Is KSEC Intelligent Technology (SZSE:301311) Using Too Much Debt?
Is KSEC Intelligent Technology (SZSE:301311) 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.' 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. Importantly, KSEC Intelligent Technology Co., Ltd. (SZSE:301311) does carry debt. But the real question is whether this debt is making the company risky.
伯克希爾哈撒韋的查理·芒格支持的外部基金經理李錄在說'最大的投資風險不是價格的波動,而是你是否會遭受資本永久損失'時毫不掩飾。因此,顯然當你考慮任何給定股票的風險時,需要考慮債務,因爲過多的債務可能會拖垮一家公司。重要的是,柯勝智能科技股份有限公司(SZSE:301311)確實有債務。但真正的問題在於這筆債務是否會使這家公司變得冒險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務可以幫助企業在新資本或自由現金流出現問題時度過難關。 資本主義的一部分是「創造性毀滅」的過程,即失敗的企業被銀行家無情地清算。 雖然這不太常見,但我們經常看到債務公司因債權人迫使他們以困境價格籌集資本而永久稀釋股東。 當然,債務可以成爲企業的重要工具,特別是對於資本密集型企業。 當我們考慮公司使用債務時,我們首先查看現金和債務的總和。
What Is KSEC Intelligent Technology's Debt?
KSEC Intelligent Technology的債務是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 KSEC Intelligent Technology had CN¥450.3m of debt, an increase on CN¥300.2m, over one year. But on the other hand it also has CN¥650.6m in cash, leading to a CN¥200.2m net cash position.
您可以點擊下面的圖表查看歷史數據,但截至2024年6月,柯勝智能科技的債務爲45030萬人民幣,較一年前增加了30020萬人民幣。另一方面,它還有65060萬人民幣的現金,形成了20020萬人民幣的淨現金頭寸。
How Strong Is KSEC Intelligent Technology's Balance Sheet?
KSEC智能科技的資產負債表有多強?
We can see from the most recent balance sheet that KSEC Intelligent Technology had liabilities of CN¥2.22b falling due within a year, and liabilities of CN¥524.2m due beyond that. On the other hand, it had cash of CN¥650.6m and CN¥1.63b worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥466.9m.
我們可以從最新的資產負債表看到,KSEC智能科技有22.2億人民幣的短期到期負債,以及52420萬人民幣的長期到期負債。另一方面,它有65060萬人民幣的現金和16.3億人民幣的應收賬款。因此,其負債超過了現金和(短期)應收款項總數46690萬人民幣。
Given KSEC Intelligent Technology has a market capitalization of CN¥5.40b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. While it does have liabilities worth noting, KSEC Intelligent Technology also has more cash than debt, so we're pretty confident it can manage its debt safely.
鑑於KSEC智能科技的市值爲54億人民幣,很難相信這些負債會構成很大威脅。但是有足夠的負債,我們肯定建議股東繼續監控資產負債表,往前看。雖然它確實有值得注意的負債,但KSEC智能科技的現金超過債務,因此我們非常有信心它可以安全地管理債務。
On the other hand, KSEC Intelligent Technology's EBIT dived 15%, over the last year. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since KSEC Intelligent Technology 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.
另一方面,KSEC智能科技的息稅前利潤下降了15%,在過去的一年裏。我們認爲,如果這種表現頻繁重複,可能會給股票帶來困難。在分析債務水平時,資產負債表是明顯的起點。但是你不能孤立地看待債務;因爲KSEC智能科技需要盈利來償還債務。因此,如果您渴望了解更多關於其盈利的情況,不妨查看一下其長期盈利趨勢圖。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. While KSEC Intelligent Technology has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, KSEC Intelligent Technology saw substantial negative free cash flow, in total. 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,業務需要自由現金流來償還債務;會計利潤並不足以償還。雖然KSEC智能科技的資產負債表上有淨現金,但還值得看一下其把息稅前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解它正在多快地積累(或消耗)這筆現金。在過去三年裏,KSEC智能科技總體上看到了可觀的負自由現金流。儘管投資者無疑希望這種情況不久會逆轉,但很明顯這意味着其債務使用更爲風險。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that KSEC Intelligent Technology has CN¥200.2m in net cash. So although we see some areas for improvement, we're not too worried about KSEC Intelligent Technology's balance sheet. 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. To that end, you should learn about the 3 warning signs we've spotted with KSEC Intelligent Technology (including 2 which are a bit concerning) .
儘管審慎查看公司的總負債是明智的,但看到科創智能科技有2.002億元人民幣的淨現金令人放心。因此,雖然我們看到一些可以改進的地方,但對科創智能科技的資產負債表並不太擔心。在分析債務水平時,資產負債表是明顯的起點。然而,並非所有投資風險都存在於資產負債表中 - 遠非如此。爲此,您應該了解我們發現的科創智能科技的3個警示信號(其中有2個值得關注) 。
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.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。