Is Winning Health Technology Group (SZSE:300253) Using Too Much Debt?
Is Winning Health Technology Group (SZSE:300253) Using Too Much Debt?
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. Importantly, Winning Health Technology Group Co., Ltd. (SZSE:300253) does carry debt. But is this debt a concern to shareholders?
伯克希尔哈撒韦的查理·芒格支持的外部基金经理李录对此毫无保留地表示:“最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。” 当你检查公司的风险程度时,考虑到公司的资产负债表是很自然的,因为债务往往伴随着企业倒闭。值得注意的是,卫宁健康科技集团股份有限公司(SZSE:300253)确实存在债务。但这笔债务是否会让股东担忧呢?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
对于一家公司来说,债务和其他负债只有当它无法通过自由现金流或以有吸引力的价格筹集资本来轻松履行这些义务时,才会变得有风险。资本主义的重要组成部分是“创造性毁灭”过程,即银行家无情地清算失败的企业。然而,一个更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东权益,才能控制债务。当然,很多公司利用债务来实现增长,没有任何负面后果。在考虑一家公司的债务水平时,第一步是综合考虑其现金和债务。
What Is Winning Health Technology Group's Debt?
卫宁健康科技集团的债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Winning Health Technology Group had CN¥1.08b of debt, an increase on CN¥1.02b, over one year. However, it does have CN¥869.3m in cash offsetting this, leading to net debt of about CN¥206.6m.
您可以点击下面的图表查看历史数据,但显示截至2024年6月,卫宁健康科技集团负债约10.8亿人民币,较一年前的10.2亿人民币增加。但该公司有86930万人民币的现金来抵消这笔债务,净债务约为20660万人民币。
A Look At Winning Health Technology Group's Liabilities
看一下卫宁健康科技集团的负债
According to the last reported balance sheet, Winning Health Technology Group had liabilities of CN¥1.54b due within 12 months, and liabilities of CN¥1.18b due beyond 12 months. Offsetting this, it had CN¥869.3m in cash and CN¥3.58b in receivables that were due within 12 months. So it can boast CN¥1.73b more liquid assets than total liabilities.
根据最近披露的资产负债表,卫宁健康科技集团的负债中,有154亿元人民币的未来12个月到期,和118亿元人民币的超过12个月到期。 与此相抵,它有86930万人民币的现金和358亿元人民币的应收账款,这些应收账款在12个月内到期。 因此,它拥有173亿元人民币的流动资产超过总负债。
This short term liquidity is a sign that Winning Health Technology Group could probably pay off its debt with ease, as its balance sheet is far from stretched.
这种短期流动性表明卫宁健康科技集团可能很容易偿还债务,因为其资产负债表远未过度紧张。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我们通过查看净债务与利息、税、折旧和摊销前收益(EBITDA)之比以及计算其利息支出由收益前利息和税(EBIT)覆盖的程度来度量一家公司的债务负载相对于其收益能力的程度。此方法的优点在于我们同时考虑了债务的绝对量(以净债务为EBITDA)以及与该债务相关的实际利息支出(以其利息覆盖倍数计算)。
Looking at its net debt to EBITDA of 0.50 and interest cover of 6.9 times, it seems to us that Winning Health Technology Group is probably using debt in a pretty reasonable way. So we'd recommend keeping a close eye on the impact financing costs are having on the business. It was also good to see that despite losing money on the EBIT line last year, Winning Health Technology Group turned things around in the last 12 months, delivering and EBIT of CN¥387m. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Winning Health Technology Group 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.
观察其净负债与EBITDA的比率为0.50和利息保障倍数为6.9倍,我们认为卫宁健康科技集团可能是相当合理地利用债务。 因此,我们建议密切关注融资成本对业务的影响。 值得欣慰的是,尽管去年在EBIt线上亏损,但卫宁健康科技集团在过去12个月扭转了局面,实现了3.87亿元人民币的EBIt。 毫无疑问,我们从资产负债表中最了解负债。 但最终,业务未来的盈利能力将决定卫宁健康科技集团是否能够随着时间加强其资产负债表。 所以,如果您专注于未来,您可以查看这份免费报告,显示分析师的利润预测。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it is important to check how much of its earnings before interest and tax (EBIT) converts to actual free cash flow. Over the last year, Winning Health Technology Group reported free cash flow worth 16% of its EBIT, which is really quite low. That limp level of cash conversion undermines its ability to manage and pay down debt.
最后,一家公司只能用现金偿还债务,而不是会计利润。 因此,检查其息税前利润(EBIT)转化为实际自由现金流的比例是很重要的。 在过去一年中,卫宁健康科技集团报告的自由现金流价值为其EBIt的16%,这实际上相当低。 这种低迷的现金转化水平削弱了其管理和偿还债务的能力。
Our View
我们的观点
Winning Health Technology Group's net debt to EBITDA suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But truth be told we feel its conversion of EBIT to free cash flow does undermine this impression a bit. It's also worth noting that Winning Health Technology Group is in the Healthcare Services industry, which is often considered to be quite defensive. Looking at all the aforementioned factors together, it strikes us that Winning Health Technology Group can handle its debt fairly comfortably. Of course, while this leverage can enhance returns on equity, it does bring more risk, so it's worth keeping an eye on this one. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Winning Health Technology Group is showing 1 warning sign in our investment analysis , you should know about...
卫宁健康集团的净债务与EBITDA之比表明,它可以轻松处理债务,就像Cristiano Ronaldo对付一名14岁以下守门员可以轻松入球一样。但事实告诉我们,它将EBIt转换为自由现金流的能力确实有点影响这种印象。 值得一提的是,卫宁健康集团属于医疗服务行业,这通常被认为是相当保守的。综合考虑所有前述因素,我们认为卫宁健康集团可以相当舒适地处理债务。当然,虽然这种杠杆可以增加股本回报率,但也带来更多风险,因此值得密切关注。在分析债务水平时,资产负债表是明显的起点。但并非所有的投资风险都在资产负债表中——远非如此。请注意,卫宁健康集团在我们的投资分析中显示出1个警告信号,你应该知道……
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.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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