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Is Sihuan Pharmaceutical Holdings Group (HKG:460) Using Too Much Debt?
Is Sihuan Pharmaceutical Holdings Group (HKG:460) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 can see that Sihuan Pharmaceutical Holdings Group Ltd. (HKG:460) does use debt in its business. But is this debt a concern to shareholders?
When Is Debt A Problem?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Sihuan Pharmaceutical Holdings Group
How Much Debt Does Sihuan Pharmaceutical Holdings Group Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Sihuan Pharmaceutical Holdings Group had debt of CN¥1.12b, up from CN¥811.9m in one year. However, its balance sheet shows it holds CN¥5.25b in cash, so it actually has CN¥4.13b net cash.
SEHK:460 Debt to Equity History September 16th 2022How Healthy Is Sihuan Pharmaceutical Holdings Group's Balance Sheet?
The latest balance sheet data shows that Sihuan Pharmaceutical Holdings Group had liabilities of CN¥3.06b due within a year, and liabilities of CN¥3.25b falling due after that. Offsetting this, it had CN¥5.25b in cash and CN¥1.29b in receivables that were due within 12 months. So it can boast CN¥226.3m more liquid assets than total liabilities.
This surplus suggests that Sihuan Pharmaceutical Holdings Group has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Sihuan Pharmaceutical Holdings Group has more cash than debt is arguably a good indication that it can manage its debt safely. 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 Sihuan Pharmaceutical Holdings Group 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 Sihuan Pharmaceutical Holdings Group had a loss before interest and tax, and actually shrunk its revenue by 14%, to CN¥2.8b. We would much prefer see growth.
So How Risky Is Sihuan Pharmaceutical Holdings Group?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And in the last year Sihuan Pharmaceutical Holdings Group had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through CN¥306m of cash and made a loss of CN¥155m. With only CN¥4.13b on the balance sheet, it would appear that its going to need to raise capital again soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. 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. For instance, we've identified 1 warning sign for Sihuan Pharmaceutical Holdings Group that you should be aware of.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。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。我們可以看到四環醫藥控股集團有限公司。(HKG:460)確實在其業務中使用債務。但這筆債務對股東來説是一個擔憂嗎?
什麼時候債務是個問題?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。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。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。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。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。
查看我們對四環醫藥控股集團的最新分析
四環醫藥控股集團揹負着多少債務?
下圖顯示,截至2022年6月,四環醫藥控股集團的債務為11.2億加元,高於一年內的8.119億加元。然而,其資產負債表顯示,它持有人民幣52.5億元的現金,因此它實際上擁有人民幣41.3億元的淨現金。
聯交所:460債轉股歷史2022年9月16日四環醫藥控股集團的資產負債表健康程度如何?
最新的資產負債表數據顯示,四環醫藥控股集團有30.6億元的負債在一年內到期,32.5億元的負債在一年內到期。作為抵消,它有52.5億加元的現金和12.9億加元的應收賬款在12個月內到期。因此,它的流動資產比總計負債。
這一盈餘表明,四環醫藥控股集團的資產負債表保守,很可能會毫不費力地消除債務。簡而言之,四環醫藥控股集團的現金多於債務,可以説是一個很好的跡象,表明它可以安全地管理債務。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四環醫藥控股集團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。
去年四環醫藥控股集團息税前虧損,實際營收縮水14%,至28億加元。我們更希望看到增長。
那麼,四環醫藥控股集團的風險有多大?
就其本質而言,虧損的公司比那些長期盈利的公司風險更大。説實話,去年四環醫藥控股集團息税前利潤(EBIT)出現虧損。事實上,在這段時間裏,它燒掉了3.06億元現金,虧損了1.55億元。在資產負債表上只有41.3億元的情況下,它似乎很快就需要再次籌集資金。儘管一家公司的資產負債表似乎流動性充足,但如果一家公司不能定期產生自由現金流,債務總是會讓我們感到有點緊張。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。例如,我們已經確定四環醫藥控股集團1個警示標誌這一點你應該知道。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
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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