Aztech Global (SGX:8AZ) Seems To Use Debt Quite Sensibly
Aztech Global (SGX:8AZ) Seems To Use Debt Quite Sensibly
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.' 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 can see that Aztech Global Ltd. (SGX:8AZ) does use debt in its business. But the more important question is: how much risk is that debt creating?
由伯克希尔·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。”当我们思考一家公司的风险有多大时,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。我们可以看到,阿兹泰克环球有限公司(新加坡证券交易所股票代码:8AZ)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多大的风险?
When Is Debt Dangerous?
债务何时危险?
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. If things get really bad, the lenders can take control of the business. 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, 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,只有当公司无法通过筹集资金或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。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。当然,债务的好处在于它通常代表廉价资本,尤其是当它以高回报率进行再投资的能力取代公司的稀释时。当我们检查债务水平时,我们首先要同时考虑现金和债务水平。
What Is Aztech Global's Debt?
Aztech Global的债务是什么?
You can click the graphic below for the historical numbers, but it shows that Aztech Global had S$19.9m of debt in June 2024, down from S$37.8m, one year before. However, it does have S$294.5m in cash offsetting this, leading to net cash of S$274.6m.
你可以点击下图查看历史数字,但它显示Aztech Global在2024年6月的债务为1,990万新元,低于一年前的3780万新元。但是,它确实有2.945亿新元的现金抵消了这一点,净现金为2.746亿新元。

How Strong Is Aztech Global's Balance Sheet?
Aztech Global的资产负债表有多强?
According to the last reported balance sheet, Aztech Global had liabilities of S$281.0m due within 12 months, and liabilities of S$22.6m due beyond 12 months. On the other hand, it had cash of S$294.5m and S$235.4m worth of receivables due within a year. So it can boast S$226.3m more liquid assets than total liabilities.
根据上次报告的资产负债表,Aztech Global的负债为2.81亿新元,12个月后到期的负债为2,260万新元。另一方面,它拥有2.945亿新元的现金和价值2.354亿新元的应收账款,应收账款将在一年内到期。因此,它拥有比总负债多2.263亿新元的流动资产。
This surplus strongly suggests that Aztech Global has a rock-solid balance sheet (and the debt is of no concern whatsoever). With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, Aztech Global boasts net cash, so it's fair to say it does not have a heavy debt load!
这种盈余强烈表明Aztech Global的资产负债表坚如磐石(债务根本不用担心)。考虑到这一点,人们可能会认为其资产负债表意味着公司能够应对一些逆境。简而言之,Aztech Global拥有净现金,因此可以公平地说,它没有沉重的债务负担!
In fact Aztech Global'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 ultimately the future profitability of the business will decide if Aztech Global 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.
实际上,Aztech Global的救命之处在于其低债务水平,因为其息税前利润在过去十二个月中下降了38%。当一家公司看到盈利下降时,它有时会发现与贷款机构的关系恶化。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,该业务的未来盈利能力将决定Aztech Global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。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Aztech Global 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, Aztech Global produced sturdy free cash flow equating to 77% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最后,公司只能用冷硬现金偿还债务,不能用会计利润偿还债务。尽管Aztech Global的资产负债表上有净现金,但仍值得一看其将利息和税前收益(EBIT)转换为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度有多快。在过去三年中,Aztech Global产生了稳健的自由现金流,相当于其息税前利润的77%,与我们的预期差不多。这种自由现金流使公司处于有利地位,可以在适当的时候偿还债务。
Summing Up
总结
While we empathize with investors who find debt concerning, you should keep in mind that Aztech Global has net cash of S$274.6m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of S$124m, being 77% of its EBIT. So is Aztech Global's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Aztech Global that you should be aware of.
虽然我们同情那些认为债务令人担忧的投资者,但您应该记住,Aztech Global的净现金为2.746亿新元,流动资产也多于负债。它以1.24亿新元的自由现金流给我们留下了深刻的印象,占其息税前利润的77%。那么 Aztech Global 的债务有风险吗?在我们看来,情况并非如此。在分析债务水平时,资产负债表是显而易见的起点。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,我们已经为Aztech Global确定了一个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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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。