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Is Xin Point Holdings (HKG:1571) Using Too Much Debt?
Is Xin Point Holdings (HKG:1571) Using Too Much Debt?
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.' 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. Importantly, Xin Point Holdings Limited (HKG:1571) does carry debt. But the real question is whether this debt is making the company risky.
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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, 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. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Xin Point Holdings
What Is Xin Point Holdings's Net Debt?
You can click the graphic below for the historical numbers, but it shows that Xin Point Holdings had CN¥81.5m of debt in June 2022, down from CN¥146.7m, one year before. But it also has CN¥151.9m in cash to offset that, meaning it has CN¥70.4m net cash.
SEHK:1571 Debt to Equity History August 30th 2022How Strong Is Xin Point Holdings' Balance Sheet?
The latest balance sheet data shows that Xin Point Holdings had liabilities of CN¥823.3m due within a year, and liabilities of CN¥91.4m falling due after that. Offsetting these obligations, it had cash of CN¥151.9m as well as receivables valued at CN¥720.6m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥42.3m.
This state of affairs indicates that Xin Point Holdings' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥2.19b company is short on cash, but still worth keeping an eye on the balance sheet. While it does have liabilities worth noting, Xin Point Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely.
In fact Xin Point Holdings's saving grace is its low debt levels, because its EBIT has tanked 43% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. 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 Xin Point 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. While Xin Point Holdings 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. Over the last three years, Xin Point Holdings recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Xin Point Holdings has CN¥70.4m in net cash. So although we see some areas for improvement, we're not too worried about Xin Point Holdings's balance sheet. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 3 warning signs for Xin Point Holdings you should be aware of.
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。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。重要的是新點控股有限公司(HKG:1571)確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務會帶來什麼風險?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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,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。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。
查看我們對新點控股的最新分析
信點控股的淨負債是多少?
你可以點擊下圖查看歷史數字,但它顯示,新點控股在2022年6月的債務為8150萬元人民幣,低於一年前的1.467億元人民幣。但它也有1.519億加元的現金來抵消,這意味着它有7040萬加元的淨現金。
聯交所:1571債轉股歷史2022年8月30日新點控股的資產負債表有多強?
最新的資產負債表數據顯示,信點控股有8.233億加元的負債在一年內到期,9140萬加元的負債在一年內到期。為了抵消這些債務,該公司有1.519億加元的現金和7.206億加元的應收賬款在12個月內到期。因此,它的負債超過了現金和(近期)應收賬款的總和4230萬元。
這種情況表明,信點控股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,這家價值21.9億元人民幣的公司不太可能出現現金短缺的情況,但仍值得關注其資產負債表。雖然Xin Point Holdings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。
事實上,Xin Point Holdings的可取之處在於其較低的債務水平,因為它的息税前利潤在過去12個月裏暴跌了43%。説到還債,收入下降並不比含糖汽水對你的健康有什麼用處。毫無疑問,我們從資產負債表中瞭解到的債務最多。但決定新點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。雖然Xin Point Holdings的資產負債表上有淨現金,但它將息税前收益(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。在過去三年中,信點控股的自由現金流總計為負。在自由現金流為負的公司手中,債務通常更昂貴,風險也幾乎總是更高。股東們應該希望情況有所改善。
總結
儘管查看一家公司的總負債總是明智的,但新點控股擁有7040萬元人民幣的淨現金,這讓人非常放心。因此,儘管我們看到了一些有待改善的地方,但我們並不太擔心新點控股的資產負債表。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。一個恰當的例子:我們發現了新點控股的3個警告信號你應該意識到。
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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