share_log

Is Keystone TechnologyLtd (SHSE:605588) A Risky Investment?

Is Keystone TechnologyLtd (SHSE:605588) A Risky Investment?

Keystone TechnologyLtd(上海證券交易所股票代碼:605588)是一項風險投資嗎?
Simply Wall St ·  03/14 11:07

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.' 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. As with many other companies Keystone Technology Co.,Ltd. (SHSE:605588) makes use of debt. But the real question is whether this debt is making the company risky.

有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。與許多其他公司一樣 Keystone Technology Co., Ltd.(上海證券交易所代碼:605588)使用債務。但真正的問題是這筆債務是否使公司面臨風險。

When Is Debt Dangerous?

債務何時危險?

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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.

一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。資本主義的一部分是 “創造性毀滅” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本資本,從而永久稀釋股東。當然,債務的好處在於它通常代表着廉價的資本,尤其是當它取代了具有高回報率再投資能力的公司的稀釋時。當我們研究債務水平時,我們首先要同時考慮現金和債務水平。

How Much Debt Does Keystone TechnologyLtd Carry?

Keystone TechnologyLtd 揹負多少債務?

As you can see below, at the end of September 2023, Keystone TechnologyLtd had CN¥355.6m of debt, up from CN¥70.5m a year ago. Click the image for more detail. But it also has CN¥827.3m in cash to offset that, meaning it has CN¥471.7m net cash.

如下所示,截至2023年9月底,Keystone TechnologyLtd的債務爲3.556億元人民幣,高於去年同期的7,050萬元人民幣。點擊圖片查看更多細節。但它也有8.273億元的現金來抵消這一點,這意味着它有4.717億元的淨現金。

debt-equity-history-analysis
SHSE:605588 Debt to Equity History March 14th 2024
SHSE: 605588 2024 年 3 月 14 日債務與股權比率的歷史記錄

A Look At Keystone TechnologyLtd's Liabilities

看看Keystone TechnologyLtd的負債

According to the last reported balance sheet, Keystone TechnologyLtd had liabilities of CN¥535.6m due within 12 months, and liabilities of CN¥138.5m due beyond 12 months. On the other hand, it had cash of CN¥827.3m and CN¥364.9m worth of receivables due within a year. So it actually has CN¥518.0m more liquid assets than total liabilities.

根據上次公佈的資產負債表,Keystone TechnologyLtd的負債爲5.356億元人民幣,12個月後到期的負債爲1.385億元人民幣。另一方面,它有一年內到期的現金爲8.273億元人民幣,還有價值3.649億元人民幣的應收賬款。所以它實際上有5.18億元人民幣 更多 流動資產超過總負債。

This short term liquidity is a sign that Keystone TechnologyLtd could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, Keystone TechnologyLtd 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,由於其資產負債表遠未緊張,Keystone TechnologyLtd可能會輕鬆還清債務。簡而言之,Keystone TechnologyLtd擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!

In fact Keystone TechnologyLtd's saving grace is its low debt levels, because its EBIT has tanked 38% in the last twelve months. When a company sees its earnings tank, it can sometimes find its relationships with its lenders turn sour. There's no doubt that we learn most about debt from the balance sheet. But it is Keystone TechnologyLtd's earnings that will influence how the balance sheet holds up in the future. 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.

實際上,Keystone TechnologyLtd的救命之處在於其低債務水平,因爲其息稅前利潤在過去十二個月中下降了38%。當一家公司看到盈利下降時,它有時會發現與貸款機構的關係惡化。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,影響未來資產負債表狀況的是Keystone TechnologyLtd的收益。因此,如果你想進一步了解其收益,可能值得看看這張長期收益趨勢圖。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Keystone TechnologyLtd 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. During the last three years, Keystone TechnologyLtd burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.

最後,儘管稅務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。儘管Keystone TechnologyLtd的資產負債表上有淨現金,但仍值得一看其將利息和稅前收益(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,Keystone TechnologyLtd燒掉了大量現金。儘管這可能是增長支出的結果,但它確實使債務風險大大增加。

Summing Up

總結

While it is always sensible to investigate a company's debt, in this case Keystone TechnologyLtd has CN¥471.7m in net cash and a decent-looking balance sheet. So while Keystone TechnologyLtd does not have a great balance sheet, it's certainly not too bad. 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. We've identified 3 warning signs with Keystone TechnologyLtd (at least 2 which shouldn't be ignored) , and understanding them should be part of your investment process.

儘管調查公司的債務總是明智的,但在本案中,Keystone TechnologyLtd擁有4.717億元人民幣的淨現金和不錯的資產負債表。因此,儘管Keystone TechnologyLtd的資產負債表不佳,但肯定還不錯。資產負債表顯然是分析債務時需要關注的領域。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。我們已經向Keystone TechnologyLtd確定了3個警告信號(至少有2個不容忽視),了解它們應該是您投資過程的一部分。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
    搶先評論