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Sino Biopharmaceutical (HKG:1177) Seems To Use Debt Quite Sensibly
Sino Biopharmaceutical (HKG:1177) Seems To Use Debt Quite Sensibly
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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. As with many other companies Sino Biopharmaceutical Limited (HKG:1177) makes use of debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
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. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. 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 Sino Biopharmaceutical
What Is Sino Biopharmaceutical's Net Debt?
The image below, which you can click on for greater detail, shows that Sino Biopharmaceutical had debt of CN¥11.6b at the end of June 2022, a reduction from CN¥13.3b over a year. However, it does have CN¥15.7b in cash offsetting this, leading to net cash of CN¥4.06b.
SEHK:1177 Debt to Equity History September 29th 2022A Look At Sino Biopharmaceutical's Liabilities
Zooming in on the latest balance sheet data, we can see that Sino Biopharmaceutical had liabilities of CN¥16.3b due within 12 months and liabilities of CN¥9.92b due beyond that. On the other hand, it had cash of CN¥15.7b and CN¥5.35b worth of receivables due within a year. So its liabilities total CN¥5.16b more than the combination of its cash and short-term receivables.
Of course, Sino Biopharmaceutical has a market capitalization of CN¥61.5b, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Sino Biopharmaceutical boasts net cash, so it's fair to say it does not have a heavy debt load!
On the other hand, Sino Biopharmaceutical saw its EBIT drop by 6.0% in the last twelve months. That sort of decline, if sustained, will obviously make debt harder to handle. 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 Sino Biopharmaceutical 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.
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Sino Biopharmaceutical 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, Sino Biopharmaceutical generated free cash flow amounting to a very robust 80% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While it is always sensible to look at a company's total liabilities, it is very reassuring that Sino Biopharmaceutical has CN¥4.06b in net cash. The cherry on top was that in converted 80% of that EBIT to free cash flow, bringing in CN¥5.1b. So we don't think Sino Biopharmaceutical's use of debt is risky. We'd be motivated to research the stock further if we found out that Sino Biopharmaceutical insiders have bought shares recently. If you would too, then you're in luck, since today we're sharing our list of reported insider transactions for free.
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.
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。因此,當你評估一家公司的風險有多大時,聰明的投資者似乎知道債務--通常涉及破產--是一個非常重要的因素。與許多其他公司一樣中國生物製藥有限公司(HKG:1177)利用債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務在什麼時候是危險的?
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。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,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。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。
查看我們對中國生物製藥的最新分析
中國生物製藥的淨負債是多少?
下面的圖片,你可以點擊查看更多細節,顯示中國生物製藥在2022年6月底的債務為116億元人民幣,比一年內的133億元人民幣有所減少。然而,它確實有157億加元的現金來抵消這一點,導致淨現金為40.6億加元。
聯交所:1177債轉股歷史2022年9月29日看中國生物製藥的負債
放大最新的資產負債表數據可以看到,中國生物製藥有163億元的負債在12個月內到期,還有99.2億元的負債在12個月內到期。另一方面,它有157億元現金和53.5億元應收賬款在一年內到期。因此,它的負債總額為人民幣51.6億元,比現金和短期應收賬款的總和還要多。
當然,中國生物製藥的市值為615億元人民幣,因此這些負債大概是可控的。話雖如此,很明顯,我們應該繼續監控它的資產負債表,以免它變得更糟。儘管中國生物製藥的負債值得注意,但它擁有淨現金,所以公平地説,它沒有沉重的債務負擔!
另一方面,中國生物製藥的息税前利潤在過去12個月裏下降了6.0%。這種下降,如果持續下去,顯然會使債務更難處理。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中國生物製藥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。
但我們的最後考慮也很重要,因為一家公司不能用賬面利潤來償還債務;它需要冷硬現金。雖然中國生物製藥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。在過去三年中,中國生物製藥產生的自由現金流佔其息税前利潤的80%,非常強勁,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
總結
雖然看一家公司的總負債總是明智之舉,但中國生物製藥擁有40.6億元人民幣的淨現金,這讓人非常放心。上面的櫻桃是IN將息税前利潤的80%轉化為自由現金流,帶來了人民幣51億元。所以我們不認為中國生物製藥舉債有風險。如果我們發現中國生物製藥的內部人士最近買入了股票,我們就會有動力進一步研究這隻股票。如果你也願意,那麼你就幸運了,因為今天我們免費分享了我們報告的內幕交易名單。
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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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。
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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。
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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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