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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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。因此,當你考慮到任何一隻股票的風險有多大時,你需要考慮債務可能是顯而易見的,因為太多的債務可能會讓一家公司倒閉。重要的是華潤啤酒(集團)有限公司(HKG:291)確實有債務。但真正的問題是,這筆債務是否讓該公司面臨風險。
債務在什麼時候是危險的?
債務幫助企業,直到企業難以償還債務,無論是用新資本還是用自由現金流。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。在考慮一家公司的債務水平時,第一步是同時考慮其現金和債務。
查看我們對華潤啤酒(控股)的最新分析
華潤啤酒(控股)的淨負債是多少?
如下所示,截至2022年6月底,華潤啤酒(控股)的債務為8.0億元人民幣,而一年前該公司的債務為零。單擊圖像瞭解更多詳細信息。但另一方面,它也有144億加元的現金,導致136億加元的淨現金頭寸。
聯交所:291債轉股歷史2022年8月25日華潤啤酒(控股)的資產負債表有多強?
根據最近一次報告的資產負債表,華潤啤酒(控股)有232億加元的負債在12個月內到期,60.2億加元的負債在12個月後到期。作為對這些債務的抵消,該公司有144億加元的現金以及11.1億加元的應收賬款在12個月內到期。因此,它的負債超過了現金和(近期)應收賬款的總和137億元。
由於上市交易的華潤啤酒(控股)股票總價值達到令人印象深刻的人民幣1561億元,這種負債水平似乎不太可能構成重大威脅。然而,我們確實認為值得關注其資產負債表的實力,因為它可能會隨着時間的推移而變化。儘管華潤啤酒(控股)的負債值得注意,但它擁有淨現金,所以可以説它沒有沉重的債務負擔!
我們也熱烈地注意到,華潤啤酒(控股)去年息税前利潤增長了10%,使其債務負擔更容易處理。當你分析債務時,資產負債表顯然是你關注的領域。但決定華潤啤酒未來能否保持健康資產負債表的,最重要的是未來的收益。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
最後,企業需要自由現金流來償還債務;會計利潤只是不能削減這一點。華潤啤酒(控股)的資產負債表上可能有淨現金,但看看該公司將息税前收益(EBIT)轉換為自由現金流的情況仍然很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去的三年裏,華潤啤酒(控股)實際上產生了比息税前利潤更多的自由現金流。説到贏得貸款人的好感,沒有什麼比收到的現金更好的了。
總結
如果投資者擔心華潤啤酒(控股)的負債,我們可以理解,但我們可以放心的是,它擁有136億元人民幣的淨現金。上面的櫻桃是In將息税前利潤的121%轉化為自由現金流,帶來人民幣35億元。那麼,華潤啤酒(控股)的債務是一種風險嗎?但在我們看來並非如此。另一個讓我們對華潤啤酒(控股)有信心的因素是內部人士是否一直在買入股票:如果你也意識到了這個信號,你可以點擊這個鏈接立即找到答案。
如果你對一家增長迅速、資產負債表堅如磐石的公司更感興趣,那麼請立即查看我們的淨現金成長型股票清單。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
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風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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