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PC Partner Group (HKG:1263) Seems To Use Debt Rather Sparingly
PC Partner Group (HKG:1263) Seems To Use Debt Rather Sparingly
Legendary fund manager Li Lu (who Charlie Munger backed) once said, '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. Importantly, PC Partner Group Limited (HKG:1263) does carry debt. But should shareholders be worried about its use of debt?
When Is Debt A Problem?
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 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 examine debt levels, we first consider both cash and debt levels, together.
See our latest analysis for PC Partner Group
What Is PC Partner Group's Net Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 PC Partner Group had HK$917.1m of debt, an increase on HK$792.2m, over one year. However, it does have HK$3.10b in cash offsetting this, leading to net cash of HK$2.18b.
SEHK:1263 Debt to Equity History September 22nd 2022How Healthy Is PC Partner Group's Balance Sheet?
The latest balance sheet data shows that PC Partner Group had liabilities of HK$3.82b due within a year, and liabilities of HK$85.3m falling due after that. Offsetting this, it had HK$3.10b in cash and HK$1.25b in receivables that were due within 12 months. So it actually has HK$439.7m more liquid assets than total liabilities.
This excess liquidity suggests that PC Partner Group is taking a careful approach to debt. Given it has easily adequate short term liquidity, we don't think it will have any issues with its lenders. Succinctly put, PC Partner Group boasts net cash, so it's fair to say it does not have a heavy debt load!
On top of that, PC Partner Group grew its EBIT by 83% over the last twelve months, and that growth will make it easier to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But it is PC Partner Group's earnings that will influence how the balance sheet holds up in the future. So if you're keen to discover more about its earnings, it might be worth checking out this graph of its long term earnings trend.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. PC Partner Group 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, PC Partner Group actually produced more free cash flow than EBIT over the last three years. There's nothing better than incoming cash when it comes to staying in your lenders' good graces.
Summing Up
While it is always sensible to investigate a company's debt, in this case PC Partner Group has HK$2.18b in net cash and a decent-looking balance sheet. And it impressed us with free cash flow of HK$6.9b, being 357% of its EBIT. The bottom line is that we do not find PC Partner Group's debt levels at all concerning. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 2 warning signs for PC Partner Group that you should be aware of before investing here.
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.
傳奇基金經理理想汽車·盧曾説,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。重要的是PC合作伙伴集團有限公司(HKG:1263)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。當我們檢查債務水平時,我們首先同時考慮現金和債務水平。
查看我們對PC合作伙伴組的最新分析
PC Partner Group的淨債務是多少?
你可以點擊下圖查看歷史數字,但它顯示,截至2022年6月,PC Partner Group的債務為9.171億港元,較一年前增加7.922億港元。然而,它確實有31億港元的現金來抵消這一點,導致淨現金21.8億港元。
聯交所:1263債轉股歷史2022年9月22日PC Partner Group的資產負債表健康程度如何?
最新的資產負債表數據顯示,PC Partner Group有38.2億港元的負債在一年內到期,而8530萬港元的負債在一年內到期。作為抵消,該公司有31億港元的現金和12.5億港元的應收賬款在12個月內到期。因此,它實際上有4.397億港元更多流動資產超過總負債。
這種過剩的流動性表明,PC Partner Group正在對債務採取謹慎的做法。鑑於它擁有充足的短期流動性,我們認為它與貸款人之間不會有任何問題。簡而言之,PC合作伙伴集團擁有淨現金,因此可以公平地説,它沒有沉重的債務負擔!
最重要的是,PC Partner Group在過去12個月中息税前利潤增長了83%,這一增長將使其更容易處理債務。當你分析債務時,資產負債表顯然是你關注的領域。但個人電腦合作伙伴集團的收益將影響未來資產負債表的表現。因此,如果你熱衷於瞭解更多關於它的收益,可能值得查看一下它的長期收益趨勢圖。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。PC Partner Group的資產負債表上可能有淨現金,但看看該業務將息税前收益(EBIT)轉換為自由現金流的情況仍是有趣的,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,PC Partner Group在過去三年中產生的自由現金流實際上比EBIT還多。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
雖然調查一家公司的債務總是明智的,但在這起案件中,PC Partner Group擁有21.8億港元的淨現金和看起來不錯的資產負債表。它給我們留下了深刻的印象,自由現金流為69億港元,佔其息税前利潤的357%。歸根結底,我們並不認為PC Partner Group的債務水平令人擔憂。當你分析債務時,資產負債表顯然是你關注的領域。然而,並非所有投資風險都存在於資產負債表中--遠非如此。例如,我們發現PC合作伙伴組的2個警告標誌在這裏投資之前你應該意識到這一點。
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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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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