Here's Why Montnets Cloud Technology Group (SZSE:002123) Can Afford Some Debt
Here's Why Montnets Cloud Technology Group (SZSE:002123) Can Afford Some Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We note that Montnets Cloud Technology Group Co., Ltd. (SZSE:002123) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
霍華德·馬克斯說得很好,他提到與其擔心股票價格波動,不如說「永久損失的可能性是我最擔心的風險……而我認識的每一個實用投資者也都有這樣的擔憂」。所以,聰明的錢知道,債務——通常與破產有關——是評估一家公司的風險時一個非常重要的因素。我們注意到,夢網科技股份有限公司(SZSE:002123)在其資產負債表上確實存在債務。然而,真正的問題是這債務是否使公司變得風險較高。
When Is Debt A Problem?
何時債務成爲問題?
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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. When we think about a company's use of debt, we first look at cash and debt together.
債務是幫助企業成長的工具,但如果一家公司無法償還其債務人,那麼它就處於對方的控制之下。最終,如果公司無法履行法律義務償還債務,股東可能會一無所獲。然而,更頻繁(但仍然代價高昂)的情況是公司必須以超低價格發行股票,永久稀釋股東權益,僅僅是爲了鞏固其資產負債表。當然,債務可以是企業中的一個重要工具,尤其是在資本需求較重的企業中。當我們考慮一家公司的債務使用時,我們首先會將現金和債務放在一起考慮。
How Much Debt Does Montnets Cloud Technology Group Carry?
夢網科技的債務有多少?
You can click the graphic below for the historical numbers, but it shows that Montnets Cloud Technology Group had CN¥1.52b of debt in September 2024, down from CN¥1.69b, one year before. On the flip side, it has CN¥1.26b in cash leading to net debt of about CN¥260.6m.
您可以點擊下面的圖形查看歷史數據,但數據顯示到2024年9月,夢網科技的債務爲150.2億人民幣,相較於一年前的16.9億人民幣有所下降。另一方面,其現金爲12.6億人民幣,導致淨債務大約爲26060萬人民幣。
How Strong Is Montnets Cloud Technology Group's Balance Sheet?
夢網科技的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Montnets Cloud Technology Group had liabilities of CN¥2.17b due within 12 months and liabilities of CN¥198.8m due beyond that. On the other hand, it had cash of CN¥1.26b and CN¥1.54b worth of receivables due within a year. So it actually has CN¥430.5m more liquid assets than total liabilities.
仔細查看最新的資產負債表數據,我們可以看到夢網科技的負債爲21.7億人民幣,12個月內到期的負債爲19880萬人民幣。另一方面,它擁有現金12.6億人民幣以及價值15.4億人民幣的應收賬款,到期時間在一年以內。因此,它實際上擁有43050萬流動資產超過總負債。
This short term liquidity is a sign that Montnets Cloud Technology Group could probably pay off its debt with ease, as its balance sheet is far from stretched. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Montnets Cloud Technology Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
這種短期流動性表明夢網科技可能能夠輕鬆償還債務,因爲它的資產負債表遠未緊張。在分析債務水平時,資產負債表是顯而易見的起點。但比起其他任何因素,未來的收益將判斷夢網科技未來保持健康資產負債表的能力。所以,如果你關注未來,可以查看這份顯示分析師利潤預測的免費報告。
In the last year Montnets Cloud Technology Group wasn't profitable at an EBIT level, but managed to grow its revenue by 4.1%, to CN¥5.2b. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去一年中,夢網科技在EBIT層面上並未盈利,但成功將營業收入增長4.1%,達到了52億人民幣。這個增長率對我們來說有點慢,但萬事皆有可能。
Caveat Emptor
買者自負盈虧
Importantly, Montnets Cloud Technology Group had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥99m. On a more positive note, the company does have liquid assets, so it has a bit of time to improve its operations before the debt becomes an acute problem. But we'd be more likely to spend time trying to understand the stock if the company made a profit. So it seems too risky for our taste. When we look at a riskier company, we like to check how their profits (or losses) are trending over time. Today, we're providing readers this interactive graph showing how Montnets Cloud Technology Group's profit, revenue, and operating cashflow have changed over the last few years.
重要的是,夢網科技在過去一年中出現了利息和稅前收益(EBIT)虧損。具體來說,EBIT虧損爲9900萬人民幣。更積極的一點是,該公司確實擁有流動資產,因此在債務成爲急迫問題之前,它有一點時間來改善其運營。但如果公司能夠盈利,我們更可能花時間去理解這隻股票。因此,對我們來說似乎風險太大。當我們查看風險更高的公司時,我們喜歡檢查它們的利潤(或虧損)隨時間的趨勢。今天,我們爲讀者提供了這張互動圖,展示夢網科技的利潤、營業收入和運營現金流在過去幾年的變化。
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,如果你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,今天就來發現我們獨家的淨現金成長股票列表。
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對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall St的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St在提到的任何股票中均沒有持倉。