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Is Guangdong Guangzhou Daily Media (SZSE:002181) A Risky Investment?

Is Guangdong Guangzhou Daily Media (SZSE:002181) A Risky Investment?

粵傳媒(SZSE:002181)是一項風險投資嗎?
Simply Wall St ·  11/01 15:21

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Guangdong Guangzhou Daily Media Co., Ltd. (SZSE:002181) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

霍華德·馬克斯表達得非常到位,他說,與其擔心股價波動,'我擔心的是永久性損失的可能性...我認識的每個實際投資者都會擔心這個問題。' 當我們考慮一家公司的風險時,我們總是喜歡看它的債務利用情況,因爲債務過載會導致毀滅。 我們注意到,粵傳媒(股票代碼:SZSE:002181) 的資產負債表上確實有債務。 但真正的問題是,這筆債務是否會使公司變得更加風險。

What Risk Does Debt Bring?

What Risk Does Debt Bring?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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 step when considering a company's debt levels is to consider its cash and debt together.

債務是幫助企業發展的工具,但如果一家企業無法償還債權人的債務,那麼它就處於他們的控制之下。 最終,如果公司無法履行償還債務的法律義務,股東可能什麼也拿不到。 然而,更頻繁(但仍然代價高昂)的情況是公司必須以極低的價格發行股份,永久性地稀釋股東的權益,僅僅爲了維持資產負債表。 不過,通過取代稀釋,債務可以成爲需要資本以高回報率投資增長的企業的極好工具。 在考慮一家公司的債務水平時的第一步是將現金和債務合併考慮。

How Much Debt Does Guangdong Guangzhou Daily Media Carry?

粵傳媒承載多少債務?

You can click the graphic below for the historical numbers, but it shows that Guangdong Guangzhou Daily Media had CN¥452.0m of debt in September 2024, down from CN¥544.5m, one year before. However, it also had CN¥203.9m in cash, and so its net debt is CN¥248.1m.

您可以點擊下方的圖表查看歷史數據,但數據顯示,粵傳媒在2024年9月有人民幣45200萬的債務,較一年前的人民幣54450萬有所下降。 然而,它也持有人民幣20390萬的現金,因此淨債務爲人民幣24810萬。

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SZSE:002181 Debt to Equity History November 1st 2024
2024年11月1日SZSE:002181債務與股本的歷史數據

A Look At Guangdong Guangzhou Daily Media's Liabilities

關注粵傳媒的負債情況

According to the last reported balance sheet, Guangdong Guangzhou Daily Media had liabilities of CN¥443.5m due within 12 months, and liabilities of CN¥548.0m due beyond 12 months. Offsetting this, it had CN¥203.9m in cash and CN¥148.6m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥639.0m.

根據最近披露的資產負債表,粵傳媒有着在12個月內到期的人民幣44350萬的負債,以及在12個月後到期的人民幣54800萬的負債。 抵消這一情況的是,它持有人民幣20390萬的現金和人民幣14860萬的應收賬款在12個月內到期。 因此,它的負債超過其現金和(短期)應收賬款的總和約爲人民幣63900萬。

Given Guangdong Guangzhou Daily Media has a market capitalization of CN¥4.93b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since Guangdong Guangzhou Daily Media will need earnings to service that debt. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.

考慮到粵傳媒的市值爲人民幣49.3億,很難相信這些負債會構成多大威脅。 但是,我們認爲值得密切關注其資產負債表的實力,因爲它可能隨時間而變化。 當您分析債務時,資產負債表顯然是需要重點關注的領域。 但您不能孤立地查看債務;因爲粵傳媒將需要盈利來償還債務。 因此,如果您渴望了解更多關於其收益的信息,可能值得查看其長期收益趨勢的圖表。

In the last year Guangdong Guangzhou Daily Media wasn't profitable at an EBIT level, but managed to grow its revenue by 4.9%, to CN¥587m. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

在過去一年中,粵傳媒在EBIt水平上沒有盈利,但成功將營業收入增長了4.9%,達到人民幣58700萬。 這種增長速度對我們來說有點慢,但世界需要各種類型的人。

Caveat Emptor

買方自負。

Over the last twelve months Guangdong Guangzhou Daily Media produced an earnings before interest and tax (EBIT) loss. To be specific the EBIT loss came in at CN¥53m. 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. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled CN¥69m in negative free cash flow over the last twelve months. So suffice it to say we do consider the stock to be risky. 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. For example, we've discovered 2 warning signs for Guangdong Guangzhou Daily Media that you should be aware of before investing here.

在過去的12個月內,粵傳媒錄得利息、稅項前虧損(EBIT)虧損。 具體來說,EBIt虧損達到人民幣5300萬。 當我們看到這一情況並回顧其資產負債表上的負債,相對於現金,我們認爲該公司有債務是不明智的。 坦率地說,我們認爲資產負債表遠未達標,儘管隨着時間的推移可能會有所改善。 另一個值得警惕的原因是,在過去12個月中,它負現金流爲負6900萬。 因此可以說我們確實認爲這支股票存在風險。 資產負債表顯然是需要重點關注的領域,當您分析債務時。 但最終,每家公司都存在可能超出資產負債表範圍的風險。 例如,我們發現了關於粵傳媒的2個警示信號,您在投資之前應該注意這些。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家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.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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