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We Think Zhejiang Starry PharmaceuticalLtd (SHSE:603520) Can Stay On Top Of Its Debt
We Think Zhejiang Starry PharmaceuticalLtd (SHSE:603520) Can Stay On Top Of Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' 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 Zhejiang Starry Pharmaceutical Co.,Ltd. (SHSE:603520) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
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. If things get really bad, the lenders can take control of the business. 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, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Zhejiang Starry PharmaceuticalLtd
What Is Zhejiang Starry PharmaceuticalLtd's Debt?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 Zhejiang Starry PharmaceuticalLtd had CN¥2.12b of debt, an increase on CN¥1.96b, over one year. However, it does have CN¥783.6m in cash offsetting this, leading to net debt of about CN¥1.34b.
SHSE:603520 Debt to Equity History August 2nd 2022How Strong Is Zhejiang Starry PharmaceuticalLtd's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Zhejiang Starry PharmaceuticalLtd had liabilities of CN¥2.08b due within 12 months and liabilities of CN¥785.1m due beyond that. Offsetting this, it had CN¥783.6m in cash and CN¥798.9m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.29b.
Of course, Zhejiang Starry PharmaceuticalLtd has a market capitalization of CN¥7.10b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
With a debt to EBITDA ratio of 2.3, Zhejiang Starry PharmaceuticalLtd uses debt artfully but responsibly. And the alluring interest cover (EBIT of 9.1 times interest expense) certainly does not do anything to dispel this impression. If Zhejiang Starry PharmaceuticalLtd can keep growing EBIT at last year's rate of 16% over the last year, then it will find its debt load easier to manage. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Zhejiang Starry PharmaceuticalLtd'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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Zhejiang Starry PharmaceuticalLtd created free cash flow amounting to 9.4% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
Our View
Zhejiang Starry PharmaceuticalLtd's interest cover was a real positive on this analysis, as was its EBIT growth rate. Having said that, its conversion of EBIT to free cash flow somewhat sensitizes us to potential future risks to the balance sheet. Considering this range of data points, we think Zhejiang Starry PharmaceuticalLtd is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. 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 Zhejiang Starry PharmaceuticalLtd that you should be aware of.
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.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。因此,当你评估一家公司的风险有多大时,聪明的投资者似乎知道债务--通常涉及破产--是一个非常重要的因素。我们注意到浙江星瑞药业有限公司。(上交所:603520)的资产负债表上确实有债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。如果情况真的变得很糟糕,贷款人可以控制业务。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。当然,许多公司利用债务为增长提供资金,没有任何负面后果。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对浙江星瑞制药有限公司的最新分析
浙江星瑞制药有限公司的债务是什么?
你可以点击下图查看历史数据,但它显示,截至2022年3月,浙江星瑞制药有限公司的债务为21.2亿元,比一年前增加了19.6亿元。然而,它确实有7.836亿加元的现金来抵消这一点,导致净债务约为13.4亿加元。
上证综指:603520债转股历史2022年8月2日浙江星瑞制药有限公司的资产负债表有多强劲?
放大最新的资产负债表数据,我们可以看到,浙江星瑞制药有限公司有20.8亿元人民币的负债在12个月内到期,还有7.81亿元人民币的负债在12个月内到期。作为抵消,它有7.836亿加元的现金和7.989亿加元的应收账款在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12.9亿元。
当然,浙江星瑞制药有限公司的市值为71亿元人民币,因此这些负债可能是可控的。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。
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。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
浙江星瑞制药有限公司的债务与EBITDA之比为2.3,该公司巧妙而负责任地使用债务。而诱人的利息保障(息税前利润为利息支出的9.1倍)当然可以不做任何事情来消除这种印象。如果浙江星瑞制药有限公司能够保持去年16%的息税前利润增长速度,那么它的债务负担将更容易管理。在分析债务水平时,资产负债表显然是一个起点。但最重要的是,未来的收益将决定浙江星瑞制药有限公司未来保持健康资产负债表的能力。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,我们显然需要看看息税前利润是否会带来相应的自由现金流。在过去的三年里,浙江星瑞制药有限公司创造了相当于息税前利润9.4%的自由现金流,这是一个平淡无奇的表现。这种疲软的现金转换水平削弱了它管理和偿还债务的能力。
我们的观点
浙江星瑞制药有限公司的利息覆盖在这一分析中是真正积极的,其息税前利润增长率也是如此。话虽如此,它将息税前利润转换为自由现金流,在某种程度上让我们对资产负债表未来的潜在风险变得敏感起来。考虑到这一范围的数据点,我们认为浙江星瑞制药有限公司在管理其债务水平方面处于有利地位。话虽如此,这笔负担足够沉重,我们建议任何股东都要密切关注。当你分析债务时,资产负债表显然是你关注的领域。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们已经确定浙江星瑞制药有限公司的2个警示标志这一点你应该知道。
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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