Is Tech-Bank Food (SZSE:002124) Using Debt In A Risky Way?
Is Tech-Bank Food (SZSE:002124) Using Debt In A Risky Way?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Tech-Bank Food Co., Ltd. (SZSE:002124) makes use of debt. But the more important question is: how much risk is that debt creating?
由伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当你检查公司的资产负债表的风险时,考虑它的资产负债表是很自然的,因为企业倒闭时通常会涉及债务。与许多其他公司一样,科技银行食品有限公司(深圳证券交易所:002124)也使用债务。但更重要的问题是:债务创造了多大的风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。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,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
Check out our latest analysis for Tech-Bank Food
查看我们对 Tech-Bank Food 的最新分析
How Much Debt Does Tech-Bank Food Carry?
科技银行的食物背负了多少债务?
As you can see below, Tech-Bank Food had CN¥4.67b of debt at September 2023, down from CN¥5.11b a year prior. On the flip side, it has CN¥675.7m in cash leading to net debt of about CN¥3.99b.
如下所示,截至2023年9月,科技银行食品的债务为46.7亿元人民币,低于去年同期的51.1亿元人民币。另一方面,它拥有6.757亿元的现金,净负债约为39.9亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231214/0-7b95aeeac4d2978ede38d367e58499e4-0-093f3ec1b73a1acbcc4cc8a5dc712b50.png/big)
A Look At Tech-Bank Food's Liabilities
看看科技银行食品的负债
We can see from the most recent balance sheet that Tech-Bank Food had liabilities of CN¥12.7b falling due within a year, and liabilities of CN¥3.49b due beyond that. Offsetting these obligations, it had cash of CN¥675.7m as well as receivables valued at CN¥144.7m due within 12 months. So its liabilities total CN¥15.4b more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看出,科技银行食品的负债为127亿元人民币,一年后到期的负债为34.9亿元人民币。除这些债务外,它有6.757亿元的现金以及价值1.447亿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额高出154亿元人民币。
The deficiency here weighs heavily on the CN¥6.77b 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'd watch its balance sheet closely, without a doubt. At the end of the day, Tech-Bank Food would probably need a major re-capitalization if its creditors were to demand repayment. 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 Tech-Bank Food'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.
这里的缺陷严重影响了这家677亿元人民币的公司本身,就好像一个孩子在装满书本、运动装备和喇叭的巨大背包的重压下挣扎一样。因此,毫无疑问,我们将密切关注其资产负债表。归根结底,如果债权人要求还款,Tech-Bank Food可能需要进行大规模的资本重组。资产负债表显然是分析债务时需要关注的领域。但是,未来的收益将决定Tech-Bank Food未来维持健康资产负债表的能力。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。
Over 12 months, Tech-Bank Food reported revenue of CN¥10b, which is a gain of 12%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,Tech-Bank Food公布的收入为100亿元人民币,增长了12%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的发展。
Caveat Emptor
Caveat Emptor
Importantly, Tech-Bank Food had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost a very considerable CN¥1.4b at the EBIT level. Considering that alongside the liabilities mentioned above make us nervous about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. It's fair to say the loss of CN¥2.1b didn't encourage us either; we'd like to see a profit. In the meantime, we consider the stock to be risky. For riskier companies like Tech-Bank Food I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
重要的是,科技银行食品去年出现了息税前收益(EBIT)亏损。事实上,在息税前利润水平上,它损失了14亿元人民币。考虑到这一点,除了上述负债外,我们还对公司感到紧张。在对股票过于感兴趣之前,我们希望看到一些强劲的短期改善。可以公平地说,21亿元人民币的损失也没有鼓励我们;我们希望看到盈利。同时,我们认为该股票存在风险。对于像Tech-Bank Food这样的风险较高的公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们的利润、收入和运营现金流的交互式图表。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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