Health Check: How Prudently Does Konka Group (SZSE:000016) Use Debt?
Health Check: How Prudently Does Konka Group (SZSE:000016) Use Debt?
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 Konka Group Co., Ltd. (SZSE:000016) does use debt in its business. But the real question is whether this debt is making the company risky.
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”因此,当你评估公司的风险时,聪明的货币似乎知道债务——通常与破产有关——是一个非常重要的因素。我们可以看到,康佳集团有限公司(SZSE:000016)确实在其业务中使用了债务。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?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松偿还债务时,债务才会成为真正的问题。归根结底,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。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。在考虑企业使用多少债务时,要做的第一件事是将现金和债务放在一起看。
Check out our latest analysis for Konka Group
查看我们对康佳集团的最新分析
How Much Debt Does Konka Group Carry?
康佳集团背负多少债务?
The chart below, which you can click on for greater detail, shows that Konka Group had CN¥22.7b in debt in September 2023; about the same as the year before. On the flip side, it has CN¥6.81b in cash leading to net debt of about CN¥15.8b.
您可以点击下图了解更多详细信息,该图表显示,康佳集团在2023年9月的债务为227亿元人民币;与前一年大致相同。另一方面,它拥有68.1亿元人民币的现金,净负债约为158亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231201/0-c1e9545c541bc842ef0410047e12fe65-0-003d9ca506f96181e5dfb463b7edd27f.png/big)
How Strong Is Konka Group's Balance Sheet?
康佳集团的资产负债表有多强劲?
Zooming in on the latest balance sheet data, we can see that Konka Group had liabilities of CN¥19.6b due within 12 months and liabilities of CN¥11.0b due beyond that. Offsetting these obligations, it had cash of CN¥6.81b as well as receivables valued at CN¥4.36b due within 12 months. So its liabilities total CN¥19.5b more than the combination of its cash and short-term receivables.
纵观最新的资产负债表数据,我们可以看到,康佳集团在12个月内到期的负债为196亿元人民币,此后到期的负债为110亿元人民币。为了抵消这些债务,它有68.1亿元人民币的现金以及价值43.6亿元人民币的应收账款,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195亿元人民币。
The deficiency here weighs heavily on the CN¥7.40b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we definitely think shareholders need to watch this one closely. After all, Konka Group would likely require a major re-capitalisation if it had to pay its creditors today. When analysing debt levels, the balance sheet is the obvious place to start. But it is Konka 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.
这里的缺陷给这家7.40亿元人民币的公司本身造成了沉重的压力,好像一个孩子在装满书、运动装备和喇叭的巨大背包的重压下挣扎着。因此,我们绝对认为股东需要密切关注这个问题。毕竟,如果康佳集团今天必须向债权人付款,则可能需要进行大规模资本重组。在分析债务水平时,资产负债表显然是起点。但是,影响未来资产负债表表现的是康佳集团的收益。因此,在考虑债务时,绝对值得一看收益趋势。点击此处查看交互式快照。
In the last year Konka Group had a loss before interest and tax, and actually shrunk its revenue by 53%, to CN¥20b. That makes us nervous, to say the least.
去年,康佳集团在利息和税前出现亏损,实际收入减少了53%,至200亿元人民币。至少可以说,这让我们感到紧张。
Caveat Emptor
Caveat Emptor
Not only did Konka Group's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Its EBIT loss was a whopping CN¥3.1b. If you consider the significant liabilities mentioned above, we are extremely wary of this investment. That said, it is possible that the company will turn its fortunes around. But we think that is unlikely, given it is low on liquid assets, and burned through CN¥2.5b in the last year. So we think this stock is risky, like walking through a dirty dog park with a mask on. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for Konka Group that you should be aware of before investing here.
在过去的十二个月中,康佳集团的收入不仅下滑,而且还产生了负的息税前收益(EBIT)。其息税前利润损失高达3.1亿元人民币。如果你考虑上面提到的巨额负债,我们对这项投资非常谨慎。也就是说,该公司有可能扭转命运。但我们认为这不太可能,因为它的流动性资产很低,而且去年耗尽了25亿元人民币。因此,我们认为这只股票是有风险的,就像戴着口罩在肮脏的狗公园里散步一样。资产负债表显然是分析债务时需要关注的领域。但是,并非所有的投资风险都存在于资产负债表中——远非如此。例如,我们发现了康佳集团的两个警告信号,在这里投资之前,你应该注意这些信号。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
当一切都说完之后,有时更容易将注意力集中在甚至不需要债务的公司上。读者现在可以100%免费访问净负债为零的成长型股票清单。
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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。