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Is Tong Ren Tang Technologies (HKG:1666) A Risky Investment?
Is Tong Ren Tang Technologies (HKG:1666) A Risky Investment?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Tong Ren Tang Technologies Co. Ltd. (HKG:1666) 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 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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Tong Ren Tang Technologies
What Is Tong Ren Tang Technologies's Debt?
As you can see below, Tong Ren Tang Technologies had CN¥1.50b of debt at June 2022, down from CN¥2.34b a year prior. However, its balance sheet shows it holds CN¥4.31b in cash, so it actually has CN¥2.82b net cash.
SEHK:1666 Debt to Equity History August 30th 2022A Look At Tong Ren Tang Technologies' Liabilities
We can see from the most recent balance sheet that Tong Ren Tang Technologies had liabilities of CN¥2.78b falling due within a year, and liabilities of CN¥1.16b due beyond that. Offsetting these obligations, it had cash of CN¥4.31b as well as receivables valued at CN¥1.53b due within 12 months. So it can boast CN¥1.90b more liquid assets than total liabilities.
This surplus strongly suggests that Tong Ren Tang Technologies has a rock-solid balance sheet (and the debt is of no concern whatsoever). On this view, lenders should feel as safe as the beloved of a black-belt karate master. Succinctly put, Tong Ren Tang Technologies boasts net cash, so it's fair to say it does not have a heavy debt load!
While Tong Ren Tang Technologies doesn't seem to have gained much on the EBIT line, at least earnings remain stable for now. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Tong Ren Tang Technologies'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 company can only pay off debt with cold hard cash, not accounting profits. Tong Ren Tang Technologies 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. In the last three years, Tong Ren Tang Technologies's free cash flow amounted to 49% of its EBIT, less than we'd expect. That weak cash conversion makes it more difficult to handle indebtedness.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Tong Ren Tang Technologies has net cash of CN¥2.82b, as well as more liquid assets than liabilities. So we don't think Tong Ren Tang Technologies's use of debt is risky. Another positive for shareholders is that it pays dividends. So if you like receiving those dividend payments, check Tong Ren Tang Technologies's dividend history, without delay!
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.
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。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們注意到同仁堂科技有限公司。(HKG:1666)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?
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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。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。
查看我們對同仁堂科技的最新分析
同仁堂科技的債務是什麼?
如下所示,截至2022年6月,同仁堂科技的債務為人民幣15.億元,低於一年前的23.4億元。然而,其資產負債表顯示,它持有人民幣43.1億元的現金,因此它實際上擁有人民幣28.2億元的淨現金。
聯交所:1666債轉股歷史2022年8月30日同仁堂科技的負債問題
從最近的資產負債表可以看出,同仁堂科技有27.8億元人民幣的負債在一年內到期,11.6億元人民幣的負債在一年內到期。作為對這些債務的抵銷,該公司有43.1億加元的現金以及15.3億加元的應收賬款在12個月內到期。因此,它可以吹噓比總計負債。
這一盈餘強烈表明,同仁堂科技擁有堅如磐石的資產負債表(債務絲毫不令人擔憂)。按照這種觀點,貸款人應該會覺得自己像黑帶空手道大師的寵兒一樣安全。簡而言之,同仁堂科技擁有淨現金,可以説它沒有沉重的債務負擔!
雖然同仁堂科技似乎在息税前利潤上沒有太大收益,但至少目前盈利保持穩定。當你分析債務時,資產負債表顯然是你關注的領域。但決定同仁堂科技未來保持健康資產負債表能力的,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,一家公司只能用冷硬現金償還債務,而不是會計利潤。同仁堂科技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是有趣的,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,同仁堂科技的自由現金流佔其息税前利潤的49%,低於我們的預期。這種疲軟的現金轉換增加了處理債務的難度。
總結
雖然我們同情那些發現債務問題的投資者,但你應該記住,同仁堂科技擁有28.2億元人民幣的淨現金,以及更多的流動資產而不是負債。因此,我們不認為同仁堂科技使用債務是有風險的。對股東來説,另一個利好是它支付股息。因此,如果您喜歡收到這些股息支付,請立即查看同仁堂科技的股息歷史記錄!
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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