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Is Shanghai Henlius Biotech (HKG:2696) A Risky Investment?
Is Shanghai Henlius Biotech (HKG:2696) A Risky Investment?
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. We note that Shanghai Henlius Biotech, Inc. (HKG:2696) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
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. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
View our latest analysis for Shanghai Henlius Biotech
How Much Debt Does Shanghai Henlius Biotech Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Shanghai Henlius Biotech had debt of CN¥3.27b, up from CN¥2.30b in one year. However, it does have CN¥794.7m in cash offsetting this, leading to net debt of about CN¥2.48b.
SEHK:2696 Debt to Equity History September 20th 2022How Healthy Is Shanghai Henlius Biotech's Balance Sheet?
We can see from the most recent balance sheet that Shanghai Henlius Biotech had liabilities of CN¥4.23b falling due within a year, and liabilities of CN¥1.88b due beyond that. Offsetting these obligations, it had cash of CN¥794.7m as well as receivables valued at CN¥554.0m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥4.76b.
This is a mountain of leverage relative to its market capitalization of CN¥6.79b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry. 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 Shanghai Henlius Biotech 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.
Over 12 months, Shanghai Henlius Biotech reported revenue of CN¥2.3b, which is a gain of 111%, although it did not report any earnings before interest and tax. So its pretty obvious shareholders are hoping for more growth!
Caveat Emptor
Despite the top line growth, Shanghai Henlius Biotech still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥401m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through CN¥1.0b of cash over the last year. So suffice it to say we consider the stock very risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 2 warning signs we've spotted with Shanghai Henlius Biotech .
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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。我们注意到上海亨利乌斯生物科技有限公司(HKG:2696)的资产负债表上确实有债务。但股东是否应该担心它的债务使用情况?
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。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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对上海亨利乌斯生物科技的最新分析
上海亨利乌斯生物科技公司背负着多少债务?
下图显示,截至2022年6月,上海恒流生物科技的债务为人民币32.7亿元,高于一年内的人民币23.亿元。然而,它确实有7.947亿加元的现金来抵消这一点,导致净债务约为24.8亿加元。
联交所:2696债转股历史2022年9月20日上海亨利乌斯生物科技公司的资产负债表有多健康?
从最新的资产负债表可以看出,上海恒流生物科技有42.3亿元人民币的负债在一年内到期,18.8亿元人民币的负债在一年内到期。作为这些债务的抵消,该公司有7.947亿加元的现金和5.540亿加元的应收账款在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47.6亿元。
与其67.9亿元的市值相比,这是一个堆积如山的杠杆。这表明,如果该公司需要匆忙支撑其资产负债表,股东将被严重稀释。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上海恒流生物科技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。
在过去的12个月里,上海亨利乌斯生物科技公布的收入为人民币23亿元,增长111%,尽管该公司没有公布任何息税前收益。因此,很明显,它的股东们希望有更多的增长!
告诫买入者
尽管营收增长,但上海亨利乌斯生物科技去年仍出现息税前收益(EBIT)亏损。具体地说,息税前亏损为4.01亿加元。当我们看到这一点,并回忆起资产负债表上相对于现金的负债时,在我们看来,该公司有任何债务似乎是不明智的。坦率地说,我们认为资产负债表远远不能与之匹配,尽管随着时间的推移,它可能会得到改善。然而,它在过去一年里烧掉了人民币10亿元的现金,这也于事无补。因此,可以说,我们认为这只股票风险很大。毫无疑问,我们从资产负债表中了解到的债务最多。然而,并非所有投资风险都存在于资产负债表中--远非如此。为此,您应该意识到2个警告标志我们发现了上海亨利乌斯生物科技公司。
归根结底,关注那些没有净债务的公司往往更好。你可以访问我们的这类公司的特别名单(都有利润增长的记录)。这是免费的。
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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