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China Resources Pharmaceutical Group (HKG:3320) Seems To Use Debt Quite Sensibly
China Resources Pharmaceutical Group (HKG:3320) Seems To Use Debt Quite Sensibly
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that China Resources Pharmaceutical Group Limited (HKG:3320) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
View our latest analysis for China Resources Pharmaceutical Group
What Is China Resources Pharmaceutical Group's Net Debt?
As you can see below, at the end of June 2022, China Resources Pharmaceutical Group had HK$78.0b of debt, up from HK$69.3b a year ago. Click the image for more detail. However, it also had HK$30.9b in cash, and so its net debt is HK$47.2b.
SEHK:3320 Debt to Equity History August 30th 2022How Healthy Is China Resources Pharmaceutical Group's Balance Sheet?
The latest balance sheet data shows that China Resources Pharmaceutical Group had liabilities of HK$146.8b due within a year, and liabilities of HK$16.4b falling due after that. Offsetting this, it had HK$30.9b in cash and HK$113.9b in receivables that were due within 12 months. So it has liabilities totalling HK$18.5b more than its cash and near-term receivables, combined.
China Resources Pharmaceutical Group has a market capitalization of HK$32.4b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
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).
China Resources Pharmaceutical Group's debt is 3.7 times its EBITDA, and its EBIT cover its interest expense 6.5 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. One way China Resources Pharmaceutical Group could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 14%, as it did over the last year. 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 China Resources Pharmaceutical Group 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, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, China Resources Pharmaceutical Group recorded free cash flow worth a fulsome 84% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Our View
When it comes to the balance sheet, the standout positive for China Resources Pharmaceutical Group was the fact that it seems able to convert EBIT to free cash flow confidently. But the other factors we noted above weren't so encouraging. For example, its net debt to EBITDA makes us a little nervous about its debt. Considering this range of data points, we think China Resources Pharmaceutical Group is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that China Resources Pharmaceutical Group is showing 2 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。我们注意到华润医药集团有限公司(HKG:3320)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?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。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。当我们检查债务水平时,我们首先同时考虑现金和债务水平。
查看我们对华润医药集团的最新分析
华润医药集团的净负债是多少?
正如你在下面看到的,截至2022年6月底,华润医药集团的债务为78亿港元,高于一年前的693亿港元。单击图像了解更多详细信息。然而,它也有309亿港元的现金,因此其净债务为472亿港元。
联交所:3320债转股历史2022年8月30日华润医药集团的资产负债表有多健康?
最新的资产负债表数据显示,华润医药集团有1,468亿港元的负债在一年内到期,而164亿港元的负债在一年内到期。作为抵消,该公司有309亿港元现金和1139亿港元应收账款在12个月内到期。因此,该公司的负债总额比现金和近期应收账款的总和高出185亿港元。
华润医药集团的市值为324亿港元,因此如果有需要,它很可能会筹集现金来改善其资产负债表。然而,仍值得密切关注其偿债能力。
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)。
华润医药集团的债务是其息税前利润的3.7倍,息税前利润是利息支出的6.5倍以上。综上所述,这意味着,尽管我们不希望看到债务水平上升,但我们认为它可以处理好目前的杠杆。华润医药集团化解债务的一种方法是停止更多借款,但息税前利润继续以14%左右的速度增长,就像去年一样。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华润医药集团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,一家公司只能用冷硬现金偿还债务,而不是会计利润。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。过去三年,华润医药集团录得相当于息税前利润84%的自由现金流,这比我们通常预期的要好。这使它处于有利的地位,如果需要的话,它可以偿还债务。
我们的观点
在资产负债表方面,华润医药集团最突出的积极因素是,它似乎能够自信地将息税前利润转换为自由现金流。但我们上面提到的其他因素并不那么令人鼓舞。例如,其净债务与EBITDA之比让我们对其债务感到有点紧张。考虑到这一范围的数据点,我们认为华润医药集团在管理其债务水平方面处于有利地位。但提醒一句:我们认为债务水平高到足以证明继续进行监控是合理的。当你分析债务时,资产负债表显然是你关注的领域。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。请注意,华润医药集团正在展示我们的投资分析中的2个警告信号,其中一条不太适合我们……
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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