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We Think Shenzhou International Group Holdings (HKG:2313) Can Stay On Top Of Its Debt
We Think Shenzhou International Group Holdings (HKG:2313) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. We can see that Shenzhou International Group Holdings Limited (HKG:2313) does use debt in its business. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. 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 think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Shenzhou International Group Holdings
How Much Debt Does Shenzhou International Group Holdings Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Shenzhou International Group Holdings had CN¥9.96b of debt, an increase on CN¥7.85b, over one year. But on the other hand it also has CN¥14.8b in cash, leading to a CN¥4.88b net cash position.
SEHK:2313 Debt to Equity History September 5th 2022A Look At Shenzhou International Group Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that Shenzhou International Group Holdings had liabilities of CN¥12.8b due within 12 months and liabilities of CN¥830.1m due beyond that. Offsetting these obligations, it had cash of CN¥14.8b as well as receivables valued at CN¥5.21b due within 12 months. So it can boast CN¥6.37b more liquid assets than total liabilities.
This short term liquidity is a sign that Shenzhou International Group Holdings could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Shenzhou International Group Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
The modesty of its debt load may become crucial for Shenzhou International Group Holdings if management cannot prevent a repeat of the 42% cut to EBIT over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Shenzhou International Group Holdings'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.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Shenzhou International Group Holdings 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. Over the most recent three years, Shenzhou International Group Holdings recorded free cash flow worth 54% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Shenzhou International Group Holdings has net cash of CN¥4.88b, as well as more liquid assets than liabilities. So we are not troubled with Shenzhou International Group Holdings's debt use. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for Shenzhou International Group Holdings you should be aware of.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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。我們可以看到申洲國際控股有限公司(HKG:2313)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
為什麼債務會帶來風險?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。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。
查看我們對申洲國際控股的最新分析
申洲國際控股揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示了截至2022年6月,申洲國際控股的債務為99.6億元人民幣,比一年前增加了78.5億元人民幣。但另一方面,它也擁有人民幣148億元的現金,導致人民幣48.8億元的淨現金頭寸。
聯交所:2313債轉股歷史2022年9月5日申洲國際控股的負債狀況一瞥
放大最新的資產負債表數據可以看到,申洲國際控股有128億元人民幣的負債在12個月內到期,還有8.301億元人民幣的負債在12個月內到期。作為對這些債務的抵銷,該公司有148億加元的現金以及價值52.1億元的應收賬款在12個月內到期。因此,它可以吹噓比總計負債。
這種短期流動性是一個跡象,表明申洲國際控股很可能可以輕鬆償還債務,因為其資產負債表遠未捉襟見肘。簡而言之,申洲國際控股擁有淨現金,可以説它沒有沉重的債務負擔!
如果管理層不能防止去年息税前利潤削減42%的情況重演,對申洲國際控股來説,適度的債務負擔可能變得至關重要。説到還債,收入下降並不比含糖汽水對你的健康有什麼用處。毫無疑問,我們從資產負債表中瞭解到的債務最多。但決定申洲國際控股未來能否保持健康資產負債表的,最重要的是公司未來的盈利狀況。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。雖然申洲國際控股的資產負債表上有淨現金,但它將息税前利潤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。在最近三年中,申洲國際控股錄得的自由現金流相當於其息税前利潤的54%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
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,申洲國際控股擁有48.8億元人民幣的淨現金,流動資產多於負債。因此,我們並不為申洲國際控股的債務使用感到困擾。當你分析債務時,資產負債表顯然是你關注的領域。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。一個恰當的例子:我們發現了申洲國際控股的2個警告信號你應該意識到。
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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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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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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