<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/6D6D9092-E22E-4707-9032-D3BFEC8EE45C/chart/price-vs-fair-value?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/6D6D9092-E22E-4707-9032-D3BFEC8EE45C/chart/price-vs-fair-value"/></p>
<p>SGX:5IG 一年股价与公允价值对比</p>
<p>探索来自社区的格兰特投资公允价值并选择您的观点</p>
<p>有人说波动性，而不是债务，是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过 “波动性远非与风险同义”。因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>格兰特投资有限公司</strong>（SGX:5IG）确实在其资产负债表上有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<h2>何时债务成为问题？</h2>
<p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。最终，如果公司无法履行其偿还债务的法律义务，股东可能会一无所获。虽然这种情况并不常见，但我们确实经常看到负债累累的公司因贷款方迫使其以低价筹集资本而永久稀释股东权益。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
<h2>格兰特投资的债务情况如何？</h2>
<p>下图可点击以获取更详细信息，显示到 2025 年 6 月，格兰特投资的债务为 4.932 亿新元，较一年前的 4.212 亿新元有所增加。然而，它有 1.815 亿新元的现金来抵消这部分债务，导致净债务约为 3.117 亿新元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/27146700-debt-equity-history-analysis-1-dark-2/1755731048112?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/27146700-debt-equity-history-analysis-1-dark-2/1755731048112"/></p>
<p>SGX:5IG 债务与股本历史 2025 年 8 月 20 日</p>
<h2>看看格兰特投资的负债情况</h2>
<p>根据最后报告的资产负债表，格兰特投资在 12 个月内有 6.994 亿新元的负债，12 个月后有 5.436 亿新元的负债。另一方面，它有 1.815 亿新元的现金和 4.919 亿新元的应收账款在一年内到期。因此，它的负债总额比其现金和短期应收账款的总和多出 5.696 亿新元。</p>
<p>鉴于这一赤字实际上高于公司市值的 4.371 亿新元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注格兰特投资的债务水平。在公司必须迅速清理资产负债表的情况下，股东似乎会遭受严重稀释。</p>
<p>查看我们对格兰特投资的最新分析</p>
<p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用（利息覆盖）的比率。这种方法的优势在于我们考虑了债务的绝对数量（净债务与 EBITDA）和与该债务相关的实际利息费用（其利息覆盖比率）。</p>
<p>0.74 倍的低利息覆盖率和 6.0 的令人不安的净债务与 EBITDA 比率像一记重拳击中了我们对格兰特投资的信心。这意味着我们会认为它的债务负担沉重。好消息是，格兰特投资在过去 12 个月中 EBIT 增长了 53%。这种增长就像母亲对新生儿的温暖拥抱，增强了公司的韧性，使其在管理债务时处于更强的位置。在分析债务水平时，资产负债表显然是一个明显的起点。但你不能孤立地看待债务；因为格兰特投资需要收益来偿还这些债务。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
<p>最后，企业需要自由现金流来偿还债务；会计利润根本不够。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，格兰特投资消耗了大量现金。虽然这可能是由于增长支出的结果，但这确实使债务变得更加风险。</p>
<h2>我们的看法</h2>
<p>表面上看，格兰特投资的利息覆盖率让我们对该股票持谨慎态度，而其 EBIT 转化为自由现金流的能力也没有比一年中最繁忙的夜晚唯一空荡荡的餐厅更具吸引力。但至少它在增长 EBIT 方面表现相当不错；这令人鼓舞。我们还应该注意，像格兰特投资这样的综合公用事业行业公司通常会使用债务而没有问题。总体而言，我们认为格兰特投资的资产负债表对业务来说确实是一个风险。因此，我们对该股票持相当谨慎的态度，并认为股东应该密切关注其流动性。在分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。举个例子：我们发现 <strong>格兰特投资有 2 个警告信号</strong>，您应该注意，其中一个可能是严重的。</p>
<p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的净现金企业名单。</p>

格兰特投资

<p>格兰特投资有限公司（SGX:5IG）的债务已增加至 4.932 亿新元，扣除 1.815 亿新元现金后，净债务为 3.117 亿新元。公司的负债超过其现金和应收账款 5.696 亿新元，这引发了对其债务管理能力的担忧。由于利息覆盖率较低，仅为 0.74，且净债务与 EBITDA 的比率高达 6.0，股票看起来风险较大。然而，格兰特投资的息税前利润（EBIT）在过去一年增长了 53%，在一定程度上缓解了对其债务管理能力的担忧</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/6D6D9092-E22E-4707-9032-D3BFEC8EE45C/chart/price-vs-fair-value" alt="" original-src="https://images.simplywall.st/company/6D6D9092-E22E-4707-9032-D3BFEC8EE45C/chart/price-vs-fair-value"/></p>
<p>SGX:5IG 1 Year Share Price vs Fair Value</p>
