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Is Jangho Group (SHSE:601886) A Risky Investment?

Is Jangho Group (SHSE:601886) A Risky Investment?

Jangho Group(上海证券交易所代码:601886)是一项风险投资吗?
Simply Wall St ·  03/28 11:43

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 note that Jangho Group Co., Ltd. (SHSE:601886) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们注意到,江和集团有限公司(上海证券交易所代码:601886)的资产负债表上确实有债务。但真正的问题是这笔债务是否使公司面临风险。

When Is Debt A Problem?

债务何时会成为问题?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.

债务是帮助企业发展的工具,但如果企业无法还清贷款人,那么债务就任由他们摆布。资本主义的重要组成部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业将被银行家无情地清算。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人强迫他们以不利的价格筹集资金。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。当我们考虑公司使用债务时,我们首先要同时考虑现金和债务。

What Is Jangho Group's Net Debt?

Jangho 集团的净负债是多少?

As you can see below, at the end of September 2023, Jangho Group had CN¥2.66b of debt, up from CN¥2.48b a year ago. Click the image for more detail. But on the other hand it also has CN¥3.60b in cash, leading to a CN¥938.2m net cash position.

如下所示,截至2023年9月底,江和集团的债务为26.6亿元人民币,高于去年同期的24.8亿元人民币。点击图片查看更多细节。但另一方面,它也有36亿元人民币的现金,净现金状况为9.382亿元人民币。

debt-equity-history-analysis
SHSE:601886 Debt to Equity History March 28th 2024
SHSE: 601886 2024 年 3 月 28 日债务与股权比率历史记录

How Healthy Is Jangho Group's Balance Sheet?

Jangho 集团的资产负债表有多健康?

Zooming in on the latest balance sheet data, we can see that Jangho Group had liabilities of CN¥18.0b due within 12 months and liabilities of CN¥1.32b due beyond that. On the other hand, it had cash of CN¥3.60b and CN¥16.7b worth of receivables due within a year. So it can boast CN¥991.2m more liquid assets than total liabilities.

放大最新的资产负债表数据,我们可以看到,Jangho Group的负债为180亿元人民币,12个月后到期的负债为13.2亿元人民币。另一方面,它有一年内到期的现金为36亿元人民币,还有价值167亿元人民币的应收账款。因此,它拥有的流动资产可以多出9.912亿元人民币 负债。

This short term liquidity is a sign that Jangho Group could probably pay off its debt with ease, as its balance sheet is far from stretched. Simply put, the fact that Jangho Group has more cash than debt is arguably a good indication that it can manage its debt safely.

这种短期流动性表明,由于其资产负债表远未紧张,Jangho Group可能会轻松还清债务。简而言之,Jangho Group的现金多于债务这一事实可以说是一个很好的迹象,表明它可以安全地管理债务。

Although Jangho Group made a loss at the EBIT level, last year, it was also good to see that it generated CN¥1.1b in EBIT over the last twelve months. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Jangho Group can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

尽管Jangho Group在息税前利润水平上出现了亏损,但也很高兴看到它在过去十二个月中创造了11亿元人民币的息税前利润。资产负债表显然是分析债务时需要关注的领域。但最终,该业务的未来盈利能力将决定Jangho Group能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Jangho 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. In the last year, Jangho Group created free cash flow amounting to 17% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.

最后,企业需要自由现金流来偿还债务;会计利润根本无法减少债务。尽管Jangho Group的资产负债表上有净现金,但仍值得一看其将利息税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。去年,Jangho集团创造了相当于其息税前利润17%的自由现金流,表现平淡无奇。这种低迷的现金转换水平削弱了其管理和偿还债务的能力。

Summing Up

总结

While we empathize with investors who find debt concerning, you should keep in mind that Jangho Group has net cash of CN¥938.2m, as well as more liquid assets than liabilities. So we don't have any problem with Jangho Group's use of debt. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Jangho Group you should know about.

虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,Jangho Group的净现金为9.382亿元人民币,流动资产比负债还多。因此,我们对Jangho集团使用债务没有任何问题。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。这些风险可能很难发现。每家公司都有它们,我们发现了你应该知道的Jangho Group的1个警告标志。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。

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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.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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