Is Tech-Bank Food (SZSE:002124) Using Debt In A Risky Way?
Is Tech-Bank Food (SZSE:002124) Using Debt In A Risky Way?
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.' 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 Tech-Bank Food Co., Ltd. (SZSE:002124) makes use of debt. But the more important question is: how much risk is that debt creating?
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。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。與許多其他公司一樣,科技銀行食品有限公司(深圳證券交易所:002124)也使用債務。但更重要的問題是:債務創造了多大的風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. 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.
一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。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(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,債務的好處在於它通常代表廉價資本,尤其是當它以高回報率進行再投資的能力取代公司的稀釋時。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
Check out our latest analysis for Tech-Bank Food
查看我們對 Tech-Bank Food 的最新分析
How Much Debt Does Tech-Bank Food Carry?
科技銀行的食物揹負了多少債務?
As you can see below, Tech-Bank Food had CN¥4.67b of debt at September 2023, down from CN¥5.11b a year prior. On the flip side, it has CN¥675.7m in cash leading to net debt of about CN¥3.99b.
如下所示,截至2023年9月,科技銀行食品的債務爲46.7億元人民幣,低於去年同期的51.1億元人民幣。另一方面,它擁有6.757億元的現金,淨負債約爲39.9億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231214/0-7b95aeeac4d2978ede38d367e58499e4-0-093f3ec1b73a1acbcc4cc8a5dc712b50.png/big)
A Look At Tech-Bank Food's Liabilities
看看科技銀行食品的負債
We can see from the most recent balance sheet that Tech-Bank Food had liabilities of CN¥12.7b falling due within a year, and liabilities of CN¥3.49b due beyond that. Offsetting these obligations, it had cash of CN¥675.7m as well as receivables valued at CN¥144.7m due within 12 months. So its liabilities total CN¥15.4b more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看出,科技銀行食品的負債爲127億元人民幣,一年後到期的負債爲34.9億元人民幣。除這些債務外,它有6.757億元的現金以及價值1.447億元人民幣的應收賬款將在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總額高出154億元人民幣。
The deficiency here weighs heavily on the CN¥6.77b company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Tech-Bank Food would probably need a major re-capitalization if its creditors were to demand repayment. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Tech-Bank Food'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.
這裏的缺陷嚴重影響了這家677億元人民幣的公司本身,就好像一個孩子在裝滿書本、運動裝備和喇叭的巨大揹包的重壓下掙扎一樣。因此,毫無疑問,我們將密切關注其資產負債表。歸根結底,如果債權人要求還款,Tech-Bank Food可能需要進行大規模的資本重組。資產負債表顯然是分析債務時需要關注的領域。但是,未來的收益將決定Tech-Bank Food未來維持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
Over 12 months, Tech-Bank Food reported revenue of CN¥10b, which is a gain of 12%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在過去的12個月中,Tech-Bank Food公佈的收入爲100億元人民幣,增長了12%,儘管它沒有報告任何利息和稅前收益。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的發展。
Caveat Emptor
Caveat Emptor
Importantly, Tech-Bank Food had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost a very considerable CN¥1.4b at the EBIT level. Considering that alongside the liabilities mentioned above make us nervous about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. It's fair to say the loss of CN¥2.1b didn't encourage us either; we'd like to see a profit. In the meantime, we consider the stock to be risky. For riskier companies like Tech-Bank Food I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
重要的是,科技銀行食品去年出現了息稅前收益(EBIT)虧損。事實上,在息稅前利潤水平上,它損失了14億元人民幣。考慮到這一點,除了上述負債外,我們還對公司感到緊張。在對股票過於感興趣之前,我們希望看到一些強勁的短期改善。可以公平地說,21億元人民幣的損失也沒有鼓勵我們;我們希望看到盈利。同時,我們認爲該股票存在風險。對於像Tech-Bank Food這樣的風險較高的公司,我總是喜歡關注長期的利潤和收入趨勢。幸運的是,您可以點擊查看我們的利潤、收入和運營現金流的交互式圖表。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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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。