Is Asia Cement (China) Holdings (HKG:743) Using Too Much Debt?
Is Asia Cement (China) Holdings (HKG:743) Using Too Much Debt?
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. We note that Asia Cement (China) Holdings Corporation (HKG:743) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
传奇基金经理李录（受查理·芒格支持）曾经说过：“最大的投资风险不是价格的波动，而是你是否会遭受资本的永久损失。”因此，聪明的资金知道，债务（通常涉及破产）是评估公司风险程度时非常重要的因素。我们注意到中国水泥控股（亚洲）有限公司（HKG:743）资产负债表上确实存在债务。但真正的问题是，这笔债务是否让公司变得风险重重。
Why Does Debt Bring Risk?
为什么债务会带来风险？
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 common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业成长的工具，但如果企业无法偿还贷款，则它存在于贷款人的掌握之中。在最坏的情况下，公司如果无法偿还债权人的债务，就会破产。然而，更常见（但仍然痛苦）的情况是，它必须以低价筹集新的股本资本，从而永久性地稀释股东的权益。当然，债务可能是企业中重要的工具，特别是对于资本重的企业而言。在我们检查债务水平时，我们首先考虑现金和债务水平的组合。
How Much Debt Does Asia Cement (China) Holdings Carry?
亚洲水泥（中国）控股的债务有多少？
As you can see below, Asia Cement (China) Holdings had CN¥973.0m of debt at June 2024, down from CN¥1.67b a year prior. However, it does have CN¥8.79b in cash offsetting this, leading to net cash of CN¥7.82b.
正如下面所示，2024年6月，中国水泥（中国）控股的债务为97300万人民币，低于一年前的16.7亿人民币。然而，它确实有87.9亿人民币的现金来抵消这个债务，导致净现金达到78.2亿人民币。
How Healthy Is Asia Cement (China) Holdings' Balance Sheet?
亚泰水泥（中国）控股的资产负债表有多健康？
We can see from the most recent balance sheet that Asia Cement (China) Holdings had liabilities of CN¥1.98b falling due within a year, and liabilities of CN¥598.7m due beyond that. On the other hand, it had cash of CN¥8.79b and CN¥808.9m worth of receivables due within a year. So it actually has CN¥7.02b more liquid assets than total liabilities.
我们可以从最近的资产负债表中看到，亚泰水泥（中国）控股有198亿人民币的一年内到期的负债，以及59870万人民币的长期负债。 另一方面，它拥有87.9亿人民币的现金和80890万人民币的应收款项，一年内到期。 所以实际上它比总负债多了70.2亿人民币的流动资产。
This excess liquidity is a great indication that Asia Cement (China) Holdings' balance sheet is almost as strong as Fort Knox. Having regard to this fact, we think its balance sheet is as strong as an ox. Succinctly put, Asia Cement (China) Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Asia Cement (China) Holdings can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
这种过剩的流动性表明亚泰水泥（中国）控股的资产负债表几乎和美国黄金库一样强大。鉴于这一事实，我们认为它的资产负债表和牛一样坚固。简而言之，亚泰水泥（中国）控股拥有净现金，所以可以说它没有沉重的债务负担！在分析债务水平时，资产负债表显然是开始的地方。但最终业务的未来盈利能力将决定亚泰水泥（中国）控股是否能够随着时间加强其资产负债表。因此，如果你专注于未来，你可以查看这份显示分析师利润预测的免费报告。
In the last year Asia Cement (China) Holdings had a loss before interest and tax, and actually shrunk its revenue by 31%, to CN¥6.0b. That makes us nervous, to say the least.
在过去一年里，亚泰水泥（中国）控股在利息和税前亏损，并实际上将营业收入减少了31%亿人民币。这让我们至少感到紧张。
So How Risky Is Asia Cement (China) Holdings?
那么亚泰水泥（中国）控股有多大风险？
While Asia Cement (China) Holdings lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow CN¥369m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. The next few years will be important as the business matures. 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. For example Asia Cement (China) Holdings has 2 warning signs (and 1 which shouldn't be ignored) we think you should know about.
尽管亚泰水泥（中国）控股在利息和税前收益（EBIT）级别上亏损，但实际上产生了正的自由现金流36900万人民币。因此，就其表面价值而言，并考虑净现金状况，我们认为股票在短期内不太具有风险。未来几年将是业务成熟的重要时期。资产负债表显然是你分析债务时要关注的领域。然而，并非所有的投资风险都存在于资产负债表之内-远非如此。例如，亚泰水泥（中国）控股有2个警示标志（以及1个不应忽视的警示标志），我们认为你应该知道。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底，有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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