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Yadea Group Holdings (HKG:1585) Could Easily Take On More Debt
Yadea Group Holdings (HKG:1585) Could Easily Take On More Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Yadea Group Holdings Ltd. (HKG:1585) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
When Is Debt A Problem?
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. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Yadea Group Holdings
How Much Debt Does Yadea Group Holdings Carry?
As you can see below, at the end of June 2022, Yadea Group Holdings had CN¥2.14b of debt, up from CN¥253.8m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥10.5b in cash, so it actually has CN¥8.36b net cash.
SEHK:1585 Debt to Equity History September 18th 2022A Look At Yadea Group Holdings' Liabilities
Zooming in on the latest balance sheet data, we can see that Yadea Group Holdings had liabilities of CN¥16.1b due within 12 months and liabilities of CN¥622.8m due beyond that. Offsetting these obligations, it had cash of CN¥10.5b as well as receivables valued at CN¥443.8m due within 12 months. So it has liabilities totalling CN¥5.81b more than its cash and near-term receivables, combined.
Given Yadea Group Holdings has a market capitalization of CN¥37.1b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Yadea Group Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely.
On top of that, Yadea Group Holdings grew its EBIT by 43% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Yadea 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Yadea Group Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, Yadea Group Holdings actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While Yadea Group Holdings does have more liabilities than liquid assets, it also has net cash of CN¥8.36b. And it impressed us with free cash flow of CN¥641m, being 174% of its EBIT. So is Yadea Group Holdings's debt a risk? It doesn't seem so to us. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Yadea Group Holdings you should know about.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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。我們注意到亞迪亞集團控股有限公司(HKG:1585)的資產負債表上確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
什麼時候債務是個問題?
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。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。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。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對雅迪亞集團控股的最新分析
亞迪亞集團控股公司揹負着多少債務?
如下所示,截至2022年6月底,亞迪亞集團控股的債務為21.4億加元,高於一年前的2.538億加元。單擊圖像瞭解更多詳細信息。然而,其資產負債表顯示,它持有人民幣105億元現金,因此它實際上擁有人民幣83.6億元的淨現金。
聯交所:1585債轉股歷史2022年9月18日看亞迪亞集團控股的負債情況
放大最新的資產負債表數據,我們可以看到,亞迪亞集團控股有161億加元的負債在12個月內到期,還有6.228億加元的負債在12個月內到期。為了抵消這些債務,該公司有105億加元的現金以及價值4.438億加元的應收賬款在12個月內到期。因此,它的負債總額為人民幣58.1億元,比現金和近期應收賬款加起來還要多。
鑑於亞迪亞集團控股的市值為371億元人民幣,很難相信這些債務會構成太大威脅。然而,我們確實認為值得關注其資產負債表的實力,因為它可能會隨着時間的推移而變化。雖然Yadea Group Holdings確實有值得注意的負債,但它的現金也多於債務,所以我們非常有信心它能夠安全地管理債務。
最重要的是,亞迪亞集團控股在過去12個月中息税前利潤增長了43%,這一增長將使其更容易處理債務。當你分析債務時,資產負債表顯然是你關注的領域。但決定亞迪亞集團未來保持健康資產負債表的能力,最重要的是未來的收益。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。
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。Yadea Group Holdings的資產負債表上可能有淨現金,但看看該業務將息税前收益(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。對於任何股東來説,令人高興的是,亞迪亞集團控股公司在過去三年中產生的自由現金流實際上超過了息税前利潤。這種強大的搖錢樹就像一隻穿着大黃蜂西裝的小狗一樣温暖着我們的心。
總結
雖然亞迪亞集團控股的負債確實多於流動資產,但它也有83.6億元的淨現金。它給我們留下了深刻的印象,自由現金流為6.41億元,是其息税前利潤的174%。那麼,亞迪亞集團控股的債務是一種風險嗎?但在我們看來並非如此。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。這些風險可能很難發現。每家公司都有它們,我們已經發現亞迪亞集團控股的1個警告標誌你應該知道。
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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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。
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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。
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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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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