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Dr. Peng Telecom & Media Group (SHSE:600804) Is Making Moderate Use Of Debt

Dr. Peng Telecom & Media Group (SHSE:600804) Is Making Moderate Use Of Debt

彭博士电信传媒集团(上海证券交易所代码:600804)正在适度使用债务
Simply Wall St ·  2023/10/19 02:46

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Dr. Peng Telecom & Media Group Co., Ltd. (SHSE:600804) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们注意到彭博士电信传媒集团有限公司。(上交所:600804)的资产负债表上确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.

当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们检查债务水平时,我们首先同时考虑现金和债务水平。

See our latest analysis for Dr. Peng Telecom & Media Group

请看我们对彭博士的最新分析

How Much Debt Does Dr. Peng Telecom & Media Group Carry?

彭博士电信传媒集团背负着多少债务?

As you can see below, Dr. Peng Telecom & Media Group had CN¥2.16b of debt at June 2023, down from CN¥2.58b a year prior. However, because it has a cash reserve of CN¥555.0m, its net debt is less, at about CN¥1.61b.

如下所示,截至2023年6月,彭博士的债务为人民币21.6亿元,低于上年同期的人民币25.8亿元。然而,由于它拥有5.55亿加元的现金储备,其净债务较少,约为16.1亿加元。

debt-equity-history-analysis
SHSE:600804 Debt to Equity History October 19th 2023
上证综指:600804债转股历史2023年10月19日

How Strong Is Dr. Peng Telecom & Media Group's Balance Sheet?

彭博士的资产负债表有多强?

The latest balance sheet data shows that Dr. Peng Telecom & Media Group had liabilities of CN¥3.21b due within a year, and liabilities of CN¥2.79b falling due after that. Offsetting these obligations, it had cash of CN¥555.0m as well as receivables valued at CN¥857.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥4.59b.

最新的资产负债表数据显示,彭博士电信传媒集团有32.1亿元的负债在一年内到期,27.9亿元的负债在一年内到期。为了抵消这些债务,该公司有5.55亿加元的现金和8.577亿加元的应收账款在12个月内到期。因此,其负债比现金和(近期)应收账款之和高出45.9亿元。

This is a mountain of leverage relative to its market capitalization of CN¥5.95b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Dr. Peng Telecom & Media Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

与其59.5亿元的市值相比,这是一个堆积如山的杠杆。如果它的贷款人要求它支撑资产负债表,股东可能会面临严重的稀释。在分析债务水平时,资产负债表显然是一个起点。但最重要的是,未来的收益将决定彭未来能否保持健康的资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。

In the last year Dr. Peng Telecom & Media Group wasn't profitable at an EBIT level, but managed to grow its revenue by 6.8%, to CN¥3.8b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.

去年,彭博智没有实现息税前利润,但营收增长了6.8%,至人民币38亿元。这种增长速度对我们的品味来说有点慢,但它需要所有类型的人来创造一个世界。

Caveat Emptor

告诫买入者

Importantly, Dr. Peng Telecom & Media Group had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥147m 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. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥513m of cash over the last year. So in short it's a really risky stock. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Dr. Peng Telecom & Media Group that you should be aware of before investing here.

重要的是,彭博士电信传媒集团去年出现息税前利润(EBIT)亏损。事实上,在息税前利润水平上,它亏损了1.47亿元人民币。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,该公司有任何债务似乎是不明智的。因此,我们认为它的资产负债表有点紧张,但并不是无法修复。然而,它在过去一年烧掉了5.13亿元人民币的现金,这也于事无补。因此,简而言之,这是一只非常有风险的股票。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现对彭博士电信传媒集团的1个警告标志在这里投资之前你应该意识到这一点。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。

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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.

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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。

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