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Does Digital China Information Service (SZSE:000555) Have A Healthy Balance Sheet?
Does Digital China Information Service (SZSE:000555) Have A Healthy Balance Sheet?
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.' 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. Importantly, Digital China Information Service Company Ltd. (SZSE:000555) does carry debt. 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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Digital China Information Service
What Is Digital China Information Service's Debt?
As you can see below, Digital China Information Service had CN¥232.7m of debt at June 2022, down from CN¥414.9m a year prior. However, its balance sheet shows it holds CN¥1.36b in cash, so it actually has CN¥1.13b net cash.
SZSE:000555 Debt to Equity History September 29th 2022A Look At Digital China Information Service's Liabilities
We can see from the most recent balance sheet that Digital China Information Service had liabilities of CN¥5.49b falling due within a year, and liabilities of CN¥171.2m due beyond that. Offsetting these obligations, it had cash of CN¥1.36b as well as receivables valued at CN¥4.31b due within 12 months. So these liquid assets roughly match the total liabilities.
Having regard to Digital China Information Service's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the CN¥9.04b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Digital China Information Service boasts net cash, so it's fair to say it does not have a heavy debt load!
But the bad news is that Digital China Information Service has seen its EBIT plunge 17% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. 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 Digital China Information Service'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, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Digital China Information Service 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 most recent three years, Digital China Information Service recorded free cash flow worth 65% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Digital China Information Service has net cash of CN¥1.13b, as well as more liquid assets than liabilities. So we don't have any problem with Digital China Information Service's use of debt. 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. Case in point: We've spotted 1 warning sign for Digital China Information Service you should be aware of.
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。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。重要的是神州數碼信息服務有限公司。(SZSE:000555)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。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。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。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對神州數碼信息服務的最新分析
神州數碼的債務是什麼?
如下所示,截至2022年6月,神州數碼的債務為2.327億加元,低於一年前的4.149億加元。然而,其資產負債表顯示,它持有人民幣13.6億元現金,因此它實際上擁有人民幣11.3億元的淨現金。
深圳證交所:000555債轉股歷史2022年9月29日神州數碼信息服務的負債問題
從最近的資產負債表我們可以看到,神州信息服務有54.9億元的負債在一年內到期,還有1.712億元的負債在一年內到期。作為對這些債務的抵銷,該公司有13.6億加元的現金以及價值43.1億加元的應收賬款在12個月內到期。因此,這些流動資產大致相當於總負債。
考慮到神州數碼的規模,其流動資產與總負債似乎達到了很好的平衡。因此,儘管很難想象這家90.4億元人民幣的公司正在為現金而苦苦掙扎,但我們仍然認為值得監控其資產負債表。簡而言之,神州數碼擁有淨現金,因此可以説它沒有沉重的債務負擔!
但壞消息是,神州數碼的息税前利潤在過去12個月裏暴跌了17%。我們認為,這種表現,如果經常重複,很可能會導致股票陷入困境。當你分析債務時,資產負債表顯然是你關注的領域。但未來的盈利將決定神州數碼未來能否保持健康的資產負債表。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,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。雖然神州數碼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。在最近三年中,神州數碼錄得的自由現金流相當於其息税前利潤的65%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
總結
雖然我們同情那些對債務感到擔憂的投資者,但您應該記住,神州數碼擁有11.3億元人民幣的淨現金,流動資產多於負債。因此我們對神州數碼的債務使用沒有任何問題。毫無疑問,我們從資產負債表中瞭解到的債務最多。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:我們發現了神州數碼信息服務1個警示標誌你應該意識到。
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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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。
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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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