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These 4 Measures Indicate That CSPC Pharmaceutical Group (HKG:1093) Is Using Debt Safely
These 4 Measures Indicate That CSPC Pharmaceutical Group (HKG:1093) Is Using Debt Safely
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.' 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. As with many other companies CSPC Pharmaceutical Group Limited (HKG:1093) makes use of debt. 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. 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, 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 CSPC Pharmaceutical Group
What Is CSPC Pharmaceutical Group's Net Debt?
As you can see below, at the end of June 2022, CSPC Pharmaceutical Group had CN¥396.4m of debt, up from none a year ago. Click the image for more detail. However, it does have CN¥14.0b in cash offsetting this, leading to net cash of CN¥13.6b.
SEHK:1093 Debt to Equity History September 12th 2022How Strong Is CSPC Pharmaceutical Group's Balance Sheet?
According to the last reported balance sheet, CSPC Pharmaceutical Group had liabilities of CN¥8.46b due within 12 months, and liabilities of CN¥964.1m due beyond 12 months. Offsetting these obligations, it had cash of CN¥14.0b as well as receivables valued at CN¥6.23b due within 12 months. So it actually has CN¥10.8b more liquid assets than total liabilities.
This surplus suggests that CSPC Pharmaceutical Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, CSPC Pharmaceutical Group boasts net cash, so it's fair to say it does not have a heavy debt load!
Also good is that CSPC Pharmaceutical Group grew its EBIT at 10% over the last year, further increasing its ability to manage debt. 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 CSPC 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 business needs free cash flow to pay off debt; accounting profits just don't cut it. CSPC Pharmaceutical Group may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, CSPC Pharmaceutical Group recorded free cash flow worth 68% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that CSPC Pharmaceutical Group has net cash of CN¥13.6b, as well as more liquid assets than liabilities. The cherry on top was that in converted 68% of that EBIT to free cash flow, bringing in CN¥2.9b. So is CSPC Pharmaceutical Group's debt a risk? It doesn't seem so to us. We'd be very excited to see if CSPC Pharmaceutical Group insiders have been snapping up shares. If you are too, then click on this link right now to take a (free) peek at our list of reported insider transactions.
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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。與許多其他公司一樣石藥集團集團有限公司(HKG:1093)利用債務。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。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。儘管這並不常見,但我們確實經常看到負債累累的公司永久性地稀釋股東的權益,因為貸款人迫使他們以令人沮喪的價格籌集資金。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。
查看我們對石藥集團集團的最新分析
石藥集團集團的淨負債是多少?
如下所示,截至2022年6月底,石藥集團集團的債務為3.964億元人民幣,而一年前該集團的債務為零。單擊圖像瞭解更多詳細信息。然而,它確實有140億加元的現金來抵消這一點,導致淨現金136億加元。
聯交所:1093債轉股歷史2022年9月12日石藥集團集團的資產負債表有多強?
根據最近一次報告的資產負債表,石藥集團集團有84.6億加元的負債在12個月內到期,9.641億加元的負債在12個月後到期。作為對這些債務的抵銷,該公司有140億加元的現金以及62.3億加元的應收賬款在12個月內到期。所以它實際上有108億元人民幣更多流動資產超過總負債。
這一盈餘表明,石藥集團集團擁有保守的資產負債表,很可能會毫不費力地消除債務。簡而言之,石藥集團集團擁有淨現金,可以説它沒有沉重的債務負擔!
另一個好消息是,石藥集團集團去年息税前利潤增長了10%,進一步增強了其管理債務的能力。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石藥集團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,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。石藥集團集團的資產負債表上可能有淨現金,但看看該公司將息税前利潤轉換為自由現金流的情況仍然很有趣,因為這將影響其對債務的需求和管理債務的能力。在最近三年,石藥集團集團錄得的自由現金流相當於其息税前利潤的68%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
總結
雖然我們同情那些對債務感到擔憂的投資者,但你應該記住,石藥集團集團擁有136億元人民幣的淨現金,流動資產多於負債。上面的櫻桃是IN將其中68%的EBIT轉換為自由現金流,帶來人民幣29億元。那麼,石藥集團集團的債務是一種風險嗎?但在我們看來並非如此。我們將非常興奮地看到石藥集團集團內部人士是否在搶購股票。如果你也是,那麼現在就點擊這個鏈接,(免費)看看我們報告的內幕交易清單。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
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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