Is CIFI Holdings (Group) (HKG:884) Using Debt Sensibly?
Is CIFI Holdings (Group) (HKG:884) Using Debt Sensibly?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies CIFI Holdings (Group) Co. Ltd. (HKG:884) makes use of debt. But the more important question is: how much risk is that debt creating?
大卫·伊本说得很好,他说:“波动性不是我们关心的风险。我们关心的是避免永久的资本损失。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。和许多其他公司一样 旭辉控股(集团)有限公司有限公司 (HKG: 884) 利用债务。但更重要的问题是:这笔债务造成了多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法通过自由现金流或以有吸引力的价格筹集资金来轻松履行这些义务时,债务和其他负债就会变得有风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。尽管这种情况并不常见,但我们经常看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。话虽如此,最常见的情况是公司合理地管理债务,这也是为了自己的利益。当我们研究债务水平时,我们首先将现金和债务水平放在一起考虑。
View our latest analysis for CIFI Holdings (Group)
查看我们对旭辉控股(集团)的最新分析
What Is CIFI Holdings (Group)'s Debt?
旭辉控股(集团)的债务是多少?
As you can see below, CIFI Holdings (Group) had CN¥102.3b of debt at June 2023, down from CN¥114.1b a year prior. However, it does have CN¥19.8b in cash offsetting this, leading to net debt of about CN¥82.5b.
如下所示,截至2023年6月,旭辉控股(集团)的债务为1,023亿元人民币,低于去年同期的1141亿元人民币。但是,它确实有198亿人民币的现金抵消了这一点,净负债约为825亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231010/0-06e3e1a8505ba7edf0633aa84c6a859a-0-da1cd653021b320432267d8061bffb8e.png/big)
A Look At CIFI Holdings (Group)'s Liabilities
看看旭辉控股(集团)的负债
The latest balance sheet data shows that CIFI Holdings (Group) had liabilities of CN¥253.0b due within a year, and liabilities of CN¥34.9b falling due after that. On the other hand, it had cash of CN¥19.8b and CN¥98.6b worth of receivables due within a year. So its liabilities total CN¥169.5b more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,旭辉控股(集团)在一年内到期的负债为2530亿元人民币,此后到期的负债为349亿元人民币。另一方面,它有一年内到期的现金为198亿元人民币,还有价值986亿元人民币的应收账款。因此,其负债总额比现金和短期应收账款的总和多出1695亿人民币。
This deficit casts a shadow over the CN¥2.45b company, like a colossus towering over mere mortals. So we'd watch its balance sheet closely, without a doubt. At the end of the day, CIFI Holdings (Group) would probably need a major re-capitalization if its creditors were to demand repayment. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine CIFI Holdings (Group)'s ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
这种赤字给这家24.5亿人民币的公司蒙上了阴影,就像一个耸立在凡人之上的巨人一样。因此,毫无疑问,我们会密切关注它的资产负债表。归根结底,如果旭辉控股(集团)的债权人要求还款,则可能需要进行大规模的资本重组。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,最重要的是未来的收益,将决定旭辉控股(集团)在未来维持健康资产负债表的能力。因此,如果你专注于未来,你可以看看这个 免费的 显示分析师盈利预测的报告。
Over 12 months, CIFI Holdings (Group) made a loss at the EBIT level, and saw its revenue drop to CN¥49b, which is a fall of 52%. That makes us nervous, to say the least.
在过去的12个月中,旭辉控股(集团)在息税前利润水平上出现亏损,收入降至490亿人民币,下降了52%。至少可以说,这让我们感到紧张。
Caveat Emptor
Caveat Emptor
Not only did CIFI Holdings (Group)'s revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost a very considerable CN¥14b at the EBIT level. Reflecting on this and the significant total liabilities, it's hard to know what to say about the stock because of our intense dis-affinity for it. Like every long-shot we're sure it has a glossy presentation outlining its blue-sky potential. But the reality is that it is low on liquid assets relative to liabilities, and it lost CN¥23b in the last year. So we think buying this stock is risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example CIFI Holdings (Group) has 3 warning signs (and 2 which shouldn't be ignored) we think you should know about.
在过去的十二个月中,旭辉控股(集团)的收入不仅下滑,而且还产生了利息和税前收益(EBIT)为负数。事实上,按息税前利润计算,它损失了非常可观的140亿元人民币。考虑到这一点以及巨额的总负债,很难知道该怎么说,因为我们对这只股票非常不感兴趣。就像每张长镜头一样,我们确信它有一个精美的外观,概述了它的蓝天潜力。但现实是,与负债相比,它的流动资产很低,去年亏损了230亿人民币。因此,我们认为买入这只股票是有风险的。在分析债务水平时,资产负债表是显而易见的起点。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,旭辉控股(集团)有 3 个警告标志 (还有不容忽视的 2 个)我们认为你应该知道。
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.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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