Health Check: How Prudently Does Comba Telecom Systems Holdings (HKG:2342) Use Debt?
Health Check: How Prudently Does Comba Telecom Systems Holdings (HKG:2342) 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.' 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 Comba Telecom Systems Holdings Limited (HKG:2342) makes use of debt. But is this debt a concern to shareholders?
正如David Iben所说,'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。' 当您评估一个公司的风险时,考虑到债务通常与业务崩溃有关,审查公司的资产负债表是很自然的。和其他很多公司一样,京信通信系统控股有限公司(HKG:2342)利用债务。但是,这种债务对股东是否构成担忧呢?
When Is Debt Dangerous?
债务何时有危险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务和其他负债对于一家企业而言,当它无法通过自由现金流或以优惠价格融资来轻松满足这些义务时,就会产生风险。在最糟糕的情况下,如果一家公司无法支付其债权人,则会破产。不过,更常见(但仍然代价高昂)的情况是,公司必须以折价的价格发行股票,永久性地稀释股东的利益,仅仅为了支撑其资产负债表。尽管如此,最常见情况是一家公司合理掌控其债务,让其自身受益。考虑一家企业使用了多少债务时,首先要做的是看其现金和负债的总体情况。
What Is Comba Telecom Systems Holdings's Debt?
京信通信系统控股的债务是什么?
As you can see below, Comba Telecom Systems Holdings had HK$892.2m of debt at June 2024, down from HK$1.23b a year prior. But on the other hand it also has HK$1.66b in cash, leading to a HK$772.7m net cash position.
如下所示,2024年6月,京信通信系统控股有限公司的债务为89220万港元,低于前一年的12.3亿港元。但是,另一方面,该公司也拥有16.6亿港元现金,形成了7,7270港元的净现金位置。
![1724807098474](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240828/42973286-0-ef21625a63ecb5df48d2e00c0b836a0f.webp/bigjpg)
A Look At Comba Telecom Systems Holdings' Liabilities
探索京信通信控股有限公司的负债情况
Zooming in on the latest balance sheet data, we can see that Comba Telecom Systems Holdings had liabilities of HK$4.73b due within 12 months and liabilities of HK$515.4m due beyond that. On the other hand, it had cash of HK$1.66b and HK$3.28b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by HK$305.0m.
研究最新的资产负债表数据,我们可以看到京信通信控股有限公司的短期债务为47.3亿港元,超过12个月的债务为51540万港元。另一方面,该公司有16.6亿港元的现金和32.8亿港元的应收账款到期一年内。因此,其负债超过其现金和(短期)应收账款的总和30.5亿港元。
Since publicly traded Comba Telecom Systems Holdings shares are worth a total of HK$2.91b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Despite its noteworthy liabilities, Comba Telecom Systems Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is Comba Telecom Systems Holdings'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.
由于京信通信控股有限公司公开交易的股票总值为29.1亿港元,这种程度的负债似乎不太可能构成重大威胁。然而,我们认为值得密切关注其资产负债表的实力,因为它可能随着时间的推移而改变。尽管它具有显着的负债,但京信通信控股有限公司拥有净现金,因此可以说它没有沉重的债务负担!毫无疑问,我们从资产负债表中了解最多的是债务情况。但是,京信通信控股有限公司的盈利将会对资产负债表的持续性产生影响。因此,在考虑债务时,确实值得关注盈利趋势。点击此处获取互动快照。
In the last year Comba Telecom Systems Holdings had a loss before interest and tax, and actually shrunk its revenue by 22%, to HK$5.1b. To be frank that doesn't bode well.
去年,京信通信控股有限公司利息和税前利润都出现亏损,并将收入缩减了22%,达到51亿港元。坦率地说,这预示着不好的前景。
So How Risky Is Comba Telecom Systems Holdings?
京信通信控股有限公司有多大风险?
While Comba Telecom Systems Holdings lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow HK$277m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. 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. Case in point: We've spotted 2 warning signs for Comba Telecom Systems Holdings you should be aware of, and 1 of them is a bit unpleasant.
尽管京信通信控股有限公司在息税前盈利(EBIT)水平上亏损,但它实际上创造了27700万港元的正面自由现金流。因此,尽管它是亏损的,但它似乎没有太多的短期资产负债表风险,需要注意净现金。在我们看到一些积极的EBIT之前,我们对该股持谨慎态度,尤其是因为相对较低的收入增长。很明显,资产负债表是分析债务时需重点关注的领域。但最终,每个公司都可能包含超出资产负债表范围的风险。例如:我们已经发现了京信通信控股有限公司的两个警示信号,您应该注意其中的1个可能不太愉快。
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@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。