Is New Journey Health Technology GroupLTD (SZSE:002219) Using Too Much Debt?
Is New Journey Health Technology GroupLTD (SZSE:002219) Using Too Much 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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies New Journey Health Technology Group Co.,LTD (SZSE:002219) makes use of debt. But should shareholders be worried about its use of debt?
David Iben曾言:'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。' 因此,当你考虑一只股票的风险时,需要考虑债务,因为过多的债务可能会使一家公司垮掉。与许多其他公司一样,深圳市新里程健康科技股份有限公司(深交所股票代码:002219)也使用债务。但股东们应该担心其使用的债务吗?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
债务可以帮助企业,直到企业开始有支付的问题,无论是通过新的资本还是通过自身的自由现金流。资本主义的一个部分是“创造性的毁灭”过程,债权人会残忍地清算失败的企业。然而,更常见的情况下,企业要以低价募集新的股权资本,从而永久性地稀释股东的权益。话虽如此,最常见的情况是企业合理地管理其债务——并使其达到自身的优势。当我们审查债务水平时,首先要考虑现金和债务水平。
What Is New Journey Health Technology GroupLTD's Debt?
新里程健康科技股份有限公司的债务是多少?
As you can see below, at the end of March 2024, New Journey Health Technology GroupLTD had CN¥1.69b of debt, up from CN¥963.6m a year ago. Click the image for more detail. However, it does have CN¥493.7m in cash offsetting this, leading to net debt of about CN¥1.19b.
正如下图所示,在2024年3月底,新里程健康科技股份有限公司的债务为1.69亿人民币,高于一年前的9636万元人民币。点击图片以了解更多详细信息。但是,它有4,937万元人民币的现金抵消,导致其净债务约为11.9亿元人民币。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240626/0-45b62be469cbde76f445daa2ae4b2d15-0-bd8f6a5982c84b0648cc6e49860d7cf2.png/big)
How Strong Is New Journey Health Technology GroupLTD's Balance Sheet?
根据最近的资产负债表,新里程健康科技股份有限公司有301亿元人民币的负债到12个月内到期,以及8952万元人民币的负债超过12个月到期。相应的,它有4,937万元人民币的现金,以及12.6亿元人民币的应收账款,这些应收账款在12个月内到期。因此,其负债总计比其现金和短期应收账款的组合多215亿元人民币。
According to the last reported balance sheet, New Journey Health Technology GroupLTD had liabilities of CN¥3.01b due within 12 months, and liabilities of CN¥895.2m due beyond 12 months. Offsetting this, it had CN¥493.7m in cash and CN¥1.26b in receivables that were due within 12 months. So its liabilities total CN¥2.15b more than the combination of its cash and short-term receivables.
虽然这听起来很多,但由于新里程健康科技股份有限公司的市值为64.1亿元人民币,因此它可以通过募集资本来加强其资产负债表。但很明显,我们确实需要仔细考虑它是否可以在没有稀释股权的情况下管理其债务。
While this might seem like a lot, it is not so bad since New Journey Health Technology GroupLTD has a market capitalization of CN¥6.41b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
虽然新里程健康科技股份有限公司的负债至税前利润倍数(3.1)表明它负债,但其利息保障倍数非常薄弱,为1.8,表明它的杠杆率较高。似乎该企业负担了大量的折旧和摊销费用,因此也许其债务负担比一开始看到的更重,因为税前利润(EBITDA)可以说是收益的宽松度量。因此,股东可能应该知道,利息支出似乎最近确实对企业产生了重大影响。更糟糕的是,新里程健康科技股份有限公司的税前收益在过去12个月内下跌了22%。如果利润继续沿着那条轨迹发展,偿还那笔债务将比说服我们在雨中跑马拉松更困难。毫无疑问,我们从资产负债表中了解到最多的是有关债务的信息。但是,由于新里程健康科技股份有限公司需要创造盈利来服务其债务,因此您不能单独查看债务。因此,如果您想了解更多关于其盈利的信息,可能值得查看其长期盈利趋势的图表。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
为了衡量公司相对于其收益的债务情况,我们计算其净负债除以利息、税项、折旧和摊销前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆盖率)。这种方法的优点是,我们既考虑了债务的绝对量(净负债与 EBITDA),又考虑到了与该债务相关的实际利息支出(其利息覆盖率)。
While New Journey Health Technology GroupLTD's debt to EBITDA ratio (3.1) suggests that it uses some debt, its interest cover is very weak, at 1.8, suggesting high leverage. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Even worse, New Journey Health Technology GroupLTD saw its EBIT tank 22% over the last 12 months. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since New Journey Health Technology GroupLTD will need earnings to service that debt. 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.
最后,尽管税务部门可能喜欢会计利润,但贷方只接受现金。 因此,我们总是检查多少EBIT转化为自由现金流。 从最近三年来看,新里程健康科技股份有限公司的自由现金流为其EBIT的42%,比我们预期的要弱。 对于偿还债务来说,这并不是很好的情况。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, New Journey Health Technology GroupLTD recorded free cash flow of 42% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
表面上看,新里程健康科技股份有限公司的利息保障倍数让我们对股票持有犹豫不决,它的EBIT增长率也不太令人感兴趣,就像一年中最繁忙的夜晚只有一家空无一人的餐厅。但至少,其总负债水平并不算太糟糕。另外,值得注意的是,新里程健康科技股份有限公司处于卫生保健行业,通常被认为具有相当的防御性。从资产负债表中观察并考虑所有这些因素,我们确实认为债务使得新里程健康科技股份有限公司的股票有点风险。这并不一定是件坏事,但我们通常会对杠杆率小一些的公司感到更加舒适。在分析债务水平时,资产负债表是显而易见的起点。但是,最终,每个公司都可能存在超出资产负债表之外的风险。例如,新里程健康科技股份有限公司存在3个警告标志(1个不应忽略),我们认为您应该知道它们。
Our View
我们的观点
On the face of it, New Journey Health Technology GroupLTD's interest cover left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But at least its level of total liabilities is not so bad. It's also worth noting that New Journey Health Technology GroupLTD is in the Healthcare industry, which is often considered to be quite defensive. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making New Journey Health Technology GroupLTD stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example New Journey Health Technology GroupLTD has 3 warning signs (and 1 which shouldn't be ignored) we think you should know about.
多年以来,David Iben的话已经传遍了股市:'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。' 因此,当您开始考虑一只股票的风险时,需要考虑债务,因为过多的债务可能会让一家公司面临沉没的风险。同许多其他公司一样,深圳市新里程健康科技股份有限公司(深交所股票代码:002219)也利用债务。但股东们需要担心它使用债务吗?来自Simply Wall St的研究分析表明股票可能会面临失宠。想了解深入的分析吗?请查看Simply Wall St的新里程健康科技股份有限公司的分析。
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.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或电邮 editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,也可以发送电子邮件至editorial-team@simplywallst.com