Beisen Holding (HKG:9669) Is In A Good Position To Deliver On Growth Plans
Beisen Holding (HKG:9669) Is In A Good Position To Deliver On Growth Plans
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.
毫無疑問,擁有不盈利的公司股份可以獲得收益。例如,生物技術和採礦勘探公司經常在尋找新的治療方法或礦物發現之前虧損多年。但是,雖然這些成功案例廣爲人知,投資者也不應忽略衆多僅消耗所有現金並崩潰的不盈利公司。
Given this risk, we thought we'd take a look at whether Beisen Holding (HKG:9669) shareholders should be worried about its cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.
鑑於風險因素,我們想看看北森控股(HKG:9669)股東是否應該擔心其現金流出。對於本文,現金流出是指無利潤公司爲資助其增長而消耗現金的年度速度,即其負自由現金流。首先,我們將通過比較其現金流出與現金儲備來確定其現金流。
Does Beisen Holding Have A Long Cash Runway?
北森控股的現金流如何?
You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. When Beisen Holding last reported its March 2024 balance sheet in June 2024, it had zero debt and cash worth CN¥1.7b. In the last year, its cash burn was CN¥153m. That means it had a cash runway of very many years as of March 2024. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. Depicted below, you can see how its cash holdings have changed over time.
您可以通過將公司持有的現金金額除以其消費現金的速度來計算公司的現金流。當北森控股於2024年6月報告其2024年3月財務狀況表時,其沒有債務,擁有價值1.7億人民幣的現金。在過去的一年中,其現金流出爲1.53億人民幣。這意味着,截至2024年3月份,公司有很多年的現金流。儘管這只是衡量公司現金流出的一個因素,但如此漫長的現金流確實讓我們感到欣慰。下面可以看到其現金持有量的變化。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240629/0-1bc69814f8b126782d347cc8f005c98c-0-994ed597b1a0de51ceb7b6754dd7a5d8.png/big)
How Well Is Beisen Holding Growing?
北森控股的業務增長如何?
On balance, we think it's mildly positive that Beisen Holding trimmed its cash burn by 20% over the last twelve months. And operating revenue was up by 14% too. Considering the factors above, the company doesn't fare badly when it comes to assessing how it is changing over time. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.
總的來說,我們認爲北森控股過去12個月將其現金流出減少了20%,這是一個積極的信號。此外,營業收入也增長了14%。考慮到以上因素,公司的業務發展還不錯。顯然,關鍵因素是公司未來的業務增長能力。因此,您可能想看一眼公司在未來幾年預計增長多少。
How Easily Can Beisen Holding Raise Cash?
北森控股能輕鬆籌集現金嗎?
We are certainly impressed with the progress Beisen Holding has made over the last year, but it is also worth considering how costly it would be if it wanted to raise more cash to fund faster growth. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
我們對北森控股過去一年所取得的進展印象深刻,但也值得考慮的是,如果想籌集更多現金以資助更快速的增長,將會帶來多大的成本。一般來說,上市企業可以通過發行股票或承擔債務來籌集新的現金。通常,一家企業會出售自己的新股份以籌集現金並推動增長。通過將公司的年度現金流出與其總市值相比較,我們可以粗略地估算它需要發行多少股份才能以相同的消耗速度使公司在未來一年中運轉。
Since it has a market capitalisation of CN¥2.7b, Beisen Holding's CN¥153m in cash burn equates to about 5.7% of its market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.
由於北森控股的市值爲27億元人民幣,其1.53億元人民幣的現金流出僅相當於其市值的5.7%。這是一個很低的比例,因此我們認爲該公司可以通過略微稀釋現有股份或甚至借些錢來籌集更多的資金以推動增長。
So, Should We Worry About Beisen Holding's Cash Burn?
那麼,我們需要擔心北森控股的現金流出嗎?
It may already be apparent to you that we're relatively comfortable with the way Beisen Holding is burning through its cash. In particular, we think its cash runway stands out as evidence that the company is well on top of its spending. Its weak point is its cash burn reduction, but even that wasn't too bad! After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. Readers need to have a sound understanding of business risks before investing in a stock, and we've spotted 1 warning sign for Beisen Holding that potential shareholders should take into account before putting money into a stock.
您可能已經明白,我們對於北森控股燒掉現金的方式相對較爲放心。特別是,我們認爲其現金流路線表明該公司能夠很好地控制支出。雖然其現金流出減少是其薄弱點,但即使在這一方面,情況也不算太糟糕!綜合考慮本報告中提到的各項指標,我們對公司的現金支出很放心,因爲它似乎有望在中期內滿足其需求。在投資股票前,讀者需要對商業風險有充分的了解。我們已發現北森控股的1個警示信號,潛在股東在投資前應考慮到這個信號。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
當然,你可以通過其他途徑找到一項出色的投資。所以請查看這個有趣的公司免費清單,以及這個預測爲增長股的股票清單(根據分析師預測)。
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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。