Health Check: How Prudently Does Guangxi Radio and Television Information Network (SHSE:600936) Use Debt?
Health Check: How Prudently Does Guangxi Radio and Television Information Network (SHSE:600936) Use Debt?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Guangxi Radio and Television Information Network Corporation Limited (SHSE:600936) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
戴维·伊本说得好:“波动性不是我们关心的风险。 我们关心的是避免资本永久损失。” 当我们考虑一家公司有多大风险时,我们总是喜欢看它的债务使用情况,因为债务超载可能会导致灭亡。 我们注意到,广西广电(SHSE:600936)确实在其资产负债表上有债务。 但实际问题是这些债务是否会使公司面临风险。
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业发展的一种工具,但如果企业无法偿还债权人,那么它就存在于债权人的恩惠之下。资本主义的一部分是“创造性破坏”过程,其中银行家会无情地清算失败的企业。 当然,债务可以是企业中的重要工具,特别是对大量资本的企业。 考虑企业使用多少债务时,首先要做的是看看其现金和债务。
What Is Guangxi Radio and Television Information Network's Debt?
广西广电的债务是什么?
As you can see below, Guangxi Radio and Television Information Network had CN¥4.23b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has CN¥234.1m in cash leading to net debt of about CN¥3.99b.
正如下图所示,广西广电于2024年3月有42.3亿人民币的债务,与去年大致相同。 您可以单击图表以获得更多详细信息。 另一方面,它有2,341万人民币的现金,从而导致净债务约为39.9亿人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240530/0-1773de957c6681e9138d5df804fa2aed-0-cb2f875547a6c60c866baae614b492b1.png/big)
How Strong Is Guangxi Radio and Television Information Network's Balance Sheet?
广西广电的资产负债表有多坚强?
The latest balance sheet data shows that Guangxi Radio and Television Information Network had liabilities of CN¥3.15b due within a year, and liabilities of CN¥3.41b falling due after that. Offsetting these obligations, it had cash of CN¥234.1m as well as receivables valued at CN¥846.6m due within 12 months. So its liabilities total CN¥5.48b more than the combination of its cash and short-term receivables.
最新的资产负债表数据显示,广西广电有315亿人民币的短期到期债务,和341亿人民币的长期到期债务。 抵消这些债务的是234.1个人民币的现金以及12个月内到期的846.6万人民币的应收账款。 因此,其负债总额比其现金和短期应收账款的组合多了54.8亿人民币。 鉴于该逆差实际上比公司的市值高出39.4亿人民币,我们认为股东应该像父母第一次看孩子骑自行车一样关注广西广电的债务水平。 如果公司被迫以当前股价筹集资本以偿还其负债,理论上可能需要极大的稀释。 在分析债务水平时,资产负债表是显然的起点。 但广西广电的收益将影响资产负债表在未来的支持情况。 因此,如果你想了解更多关于其收益的信息,不妨查看一下其长期收益趋势图。
Given this deficit is actually higher than the company's market capitalization of CN¥3.94b, we think shareholders really should watch Guangxi Radio and Television Information Network's debt levels, like a parent watching their child ride a bike for the first time. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. When analysing debt levels, the balance sheet is the obvious place to start. But it is Guangxi Radio and Television Information Network'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.
鉴于这个逆差实际上比公司的市值高出39.4亿人民币,我们认为股东应该像父母第一次看孩子骑自行车一样关注广西广电的债务水平。 如果公司被迫以当前股价筹集资本以偿还其负债,理论上可能需要极大的稀释。 在分析债务水平时,资产负债表是显然的起点。 但广西广电的收益将影响资产负债表在未来的支持情况。 因此,如果你想了解更多关于其收益的信息,不妨查看一下其长期收益趋势图。
In the last year Guangxi Radio and Television Information Network had a loss before interest and tax, and actually shrunk its revenue by 32%, to CN¥1.2b. To be frank that doesn't bode well.
在过去的一年中,广西广电的利息和税前利润损失,并将其收入实际缩小了32%,达到12亿元人民币。 坦白说,这不是一个好的预兆。
Caveat Emptor
买方自负。
Not only did Guangxi Radio and Television Information Network'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¥567m. 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¥754m didn't encourage us either; we'd like to see a profit. In the meantime, we consider the stock to be risky. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Guangxi Radio and Television Information Network you should know about.
除了过去十二个月广西广电的收入下滑外,它还产生了负面的利息和税前利润(EBIT)。 它的EBIt损失高达5.67亿人民币。 鉴于上述负债,我们对该公司感到不安。 在对股票感到过于兴趣之前,我们希望看到一些强劲的近期改进。 可以说,7.54亿人民币的亏损也没有鼓励我们; 我们希望看到利润。 同时,我们认为股票具有风险。 资产负债表显然是分析债务的重点。 但最终,每个公司都可能存在不在资产负债表之外的风险。 这些风险可能很难发现。 每家公司都有这些风险,我们已经发现了广西广电的1个警告信号,您应该知道。
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.
说到底,有时更容易关注那些甚至不需要债务的公司。读者可以免费查看零净债务增长股票列表,立即获得。
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