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Is Yincheng International Holding (HKG:1902) A Risky Investment?
Is Yincheng International Holding (HKG:1902) 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. We note that Yincheng International Holding Co., Ltd. (HKG:1902) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Yincheng International Holding
What Is Yincheng International Holding's Debt?
You can click the graphic below for the historical numbers, but it shows that Yincheng International Holding had CN¥11.7b of debt in June 2022, down from CN¥15.7b, one year before. However, it does have CN¥2.37b in cash offsetting this, leading to net debt of about CN¥9.33b.
SEHK:1902 Debt to Equity History September 17th 2022How Healthy Is Yincheng International Holding's Balance Sheet?
The latest balance sheet data shows that Yincheng International Holding had liabilities of CN¥28.8b due within a year, and liabilities of CN¥6.77b falling due after that. Offsetting these obligations, it had cash of CN¥2.37b as well as receivables valued at CN¥3.58b due within 12 months. So it has liabilities totalling CN¥29.6b more than its cash and near-term receivables, combined.
The deficiency here weighs heavily on the CN¥3.09b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Yincheng International Holding would probably need a major re-capitalization if its creditors were to demand repayment.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Yincheng International Holding has a rather high debt to EBITDA ratio of 5.7 which suggests a meaningful debt load. However, its interest coverage of 6.1 is reasonably strong, which is a good sign. Pleasingly, Yincheng International Holding is growing its EBIT faster than former Australian PM Bob Hawke downs a yard glass, boasting a 151% gain in the last twelve months. When analysing debt levels, the balance sheet is the obvious place to start. But it is Yincheng International Holding's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, Yincheng International Holding actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Our View
We feel some trepidation about Yincheng International Holding's difficulty level of total liabilities, but we've got positives to focus on, too. To wit both its conversion of EBIT to free cash flow and EBIT growth rate were encouraging signs. We think that Yincheng International Holding's debt does make it a bit risky, after considering the aforementioned data points together. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 3 warning signs for Yincheng International Holding (1 is concerning) you should be aware of.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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。我們注意到銀城國際控股有限公司。(HKG:1902)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。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。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對銀城國際控股的最新分析
銀城國際控股的債務是什麼?
你可以點擊下圖查看歷史數據,但它顯示了銀城國際控股在2022年6月的債務為人民幣117億元,低於一年前的人民幣157億元。然而,它確實有23.7億加元的現金來抵消這一點,導致淨債務約為93.3億加元。
聯交所:1902債轉股歷史2022年9月17日銀城國際控股的資產負債表健康程度如何?
最新的資產負債表數據顯示,銀城國際控股有288億元人民幣的負債在一年內到期,67.7億元的負債在一年內到期。作為對這些債務的抵消,該公司有23.7億加元的現金以及價值35.8億加元的應收賬款在12個月內到期。因此,它的負債總額為人民幣296億元,比現金和近期應收賬款加起來還要多。
這一不足給這家30.9億元的CN公司本身帶來了沉重的負擔,就像一個孩子在一個裝滿書籍、運動裝備和小號的巨大揹包的重壓下掙扎一樣。因此,毫無疑問,我們會密切關注它的資產負債表。歸根結底,如果債權人要求償還,銀城國際控股很可能需要進行一次重大的資本重組。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
銀城國際控股的債務與EBITDA之比相當高,為5.7,這意味着相當大的債務負擔。然而,其6.1的利息覆蓋率相當強勁,這是一個好跡象。令人欣喜的是,銀城國際控股的息税前利潤增長速度快於澳大利亞前總理鮑勃·霍克(Bob Hawke)。過去12個月,銀城國際控股的息税前利潤增長了151%。在分析債務水平時,資產負債表顯然是一個起點。但影響未來資產負債表表現的將是銀城國際控股的盈利情況。因此,當考慮債務時,絕對值得關注收益趨勢。點擊此處查看互動快照。
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。因此,我們總是檢查EBIT中有多少轉化為自由現金流。在過去三年裏,銀城國際控股實際上產生了比息税前利潤更多的自由現金流。這種強勁的現金轉換讓我們像傻朋克演唱會上節奏下降時的觀眾一樣興奮。
我們的觀點
我們對銀城國際控股總負債的難度感到有些不安,但我們也有積極的一面需要關注。換句話説,它將息税前利潤轉換為自由現金流和息税前利潤增長率都是令人鼓舞的跡象。綜合考慮上述數據點,我們認為銀城國際控股的債務確實使其具有一定的風險。並不是所有的風險都是壞的,因為如果它得到了回報,它可以提高股價回報,但這種債務風險值得記住。在分析債務水平時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們已經確定銀城國際控股的3個警示信號(1是關於的)你應該知道。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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 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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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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