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Peijia Medical (HKG:9996) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway
Peijia Medical (HKG:9996) May Not Be Profitable But It Seems To Be Managing Its Debt Just Fine, Anyway
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. As with many other companies Peijia Medical Limited (HKG:9996) makes use of debt. But the real question is whether this debt is making the company risky.
Why Does Debt Bring Risk?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Peijia Medical
What Is Peijia Medical's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Peijia Medical had CN¥65.0m of debt, an increase on none, over one year. However, it does have CN¥1.89b in cash offsetting this, leading to net cash of CN¥1.82b.
SEHK:9996 Debt to Equity History August 30th 2022A Look At Peijia Medical's Liabilities
The latest balance sheet data shows that Peijia Medical had liabilities of CN¥170.6m due within a year, and liabilities of CN¥39.4m falling due after that. Offsetting this, it had CN¥1.89b in cash and CN¥63.4m in receivables that were due within 12 months. So it actually has CN¥1.74b more liquid assets than total liabilities.
This surplus strongly suggests that Peijia Medical has a rock-solid balance sheet (and the debt is of no concern whatsoever). With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, Peijia Medical boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Peijia Medical 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.
In the last year Peijia Medical wasn't profitable at an EBIT level, but managed to grow its revenue by 168%, to CN¥204m. So there's no doubt that shareholders are cheering for growth
So How Risky Is Peijia Medical?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that Peijia Medical had an earnings before interest and tax (EBIT) loss, over the last year. And over the same period it saw negative free cash outflow of CN¥790m and booked a CN¥491m accounting loss. But the saving grace is the CN¥1.82b on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. The good news for shareholders is that Peijia Medical has dazzling revenue growth, so there's a very good chance it can boost its free cash flow in the years to come. High growth pre-profit companies may well be risky, but they can also offer great rewards. 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 example, we've discovered 1 warning sign for Peijia Medical that you should be aware of before investing here.
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。與許多其他公司一樣沛嘉醫療有限公司(HKG:9996)利用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
為什麼債務會帶來風險?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。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。
查看我們對沛嘉醫療的最新分析
沛嘉醫療的淨債務是多少?
你可以點擊下圖查看歷史數據,但它顯示,截至2022年6月,沛嘉醫療的債務為6500萬元人民幣,較一年前沒有增加。然而,它確實有18.9億加元的現金抵消了這一點,導致淨現金18.2億加元。
聯交所:9996債轉股歷史2022年8月30日沛嘉醫療負債狀況一瞥
最新資產負債表數據顯示,沛嘉醫療有1.706億加元的負債在一年內到期,還有3940萬加元的負債在一年內到期。作為抵消,它有18.9億加元的現金和6340萬加元的應收賬款在12個月內到期。所以它實際上有17.4億元人民幣更多流動資產超過總負債。
這一盈餘有力地表明,沛嘉醫療擁有堅如磐石的資產負債表(債務絲毫不值得擔心)。考慮到這一點,人們可以斷定,其資產負債表意味着該公司有能力應對一些逆境。簡單地説,沛嘉醫療擁有淨現金,所以公平地説,它沒有沉重的債務負擔!在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定沛嘉醫療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。
去年,沛嘉醫療沒有實現息税前利潤,但收入增長了168%,達到2.04億元人民幣。因此,毫無疑問,股東們正在為增長歡呼
那麼,沛嘉醫療的風險有多大呢?
我們毫不懷疑,總的來説,虧損公司比盈利公司風險更大。我們確實注意到,沛嘉醫療去年出現了息税前收益(EBIT)虧損。同期,該公司出現7.9億加元的負自由現金流出,並計入4.91億加元的會計損失。但值得慶幸的是資產負債表上的18.2億加元。這意味着,按照目前的速度,該公司可以在至少兩年的時間裏保持支出以實現增長。對股東來説,好消息是沛嘉醫療的收入增長令人眼花繚亂,因此它很有可能在未來幾年增加自由現金流。高增長的盈利前公司很可能存在風險,但它們也可以提供豐厚的回報。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,我們發現沛嘉醫療的1個警告標誌在這裏投資之前你應該意識到這一點。
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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