税前利潤更多的自由現金流。這種強大的搖錢樹就像一隻穿着大黃蜂西裝的小狗一樣温暖着我們的心。
總結
雖然我們同情那些對債務感到擔憂的投資者,但你應該記住,中國通信服務公司擁有186億元人民幣的淨現金,流動資產多於負債。上面的櫻桃是IN將這筆息税前利潤的108%轉化為自由現金流,帶來了人民幣27億元。因此,我們並不為中國通信服務公司的債務使用感到困擾。當你分析債務時,資產負債表顯然是你關注的領域。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。為此,您應該意識到1個警告標誌我們已經發現了中國通信服務公司。
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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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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