<div class="lb-trans"><p>SGX:5IG 一年股价与公允价值对比</p>
</div><p>Explore Gallant Venture's Fair Values from the Community and select yours</p>
<div class="lb-trans"><p>探索来自社区的格兰特投资公允价值并选择您的观点</p>
</div><p>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. We note that <strong>Gallant Venture Ltd.</strong> (SGX:5IG) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.</p>
<div class="lb-trans"><p>有人说波动性，而不是债务，是投资者思考风险的最佳方式，但沃伦·巴菲特曾著名地说过 “波动性远非与风险同义”。因此，当你考虑任何特定股票的风险时，显然需要考虑债务，因为过多的债务可能会使公司陷入困境。我们注意到 <strong>格兰特投资有限公司</strong>（SGX:5IG）确实在其资产负债表上有债务。但真正的问题是，这些债务是否使公司变得风险更大。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><h2>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何时债务成为问题？</h2>
</div><p>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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.</p>
<div class="lb-trans"><p>当企业无法轻松履行这些义务时，债务和其他负债就会变得风险重重，无论是通过自由现金流还是以有吸引力的价格筹集资本。最终，如果公司无法履行其偿还债务的法律义务，股东可能会一无所获。虽然这种情况并不常见，但我们确实经常看到负债累累的公司因贷款方迫使其以低价筹集资本而永久稀释股东权益。当然，许多公司利用债务来资助增长，而没有任何负面后果。在考虑企业使用多少债务时，首先要查看其现金和债务的结合情况。</p>
</div><h2>What Is Gallant Venture's Debt?</h2>
<div class="lb-trans"><h2>格兰特投资的债务情况如何？</h2>
</div><p>The image below, which you can click on for greater detail, shows that at June 2025 Gallant Venture had debt of S$493.2m, up from S$421.2m in one year. However, it does have S$181.5m in cash offsetting this, leading to net debt of about S$311.7m.</p>
<div class="lb-trans"><p>下图可点击以获取更详细信息，显示到 2025 年 6 月，格兰特投资的债务为 4.932 亿新元，较一年前的 4.212 亿新元有所增加。然而，它有 1.815 亿新元的现金来抵消这部分债务，导致净债务约为 3.117 亿新元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/27146700-debt-equity-history-analysis-1-dark-2/1755731048112" alt="" original-src="https://images.simplywall.st/asset/chart/27146700-debt-equity-history-analysis-1-dark-2/1755731048112"/></p>
<p>SGX:5IG Debt to Equity History August 20th 2025</p>
<div class="lb-trans"><p>SGX:5IG 债务与股本历史 2025 年 8 月 20 日</p>
</div><h2>A Look At Gallant Venture's Liabilities</h2>
<div class="lb-trans"><h2>看看格兰特投资的负债情况</h2>
</div><p>According to the last reported balance sheet, Gallant Venture had liabilities of S$699.4m due within 12 months, and liabilities of S$543.6m due beyond 12 months. On the other hand, it had cash of S$181.5m and S$491.9m worth of receivables due within a year. So it has liabilities totalling S$569.6m more than its cash and near-term receivables, combined.</p>
<div class="lb-trans"><p>根据最后报告的资产负债表，格兰特投资在 12 个月内有 6.994 亿新元的负债，12 个月后有 5.436 亿新元的负债。另一方面，它有 1.815 亿新元的现金和 4.919 亿新元的应收账款在一年内到期。因此，它的负债总额比其现金和短期应收账款的总和多出 5.696 亿新元。</p>
</div><p>Given this deficit is actually higher than the company's market capitalization of S$437.1m, we think shareholders really should watch Gallant Venture's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.</p>
<div class="lb-trans"><p>鉴于这一赤字实际上高于公司市值的 4.371 亿新元，我们认为股东确实应该像父母第一次看着孩子骑自行车一样关注格兰特投资的债务水平。在公司必须迅速清理资产负债表的情况下，股东似乎会遭受严重稀释。</p>
</div><p>Check out our latest analysis for Gallant Venture</p>
