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Here's Why Shenzhen JPT Opto-Electronics (SHSE:688025) Can Manage Its Debt Responsibly
Here's Why Shenzhen JPT Opto-Electronics (SHSE:688025) Can Manage Its Debt Responsibly
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Shenzhen JPT Opto-Electronics Co., Ltd. (SHSE:688025) makes use of debt. But should shareholders be worried about its use of debt?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Shenzhen JPT Opto-Electronics
How Much Debt Does Shenzhen JPT Opto-Electronics Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Shenzhen JPT Opto-Electronics had debt of CN¥144.1m, up from CN¥30.0m in one year. However, its balance sheet shows it holds CN¥500.5m in cash, so it actually has CN¥356.5m net cash.
SHSE:688025 Debt to Equity History August 31st 2022How Strong Is Shenzhen JPT Opto-Electronics' Balance Sheet?
We can see from the most recent balance sheet that Shenzhen JPT Opto-Electronics had liabilities of CN¥608.0m falling due within a year, and liabilities of CN¥111.2m due beyond that. Offsetting this, it had CN¥500.5m in cash and CN¥441.9m in receivables that were due within 12 months. So it actually has CN¥223.3m more liquid assets than total liabilities.
This surplus suggests that Shenzhen JPT Opto-Electronics has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shenzhen JPT Opto-Electronics boasts net cash, so it's fair to say it does not have a heavy debt load!
Fortunately, Shenzhen JPT Opto-Electronics grew its EBIT by 9.4% in the last year, making that debt load look even more manageable. 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 Shenzhen JPT Opto-Electronics'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. While Shenzhen JPT Opto-Electronics 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. During the last three years, Shenzhen JPT Opto-Electronics burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
While it is always sensible to investigate a company's debt, in this case Shenzhen JPT Opto-Electronics has CN¥356.5m in net cash and a decent-looking balance sheet. On top of that, it increased its EBIT by 9.4% in the last twelve months. So we are not troubled with Shenzhen JPT Opto-Electronics's debt use. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 3 warning signs for Shenzhen JPT Opto-Electronics you should be aware of, and 1 of them can't be ignored.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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深圳市捷普光電有限公司。(上海證券交易所:688025)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?
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。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。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。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。
查看我們對深圳JPT光電的最新分析
深圳捷普光電揹負着多少債務?
下圖顯示,截至2022年6月,深圳捷普光電的債務為1.441億加元,高於一年內的3.0億加元。你可以點擊查看更多詳情。然而,其資產負債表顯示,它持有5.05億新元現金,因此它實際上擁有3.565億新元淨現金。
上證綜指:688025債轉股歷史2022年8月31日深圳捷普光電的資產負債表到底有多強?
從最近的資產負債表可以看出,深圳捷普光電有6.08億元的負債在一年內到期,還有1.112億元的負債在一年內到期。作為抵消,它有5.05億加元的現金和4.419億加元的應收賬款在12個月內到期。所以它實際上有2.233億元人民幣更多流動資產超過總負債。
這一盈餘表明,深圳捷普光電的資產負債表較為保守,很可能會毫不費力地消除債務。簡而言之,深圳JPT光電擁有淨現金,所以可以説它沒有沉重的債務負擔!
幸運的是,深圳捷普光電去年息税前利潤增長了9.4%,這使得債務負擔看起來更容易管理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的盈利將決定深圳捷普光電未來能否保持健康的資產負債表。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。雖然深圳捷普光電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,深圳JPT光電燒掉了大量現金。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。
總結
儘管調查一家公司的債務總是明智之舉,但在這起案件中,深圳捷普光電擁有3.565億元人民幣的淨現金和看起來不錯的資產負債表。最重要的是,它在過去12個月中息税前利潤增長了9.4%。因此,我們並不擔心深圳JPT光電的舉債問題。在分析債務水平時,資產負債表顯然是一個起點。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。一個恰當的例子:我們發現了深圳JPT光電的3個警示標誌你應該意識到,其中有1個是不容忽視的。
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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