CSG Holding (SZSE:200012) Takes On Some Risk With Its Use Of Debt
CSG Holding (SZSE:200012) Takes On Some Risk With Its Use Of 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.' 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. We can see that CSG Holding Co., Ltd. (SZSE:200012) does use debt in its business. But the more important question is: how much risk is that debt creating?
霍华德·马克斯说得很好,与其担心股价波动,不如说:“我担心的是永久亏损的可能性... 我认识的每位实际投资者都担心这种风险。”因此,很明显,当你考虑任何给定股票的风险时,你需要考虑债务,因为过多的债务会使公司陷入困境。我们可以看出来 南玻集团有限公司 (深圳证券交易所代码:200012)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多少风险?
When Is Debt A Problem?
债务何时会成为问题?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
当企业无法轻易履行这些义务时,无论是通过自由现金流还是以诱人的价格筹集资金,债务和其他负债就会面临风险。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更频繁(但仍然代价高昂)的情况是,公司必须以低廉的价格发行股票,永久稀释股东,以支撑其资产负债表。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。
View our latest analysis for CSG Holding
查看我们对CSG Holding的最新分析
What Is CSG Holding's Debt?
CSG Holding的债务是多少?
As you can see below, at the end of March 2023, CSG Holding had CN¥6.28b of debt, up from CN¥4.54b a year ago. Click the image for more detail. However, it does have CN¥2.21b in cash offsetting this, leading to net debt of about CN¥4.07b.
如下所示,截至2023年3月底,CSG Holding的债务为62.8亿元人民币,高于去年同期的45.4亿元人民币。点击图片了解更多详情。但是,它确实有22.1亿元人民币的现金抵消了这一点,导致净负债约为40.7亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/pic/0-c900e76ea60dd4831559ba8339249d57-0-6df6751359c707c0607bb81ed83f43ec.png/big)
A Look At CSG Holding's Liabilities
看看CSG控股的负债
The latest balance sheet data shows that CSG Holding had liabilities of CN¥6.04b due within a year, and liabilities of CN¥5.83b falling due after that. Offsetting these obligations, it had cash of CN¥2.21b as well as receivables valued at CN¥3.34b due within 12 months. So its liabilities total CN¥6.32b more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,CSG Holding在一年内到期的负债为60.4亿人民币,之后到期的负债为5.83亿人民币。为了抵消这些债务,它有22.1亿人民币的现金以及价值33.4亿元人民币的应收账款,这些应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出63.2亿人民币。
CSG Holding has a market capitalization of CN¥14.0b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
CSG Holding的市值为140亿人民币,因此如果有需要,它很可能会筹集现金来改善其资产负债表。但是,仍然值得仔细研究一下其偿还债务的能力。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
我们使用两个主要比率来告知我们相对于收益的债务水平。第一个是净负债除以利息、税项、折旧和摊销前的收益(EBITDA),第二个是其利息和税前收益(EBIT)覆盖其利息支出(或简称利息保障)的多少倍。因此,我们将债务与收益的关系考虑在内,包括和不包括折旧和摊销费用。
CSG Holding has a low net debt to EBITDA ratio of only 1.2. And its EBIT covers its interest expense a whopping 18.6 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. But the bad news is that CSG Holding has seen its EBIT plunge 16% in the last twelve months. 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 ultimately the future profitability of the business will decide if CSG Holding 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.
CSG Holding的净负债与息税折旧摊销前利润的比率很低,仅为1.2。而且,其息税前利润涵盖了高达18.6倍的利息支出。因此,你可以争辩说,它受到债务的威胁并不比大象受到老鼠的威胁更大。但坏消息是,CSG Holding的息税前利润在过去十二个月中暴跌了16%。如果收益的下降速度持续下去,该公司可能会陷入困境。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,该业务的未来盈利能力将决定CSG Holding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. So it's worth checking how much of that EBIT is backed by free cash flow. In the last three years, CSG Holding created free cash flow amounting to 15% 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;会计利润根本无法削减债务。因此,值得一看的是,息税前利润中有多少是由自由现金流支持的。在过去三年中,CSG Holding创造了相当于其息税前利润15%的自由现金流,表现平淡无奇。这种疲软的现金转换水平削弱了其管理和偿还债务的能力。
Our View
我们的观点
CSG Holding's EBIT growth rate and conversion of EBIT to free cash flow definitely weigh on it, in our esteem. But the good news is it seems to be able to cover its interest expense with its EBIT with ease. Taking the abovementioned factors together we do think CSG Holding's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should learn about the 2 warning signs we've spotted with CSG Holding (including 1 which is a bit concerning) .
在我们看来,CSG Holding的息税前利润增长率以及息税前利润向自由现金流的转换无疑给它带来了压力。但好消息是,它似乎能够轻松地用息税前利润来支付利息支出。综合上述因素,我们确实认为CSG Holding的债务对业务构成了一些风险。因此,尽管这种杠杆确实提高了股本回报率,但我们真的不希望看到它从现在开始增加。在分析债务水平时,资产负债表是显而易见的起点。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。为此,你应该了解 2 个警告标志 我们发现了 CSG Holding(包括 1 个有点令人担忧)。
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.
如果你有兴趣投资那些可以在没有债务负担的情况下增加利润的企业,那就看看这个 免费的 资产负债表上有净现金的成长型企业名单。
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Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用公正的方法提供基于历史数据和分析师预测的评论,我们的文章无意提供财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之,华尔街对上述任何股票都没有头寸。