Is Shanghai Milkground Food Tech (SHSE:600882) Using Too Much Debt?
Is Shanghai Milkground Food Tech (SHSE:600882) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We note that Shanghai Milkground Food Tech Co., Ltd (SHSE:600882) does have debt on its balance sheet. But is this debt a concern to shareholders?
作爲投資者,有些人認爲波動性比債務更能有效地體現風險,但禾倫•巴菲特曾經說過:“波動性遠非風險的代名詞。”當你考慮一個公司的風險時,自然而然地會考慮它的資產負債表,因爲債務往往伴隨着企業的破產。我們注意到,妙可藍多(600882.SH)的資產負債表上確實有債務。但這筆債務是否會讓股東感到擔憂呢?
When Is Debt Dangerous?
債務何時有危險?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但如果一個企業無力償還債權人的債務,那麼它就處於債權人的支配下。 在最壞的情況下,如果企業無法償還債權人的債務,它會破產。 但常見的情況(但仍然昂貴)是,企業必須以低廉的股價稀釋股東的股份,僅僅是爲了控制債務。 當然,債務的優勢在於,它通常代表着廉價的資本,尤其是當它取代了具有高回報率再投資能力的企業股份稀釋時。 當我們考慮企業使用債務時,我們首先看現金和債務。
What Is Shanghai Milkground Food Tech's Debt?
妙可藍多的債務狀況如何?
As you can see below, at the end of March 2024, Shanghai Milkground Food Tech had CN¥1.40b of debt, up from CN¥1.26b a year ago. Click the image for more detail. But on the other hand it also has CN¥2.56b in cash, leading to a CN¥1.16b net cash position.
正如下圖所示,在2024年3月底,妙可藍多的債務總額爲14億元人民幣,高於去年的12.6億元人民幣。點擊圖片查看更多細節。但另一方面,妙可藍多也擁有25.6億元人民幣的現金,形成了11.6億元人民幣的淨現金頭寸。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240806/0-7bd6b8387de3e247872183ea146daa15-0-c252faf285a872bbfdb299b86c9b9c86.png/big)
How Strong Is Shanghai Milkground Food Tech's Balance Sheet?
妙可藍多的資產負債表情況如何?
According to the last reported balance sheet, Shanghai Milkground Food Tech had liabilities of CN¥1.66b due within 12 months, and liabilities of CN¥782.3m due beyond 12 months. Offsetting these obligations, it had cash of CN¥2.56b as well as receivables valued at CN¥130.5m due within 12 months. So it can boast CN¥243.8m more liquid assets than total liabilities.
根據最近披露的資產負債表,妙可藍多有16.6億元人民幣的短期負債和7.823億元人民幣的長期負債。抵消這些債務的是25.6億元人民幣的現金,以及1305萬元人民幣的應收賬款。因此,妙可藍多的流動資產比總負債多了2438萬元人民幣。
This surplus suggests that Shanghai Milkground Food Tech has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Shanghai Milkground Food Tech boasts net cash, so it's fair to say it does not have a heavy debt load!
這個盈餘顯示,妙可藍多擁有一個謹慎的資產負債表,可以很容易地消除其債務。簡而言之,妙可藍多有淨現金,所以可以說它沒有沉重的債務負荷!
In fact Shanghai Milkground Food Tech's saving grace is its low debt levels, because its EBIT has tanked 24% in the last twelve months. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Shanghai Milkground Food Tech can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
事實上,妙可藍多的救命稻草是其低的債務水平,因爲過去12個月中,其息稅前利潤(EBIt)下降了24%。就像糖水對身體無益,盈利下降對償還債務同樣不利。顯然,當你分析債務時,資產負債表是需要重點關注的。但最終,企業的未來盈利能力將決定妙可藍多是否能隨時間加強其資產負債表。因此,如果你關注未來,可以查看這份免費的分析師利潤預測報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Shanghai Milkground Food Tech may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Shanghai Milkground Food Tech burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最後,企業需要自由現金流來償還債務;會計利潤無法解決這個問題。妙可藍多可能在資產負債表上有淨現金,但看一下它將息稅前利潤(EBIT)轉化爲自由現金流的能力如何,這一點仍然很有趣,因爲這將影響它管理債務的需求和能力。在過去的三年中,妙可藍多燒掉了很多現金。儘管投資者毫無疑問地期望很快能扭轉這種情況,但這顯然意味着債務使用更加風險。
Summing Up
總之
While we empathize with investors who find debt concerning, you should keep in mind that Shanghai Milkground Food Tech has net cash of CN¥1.16b, as well as more liquid assets than liabilities. So while Shanghai Milkground Food Tech does not have a great balance sheet, it's certainly not too bad. 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 instance, we've identified 1 warning sign for Shanghai Milkground Food Tech that you should be aware of.
雖然我們理解投資者們會對債務產生擔憂,但你應該記住,妙可藍多有11.6億元人民幣的淨現金,流動資產也比負債多。因此,雖然妙可藍多的資產負債表不是很好,但也不算太差。毫無疑問,我們從資產負債表上了解債務最多。但最終,每家公司都可能存在資產負債表之外的風險。例如,我們已經發現有1個警示信號應提起注意的是妙可藍多。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。