We Think Broadex Technologies (SZSE:300548) Is Taking Some Risk With Its Debt
We Think Broadex Technologies (SZSE:300548) Is Taking Some Risk With Its Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 Broadex Technologies Co., Ltd. (SZSE:300548) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
傳奇基金經理李錄(得到查理·芒格支持)曾經說過,「最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。」 因此,聰明的投資者知道,債務(通常涉及破產)是評估公司風險的一個非常重要的因素。我們注意到,博創科技股份有限公司(SZSE:300548)在其資產負債表上確實有債務。但真正的問題是,這筆債務是否使公司變得更加具有風險。
When Is Debt Dangerous?
債務何時有危險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務可以幫助企業,直到企業無法用新資本或自由現金流來償還債務爲止。如果情況變得非常糟糕,放貸人可以接管企業。然而,更頻繁的(但仍然代價高昂)情況是公司必須以低廉價格發行股票,永久性地稀釋股東,用來彌補其資產負債表。當然,許多公司使用債務來資助增長,沒有任何負面後果。在考慮企業使用多少債務時,首要任務是看其現金和債務的總體情況。
What Is Broadex Technologies's Net Debt?
博創科技的淨債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Broadex Technologies had CN¥513.0m of debt, an increase on CN¥36.2m, over one year. However, it does have CN¥1.37b in cash offsetting this, leading to net cash of CN¥855.3m.
您可以點擊下方的圖表查看歷史數據,截至2024年6月,博創科技的債務爲51300萬人民幣,較去年增加了3620萬人民幣。然而,它確實有13.7億人民幣的現金來抵消這一部分債務,形成了85530萬人民幣的淨現金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240820/0-1fa7ec3c26bd25075b7f06b2b53af8b9-0-1c2cd30b1c88959b5fab0da84ba3f452.png/big)
A Look At Broadex Technologies' Liabilities
博創科技負債情況一覽
According to the last reported balance sheet, Broadex Technologies had liabilities of CN¥615.6m due within 12 months, and liabilities of CN¥527.7m due beyond 12 months. Offsetting this, it had CN¥1.37b in cash and CN¥534.6m in receivables that were due within 12 months. So it actually has CN¥759.4m more liquid assets than total liabilities.
根據上一份報表顯示,博創科技12個月內到期負債爲CN¥61560萬,超過12個月到期負債爲CN¥52770萬。與此相抵,其現金爲CN¥13.7億,應收賬款爲CN¥53460萬,這些在12個月內到期。所以,博創科技的流動資產比負債多CN¥75940萬。
This short term liquidity is a sign that Broadex Technologies could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Broadex Technologies boasts net cash, so it's fair to say it does not have a heavy debt load!
這種短期流動性表明博創科技可能很容易償還債務,因爲其資產負債表並不緊張。簡而言之,博創科技擁有淨現金,可以說其債務負擔並不沉重!
Shareholders should be aware that Broadex Technologies's EBIT was down 76% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Broadex Technologies'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.
股東應意識到,博創科技去年的息稅前利潤下降了76%。如果這種盈利趨勢持續下去,償還債務將如同把貓趕上過山車一樣困難。毫無疑問,我們從資產負債表中能獲取很多關於債務的信息。但重要的是未來的盈利,而不止於此,將決定博創科技保持健康資產負債表的能力。所以,如果想了解專業人士的觀點,您可能會對這份有關分析師盈利預測的免費報告感興趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While Broadex Technologies 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, Broadex Technologies saw substantial negative free cash flow, in total. While that may be a result of expenditure for growth, it does make the debt far more risky.
最後,一家企業需要有自由現金流來償還債務;會計利潤還不夠。雖然博創科技的資產負債表上有淨現金,但我們仍然需要關注其將營業利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解其在建設(或消耗)現金餘額方面的速度。在過去的三年裏,博創科技的自由現金流總體上是明顯負面的。雖然這可能是爲了增長而進行的支出,但也使債務變得更加風險。
Summing Up
總之
While it is always sensible to investigate a company's debt, in this case Broadex Technologies has CN¥855.3m in net cash and a decent-looking balance sheet. Despite its cash we think that Broadex Technologies seems to struggle to grow its EBIT, so we are wary of the stock. Even though Broadex Technologies lost money on the bottom line, its positive EBIT suggests the business itself has potential. So you might want to check out how earnings have been trending over the last few years.
雖然一直以來對公司的債務進行調查是明智的,在這種情況下,博創科技擁有85530萬人民幣的淨現金和一個看上去不錯的資產負債表。儘管有現金,我們認爲博創科技似乎難以實現EBIt增長,因此我們對這隻股票持謹慎態度。雖然博創科技在底線上虧損,但它的正EBIt表明業務本身具有潛力。所以你可能希望查看過去幾年收益的趨勢。
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.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。