CCS Supply Chain Management (SHSE:600180) Takes On Some Risk With Its Use Of Debt
CCS Supply Chain Management (SHSE:600180) Takes On Some Risk With Its Use Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, CCS Supply Chain Management Co., Ltd. (SHSE:600180) does carry debt. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當我們考慮一家公司的風險時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。重要的是,CCS供應鏈管理有限公司(SHSE:600180)確實有債務。但是,股東是否應該擔心其債務的使用?
When Is Debt Dangerous?
債務何時危險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。在最壞的情況下,如果一家公司無法向債權人付款,它可能會破產。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人強迫他們以不利的價格籌集資金。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,債務可能是一個非常好的工具。考慮公司的債務水平的第一步是將其現金和債務放在一起考慮。
What Is CCS Supply Chain Management's Net Debt?
什麼是CCS供應鏈管理的淨負債?
As you can see below, CCS Supply Chain Management had CN¥4.98b of debt at September 2023, down from CN¥6.63b a year prior. However, it does have CN¥4.85b in cash offsetting this, leading to net debt of about CN¥127.8m.
如下所示,截至2023年9月,CCS供應鏈管理的債務爲49.8億元人民幣,低於去年同期的66.3億加元。但是,它確實有4.85億元的現金抵消了這一點,淨負債約爲1.278億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240306/0-3447f6d38a633c6aef98bed33053c91f-0-6a5c8a0d08c1073c58ea4190e32130d6.png/big)
How Healthy Is CCS Supply Chain Management's Balance Sheet?
CCS供應鏈管理的資產負債表有多健康?
According to the last reported balance sheet, CCS Supply Chain Management had liabilities of CN¥24.1b due within 12 months, and liabilities of CN¥404.1m due beyond 12 months. On the other hand, it had cash of CN¥4.85b and CN¥11.4b worth of receivables due within a year. So it has liabilities totalling CN¥8.28b more than its cash and near-term receivables, combined.
根據上次報告的資產負債表,CCS供應鏈管理的負債爲241億元人民幣,12個月後到期的負債爲4.041億元人民幣。另一方面,它有一年內到期的現金爲4.85億元人民幣,還有價值114億元人民幣的應收賬款。因此,它的負債總額比現金和短期應收賬款的總和多出82.8億元人民幣。
The deficiency here weighs heavily on the CN¥5.33b 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 definitely think shareholders need to watch this one closely. After all, CCS Supply Chain Management would likely require a major re-capitalisation if it had to pay its creditors today.
這裏的缺陷嚴重影響了這家53.3億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,我們絕對認爲股東需要密切關注這個問題。畢竟,如果CCS供應鏈管理今天必須向債權人付款,則可能需要進行大規模的資本重組。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。這樣,我們既考慮債務的絕對數量,也考慮爲債務支付的利率。
CCS Supply Chain Management has a low debt to EBITDA ratio of only 0.47. But the really cool thing is that it actually managed to receive more interest than it paid, over the last year. So it's fair to say it can handle debt like a hotshot teppanyaki chef handles cooking. The modesty of its debt load may become crucial for CCS Supply Chain Management if management cannot prevent a repeat of the 63% cut to EBIT over the last year. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since CCS Supply Chain Management 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.
CCS供應鏈管理的債務與息稅折舊攤銷前利潤的比率很低,僅爲0.47。但真正酷的是,在過去的一年中,它實際上設法獲得的利息超過了支付的利息。因此,可以公平地說,它可以像炙手可熱的鐵板燒廚師處理烹飪一樣處理債務。如果管理層無法阻止去年削減63%的息稅前利潤,那麼適度的債務負擔可能對CCS供應鏈管理至關重要。當一家公司看到盈利下降時,它有時會發現與貸款機構的關係惡化。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CCS供應鏈管理需要收益來償還債務。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, CCS Supply Chain Management recorded free cash flow worth a fulsome 96% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,我們總是檢查息稅前利潤中有多少轉化爲自由現金流。在過去的三年中,CCS供應鏈管理記錄的自由現金流相當於其息稅前利潤的96%,比我們通常預期的要強。如果需要的話,這有利於償還債務。
Our View
我們的觀點
To be frank both CCS Supply Chain Management's level of total liabilities and its track record of (not) growing its EBIT make us rather uncomfortable with its debt levels. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Once we consider all the factors above, together, it seems to us that CCS Supply Chain Management's debt is making it a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for CCS Supply Chain Management that you should be aware of before investing here.
坦率地說,CCS供應鏈管理的總負債水平以及其(不)增長息稅前利潤的往績都使我們對其債務水平感到相當不舒服。但至少它在用息稅前利潤支付利息支出方面相當不錯;這令人鼓舞。一旦我們綜合考慮了上述所有因素,在我們看來,CCS供應鏈管理的債務使其有點風險。有些人喜歡這種風險,但我們注意到了潛在的陷阱,因此我們可能更希望它承擔較少的債務。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。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們發現了CCS供應鏈管理的兩個警告信號,在投資之前,您應該注意這些信號。
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。