Center International GroupLtd (SHSE:603098) Seems To Use Debt Quite Sensibly
Center International GroupLtd (SHSE:603098) Seems To Use Debt Quite Sensibly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 can see that Center International Group Co.,Ltd. (SHSE:603098) does use debt in its business. But is this debt a concern to shareholders?
沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,聰明的貨幣似乎知道債務——通常與破產有關——是一個非常重要的因素。我們可以看到中心國際集團有限公司, Ltd.(SHSE: 603098)確實在其業務中使用了債務。但是這筆債務是股東擔心的嗎?
When Is Debt Dangerous?
債務何時危險?
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. If things get really bad, the lenders can take control of the business. 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 step when considering a company's debt levels is to consider its cash and debt together.
債務是幫助企業增長的工具,但如果企業無法還清貸方,那麼債務就任其擺佈。如果情況變得非常糟糕,貸款人可以控制業務。但是,更頻繁(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面後果。考慮公司債務水平的第一步是將其現金和債務放在一起考慮。
See our latest analysis for Center International GroupLtd
查看我們對中心國際集團有限公司的最新分析
What Is Center International GroupLtd's Debt?
中心國際集團有限公司的債務是什麼?
The image below, which you can click on for greater detail, shows that at June 2023 Center International GroupLtd had debt of CN¥1.25b, up from CN¥836.2m in one year. But on the other hand it also has CN¥1.31b in cash, leading to a CN¥60.0m net cash position.
您可以點擊下圖了解更多詳細信息,該圖片顯示,截至2023年6月,中心國際集團的債務爲12.5億元人民幣,高於一年內的8.362億元人民幣。但另一方面,它也有13.1億元人民幣的現金,淨現金頭寸爲6000萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231209/0-44ecf1964153bea68a84a482e6a1c45e-0-981806800bdb842aaca29b4ce4228bfb.png/big)
A Look At Center International GroupLtd's Liabilities
看看Center International GroupLtd的負債
According to the last reported balance sheet, Center International GroupLtd had liabilities of CN¥3.87b due within 12 months, and liabilities of CN¥428.1m due beyond 12 months. On the other hand, it had cash of CN¥1.31b and CN¥4.20b worth of receivables due within a year. So it can boast CN¥1.21b more liquid assets than total liabilities.
根據上次公佈的資產負債表,Center International GroupLtd的負債爲38.7億元人民幣,12個月後到期的負債爲4.281億元人民幣。另一方面,它有一年內到期的現金爲13.1億元人民幣和價值42.0億元人民幣的應收賬款。因此,它擁有的流動資產可以比之高出12.1億元人民幣 總 負債。
It's good to see that Center International GroupLtd has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Due to its strong net asset position, it is not likely to face issues with its lenders. Succinctly put, Center International GroupLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
很高興看到Center International GroupLtd的資產負債表上有充足的流動性,這表明對負債的管理比較保守。由於其強勁的淨資產狀況,它不太可能面臨貸款人的問題。簡而言之,Center International GroupLtd擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
Center International GroupLtd grew its EBIT by 3.4% in the last year. Whilst that hardly knocks our socks off it is a positive when it comes to debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Center International GroupLtd'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.
去年,Center International GroupLtd的息稅前利潤增長了3.4%。儘管這幾乎不會讓我們失望,但在債務方面卻是積極的。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益將決定Center International GroupLtd未來維持健康資產負債表的能力,比什麼都重要。因此,如果你專注於未來,你可以查看這份顯示分析師利潤預測的免費報告。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Center International GroupLtd has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Center International GroupLtd generated free cash flow amounting to a very robust 92% of its EBIT, more than we'd expect. That positions it well to pay down debt if desirable to do so.
最後,儘管稅務員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管Center International GroupLtd的資產負債表上有淨現金,但仍值得一看其將息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去三年中,Center International GroupLtd創造了非常強勁的自由現金流,佔其息稅前收益的92%,超出了我們的預期。如果需要的話,這有利於償還債務。
Summing Up
總結
While it is always sensible to investigate a company's debt, in this case Center International GroupLtd has CN¥60.0m in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥256m, being 92% of its EBIT. So we don't think Center International GroupLtd's use of debt is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example - Center International GroupLtd has 1 warning sign we think you should be aware of.
儘管調查公司的債務總是明智的,但在這種情況下,Center International GroupLtd擁有6,000萬元人民幣的淨現金和看上去不錯的資產負債表。它以2.56億元人民幣的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的92%。因此,我們認爲Center International GroupLtd使用債務沒有風險。在分析債務水平時,資產負債表顯然是起點。但是,並非所有的投資風險都存在於資產負債表中——遠非如此。例如,Center International GroupLtd 有 1 個警告標誌,我們認爲你應該注意。
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.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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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。