Is Goldenmax International Group (SZSE:002636) Using Too Much Debt?
Is Goldenmax International Group (SZSE:002636) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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. As with many other companies Goldenmax International Group Ltd. (SZSE:002636) makes use of debt. But should shareholders be worried about its use of debt?
霍華德·馬克斯(Howard Marks)很好地表達了這個概念,他說,與其擔心股價波動,‘我擔心的是永久性損失的可能性……我認識的每個實際投資者都擔心這個問題。’ 當你考察一個公司的風險時,考慮到其債務問題是非常自然的,因爲當一家企業破產時,通常與債務有關。就像許多其他公司一樣,金安國紀集團有限公司(SZSE:002636)也使用了債務。但是股東們是否應該擔心其使用債務?
When Is Debt Dangerous?
債務何時有危險?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. 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,那麼企業就完全處於債權人的掌控之下。但是,更普遍的情況是,公司必須以低廉的股價稀釋股東,以便控制債務。儘管如此,最常見的情況是公司合理地管理其債務,從而對公司自身產生好處。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。
What Is Goldenmax International Group's Debt?
金安國紀集團的債務狀況如何?
As you can see below, Goldenmax International Group had CN¥45.0m of debt at March 2024, down from CN¥65.0m a year prior. But it also has CN¥1.43b in cash to offset that, meaning it has CN¥1.39b net cash.
如下圖所示,截至2024年3月,金安國紀集團的債務爲4500萬元人民幣,較去年同期的6500萬元人民幣有所減少。但它也有14.3億人民幣的現金以抵消這些債務,即淨現金爲13.9億人民幣。
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How Healthy Is Goldenmax International Group's Balance Sheet?
金安國紀集團的資產負債表如何?
Zooming in on the latest balance sheet data, we can see that Goldenmax International Group had liabilities of CN¥2.47b due within 12 months and liabilities of CN¥67.6m due beyond that. Offsetting these obligations, it had cash of CN¥1.43b as well as receivables valued at CN¥1.21b due within 12 months. So it actually has CN¥99.7m more liquid assets than total liabilities.
仔細觀察最新的資產負債表數據,我們可以看到,金安國紀集團有2470萬元人民幣的短期債務到期,6760萬元人民幣的長期債務到期。抵消這些債務的是,它有14.3億元人民幣的現金以及1210萬元人民幣的應收賬款,到期時間都在12個月內。所以,它實際上比總負債有9970萬元人民幣更多的流動資產。
This short term liquidity is a sign that Goldenmax International Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Goldenmax International Group boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is Goldenmax International Group's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
這種短期流動性是金安國紀集團能夠輕鬆償還債務的跡象,因爲它的資產負債表遠沒有超負荷。簡而言之,金安國紀集團擁有淨現金,因此可以說它沒有重負債。分析債務水平時,資產負債表是一個顯而易見的起點。但對於金安國紀集團的收益情況,將會影響其未來的資產負債狀況。因此,在考慮債務時,最好着眼於收益趨勢。點擊此處獲取交互式快照。
In the last year Goldenmax International Group's revenue was pretty flat, and it made a negative EBIT. While that's not too bad, we'd prefer see growth.
在過去一年中,金安國紀集團的營業收入相當平穩,但EBIT爲負。雖然不算太糟糕,但我們更希望看到增長。
So How Risky Is Goldenmax International Group?
金安國紀集團的風險有多大?
While Goldenmax International Group lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow CN¥186m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. With mediocre revenue growth in the last year, we're don't find the investment opportunity particularly compelling. 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. We've identified 2 warning signs with Goldenmax International Group (at least 1 which is a bit concerning) , and understanding them should be part of your investment process.
儘管金安國紀集團在息稅前利潤(EBIT)水平上虧損,但它實際上產生了18600萬元人民幣的正自由現金流。因此,從這個表象來看,考慮到淨現金狀況,我們認爲該股在短期內並不太冒險。在過去一年中,營業收入增長中規中矩,我們並不認爲這是一個特別優秀的投資機會。在分析債務時,資產負債表顯然是關注的區域。但最終,每個公司都可能存在超出資產負債表之外的風險。我們已經確定了兩個警告信號,其中至少有一個有點令人擔憂,並且了解它們應該成爲您投資過程的一部分。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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。