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Here's Why Aidigong Maternal & Child Health (HKG:286) Can Afford Some Debt
Here's Why Aidigong Maternal & Child Health (HKG:286) Can Afford Some Debt
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 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. As with many other companies Aidigong Maternal & Child Health Limited (HKG:286) makes use of debt. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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 Aidigong Maternal & Child Health
What Is Aidigong Maternal & Child Health's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Aidigong Maternal & Child Health had HK$948.0m of debt, an increase on HK$876.4m, over one year. However, it also had HK$734.2m in cash, and so its net debt is HK$213.8m.
SEHK:286 Debt to Equity History September 3rd 2022How Strong Is Aidigong Maternal & Child Health's Balance Sheet?
The latest balance sheet data shows that Aidigong Maternal & Child Health had liabilities of HK$693.7m due within a year, and liabilities of HK$1.37b falling due after that. Offsetting this, it had HK$734.2m in cash and HK$31.9m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$1.29b.
While this might seem like a lot, it is not so bad since Aidigong Maternal & Child Health has a market capitalization of HK$2.50b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Aidigong Maternal & Child Health'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.
In the last year Aidigong Maternal & Child Health wasn't profitable at an EBIT level, but managed to grow its revenue by 7.7%, to HK$647m. We usually like to see faster growth from unprofitable companies, but each to their own.
Caveat Emptor
Importantly, Aidigong Maternal & Child Health had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost HK$33m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of HK$80m. So we do think this stock is quite risky. For riskier companies like Aidigong Maternal & Child Health I always like to keep an eye on whether insiders are buying or selling. So click here if you want to find out for yourself.
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。與許多其他公司一樣愛迪公婦幼保健有限公司(HKG:286)利用債務。但這筆債務對股東來説是一個擔憂嗎?
債務在什麼時候是危險的?
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。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。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。
查看我們對愛迪貢婦幼保健的最新分析
愛迪公婦幼保健院的債務是什麼?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,愛迪公母嬰健康公司的債務為9.48億港元,較一年前增加8.764億港元。然而,該公司還有7.342億港元現金,因此其淨債務為2.138億港元。
聯交所:286債轉股歷史2022年9月3日愛迪公婦幼保健院的資產負債表有多強?
最新的資產負債表數據顯示,愛迪公母嬰健康有6.937億港元的負債在一年內到期,13.7億港元的負債在一年內到期。作為抵消,該公司有7.342億港元現金和3190萬港元應收賬款在12個月內到期。因此,其負債比現金和(近期)應收賬款之和高出12.9億港元。
雖然這看起來可能很多,但並不是很糟糕,因為愛迪公母嬰保健的市值為25億港元,因此如果需要的話,它可能會通過籌集資金來加強其資產負債表。但我們肯定希望密切關注其債務帶來太大風險的跡象。在分析債務水平時,資產負債表顯然是一個起點。但最重要的是,未來的收益將決定愛迪公母嬰健康未來保持健康資產負債表的能力。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。
去年,愛地公母嬰保健的息税前利潤並未達到盈利水平,但營收增長了7.7%,至6.47億港元。我們通常喜歡看到不盈利的公司實現更快的增長,但每個公司都有自己的特點。
告誡買入者
重要的是,愛迪公婦幼保健去年出現息税前收益(EBIT)虧損。事實上,在息税前利潤水平上,該公司虧損了3300萬港元。考慮到除了上面提到的債務,我們對公司應該使用如此多的債務沒有太大的信心。因此,我們認為它的資產負債表有點緊張,但並不是無法修復。例如,我們不希望看到去年8000萬港元的虧損重演。因此,我們確實認為這隻股票風險很大。對於像愛迪公母嬰健康這樣風險較高的公司,我總是喜歡密切關注內部人士是在買入還是在賣出。因此,如果您想自己找出答案,請點擊此處。
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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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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