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We Think Great Chinasoft TechnologyLtd (SZSE:002453) Can Stay On Top Of Its Debt
We Think Great Chinasoft TechnologyLtd (SZSE:002453) Can Stay On Top Of Its Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Great Chinasoft Technology Co.,Ltd. (SZSE:002453) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
View our latest analysis for Great Chinasoft TechnologyLtd
How Much Debt Does Great Chinasoft TechnologyLtd Carry?
You can click the graphic below for the historical numbers, but it shows that Great Chinasoft TechnologyLtd had CN¥490.6m of debt in March 2022, down from CN¥692.7m, one year before. However, it does have CN¥449.2m in cash offsetting this, leading to net debt of about CN¥41.4m.
SZSE:002453 Debt to Equity History September 2nd 2022How Strong Is Great Chinasoft TechnologyLtd's Balance Sheet?
According to the last reported balance sheet, Great Chinasoft TechnologyLtd had liabilities of CN¥1.31b due within 12 months, and liabilities of CN¥38.4m due beyond 12 months. Offsetting these obligations, it had cash of CN¥449.2m as well as receivables valued at CN¥881.3m due within 12 months. So its total liabilities are just about perfectly matched by its shorter-term, liquid assets.
Having regard to Great Chinasoft TechnologyLtd's size, it seems that its liquid assets are well balanced with its total liabilities. So it's very unlikely that the CN¥10.8b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Great Chinasoft TechnologyLtd has virtually no net debt, so it's fair to say it does not have a heavy debt load!
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Given net debt is only 0.29 times EBITDA, it is initially surprising to see that Great Chinasoft TechnologyLtd's EBIT has low interest coverage of 2.3 times. So one way or the other, it's clear the debt levels are not trivial. If Great Chinasoft TechnologyLtd can keep growing EBIT at last year's rate of 12% over the last year, then it will find its debt load easier to manage. There's no doubt that we learn most about debt from the balance sheet. But it is Great Chinasoft TechnologyLtd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Happily for any shareholders, Great Chinasoft TechnologyLtd actually produced more free cash flow than EBIT over the last two years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
Happily, Great Chinasoft TechnologyLtd's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. But we must concede we find its interest cover has the opposite effect. Looking at the bigger picture, we think Great Chinasoft TechnologyLtd's use of debt seems quite reasonable and we're not concerned about it. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for Great Chinasoft TechnologyLtd that you should be aware of.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,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,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。我們注意到大華軟科技有限公司。(SZSE:002453)的資產負債表上確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務在什麼時候是危險的?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。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,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。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。
查看我們對大華軟科技有限公司的最新分析
偉大的中軟科技有限公司揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年3月,大中軟科技有限公司的債務為4.906億元人民幣,低於一年前的6.927億元人民幣。然而,它確實有4.492億加元的現金來抵消這一點,導致淨債務約為4140萬加元。
深交所:002453債轉股歷史2022年9月2日大華軟科技有限公司的資產負債表有多強?
根據最新報告的資產負債表,大中軟科技有限公司有13.1億加元的負債在12個月內到期,3840萬加元的負債在12個月後到期。作為這些債務的抵消,該公司有4.492億加元的現金以及價值8.813億加元的應收賬款在12個月內到期。因此,它的總負債與其較短期的流動資產幾乎完全匹配。
考慮到大中軟科技有限公司的規模,它的流動資產和總負債似乎很好地平衡了。因此,這家108億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。但無論是哪種方式,大中軟科技有限公司幾乎沒有淨債務,所以公平地説,它沒有沉重的債務負擔!
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。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。
鑑於淨債務僅為EBITDA的0.29倍,最初令人驚訝的是,Great ChinaSoft Technology Ltd.的EBIT利息覆蓋率低至2.3倍。因此,無論如何,很明顯,債務水平並不是微不足道的。如果中軟科技股份有限公司能夠保持去年12%的息税前利潤增長速度,那麼它的債務負擔將更容易管理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但中軟科技有限公司的盈利將影響未來資產負債表的表現。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
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。因此,我們總是檢查EBIT中有多少轉化為自由現金流。對於任何股東來説,令人高興的是,大中華軟科技有限公司在過去兩年產生的自由現金流實際上超過了息税前利潤。這種強大的搖錢樹就像一隻穿着大黃蜂西裝的小狗一樣温暖着我們的心。
我們的觀點
令人高興的是,中軟科技有限公司令人印象深刻地將息税前利潤轉換為自由現金流,這意味着它在債務上佔據了上風。但我們必須承認,我們發現它的利息覆蓋具有相反的效果。從更大的角度來看,我們認為中軟科技有限公司的債務使用似乎相當合理,我們並不擔心。畢竟,合理的槓桿可以提高股本回報率。毫無疑問,我們從資產負債表中瞭解到的債務最多。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。例如,我們已經確定大華軟科技有限公司的2個警告標誌這一點你應該知道。
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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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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