We Think Cubic Digital Technology (SZSE:300344) Has A Fair Chunk Of Debt
We Think Cubic Digital Technology (SZSE:300344) Has A Fair Chunk Of Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Cubic Digital Technology Co., Ltd. (SZSE:300344) does have debt on its balance sheet. 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。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們注意到,立方數字技術有限公司(深圳證券交易所代碼:300344)的資產負債表上確實有債務。但更重要的問題是:債務創造了多大的風險?
What Risk Does Debt Bring?
債務會帶來什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。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(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。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。
See our latest analysis for Cubic Digital Technology
查看我們對立方數字技術的最新分析
What Is Cubic Digital Technology's Net Debt?
立方數字科技的淨負債是多少?
The image below, which you can click on for greater detail, shows that at June 2023 Cubic Digital Technology had debt of CN¥33.0m, up from CN¥14.1m in one year. On the flip side, it has CN¥17.9m in cash leading to net debt of about CN¥15.2m.
您可以點擊下圖查看更多詳情,該圖片顯示,截至2023年6月,立方數字科技的債務爲3300萬元人民幣,高於一年內的1410萬元人民幣。另一方面,它擁有1790萬元的現金,淨負債約爲1,520萬元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231011/0-1e010cd3230f9233047ddbc0102c46e6-0-2a11b47553aaa0d3e08a1819bbf42ad5.png/big)
How Strong Is Cubic Digital Technology's Balance Sheet?
立方數字科技的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Cubic Digital Technology had liabilities of CN¥157.6m due within 12 months and liabilities of CN¥7.87m due beyond that. Offsetting this, it had CN¥17.9m in cash and CN¥228.1m in receivables that were due within 12 months. So it can boast CN¥80.5m more liquid assets than total liabilities.
放大最新的資產負債表數據,我們可以看到,Cubic Digital Technology的負債爲1.576億元人民幣,此後到期的負債爲787萬元人民幣。與此相抵消的是,它有1790萬元的現金和2.281億元人民幣的應收賬款將在12個月內到期。因此,它擁有的流動資產可以多出8,050萬元人民幣 總 負債。
This state of affairs indicates that Cubic Digital Technology's balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the CN¥4.22b company is short on cash, but still worth keeping an eye on the balance sheet. But either way, Cubic Digital Technology has virtually no net debt, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is Cubic Digital Technology'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.
這種狀況表明,Cubic Digital Technology的資產負債表看起來相當穩健,因爲其總負債幾乎等於其流動資產。因此,這家42.2億元人民幣的公司現金短缺的可能性很小,但仍然值得關注資產負債表。但是無論哪種方式,Cubic Digital Technology幾乎沒有淨負債,因此可以公平地說,它沒有沉重的債務負擔!在分析債務水平時,資產負債表是顯而易見的起點。但是,正是Cubic Digital Technology的收益將影響未來資產負債表的狀況。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。
Over 12 months, Cubic Digital Technology made a loss at the EBIT level, and saw its revenue drop to CN¥537m, which is a fall of 15%. That's not what we would hope to see.
在過去的12個月中,Cubic Digital Technology在息稅前利潤水平上出現虧損,收入降至5.37億元人民幣,下降了15%。這不是我們希望看到的。
Caveat Emptor
Caveat Emptor
While Cubic Digital Technology's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. Indeed, it lost CN¥106m at the EBIT level. Looking on the brighter side, the business has adequate liquid assets, which give it time to grow and develop before its debt becomes a near-term issue. Still, we'd be more encouraged to study the business in depth if it already had some free cash flow. This one is a bit too risky for our liking. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Cubic Digital Technology you should know about.
儘管Cubic Digital Technology收入的下降就像開玩笑一樣令人心動,但可以說,其利息和稅前收益(EBIT)虧損的吸引力更小。事實上,它在息稅前利潤水平上損失了1.06億元人民幣。從好的方面來看,該企業擁有充足的流動資產,這使其有時間在債務成爲短期問題之前進行增長和發展。儘管如此,如果該業務已經有一定的自由現金流,我們將更鼓勵我們深入研究該業務。這個有點太冒險了,不符合我們的喜好。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,並非所有的投資風險都存在於資產負債表中,遠非如此。這些風險可能很難發現。每家公司都有它們,我們已經發現了你應該知道的3種Cubic Digital Technology的警告信號。
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.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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