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China Resources Pharmaceutical Group (HKG:3320) Seems To Use Debt Quite Sensibly
China Resources Pharmaceutical Group (HKG:3320) Seems To Use Debt Quite Sensibly
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 might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We note that China Resources Pharmaceutical Group Limited (HKG:3320) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt Dangerous?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
View our latest analysis for China Resources Pharmaceutical Group
What Is China Resources Pharmaceutical Group's Net Debt?
As you can see below, at the end of June 2022, China Resources Pharmaceutical Group had HK$78.0b of debt, up from HK$69.3b a year ago. Click the image for more detail. However, it also had HK$30.9b in cash, and so its net debt is HK$47.2b.
SEHK:3320 Debt to Equity History August 30th 2022How Healthy Is China Resources Pharmaceutical Group's Balance Sheet?
The latest balance sheet data shows that China Resources Pharmaceutical Group had liabilities of HK$146.8b due within a year, and liabilities of HK$16.4b falling due after that. Offsetting this, it had HK$30.9b in cash and HK$113.9b in receivables that were due within 12 months. So it has liabilities totalling HK$18.5b more than its cash and near-term receivables, combined.
China Resources Pharmaceutical Group has a market capitalization of HK$32.4b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
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).
China Resources Pharmaceutical Group's debt is 3.7 times its EBITDA, and its EBIT cover its interest expense 6.5 times over. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. One way China Resources Pharmaceutical Group could vanquish its debt would be if it stops borrowing more but continues to grow EBIT at around 14%, as it did over the last year. 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 China Resources Pharmaceutical Group 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.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, China Resources Pharmaceutical Group recorded free cash flow worth a fulsome 84% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Our View
When it comes to the balance sheet, the standout positive for China Resources Pharmaceutical Group was the fact that it seems able to convert EBIT to free cash flow confidently. But the other factors we noted above weren't so encouraging. For example, its net debt to EBITDA makes us a little nervous about its debt. Considering this range of data points, we think China Resources Pharmaceutical Group is in a good position to manage its debt levels. But a word of caution: we think debt levels are high enough to justify ongoing monitoring. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that China Resources Pharmaceutical Group is showing 2 warning signs in our investment analysis , and 1 of those doesn't sit too well with us...
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。我們注意到華潤醫藥集團有限公司(HKG:3320)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?
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。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。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。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。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對華潤醫藥集團的最新分析
華潤醫藥集團的淨負債是多少?
正如你在下面看到的,截至2022年6月底,華潤醫藥集團的債務為78億港元,高於一年前的693億港元。單擊圖像瞭解更多詳細信息。然而,它也有309億港元的現金,因此其淨債務為472億港元。
聯交所:3320債轉股歷史2022年8月30日華潤醫藥集團的資產負債表有多健康?
最新的資產負債表數據顯示,華潤醫藥集團有1,468億港元的負債在一年內到期,而164億港元的負債在一年內到期。作為抵消,該公司有309億港元現金和1139億港元應收賬款在12個月內到期。因此,該公司的負債總額比現金和近期應收賬款的總和高出185億港元。
華潤醫藥集團的市值為324億港元,因此如果有需要,它很可能會籌集現金來改善其資產負債表。然而,仍值得密切關注其償債能力。
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)。
華潤醫藥集團的債務是其息税前利潤的3.7倍,息税前利潤是利息支出的6.5倍以上。綜上所述,這意味着,儘管我們不希望看到債務水平上升,但我們認為它可以處理好目前的槓桿。華潤醫藥集團化解債務的一種方法是停止更多借款,但息税前利潤繼續以14%左右的速度增長,就像去年一樣。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定華潤醫藥集團能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
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,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。過去三年,華潤醫藥集團錄得相當於息税前利潤84%的自由現金流,這比我們通常預期的要好。這使它處於有利的地位,如果需要的話,它可以償還債務。
我們的觀點
在資產負債表方面,華潤醫藥集團最突出的積極因素是,它似乎能夠自信地將息税前利潤轉換為自由現金流。但我們上面提到的其他因素並不那麼令人鼓舞。例如,其淨債務與EBITDA之比讓我們對其債務感到有點緊張。考慮到這一範圍的數據點,我們認為華潤醫藥集團在管理其債務水平方面處於有利地位。但提醒一句:我們認為債務水平高到足以證明繼續進行監控是合理的。當你分析債務時,資產負債表顯然是你關注的領域。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。請注意,華潤醫藥集團正在展示我們的投資分析中的2個警告信號,其中一條不太適合我們……
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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 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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