share_log

We Think TravelSky Technology (HKG:696) Can Manage Its Debt With Ease

We Think TravelSky Technology (HKG:696) Can Manage Its Debt With Ease

我们认为TravelSky 科技 (HKG:696) 能够轻松管理其债务
Simply Wall St ·  11/01 20:45

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We can see that TravelSky Technology Limited (HKG:696) does use debt in its business. But should shareholders be worried about its use of debt?

有人说,作为投资者,更好的风险思考方式是波动性,而不是债务,但沃伦·巴菲特曾经说过'波动性与风险远非同义词。因此,当你考虑任何特定股票有多大风险时,显然需要考虑债务,因为过多的债务可能会拖垮一家公司。我们可以看到,TravelSky Technology Limited(HKG:696)在其业务中使用了债务。但股东们应该担心其使用债务吗?

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. If things get really bad, the lenders can take control of the business. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.

债务是帮助企业增长的工具,但如果一个企业无力偿还债权人,那么它就在他们的掌控之下。如果情况变得非常糟糕,债权人可以接管企业。然而,更常见的情况是,一个企业必须以低廉的股票价格稀释股东权益,以控制债务。话虽如此,最常见的情况是,一家公司合理地管理了其债务并将其转化为自身利益。当我们考虑一家公司的债务使用情况时,我们首先要查看现金和债务的合计。

What Is TravelSky Technology's Debt?

TravelSky Technology 的债务是多少?

As you can see below, at the end of June 2024, TravelSky Technology had CN¥1.35b of debt, up from CN¥753.4m a year ago. Click the image for more detail. However, its balance sheet shows it holds CN¥12.5b in cash, so it actually has CN¥11.1b net cash.

如下所示,在2024年6月底,TravelSky Technology 的债务为13.5亿人民币,比一年前的75340万人民币增加。点击图片查看更多详情。然而,它的资产负债表显示,公司持有125亿人民币现金,实际上拥有净现金111亿人民币。

big
SEHK:696 Debt to Equity History November 2nd 2024
SEHK:696 债务与股本历史数据 2024年11月2日

How Strong Is TravelSky Technology's Balance Sheet?

TravelSky Technology的资产负债表有多强?

Zooming in on the latest balance sheet data, we can see that TravelSky Technology had liabilities of CN¥7.89b due within 12 months and liabilities of CN¥59.2m due beyond that. Offsetting these obligations, it had cash of CN¥12.5b as well as receivables valued at CN¥7.96b due within 12 months. So it can boast CN¥12.5b more liquid assets than total liabilities.

专注最新资产负债表数据,我们可以看到TravelSky Technology有人民币78.9亿的负债在12个月内到期,以及人民币5920万的负债期限超过12个月。 抵消这些债务的是,它有125亿的现金以及79.6亿的应收账款在12个月内到期。 因此,它可以夸口拥有125亿的流动资产余额超过总负债。

This surplus liquidity suggests that TravelSky Technology's balance sheet could take a hit just as well as Homer Simpson's head can take a punch. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Simply put, the fact that TravelSky Technology has more cash than debt is arguably a good indication that it can manage its debt safely.

这种盈余流动性表明,TravelSky Technology的资产负债表可能像霍默•辛普森的头部一样能够承受打击。考虑到这一点,人们可以推断其资产负债表意味着公司能够应对一些逆境。 简而言之,TravelSky Technology拥有更多现金而不是债务的事实,可以说是一个很好的迹象,表明它可以安全地管理债务。

Another good sign is that TravelSky Technology has been able to increase its EBIT by 28% in twelve months, making it easier to pay down debt. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine TravelSky Technology's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

另一个好兆头是,TravelSky Technology在十二个月内能够将其EBIt增加28%,这使得偿还债务变得更容易。 在分析债务水平时,资产负债表是显而易见的起点。 但最终,决定TravelSky Technology未来维持健康资产负债表能力的将是未来的收入。 因此,如果您想知道专业人士的看法,您可能会发现对分析师利润预测的这份免费报告很有趣。

Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While TravelSky Technology has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, TravelSky Technology actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.

最后,一家企业需要自由现金流来偿还债务; 会计利润并不足够。 虽然TravelSky Technology的资产负债表上有净现金,但仍值得看一下其将EBIT转化为自由现金流的能力,以帮助我们了解它是如何迅速构建(或侵蚀)现金余额的。 在过去三年里,TravelSky Technology实际上产生的自由现金流比EBIt要多。 在保持债权人亲睐时,没有比进账现金更好的了。

Summing Up

总之

While we empathize with investors who find debt concerning, you should keep in mind that TravelSky Technology has net cash of CN¥11.1b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of -CN¥81m, being 107% of its EBIT. At the end of the day we're not concerned about TravelSky Technology's debt. Over time, share prices tend to follow earnings per share, so if you're interested in TravelSky Technology, you may well want to click here to check an interactive graph of its earnings per share history.

虽然我们能理解投资者对债务感到担忧,但你应该记住,TravelSky Technology拥有111亿人民币的净现金,以及比负债更多的流动资产。同时,它给我们留下了深刻印象,自由现金流达到负8100万人民币,相当于其EBIt的107%。最终,我们不担心TravelSky Technology的债务。随着时间的推移,股价往往会跟随每股收益,所以如果你对TravelSky Technology感兴趣,可以点击这里查看其每股收益历史的交互式图表。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。

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。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发