Alphamab Oncology (HKG:9966) Has Debt But No Earnings; Should You Worry?
Alphamab Oncology (HKG:9966) Has Debt But No Earnings; Should You Worry?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Alphamab Oncology (HKG:9966) makes use of debt. But the more important question is: how much risk is that debt creating?
传奇基金经理李录(得到了查理·芒格的支持)曾经说过,'最大的投资风险不是价格的波动,而是是否会遭受永久性资本损失。' 因此,当您考虑任何一只股票的风险时,需要考虑债务,因为过多的债务可能会拖垮一家公司。和许多其他公司一样,Alphamab Oncology(HKG:9966)使用债务。但更重要的问题是:这笔债务带来了多少风险?
When Is Debt Dangerous?
债务何时有危险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. 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, 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.
债务是帮助企业增长的工具,但如果企业无法偿还其债权人,那么它就在债权人的掌握之中。资本主义的核心概念之一就是“创造性毁灭”过程,在这个过程中,银行家会无情地清算失败的企业。尽管这种情况不太普遍,我们经常看到负债企业因贷款人强迫其以低价融资而导致股东的被永久稀释。当然,债务的好处在于它通常代表着廉价资本,尤其是当它取代以高回报率再投资的公司而不是股份稀释时。在我们考虑债务水平时,首先要考虑现金和负债水平。
What Is Alphamab Oncology's Net Debt?
Alphamab Oncology的净债务是多少?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Alphamab Oncology had CN¥320.0m of debt, an increase on CN¥270.0m, over one year. However, it does have CN¥1.46b in cash offsetting this, leading to net cash of CN¥1.14b.
你可以点击下面的图表查看历史数据,但数据显示,截至2024年6月,Alphamab Oncology的债务为人民币32000万,比一年前的人民币27000万有所增加。然而,它有14.6亿现金抵消了这笔债务,导致净现金为11.4亿。
How Healthy Is Alphamab Oncology's Balance Sheet?
Alphamab Oncology的资产负债表健康状况如何?
According to the last reported balance sheet, Alphamab Oncology had liabilities of CN¥345.4m due within 12 months, and liabilities of CN¥167.9m due beyond 12 months. Offsetting these obligations, it had cash of CN¥1.46b as well as receivables valued at CN¥71.1m due within 12 months. So it can boast CN¥1.01b more liquid assets than total liabilities.
根据最近报告的资产负债表,Alphamab Oncology有34540万人民币的短期负债,以及超过12个月到期的16790万人民币的长期负债。 抵消这些债务的是,它有14.6亿人民币的现金和价值7110万人民币的应收款项在12个月内到期。 因此,它拥有10.1亿人民币的流动资产超过总负债。
It's good to see that Alphamab Oncology has plenty of liquidity on its balance sheet, suggesting conservative management of liabilities. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, Alphamab Oncology boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Alphamab Oncology 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.
看到Alphamab Oncology在资产负债表上有充足的流动性是件好事,表明对负债的保守管理。 鉴于它具有充足的短期流动性,我们认为它不会与贷款人发生任何问题。 简而言之,Alphamab Oncology拥有净现金,因此可以说它没有沉重的债务负担! 财务状况清晰可辨,这是分析债务时要重点关注的领域。 但最终,业务的未来盈利能力将决定Alphamab Oncology是否可以随着时间加强其资产负债表。 因此,如果您想知道专业人士的看法,您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 Alphamab Oncology wasn't profitable at an EBIT level, but managed to grow its revenue by 2.5%, to CN¥256m. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在过去一年里,Alphamab Oncology在EBIt层面并没有盈利,但成功将营业收入增长了2.5%,达到25600万人民币。 对于我们的口味来说,这种增长速度有点缓慢,但需要各种类型的企业来构成一个世界。
So How Risky Is Alphamab Oncology?
那么Alphamab Oncology的风险有多大?
Statistically speaking companies that lose money are riskier than those that make money. And in the last year Alphamab Oncology had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through CN¥194m of cash and made a loss of CN¥216m. While this does make the company a bit risky, it's important to remember it has net cash of CN¥1.14b. That kitty means the company can keep spending for growth for at least two years, at current rates. Overall, its balance sheet doesn't seem overly risky, at the moment, but we're always cautious until we see the positive free cash flow. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for Alphamab Oncology you should be aware of.
从统计数据来看,亏损的公司比盈利公司更具风险性。 而在过去一年里,Alphamab Oncology确实出现了利息前亏损(EBIT)。 事实上,在那段时间里,它消耗了19400万人民币的现金,亏损21600万人民币。 尽管这使得公司有点风险,但重要的是要记住它拥有11.4亿人民币的净现金。 这笔钱意味着该公司至少可以按照目前的速度继续支出两年以实现增长。 总的来说,目前看来,其资产负债表似乎并不过于风险,但在看到正面的自由现金流之前我们总是持谨慎态度。 资产负债表显然是分析债务时要重点关注的领域。 但最终,每家公司可能都存在超出资产负债表之外的风险。 举例来说:我们发现了Alphamab Oncology应注意的1个警示标志。
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.
当一切尘埃落定时,有时更容易专注于那些甚至不需要债务的公司。读者可以立即免费查看零净债务的成长股列表。
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