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Is Minth Group (HKG:425) A Risky Investment?
Is Minth Group (HKG:425) A Risky Investment?
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. As with many other companies Minth Group Limited (HKG:425) makes use of debt. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
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 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.
Check out our latest analysis for Minth Group
How Much Debt Does Minth Group Carry?
The chart below, which you can click on for greater detail, shows that Minth Group had CN¥8.23b in debt in June 2022; about the same as the year before. However, because it has a cash reserve of CN¥4.64b, its net debt is less, at about CN¥3.58b.
SEHK:425 Debt to Equity History December 4th 2022How Healthy Is Minth Group's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Minth Group had liabilities of CN¥10.1b due within 12 months and liabilities of CN¥3.27b due beyond that. Offsetting these obligations, it had cash of CN¥4.64b as well as receivables valued at CN¥4.62b due within 12 months. So its liabilities total CN¥4.10b more than the combination of its cash and short-term receivables.
Given Minth Group has a market capitalization of CN¥21.0b, 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.
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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Minth Group's net debt to EBITDA ratio of about 1.9 suggests only moderate use of debt. And its strong interest cover of 1k times, makes us even more comfortable. Shareholders should be aware that Minth Group's EBIT was down 47% last year. If that earnings trend continues then paying off its debt will be about as easy as herding cats on to a roller coaster. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Minth Group 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. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Minth Group burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.
Our View
On the face of it, Minth Group's conversion of EBIT to free cash flow left us tentative about the stock, and its EBIT growth rate was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at covering its interest expense with its EBIT; that's encouraging. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making Minth Group stock a bit risky. That's not necessarily a bad thing, but we'd generally feel more comfortable with less leverage. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 1 warning sign for Minth 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Li·Lu曾説過,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。與許多其他公司一樣敏特集團有限公司(HKG:425)利用債務。但更重要的問題是:這筆債務造成了多大的風險?
為什麼債務會帶來風險?
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,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。
查看我們對Minth Group的最新分析
Minth Group揹負着多少債務?
下面的圖表顯示,Minth Group在2022年6月的債務為82.3億元人民幣,與前一年大致相同。點擊查看更多詳細信息。然而,由於其現金儲備為46.4億加元,其淨債務較少,約為35.8億加元。
聯交所:425債轉股歷史2022年12月4日敏斯集團的資產負債表有多健康?
放大最新的資產負債表數據可以看到,敏特集團有101億元人民幣的負債在12個月內到期,32.7億元人民幣的負債在12個月內到期。作為對這些債務的抵銷,該公司有46.4億加元的現金以及價值46.2億加元的應收賬款在12個月內到期。因此,其負債總額為人民幣41億元,比現金和短期應收賬款之和還要多。
鑑於Minth Group的市值為210億加元,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。
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。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
Minth Group的淨債務與EBITDA之比約為1.9,表明僅適度使用債務。而其1k倍的強大利息覆蓋,讓我們更加舒心。股東們應該知道,Minth Group的息税前利潤去年下降了47%。如果這種盈利趨勢持續下去,那麼償還債務就像把貓趕上過山車一樣容易。在分析債務水平時,資產負債表顯然是一個起點。但最終,未來業務的盈利能力將決定敏特集團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。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。在過去的三年裏,敏斯集團燒掉了大量現金。儘管這可能是增長支出的結果,但它確實使債務的風險大得多。
我們的觀點
從表面上看,Minth Group將EBIT轉換為自由現金流讓我們對該股持懷疑態度,其EBIT增長率並不比一年中最繁忙的夜晚的一家空餐廳更具誘惑力。但至少它在用息税前利潤支付利息支出方面相當不錯;這是令人鼓舞的。看看資產負債表,並考慮到所有這些因素,我們確實認為債務讓Minth Group的股票有點風險。這並不一定是一件壞事,但我們通常會在槓桿較少的情況下感到更舒服。在分析債務水平時,資產負債表顯然是一個起點。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。例如,我們發現明斯集團的1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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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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