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Is Sinofert Holdings (HKG:297) A Risky Investment?
中化集团控股(HKG:297)是一项高风险投资吗?

Simply Wall St ·  {{timeTz}}

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. We can see that Sinofert Holdings Limited (HKG:297) does use debt in its business. But the real question is whether this debt is making the company risky.

传奇基金经理李路曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们可以看到中化集团有限公司(HKG:297)确实在其业务中使用债务。但真正的问题是,这笔债务是否让该公司面临风险。

What Risk Does Debt Bring?

债务会带来什么风险?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。

Check out our latest analysis for Sinofert Holdings

查看我们对中化控股的最新分析

How Much Debt Does Sinofert Holdings Carry?

中化控股背负着多少债务?

The image below, which you can click on for greater detail, shows that Sinofert Holdings had debt of CN¥1.04b at the end of December 2021, a reduction from CN¥1.71b over a year. But on the other hand it also has CN¥1.32b in cash, leading to a CN¥275.4m net cash position.

下图显示,截至2021年12月底,中化集团的债务为人民币10.4亿元,较一年内的人民币17.1亿元有所减少。但另一方面,它也有13.2亿新元的现金,导致2.754亿新元的净现金头寸。

SEHK:297 Debt to Equity History May 6th 2022
联交所:297债转股历史2022年5月6日

How Healthy Is Sinofert Holdings' Balance Sheet?

中化集团的资产负债表有多健康?

According to the last reported balance sheet, Sinofert Holdings had liabilities of CN¥7.16b due within 12 months, and liabilities of CN¥1.35b due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.32b as well as receivables valued at CN¥1.56b due within 12 months. So its liabilities total CN¥5.64b more than the combination of its cash and short-term receivables.

根据最近一次报告的资产负债表,中化控股有71.6亿加元的负债在12个月内到期,13.5亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有13.2亿加元的现金以及15.6亿加元的应收账款在12个月内到期。因此,其负债总额为人民币56.4亿元,比现金和短期应收账款的总和还要多。

This is a mountain of leverage relative to its market capitalization of CN¥7.98b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. While it does have liabilities worth noting, Sinofert Holdings also has more cash than debt, so we're pretty confident it can manage its debt safely.

与其79.8亿元的市值相比,这是一个堆积如山的杠杆。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。尽管中化集团确实有值得注意的负债,但它的现金也多于债务,因此我们非常有信心它能够安全地管理其债务。

Also good is that Sinofert Holdings grew its EBIT at 17% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Sinofert Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

另一个好消息是,中化控股去年息税前利润增长了17%,进一步增强了其管理债务的能力。在分析债务水平时,资产负债表显然是一个起点。但最重要的是,未来的收益将决定中化集团未来能否保持健康的资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Sinofert Holdings 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. During the last three years, Sinofert Holdings produced sturdy free cash flow equating to 59% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.

最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。中化控股的资产负债表上可能有净现金,但看看该业务将息税前利润(EBIT)转换为自由现金流的情况仍很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去三年中,中化控股产生了相当于息税前利润59%的强劲自由现金流,这与我们的预期相符。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。

Summing up

总结

While Sinofert Holdings does have more liabilities than liquid assets, it also has net cash of CN¥275.4m. And we liked the look of last year's 17% year-on-year EBIT growth. So we are not troubled with Sinofert Holdings's debt use. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with Sinofert Holdings .

尽管中化集团的负债确实多于流动资产,但它也拥有2.754亿元人民币的净现金。我们喜欢去年息税前利润同比增长17%的表现。因此,我们并不为中化集团的债务使用感到困扰。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。为此,你应该注意到我们在中化控股身上发现的两个警告信号。

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.

当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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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这篇由《华尔街日报》撰写的文章本质上是笼统的。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。简单地说,华尔街在提到的任何股票中都没有头寸。

本页的译文内容由软件翻译。富途将竭力但却不能保证翻译内容之准确和可靠,亦不会承担因任何不准确或遗漏而引起的任何损失或损害。

风险提示:以上内容仅作为作者或者嘉宾的观点,不代表富途的任何立场,不构成与富途相关的任何投资建议。在作出任何投资决定前,投资者应根据自身情况考虑投资产品相关的风险因素,并于需要时咨询专业投资顾问意见。富途竭力但不能证实上述内容的真实性、准确性和原创性,对此富途不做任何保证和承诺。

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