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These 4 Measures Indicate That Shanghai Pharmaceuticals Holding (SHSE:601607) Is Using Debt Reasonably Well
These 4 Measures Indicate That Shanghai Pharmaceuticals Holding (SHSE:601607) Is Using Debt Reasonably Well
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Pharmaceuticals Holding Co., Ltd (SHSE:601607) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. 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. 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 step when considering a company's debt levels is to consider its cash and debt together.
See our latest analysis for Shanghai Pharmaceuticals Holding
What Is Shanghai Pharmaceuticals Holding's Net Debt?
The image below, which you can click on for greater detail, shows that at March 2022 Shanghai Pharmaceuticals Holding had debt of CN¥43.6b, up from CN¥37.6b in one year. However, because it has a cash reserve of CN¥36.6b, its net debt is less, at about CN¥7.00b.
SHSE:601607 Debt to Equity History July 13th 2022How Healthy Is Shanghai Pharmaceuticals Holding's Balance Sheet?
According to the last reported balance sheet, Shanghai Pharmaceuticals Holding had liabilities of CN¥95.2b due within 12 months, and liabilities of CN¥12.4b due beyond 12 months. Offsetting these obligations, it had cash of CN¥36.6b as well as receivables valued at CN¥68.5b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.47b.
Of course, Shanghai Pharmaceuticals Holding has a market capitalization of CN¥60.3b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time.
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).
Shanghai Pharmaceuticals Holding has a low net debt to EBITDA ratio of only 0.78. And its EBIT covers its interest expense a whopping 10.6 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. Fortunately, Shanghai Pharmaceuticals Holding grew its EBIT by 2.8% in the last year, making that debt load look even more manageable. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shanghai Pharmaceuticals Holding 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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. In the last three years, Shanghai Pharmaceuticals Holding's free cash flow amounted to 23% of its EBIT, less than we'd expect. That's not great, when it comes to paying down debt.
Our View
The good news is that Shanghai Pharmaceuticals Holding's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But, on a more sombre note, we are a little concerned by its conversion of EBIT to free cash flow. It's also worth noting that Shanghai Pharmaceuticals Holding is in the Healthcare industry, which is often considered to be quite defensive. All these things considered, it appears that Shanghai Pharmaceuticals Holding can comfortably handle its current debt levels. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Shanghai Pharmaceuticals Holding you should know about.
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
一些人説,作為投資者,考慮風險的最佳方式是波動性,而不是債務,但巴菲特曾説過一句名言:波動性遠非風險的同義詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們注意到上海醫藥控股有限公司(上交所:601607)的資產負債表上確實有債務。但這筆債務對股東來説是一個擔憂嗎?
債務在什麼時候是危險的?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對上海醫藥控股的最新分析
上海醫藥控股的淨債務是多少?
下圖顯示,截至2022年3月,上海醫藥控股的債務為436億加元,高於一年內的376億加元。你可以點擊查看更多細節。然而,由於其現金儲備為366億加元,其淨債務較少,約為7億加元。
上證綜指:601607債轉股歷史2022年7月13日上海醫藥控股的資產負債表有多健康?
根據最新上報的資產負債表,上海醫藥控股有952億加元的負債在12個月內到期,124億加元的負債超過12個月到期。作為對這些債務的抵銷,該公司有366億加元的現金以及685億加元的應收賬款在12個月內到期。因此,它的負債超過了現金和(近期)應收賬款的總和24.7億元。
當然,上海醫藥控股的市值為603億元人民幣,因此這些負債可能是可控的。然而,我們確實認為值得關注其資產負債表的實力,因為它可能會隨着時間的推移而變化。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
上海醫藥控股的淨債務與EBITDA之比較低,僅為0.78。它的息税前利潤高達利息支出的10.6倍。因此,你可以辯稱,它不會受到債務的威脅,就像大象受到老鼠的威脅一樣。幸運的是,上海醫藥控股去年息税前利潤增長了2.8%,這使得債務負擔看起來更容易管理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最終,該業務未來的盈利能力將決定上海醫藥控股能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在過去三年中,上海醫藥控股的自由現金流佔其息税前利潤的23%,低於我們的預期。當涉及到償還債務時,這並不是很好。
我們的觀點
好消息是,上海醫藥控股被證明有能力通過息税前利潤來支付利息支出,這讓我們感到高興,就像毛茸茸的小狗對待蹣跚學步的孩子一樣。但是,在更悲觀的方面,我們有點擔心它將息税前利潤轉換為自由現金流。同樣值得注意的是,上海醫藥控股屬於醫療行業,該行業通常被認為是防禦性很強的行業。綜上所述,上海醫藥控股似乎能夠輕鬆應對當前的債務水平。有利的一面是,這種槓桿可以提高股東回報,但潛在的不利因素是更大的虧損風險,因此值得監控資產負債表。在分析債務水平時,資產負債表顯然是一個起點。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。這些風險可能很難發現。每家公司都有它們,我們已經發現上海醫藥控股的3個警示標誌你應該知道。
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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