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Guangdong Huate Gas (SHSE:688268) Has A Pretty Healthy Balance Sheet
Guangdong Huate Gas (SHSE:688268) Has A Pretty Healthy Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. Importantly, Guangdong Huate Gas Co., Ltd (SHSE:688268) does carry debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for Guangdong Huate Gas
What Is Guangdong Huate Gas's Net Debt?
As you can see below, at the end of June 2022, Guangdong Huate Gas had CN¥232.7m of debt, up from CN¥19.7m a year ago. Click the image for more detail. But it also has CN¥362.0m in cash to offset that, meaning it has CN¥129.3m net cash.
SHSE:688268 Debt to Equity History September 1st 2022How Strong Is Guangdong Huate Gas' Balance Sheet?
The latest balance sheet data shows that Guangdong Huate Gas had liabilities of CN¥408.4m due within a year, and liabilities of CN¥193.1m falling due after that. Offsetting these obligations, it had cash of CN¥362.0m as well as receivables valued at CN¥428.4m due within 12 months. So it actually has CN¥189.0m more liquid assets than total liabilities.
This state of affairs indicates that Guangdong Huate Gas' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥10.5b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Guangdong Huate Gas boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, Guangdong Huate Gas grew its EBIT by 54% over the last twelve months, and that growth will make it easier to handle its debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Guangdong Huate Gas can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Guangdong Huate Gas 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. During the last three years, Guangdong Huate Gas 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 Guangdong Huate Gas has CN¥129.3m in net cash and a decent-looking balance sheet. And we liked the look of last year's 54% year-on-year EBIT growth. So we are not troubled with Guangdong Huate Gas'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. We've identified 2 warning signs with Guangdong Huate Gas (at least 1 which is concerning) , and understanding them should be part of your investment process.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
傳奇基金經理理想汽車·盧曾説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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。重要的是廣東華特燃氣有限公司(上海證券交易所:688268)確實揹負着債務。但更重要的問題是:這筆債務造成了多大的風險?
為什麼債務會帶來風險?
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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。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,許多公司利用債務為增長提供資金,沒有任何負面後果。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。
查看我們對廣東華特燃氣的最新分析
廣東華特燃氣的淨負債是多少?
如下所示,截至2022年6月底,廣東華特燃氣的債務為2.327億加元,高於一年前的1970萬加元。單擊圖像瞭解更多詳細信息。但它也有3.62億加元的現金來抵消,這意味着它有1.293億加元的淨現金。
上證綜指:688268債轉股歷史2022年9月1日廣東華特燃氣的資產負債表有多強?
最新的資產負債表數據顯示,廣東華特燃氣有4.084億元人民幣的負債在一年內到期,1.931億元的負債在一年內到期。為了抵消這些債務,該公司有3.62億加元的現金以及價值4.284億加元的應收賬款在12個月內到期。所以它實際上有1.89億元人民幣更多流動資產超過總負債。
這種情況表明,廣東華特燃氣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,儘管很難想象這家105億元人民幣的公司正在為現金而苦苦掙扎,但我們仍然認為,監控其資產負債表是值得的。簡而言之,廣東華特燃氣擁有淨現金,可以説它沒有沉重的債務負擔!
最重要的是,廣東華特燃氣在過去12個月中息税前利潤增長了54%,這一增長將使其更容易處理債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定廣東華特燃氣能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。廣東華特燃氣的資產負債表上可能有淨現金,但看看該公司將息税前利潤(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。在過去的三年裏,廣東華特燃氣燒掉了大量現金。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的,但在這起案件中,廣東華特燃氣擁有1.293億元人民幣的淨現金和看起來不錯的資產負債表。我們喜歡去年息税前利潤同比增長54%的表現。因此,我們對廣東華特燃氣的債務使用並不感到困擾。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。我們已經確定了兩個警告信號與廣東華特燃氣(至少有一家是相關的)合作,瞭解他們應該是你投資過程的一部分。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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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。
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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。
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風險及免責聲明
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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