These 4 Measures Indicate That Rongan PropertyLtd (SZSE:000517) Is Using Debt In A Risky Way
These 4 Measures Indicate That Rongan PropertyLtd (SZSE:000517) Is Using Debt In A Risky Way
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Rongan Property Co.,Ltd. (SZSE:000517) does use debt in its business. But should shareholders be worried about its use of debt?
一些人說,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾說過一句名言:波動性遠非風險的同義詞。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。我們可以看到融安物業有限公司。(SZSE:000517)確實在其業務中使用債務。但股東是否應該擔心它的債務使用情況?
When Is Debt A Problem?
什麼時候債務是個問題?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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 think about a company's use of debt, we first look at cash and debt together.
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。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,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
View our latest analysis for Rongan PropertyLtd
查看我們對融安地產有限公司的最新分析
What Is Rongan PropertyLtd's Net Debt?
融安地產的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that Rongan PropertyLtd had CN¥8.87b of debt in March 2023, down from CN¥17.3b, one year before. However, it also had CN¥6.81b in cash, and so its net debt is CN¥2.06b.
你可以點擊下圖查看歷史數據,但它顯示融安地產有限公司在2023年3月的債務為人民幣88.7億元,低於一年前的人民幣173億元。然而,它也有68.1億元現金,因此其淨債務為20.6億元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230809/0-fcf453ed3e531a932885bc8ffb6dda70-0-7b45d2deaae3d5f43f34995649e417ac.png/big)
How Strong Is Rongan PropertyLtd's Balance Sheet?
融安地產的資產負債表有多強勁?
Zooming in on the latest balance sheet data, we can see that Rongan PropertyLtd had liabilities of CN¥49.6b due within 12 months and liabilities of CN¥6.35b due beyond that. Offsetting these obligations, it had cash of CN¥6.81b as well as receivables valued at CN¥1.45b due within 12 months. So it has liabilities totalling CN¥47.7b more than its cash and near-term receivables, combined.
放大最新的資產負債表數據,我們可以看到融安地產有限公司有496億加元的負債在12個月內到期,還有63.5億加元的負債在12個月內到期。作為對這些債務的抵銷,該公司有68.1億加元的現金以及價值14.5億加元的應收賬款在12個月內到期。因此,它的負債總額為人民幣477億元,比現金和近期應收賬款加起來還要多。
The deficiency here weighs heavily on the CN¥10.4b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Rongan PropertyLtd would probably need a major re-capitalization if its creditors were to demand repayment.
這一不足給這家104億元的CN公司本身帶來了沉重的負擔,就像一個孩子在一個裝滿書籍、運動裝備和小號的巨大揹包的重壓下掙扎一樣。因此,毫無疑問,我們會密切關注它的資產負債表。歸根結底,如果融安地產有限公司的債權人要求償還,它可能需要進行大規模的資本重組。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
我們使用兩個主要比率來告知我們債務相對於收益的水準。第一個是淨債務除以利息、稅項、折舊和攤銷前收益(EBITDA),第二個是其息稅前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。這樣,我們既考慮了債務的絕對量,也考慮了為其支付的利率。
As it happens Rongan PropertyLtd has a fairly concerning net debt to EBITDA ratio of 33.0 but very strong interest coverage of 1k. So either it has access to very cheap long term debt or that interest expense is going to grow! Shareholders should be aware that Rongan PropertyLtd's EBIT was down 99% last year. If that decline continues then paying off debt will be harder than selling foie gras at a vegan convention. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Rongan PropertyLtd will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
碰巧的是,融安地產有限公司的淨債務與EBITDA的比率相當令人擔憂,為33.0,但利息覆蓋率非常高,為1K。因此,要麼它可以獲得非常便宜的長期債務,要麼利息支出將會增長!股東們應該知道,融安地產去年的息稅前利潤下降了99%。如果這種下降趨勢繼續下去,那麼償還債務將比在素食大會上出售鵝肝醬更難。在分析債務水準時,資產負債表顯然是一個起點。但你不能完全孤立地看待債務,因為融安地產有限公司需要盈利來償還債務。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Rongan PropertyLtd's free cash flow amounted to 20% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,合乎邏輯的一步是看看息稅前利潤與實際自由現金流相匹配的比例。在過去三年中,融安地產有限公司的自由現金流佔其息稅前利潤的20%,低於我們的預期。當涉及到償還債務時,這並不是很好。
Our View
我們的觀點
To be frank both Rongan PropertyLtd's EBIT growth rate and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels. But on the bright side, its interest cover is a good sign, and makes us more optimistic. Taking into account all the aforementioned factors, it looks like Rongan PropertyLtd has too much debt. That sort of riskiness is ok for some, but it certainly doesn't float our boat. 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. For example - Rongan PropertyLtd has 2 warning signs we think you should be aware of.
坦率地說,融安地產的息稅前利潤增長率和其保持在總負債之上的記錄都讓我們對其債務水準感到相當不安。但從好的方面來看,它的利息覆蓋是一個好兆頭,讓我們更加樂觀。考慮到上述所有因素,融安地產似乎負債累累。這種風險對一些人來說是可以接受的,但肯定不會讓我們的船漂浮起來。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。例如-融安地產有限公司擁有2個個警告標誌我們認為你應該意識到.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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.