Is Hla Group (SHSE:600398) Using Too Much Debt?
Is Hla Group (SHSE:600398) 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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Hla Group Corp., Ltd. (SHSE:600398) 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。我們關心的是避免資本的永久損失。”時,他表達得很好。當我們考慮一家公司的風險程度時,總是喜歡看它的負債使用情況,因爲過度負債會導致毀滅性後果。我們可以看到Hla Group Corp., Ltd. (SHSE:600398)在業務中確實使用了債務。但真正的問題是,這些債務是否會使公司變得更加危險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但如果企業無法償還其債權人,那麼就會受到他們的支配。如果情況變得非常糟糕,債權人可以控制企業。儘管這種情況不太常見,但我們經常看到負債累累的公司因貸款人迫使它們以降低價格籌集資本而導致持續性地稀釋股東的資產。當然,債務對於企業來說是一個重要的工具,特別是對於有定價能力的企業來說。考慮一家企業使用多少債務時,需要做的第一件事是看它的現金和債務情況。
What Is Hla Group's Net Debt?
Hla Group的淨債務是多少?
The image below, which you can click on for greater detail, shows that Hla Group had debt of CN¥768.3m at the end of March 2024, a reduction from CN¥2.82b over a year. But on the other hand it also has CN¥13.4b in cash, leading to a CN¥12.6b net cash position.
下面的圖片顯示Hla Group在2024年3月底的負債爲76830萬人民幣,比去年同期下降了282億人民幣。但另一方面,它也有134億元人民幣現金,從而產生了126億元人民幣的淨現金頭寸。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-628a06a823bbe3fe093b9fecf1d52809-0-173e6a703288ee4df5230470d6354162.png/big)
A Look At Hla Group's Liabilities
看一下Hla Group的負債情況
The latest balance sheet data shows that Hla Group had liabilities of CN¥13.4b due within a year, and liabilities of CN¥1.00b falling due after that. Offsetting these obligations, it had cash of CN¥13.4b as well as receivables valued at CN¥1.33b due within 12 months. So it actually has CN¥365.5m more liquid assets than total liabilities.
最新的資產負債表數據顯示,Hla Group有134億元人民幣的應付短期負債和10億元人民幣的應付長期負債。除此之外,公司還擁有134億元人民幣的現金和1330萬人民幣的應收賬款(在12個月內到期)。因此,它實際上比總負債多了36550萬人民幣的流動資產。這種情況表明Hla Group的資產負債表看起來相當穩定,因爲總負債與流動資產幾乎相等。所以,儘管很難想象這家373億元人民幣的公司缺乏現金,但我們仍然認爲值得監控其資產負債表。簡而言之,Hla Group擁有淨現金,因此可以說它沒有沉重的債務負擔!
This state of affairs indicates that Hla Group's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So while it's hard to imagine that the CN¥37.3b company is struggling for cash, we still think it's worth monitoring its balance sheet. Succinctly put, Hla Group boasts net cash, so it's fair to say it does not have a heavy debt load!
另一個好跡象是Hla Group能夠在12個月內將EBIt增加23%,這使得償還債務變得更加容易。毫無疑問,我們從資產負債表中了解到關於負債的大部分情況。但是,未來的盈利,尤其是未來的盈利,將決定Hla Group保持健康資產負債表的能力。因此,如果您想了解專業人士的看法,可能會發現這份有關分析師盈利預測的免費報告很有趣。
Another good sign is that Hla Group has been able to increase its EBIT by 23% in twelve months, making it easier to pay down debt. 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 Hla Group'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.
最後,企業需要自由現金流來償還債務;會計利潤並不能解決問題。雖然Hla Group在其資產負債表上擁有淨現金,但仍值得關注其將利潤稅前收益轉化爲自由現金流的能力,以幫助我們了解它是如何快速積累(或侵蝕)其現金資產的。值得高興的是,Hla Group在過去三年中實際上產生的自由現金流比稅前收益多。這種強大的現金轉換能力讓我們像在Daft Punk音樂會上節奏停滯時的股民們那樣興奮不已。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Hla Group 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. Happily for any shareholders, Hla Group actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
儘管調查一家公司的債務一直是明智之舉,但在這種情況下,Hla Group擁有1.26億元人民幣的淨現金和看起來不錯的資產負債表。而且,它以47億元人民幣的自由現金流令我們印象深刻,相當於其EBIt的117%。所以我們認爲Hla Group的債務使用並不具有風險。我們從資產負債表中確實可以了解大部分關於債務的情況。然而,並非所有的投資風險都存在於資產負債表中。因此,您應該知道我們在Hla Group中發現的2個警告標誌。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Hla Group has CN¥12.6b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of CN¥4.7b, being 117% of its EBIT. So we don't think Hla Group's use of debt is risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 2 warning signs we've spotted with Hla Group .
儘管對於一家公司的債務進行調查始終是明智之舉,但在這種情況下,Hla Group擁有126億元人民幣的淨現金和一份看起來不錯的資產負債表。此外,其自由現金流爲47億元人民幣,是EBIT的117%,這讓我們印象深刻。因此,我們不認爲Hla Group的債務使用存在風險。毫無疑問,我們從資產負債表中了解到最多的是關於債務的信息。然而,並非所有投資風險都存在於資產負債表中——遠非如此。爲此,您應該注意我們發現的2個Hla Group的警示信號。
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,如果您是那種喜歡購買沒有負債負擔的股票的投資者,則今天就可以發現我們的獨家淨現金增長股清單。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。