We Think BIWIN Storage Technology (SHSE:688525) Has A Fair Chunk Of Debt
We Think BIWIN Storage Technology (SHSE:688525) Has A Fair Chunk Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 BIWIN Storage Technology Co., Ltd. (SHSE:688525) does use debt in its business. But is this debt a concern to shareholders?
大衛·伊本說得好,他說:“波動性不是我們關心的風險。我們關心的是避免資本的永久損失。”當我們思考一家公司的風險有多大時,我們總是喜歡考慮其債務的用途,因爲債務過載可能導致破產。我們可以看到,BIWIN存儲技術有限公司(SHSE:688525)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
When Is Debt A Problem?
債務何時會成爲問題?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
當企業無法通過自由現金流或以誘人的價格籌集資金來輕鬆履行這些義務時,債務和其他負債就會成爲風險。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(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,債務可以成爲企業的重要工具,尤其是資本密集型企業。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。
What Is BIWIN Storage Technology's Net Debt?
BIWIN存儲技術的淨負債是多少?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 BIWIN Storage Technology had CN¥3.62b of debt, an increase on CN¥1.59b, over one year. However, because it has a cash reserve of CN¥546.0m, its net debt is less, at about CN¥3.07b.
你可以點擊下圖查看歷史數字,但它顯示,截至2023年9月,BIWIN存儲技術在一年內有36.2億元人民幣的債務,比15.9億元人民幣有所增加。但是,由於其現金儲備爲5.46億元人民幣,其淨負債較少,約爲30.7億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240223/0-b1d6e705a4e9c62a6c3f7c013a0cc225-0-659497c60227172d41cc045b00cbbd16.png/big)
A Look At BIWIN Storage Technology's Liabilities
看看BIWIN存儲技術的負債
The latest balance sheet data shows that BIWIN Storage Technology had liabilities of CN¥3.65b due within a year, and liabilities of CN¥692.3m falling due after that. Offsetting this, it had CN¥546.0m in cash and CN¥546.6m in receivables that were due within 12 months. So it has liabilities totalling CN¥3.25b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,BIWIN存儲技術的負債爲36.5億元人民幣,此後到期的負債爲6.923億元人民幣。與此相抵消的是,它有5.46億元的現金和5.46億元人民幣的應收賬款將在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多出32.5億元人民幣。
Of course, BIWIN Storage Technology has a market capitalization of CN¥17.5b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. The balance sheet is clearly the area to focus on when you are analysing debt. But you can't view debt in total isolation; since BIWIN Storage Technology will need earnings to service that debt. 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.
當然,BIWIN存儲技術的市值爲175億元人民幣,因此這些負債可能是可以控制的。話雖如此,很明顯,我們應該繼續監控其資產負債表,以免情況惡化。資產負債表顯然是分析債務時需要關注的領域。但是你不能完全孤立地看待債務;因爲BIWIN存儲技術需要收益來償還債務。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, BIWIN Storage Technology reported revenue of CN¥2.9b, which is a gain of 6.4%, although it did not report any earnings before interest and tax. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的12個月中,BIWIN存儲技術公佈的收入爲29億元人民幣,增長6.4%,儘管它沒有報告任何利息和稅前收益。這種增長速度對我們的口味來說有點慢,但要創造一個世界需要所有類型。
Caveat Emptor
Caveat Emptor
Importantly, BIWIN Storage Technology had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost CN¥457m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. Another cause for caution is that is bled CN¥2.6b in negative free cash flow over the last twelve months. So suffice it to say we consider the stock very risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that BIWIN Storage Technology is showing 2 warning signs in our investment analysis , you should know about...
重要的是,BIWIN存儲技術去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了4.57億元人民幣。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。因此,我們認爲其資產負債表有些緊張,儘管並非無法修復。另一個需要謹慎的原因是,在過去的十二個月中,自由現金流爲負26億元人民幣。因此,只要說我們認爲這隻股票風險很高就足夠了。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。請注意,BIWIN存儲技術在我們的投資分析中顯示出兩個警告信號,您應該知道...
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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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。