Does BOE Technology Group (SZSE:000725) Have A Healthy Balance Sheet?
Does BOE Technology Group (SZSE:000725) Have A Healthy Balance Sheet?
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.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that BOE Technology Group Company Limited (SZSE:000725) does use debt in its business. But should shareholders be worried about its use of debt?
伯克希爾哈撒韋公司的查理·芒格支持的外部基金經理李璐坦言,“最大的投資風險不是價格波動,而是您是否會遭受永久性資本損失。” 因此,當您考慮任何給定股票的風險時,需要考慮債務,因爲過度的債務可能會使公司沉沒。 我們可以看到,京東方b有限公司(SZSE:000725)的業務中確實使用了債務。 但是,股東們應該擔心其債務使用嗎?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有當公司無法輕鬆償還債務(無論是通過籌集資本還是利用自身的現金流)時,債務才真正成爲一個問題。如果情況變得非常糟糕,貸款人可以控制企業。然而,更頻繁但仍然代價高昂的情況是,一家公司必須以低於市場價的價格發行股票,永久性地稀釋股東的股份,以支撐其資產負債表。話雖如此,最普遍的情況是,一家公司合理地管理其債務並使其對自身有利。考慮公司的負債水平時的第一步是將其現金和債務放在一起考慮。
What Is BOE Technology Group's Debt?
京東方b的債務情況是什麼?
As you can see below, BOE Technology Group had CN¥145.2b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, because it has a cash reserve of CN¥88.2b, its net debt is less, at about CN¥57.0b.
正如下圖所示,2024年3月,京東方b的債務爲1452億人民幣,與前一年大致相同。 您可以單擊圖表以獲得更詳細的信息。 但由於其現金儲備爲882億人民幣,因此其淨債務較少,約爲570億人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240612/0-fc46c36d55def61d0bbcc4c54d334088-0-d5895d36d3f41742abc85e13c7f37dba.png/big)
How Strong Is BOE Technology Group's Balance Sheet?
京東方b的資產負債表有多強?
The latest balance sheet data shows that BOE Technology Group had liabilities of CN¥86.8b due within a year, and liabilities of CN¥132.1b falling due after that. Offsetting these obligations, it had cash of CN¥88.2b as well as receivables valued at CN¥31.5b due within 12 months. So its liabilities total CN¥99.2b more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,京東方b有限公司當前負債有868億人民幣到期,1321億人民幣後期到期。 抵銷這些義務的是,它有882億人民幣的現金和315億人民幣的應收賬款到期。 所以,其負債總額比其現金和短期應收賬款的組合多992億人民幣。
This is a mountain of leverage even relative to its gargantuan market capitalization of CN¥152.6b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. 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 BOE Technology Group'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.
相對於其龐大的市值1526億人民幣,這是一座債務之山。 如果其貸款人要求它加強資產負債表,股東們可能會面臨嚴重稀釋。 毫無疑問,我們從資產負債表上了解債務情況最多。 但最終,未來的盈利,而不是其他任何東西,將決定京東方b保持健康資產負債表的能力。 因此,如果您想了解行業專家的想法,您可能會發現分析師利潤預測的免費報告很有趣。
In the last year BOE Technology Group wasn't profitable at an EBIT level, but managed to grow its revenue by 10.0%, to CN¥182b. We usually like to see faster growth from unprofitable companies, but each to their own.
在過去的一年中,京東方b的EBIT盈利水平不佳,但其收入增長了10.0%,達到1820億元人民幣。 我們通常希望看到不盈利公司的更快增長,但每個人都有自己的想法。
Caveat Emptor
買方自負。
Over the last twelve months BOE Technology Group produced an earnings before interest and tax (EBIT) loss. Indeed, it lost CN¥338m at the EBIT level. 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. On the bright side, we note that trailing twelve month EBIT is worse than the free cash flow of CN¥19b and the profit of CN¥3.1b. So if we focus on those metrics there seems to be a chance the company will manage its debt without much trouble. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for BOE Technology Group that you should be aware of.
在過去的十二個月中,京東方b的息稅前利潤虧損。 實際上,它在EBIT水平上虧損了3.38億元人民幣。 當我們看到這一點並回想一下其資產負債表上的負債相對於現金時,我們認爲公司有任何債務都不明智。 相當坦率地說,我們認爲資產負債表遠遠不夠健康,儘管隨着時間的推移可能會得到改善。 其中值得一提的是,我們注意到,過去12個月的EBIT低於19億元的自由現金流和31億元的利潤。 因此,如果我們專注於這些指標,公司似乎有可能毫不費力地管理其債務。當分析債務水平時,資產負債表是顯而易見的起點。 但歸根結底,每個公司都可能包含超出資產負債表範圍之外的風險。 例如,我們已經發現了京東方b的2個警告跡象,您應該了解這些。
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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