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Sino Biopharmaceutical (HKG:1177) Seems To Use Debt Quite Sensibly
Sino Biopharmaceutical (HKG:1177) Seems To Use Debt Quite Sensibly
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.' 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. As with many other companies Sino Biopharmaceutical Limited (HKG:1177) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest 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 Sino Biopharmaceutical
What Is Sino Biopharmaceutical's Net Debt?
The image below, which you can click on for greater detail, shows that Sino Biopharmaceutical had debt of CN¥11.6b at the end of June 2022, a reduction from CN¥13.3b over a year. However, it does have CN¥15.7b in cash offsetting this, leading to net cash of CN¥4.06b.
SEHK:1177 Debt to Equity History September 29th 2022A Look At Sino Biopharmaceutical's Liabilities
Zooming in on the latest balance sheet data, we can see that Sino Biopharmaceutical had liabilities of CN¥16.3b due within 12 months and liabilities of CN¥9.92b due beyond that. On the other hand, it had cash of CN¥15.7b and CN¥5.35b worth of receivables due within a year. So its liabilities total CN¥5.16b more than the combination of its cash and short-term receivables.
Of course, Sino Biopharmaceutical has a market capitalization of CN¥61.5b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Sino Biopharmaceutical boasts net cash, so it's fair to say it does not have a heavy debt load!
On the other hand, Sino Biopharmaceutical saw its EBIT drop by 6.0% in the last twelve months. That sort of decline, if sustained, will obviously make debt harder to handle. 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 Sino Biopharmaceutical 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Sino Biopharmaceutical has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Sino Biopharmaceutical generated free cash flow amounting to a very robust 80% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Sino Biopharmaceutical has CN¥4.06b in net cash. The cherry on top was that in converted 80% of that EBIT to free cash flow, bringing in CN¥5.1b. So we don't think Sino Biopharmaceutical's use of debt is risky. We'd be motivated to research the stock further if we found out that Sino Biopharmaceutical insiders have bought shares recently. If you would too, then you're in luck, since today we're sharing our list of reported insider transactions for free.
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.
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。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。与许多其他公司一样中国生物制药有限公司(HKG:1177)利用债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务在什么时候是危险的?
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。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,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。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。
查看我们对中国生物制药的最新分析
中国生物制药的净负债是多少?
下面的图片,你可以点击查看更多细节,显示中国生物制药在2022年6月底的债务为116亿元人民币,比一年内的133亿元人民币有所减少。然而,它确实有157亿加元的现金来抵消这一点,导致净现金为40.6亿加元。
联交所:1177债转股历史2022年9月29日看中国生物制药的负债
放大最新的资产负债表数据可以看到,中国生物制药有163亿元的负债在12个月内到期,还有99.2亿元的负债在12个月内到期。另一方面,它有157亿元现金和53.5亿元应收账款在一年内到期。因此,它的负债总额为人民币51.6亿元,比现金和短期应收账款的总和还要多。
当然,中国生物制药的市值为615亿元人民币,因此这些负债大概是可控的。话虽如此,很明显,我们应该继续监控它的资产负债表,以免它变得更糟。尽管中国生物制药的负债值得注意,但它拥有净现金,所以公平地说,它没有沉重的债务负担!
另一方面,中国生物制药的息税前利润在过去12个月里下降了6.0%。这种下降,如果持续下去,显然会使债务更难处理。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中国生物制药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。
但我们的最后考虑也很重要,因为一家公司不能用账面利润来偿还债务;它需要冷硬现金。虽然中国生物制药的资产负债表上有净现金,但它将息税前利润转换为自由现金流的能力仍然值得一看,以帮助我们了解它建立(或侵蚀)现金余额的速度有多快。在过去三年中,中国生物制药产生的自由现金流占其息税前利润的80%,非常强劲,超出了我们的预期。这使其在偿还债务方面处于非常有利的地位。
总结
虽然看一家公司的总负债总是明智之举,但中国生物制药拥有40.6亿元人民币的净现金,这让人非常放心。上面的樱桃是IN将息税前利润的80%转化为自由现金流,带来了人民币51亿元。所以我们不认为中国生物制药举债有风险。如果我们发现中国生物制药的内部人士最近买入了股票,我们就会有动力进一步研究这只股票。如果你也愿意,那么你就幸运了,因为今天我们免费分享了我们报告的内幕交易名单。
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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