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We Think Television Broadcasts (HKG:511) Has A Fair Chunk Of Debt

We Think Television Broadcasts (HKG:511) Has A Fair Chunk Of Debt

我们认为电视广播(HKG: 511)有相当大的债务
Simply Wall St ·  2023/11/01 18:19

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. We note that Television Broadcasts Limited (HKG:511) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

伯克希尔·哈撒韦公司的查理·芒格支持的外部基金经理李露对此毫不掩饰,他说:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”在研究公司的资产负债表有多风险时,考虑公司的资产负债表是很自然的,因为企业倒闭时通常涉及债务。我们注意到 电视广播有限公司 (HKG: 511) 的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多少风险?

What Risk Does Debt Bring?

债务会带来什么风险?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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.

一般而言,只有当公司无法通过筹集资金或利用自己的现金流轻松还清债务时,债务才会成为真正的问题。最终,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。当我们研究债务水平时,我们首先要同时考虑现金和债务水平。

View our latest analysis for Television Broadcasts

查看我们对电视广播的最新分析

What Is Television Broadcasts's Debt?

电视广播的债务是什么?

As you can see below, at the end of June 2023, Television Broadcasts had HK$2.29b of debt, up from HK$2.18b a year ago. Click the image for more detail. However, because it has a cash reserve of HK$960.2m, its net debt is less, at about HK$1.33b.

如下所示,截至2023年6月底,电视广播的债务为22.9亿港元,高于去年同期的21.8亿港元。点击图片了解更多详情。但是,由于其现金储备为9.602亿港元,其净负债较少,约为13.3亿港元。

debt-equity-history-analysis
SEHK:511 Debt to Equity History November 1st 2023
香港交易所:511 债权与股权历史记录 2023 年 11 月 1 日

How Strong Is Television Broadcasts' Balance Sheet?

电视广播的资产负债表有多强劲?

The latest balance sheet data shows that Television Broadcasts had liabilities of HK$1.89b due within a year, and liabilities of HK$1.65b falling due after that. On the other hand, it had cash of HK$960.2m and HK$1.24b worth of receivables due within a year. So its liabilities total HK$1.34b more than the combination of its cash and short-term receivables.

最新的资产负债表数据显示,电视广播公司在一年内到期的负债为18.9亿港元,此后到期的负债为16.5亿港元。另一方面,它在一年内有9.602亿港元的现金和价值12.4亿港元的应收账款。因此,其负债总额比其现金和短期应收账款的总和高出13.4亿港元。

This deficit is considerable relative to its market capitalization of HK$1.79b, so it does suggest shareholders should keep an eye on Television Broadcasts' use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Television Broadcasts can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

相对于其17.9亿港元的市值,这一赤字相当可观,因此这确实表明股东应密切关注电视广播的债务使用情况。这表明,如果公司需要迅速支撑资产负债表,股东将被大幅稀释。在分析债务水平时,资产负债表显然是起点。但最终,该业务的未来盈利能力将决定电视广播能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。

In the last year Television Broadcasts had a loss before interest and tax, and actually shrunk its revenue by 4.2%, to HK$3.3b. We would much prefer see growth.

去年,电视广播公司出现利息和税前亏损,实际收入减少了4.2%,至33亿港元。我们更希望看到增长。

Caveat Emptor

Caveat Emptor

Over the last twelve months Television Broadcasts produced an earnings before interest and tax (EBIT) loss. Its EBIT loss was a whopping HK$835m. 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. However, it doesn't help that it burned through HK$271m of cash over the last year. So suffice it to say we consider the stock very risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with Television Broadcasts , and understanding them should be part of your investment process.

在过去的十二个月中,电视广播公司出现了利息和税前收益(EBIT)亏损。其息税前利润亏损高达8.35亿港元。当我们审视这个问题并回顾其资产负债表上相对于现金的负债时,我们认为该公司有任何债务似乎是不明智的。坦率地说,我们认为资产负债表远非匹配,尽管随着时间的推移可能会有所改善。但是,它在去年消耗了2.71亿港元的现金,这无济于事。因此,只要说我们认为这只股票风险很高就足够了。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,并非所有的投资风险都存在于资产负债表中——远非如此。 我们已经发现了 1 个警告标志 使用电视广播,了解它们应该是您投资过程的一部分。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

当一切都说完之后,有时候更容易将注意力集中在甚至不需要债务的公司身上。读者可以访问净负债为零的成长型股票清单 100% 免费,现在。

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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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Simply Wall St的这篇文章本质上是笼统的。 我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。 它不构成买入或卖出任何股票的建议,也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。简而言之,华尔街在上述任何股票中都没有头寸。

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