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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.
伯克希爾哈撒韋的外部基金經理理想汽車·盧直言不諱地説,最大的投資風險不是價格的波動,而是你是否會遭受永久性的資本損失。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。我們可以看到華潤燃氣集團有限公司(HKG:1193)確實在其業務中使用債務。但更重要的問題是:這筆債務造成了多大的風險?
什麼時候債務是個問題?
一般來説,只有當一家公司無法輕鬆償還債務時,債務才會成為一個真正的問題,無論是通過籌集資金還是用自己的現金流。最終,如果公司不能履行其償還債務的法定義務,股東可能會一無所有地離開。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。當然,債務的好處是,它往往代表着廉價資本,特別是當它用能夠以高回報率進行再投資的能力取代公司的稀釋時。當我們考慮一家公司的債務用途時,我們首先會把現金和債務放在一起看。
查看我們對華潤燃氣集團的最新分析
華潤燃氣集團的淨負債是多少?
下圖顯示,截至2022年6月,華潤燃氣集團的債務為145億港元,高於一年內的124億港元。你可以點擊查看更多細節。然而,它也有7億港元的現金,因此其淨債務為75.4億港元。
聯交所:1193債轉股歷史2022年8月28日華潤燃氣集團負債一瞥
根據最近一次公佈的資產負債表,華潤燃氣集團有50億港元的負債在12個月內到期,而80.3億港元的負債則在12個月後到期。作為抵消,該公司有7億港元現金和228億港元應收賬款在12個月內到期。因此,該公司的負債總額為283億港元,超過了現金和短期應收賬款的總和。
這一赤字並不是那麼糟糕,因為華潤燃氣集團的市值為710億港元,因此如果需要的話,可能會籌集到足夠的資本來支撐其資產負債表。然而,仍值得密切關注其償債能力。
我們通過查看公司的淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),並計算其息税前收益(EBIT)覆蓋利息支出(利息覆蓋)的容易程度,來衡量公司的債務負擔與其盈利能力的關係。這種方法的優點是,我們既考慮了債務的絕對數量(淨債務與EBITDA之比),也考慮了與債務相關的實際利息支出(及其利息覆蓋率)。
華潤燃氣集團的淨債務僅為其息税前利潤的0.69倍。它的息税前利潤高達利息支出的112倍。因此,你可以辯稱,它不會受到債務的威脅,就像大象受到老鼠的威脅一樣。另一方面,華潤燃氣集團的息税前利潤在過去12個月中下降了4.4%。如果收益繼續以這樣的速度下降,該公司管理債務負擔的難度可能會越來越大。當你分析債務時,資產負債表顯然是你關注的領域。但決定華潤燃氣集團未來能否保持健康資產負債表的,最重要的是未來的收益。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
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。因此,我們總是檢查EBIT中有多少轉化為自由現金流。在最近三年中,華潤燃氣集團錄得的自由現金流相當於其息税前利潤的55%,考慮到自由現金流不包括利息和税收,這一數字接近正常水平。這種自由現金流使公司在適當的時候處於償還債務的有利地位。
我們的觀點
在資產負債表方面,華潤燃氣集團最突出的積極因素是,它似乎能夠自信地用息税前利潤來彌補利息支出。但我們上面提到的其他因素並不那麼令人鼓舞。例如,它的息税前利潤增長率讓我們對它的債務有點緊張。同樣值得注意的是,華潤燃氣集團在燃氣公用事業行業,該行業通常被認為是相當防禦性的。考慮到這一範圍的數據點,我們認為華潤燃氣集團在管理其債務水平方面處於有利地位。話雖如此,這筆負擔足夠沉重,我們建議任何股東都要密切關注。在分析債務水平時,資產負債表顯然是一個起點。然而,並非所有投資風險都存在於資產負債表中--遠非如此。我們已經確定了1個警告信號與華潤燃氣集團合作,瞭解他們應該是你投資過程的一部分。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
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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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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