<div class="lb-trans"><p>查看我们对格兰特投资的最新分析</p>
</div><p>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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).</p>
<div class="lb-trans"><p>为了评估公司的债务相对于其收益的规模，我们计算其净债务与息税折旧摊销前利润（EBITDA）的比率，以及息税前利润（EBIT）与利息费用（利息覆盖）的比率。这种方法的优势在于我们考虑了债务的绝对数量（净债务与 EBITDA）和与该债务相关的实际利息费用（其利息覆盖比率）。</p>
</div><p>Weak interest cover of 0.74 times and a disturbingly high net debt to EBITDA ratio of 6.0 hit our confidence in Gallant Venture like a one-two punch to the gut. This means we'd consider it to have a heavy debt load. The good news is that Gallant Venture grew its EBIT a smooth 53% over the last twelve months. Like a mother's loving embrace of a newborn that sort of growth builds resilience, putting the company in a stronger position to manage its debt. When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Gallant Venture will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.</p>
<div class="lb-trans"><p>0.74 倍的低利息覆盖率和 6.0 的令人不安的净债务与 EBITDA 比率像一记重拳击中了我们对格兰特投资的信心。这意味着我们会认为它的债务负担沉重。好消息是，格兰特投资在过去 12 个月中 EBIT 增长了 53%。这种增长就像母亲对新生儿的温暖拥抱，增强了公司的韧性，使其在管理债务时处于更强的位置。在分析债务水平时，资产负债表显然是一个明显的起点。但你不能孤立地看待债务；因为格兰特投资需要收益来偿还这些债务。因此，在考虑债务时，查看收益趋势绝对是值得的。点击这里查看互动快照。</p>
</div><p>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, Gallant Venture burned a lot of cash. While that may be a result of expenditure for growth, it does make the debt far more risky.</p>
<div class="lb-trans"><p>最后，企业需要自由现金流来偿还债务；会计利润根本不够。因此，合理的步骤是查看 EBIT 中与实际自由现金流相匹配的比例。在过去三年中，格兰特投资消耗了大量现金。虽然这可能是由于增长支出的结果，但这确实使债务变得更加风险。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我们的看法</h2>
</div><p>On the face of it, Gallant Venture's interest cover left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But at least it's pretty decent at growing its EBIT; that's encouraging. We should also note that Integrated Utilities industry companies like Gallant Venture commonly do use debt without problems. Overall, it seems to us that Gallant Venture's balance sheet is really quite a risk to the business. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity. 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. Case in point: We've spotted <strong>2 warning signs for Gallant Venture</strong> you should be aware of, and 1 of them is potentially serious.</p>
<div class="lb-trans"><p>表面上看，格兰特投资的利息覆盖率让我们对该股票持谨慎态度，而其 EBIT 转化为自由现金流的能力也没有比一年中最繁忙的夜晚唯一空荡荡的餐厅更具吸引力。但至少它在增长 EBIT 方面表现相当不错；这令人鼓舞。我们还应该注意，像格兰特投资这样的综合公用事业行业公司通常会使用债务而没有问题。总体而言，我们认为格兰特投资的资产负债表对业务来说确实是一个风险。因此，我们对该股票持相当谨慎的态度，并认为股东应该密切关注其流动性。在分析债务时，资产负债表显然是重点。但最终，每家公司都可能存在资产负债表之外的风险。举个例子：我们发现 <strong>格兰特投资有 2 个警告信号</strong>，您应该注意，其中一个可能是严重的。</p>
</div><p>If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this <strong>free</strong> list of growing businesses that have net cash on the balance sheet.</p>
<div class="lb-trans"><p>如果您有兴趣投资那些能够在没有债务负担的情况下增长利润的企业，请查看这份 <strong>免费</strong> 的净现金企业名单。</p>
</div>

格兰特投资（SGX:5IG）是否负债过多？