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Is Nantong Jiangshan Agrochemical & ChemicalsLtd (SHSE:600389) Using Too Much Debt?
Is Nantong Jiangshan Agrochemical & ChemicalsLtd (SHSE:600389) Using Too Much Debt?
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 Nantong Jiangshan Agrochemical & Chemicals Co.,Ltd. (SHSE:600389) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
Check out our latest analysis for Nantong Jiangshan Agrochemical & ChemicalsLtd
What Is Nantong Jiangshan Agrochemical & ChemicalsLtd's Debt?
As you can see below, at the end of June 2022, Nantong Jiangshan Agrochemical & ChemicalsLtd had CN¥733.5m of debt, up from CN¥620.6m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥2.51b in cash, so it actually has CN¥1.78b net cash.
SHSE:600389 Debt to Equity History September 19th 2022How Healthy Is Nantong Jiangshan Agrochemical & ChemicalsLtd's Balance Sheet?
We can see from the most recent balance sheet that Nantong Jiangshan Agrochemical & ChemicalsLtd had liabilities of CN¥2.85b falling due within a year, and liabilities of CN¥538.8m due beyond that. Offsetting this, it had CN¥2.51b in cash and CN¥1.50b in receivables that were due within 12 months. So it actually has CN¥613.8m more liquid assets than total liabilities.
This short term liquidity is a sign that Nantong Jiangshan Agrochemical & ChemicalsLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Nantong Jiangshan Agrochemical & ChemicalsLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
Better yet, Nantong Jiangshan Agrochemical & ChemicalsLtd grew its EBIT by 254% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Nantong Jiangshan Agrochemical & ChemicalsLtd'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Nantong Jiangshan Agrochemical & ChemicalsLtd 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. During the last three years, Nantong Jiangshan Agrochemical & ChemicalsLtd generated free cash flow amounting to a very robust 89% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Nantong Jiangshan Agrochemical & ChemicalsLtd has net cash of CN¥1.78b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥1.7b, being 89% of its EBIT. So we don't think Nantong Jiangshan Agrochemical & ChemicalsLtd's use of debt is risky. 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. Case in point: We've spotted 2 warning signs for Nantong Jiangshan Agrochemical & ChemicalsLtd you should be aware of.
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.
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南通江山農化股份有限公司(上海證券交易所:600389)利用債務。但更重要的問題是:這筆債務造成了多大的風險?
為什麼債務會帶來風險?
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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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。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。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。
查看我們對南通江山農化股份有限公司的最新分析
南通江山農化股份有限公司的債務是什麼?
如下所示,截至2022年6月底,南通江山農化股份有限公司的債務為7.335億加元,高於一年前的6.206億加元。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25.1億元現金,因此它實際上擁有人民幣17.8億元的淨現金。
上證綜指:600389債轉股歷史2022年9月19日南通江山農化的資產負債表健康程度如何?
從最近的資產負債表可以看出,南通江山農化股份有限公司有28.5億加元的負債在一年內到期,還有5.388億加元的負債在一年內到期。作為抵消,它有25.1億加元的現金和15.億加元的應收賬款在12個月內到期。所以它實際上有6.138億元人民幣更多流動資產超過總負債。
這種短期流動性是一個跡象,表明南通江山農化股份有限公司可能會輕鬆償還債務,因為該公司的資產負債表遠未捉襟見肘。簡而言之,南通江山農化股份有限公司擁有淨現金,可以説它沒有沉重的債務負擔!
更好的是,南通江山農化股份有限公司去年息税前利潤增長了254%,這是一個令人印象深刻的進步。如果保持這樣的增長,未來幾年的債務將變得更加可控。在分析債務水平時,資產負債表顯然是一個起點。但決定南通江山農化股份有限公司未來保持健康資產負債表的能力,最重要的是未來的收益。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。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。雖然南通江山農化股份有限公司的資產負債表上有淨現金,但它將息税前利潤(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,南通江山農化股份有限公司產生了非常強勁的自由現金流,佔息税前利潤的89%,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
總結
雖然我們同情投資者對債務的擔憂,但您應該記住,南通江山農化股份有限公司擁有淨現金人民幣17.8億元,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17億元人民幣,佔其息税前利潤的89%。因此,我們不認為南通江山農化股份有限公司使用債務是有風險的。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。一個恰當的例子:我們發現了南通江山農化股份有限公司2個警示標誌你應該意識到。
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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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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