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These 4 Measures Indicate That CSPC Pharmaceutical Group (HKG:1093) Is Using Debt Safely
These 4 Measures Indicate That CSPC Pharmaceutical Group (HKG:1093) Is Using Debt Safely
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says '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. As with many other companies CSPC Pharmaceutical Group Limited (HKG:1093) makes use of debt. 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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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 CSPC Pharmaceutical Group
What Is CSPC Pharmaceutical Group's Net Debt?
As you can see below, at the end of June 2022, CSPC Pharmaceutical Group had CN¥396.4m of debt, up from none a year ago. Click the image for more detail. However, it does have CN¥14.0b in cash offsetting this, leading to net cash of CN¥13.6b.
SEHK:1093 Debt to Equity History September 12th 2022How Strong Is CSPC Pharmaceutical Group's Balance Sheet?
According to the last reported balance sheet, CSPC Pharmaceutical Group had liabilities of CN¥8.46b due within 12 months, and liabilities of CN¥964.1m due beyond 12 months. Offsetting these obligations, it had cash of CN¥14.0b as well as receivables valued at CN¥6.23b due within 12 months. So it actually has CN¥10.8b more liquid assets than total liabilities.
This surplus suggests that CSPC Pharmaceutical Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, CSPC Pharmaceutical Group boasts net cash, so it's fair to say it does not have a heavy debt load!
Also good is that CSPC Pharmaceutical Group grew its EBIT at 10% over the last year, further increasing its ability to manage debt. 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 CSPC 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 business needs free cash flow to pay off debt; accounting profits just don't cut it. CSPC Pharmaceutical Group 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. Over the most recent three years, CSPC Pharmaceutical Group recorded free cash flow worth 68% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that CSPC Pharmaceutical Group has net cash of CN¥13.6b, as well as more liquid assets than liabilities. The cherry on top was that in converted 68% of that EBIT to free cash flow, bringing in CN¥2.9b. So is CSPC Pharmaceutical Group's debt a risk? It doesn't seem so to us. We'd be very excited to see if CSPC Pharmaceutical Group insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。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石药集团集团有限公司(HKG:1093)利用债务。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。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。尽管这并不常见,但我们确实经常看到负债累累的公司永久性地稀释股东的权益,因为贷款人迫使他们以令人沮丧的价格筹集资金。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。
查看我们对石药集团集团的最新分析
石药集团集团的净负债是多少?
如下所示,截至2022年6月底,石药集团集团的债务为3.964亿元人民币,而一年前该集团的债务为零。单击图像了解更多详细信息。然而,它确实有140亿加元的现金来抵消这一点,导致净现金136亿加元。
联交所:1093债转股历史2022年9月12日石药集团集团的资产负债表有多强?
根据最近一次报告的资产负债表,石药集团集团有84.6亿加元的负债在12个月内到期,9.641亿加元的负债在12个月后到期。作为对这些债务的抵销,该公司有140亿加元的现金以及62.3亿加元的应收账款在12个月内到期。所以它实际上有108亿元人民币更多流动资产超过总负债。
这一盈余表明,石药集团集团拥有保守的资产负债表,很可能会毫不费力地消除债务。简而言之,石药集团集团拥有净现金,可以说它没有沉重的债务负担!
另一个好消息是,石药集团集团去年息税前利润增长了10%,进一步增强了其管理债务的能力。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石药集团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,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。石药集团集团的资产负债表上可能有净现金,但看看该公司将息税前利润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。在最近三年,石药集团集团录得的自由现金流相当于其息税前利润的68%,考虑到自由现金流不包括利息和税收,这一数字接近正常水平。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,石药集团集团拥有136亿元人民币的净现金,流动资产多于负债。上面的樱桃是IN将其中68%的EBIT转换为自由现金流,带来人民币29亿元。那么,石药集团集团的债务是一种风险吗?但在我们看来并非如此。我们将非常兴奋地看到石药集团集团内部人士是否在抢购股票。如果你也是,那么现在就点击这个链接,(免费)看看我们报告的内幕交易清单。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
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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