We Think Gohigh NetworksLtd (SZSE:000851) Has A Fair Chunk Of Debt
We Think Gohigh NetworksLtd (SZSE:000851) Has A Fair Chunk Of Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. We can see that Gohigh Networks Co.,Ltd (SZSE:000851) does use debt in its business. But the real question is whether this debt is making the company risky.
由伯克希爾·哈撒韋公司的查理·芒格支持的外部基金經理李露對此毫不掩飾,他說:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。我們可以看出 Gohigh Networks Co., Ltd(深圳證券交易所股票代碼:000851)確實在其業務中使用債務。但真正的問題是這筆債務是否使公司面臨風險。
What Risk Does Debt Bring?
債務會帶來什麼風險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth 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.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。資本主義的組成部分是 “創造性破壞” 過程,在這種過程中,倒閉的企業被銀行家無情地清算。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。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可以成爲一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
What Is Gohigh NetworksLtd's Net Debt?
Gohigh NetworksLtd 的淨負債是多少?
The image below, which you can click on for greater detail, shows that at September 2023 Gohigh NetworksLtd had debt of CN¥1.50b, up from CN¥1.34b in one year. However, because it has a cash reserve of CN¥940.3m, its net debt is less, at about CN¥560.3m.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年9月,Gohigh NetworksLtd的債務爲15.0億元人民幣,高於一年內的13.4億元人民幣。但是,由於其現金儲備爲9.403億元人民幣,其淨負債較少,約爲5.603億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240213/0-c099f43e0347309679a4a3ce175ea05a-0-f92c5d164004a08611a1d91010c7c14a.png/big)
A Look At Gohigh NetworksLtd's Liabilities
看看Gohigh NetworksLtd的負債
The latest balance sheet data shows that Gohigh NetworksLtd had liabilities of CN¥4.57b due within a year, and liabilities of CN¥350.9m falling due after that. On the other hand, it had cash of CN¥940.3m and CN¥2.99b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥994.3m.
最新的資產負債表數據顯示,Gohigh NetworksLtd的負債爲45.7億元人民幣,此後到期的負債爲3.509億元人民幣。另一方面,它有一年內到期的現金爲9.403億元人民幣,還有價值29.9億元人民幣的應收賬款。因此,其負債超過其現金和(短期)應收賬款總額9.943億元人民幣。
This deficit isn't so bad because Gohigh NetworksLtd is worth CN¥4.97b, 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. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Gohigh NetworksLtd will need earnings to service that debt. 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Gohigh NetworksLtd的市值爲49.7億元人民幣,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。在分析債務水平時,資產負債表是顯而易見的起點。但是你不能完全孤立地看待債務;因爲Gohigh NetworksLtd需要收益來償還債務。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。
In the last year Gohigh NetworksLtd's revenue was pretty flat, and it made a negative EBIT. While that's not too bad, we'd prefer see growth.
去年,Gohigh NetworksLtd的收入相當持平,息稅前利潤爲負數。雖然這還不錯,但我們希望看到增長。
Caveat Emptor
Caveat Emptor
Importantly, Gohigh NetworksLtd had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥6.3m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥288m in negative free cash flow over the last twelve months. So in short it's a really risky stock. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example Gohigh NetworksLtd has 2 warning signs (and 1 which is concerning) we think you should know about.
重要的是,Gohigh NetworksLtd去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了630萬元人民幣。當我們審視這一點並回顧其資產負債表上相對於現金的負債時,對我們來說,公司有任何債務似乎是不明智的。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。另一個需要謹慎的原因是,在過去的十二個月中,自由現金流爲負2.88億元人民幣。因此,簡而言之,這是一隻非常有風險的股票。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,Gohigh NetworksLtd 有 2 個警告標誌(其中一個令人擔憂),我們認爲你應該知道。
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.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。