Does Apeloa PharmaceuticalLtd (SZSE:000739) Have A Healthy Balance Sheet?
Does Apeloa PharmaceuticalLtd (SZSE:000739) Have A Healthy Balance Sheet?
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.' 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 Apeloa Pharmaceutical Co.,Ltd (SZSE:000739) makes use of debt. But the more important question is: how much risk is that debt creating?
传奇基金经理李录(得到查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动性,而是你是否会遭受资本永久损失。”因此,看起来聪明的投资者知道,通常与破产有关的债务,是衡量公司风险的一个非常重要的因素。与许多其他公司一样,普洛药业股份有限公司(SZSE:000739)利用债务。但更重要的问题是:这些债务产生了多少风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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.
债务是帮助企业成长的一种工具,但如果企业无法偿还债权人,那么它就存在于债权人的掌握之中。在最坏的情况下,如果无法偿还债权人,公司就会破产。虽然这种情况不太常见,但我们经常看到负债的公司因贷款人强迫其以减价的价格募集资本而永久稀释股东权益。当然,债务的好处在于它通常代表着廉价的资本,特别是当它代替了在高回报率的情况下重新投资的股权稀释时。在考虑企业使用多少债务时,首先要做的是查看其现金和债务情况。
What Is Apeloa PharmaceuticalLtd's Debt?
普洛药业股份有限公司的债务是什么?
As you can see below, Apeloa PharmaceuticalLtd had CN¥963.1m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. But on the other hand it also has CN¥3.72b in cash, leading to a CN¥2.75b net cash position.
如下所示,截至2024年3月,普洛药业股份有限公司的债务为CN¥96310万,与前年相当。您可以单击图表查看更多详细信息。另一方面,它还有CN¥37.2亿的现金,形成了CN¥27.5亿的净现金头寸。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240716/0-656b570ec599b5a9521a9843d170516b-0-1c38439f8ff7ca62f10a0321083d71e8.png/big)
How Healthy Is Apeloa PharmaceuticalLtd's Balance Sheet?
普洛药业股份有限公司的资产负债表有多健康?
According to the last reported balance sheet, Apeloa PharmaceuticalLtd had liabilities of CN¥6.77b due within 12 months, and liabilities of CN¥226.6m due beyond 12 months. Offsetting these obligations, it had cash of CN¥3.72b as well as receivables valued at CN¥2.86b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥424.3m.
根据最近的资产负债表报告,普洛药业股份有限公司有CN¥67.7亿的负债需要在12个月内偿还,有CN¥22660万的负债需要超过12个月偿还。抵消这些债务,它拥有CN¥37.2亿的现金以及价值CN¥28.6亿的应收账款需要在12个月内偿还。因此,它的负债超过了现金和(短期)应收账款的总和达到CN¥42430万。
Given Apeloa PharmaceuticalLtd has a market capitalization of CN¥15.7b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Apeloa PharmaceuticalLtd also has more cash than debt, so we're pretty confident it can manage its debt safely.
考虑到普洛药业股份有限公司的市值为CN¥157亿,很难相信这些负债会带来多大的威胁。话虽如此,显然我们应该继续监视其资产负债表,以防情况变得更糟。虽然它确实有需要注意的负债,但普洛药业股份有限公司的现金多于债务,因此我们相当有信心它可以安全地管理债务。
On the other hand, Apeloa PharmaceuticalLtd saw its EBIT drop by 2.7% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Apeloa PharmaceuticalLtd 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.
另一方面,普洛药业股份有限公司的EBIt在过去的12个月中下降了2.7%。如果收益继续以这个速度下降,公司可能会愈发难以管理其负债。当分析债务水平时,资产负债表是开始的明显地方。但最终业务未来的盈利能力将决定普洛药业股份有限公司能否随着时间的推移加强其资产负债表。因此,如果您想查看专业人士的看法,您可能会发现这份有关分析师利润预测的免费报告很有趣。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. Apeloa PharmaceuticalLtd 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. Looking at the most recent three years, Apeloa PharmaceuticalLtd recorded free cash flow of 39% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最后,企业需要自由现金流来偿还债务,而会计利润并不能胜任。普洛药业股份有限公司可能在资产负债表上有净现金,但查看企业将其息税前利润(EBIT)转换为自由现金流的能力仍然是有趣的,因为这将影响它管理债务的需要和能力。在最近的三年中,普洛药业股份有限公司的自由现金流占其EBIt的比例为39%,这比我们预期的要弱。在偿还债务方面,这并不好。
Summing Up
总之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Apeloa PharmaceuticalLtd has CN¥2.75b in net cash. So we are not troubled with Apeloa PharmaceuticalLtd's debt use. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. To that end, you should be aware of the 1 warning sign we've spotted with Apeloa PharmaceuticalLtd .
虽然查看公司的总负债总是明智的,但很让人放心的是,普洛药业股份有限公司拥有CN¥27.5亿的净现金。因此,我们对普洛药业股份有限公司的债务使用并不担忧。当分析债务水平时,资产负债表是开始的明显地方。但并不是所有的投资风险都存在于资产负债表中。为此,您应该了解我们发现的1个普洛药业股份有限公司警告。
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.
总的来说,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包含这些公司(所有这些公司都有盈利增长的记录)。这是免费的。
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