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We Think Shandong Weigao Group Medical Polymer (HKG:1066) Can Manage Its Debt With Ease
We Think Shandong Weigao Group Medical Polymer (HKG:1066) Can Manage Its Debt With Ease
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. Importantly, Shandong Weigao Group Medical Polymer Company Limited (HKG:1066) does carry debt. But is this debt a concern to shareholders?
Why Does Debt Bring Risk?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
See our latest analysis for Shandong Weigao Group Medical Polymer
What Is Shandong Weigao Group Medical Polymer's Net Debt?
The chart below, which you can click on for greater detail, shows that Shandong Weigao Group Medical Polymer had CN¥4.37b in debt in June 2022; about the same as the year before. But on the other hand it also has CN¥7.15b in cash, leading to a CN¥2.78b net cash position.
SEHK:1066 Debt to Equity History September 20th 2022How Strong Is Shandong Weigao Group Medical Polymer's Balance Sheet?
According to the last reported balance sheet, Shandong Weigao Group Medical Polymer had liabilities of CN¥5.91b due within 12 months, and liabilities of CN¥4.41b due beyond 12 months. Offsetting this, it had CN¥7.15b in cash and CN¥7.06b in receivables that were due within 12 months. So it can boast CN¥3.89b more liquid assets than total liabilities.
This surplus suggests that Shandong Weigao Group Medical Polymer has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Shandong Weigao Group Medical Polymer has more cash than debt is arguably a good indication that it can manage its debt safely.
And we also note warmly that Shandong Weigao Group Medical Polymer grew its EBIT by 13% last year, making its debt load easier to handle. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Shandong Weigao Group Medical Polymer'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. While Shandong Weigao Group Medical Polymer has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. During the last three years, Shandong Weigao Group Medical Polymer produced sturdy free cash flow equating to 62% of its EBIT, about what we'd expect. This cold hard cash means it can reduce its debt when it wants to.
Summing Up
While it is always sensible to investigate a company's debt, in this case Shandong Weigao Group Medical Polymer has CN¥2.78b in net cash and a decent-looking balance sheet. So is Shandong Weigao Group Medical Polymer's debt a risk? It doesn't seem so to us. Over time, share prices tend to follow earnings per share, so if you're interested in Shandong Weigao Group Medical Polymer, you may well want to click here to check an interactive graph of its earnings per share history.
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.
傳奇基金經理理想汽車·盧曾説,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。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。重要的是威高股份股份有限公司(HKG:1066)確實有債務。但這筆債務對股東來説是一個擔憂嗎?
為什麼債務會帶來風險?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。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。當然,在企業中,債務可以是一個重要的工具,特別是資本密集型企業。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。
參見我們對威高股份的最新分析
威高股份的淨負債是多少?
下面的圖表,你可以點擊查看更多細節,顯示威高股份在2022年6月的債務為43.7億元人民幣,與前一年大致相同。但另一方面,它也有71.5億加元的現金,導致27.8億加元的淨現金頭寸。
聯交所:1066債轉股歷史2022年9月20日威高股份的資產負債表有多強?
根據最近一次上報的資產負債表,威高股份有59.1億加元的負債在12個月內到期,44.1億加元的負債在12個月後到期。作為抵消,它有71.5億加元的現金和70.6億加元的應收賬款在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,威高股份的資產負債表比較保守,很可能會毫不費力地消除債務。簡而言之,威高股份的現金多於債務,這可以説是一個很好的跡象,表明它可以安全地管理債務。
我們也熱情地注意到,威高股份去年的息税前利潤增長了13%,使其債務負擔更容易處理。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定威高股份未來能否保持健康的資產負債表。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。
最後,一家公司只能用冷硬現金償還債務,而不是會計利潤。雖然威高股份的資產負債表上有淨現金,但它將息税前利潤轉換為自由現金流的能力仍然值得一看,以幫助我們瞭解它建立(或侵蝕)現金餘額的速度有多快。在過去的三年裏,威高股份產生了相當於息税前利潤62%的穩健的自由現金流,這與我們預期的差不多。這種冷酷的現金意味着,它可以在想要的時候減少債務。
總結
雖然調查一家公司的債務總是明智之舉,但在這起案件中,威高股份擁有27.8億元人民幣的淨現金和體面的資產負債表。那麼,威高股份的債務是一種風險嗎?但在我們看來並非如此。隨着時間的推移,股價往往會跟隨每股收益,所以如果你對威高股份感興趣,你很可能想點擊這裏查看其每股收益歷史的互動圖表。
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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