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Would Super TelecomLtd (SHSE:603322) Be Better Off With Less Debt?

Would Super TelecomLtd (SHSE:603322) Be Better Off With Less Debt?

如果减少债务,Super TelecomLtd(上海证券交易所代码:603322)的生活会更好吗?
Simply Wall St ·  03/27 02:36

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Super Telecom Co.,Ltd (SHSE:603322) does have debt on its balance sheet. But should shareholders be worried about its use of debt?

有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们注意到,超级电信公司, Ltd(上海证券交易所股票代码:603322)的资产负债表上确实有债务。但是,股东是否应该担心其债务的使用?

When Is Debt A Problem?

债务何时会成为问题?

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, 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.

债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。资本主义的组成部分是 “创造性破坏” 过程,在这种过程中,倒闭的企业被银行家无情地清算。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人迫使他们以不良价格筹集资金。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。考虑公司的债务水平的第一步是同时考虑其现金和债务。

What Is Super TelecomLtd's Net Debt?

超级电信有限公司的净负债是多少?

The image below, which you can click on for greater detail, shows that Super TelecomLtd had debt of CN¥405.2m at the end of September 2023, a reduction from CN¥519.8m over a year. On the flip side, it has CN¥191.7m in cash leading to net debt of about CN¥213.5m.

您可以点击下图查看更多详情,该图片显示,截至2023年9月底,超级电信有限公司的债务为4.052亿元人民币,较一年5.198亿元人民币有所减少。另一方面,它拥有1.917亿加元的现金,净负债约为2.135亿元人民币。

debt-equity-history-analysis
SHSE:603322 Debt to Equity History March 27th 2024
SHSE: 603322 2024 年 3 月 27 日债务与股权比率的历史记录

How Healthy Is Super TelecomLtd's Balance Sheet?

Super TelecomLTD 的资产负债表有多健康?

Zooming in on the latest balance sheet data, we can see that Super TelecomLtd had liabilities of CN¥1.52b due within 12 months and liabilities of CN¥208.2m due beyond that. Offsetting these obligations, it had cash of CN¥191.7m as well as receivables valued at CN¥805.9m due within 12 months. So its liabilities total CN¥730.5m more than the combination of its cash and short-term receivables.

放大最新的资产负债表数据,我们可以看到,超级电信有限公司的负债为152亿元人民币,12个月内到期,负债为2.082亿元人民币。除了这些债务外,它还有1.917亿元的现金以及价值8.059亿元人民币的应收账款将在12个月内到期。因此,其负债总额比其现金和短期应收账款的总额高出7.305亿元人民币。

Since publicly traded Super TelecomLtd shares are worth a total of CN¥5.16b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. 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 Super TelecomLtd 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.

由于公开交易的Super TelecomLtd股票总价值为51.6亿元人民币,因此这种负债水平似乎不太可能构成重大威胁。但是,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而发生变化。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。但最终,该业务未来的盈利能力将决定Super TelecomLtd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。

Over 12 months, Super TelecomLtd reported revenue of CN¥2.2b, which is a gain of 33%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.

在过去的12个月中,Super TelecomLTD公布的收入为22亿元人民币,增长了33%,尽管它没有报告任何利息和税前收益。运气好的话,该公司将能够实现盈利。

Caveat Emptor

Caveat Emptor

Despite the top line growth, Super TelecomLtd still had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥126m 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. We would feel better if it turned its trailing twelve month loss of CN¥95m into a profit. So we do think this stock is quite risky. 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 - Super TelecomLtd has 1 warning sign we think you should be aware of.

尽管收入有所增长,但Super TelecomLTD去年仍出现利息和税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了1.26亿元人民币。当我们审视这一点并回顾其资产负债表上相对于现金的负债时,对我们来说,公司有任何债务似乎是不明智的。因此,我们认为其资产负债表有些紧张,尽管并非无法修复。如果它将过去十二个月的9500万元亏损转化为利润,我们会感觉更好。因此,我们确实认为这只股票风险很大。资产负债表显然是分析债务时需要关注的领域。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。例如,Super TelecomLTD 有 1 个我们认为你应该注意的警告标志。

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.

如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。

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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,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本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型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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