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China Railway Hi-tech Industry (SHSE:600528) Takes On Some Risk With Its Use Of Debt
China Railway Hi-tech Industry (SHSE:600528) Takes On Some Risk With Its Use Of Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies China Railway Hi-tech Industry Corporation Limited (SHSE:600528) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for China Railway Hi-tech Industry
What Is China Railway Hi-tech Industry's Debt?
The image below, which you can click on for greater detail, shows that at June 2022 China Railway Hi-tech Industry had debt of CN¥598.0m, up from CN¥385.0m in one year. However, its balance sheet shows it holds CN¥4.98b in cash, so it actually has CN¥4.38b net cash.
SHSE:600528 Debt to Equity History September 29th 2022A Look At China Railway Hi-tech Industry's Liabilities
The latest balance sheet data shows that China Railway Hi-tech Industry had liabilities of CN¥26.9b due within a year, and liabilities of CN¥820.0m falling due after that. Offsetting these obligations, it had cash of CN¥4.98b as well as receivables valued at CN¥13.6b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥9.14b.
While this might seem like a lot, it is not so bad since China Railway Hi-tech Industry has a market capitalization of CN¥16.4b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. While it does have liabilities worth noting, China Railway Hi-tech Industry also has more cash than debt, so we're pretty confident it can manage its debt safely.
But the other side of the story is that China Railway Hi-tech Industry saw its EBIT decline by 4.8% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. There's no doubt that we learn most about debt from the balance sheet. But it is China Railway Hi-tech Industry's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. China Railway Hi-tech Industry 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. During the last three years, China Railway Hi-tech Industry burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Summing Up
Although China Railway Hi-tech Industry's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of CN¥4.38b. So although we see some areas for improvement, we're not too worried about China Railway Hi-tech Industry's balance sheet. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for China Railway Hi-tech Industry you should be aware of.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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。與許多其他公司一樣中國鐵路高新技術產業股份有限公司(上海證券交易所:600528)利用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務在什麼時候是危險的?
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。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,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。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。
查看我們對中國鐵路高科技產業的最新分析
中鐵高新的債務是什麼?
下圖顯示,截至2022年6月,中鐵高新的債務為5.98億加元,高於一年內的3.85億加元。點擊查看更多詳情。然而,其資產負債表顯示,它持有人民幣49.8億元現金,因此它實際上擁有人民幣43.8億元的淨現金。
上證綜指:600528債轉股歷史2022年9月29日中國鐵路高技術產業負債問題管窺
最新的資產負債表數據顯示,中鐵高新有269億元的負債在一年內到期,8.2億元的負債在一年內到期。作為對這些債務的抵銷,該公司有49.8億加元的現金以及價值136億加元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出91.4億元。
雖然這看起來可能很多,但並不是那麼糟糕,因為中鐵高新的市值為人民幣164億元,因此如果需要的話,它可能會通過籌集資本來加強其資產負債表。但我們肯定希望密切關注其債務帶來太大風險的跡象。儘管中鐵高新確實有值得注意的負債,但它的現金也多於債務,所以我們相當有信心它能夠安全地管理債務。
但另一方面,中國鐵路高新技術產業去年的息税前利潤下降了4.8%。這種下降,如果持續下去,顯然會使債務更難處理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但影響未來資產負債表表現的將是中鐵高新的盈利情況。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。
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。中鐵高新可能在資產負債表上有淨現金,但看看該業務將息税前利潤(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。在過去的三年裏,中國鐵路高新技術產業燒掉了大量的現金。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
總結
儘管中鐵高新的資產負債表不是特別強勁,但由於總負債,它的淨現金為43.8億元人民幣,這顯然是積極的。因此,儘管我們看到了一些有待改善的地方,但我們並不太擔心中鐵高新的資產負債表。毫無疑問,我們從資產負債表中瞭解到的債務最多。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。一個恰當的例子:我們發現了中國鐵路高技術產業的一塊警示牌你應該意識到。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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