Does Triangle TyreLtd (SHSE:601163) Have A Healthy Balance Sheet?
Does Triangle TyreLtd (SHSE:601163) Have A Healthy Balance Sheet?
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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Triangle Tyre Co.,Ltd (SHSE:601163) makes use of debt. But is this debt a concern to shareholders?
霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。與許多其他公司一樣,三角輪胎公司, Ltd(上海證券交易所代碼:601163)使用債務。但是這筆債務是股東關心的問題嗎?
When Is Debt A Problem?
債務何時會成爲問題?
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. 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. 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.
債務是幫助企業發展的工具,但如果企業無法還清貸款人,那麼債務就任由他們擺佈。資本主義的重要組成部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業將被銀行家無情地清算。但是,更常見(但仍然代價高昂)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,債務可以成爲企業,尤其是資本密集型企業的重要工具。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起看。
What Is Triangle TyreLtd's Net Debt?
什麼是三角輪胎的淨負債?
The image below, which you can click on for greater detail, shows that Triangle TyreLtd had debt of CN¥845.2m at the end of March 2024, a reduction from CN¥1.50b over a year. But on the other hand it also has CN¥2.04b in cash, leading to a CN¥1.20b net cash position.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月底,三角輪胎的債務爲8.452億元人民幣,較一年內的15.0億元人民幣有所減少。但另一方面,它也有20.4億元人民幣的現金,淨現金狀況爲12億元人民幣。
![debt-equity-history-analysis](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240510/0-f17b9eca7f962d4961b03e80b3d51457-0-62f21f7a8dedb81894e9164eb4a8db9d.png/big)
A Look At Triangle TyreLtd's Liabilities
看看三角輪胎的負債
We can see from the most recent balance sheet that Triangle TyreLtd had liabilities of CN¥5.20b falling due within a year, and liabilities of CN¥410.2m due beyond that. On the other hand, it had cash of CN¥2.04b and CN¥2.00b worth of receivables due within a year. So its liabilities total CN¥1.56b more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看出,三角輪胎在一年內到期的負債爲52.0億元人民幣,在此之後到期的負債爲4.102億元人民幣。另一方面,它有一年內到期的現金爲20.4億元人民幣,還有價值20億元人民幣的應收賬款。因此,其負債總額比其現金和短期應收賬款的總額高出15.6億元人民幣。
Given Triangle TyreLtd has a market capitalization of CN¥14.2b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Despite its noteworthy liabilities, Triangle TyreLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
鑑於三角輪胎的市值爲142億元人民幣,很難相信這些負債會構成很大的威脅。但是,我們確實認爲值得關注其資產負債表的實力,因爲它可能會隨着時間的推移而發生變化。儘管負債值得關注,但Triangle Tyreltd擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!
On top of that, Triangle TyreLtd grew its EBIT by 86% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Triangle TyreLtd'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.
最重要的是,Triangle Tyreltd在過去十二個月中將其息稅前利潤增長了86%,這種增長將使其更容易處理債務。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益比什麼都重要,將決定Triangle Tyreltd未來維持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你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. While Triangle TyreLtd 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. Over the last three years, Triangle TyreLtd actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管Triangle Tyreltd的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去的三年中,Triangle Tyreltd產生的自由現金流實際上超過了息稅前利潤。當Daft Punk音樂會的節拍下降時,這種強勁的現金轉換讓我們和觀衆一樣興奮。
Summing Up
總結
While Triangle TyreLtd does have more liabilities than liquid assets, it also has net cash of CN¥1.20b. The cherry on top was that in converted 137% of that EBIT to free cash flow, bringing in CN¥1.6b. So we don't think Triangle TyreLtd's use of debt is risky. 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. For example - Triangle TyreLtd has 1 warning sign we think you should be aware of.
儘管三角輪胎的負債確實多於流動資產,但其淨現金也爲12億元人民幣。最重要的是,它將息稅前利潤的137%轉換爲自由現金流,帶來了16億元人民幣的收入。因此,我們認爲Triangle Tyreltd使用債務沒有風險。在分析債務水平時,資產負債表是顯而易見的起點。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如-Triangle TyrelTD 有 1 個警告標誌,我們認爲您應該注意。
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.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。