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We Think China Resources Beer (Holdings) (HKG:291) Can Manage Its Debt With Ease
We Think China Resources Beer (Holdings) (HKG:291) Can Manage Its Debt With Ease
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 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. Importantly, China Resources Beer (Holdings) Company Limited (HKG:291) does carry debt. But the real question is whether this debt is making the company risky.
When Is Debt Dangerous?
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 usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for China Resources Beer (Holdings)
What Is China Resources Beer (Holdings)'s Net Debt?
As you can see below, at the end of June 2022, China Resources Beer (Holdings) had CN¥800.0m of debt, up from none a year ago. Click the image for more detail. But on the other hand it also has CN¥14.4b in cash, leading to a CN¥13.6b net cash position.
SEHK:291 Debt to Equity History August 25th 2022How Strong Is China Resources Beer (Holdings)'s Balance Sheet?
According to the last reported balance sheet, China Resources Beer (Holdings) had liabilities of CN¥23.2b due within 12 months, and liabilities of CN¥6.02b due beyond 12 months. Offsetting these obligations, it had cash of CN¥14.4b as well as receivables valued at CN¥1.11b due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥13.7b.
Since publicly traded China Resources Beer (Holdings) shares are worth a very impressive total of CN¥156.1b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. Despite its noteworthy liabilities, China Resources Beer (Holdings) boasts net cash, so it's fair to say it does not have a heavy debt load!
And we also note warmly that China Resources Beer (Holdings) grew its EBIT by 10% last year, making its debt load easier to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine China Resources Beer (Holdings)'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.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. China Resources Beer (Holdings) may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the last three years, China Resources Beer (Holdings) actually produced more free cash flow than EBIT. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
We could understand if investors are concerned about China Resources Beer (Holdings)'s liabilities, but we can be reassured by the fact it has has net cash of CN¥13.6b. The cherry on top was that in converted 121% of that EBIT to free cash flow, bringing in CN¥3.5b. So is China Resources Beer (Holdings)'s debt a risk? It doesn't seem so to us. Another factor that would give us confidence in China Resources Beer (Holdings) would be if insiders have been buying shares: if you're conscious of that signal too, you can find out instantly by clicking this link.
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.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。重要的是华润啤酒(集团)有限公司(HKG:291)确实有债务。但真正的问题是,这笔债务是否让该公司面临风险。
债务在什么时候是危险的?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对华润啤酒(控股)的最新分析
华润啤酒(控股)的净负债是多少?
如下所示,截至2022年6月底,华润啤酒(控股)的债务为8.0亿元人民币,而一年前该公司的债务为零。单击图像了解更多详细信息。但另一方面,它也有144亿加元的现金,导致136亿加元的净现金头寸。
联交所:291债转股历史2022年8月25日华润啤酒(控股)的资产负债表有多强?
根据最近一次报告的资产负债表,华润啤酒(控股)有232亿加元的负债在12个月内到期,60.2亿加元的负债在12个月后到期。作为对这些债务的抵消,该公司有144亿加元的现金以及11.1亿加元的应收账款在12个月内到期。因此,它的负债超过了现金和(近期)应收账款的总和137亿元。
由于上市交易的华润啤酒(控股)股票总价值达到令人印象深刻的人民币1561亿元,这种负债水平似乎不太可能构成重大威胁。然而,我们确实认为值得关注其资产负债表的实力,因为它可能会随着时间的推移而变化。尽管华润啤酒(控股)的负债值得注意,但它拥有净现金,所以可以说它没有沉重的债务负担!
我们也热烈地注意到,华润啤酒(控股)去年息税前利润增长了10%,使其债务负担更容易处理。当你分析债务时,资产负债表显然是你关注的领域。但决定华润啤酒未来能否保持健康资产负债表的,最重要的是未来的收益。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,企业需要自由现金流来偿还债务;会计利润只是不能削减这一点。华润啤酒(控股)的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍然很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去的三年里,华润啤酒(控股)实际上产生了比息税前利润更多的自由现金流。说到赢得贷款人的好感,没有什么比收到的现金更好的了。
总结
如果投资者担心华润啤酒(控股)的负债,我们可以理解,但我们可以放心的是,它拥有136亿元人民币的净现金。上面的樱桃是In将息税前利润的121%转化为自由现金流,带来人民币35亿元。那么,华润啤酒(控股)的债务是一种风险吗?但在我们看来并非如此。另一个让我们对华润啤酒(控股)有信心的因素是内部人士是否一直在买入股票:如果你也意识到了这个信号,你可以点击这个链接立即找到答案。
如果你对一家增长迅速、资产负债表坚如磐石的公司更感兴趣,那么请立即查看我们的净现金成长型股票清单。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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