Is CanSino Biologics (HKG:6185) Using Debt In A Risky Way?
Is CanSino Biologics (HKG:6185) Using Debt In A Risky Way?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. Importantly, CanSino Biologics Inc. (HKG:6185) does carry debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”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。重要的是,康希諾生物製劑公司(HKG: 6185)確實有債務。但更重要的問題是:這筆債務會帶來多大的風險?
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. If things get really bad, the lenders can take control of the business. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. 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。如果情況變得非常糟糕,貸款人可以控制業務。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。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。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。
View our latest analysis for CanSino Biologics
查看我們對康希諾生物的最新分析
What Is CanSino Biologics's Net Debt?
康希諾生物的淨負債是多少?
As you can see below, at the end of September 2023, CanSino Biologics had CN¥2.36b of debt, up from CN¥2.22b a year ago. Click the image for more detail. But on the other hand it also has CN¥4.34b in cash, leading to a CN¥1.98b net cash position.
如下所示,截至2023年9月底,康希諾生物的債務爲23.6億元人民幣,高於去年同期的22.2億元人民幣。點擊圖片了解更多詳情。但另一方面,它也有43.4億元人民幣的現金,淨現金頭寸爲19.8億元人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231205/0-f56f7fa73d465aa55b38d271969e2b8d-0-3f7c4fe85dff139dc32ac2bc384fd592.png/big)
How Strong Is CanSino Biologics' Balance Sheet?
康希諾生物的資產負債表有多強勁?
Zooming in on the latest balance sheet data, we can see that CanSino Biologics had liabilities of CN¥2.47b due within 12 months and liabilities of CN¥1.35b due beyond that. On the other hand, it had cash of CN¥4.34b and CN¥660.7m worth of receivables due within a year. So it actually has CN¥1.19b more liquid assets than total liabilities.
縱觀最新的資產負債表數據,我們可以看到,康希諾生物在12個月內到期的負債爲24.7億元人民幣,此後到期的負債爲13.5億元人民幣。另一方面,它在一年內有43.4億元人民幣的現金和價值6.607億元人民幣的應收賬款。所以它實際上有 11.9 億元人民幣 更多 流動資產大於總負債。
This short term liquidity is a sign that CanSino Biologics could probably pay off its debt with ease, as its balance sheet is far from stretched. Succinctly put, CanSino Biologics boasts net cash, 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 future earnings, more than anything, that will determine CanSino Biologics'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,CanSino Biologics可能會輕鬆償還債務,因爲其資產負債表遠未緊張。簡而言之,CanSino Biologics擁有淨現金,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,未來的收益將決定CanSino Biologics未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
Over 12 months, CanSino Biologics made a loss at the EBIT level, and saw its revenue drop to CN¥503m, which is a fall of 74%. That makes us nervous, to say the least.
在過去的12個月中,康希諾生物的息稅前利潤水平出現虧損,收入下降至5.03億元人民幣,下降了74%。至少可以說,這讓我們感到緊張。
So How Risky Is CanSino Biologics?
那麼 Cansino Biologics 有多危險?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months CanSino Biologics lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of CN¥1.9b and booked a CN¥1.4b accounting loss. But at least it has CN¥1.98b on the balance sheet to spend on growth, near-term. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for CanSino Biologics that you should be aware of before investing here.
就其本質而言,虧損的公司比盈利歷史悠久的公司風險更大。事實是,在過去的十二個月中,CanSino Biologics的息稅前收益(EBIT)額度蒙受了損失。同期,它的自由現金流出爲負19億元人民幣,出現了14億元人民幣的會計虧損。但至少在短期內,它的資產負債表上有19.8億元人民幣可用於增長。儘管其資產負債表看起來足夠流動,但如果一家公司不定期產生自由現金流,債務總是會讓我們有點緊張。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。例如,我們發現了CanSino Biologics的1個警告信號,在投資之前,您應該注意這一點。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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