Is XD (HKG:2400) Using Too Much Debt?
Is XD (HKG:2400) Using Too Much Debt?
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. Importantly, XD Inc. (HKG:2400) does carry debt. But the real question is whether this debt is making the company risky.
大衛·伊本說得很好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,XD Inc.(HKG: 2400)確實有債務。但真正的問題是,這筆債務是否使公司面臨風險。
When Is Debt Dangerous?
債務何時危險?
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. If things get really bad, the lenders can take control of the business. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有當公司無法通過籌集資金或利用自己的現金流輕鬆償還債務時,債務才會成爲真正的問題。如果情況變得非常糟糕,貸款人可以控制業務。但是,更常見(但仍然昂貴)的情況是,公司必須以低廉的股價稀釋股東才能控制債務。當然,債務的好處在於它通常代表廉價資本,尤其是當它取代了對一家能夠以高回報率進行再投資的公司的攤薄時。考慮公司的債務水平的第一步是將其現金和債務放在一起考慮。
View our latest analysis for XD
查看我們對 XD 的最新分析
What Is XD's Net Debt?
XD 的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2023 XD had CN¥1.91b of debt, an increase on CN¥1.79b, over one year. But on the other hand it also has CN¥3.73b in cash, leading to a CN¥1.82b net cash position.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年6月,XD在一年內有19.1億元人民幣的債務,比17.79億元人民幣增加。但另一方面,它也有373億元人民幣的現金,淨現金頭寸爲18.2億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231107/0-a6b57349b4420021f9c609ff9c715921-0-4b30493b1ed72954babb77a5d194df74.png/big)
How Healthy Is XD's Balance Sheet?
XD 的資產負債表有多健康?
According to the last reported balance sheet, XD had liabilities of CN¥2.62b due within 12 months, and liabilities of CN¥177.2m due beyond 12 months. Offsetting these obligations, it had cash of CN¥3.73b as well as receivables valued at CN¥252.7m due within 12 months. So it actually has CN¥1.19b more liquid assets than total liabilities.
根據上次公佈的資產負債表,XD在12個月內到期的負債爲26.2億元人民幣,12個月後到期的負債爲1.772億元人民幣。爲了抵消這些債務,它有373億元人民幣的現金以及價值2.527億元人民幣的應收賬款,將在12個月內到期。所以它實際上有 11.9 億元人民幣 更多 流動資產超過總負債。
This surplus suggests that XD is using debt in a way that is appears to be both safe and conservative. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Simply put, the fact that XD has more cash than debt is arguably a good indication that it can manage its debt safely. 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 XD'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.
這種盈餘表明,XD正在以一種看似既安全又保守的方式使用債務。鑑於它很容易擁有足夠的短期流動性,我們認爲它不會與貸款人發生任何問題。簡而言之,XD的現金多於債務這一事實可以說很好地表明它可以安全地管理債務。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益,比什麼都重要,將決定XD未來維持健康資產負債表的能力。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。
Over 12 months, XD reported revenue of CN¥3.6b, which is a gain of 23%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在過去的12個月中,XD公佈的收入爲36億元人民幣,增長了23%,儘管它沒有報告任何利息和稅前收益。運氣好的話,該公司將能夠發展自己的盈利方式。
So How Risky Is XD?
那麼 XD 有多危險?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And we do note that XD had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of CN¥65m and booked a CN¥77m accounting loss. With only CN¥1.82b on the balance sheet, it would appear that its going to need to raise capital again soon. With very solid revenue growth in the last year, XD may be on a path to profitability. By investing before those profits, shareholders take on more risk in the hope of bigger rewards. For riskier companies like XD I always like to keep an eye on whether insiders are buying or selling. So click here if you want to find out for yourself.
就其本質而言,虧損的公司比那些盈利歷史悠久的公司風險更大。我們確實注意到,在過去的一年中,XD出現了利息和稅前收益(EBIT)虧損。同期,它的自由現金流出爲負6500萬元人民幣,會計虧損爲7700萬元人民幣。由於資產負債表上只有人民幣1.82億元,看來它需要很快再次籌集資金。去年收入增長非常穩健,XD 可能走上盈利之路。通過在這些利潤之前進行投資,股東承擔了更大的風險,希望獲得更大的回報。對於像XD這樣風險較高的公司,我總是喜歡關注內部人士是買入還是賣出。因此,如果您想親自了解一下,請單擊此處。
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,那麼請立即查看我們的獨家淨現金增長股票清單。
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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.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。