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Tsingtao Brewery (HKG:168) Seems To Use Debt Rather Sparingly
Tsingtao Brewery (HKG:168) Seems To Use Debt Rather Sparingly
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Tsingtao Brewery Company Limited (HKG:168) does have debt on its balance sheet. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. 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. When we examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for Tsingtao Brewery
How Much Debt Does Tsingtao Brewery Carry?
You can click the graphic below for the historical numbers, but it shows that Tsingtao Brewery had CN¥240.0m of debt in June 2022, down from CN¥450.3m, one year before. However, its balance sheet shows it holds CN¥28.1b in cash, so it actually has CN¥27.8b net cash.
SEHK:168 Debt to Equity History September 11th 2022How Healthy Is Tsingtao Brewery's Balance Sheet?
According to the last reported balance sheet, Tsingtao Brewery had liabilities of CN¥20.3b due within 12 months, and liabilities of CN¥4.42b due beyond 12 months. Offsetting this, it had CN¥28.1b in cash and CN¥1.10b in receivables that were due within 12 months. So it actually has CN¥4.39b more liquid assets than total liabilities.
This surplus suggests that Tsingtao Brewery has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Tsingtao Brewery boasts net cash, so it's fair to say it does not have a heavy debt load!
The good news is that Tsingtao Brewery has increased its EBIT by 9.7% over twelve months, which should ease any concerns about debt repayment. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Tsingtao Brewery can strengthen its balance sheet over time. 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. Tsingtao Brewery 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. Happily for any shareholders, Tsingtao Brewery actually produced more free cash flow than EBIT over the last three years. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Summing Up
While it is always sensible to investigate a company's debt, in this case Tsingtao Brewery has CN¥27.8b in net cash and a decent-looking balance sheet. The cherry on top was that in converted 140% of that EBIT to free cash flow, bringing in CN¥4.0b. So is Tsingtao Brewery's debt a risk? It doesn't seem so to us. 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. These risks can be hard to spot. Every company has them, and we've spotted 1 warning sign for Tsingtao Brewery you should know about.
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
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。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。我們注意到青島啤酒股份股份有限公司(HKG:168)的資產負債表上確實有債務。但股東是否應該擔心它的債務使用情況?
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。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。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
參見我們對青島啤酒股份的最新分析
青島啤酒股份揹負着多少債務?
你可以點擊下圖查看歷史數據,但它顯示,青島啤酒股份在2022年6月的債務為2.40億元人民幣,低於一年前的4.503億元人民幣。然而,其資產負債表顯示,它持有人民幣281億元的現金,因此它實際上擁有人民幣278億元的淨現金。
聯交所:168債轉股歷史2022年9月11日青島啤酒股份的資產負債表有多健康?
根據最近一次上報的資產負債表,青島啤酒股份有203億加元的負債在12個月內到期,44.2億加元的負債超過12個月到期。作為抵消,它有281億加元的現金和11億加元的應收賬款在12個月內到期。所以它實際上有43.9億元人民幣更多流動資產超過總負債。
這一盈餘表明,青島啤酒股份的資產負債表比較保守,很可能會毫不費力地消除債務。簡而言之,青島啤酒股份擁有淨現金,可以説它沒有沉重的債務負擔!
好消息是,青島啤酒股份的息税前利潤在12個月內增長了9.7%,這應該會緩解人們對債務償還的擔憂。在分析債務水平時,資產負債表顯然是一個起點。但最終,該業務未來的盈利能力將決定青島啤酒股份能否隨着時間的推移加強其資產負債表。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。青島啤酒股份的資產負債表上可能有淨現金,但看看該公司將息税前利潤(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。對於任何股東來説,令人高興的是,青島啤酒股份在過去三年產生的自由現金流實際上比息税前利潤還多。這種強大的搖錢樹就像一隻穿着大黃蜂西裝的小狗一樣温暖着我們的心。
總結
雖然調查一家公司的債務總是明智之舉,但在這起案件中,青島啤酒股份擁有278億元人民幣的淨現金和體面的資產負債表。上面的櫻桃是In將這筆息税前利潤的140%轉化為自由現金流,帶來了人民幣40億元。那麼,青島啤酒股份的債務是一種風險嗎?但在我們看來並非如此。毫無疑問,我們從資產負債表中瞭解到的債務最多。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。這些風險可能很難發現。每家公司都有它們,我們已經發現青島啤酒股份的1個警示標誌你應該知道。
當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼不要猶豫,今天就來看看我們的淨現金成長型股票獨家名單。
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。
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。
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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