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We Think China Resources Gas Group (HKG:1193) Can Stay On Top Of Its Debt
We Think China Resources Gas Group (HKG:1193) Can Stay On Top Of Its Debt
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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 can see that China Resources Gas Group Limited (HKG:1193) does use debt in its business. But the more important question is: how much risk is that debt creating?
When Is Debt A Problem?
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. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for China Resources Gas Group
What Is China Resources Gas Group's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 China Resources Gas Group had debt of HK$14.5b, up from HK$12.4b in one year. However, it also had HK$7.00b in cash, and so its net debt is HK$7.54b.
SEHK:1193 Debt to Equity History August 28th 2022A Look At China Resources Gas Group's Liabilities
According to the last reported balance sheet, China Resources Gas Group had liabilities of HK$50.0b due within 12 months, and liabilities of HK$8.03b due beyond 12 months. Offsetting this, it had HK$7.00b in cash and HK$22.8b in receivables that were due within 12 months. So its liabilities total HK$28.3b more than the combination of its cash and short-term receivables.
This deficit isn't so bad because China Resources Gas Group is worth HK$71.0b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt.
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). 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).
China Resources Gas Group's net debt is only 0.69 times its EBITDA. And its EBIT covers its interest expense a whopping 112 times over. So you could argue it is no more threatened by its debt than an elephant is by a mouse. On the other hand, China Resources Gas Group saw its EBIT drop by 4.4% in the last twelve months. If earnings continue to decline at that rate the company may have increasing difficulty managing its debt load. 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 Gas Group's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, China Resources Gas Group recorded free cash flow worth 55% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
Our View
When it comes to the balance sheet, the standout positive for China Resources Gas Group was the fact that it seems able to cover its interest expense with its EBIT confidently. But the other factors we noted above weren't so encouraging. For example, its EBIT growth rate makes us a little nervous about its debt. It's also worth noting that China Resources Gas Group is in the Gas Utilities industry, which is often considered to be quite defensive. Considering this range of data points, we think China Resources Gas Group is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with China Resources Gas Group , and understanding them should be part of your investment process.
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.
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.
伯克希尔哈撒韦的外部基金经理理想汽车·卢直言不讳地说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。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。我们可以看到华润燃气集团有限公司(HKG:1193)确实在其业务中使用债务。但更重要的问题是:这笔债务造成了多大的风险?
什么时候债务是个问题?
一般来说,只有当一家公司无法轻松偿还债务时,债务才会成为一个真正的问题,无论是通过筹集资金还是用自己的现金流。最终,如果公司不能履行其偿还债务的法定义务,股东可能会一无所有地离开。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对华润燃气集团的最新分析
华润燃气集团的净负债是多少?
下图显示,截至2022年6月,华润燃气集团的债务为145亿港元,高于一年内的124亿港元。你可以点击查看更多细节。然而,它也有7亿港元的现金,因此其净债务为75.4亿港元。
联交所:1193债转股历史2022年8月28日华润燃气集团负债一瞥
根据最近一次公布的资产负债表,华润燃气集团有50亿港元的负债在12个月内到期,而80.3亿港元的负债则在12个月后到期。作为抵消,该公司有7亿港元现金和228亿港元应收账款在12个月内到期。因此,该公司的负债总额为283亿港元,超过了现金和短期应收账款的总和。
这一赤字并不是那么糟糕,因为华润燃气集团的市值为710亿港元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。然而,仍值得密切关注其偿债能力。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。这种方法的优点是,我们既考虑了债务的绝对数量(净债务与EBITDA之比),也考虑了与债务相关的实际利息支出(及其利息覆盖率)。
华润燃气集团的净债务仅为其息税前利润的0.69倍。它的息税前利润高达利息支出的112倍。因此,你可以辩称,它不会受到债务的威胁,就像大象受到老鼠的威胁一样。另一方面,华润燃气集团的息税前利润在过去12个月中下降了4.4%。如果收益继续以这样的速度下降,该公司管理债务负担的难度可能会越来越大。当你分析债务时,资产负债表显然是你关注的领域。但决定华润燃气集团未来能否保持健康资产负债表的,最重要的是未来的收益。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
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。因此,我们总是检查EBIT中有多少转化为自由现金流。在最近三年中,华润燃气集团录得的自由现金流相当于其息税前利润的55%,考虑到自由现金流不包括利息和税收,这一数字接近正常水平。这种自由现金流使公司在适当的时候处于偿还债务的有利地位。
我们的观点
在资产负债表方面,华润燃气集团最突出的积极因素是,它似乎能够自信地用息税前利润来弥补利息支出。但我们上面提到的其他因素并不那么令人鼓舞。例如,它的息税前利润增长率让我们对它的债务有点紧张。同样值得注意的是,华润燃气集团在燃气公用事业行业,该行业通常被认为是相当防御性的。考虑到这一范围的数据点,我们认为华润燃气集团在管理其债务水平方面处于有利地位。话虽如此,这笔负担足够沉重,我们建议任何股东都要密切关注。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。我们已经确定了1个警告信号与华润燃气集团合作,了解他们应该是你投资过程的一部分。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
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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