-
市場
-
產品
-
資訊
-
Moo社區
-
課堂
-
查看更多
-
功能介紹
-
費用費用透明,無最低余額限制
投資選擇、功能介紹、費用相關信息由Moomoo Financial Inc.提供
- English
- 中文繁體
- 中文简体
- 深色
- 淺色
SINOPEC Engineering (Group) (HKG:2386) Could Easily Take On More Debt
SINOPEC Engineering (Group) (HKG:2386) Could Easily Take On More Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that SINOPEC Engineering (Group) Co., Ltd. (HKG:2386) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
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. If things get really bad, the lenders can take control of the business. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.
Check out our latest analysis for SINOPEC Engineering (Group)
How Much Debt Does SINOPEC Engineering (Group) Carry?
You can click the graphic below for the historical numbers, but it shows that SINOPEC Engineering (Group) had CN¥134.2m of debt in June 2022, down from CN¥174.6m, one year before. But it also has CN¥17.4b in cash to offset that, meaning it has CN¥17.3b net cash.
SEHK:2386 Debt to Equity History September 19th 2022How Healthy Is SINOPEC Engineering (Group)'s Balance Sheet?
Zooming in on the latest balance sheet data, we can see that SINOPEC Engineering (Group) had liabilities of CN¥40.4b due within 12 months and liabilities of CN¥2.35b due beyond that. Offsetting these obligations, it had cash of CN¥17.4b as well as receivables valued at CN¥40.3b due within 12 months. So it can boast CN¥15.0b more liquid assets than total liabilities.
This surplus strongly suggests that SINOPEC Engineering (Group) has a rock-solid balance sheet (and the debt is of no concern whatsoever). Having regard to this fact, we think its balance sheet is as strong as an ox. Succinctly put, SINOPEC Engineering (Group) boasts net cash, so it's fair to say it does not have a heavy debt load!
In fact SINOPEC Engineering (Group)'s saving grace is its low debt levels, because its EBIT has tanked 31% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if SINOPEC Engineering (Group) can strengthen its balance sheet over time. 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 SINOPEC Engineering (Group) 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, SINOPEC Engineering (Group) 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, the bottom line is that SINOPEC Engineering (Group) has net cash of CN¥17.3b and plenty of liquid assets. And it impressed us with free cash flow of CN¥2.7b, being 139% of its EBIT. So we don't think SINOPEC Engineering (Group)'s use of debt is risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for SINOPEC Engineering (Group) that 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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們注意到中國石化工程(集團)有限公司(HKG:2386)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?
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。如果情況真的變得很糟糕,貸款人可以控制業務。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,許多公司利用債務為增長提供資金,沒有任何負面後果。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。
查看我們對中石化工程(集團)的最新分析
中石化工程(集團)揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,中石化工程(集團)的債務為1.342億加元,低於一年前的1.746億加元。但它也有人民幣174億元的現金來抵消,這意味着它有人民幣173億元的淨現金。
聯交所:2386債轉股歷史2022年9月19日中石化工程(集團)的資產負債表健康程度如何?
放大最新的資產負債表數據可以看到,中石化工程(集團)有404億加元的負債在12個月內到期,還有23.5億加元的負債在12個月內到期。作為對這些債務的抵銷,該公司有174億加元的現金以及價值403億加元的應收賬款在12個月內到期。因此,它的流動資產比總計負債。
這一盈餘強烈表明,中石化工程(集團)擁有堅如磐石的資產負債表(債務並不令人擔憂)。考慮到這一事實,我們認為它的資產負債表像牛一樣堅固。簡而言之,中石化工程(集團)擁有淨現金,可以説它沒有沉重的債務負擔!
事實上,中石化工程(集團)的可取之處在於其較低的債務水平,因為它的息税前利潤在過去12個月裏暴跌了31%。收益下降(如果這種趨勢繼續下去)最終可能會使適度的債務面臨相當大的風險。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,未來業務的盈利能力將決定中石化工程(集團)能否隨着時間的推移加強其資產負債表。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。雖然中石化工程(集團)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。在過去三年中,中石化工程(集團)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,但底線是中石化工程(集團)擁有173億元人民幣的淨現金和充足的流動資產。它給我們留下了深刻的印象,自由現金流為27億元人民幣,佔其息税前利潤的139%。因此,我們不認為中石化工程(集團)使用債務是有風險的。毫無疑問,我們最瞭解債務的是資產負債表。然而,並不是所有的投資風險都存在於資產負債表內--遠非如此。例如,我們已經確定1中石化工程(集團)警告標誌這一點你應該知道。
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。
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。
風險及免責聲明
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。
- 分享到weixin
- 分享到qq
- 分享到facebook
- 分享到twitter
- 分享到微博
- 粘贴板
使用瀏覽器的分享功能,分享給你的好友吧