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These 4 Measures Indicate That Anji Microelectronics Technology (Shanghai) (SHSE:688019) Is Using Debt Reasonably Well
These 4 Measures Indicate That Anji Microelectronics Technology (Shanghai) (SHSE:688019) 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.' 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. Importantly, Anji Microelectronics Technology (Shanghai) Co., Ltd. (SHSE:688019) does carry debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. 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 think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for Anji Microelectronics Technology (Shanghai)
What Is Anji Microelectronics Technology (Shanghai)'s Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Anji Microelectronics Technology (Shanghai) had CN¥22.7m of debt, an increase on CN¥15.8m, over one year. However, it does have CN¥481.8m in cash offsetting this, leading to net cash of CN¥459.1m.
SHSE:688019 Debt to Equity History September 3rd 2022How Healthy Is Anji Microelectronics Technology (Shanghai)'s Balance Sheet?
The latest balance sheet data shows that Anji Microelectronics Technology (Shanghai) had liabilities of CN¥342.8m due within a year, and liabilities of CN¥130.7m falling due after that. On the other hand, it had cash of CN¥481.8m and CN¥283.4m worth of receivables due within a year. So it actually has CN¥291.7m more liquid assets than total liabilities.
This state of affairs indicates that Anji Microelectronics Technology (Shanghai)'s balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥19.6b company is short on cash, but still worth keeping an eye on the balance sheet. Simply put, the fact that Anji Microelectronics Technology (Shanghai) has more cash than debt is arguably a good indication that it can manage its debt safely.
Even more impressive was the fact that Anji Microelectronics Technology (Shanghai) grew its EBIT by 294% over twelve months. That boost will make it even easier to pay down debt going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Anji Microelectronics Technology (Shanghai) can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Anji Microelectronics Technology (Shanghai) 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, Anji Microelectronics Technology (Shanghai) 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 we empathize with investors who find debt concerning, you should keep in mind that Anji Microelectronics Technology (Shanghai) has net cash of CN¥459.1m, as well as more liquid assets than liabilities. And it impressed us with its EBIT growth of 294% over the last year. So we are not troubled with Anji Microelectronics Technology (Shanghai)'s debt use. 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 Anji Microelectronics Technology (Shanghai) (1 is concerning) you should be aware of.
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.
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。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。重要的是安吉微電子科技(上海)有限公司。(上海證券交易所:688019)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?
債務在什麼時候是危險的?
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。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。
查看我們對安吉微電子技術(上海)的最新分析
安吉微電子科技(上海)的債務是什麼?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,安吉微電子科技(上海)的債務為2270萬元人民幣,比一年前增加了1580萬元人民幣。然而,它確實有4.818億加元的現金抵消了這一點,導致淨現金為4.591億加元。
上證綜指:688019債轉股歷史2022年9月3日安吉微電子科技(上海)的資產負債表健康程度如何?
最新的資產負債表數據顯示,安吉微電子科技(上海)有3.428億元人民幣的負債在一年內到期,1.307億元的負債在一年內到期。另一方面,它有4.818億加元的現金和2.834億加元的應收賬款在一年內到期。所以它實際上有2.917億元人民幣更多流動資產超過總負債。
這種情況表明,安吉微電子科技(上海)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,這家196億元人民幣的公司不太可能出現現金短缺的情況,但仍值得關注資產負債表。簡而言之,安吉微電子科技(上海)擁有更多現金而不是債務的事實可以説是一個很好的跡象,表明它能夠安全地管理債務。
更令人印象深刻的是,安吉微電子科技(上海)的息税前利潤在12個月內增長了294%。這一提振將使未來償還債務變得更加容易。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定安吉微電子科技(上海)能否隨着時間的推移加強其資產負債表。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。
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。雖然安吉微電子科技(上海)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,安吉微電子科技(上海)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
雖然我們同情那些對債務感到擔憂的投資者,但你應該記住,安吉微電子科技(上海)擁有4.591億元人民幣的淨現金,流動資產多於負債。去年息税前利潤增長了294%,給我們留下了深刻的印象。因此,我們並不擔心安吉微電子科技(上海)的債務使用。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,我們已經確定安吉微電子技術(上海)的2個警示標誌(1是關於的)你應該知道。
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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