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These 4 Measures Indicate That Shanghai Pharmaceuticals Holding (SHSE:601607) Is Using Debt Reasonably Well
These 4 Measures Indicate That Shanghai Pharmaceuticals Holding (SHSE:601607) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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. We note that Shanghai Pharmaceuticals Holding Co., Ltd (SHSE:601607) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Shanghai Pharmaceuticals Holding
What Is Shanghai Pharmaceuticals Holding's Net Debt?
The image below, which you can click on for greater detail, shows that at March 2022 Shanghai Pharmaceuticals Holding had debt of CN¥43.6b, up from CN¥37.6b in one year. However, because it has a cash reserve of CN¥36.6b, its net debt is less, at about CN¥7.00b.
SHSE:601607 Debt to Equity History July 13th 2022How Healthy Is Shanghai Pharmaceuticals Holding's Balance Sheet?
According to the last reported balance sheet, Shanghai Pharmaceuticals Holding had liabilities of CN¥95.2b due within 12 months, and liabilities of CN¥12.4b due beyond 12 months. Offsetting these obligations, it had cash of CN¥36.6b as well as receivables valued at CN¥68.5b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.47b.
Of course, Shanghai Pharmaceuticals Holding has a market capitalization of CN¥60.3b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
Shanghai Pharmaceuticals Holding has a low net debt to EBITDA ratio of only 0.78. And its EBIT covers its interest expense a whopping 10.6 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Fortunately, Shanghai Pharmaceuticals Holding grew its EBIT by 2.8% in the last year, making that debt load look even more manageable. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shanghai Pharmaceuticals Holding 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Shanghai Pharmaceuticals Holding's free cash flow amounted to 23% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
Our View
The good news is that Shanghai Pharmaceuticals Holding's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But, on a more sombre note, we are a little concerned by its conversion of EBIT to free cash flow. It's also worth noting that Shanghai Pharmaceuticals Holding is in the Healthcare industry, which is often considered to be quite defensive. All these things considered, it appears that Shanghai Pharmaceuticals Holding can comfortably handle its current debt levels. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. 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. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Shanghai Pharmaceuticals Holding you should know about.
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.
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.
一些人说,作为投资者,考虑风险的最佳方式是波动性,而不是债务,但巴菲特曾说过一句名言:波动性远非风险的同义词。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。我们注意到上海医药控股有限公司(上交所:601607)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
债务在什么时候是危险的?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对上海医药控股的最新分析
上海医药控股的净债务是多少?
下图显示,截至2022年3月,上海医药控股的债务为436亿加元,高于一年内的376亿加元。你可以点击查看更多细节。然而,由于其现金储备为366亿加元,其净债务较少,约为7亿加元。
上证综指:601607债转股历史2022年7月13日上海医药控股的资产负债表有多健康?
根据最新上报的资产负债表,上海医药控股有952亿加元的负债在12个月内到期,124亿加元的负债超过12个月到期。作为对这些债务的抵销,该公司有366亿加元的现金以及685亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和24.7亿元。
当然,上海医药控股的市值为603亿元人民币,因此这些负债可能是可控的。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。
我们使用两个主要比率来告知我们债务相对于收益的水平。第一个是净债务除以利息、税项、折旧和摊销前收益(EBITDA),第二个是其息税前收益(EBIT)覆盖其利息支出(或简称利息覆盖)的多少倍。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
上海医药控股的净债务与EBITDA之比较低,仅为0.78。它的息税前利润高达利息支出的10.6倍。因此,你可以辩称,它不会受到债务的威胁,就像大象受到老鼠的威胁一样。幸运的是,上海医药控股去年息税前利润增长了2.8%,这使得债务负担看起来更容易管理。毫无疑问,我们从资产负债表中了解到的债务最多。但最终,该业务未来的盈利能力将决定上海医药控股能否随着时间的推移加强其资产负债表。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在过去三年中,上海医药控股的自由现金流占其息税前利润的23%,低于我们的预期。当涉及到偿还债务时,这并不是很好。
我们的观点
好消息是,上海医药控股被证明有能力通过息税前利润来支付利息支出,这让我们感到高兴,就像毛茸茸的小狗对待蹒跚学步的孩子一样。但是,在更悲观的方面,我们有点担心它将息税前利润转换为自由现金流。同样值得注意的是,上海医药控股属于医疗行业,该行业通常被认为是防御性很强的行业。综上所述,上海医药控股似乎能够轻松应对当前的债务水平。有利的一面是,这种杠杆可以提高股东回报,但潜在的不利因素是更大的亏损风险,因此值得监控资产负债表。在分析债务水平时,资产负债表显然是一个起点。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。这些风险可能很难发现。每家公司都有它们,我们已经发现上海医药控股的3个警示标志你应该知道。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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