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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)曾説過一句名言:波動性遠非風險的代名詞。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。我們可以看到大藥業集團有限公司(HKG:512)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?
債務在什麼時候是危險的?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。在最糟糕的情況下,如果一家公司無法償還債權人的債務,它可能會破產。然而,更常見(但代價仍然高昂)的情況是,一家公司必須以極低的價格發行股票,永久性地稀釋股東的股份,只是為了支撐其資產負債表。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。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對大藥業集團的最新分析
大藥業集團的債務是什麼?
如下所示,截至2022年6月底,大藥業集團的債務為35.7億港元,高於一年前的28.9億港元。單擊圖像瞭解更多詳細信息。然而,由於該公司擁有26.8億港元的現金儲備,其淨債務較少,約為8.932億港元。
聯交所:512債轉股歷史2022年9月20日大藥業集團的資產負債表有多強勁?
我們從最近的資產負債表可以看到,大藥業集團有59.4億港元的負債在一年內到期,還有21.1億港元的負債在這之後到期。作為抵消,該公司有26.8億港元現金和29.4億港元應收賬款在12個月內到期。因此,該公司的負債總額比現金和近期應收賬款的總和高出24.3億港元。
鑑於大藥業集團的市值為135億港元,很難相信這些債務會構成太大威脅。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。
為了評估一家公司的債務相對於它的收益,我們計算它的淨債務除以它的利息、税項、折舊和攤銷前收益(EBITDA)和它的利息和税前收益(EBIT)除以它的利息支出(它的利息覆蓋)。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
大藥業集團的淨債務與EBITDA之比較低,僅為0.32。而且它的息税前利潤輕鬆覆蓋了利息支出,是其規模的43.3倍。因此,我們對它對債務的超級保守使用相當放鬆。同樣積極的是,大製藥集團去年的息税前利潤增長了22%,這應該會使其更容易償還債務。毫無疑問,我們從資產負債表中瞭解到的債務最多。但最重要的是,未來的收益將決定大藥業集團未來保持健康資產負債表的能力。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,一家公司只能用冷硬現金償還債務,而不是會計利潤。因此,合乎邏輯的一步是看看息税前利潤與實際自由現金流相匹配的比例。在最近三年中,大藥業集團錄得的自由現金流相當於其息税前利潤的64%,考慮到自由現金流不包括利息和税收,這大致是正常的。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
大藥業集團的利息擔保表明,它可以輕鬆處理債務,就像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣。好消息還不止於此,因為它對EBITDA的淨債務也支持了這種印象!縮小範圍,大藥業集團似乎相當合理地使用債務;這得到了我們的認可。畢竟,合理的槓桿可以提高股本回報率。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。請注意,大藥業集團正在展示我們的投資分析中的2個警告信號,你應該知道關於……
如果你有興趣投資於可以在沒有債務負擔的情況下增長利潤的企業,那麼看看這個免費資產負債表上有淨現金的成長型企業名單。
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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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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