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Harbin Jiuzhou GroupLtd (SZSE:300040) Takes On Some Risk With Its Use Of Debt
Harbin Jiuzhou GroupLtd (SZSE:300040) Takes On Some Risk With Its Use Of Debt
Warren Buffett famously said, '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. As with many other companies Harbin Jiuzhou Group Co.,Ltd. (SZSE:300040) makes use of debt. But should shareholders be worried about its use of debt?
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. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for Harbin Jiuzhou GroupLtd
What Is Harbin Jiuzhou GroupLtd's Debt?
The image below, which you can click on for greater detail, shows that at March 2022 Harbin Jiuzhou GroupLtd had debt of CN¥1.64b, up from CN¥1.44b in one year. However, it also had CN¥992.1m in cash, and so its net debt is CN¥647.9m.
SZSE:300040 Debt to Equity History August 31st 2022How Strong Is Harbin Jiuzhou GroupLtd's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Harbin Jiuzhou GroupLtd had liabilities of CN¥1.67b due within 12 months and liabilities of CN¥4.42b due beyond that. On the other hand, it had cash of CN¥992.1m and CN¥1.94b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥3.16b.
This is a mountain of leverage relative to its market capitalization of CN¥4.18b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
While Harbin Jiuzhou GroupLtd's low debt to EBITDA ratio of 1.2 suggests only modest use of debt, the fact that EBIT only covered the interest expense by 3.1 times last year does give us pause. So we'd recommend keeping a close eye on the impact financing costs are having on the business. It is well worth noting that Harbin Jiuzhou GroupLtd's EBIT shot up like bamboo after rain, gaining 77% in the last twelve months. That'll make it easier to manage its debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Harbin Jiuzhou GroupLtd'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. So it's worth checking how much of that EBIT is backed by free cash flow. During the last three years, Harbin Jiuzhou GroupLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
Neither Harbin Jiuzhou GroupLtd's ability to convert EBIT to free cash flow nor its interest cover gave us confidence in its ability to take on more debt. But the good news is it seems to be able to grow its EBIT with ease. When we consider all the factors discussed, it seems to us that Harbin Jiuzhou GroupLtd is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. 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. These risks can be hard to spot. Every company has them, and we've spotted 2 warning signs for Harbin Jiuzhou GroupLtd you should know about.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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。與許多其他公司一樣哈爾濱九洲集團有限公司。(SZSE:300040)利用債務。但股東是否應該擔心它的債務使用情況?
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。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。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。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對哈爾濱九洲集團有限公司的最新分析
哈爾濱九洲集團有限公司的債務是什麼?
下圖顯示,截至2022年3月,哈爾濱九洲集團有限公司的債務為16.4億加元,一年內為14.4億加元。你可以點擊查看更多細節。然而,它也有9.921億新元的現金,因此其淨債務為6.479億新元。
深圳證交所:300040債轉股歷史2022年8月31日哈爾濱九洲集團的資產負債表有多強?
放大最新的資產負債表數據,我們可以看到,哈爾濱九洲集團有限公司有16.7億元的負債在12個月內到期,還有44.2億元的負債在12個月內到期。另一方面,它有9.921億加元的現金和19.4億加元的應收賬款在一年內到期。因此,其負債比現金和(近期)應收賬款之和高出31.6億元。
與其41.8億元的市值相比,這是一個堆積如山的槓桿。這表明,如果該公司需要匆忙支撐其資產負債表,股東將被嚴重稀釋。
我們通過查看公司的淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),並計算其息税前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
雖然哈爾濱九洲集團較低的債務與EBITDA比率為1.2,表明只適度使用債務,但去年息税前利潤僅為利息支出的3.1倍,這一事實確實讓我們猶豫。因此,我們建議密切關注融資成本對業務的影響。值得注意的是,哈爾濱九洲集團的息税前利潤如雨後春筍般迅速增長,在過去12個月中上漲了77%。這將使其更容易管理債務。在分析債務水平時,資產負債表顯然是一個起點。但決定哈爾濱九洲集團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。因此,有必要檢查這筆息税前利潤中有多少是由自由現金流支持的。在過去的三年裏,哈爾濱九洲集團有限公司燒掉了大量現金。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
我們的觀點
無論是哈爾濱九洲集團有限公司將息税前利潤轉換為自由現金流的能力,還是其利息覆蓋,都沒有讓我們對其承擔更多債務的能力產生信心。但好消息是,它似乎能夠輕鬆實現息税前利潤的增長。當我們考慮所有討論的因素時,在我們看來,哈爾濱九洲集團有限公司在使用債務方面似乎承擔了一些風險。雖然這筆債務可以提高回報,但我們認為該公司現在有足夠的槓桿。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。這些風險可能很難發現。每家公司都有它們,我們已經發現哈爾濱九洲集團有限公司2個警示標誌你應該知道。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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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