Is Tunghsu Azure Renewable EnergyLtd (SZSE:000040) Using Debt In A Risky Way?
Is Tunghsu Azure Renewable EnergyLtd (SZSE:000040) 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.' 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 Tunghsu Azure Renewable Energy Co.,Ltd. (SZSE:000040) does use debt in its business. But is this debt a concern to shareholders?
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。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。我们可以看到 Tunghsu Azure 可再生能源有限公司, Ltd.(深圳证券交易所:000040)确实在其业务中使用债务。但是这笔债务是股东关心的问题吗?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, 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 step when considering a company's debt levels is to consider 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。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。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,因为贷款人迫使他们以不良价格筹集资金。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。考虑公司的债务水平的第一步是同时考虑其现金和债务。
See our latest analysis for Tunghsu Azure Renewable EnergyLtd
查看我们对 Tunghsu Azure 可再生能源有限公司的最新分析
What Is Tunghsu Azure Renewable EnergyLtd's Net Debt?
Tunghsu Azure 可再生能源有限公司的净负债是多少?
The image below, which you can click on for greater detail, shows that Tunghsu Azure Renewable EnergyLtd had debt of CN¥7.76b at the end of September 2023, a reduction from CN¥8.42b over a year. On the flip side, it has CN¥3.19b in cash leading to net debt of about CN¥4.57b.
你可以点击下图查看更多细节,该图片显示,截至2023年9月底,东旭Azure可再生能源有限公司的债务为77.6亿元人民币,较一年内的84.2亿元人民币有所减少。另一方面,它拥有31.9亿元的现金,净负债约为457亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240120/0-257fcf9b70c4090aea2e21da36a14b7f-0-b28462efff2ad1c12a04729ea19eafb1.png/big)
A Look At Tunghsu Azure Renewable EnergyLtd's Liabilities
看看 Tunghsu Azure 可再生能源有限公司的负债
Zooming in on the latest balance sheet data, we can see that Tunghsu Azure Renewable EnergyLtd had liabilities of CN¥9.06b due within 12 months and liabilities of CN¥4.11b due beyond that. Offsetting this, it had CN¥3.19b in cash and CN¥4.34b in receivables that were due within 12 months. So its liabilities total CN¥5.64b more than the combination of its cash and short-term receivables.
放大最新的资产负债表数据,我们可以看到,东旭Azure可再生能源有限公司在12个月内到期的负债为90.6亿元人民币,之后到期的负债为41.1亿元人民币。与此相抵消的是,它有31.9亿加元的现金和43.4亿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56.4亿元人民币。
Given this deficit is actually higher than the company's market capitalization of CN¥5.28b, we think shareholders really should watch Tunghsu Azure Renewable EnergyLtd's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution. There's no doubt that we learn most about debt from the balance sheet. But it is Tunghsu Azure Renewable EnergyLtd's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
鉴于这一赤字实际上高于该公司528亿元人民币的市值,我们认为股东们确实应该关注东旭Azure可再生能源有限公司的债务水平,就像父母第一次看着孩子骑自行车一样。在公司必须迅速清理资产负债表的情况下,股东似乎可能会遭受大规模稀释。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。但是,影响未来资产负债表状况的是Tunghsu Azure可再生能源有限公司的收益。因此,如果你想进一步了解其收益,可能值得看看这张长期收益趋势图。
In the last year Tunghsu Azure Renewable EnergyLtd had a loss before interest and tax, and actually shrunk its revenue by 52%, to CN¥1.8b. To be frank that doesn't bode well.
去年,东旭Azure可再生能源有限公司在利息和税前出现亏损,实际收入减少了52%,至18亿元人民币。坦率地说,这并不是一个好兆头。
Caveat Emptor
Caveat Emptor
Not only did Tunghsu Azure Renewable EnergyLtd's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). To be specific the EBIT loss came in at CN¥14m. Considering that alongside the liabilities mentioned above make us nervous about the company. It would need to improve its operations quickly for us to be interested in it. For example, we would not want to see a repeat of last year's loss of CN¥95m. In the meantime, we consider the stock to be risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Tunghsu Azure Renewable EnergyLtd that you should be aware of.
在过去的十二个月中,Tunghsu Azure可再生能源有限公司的收入不仅下滑,而且还产生了负的利息和税前收益(EBIT)。具体而言,息税前利润亏损为1400万元人民币。考虑到这一点,除了上述负债外,我们还对公司感到紧张。它需要迅速改善其运营,我们才会对此感兴趣。例如,我们不希望看到去年9500万元人民币的亏损重演。同时,我们认为该股票存在风险。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,我们已经确定了Tunghsu Azure可再生能源有限公司的1个警告标志,你应该注意这个标志。
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。