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These 4 Measures Indicate That Tiangong International (HKG:826) Is Using Debt Reasonably Well
These 4 Measures Indicate That Tiangong International (HKG:826) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 can see that Tiangong International Company Limited (HKG:826) does use debt in its business. But should shareholders be worried about its use of debt?
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. If things get really bad, the lenders can take control of the business. 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. 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 Tiangong International
How Much Debt Does Tiangong International Carry?
The chart below, which you can click on for greater detail, shows that Tiangong International had CN¥2.78b in debt in June 2022; about the same as the year before. However, it does have CN¥2.80b in cash offsetting this, leading to net cash of CN¥24.2m.
SEHK:826 Debt to Equity History September 2nd 2022A Look At Tiangong International's Liabilities
Zooming in on the latest balance sheet data, we can see that Tiangong International had liabilities of CN¥4.83b due within 12 months and liabilities of CN¥1.31b due beyond that. Offsetting these obligations, it had cash of CN¥2.80b as well as receivables valued at CN¥2.50b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥834.4m.
Since publicly traded Tiangong International shares are worth a total of CN¥6.13b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Tiangong International also has more cash than debt, so we're pretty confident it can manage its debt safely.
Tiangong International's EBIT was pretty flat over the last year, but that shouldn't be an issue given the it doesn't have a lot of 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 Tiangong International's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Tiangong International 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. Looking at the most recent three years, Tiangong International recorded free cash flow of 35% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
Summing Up
While Tiangong International does have more liabilities than liquid assets, it also has net cash of CN¥24.2m. So we are not troubled with Tiangong International's debt use. Of course, we wouldn't say no to the extra confidence that we'd gain if we knew that Tiangong International insiders have been buying shares: if you're on the same wavelength, you can find out if insiders are buying by clicking this link.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。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。我們可以看到天工國際有限公司(HKG:826)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
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。如果情況真的變得很糟糕,貸款人可以控制業務。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。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。
查看我們對天工國際的最新分析
天工國際揹負着多少債務?
下面的圖表顯示,2022年6月,天工國際的債務為27.8億元人民幣,與前一年大致相同。點擊查看更多詳細信息。然而,它確實有28億加元的現金來抵消這一點,導致淨現金為2420萬加元。
聯交所:826債轉股歷史2022年9月2日看天工國際的負債情況
放大最新的資產負債表數據,我們可以看到,天工國際有48.3億元的負債在12個月內到期,還有13.1億元的負債在12個月內到期。作為對這些債務的抵消,該公司有28億加元的現金以及價值25億加元的應收賬款在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8.344億元。
由於上市交易的天工國際股票總價值為人民幣61.3億元,這種負債水平似乎不太可能構成重大威脅。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。儘管天工國際確實有值得注意的負債,但它的現金也多於債務,因此我們非常有信心它能夠安全地管理其債務。
天工國際去年的息税前利潤相當持平,但考慮到它沒有太多債務,這應該不是一個問題。在分析債務水平時,資產負債表顯然是一個起點。但決定天工國際未來能否保持健康資產負債表的,最重要的是未來的收益。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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。天工國際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。從最近三年來看,天工國際的自由現金流佔其息税前利潤的35%,低於我們的預期。當涉及到償還債務時,這並不是很好。
總結
儘管天工國際的負債確實多於流動資產,但它也擁有2420萬元人民幣的淨現金。因此,我們對天工國際的債務使用並不感到困擾。當然,如果我們知道天工國際的內部人士一直在買入股票,我們不會對這種額外的信心説不:如果你和天工國際的想法相同,你可以通過點擊這個鏈接來了解內部人士是否在買入。
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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