These 4 Measures Indicate That Shanghai Bairun Investment Holding Group (SZSE:002568) Is Using Debt Reasonably Well
These 4 Measures Indicate That Shanghai Bairun Investment Holding Group (SZSE:002568) Is Using Debt Reasonably Well
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. We note that Shanghai Bairun Investment Holding Group Co., Ltd. (SZSE:002568) does have debt on its balance sheet. But is this debt a concern to shareholders?
正如David Iben所說:‘波動性並不是我們關心的風險。我們關心的是避免資本永久損失。’ 因此,當您考慮任何特定股票的風險時,需要考慮負債,因爲過多的債務可能會拖垮一家公司。我們注意到,百潤股份有限公司(SZSE:002568)的負債表上確實有負債。但這樣的債務是否會對股東構成威脅?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. When we examine debt levels, we first consider both cash and debt levels, together.
債務是幫助企業成長的工具,但如果企業無力償付債權人的款項,那麼它就危在旦夕。最終,如果公司無法履行償還債務的法律責任,股東可能會一無所有地離開。然而,一個更常見(但仍然令人痛苦)的情況是,公司必須以低價募集新的股本資本,從而永久稀釋股東權益。然而,債務不僅能替代股權稀釋,還可是一個企業在投資高回報的成長時所需的極好工具。當我們審查企業的債務水平時,我們首先考慮現金和債務水平的結合情況。
How Much Debt Does Shanghai Bairun Investment Holding Group Carry?
百潤股份的負債規模如何?
As you can see below, Shanghai Bairun Investment Holding Group had CN¥1.73b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. However, it also had CN¥1.57b in cash, and so its net debt is CN¥164.5m.
正如下圖所示,百潤股份於2024年3月有人民幣1.73億元的債務,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。不過,百潤股份也有人民幣1.57億元的現金,因此其淨債務爲人民幣1.645億元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240630/0-8802474ccdc8720bfcdcfa29234f817d-0-dbd10b130562b5beea5b8cff79ba212c.png/big)
A Look At Shanghai Bairun Investment Holding Group's Liabilities
再看一下百潤股份的負債情況
The latest balance sheet data shows that Shanghai Bairun Investment Holding Group had liabilities of CN¥1.82b due within a year, and liabilities of CN¥1.10b falling due after that. On the other hand, it had cash of CN¥1.57b and CN¥217.9m worth of receivables due within a year. So it has liabilities totalling CN¥1.14b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,百潤股份有限公司有18.2億元的短期負債和11億元的長期負債。另一方面,它有15.7億元的現金和2.179億元的應收賬款。因此,它的總負債比其現金和短期應收賬款合計多出11.4億元。
Given Shanghai Bairun Investment Holding Group has a market capitalization of CN¥17.5b, it's hard to believe these liabilities pose much threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Carrying virtually no net debt, Shanghai Bairun Investment Holding Group has a very light debt load indeed.
由於百潤股份市值達到了175億元人民幣,因此很難相信這些負債會構成很大的威脅。但我們認爲值得關注的是其資產負債表強度,因爲它可能隨着時間的推移而發生變化。百潤股份幾乎沒有淨負債,負債規模非常輕。
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
通過查看公司的淨債務與利息、稅、折舊、攤銷前利潤(EBITDA)之比以及它的利息費用(利息覆蓋率)可以衡量一個公司的債務負擔與收益能力。因此,我們考慮將債務與有無計算折舊和攤銷費用的收益相對比。
Shanghai Bairun Investment Holding Group's net debt is only 0.15 times its EBITDA. And its EBIT easily covers its interest expense, being 251 times the size. So we're pretty relaxed about its super-conservative use of debt. Another good sign is that Shanghai Bairun Investment Holding Group has been able to increase its EBIT by 29% in twelve months, making it easier to pay down debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if Shanghai Bairun Investment Holding Group 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.
百潤股份的淨負債僅爲其息稅折舊攤銷前利潤(EBITDA)的0.15倍。其EBIT也輕鬆覆蓋了其利息支出,EBIT大小是利息支出的251倍。因此,我們對其超級保守的債務使用非常放心。另一個好跡象是,百潤股份已經成功增長了29%的EBIT,這使得還清債務更容易。毫無疑問,我們從資產負債表中了解到了大部分有關債務方面的信息。但最終公司未來的盈利能力將決定百潤股份是否能隨着時間的推移增強其資產負債表。因此,如果您想知道專業人士的看法,您可能會發現這份免費的分析師盈利預測報告很有趣。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Considering the last three years, Shanghai Bairun Investment Holding Group actually recorded a cash outflow, overall. Debt is far more risky for companies with unreliable free cash flow, so shareholders should be hoping that the past expenditure will produce free cash flow in the future.
最後,雖然稅務人員可能會喜歡會計利潤,但放貸人只接受冰冷的現金。因此,邏輯上需要查看實際自由現金流配對的EBIT的比例。然而,考慮到過去三年,百潤股份實際上記錄了總體現金流出。對於存在不可靠自由現金流的公司來說,債務風險會更大,因此股東應該希望過去的支出將產生未來的自由現金流。
Our View
我們的觀點
The good news is that Shanghai Bairun Investment Holding Group's demonstrated ability to cover its interest expense with its EBIT delights us like a fluffy puppy does a toddler. But we must concede we find its conversion of EBIT to free cash flow has the opposite effect. When we consider the range of factors above, it looks like Shanghai Bairun Investment Holding Group is pretty sensible with its use of debt. While that brings some risk, it can also enhance returns for shareholders. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Shanghai Bairun Investment Holding Group is showing 2 warning signs in our investment analysis , and 1 of those makes us a bit uncomfortable...
好消息是,百潤股份通過EBIT成功覆蓋其利息支出的能力令我們感到欣慰。但我們必須承認,它的EBIT轉化爲自由現金流具有相反的效果。綜合考慮上述各種因素,百潤股份使用債務相當明智。雖然這帶來了一些風險,但它也可以增強股東的回報率。毫無疑問,我們從資產負債表中了解到了大部分有關債務方面的信息。但最終,每個公司都可能存在超出資產負債表範圍的風險。請注意,百潤股份在我們的投資分析中顯示了2個警示信號,其中1個使我們感到有些不安......
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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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.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。