Does Betta Pharmaceuticals (SZSE:300558) Have A Healthy Balance Sheet?
Does Betta Pharmaceuticals (SZSE:300558) Have A Healthy Balance Sheet?
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.
霍华德·马克斯很好地表达了这一观点,他说,与其担心股价波动,不如担心永久性损失的可能性...我认识的每一个实际投资者都会担心这一点。因此,聪明的投资者知道,债务(通常与破产有关)是评估公司风险的一个非常重要因素。与许多其他公司一样,贝达药业股份有限公司(SZSE:300558)利用债务。但真正的问题是,这笔债务是否使公司变得风险更高。
What Risk Does Debt Bring?
What Risk Does Debt Bring?
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.
一般来说,债务只有在公司无法轻松偿还时才会成为真正的问题,无论是通过筹集资金还是利用自身的自由现金流。最终,如果公司无法履行偿还债务的法定义务,股东可能一无所有。虽然这并不常见,但我们经常看到负债公司因贷款人强迫他们以低迷价格筹集资金而导致股东永久稀释。然而,通过发行股票稀释,债务实际上可以成为需要资本以高回报率投资增长的企业的极好工具。在我们考虑一家公司使用债务时,我们首先看现金和债务的总量。
What Is Betta Pharmaceuticals's Net Debt?
贝达药业的净债务是多少?
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.
您可以点击下面的图表查看历史数据,但截至2024年9月,贝达药业的债务达到23.2亿人民币,较一年前的20.6亿人民币增加。然而,该公司也持有81640万人民币的现金,因此净债务为15.1亿人民币。

How Healthy Is Betta Pharmaceuticals' Balance Sheet?
贝达药业的资产负债表表现如何?
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.
最新的资产负债表数据显示,贝达药业有17.8亿人民币的一年内到期负债,18.5亿人民币的到期日在之后到期的负债。另一方面,它有81640万人民币的现金和23010万人民币的应收款项,这些在一年内到期。所以它的负债超过了现金和(短期)应收款项总和25.9亿人民币。
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.
当然,贝达药业的市值为221亿人民币,因此这些负债可能是可以管理的。话虽如此,显然我们应该继续监控其资产负债表,以免情况变得更糟。
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).
我们使用两个主要比率来了解债务相对于收入的水平。首先是净债务除以利息、税项、折旧和摊销前利润(EBITDA),而第二个是其税前利润(EBIT)可以覆盖利息支出的倍数(或简称为利息覆盖率)。 这种方法的优势在于我们既考虑了债务的绝对量(净债务与EBITDA)又考虑了与该债务相关的实际利息支出(利息覆盖比)。
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.
我们可以说,贝达药业的净债务/EBITDA比率(为2.0),表明在债务方面是审慎的。而其11.2倍利息支出的EBIt显示,债务负担如轻如孔雀羽毛。我们看到贝达药业在过去十二个月中EBIt增长了5.4%。这远非令人难以置信,但对于偿还债务来说是一件好事。资产负债表显然是分析债务时要关注的区域。但最终业务的未来盈利能力将决定贝达药业是否能够随时间加强其资产负债表。所以如果您想了解专业人士的观点,您可能会发现分析师利润预测的免费报告有趣。
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.
最后,虽然税务部门可能喜欢会计利润,但贷款人只接受现金。所以我们始终核对有多少EBIt转化为自由现金流。在过去三年中,贝达药业消耗了大量现金。尽管投资者无疑希望这种情况很快逆转,但这显然意味着其使用债务更具风险。
Our View
我们的观点
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.
贝达药业将EBIt转换为自由现金流在这次分析中确实是一个真正的负面,尽管我们考虑的其他因素都要好得多。毫无疑问,它用EBIt覆盖利息支出的能力相当出色。 当我们考虑以上提到的所有因素时,我们确实对贝达药业的债务使用感到有些谨慎。虽然债务在潜在回报方面的优势,我们认为股东们绝对应该考虑债务水平可能如何使股票更具风险。 在分析债务水平时,资产负债表显然是开始的地方。 但最终,每家公司可能都包含资产负债表之外存在的风险。 例如,我们已经找到了贝达药业的1个警告信号,你应该知道。
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.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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