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Is CSSC Science& Technology (SHSE:600072) A Risky Investment?
Is CSSC Science& Technology (SHSE:600072) A Risky Investment?
Warren Buffett famously said, '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. As with many other companies CSSC Science& Technology Co., Ltd (SHSE:600072) makes use of debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for CSSC Science& Technology
What Is CSSC Science& Technology's Debt?
The image below, which you can click on for greater detail, shows that CSSC Science& Technology had debt of CN¥834.3m at the end of June 2022, a reduction from CN¥1.76b over a year. However, its balance sheet shows it holds CN¥1.49b in cash, so it actually has CN¥657.8m net cash.
SHSE:600072 Debt to Equity History September 16th 2022A Look At CSSC Science& Technology's Liabilities
Zooming in on the latest balance sheet data, we can see that CSSC Science& Technology had liabilities of CN¥2.97b due within 12 months and liabilities of CN¥322.7m due beyond that. Offsetting this, it had CN¥1.49b in cash and CN¥1.87b in receivables that were due within 12 months. So it actually has CN¥68.5m more liquid assets than total liabilities.
Having regard to CSSC Science& Technology's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥9.71b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, CSSC Science& Technology boasts net cash, so it's fair to say it does not have a heavy debt load!
It is just as well that CSSC Science& Technology's load is not too heavy, because its EBIT was down 97% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since CSSC Science& Technology will need earnings to service that debt. 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. While CSSC Science& Technology 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 last three years, CSSC Science& Technology actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that CSSC Science& Technology has net cash of CN¥657.8m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of -CN¥384m, being 1,896% of its EBIT. So we are not troubled with CSSC Science& Technology's debt use. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for CSSC Science& Technology 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.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。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。與許多其他公司一樣中信科技股份有限公司(上海證券交易所:600072)利用債務。但股東是否應該擔心它的債務使用情況?
債務會帶來什麼風險?
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。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。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,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。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CSSC科技的最新分析
中證金科技的債務是什麼?
下圖顯示,截至2022年6月底,中證金科技的債務為8.343億加元,較一年內的17.6億加元有所減少。你可以點擊查看詳細信息。然而,其資產負債表顯示,它持有14.9億元人民幣的現金,因此它實際上擁有6.578億元淨現金。
上證綜指:600072債轉股歷史2022年9月16日關於中證金科技的負債問題
放大最新的資產負債表數據可以看到,中證金科技有29.7億元的負債在12個月內到期,還有3.227億元的負債在12個月內到期。作為抵消,它有14.9億加元的現金和18.7億加元的應收賬款在12個月內到期。所以它實際上有6850萬元人民幣更多流動資產超過總負債。
考慮到中證金科技的規模,其流動資產與總負債似乎達到了很好的平衡。因此,儘管很難想象這家人民幣97.1億元的公司正在苦苦掙扎,但我們仍然認為值得監控其資產負債表。簡而言之,中證金科技擁有淨現金,因此可以説它沒有沉重的債務負擔!
還好CSSC Science&Technology的負擔不是太重,因為它的息税前利潤比去年下降了97%。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。在分析債務水平時,資產負債表顯然是一個起點。但你不能完全孤立地看待債務,因為CSSC科技公司需要盈利來償還債務。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。雖然CSSC Science&Technology的資產負債表上有淨現金,但它將息税前收益(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,CSSC科技實際上產生了比息税前利潤更多的自由現金流。説到贏得貸款人的好感,沒有什麼比收到的現金更好的了。
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,中證金科技擁有6.578億元人民幣的淨現金,流動資產多於負債。它給我們留下了深刻的印象,自由現金流為-3.84億元,佔其息税前利潤的1896%。因此,我們並不為CSSC科技的債務使用而感到困擾。在分析債務水平時,資產負債表顯然是一個起點。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CSSC科技的2個警示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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