Bio-Thera Solutions (SHSE:688177) Is Making Moderate Use Of Debt
Bio-Thera Solutions (SHSE:688177) Is Making Moderate Use Of Debt
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Bio-Thera Solutions, Ltd. (SHSE:688177) does carry debt. But should shareholders be worried about its use of debt?
大衛·伊本說得很好:“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損失。”當您考察某一公司的風險時,自然而然地會去考慮它的資產負債表,因爲企業倒閉時往往涉及債務。重要的是,Bio-Thera Solutions, Ltd. (SHSE:688177)確實帶有債務。但股東們是否應該擔心其負債的使用呢?
When Is Debt A Problem?
什麼時候負債才是一個問題?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
債務可以對業務提供幫助,直到業務開始有困難無法通過新資本或自由現金流來還債。資本主義的重要部分是“創造性破壞”過程,其中破產的企業會被銀行殘酷地清算。然而,更常見(但仍然令人痛苦)的情況是,企業需要以低價格籌集新的股權資本,因此持續稀釋股東的所有權。然而,通過替代稀釋,債務可以成爲對需要以高回報率投資於增長的企業而言極好的工具。考慮公司債務水平時的第一步是將其現金和債務放在一起考慮。
How Much Debt Does Bio-Thera Solutions Carry?
Bio-Thera Solutions的債務負擔有多重呢?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Bio-Thera Solutions had CN¥592.8m of debt, an increase on CN¥263.3m, over one year. However, because it has a cash reserve of CN¥462.5m, its net debt is less, at about CN¥130.2m.
您可以點擊下面的圖表查看歷史數據,但它顯示,截至2024年3月,Bio-Thera Solutions的債務總額爲592.8m人民幣,與一年前的263.3m人民幣相比增長了。但由於它有4.625億人民幣的現金儲備,其淨負債水平較低,約爲1.302億人民幣。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240603/0-8a2560c6b979a71c112ad34067e212f2-0-2ca315ad90c5f4e32e20bf46ecaa0aa5.png/big)
How Strong Is Bio-Thera Solutions' Balance Sheet?
Bio-Thera Solutions的資產負債表有多牢固呢?
The latest balance sheet data shows that Bio-Thera Solutions had liabilities of CN¥879.0m due within a year, and liabilities of CN¥286.5m falling due after that. Offsetting this, it had CN¥462.5m in cash and CN¥112.1m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥590.9m.
最新的資產負債表數據顯示,Bio-Thera Solutions的一年內到期負債爲8.79億元人民幣,之後到期負債爲2.865億元人民幣。與此相匹配的是,它擁有4.625億元人民幣的現金和1.121億元人民幣的應收賬款有到期日在12個月內。因此,它的負債超過其現金和(短期)應收賬款的總和590.9百萬元人民幣。
Of course, Bio-Thera Solutions has a market capitalization of CN¥11.5b, 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. But either way, Bio-Thera Solutions has virtually no net debt, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Bio-Thera Solutions's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
當然,Bio-Thera Solutions的市值爲11.5億元人民幣,因此這些負債可能是可以應付的。話雖如此,很明顯,我們應該繼續監督其資產負債表情況,以免出現惡化情況。但無論如何,Bio-Thera Solutions幾乎沒有淨債務,因此可以說它沒有沉重的債務負擔!在分析債務水平時,資產負債表是一個顯而易見的開始之處。然而,最重要的是未來的盈利,而不是其他任何因素,這將決定Bio-Thera Solutions維持健康資產負債表的能力。因此,如果您想了解專業人士的觀點,您可能會發現這份關於分析師盈利預測的免費報告很有趣。
In the last year Bio-Thera Solutions wasn't profitable at an EBIT level, but managed to grow its revenue by 33%, to CN¥711m. With any luck the company will be able to grow its way to profitability.
在過去的一年中,Bio-Thera Solutions的EBIT水平並沒有盈利,但成功增長了33%的營業收入,達到7.11億元人民幣。希望公司能夠實現盈利增長。
Caveat Emptor
買方自負。
Despite the top line growth, Bio-Thera Solutions still had an earnings before interest and tax (EBIT) loss over the last year. To be specific the EBIT loss came in at CN¥414m. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. So we think its balance sheet is a little strained, though not beyond repair. However, it doesn't help that it burned through CN¥593m of cash over the last year. So in short it's a really risky stock. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 1 warning sign for Bio-Thera Solutions that you should be aware of.
儘管生產總值增長,Bio-Thera Solutions在過去一年中仍然出現了利息和稅前虧損(EBIT)。具體來說,EBIT虧損達到了4.14億元人民幣。當我們考慮其資產負債表上的負債與現金時,相對不明智的是該公司擁有任何債務。因此,我們認爲其資產負債表有些吃緊,儘管不是無法挽救的。然而,它在過去一年裏損失了5.93億元人民幣的現金。簡而言之,這是一隻非常高風險的股票。毫無疑問,我們從資產負債表上了解債務的大部分信息。但是,並非所有的投資風險都包含在資產負債表中-遠非如此。例如,我們已經確定了Bio-Thera Solutions的1項警告信號,您應該注意。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有這些之後,您更感興趣的是具有堅實資產負債表的快速增長公司,那麼不要拖延,查看我們的淨現金增長股票列表。
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