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Here's Why China Satellite Communications (SHSE:601698) Can Manage Its Debt Responsibly

Here's Why China Satellite Communications (SHSE:601698) Can Manage Its Debt Responsibly

這就是中國衛星通信(SHSE: 601698)可以負責任地管理債務的原因
Simply Wall St ·  04/30 18:01

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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, China Satellite Communications Co., Ltd. (SHSE:601698) does carry debt. But the more important question is: how much risk is that debt creating?

禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,很明顯,當你考慮任何給定股票的風險時,你需要考慮債務,因爲過多的債務會使公司陷入困境。重要的是,中國衛星通信有限公司(SHSE: 601698)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?

What Risk Does Debt Bring?

債務會帶來什麼風險?

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 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. When we examine debt levels, we first consider both cash and debt levels, together.

當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們檢查債務水平時,我們首先要同時考慮現金和債務水平。

What Is China Satellite Communications's Net Debt?

中國衛信的淨負債是多少?

The image below, which you can click on for greater detail, shows that at March 2024 China Satellite Communications had debt of CN¥44.1m, up from CN¥20.0m in one year. However, its balance sheet shows it holds CN¥7.28b in cash, so it actually has CN¥7.23b net cash.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月,中國衛星通信的債務爲4410萬元人民幣,高於一年的2,000萬元人民幣。但是,其資產負債表顯示其持有72.8億元人民幣的現金,因此實際上擁有72.3億元人民幣的淨現金。

debt-equity-history-analysis
SHSE:601698 Debt to Equity History April 30th 2024
SHSE: 601698 2024 年 4 月 30 日債務與股本的比率記錄

How Strong Is China Satellite Communications' Balance Sheet?

中國衛星通信的資產負債表有多強?

The latest balance sheet data shows that China Satellite Communications had liabilities of CN¥1.75b due within a year, and liabilities of CN¥1.29b falling due after that. On the other hand, it had cash of CN¥7.28b and CN¥666.2m worth of receivables due within a year. So it actually has CN¥4.90b more liquid assets than total liabilities.

最新的資產負債表數據顯示,中國衛星通信的負債爲17.5億元人民幣,之後到期的負債爲12.9億元人民幣。另一方面,它有728億加元的現金和價值6.662億元人民幣的應收賬款在一年內到期。所以它實際上有4.90億元人民幣 更多 流動資產超過總負債。

This short term liquidity is a sign that China Satellite Communications could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, China Satellite Communications boasts net cash, so it's fair to say it does not have a heavy debt load!

這種短期流動性表明,中國衛星通信可能會輕鬆償還債務,因爲其資產負債表遠未捉襟見肘。簡而言之,中國衛通擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!

But the bad news is that China Satellite Communications has seen its EBIT plunge 19% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since China Satellite Communications will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

但壞消息是,中國衛星通信的息稅前利潤在過去十二個月中下降了19%。我們認爲,這種表現如果經常重演,很可能會給股票帶來困難。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是你不能完全孤立地看待債務;因爲中國衛星通信需要收益來償還債務。因此,在考慮債務時,絕對值得一看收益趨勢。單擊此處查看交互式快照。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While China Satellite Communications 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, China Satellite Communications reported free cash flow worth 15% of its EBIT, which is really quite low. For us, cash conversion that low sparks a little paranoia about is ability to extinguish debt.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。儘管中國衛星通信的資產負債表上有淨現金,但仍值得一看其將利息稅前收益(EBIT)轉換爲自由現金流的能力,以幫助我們了解其建立(或侵蝕)現金餘額的速度有多快。在過去的三年中,中國衛星通信報告的自由現金流佔其息稅前利潤的15%,確實很低。對我們來說,低現金轉換率會引發一點偏執狂,那就是償還債務的能力。

Summing Up

總結

While we empathize with investors who find debt concerning, you should keep in mind that China Satellite Communications has net cash of CN¥7.23b, as well as more liquid assets than liabilities. So we are not troubled with China Satellite Communications's debt use. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 2 warning signs for China Satellite Communications you should be aware of.

雖然我們同情那些認爲債務令人擔憂的投資者,但您應該記住,中國衛星通信的淨現金爲72.3億元人民幣,流動資產也比負債多。因此,我們對中國衛星通信的債務使用並不感到困擾。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。一個很好的例子:我們已經發現了兩個你應該注意的中國衛星通信警告信號。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。

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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的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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