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?
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。我們注意到,江蘇廣播有線信息網絡股份有限公司(SHSE: 600959)的資產負債表上確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
What Risk Does Debt Bring?
債務會帶來什麼風險?
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.
債務爲企業提供幫助,直到企業難以用新資本或自由現金流還清債務。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務的好處是它通常代表廉價資本,尤其是當它取代了具有高回報率再投資能力的公司的稀釋時。在考慮企業使用多少債務時,要做的第一件事是將現金和債務放在一起考慮。
What Is Jiangsu Broadcasting Cable Information Network's Net Debt?
江蘇廣播有線信息網的淨負債是多少?
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.
您可以點擊下圖查看更多詳細信息,該圖表顯示,2023年9月,江蘇廣播有線信息網的債務爲38.6億元人民幣;與前一年大致相同。但是,它確實有51.3億元的現金抵消了這一點,淨現金爲12.8億元人民幣。
![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
看看江蘇廣播有線信息網的負債
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.
最新的資產負債表數據顯示,江蘇廣播有線信息網的負債爲134億元人民幣,之後到期的負債爲7.377億元人民幣。另一方面,它有一年內到期的現金爲51.3億元人民幣,還有價值17.1億元人民幣的應收賬款。因此,它的負債總額比現金和短期應收賬款的總和多出73.2億元人民幣。
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.
這種赤字還不錯,因爲江蘇廣播有線信息網的市值爲142億元人民幣,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。但是,仍然值得仔細研究其償還債務的能力。儘管它確實有值得注意的負債,但江蘇廣播有線信息網的現金也多於債務,因此我們非常有信心它可以安全地管理債務。資產負債表顯然是分析債務時需要關注的領域。但是,影響未來資產負債表狀況的是江蘇廣播有線信息網的收益。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。
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.
在過去的12個月中,江蘇廣播有線信息網的收入保持相當穩定,並且沒有公佈正的利息和稅前收益。雖然這幾乎沒有給人留下深刻的印象,但也不算太糟糕。
So How Risky Is Jiangsu Broadcasting Cable Information Network?
那麼江蘇廣播有線信息網的風險有多大?
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...
儘管江蘇廣播有線信息網在過去十二個月中出現了息稅前收益(EBIT)虧損,但其法定利潤爲3.36億元人民幣。因此,從面值來看,考慮到現金,我們認爲短期內風險不大。在我們看到息稅前利潤爲正數之前,我們對該股持謹慎態度,尤其是因爲收入增長相當溫和。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。請注意,江蘇廣播有線信息網在我們的投資分析中顯示出兩個警告信號,其中一個與...
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.
歸根結底,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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