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所說,'波動性不是我們關心的風險。我們關心的是避免資本永久損失。' 當您評估一個公司的風險時,考慮到債務通常與業務崩潰有關,審查公司的資產負債表是很自然的。和其他很多公司一樣,京信通信系統控股有限公司(HKG:2342)利用債務。但是,這種債務對股東是否構成擔憂呢?
When Is Debt Dangerous?
債務何時有危險?
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. 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.
債務和其他負債對於一家企業而言,當它無法通過自由現金流或以優惠價格融資來輕鬆滿足這些義務時,就會產生風險。在最糟糕的情況下,如果一家公司無法支付其債權人,則會破產。不過,更常見(但仍然代價高昂)的情況是,公司必須以折價的價格發行股票,永久性地稀釋股東的利益,僅僅爲了支撐其資產負債表。儘管如此,最常見情況是一家公司合理掌控其債務,讓其自身受益。考慮一家企業使用了多少債務時,首先要做的是看其現金和負債的總體情況。
What Is Comba Telecom Systems Holdings's Debt?
京信通信系統控股的債務是什麼?
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,京信通信系統控股有限公司的債務爲89220萬港元,低於前一年的12.3億港元。但是,另一方面,該公司也擁有16.6億港元現金,形成了7,7270港元的淨現金位置。
![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負債情況
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.
研究最新的資產負債表數據,我們可以看到京信通信控股有限公司的短期債務爲47.3億港元,超過12個月的債務爲51540萬港元。另一方面,該公司有16.6億港元的現金和32.8億港元的應收賬款到期一年內。因此,其負債超過其現金和(短期)應收賬款的總和30.5億港元。
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.
由於京信通信控股有限公司公開交易的股票總值爲29.1億港元,這種程度的負債似乎不太可能構成重大威脅。然而,我們認爲值得密切關注其資產負債表的實力,因爲它可能隨着時間的推移而改變。儘管它具有顯着的負債,但京信通信控股有限公司擁有淨現金,因此可以說它沒有沉重的債務負擔!毫無疑問,我們從資產負債表中了解最多的是債務情況。但是,京信通信控股有限公司的盈利將會對資產負債表的持續性產生影響。因此,在考慮債務時,確實值得關注盈利趨勢。點擊此處獲取互動快照。
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稅前利潤都出現虧損,並將收入縮減了22%,達到51億港元。坦率地說,這預示着不好的前景。
So How Risky Is Comba Telecom Systems Holdings?
京信通信控股有限公司有多大風險?
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.
儘管京信通信控股有限公司在息稅前盈利(EBIT)水平上虧損,但它實際上創造了27700萬港元的正面自由現金流。因此,儘管它是虧損的,但它似乎沒有太多的短期資產負債表風險,需要注意淨現金。在我們看到一些積極的EBIT之前,我們對該股持謹慎態度,尤其是因爲相對較低的收入增長。很明顯,資產負債表是分析債務時需重點關注的領域。但最終,每個公司都可能包含超出資產負債表範圍的風險。例如:我們已經發現了京信通信控股有限公司的兩個警示信號,您應該注意其中的1個可能不太愉快。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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