Uni-President China Holdings (HKG:220) Seems To Use Debt Quite Sensibly
Uni-President China Holdings (HKG:220) Seems To Use Debt Quite Sensibly
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that '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. Importantly, Uni-President China Holdings Ltd (HKG:220) does carry debt. But the more important question is: how much risk is that debt creating?
有人说,作为投资者,最好的方式是将波动性而不是债务视为风险,但沃伦·巴菲特曾经说过'波动性远非风险的代名词'。因此,当你考虑任何特定股票的风险时,需要考虑债务,因为过多的债务可能会拖垮一家公司。重要的是,统一企业中国控股有限公司(HKG:220)确实有债务。但更重要的问题是:这些债务到底带来多大风险?
When Is Debt A Problem?
什么时候负债才是一个问题?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无力偿还债权人的债务,那么它就处于他们的掌握之中。在最坏的情况下,如果企业无法偿付债权人的债务,它可能会破产。然而,更常见(但仍然昂贵)的情况是,公司必须以便宜的股价稀释股东来控制债务。当然,很多公司利用债务来资助增长,而不会出现任何负面后果。考虑企业使用多少债务时,首要考虑的是其现金和债务的总量。
How Much Debt Does Uni-President China Holdings Carry?
统一企业中国控股承担多少债务?
As you can see below, Uni-President China Holdings had CN¥1.75b of debt at June 2024, down from CN¥2.60b a year prior. But on the other hand it also has CN¥4.17b in cash, leading to a CN¥2.42b net cash position.
正如下面所示,统一企业中国控股于2024年6月的债务为175亿人民币,比前一年的26亿人民币减少。另一方面,它也拥有417亿人民币的现金,导致净现金位置达242亿人民币。
![1724545994104](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240825/42828777-0-866a89c823adb11368c185e7c48e8295.webp/bigjpg)
A Look At Uni-President China Holdings' Liabilities
中董事总经理挂念了统一企业中国控股有限公司负债的情况
The latest balance sheet data shows that Uni-President China Holdings had liabilities of CN¥8.31b due within a year, and liabilities of CN¥822.7m falling due after that. On the other hand, it had cash of CN¥4.17b and CN¥650.9m worth of receivables due within a year. So it has liabilities totalling CN¥4.31b more than its cash and near-term receivables, combined.
最新资产负债表数据显示,统一企业中国控股有限公司一年内有人民币83.1亿的短期负债,之后有人民币82270万的长期负债。另一方面,其现金为人民币41.7亿,应收账款为人民币65090万,其中一年内到期。因此,其负债总额比现金和短期应收账款还多43.1亿。
Since publicly traded Uni-President China Holdings shares are worth a total of CN¥24.7b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Uni-President China Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
由于统一企业中国控股有限公司公开交易的股票总价值为人民币247亿,所以似乎这种负债水平不太可能构成重大威胁。尽管如此,我们应该继续关注其资产负债表,以防恶化。尽管有显著的负债,统一企业中国控股有限公司仍然拥有净现金,因此可以说它没有沉重的债务负担!
But the other side of the story is that Uni-President China Holdings saw its EBIT decline by 3.8% over the last year. That sort of decline, if sustained, will obviously make debt harder to handle. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Uni-President China Holdings 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.
但事情的另一面是,统一企业中国控股有限公司的息税前利润(EBIt)在过去一年下降了3.8%。如果这种下降持续下去,显然会使债务更加难以处理。当分析债务时,资产负债表显然是要着重关注的领域。但最终业务的未来盈利能力将决定统一企业中国控股有限公司是否能够随着时间的推移加强其资产负债表。所以,如果您想知道专业人士的想法,您可能会发现对分析师利润预测的这份免费报告很有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Uni-President China Holdings 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, Uni-President China Holdings actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
但我们最后的考虑也很重要,因为公司不能用虚假利润来偿还债务;它需要真金白银的现金。统一企业中国控股有限公司在资产负债表上可能有净现金,但看看企业将息税前利润(EBIT)转化为自由现金流的效率有多高也很有意思,因为这将影响企业对债务的需求和处理能力。令股东快乐的是,过去三年,统一企业中国控股有限公司的自由现金流比EBIT更多。这种强大的现金转化能力让我们和大众一样为之兴奋,就像在Daft Punk音乐会上舞台上落下去时一样。
Summing Up
总之
While Uni-President China Holdings does have more liabilities than liquid assets, it also has net cash of CN¥2.42b. And it impressed us with free cash flow of CN¥2.8b, being 118% of its EBIT. So is Uni-President China Holdings's debt a risk? It doesn't seem so to us. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. Be aware that Uni-President China Holdings is showing 2 warning signs in our investment analysis , you should know about...
尽管统一企业中国控股的负债比流动资产多,但也有24.2亿元的净现金。而且它的自由现金流达到了28亿元,是其EBIt的118%。那么统一企业中国控股的债务风险呢?在我们看来似乎不是很大。当您在分析债务时,资产负债表显然是要重点关注的区域。但最终,每个公司都可能存在资产负债表之外的风险。请注意,在我们的投资分析中,统一企业中国控股显示出了2个警示信号,您应该了解一下...
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.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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