Xiamen TungstenLtd (SHSE:600549) Has A Somewhat Strained Balance Sheet
Xiamen TungstenLtd (SHSE:600549) Has A Somewhat Strained Balance Sheet
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. We can see that Xiamen Tungsten Co.,Ltd. (SHSE:600549) does use debt in its business. But the real question is whether this debt is making the company risky.
當David Iben說“波動性不是我們關心的風險。我們關心的是避免不可逆轉的資本損失。”時,他說得很好。因爲過多的債務可能會拖垮一家公司,所以當你考慮任何一隻股票的風險時,都需要考慮債務。我們可以看到廈門鎢業股份有限公司(SHSE:600549)在其業務中使用了債務。但真正的問題是這些債務是否會使公司面臨風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務在幫助企業解決資金需求的同時,也可能會出現難以支付使用新資本或自由現金流進行清償的情況。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所有。但是,一種更頻繁(但仍然昂貴)的情況是公司必須以低於市場價的價格發行股票,以此固化股息,使股東的持股比例永久稀釋,以穩定其資產負債表。通過替代稀釋,債務可以成爲需要高回報率的增長資本的公司的極好工具。在考慮企業使用多少債務時,首先要做的是查看其現金和債務的總量。
What Is Xiamen TungstenLtd's Net Debt?
廈門鎢業股份有限公司的淨債務是多少?
The image below, which you can click on for greater detail, shows that Xiamen TungstenLtd had debt of CN¥13.0b at the end of March 2024, a reduction from CN¥15.4b over a year. However, it also had CN¥4.81b in cash, and so its net debt is CN¥8.17b.
下圖顯示的是2024年3月底廈門鎢業股份有限公司的債務爲130億元人民幣,較去年同期的154億元人民幣有所減少。然而,它也有48.1億元人民幣的現金,因此其淨債務爲81.7億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240608/0-a6be9c9db0cf86227e6f60765ec1bb36-0-d0f3ed3b307e2cd1ca5d035c6a82d3f4.png/big)
How Healthy Is Xiamen TungstenLtd's Balance Sheet?
廈門鎢業股份有限公司的資產負債表有多健康?
According to the last reported balance sheet, Xiamen TungstenLtd had liabilities of CN¥12.5b due within 12 months, and liabilities of CN¥8.36b due beyond 12 months. On the other hand, it had cash of CN¥4.81b and CN¥7.93b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥8.10b.
根據上一份披露的資產負債表,廈門鎢業股份有限公司在12個月內有125億元人民幣的債務到期,超過12個月有836億元人民幣的債務到期。另一方面,它有48.1億元人民幣的現金和79.3億元人民幣的年內應收賬款。所以,其負債超過現金和(近期)應收賬款的總和高達81億元人民幣。
Xiamen TungstenLtd has a market capitalization of CN¥25.9b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
廈門鎢業股份有限公司的市值爲259億元人民幣,因此,如果需要,它很可能會籌集資金來改善其資產負債表。然而,我們仍然需要仔細研究它償還債務的能力。
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我們使用兩個主要的比率來告訴我們相對於收益的債務水平。第一個是淨債務除以利息、稅、折舊和攤銷前利潤(EBITDA),而第二個是其利潤前利息和稅(EBIT)覆蓋其利息費用的次數(或其利息覆蓋率,簡稱)。因此,我們考慮與折舊和攤銷費用相關的盈利以及沒有相關費用的盈利相對於債務水平。
We'd say that Xiamen TungstenLtd's moderate net debt to EBITDA ratio ( being 2.0), indicates prudence when it comes to debt. And its commanding EBIT of 12.8 times its interest expense, implies the debt load is as light as a peacock feather. Sadly, Xiamen TungstenLtd's EBIT actually dropped 8.1% in the last year. If earnings continue on that decline then managing that debt will be difficult like delivering hot soup on a unicycle. 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 Xiamen TungstenLtd'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.
我們會說,廈門鎢業股份有限公司的中等淨債務/息稅折舊及攤銷前利潤比率(爲2.0)表明其在債務方面非常謹慎。它有一個12.8倍的息稅前利潤,意味着債務負擔像孔雀羽毛一樣輕。可悲的是,廈門鎢業股份有限公司的息稅折舊及攤銷前利潤實際上在去年下降了8.1%。如果收益持續下降,則難以管理債務,就像用獨輪車送熱湯一樣困難。毫無疑問,我們最了解資產負債表,但是,未來的收益將決定廈門鎢業股份有限公司保持健康資產負債表的能力。因此,如果您想知道專業人士的看法,您可能會發現這份關於分析師利潤預測的免費報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. In the last three years, Xiamen TungstenLtd basically broke even on a free cash flow basis. While many companies do operate at break-even, we prefer see substantial free cash flow, especially if a it already has dead.
最後,雖然稅務部門可能非常喜歡會計利潤,但貸款人只接受現金。因此,我們始終要查看多少EBIT被轉化爲自由現金流。在過去的三年中,廈門鎢業股份有限公司基本保持自由現金流收支平衡。儘管許多公司的運營處於收支平衡狀態,但我們更喜歡看到大量的自由現金流,尤其是如果公司已經沒有債務。
Our View
我們的觀點
Xiamen TungstenLtd's conversion of EBIT to free cash flow and EBIT growth rate definitely weigh on it, in our esteem. But the good news is it seems to be able to cover its interest expense with its EBIT with ease. When we consider all the factors discussed, it seems to us that Xiamen TungstenLtd is taking some risks with its use of debt. While that debt can boost returns, we think the company has enough leverage now. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Xiamen TungstenLtd has 2 warning signs we think you should be aware of.
廈門鎢業股份有限公司的EBIT產生的自由現金流和EBIT增長率對其產生了影響,但好消息是它似乎能夠輕鬆地通過EBIT支付其利息支出。當我們考慮所有討論過的因素時,我們認爲廈門鎢業股份有限公司正在使用一些債務風險。雖然債務可以提高回報,但我們認爲公司現在已經具有足夠的槓桿率。在分析債務時,資產負債表顯然是需要關注的領域。但最終,每個公司都可能存在超出負債表範圍的風險。例如,廈門鎢業股份有限公司有2個警告信號,我們認爲您應該意識到這一點。
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.
總的來說,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包含這些公司(所有這些公司都有盈利增長的記錄)。這是免費的。
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