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We Think Grand Pharmaceutical Group (HKG:512) Can Stay On Top Of Its Debt
We Think Grand Pharmaceutical Group (HKG:512) Can Stay On Top Of Its Debt
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 Grand Pharmaceutical Group Limited (HKG:512) does use debt in its business. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Grand Pharmaceutical Group
What Is Grand Pharmaceutical Group's Debt?
As you can see below, at the end of June 2022, Grand Pharmaceutical Group had HK$3.57b of debt, up from HK$2.89b a year ago. Click the image for more detail. However, because it has a cash reserve of HK$2.68b, its net debt is less, at about HK$893.2m.
SEHK:512 Debt to Equity History September 20th 2022How Strong Is Grand Pharmaceutical Group's Balance Sheet?
We can see from the most recent balance sheet that Grand Pharmaceutical Group had liabilities of HK$5.94b falling due within a year, and liabilities of HK$2.11b due beyond that. Offsetting this, it had HK$2.68b in cash and HK$2.94b in receivables that were due within 12 months. So it has liabilities totalling HK$2.43b more than its cash and near-term receivables, combined.
Given Grand Pharmaceutical Group has a market capitalization of HK$13.5b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward.
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Grand Pharmaceutical Group has a low net debt to EBITDA ratio of only 0.32. And its EBIT easily covers its interest expense, being 43.3 times the size. So we're pretty relaxed about its super-conservative use of debt. Also positive, Grand Pharmaceutical Group grew its EBIT by 22% in the last year, and that should make it easier to pay down debt, going forward. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Grand Pharmaceutical Group'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 company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the most recent three years, Grand Pharmaceutical Group recorded free cash flow worth 64% 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
Grand Pharmaceutical Group's interest cover suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. And the good news does not stop there, as its net debt to EBITDA also supports that impression! Zooming out, Grand Pharmaceutical Group seems to use debt quite reasonably; and that gets the nod from us. After all, sensible leverage can boost returns on equity. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Grand Pharmaceutical Group is showing 2 warning signs in our investment analysis , you should know about...
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
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.
巴菲特(Warren Buffett)曾说过一句名言:波动性远非风险的代名词。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。我们可以看到大药业集团有限公司(HKG:512)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?
债务在什么时候是危险的?
当一家企业无法轻松履行这些义务时,债务和其他债务就会变得有风险,无论是通过自由现金流还是通过以有吸引力的价格筹集资本。在最糟糕的情况下,如果一家公司无法偿还债权人的债务,它可能会破产。然而,更常见(但代价仍然高昂)的情况是,一家公司必须以极低的价格发行股票,永久性地稀释股东的股份,只是为了支撑其资产负债表。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对大药业集团的最新分析
大药业集团的债务是什么?
如下所示,截至2022年6月底,大药业集团的债务为35.7亿港元,高于一年前的28.9亿港元。单击图像了解更多详细信息。然而,由于该公司拥有26.8亿港元的现金储备,其净债务较少,约为8.932亿港元。
联交所:512债转股历史2022年9月20日大药业集团的资产负债表有多强劲?
我们从最近的资产负债表可以看到,大药业集团有59.4亿港元的负债在一年内到期,还有21.1亿港元的负债在这之后到期。作为抵消,该公司有26.8亿港元现金和29.4亿港元应收账款在12个月内到期。因此,该公司的负债总额比现金和近期应收账款的总和高出24.3亿港元。
鉴于大药业集团的市值为135亿港元,很难相信这些债务会构成太大威胁。但有足够的负债,我们肯定会建议股东继续监控未来的资产负债表。
为了评估一家公司的债务相对于它的收益,我们计算它的净债务除以它的利息、税项、折旧和摊销前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆盖)。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
大药业集团的净债务与EBITDA之比较低,仅为0.32。而且它的息税前利润轻松覆盖了利息支出,是其规模的43.3倍。因此,我们对它对债务的超级保守使用相当放松。同样积极的是,大制药集团去年的息税前利润增长了22%,这应该会使其更容易偿还债务。毫无疑问,我们从资产负债表中了解到的债务最多。但最重要的是,未来的收益将决定大药业集团未来保持健康资产负债表的能力。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,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,合乎逻辑的一步是看看息税前利润与实际自由现金流相匹配的比例。在最近三年中,大药业集团录得的自由现金流相当于其息税前利润的64%,考虑到自由现金流不包括利息和税收,这大致是正常的。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
大药业集团的利息担保表明,它可以轻松处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。好消息还不止于此,因为它对EBITDA的净债务也支持了这种印象!缩小范围,大药业集团似乎相当合理地使用债务;这得到了我们的认可。毕竟,合理的杠杆可以提高股本回报率。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。请注意,大药业集团正在展示我们的投资分析中的2个警告信号,你应该知道关于……
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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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