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Does Joincare Pharmaceutical Group IndustryLtd (SHSE:600380) Have A Healthy Balance Sheet?
Does Joincare Pharmaceutical Group IndustryLtd (SHSE:600380) Have A Healthy Balance Sheet?
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. Importantly, Joincare Pharmaceutical Group Industry Co.,Ltd. (SHSE:600380) does carry debt. But the real question is whether this debt is making the company risky.
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
Check out our latest analysis for Joincare Pharmaceutical Group IndustryLtd
How Much Debt Does Joincare Pharmaceutical Group IndustryLtd Carry?
As you can see below, at the end of June 2022, Joincare Pharmaceutical Group IndustryLtd had CN¥4.46b of debt, up from CN¥2.40b a year ago. Click the image for more detail. However, it does have CN¥12.8b in cash offsetting this, leading to net cash of CN¥8.30b.
SHSE:600380 Debt to Equity History September 24th 2022How Healthy Is Joincare Pharmaceutical Group IndustryLtd's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Joincare Pharmaceutical Group IndustryLtd had liabilities of CN¥8.92b due within 12 months and liabilities of CN¥3.16b due beyond that. On the other hand, it had cash of CN¥12.8b and CN¥4.83b worth of receivables due within a year. So it actually has CN¥5.51b more liquid assets than total liabilities.
This luscious liquidity implies that Joincare Pharmaceutical Group IndustryLtd's balance sheet is sturdy like a giant sequoia tree. With this in mind one could posit that its balance sheet means the company is able to handle some adversity. Succinctly put, Joincare Pharmaceutical Group IndustryLtd boasts net cash, so it's fair to say it does not have a heavy debt load!
Also good is that Joincare Pharmaceutical Group IndustryLtd grew its EBIT at 11% over the last year, further increasing its ability to manage debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Joincare Pharmaceutical Group IndustryLtd 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. Joincare Pharmaceutical Group IndustryLtd 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. During the last three years, Joincare Pharmaceutical Group IndustryLtd produced sturdy free cash flow equating to 72% of its EBIT, about what we'd expect. 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 Joincare Pharmaceutical Group IndustryLtd has net cash of CN¥8.30b, as well as more liquid assets than liabilities. And it impressed us with free cash flow of CN¥2.1b, being 72% of its EBIT. So we don't think Joincare Pharmaceutical Group IndustryLtd's use of debt is risky. 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. We've identified 1 warning sign with Joincare Pharmaceutical Group IndustryLtd , and understanding them should be part of your investment process.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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。重要的是美凱瑞醫藥集團實業有限公司。(上海證券交易所:600380)確實揹負着債務。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?
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。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。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,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Joincare製藥集團IndustryLtd.的最新分析
Joincare製藥集團IndustryLtd揹負着多少債務?
如下所示,截至2022年6月底,Joincare製藥集團工業有限公司的債務為44.6億元人民幣,高於一年前的24.億元人民幣。單擊圖像瞭解更多詳細信息。然而,它確實有128億加元的現金來抵消這一點,導致淨現金為83億加元。
上證綜指:600380債轉股歷史2022年9月24日Joincare製藥集團IndustryLtd的資產負債表健康程度如何?
放大最新的資產負債表數據,我們可以看到,Joincare製藥集團工業有限公司有89.2億加元的負債在12個月內到期,還有31.6億加元的負債在12個月內到期。另一方面,一年內有128億加元現金和48.3億加元應收賬款到期。所以它實際上有55.1億元人民幣更多流動資產超過總負債。
這種豐厚的流動性意味着,Joincare製藥集團工業有限公司的資產負債表就像一棵巨大的紅杉樹一樣堅固。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。簡而言之,Joincare製藥集團IndustryLtd擁有淨現金,所以公平地説,它沒有沉重的債務負擔!
同樣好的是,Joincare製藥集團IndustryLtd去年的息税前利潤增長了11%,進一步增強了其管理債務的能力。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Joincare製藥集團IndustryLtd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。Joincare製藥集團IndustryLtd可能在資產負債表上有淨現金,但看看該業務將息税前收益(EBIT)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。在過去的三年中,Joincare製藥集團IndustryLtd產生了相當於其息税前利潤的72%的強勁自由現金流,這與我們預期的差不多。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
雖然我們同情投資者對債務的擔憂,但您應該記住,Joincare製藥集團工業有限公司擁有83億元人民幣的淨現金,流動資產多於負債。它給我們留下了深刻的印象,自由現金流為21億元人民幣,佔其息税前利潤的72%。因此,我們不認為Joincare製藥集團工業有限公司使用債務是有風險的。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。我們已經確定了1個警告信號與Joincare製藥集團IndustryLtd合作,瞭解他們應該是您投資過程的一部分。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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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