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We Think Zhejiang Starry PharmaceuticalLtd (SHSE:603520) Can Stay On Top Of Its Debt
We Think Zhejiang Starry PharmaceuticalLtd (SHSE:603520) Can Stay On Top Of Its Debt
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 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. We note that Zhejiang Starry Pharmaceutical Co.,Ltd. (SHSE:603520) does have debt on its balance sheet. 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. If things get really bad, the lenders can take control of the business. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Zhejiang Starry PharmaceuticalLtd
What Is Zhejiang Starry PharmaceuticalLtd's Debt?
You can click the graphic below for the historical numbers, but it shows that as of March 2022 Zhejiang Starry PharmaceuticalLtd had CN¥2.12b of debt, an increase on CN¥1.96b, over one year. However, it does have CN¥783.6m in cash offsetting this, leading to net debt of about CN¥1.34b.
SHSE:603520 Debt to Equity History August 2nd 2022How Strong Is Zhejiang Starry PharmaceuticalLtd's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Zhejiang Starry PharmaceuticalLtd had liabilities of CN¥2.08b due within 12 months and liabilities of CN¥785.1m due beyond that. Offsetting this, it had CN¥783.6m in cash and CN¥798.9m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥1.29b.
Of course, Zhejiang Starry PharmaceuticalLtd has a market capitalization of CN¥7.10b, so these liabilities are probably manageable. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
With a debt to EBITDA ratio of 2.3, Zhejiang Starry PharmaceuticalLtd uses debt artfully but responsibly. And the alluring interest cover (EBIT of 9.1 times interest expense) certainly does not do anything to dispel this impression. If Zhejiang Starry PharmaceuticalLtd can keep growing EBIT at last year's rate of 16% over the last year, then it will find its debt load easier to manage. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Zhejiang Starry PharmaceuticalLtd's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. In the last three years, Zhejiang Starry PharmaceuticalLtd created free cash flow amounting to 9.4% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.
Our View
Zhejiang Starry PharmaceuticalLtd's interest cover was a real positive on this analysis, as was its EBIT growth rate. Having said that, its conversion of EBIT to free cash flow somewhat sensitizes us to potential future risks to the balance sheet. Considering this range of data points, we think Zhejiang Starry PharmaceuticalLtd is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for Zhejiang Starry PharmaceuticalLtd that you should be aware of.
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.
大衞·伊本説得很好,波動性不是我們關心的風險,我們關心的是避免資本的永久性損失。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。我們注意到浙江星瑞藥業有限公司。(上交所:603520)的資產負債表上確實有債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。如果情況真的變得很糟糕,貸款人可以控制業務。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。當然,許多公司利用債務為增長提供資金,沒有任何負面後果。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對浙江星瑞製藥有限公司的最新分析
浙江星瑞製藥有限公司的債務是什麼?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年3月,浙江星瑞製藥有限公司的債務為21.2億元,比一年前增加了19.6億元。然而,它確實有7.836億加元的現金來抵消這一點,導致淨債務約為13.4億加元。
上證綜指:603520債轉股歷史2022年8月2日浙江星瑞製藥有限公司的資產負債表有多強勁?
放大最新的資產負債表數據,我們可以看到,浙江星瑞製藥有限公司有20.8億元人民幣的負債在12個月內到期,還有7.81億元人民幣的負債在12個月內到期。作為抵消,它有7.836億加元的現金和7.989億加元的應收賬款在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12.9億元。
當然,浙江星瑞製藥有限公司的市值為71億元人民幣,因此這些負債可能是可控的。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。
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。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
浙江星瑞製藥有限公司的債務與EBITDA之比為2.3,該公司巧妙而負責任地使用債務。而誘人的利息保障(息税前利潤為利息支出的9.1倍)當然可以不做任何事情來消除這種印象。如果浙江星瑞製藥有限公司能夠保持去年16%的息税前利潤增長速度,那麼它的債務負擔將更容易管理。在分析債務水平時,資產負債表顯然是一個起點。但最重要的是,未來的收益將決定浙江星瑞製藥有限公司未來保持健康資產負債表的能力。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,一家公司只能用冷硬現金償還債務,而不是會計利潤。因此,我們顯然需要看看息税前利潤是否會帶來相應的自由現金流。在過去的三年裏,浙江星瑞製藥有限公司創造了相當於息税前利潤9.4%的自由現金流,這是一個平淡無奇的表現。這種疲軟的現金轉換水平削弱了它管理和償還債務的能力。
我們的觀點
浙江星瑞製藥有限公司的利息覆蓋在這一分析中是真正積極的,其息税前利潤增長率也是如此。話雖如此,它將息税前利潤轉換為自由現金流,在某種程度上讓我們對資產負債表未來的潛在風險變得敏感起來。考慮到這一範圍的數據點,我們認為浙江星瑞製藥有限公司在管理其債務水平方面處於有利地位。話雖如此,這筆負擔足夠沉重,我們建議任何股東都要密切關注。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們已經確定浙江星瑞製藥有限公司的2個警示標誌這一點你應該知道。
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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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。
風險及免責聲明
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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