Is Ciwen MediaLtd (SZSE:002343) Using Debt In A Risky Way?
Is Ciwen MediaLtd (SZSE:002343) Using Debt In A Risky Way?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. Importantly, Ciwen Media Co.,Ltd. (SZSE:002343) does carry debt. But should shareholders be worried about its use of debt?
禾倫·巴菲特曾經說過,「波動性與風險遠非同義詞。」 當我們考慮一家公司有多大風險時,我們總是喜歡看它的負債使用情況,因爲負債過多可能會導致破產。重要的是,慈文傳媒股份有限公司(SZSE:002343)確實有債務。但股東們是否應該擔心它的債務使用呢?
When Is Debt Dangerous?
債務何時有危險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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 think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業增長的工具,但如果企業無法償還債權人的款項,那麼就面臨業主的垂青。如果公司不能履行法律義務償還債務,股東最終可能一無所獲。 不過,還有一種更常見但仍然痛苦的情況是,它必須以低價籌集新的股本資金,從而永久稀釋股東的權益。儘管如此,最常見的情況是公司合理管理其債務,並從中獲得利益。 因此,當我們考慮一個公司的債務使用情況時,我們首先要看現金和債務的總和。
How Much Debt Does Ciwen MediaLtd Carry?
慈文傳媒有多少債務?
You can click the graphic below for the historical numbers, but it shows that as of June 2024 Ciwen MediaLtd had CN¥104.4m of debt, an increase on CN¥28.3m, over one year. But on the other hand it also has CN¥153.0m in cash, leading to a CN¥48.6m net cash position.
您可以點擊下方的圖表查看歷史數據,截至2024年6月,慈文傳媒負債10440萬元人民幣,比去年增加了2830萬元人民幣。 另一方面,它也有15300萬元人民幣的現金,形成了4860萬元人民幣的淨現金頭寸。
How Strong Is Ciwen MediaLtd's Balance Sheet?
慈文傳媒有多強的資產負債表?
We can see from the most recent balance sheet that Ciwen MediaLtd had liabilities of CN¥411.6m falling due within a year, and liabilities of CN¥3.61m due beyond that. On the other hand, it had cash of CN¥153.0m and CN¥170.1m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥92.0m.
我們可以從最近的資產負債表看出,慈文傳媒有長期負債約41160萬人民幣,短期負債361萬人民幣。相反,其現金爲15300萬人民幣,應收賬款爲17010萬人民幣。因此,其負債超過現金和(短期)應收賬款的總和9200萬人民幣。
Given Ciwen MediaLtd has a market capitalization of CN¥3.95b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Ciwen MediaLtd also has more cash than debt, so we're pretty confident it can manage its debt safely. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Ciwen MediaLtd can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
考慮到慈文傳媒的市值爲39.5億人民幣,很難相信這些負債會構成很大威脅。但我們認爲值得關注其資產負債表的強度,因爲它可能隨時間而變化。雖然它確實有值得注意的負債,但慈文傳媒的現金多於債務,所以我們相當有信心它可以安全管理債務。在分析債務水平時,資產負債表是明顯的起點。但最終業務的未來盈利將決定慈文傳媒是否能夠隨時間加強其資產負債表。所以,如果您關注未來,可以查看這份免費報告,顯示分析師的盈利預測。
In the last year Ciwen MediaLtd had a loss before interest and tax, and actually shrunk its revenue by 86%, to CN¥71m. To be frank that doesn't bode well.
在過去一年中,慈文傳媒的利息和稅前虧損,實際上使其營業收入減少了86%,至7100萬人民幣。坦率地說,這不是一個好兆頭。
So How Risky Is Ciwen MediaLtd?
那麼慈文傳媒有多大風險?
Although Ciwen MediaLtd had an earnings before interest and tax (EBIT) loss over the last twelve months, it made a statutory profit of CN¥16m. So taking that on face value, and considering the cash, we don't think its very risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Ciwen MediaLtd that you should be aware of.
儘管慈文傳媒在過去十二個月中利息和稅前虧損,但它實現了1600萬人民幣的法定利潤。因此,僅憑這一面值來看,考慮到現金,我們認爲在短期內並不太危險。在看到一些積極的EBIt之前,我們對股票有些謹慎,尤其是因爲收入增長相當有限。資產負債表顯然是分析債務時要關注的領域。但並不是所有的投資風險都存在於資產負債表中,相反,我們已經發現了值得注意的2個慈文傳媒警告信號。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。
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