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Is CanSino Biologics (HKG:6185) Using Too Much Debt?
Is CanSino Biologics (HKG:6185) Using Too Much 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.' 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. As with many other companies CanSino Biologics Inc. (HKG:6185) makes use of debt. But the more important question is: how much risk is that debt creating?
What Risk Does Debt Bring?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for CanSino Biologics
What Is CanSino Biologics's Debt?
As you can see below, at the end of March 2022, CanSino Biologics had CN¥1.31b of debt, up from CN¥315.1m a year ago. Click the image for more detail. However, it does have CN¥7.12b in cash offsetting this, leading to net cash of CN¥5.81b.
SEHK:6185 Debt to Equity History August 9th 2022How Strong Is CanSino Biologics' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that CanSino Biologics had liabilities of CN¥2.77b due within 12 months and liabilities of CN¥579.4m due beyond that. Offsetting this, it had CN¥7.12b in cash and CN¥355.2m in receivables that were due within 12 months. So it actually has CN¥4.12b more liquid assets than total liabilities.
This surplus suggests that CanSino Biologics is using debt in a way that is appears to be both safe and conservative. Due to its strong net asset position, it is not likely to face issues with its lenders. Simply put, the fact that CanSino Biologics has more cash than debt is arguably a good indication that it can manage its debt safely.
Although CanSino Biologics made a loss at the EBIT level, last year, it was also good to see that it generated CN¥1.9b in EBIT over the last twelve months. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if CanSino Biologics can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. CanSino Biologics may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. In the last year, CanSino Biologics created free cash flow amounting to 17% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that CanSino Biologics has net cash of CN¥5.81b, as well as more liquid assets than liabilities. So we are not troubled with CanSino Biologics's debt use. 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. We've identified 2 warning signs with CanSino Biologics (at least 1 which makes us a bit uncomfortable) , and understanding them should be part of your investment process.
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.
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。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。与许多其他公司一样坎西诺生物公司。(HKG:6185)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
债务会带来什么风险?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。如果情况真的变得很糟糕,贷款人可以控制业务。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。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。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。
查看我们对佳华生物的最新分析
佳信生物的债务是什么?
如下所示,截至2022年3月底,嘉信生物的债务为13.1亿加元,高于一年前的3.151亿加元。单击图像了解更多详细信息。然而,它确实有71.2亿加元的现金抵消了这一点,导致净现金为58.1亿元。
联交所:6185债转股历史2022年8月9日佳信生物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,灿华生物有27.7亿加元的负债在12个月内到期,还有5.794亿加元的负债在12个月内到期。作为抵消,它有71.2亿加元的现金和3.552亿加元的应收账款在12个月内到期。所以它实际上有41.2亿元人民币更多流动资产超过总负债。
这一盈余表明,佳华生物正在以一种似乎既安全又保守的方式利用债务。由于其强大的净资产状况,它不太可能面临与贷款人的问题。简而言之,佳华生物拥有的现金多于债务的事实,可以说是一个很好的迹象,表明它能够安全地管理债务。
尽管佳信生物去年在息税前利润水平上出现亏损,但在过去12个月中,它创造了19亿元人民币的息税前利润,这也是一件好事。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定嘉信生物能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。Cansino Biologics的资产负债表上可能有净现金,但看看该业务将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。去年,佳华生物创造了相当于息税前利润17%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。
总结
虽然我们同情投资者对债务的担忧,但您应该记住,中信生物拥有58.1亿元人民币的净现金,流动资产多于负债。因此,我们对佳华生物的债务使用并不感到困扰。毫无疑问,我们从资产负债表中了解到的债务最多。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。我们已经确定了两个警告信号与佳信生物(至少1家,这让我们有点不舒服)合作,了解它们应该是你投资过程的一部分。
当然,如果你是那种喜欢在没有债务负担的情况下购买股票的投资者,那么不要犹豫,今天就来看看我们的净现金成长型股票独家名单。
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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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。
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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。
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