Is Jiangsu Broadcasting Cable Information Network (SHSE:600959) Weighed On By Its Debt Load?
Is Jiangsu Broadcasting Cable Information Network (SHSE:600959) Weighed On By Its Debt Load?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 note that Jiangsu Broadcasting Cable Information Network Corporation Limited (SHSE:600959) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”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。我们注意到,江苏广播有线信息网络股份有限公司(SHSE: 600959)的资产负债表上确实有债务。但更重要的问题是:这笔债务会带来多大的风险?
What Risk Does Debt Bring?
债务会带来什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
债务为企业提供帮助,直到企业难以用新资本或自由现金流还清债务。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(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,债务的好处是它通常代表廉价资本,尤其是当它取代了具有高回报率再投资能力的公司的稀释时。在考虑企业使用多少债务时,要做的第一件事是将现金和债务放在一起考虑。
What Is Jiangsu Broadcasting Cable Information Network's Net Debt?
江苏广播有线信息网的净负债是多少?
The chart below, which you can click on for greater detail, shows that Jiangsu Broadcasting Cable Information Network had CN¥3.86b in debt in September 2023; about the same as the year before. However, it does have CN¥5.13b in cash offsetting this, leading to net cash of CN¥1.28b.
您可以点击下图查看更多详细信息,该图表显示,2023年9月,江苏广播有线信息网的债务为38.6亿元人民币;与前一年大致相同。但是,它确实有51.3亿元的现金抵消了这一点,净现金为12.8亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240204/0-f28799a586c94558136a5daf5c257c85-0-474aaf53c93e5a88b7754e163bb50f22.png/big)
A Look At Jiangsu Broadcasting Cable Information Network's Liabilities
看看江苏广播有线信息网的负债
The latest balance sheet data shows that Jiangsu Broadcasting Cable Information Network had liabilities of CN¥13.4b due within a year, and liabilities of CN¥737.7m falling due after that. On the other hand, it had cash of CN¥5.13b and CN¥1.71b worth of receivables due within a year. So it has liabilities totalling CN¥7.32b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,江苏广播有线信息网的负债为134亿元人民币,之后到期的负债为7.377亿元人民币。另一方面,它有一年内到期的现金为51.3亿元人民币,还有价值17.1亿元人民币的应收账款。因此,它的负债总额比现金和短期应收账款的总和多出73.2亿元人民币。
This deficit isn't so bad because Jiangsu Broadcasting Cable Information Network is worth CN¥14.2b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. While it does have liabilities worth noting, Jiangsu Broadcasting Cable Information Network also has more cash than debt, so we're pretty confident it can manage its debt safely. The balance sheet is clearly the area to focus on when you are analysing debt. But it is Jiangsu Broadcasting Cable Information Network'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.
这种赤字还不错,因为江苏广播有线信息网的市值为142亿元人民币,因此,如果有需要,可能会筹集足够的资金来支撑其资产负债表。但是,仍然值得仔细研究其偿还债务的能力。尽管它确实有值得注意的负债,但江苏广播有线信息网的现金也多于债务,因此我们非常有信心它可以安全地管理债务。资产负债表显然是分析债务时需要关注的领域。但是,影响未来资产负债表状况的是江苏广播有线信息网的收益。因此,在考虑债务时,绝对值得一看收益趋势。单击此处查看交互式快照。
Over 12 months, Jiangsu Broadcasting Cable Information Network saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在过去的12个月中,江苏广播有线信息网的收入保持相当稳定,并且没有公布正的利息和税前收益。虽然这几乎没有给人留下深刻的印象,但也不算太糟糕。
So How Risky Is Jiangsu Broadcasting Cable Information Network?
那么江苏广播有线信息网的风险有多大?
Although Jiangsu Broadcasting Cable Information Network had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥336m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Jiangsu Broadcasting Cable Information Network is showing 2 warning signs in our investment analysis , and 1 of those is concerning...
尽管江苏广播有线信息网在过去十二个月中出现了息税前收益(EBIT)亏损,但其法定利润为3.36亿元人民币。因此,从面值来看,考虑到现金,我们认为短期内风险不大。在我们看到息税前利润为正数之前,我们对该股持谨慎态度,尤其是因为收入增长相当温和。资产负债表显然是分析债务时需要关注的领域。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。请注意,江苏广播有线信息网在我们的投资分析中显示出两个警告信号,其中一个与...
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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