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We Think Boai NKY Medical Holdings (SZSE:300109) Can Stay On Top Of Its Debt

We Think Boai NKY Medical Holdings (SZSE:300109) Can Stay On Top Of Its Debt

我們認爲新開源醫療控股(SZSE:300109)能夠解決債務問題。
Simply Wall St ·  08/24 09:44

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, Boai NKY Medical Holdings Ltd. (SZSE:300109) does carry debt. But the more important question is: how much risk is that debt creating?

David Iben說得很對,'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。' 當你考慮一家公司的資產負債表時,考慮它的風險是很自然的,因爲債務往往伴隨着企業倒閉。重要的是,新開源醫療控股有限公司(SZSE:300109)確實存在負債。但更重要的問題是:這些債務造成了多少風險?

When Is Debt Dangerous?

債務何時有危險?

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 frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

當企業無法輕鬆地通過自由現金流或以有吸引力的價格籌集資金來滿足這些義務時,債務和其他負債對企業變得高風險。在最壞的情況下,如果一家公司無法償還債權人,它可能會破產。然而,一個更頻繁(但仍然成本高昂)的情況是一家公司必須以白菜價發行股票,永久性地稀釋股東,以彌補其資產負債表。儘管會造成稀釋,債務對於需要資金以高回報率投資進行增長的企業來說,可以是一個極好的工具。當我們審查債務水平時,我們首先考慮現金和債務水平。

What Is Boai NKY Medical Holdings's Net Debt?

新開源醫療控股的淨債務是多少?

As you can see below, Boai NKY Medical Holdings had CN¥59.6m of debt at March 2024, down from CN¥70.5m a year prior. However, its balance sheet shows it holds CN¥282.9m in cash, so it actually has CN¥223.4m net cash.

正如下文所示,到2024年3月,新開源醫療控股的債務爲5960萬人民幣,低於一年前的7050萬人民幣。然而,其資產負債表顯示,它持有28290萬人民幣現金,因此實際上淨現金爲22340萬人民幣。

1724463894673
SZSE:300109 Debt to Equity History August 24th 2024
SZSE:300109 負債權益歷史數據 2024年8月24日

How Strong Is Boai NKY Medical Holdings' Balance Sheet?

新開源醫療控股的資產負債表有多強?

According to the last reported balance sheet, Boai NKY Medical Holdings had liabilities of CN¥395.5m due within 12 months, and liabilities of CN¥66.0m due beyond 12 months. Offsetting these obligations, it had cash of CN¥282.9m as well as receivables valued at CN¥478.5m due within 12 months. So it can boast CN¥299.9m more liquid assets than total liabilities.

根據最近披露的資產負債表顯示,新開源醫療控股有短期到期的負債39550萬人民幣,以及超過12個月到期的負債6600萬人民幣。 抵消這些義務,它擁有28290萬人民幣的現金以及47850萬人民幣的應收款項,這些款項在12個月內到期。 因此,它比總負債多擁有29990萬人民幣的流動資產。

This surplus suggests that Boai NKY Medical Holdings has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Simply put, the fact that Boai NKY Medical Holdings has more cash than debt is arguably a good indication that it can manage its debt safely.

這一盈餘表明新開源醫療控股的資產負債表較爲保守,可能很容易消除其債務。 簡而言之,新開源醫療控股擁有比債務更多的現金,這可以認爲是它可以安全管理債務的良好指示。

And we also note warmly that Boai NKY Medical Holdings grew its EBIT by 18% last year, making its debt load easier to handle. There's no doubt that we learn most about debt from the balance sheet. But you can't view debt in total isolation; since Boai NKY Medical Holdings will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

我們還要熱切地注意到,新開源醫療控股去年將其EBIt增長了18%,使得其債務負擔更容易處理。 毫無疑問,我們從資產負債表中最了解債務。 但您不能將債務完全孤立地看待;因爲新開源醫療控股需要盈利來償還債務。 因此,在考慮債務時,查看盈利趨勢絕對是值得的。 點擊這裏查看交互式快照。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Boai NKY Medical Holdings 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. Considering the last three years, Boai NKY Medical Holdings actually recorded a cash outflow, overall. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.

最後,雖然稅務部門可能喜歡會計利潤,但放貸人只接受冰冷的現金。 雖然新開源醫療控股在資產負債表上有淨現金,但我們仍然值得關注其將EBIT轉化爲自由現金流的能力,以幫助我們了解其正在迅速積累(或耗盡)現金餘額的速度。 考慮過去三年,新開源醫療控股實際上總體上記錄了現金流出。 債務通常更昂貴,並且幾乎總是在負遊離現金流的公司手中更具風險。 股東們應該希望有所改善。

Summing Up

總之

While it is always sensible to investigate a company's debt, in this case Boai NKY Medical Holdings has CN¥223.4m in net cash and a decent-looking balance sheet. And we liked the look of last year's 18% year-on-year EBIT growth. So we are not troubled with Boai NKY Medical Holdings's debt use. 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. To that end, you should be aware of the 1 warning sign we've spotted with Boai NKY Medical Holdings .

雖然調查公司的債務是明智的做法,但在這種情況下,新開源醫療控股淨現金資產爲CN¥22340萬,並且財務狀況看起來不錯。我們也喜歡去年18%的年增長率EBIt增長。因此,我們對新開源醫療控股的債務使用沒有困擾。在分析債務時,資產負債表顯然是重點。但最終,每家公司都可能存在超出資產負債表的風險。因此,您應該注意我們發現的與新開源醫療控股有關的1個警示信號。

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。

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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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。

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