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Does Betta Pharmaceuticals (SZSE:300558) Have A Healthy Balance Sheet?

Does Betta Pharmaceuticals (SZSE:300558) Have A Healthy Balance Sheet?

貝達藥業(SZSE:300558)是否擁有健康的資產負債表?
Simply Wall St ·  2024/11/20 19:43

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' 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 Betta Pharmaceuticals Co., Ltd. (SZSE:300558) makes use of debt. But the real question is whether this debt is making the company risky.

霍華德·馬克斯說得很好,與其擔心股票價格的波動,不如說,'永久性損失的可能性是我擔心的風險……而我所知道的每一個務實投資者也在擔心這個。' 所以,聰明的錢知道,債務——通常涉及破產——在評估公司風險時是一個非常重要的因素。與許多其他公司一樣,貝達藥業(SZSE:300558)也利用了債務。但真正的問題是,這種債務是否讓公司變得風險高。

What Risk Does Debt Bring?

債務帶來了什麼風險?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own 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. 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 think about a company's use of debt, we first look at cash and debt together.

一般而言,債務只有在公司無法輕鬆償還時才會成爲真正的問題,無論是通過籌集資本還是通過自身的現金流。最終,如果公司無法履行法定義務償還債務,股東可能會一無所獲。雖然這並不常見,但我們常常看到負債公司因爲貸款者強迫他們以低價籌集資本而永久性稀釋股東權益。然而,債務可以是一個極好的工具,特別是對於那些需要資本以高回報率投資於增長的企業。我們在考慮公司的債務使用時,首先關注現金和債務的總體情況。

What Is Betta Pharmaceuticals's Net Debt?

貝達藥業的淨債務是多少?

You can click the graphic below for the historical numbers, but it shows that as of September 2024 Betta Pharmaceuticals had CN¥2.32b of debt, an increase on CN¥2.06b, over one year. However, it also had CN¥816.4m in cash, and so its net debt is CN¥1.51b.

您可以點擊下方的圖形查看歷史數據,但它顯示截至2024年9月,貝達藥業的債務爲23.2億人民幣,比一年前的20.6億人民幣有所增加。然而,它還擁有81640萬人民幣的現金,因此其淨債務爲15.1億人民幣。

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SZSE:300558 Debt to Equity History November 21st 2024
SZSE:300558 債務與股本歷史 2024年11月21日

How Healthy Is Betta Pharmaceuticals' Balance Sheet?

貝達藥業的資產負債表表現如何?

The latest balance sheet data shows that Betta Pharmaceuticals had liabilities of CN¥1.78b due within a year, and liabilities of CN¥1.85b falling due after that. On the other hand, it had cash of CN¥816.4m and CN¥230.1m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥2.59b.

最新的資產負債表數據顯示,貝達藥業的流動負債爲17.8億人民幣,1年內到期的流動負債爲18.5億人民幣。另一方面,它的現金爲81640萬人民幣,1年內到期的應收款爲23010萬人民幣。因此,其負債超出現金和(短期)應收款的總和爲25.9億人民幣。

Of course, Betta Pharmaceuticals has a market capitalization of CN¥22.1b, 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.

當然,貝達藥業的市值爲221億人民幣,因此這些負債可能是可以管理的。話雖如此,顯然我們應該繼續監控其資產負債表,以免情況變得更糟。

We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).

我們使用兩個主要指標來告知我們債務水平與盈利的關係。第一個是淨債務與息稅折舊攤銷前利潤(EBITDA)的比率,而第二個是其息稅前利潤(EBIT)覆蓋其利息費用(或其利息覆蓋,簡稱)。這種方法的優點在於我們考慮了債務的絕對數量(通過淨債務與EBITDA比率)和與該債務相關的實際利息費用(通過其利息覆蓋比率)。

We'd say that Betta Pharmaceuticals's moderate net debt to EBITDA ratio ( being 2.0), indicates prudence when it comes to debt. And its commanding EBIT of 11.2 times its interest expense, implies the debt load is as light as a peacock feather. We saw Betta Pharmaceuticals grow its EBIT by 5.4% in the last twelve months. That's far from incredible but it is a good thing, when it comes to paying off debt. 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 Betta Pharmaceuticals 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.

我們認爲,貝達藥業適度的淨債務與EBITDA的比率(爲2.0),在債務上顯示出謹慎。其EBIT爲利息支出的11.2倍,暗示債務負擔輕如孔雀羽毛。我們看到貝達藥業在過去的十二個月中,其EBIT增長了5.4%。雖然遠不算不可思議,但在償還債務時,這是件好事。在分析債務時,資產負債表顯然是需要關注的領域。但最終,業務的未來盈利能力將決定貝達藥業是否能夠隨着時間的推移增強其資產負債表。因此,如果你想看看專業人士的看法,你可能會發現這份關於分析師盈利預測的免費報告很有趣。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Betta Pharmaceuticals burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.

最後,雖然稅務部門可能喜歡會計利潤,但貸款人只接受現金。所以我們始終覈對有多少EBIt轉化爲自由現金流。在過去三年中,貝達藥業消耗了大量現金。儘管投資者無疑希望這種情況很快逆轉,但這顯然意味着其使用債務更具風險。

Our View

我們的觀點

Betta Pharmaceuticals's conversion of EBIT to free cash flow was a real negative on this analysis, although the other factors we considered were considerably better. There's no doubt that its ability to to cover its interest expense with its EBIT is pretty flash. When we consider all the factors mentioned above, we do feel a bit cautious about Betta Pharmaceuticals's use of debt. While debt does have its upside in higher potential returns, we think shareholders should definitely consider how debt levels might make the stock more risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for Betta Pharmaceuticals that you should be aware of.

貝達藥業將EBIt轉換爲自由現金流的表現是此次分析中的一個明顯負面因素,儘管我們考慮的其他因素要好得多。 毫無疑問,它用EBIt來覆蓋利息支出的能力相當出色。 當我們考慮上述所有因素時,我們對貝達藥業的債務使用感到有些謹慎。 儘管債務在更高潛在收益方面確實有優勢,但我們認爲股東應該明確考慮債務水平可能會使股票更加風險。 在分析債務水平時,資產負債表顯然是一個好的起點。 但最終,每家公司都可能存在資產負債表之外的風險。 例如,我們已識別出貝達藥業的1個警告信號,您需要注意。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果你是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,今天就來發現我們獨家的淨現金成長股票列表。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。

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