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Is Tian Ge Interactive Holdings (HKG:1980) Weighed On By Its Debt Load?
Is Tian Ge Interactive Holdings (HKG:1980) Weighed On By Its Debt Load?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Tian Ge Interactive Holdings Limited (HKG:1980) does use debt in its business. But is this debt a concern to shareholders?
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. 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. 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.
View our latest analysis for Tian Ge Interactive Holdings
How Much Debt Does Tian Ge Interactive Holdings Carry?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Tian Ge Interactive Holdings had CN¥436.6m of debt, an increase on CN¥397.6m, over one year. However, its balance sheet shows it holds CN¥1.50b in cash, so it actually has CN¥1.06b net cash.
SEHK:1980 Debt to Equity History September 20th 2022How Strong Is Tian Ge Interactive Holdings' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Tian Ge Interactive Holdings had liabilities of CN¥603.7m due within 12 months and liabilities of CN¥31.0m due beyond that. Offsetting these obligations, it had cash of CN¥1.50b as well as receivables valued at CN¥10.3m due within 12 months. So it can boast CN¥871.5m more liquid assets than total liabilities.
This excess liquidity is a great indication that Tian Ge Interactive Holdings' balance sheet is almost as strong as Fort Knox. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that Tian Ge Interactive Holdings has more cash than debt is arguably a good indication that it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Tian Ge Interactive Holdings will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
In the last year Tian Ge Interactive Holdings had a loss before interest and tax, and actually shrunk its revenue by 31%, to CN¥179m. To be frank that doesn't bode well.
So How Risky Is Tian Ge Interactive Holdings?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months Tian Ge Interactive Holdings lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥81m and booked a CN¥356m accounting loss. With only CN¥1.06b on the balance sheet, it would appear that its going to need to raise capital again soon. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. To that end, you should learn about the 4 warning signs we've spotted with Tian Ge Interactive Holdings (including 2 which can't be ignored) .
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
傳奇基金經理理想汽車·盧曾説,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。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們可以看到田歌互動控股有限公司(HKG:1980)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
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。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。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。
查看我們對田歌互動控股的最新分析
田歌互動控股揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示了截至2022年6月,田歌互動控股的債務為4.366億加元,比一年前增加了3.976億加元。然而,其資產負債表顯示,它持有人民幣15億元的現金,因此它實際上擁有人民幣10.6億元的淨現金。
聯交所:1980年債轉股歷史2022年9月20日田歌互動控股的資產負債表有多強?
放大最新的資產負債表數據,我們可以看到,田歌互動控股有6.037億加元的負債在12個月內到期,超過12個月的負債有3100萬加元到期。作為這些債務的抵消,該公司有15億加元的現金以及價值1030萬加元的應收賬款在12個月內到期。因此,它可以吹噓自己的流動資產比總計負債。
這種過剩的流動性是一個很好的跡象,表明田歌互動控股的資產負債表幾乎與諾克斯堡一樣強勁。考慮到這一點,人們可以斷定,其資產負債表意味着該公司有能力應對一些逆境。簡而言之,田歌互動控股的現金多於債務,可以説是一個很好的跡象,表明它可以安全地管理債務。當你分析債務時,資產負債表顯然是你關注的領域。但你不能完全孤立地看待債務,因為田歌互動控股需要盈利來償還債務。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。
去年,田歌互動控股出現息税前虧損,收入縮水31%,至1.79億元。坦率地説,這不是一個好兆頭。
那麼,田歌互動控股的風險有多大呢?
就其本質而言,虧損的公司比那些長期盈利的公司風險更大。事實是,在過去的12個月裏,田歌互動控股在息税前利潤(EBIT)線上虧損。在同一時期,它出現了8100萬加元的負自由現金流出,並計入了3.56億加元的會計損失。在資產負債表上只有10.6億元人民幣的情況下,它似乎很快就需要再次籌集資金。總體而言,目前該公司的資產負債表似乎風險不大,但在看到正的自由現金流之前,我們總是持謹慎態度。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。為此,您應該瞭解4個警示標誌我們已經看到了田歌互動控股(包括2家不容忽視的公司)。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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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