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Here's Why Chengdu Gas Group (SHSE:603053) Can Manage Its Debt Responsibly

Here's Why Chengdu Gas Group (SHSE:603053) Can Manage Its Debt Responsibly

成都燃氣集團(SHSE:603053)爲何能夠負責地管理其債務,原因在這裏
Simply Wall St ·  10/02 02:13

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies Chengdu Gas Group Corporation Ltd. (SHSE:603053) makes use of debt. But the real question is whether this debt is making the company risky.

禾倫·巴菲特曾經說過,「波動性遠非風險的代名詞」。因此,很明顯當你考慮某隻股票有多冒險時,就需要考慮到債務,因爲過多的債務可能會拖垮一家公司。與許多其他公司一樣,成都燃氣集團有限公司(SHSE:603053)利用了債務。但真正的問題是,這些債務是否讓公司變得冒險。

When Is Debt A Problem?

什麼時候負債才是一個問題?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.

當企業無法輕鬆履行債務或以有吸引力的價格融資時,債務和其他負債對企業變得風險。 如果情況變得真的很糟糕,債權人可以接管企業。 然而,更常見(但仍然痛苦)的情況是它必須以低價籌集新的股本資金,從而永久稀釋股東。 當然,許多公司使用債務來資助增長,而沒有任何負面後果。 在考慮一家公司的債務水平時的第一步是考慮其現金和債務的總和。

What Is Chengdu Gas Group's Net Debt?

成都燃氣集團的淨債務是多少?

The chart below, which you can click on for greater detail, shows that Chengdu Gas Group had CN¥60.6m in debt in June 2024; about the same as the year before. However, it does have CN¥3.25b in cash offsetting this, leading to net cash of CN¥3.19b.

下方的圖表顯示,你可以點擊查看更詳細的信息,顯示成都燃氣集團於2024年6月擁有6.06億元人民幣的債務;與前一年持平。然而,公司持有32.5億元人民幣的現金,抵消了這部分債務,導致淨現金爲319億元人民幣。

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SHSE:603053 Debt to Equity History October 2nd 2024
SHSE:603053 資產負債比歷史數據2024年10月2日

A Look At Chengdu Gas Group's Liabilities

關注成都燃氣集團的負債情況

The latest balance sheet data shows that Chengdu Gas Group had liabilities of CN¥3.39b due within a year, and liabilities of CN¥222.4m falling due after that. Offsetting this, it had CN¥3.25b in cash and CN¥143.6m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥219.8m.

最新資產負債表數據顯示,成都燃氣集團有33.9億元的一年內到期負債,以及22240萬元的到期時間在此之後。 抵消這些,它有32.5億元的現金和在12個月內到期的14360萬元的應收款項。 因此,其負債超過了現金和(短期)應收款項的總和21980萬元。

Of course, Chengdu Gas Group has a market capitalization of CN¥8.36b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Chengdu Gas Group boasts net cash, so it's fair to say it does not have a heavy debt load!

當然,成都燃氣集團的市值爲83.6億元,因此這些負債可能是可以管理的。 話雖如此,很明顯我們應該繼續監視其資產負債表,以防情況變得更糟。 儘管其值得注意的負債,成都燃氣集團擁有淨現金,因此可以說它沒有沉重的債務負擔!

On the other hand, Chengdu Gas Group's EBIT dived 16%, over the last year. If that rate of decline in earnings continues, the company could find itself in a tight spot. There's no doubt that we learn most about debt from the balance sheet. But it is Chengdu Gas 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.

另一方面,成都燃氣集團的息稅前利潤減少了16%,在過去一年裏。 如果利潤下降的速度持續下去,公司可能陷入困境。 毫無疑問,我們從資產負債表中最多了解債務。 但是成都燃氣集團的盈利將影響資產負債表在未來的表現。 因此,在考慮債務時,看盈利趨勢絕對是值得的。 點擊這裏查看互動快照。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Chengdu Gas Group may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Happily for any shareholders, Chengdu Gas 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.

最後,一家企業需要自由現金流來償還債務;會計利潤並不足以做到這一點。 成都燃氣集團可能在資產負債表上擁有淨現金,但看看企業將息稅前利潤(EBIT)轉化爲自由現金流的能力是非常有趣的,因爲這將影響其管理債務的需求和能力。 令股東高興的是,成都燃氣集團過去三年產生的自由現金流比息稅前利潤更多。 這種強勁的現金轉化讓我們像在Daft Punk音樂會上聽到節拍時的人群一樣興奮。

Summing Up

總之

We could understand if investors are concerned about Chengdu Gas Group's liabilities, but we can be reassured by the fact it has has net cash of CN¥3.19b. And it impressed us with free cash flow of CN¥836m, being 168% of its EBIT. So is Chengdu Gas Group's debt a risk? It doesn't seem so to us. 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. Case in point: We've spotted 1 warning sign for Chengdu Gas Group you should be aware of.

投資者對成都燃氣集團的負債感到擔憂是可以理解的,但我們可以放心的是,它擁有淨現金人民幣31.9億。 而且,它以人民幣83600萬的自由現金流給我們留下了深刻印象,相當於其EBIt的168%。 那麼成都燃氣集團的債務是否構成風險?在我們看來並非如此。 在分析債務水平時,資產負債表是明顯的起點。 但並非所有的投資風險都存在於資產負債表中 - 相去甚遠。 舉個例子:我們發現了成都燃氣集團1個警示標誌,你應該注意。

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債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

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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。

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