<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 一年股價與公允價值對比</p>
<p>探索來自社區的格蘭特投資公允價值並選擇您的觀點</p>
<p>有人説波動性，而不是債務，是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過 “波動性遠非與風險同義”。因此，當你考慮任何特定股票的風險時，顯然需要考慮債務，因為過多的債務可能會使公司陷入困境。我們注意到 <strong>格蘭特投資有限公司</strong>（SGX:5IG）確實在其資產負債表上有債務。但真正的問題是，這些債務是否使公司變得風險更大。</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
<h2>何時債務成為問題？</h2>
<p>當企業無法輕鬆履行這些義務時，債務和其他負債就會變得風險重重，無論是通過自由現金流還是以有吸引力的價格籌集資本。最終，如果公司無法履行其償還債務的法律義務，股東可能會一無所獲。雖然這種情況並不常見，但我們確實經常看到負債累累的公司因貸款方迫使其以低價籌集資本而永久稀釋股東權益。當然，許多公司利用債務來資助增長，而沒有任何負面後果。在考慮企業使用多少債務時，首先要查看其現金和債務的結合情況。</p>
<h2>格蘭特投資的債務情況如何？</h2>
<p>下圖可點擊以獲取更詳細信息，顯示到 2025 年 6 月，格蘭特投資的債務為 4.932 億新元，較一年前的 4.212 億新元有所增加。然而，它有 1.815 億新元的現金來抵消這部分債務，導致淨債務約為 3.117 億新元。</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 債務與股本歷史 2025 年 8 月 20 日</p>
<h2>看看格蘭特投資的負債情況</h2>
<p>根據最後報告的資產負債表，格蘭特投資在 12 個月內有 6.994 億新元的負債，12 個月後有 5.436 億新元的負債。另一方面，它有 1.815 億新元的現金和 4.919 億新元的應收賬款在一年內到期。因此，它的負債總額比其現金和短期應收賬款的總和多出 5.696 億新元。</p>
<p>鑑於這一赤字實際上高於公司市值的 4.371 億新元，我們認為股東確實應該像父母第一次看着孩子騎自行車一樣關注格蘭特投資的債務水平。在公司必須迅速清理資產負債表的情況下，股東似乎會遭受嚴重稀釋。</p>
<p>查看我們對格蘭特投資的最新分析</p>
<p>為了評估公司的債務相對於其收益的規模，我們計算其淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及息税前利潤（EBIT）與利息費用（利息覆蓋）的比率。這種方法的優勢在於我們考慮了債務的絕對數量（淨債務與 EBITDA）和與該債務相關的實際利息費用（其利息覆蓋比率）。</p>
<p>0.74 倍的低利息覆蓋率和 6.0 的令人不安的淨債務與 EBITDA 比率像一記重拳擊中了我們對格蘭特投資的信心。這意味着我們會認為它的債務負擔沉重。好消息是，格蘭特投資在過去 12 個月中 EBIT 增長了 53%。這種增長就像母親對新生兒的温暖擁抱，增強了公司的韌性，使其在管理債務時處於更強的位置。在分析債務水平時，資產負債表顯然是一個明顯的起點。但你不能孤立地看待債務；因為格蘭特投資需要收益來償還這些債務。因此，在考慮債務時，查看收益趨勢絕對是值得的。點擊這裏查看互動快照。</p>
<p>最後，企業需要自由現金流來償還債務；會計利潤根本不夠。因此，合理的步驟是查看 EBIT 中與實際自由現金流相匹配的比例。在過去三年中，格蘭特投資消耗了大量現金。雖然這可能是由於增長支出的結果，但這確實使債務變得更加風險。</p>
<h2>我們的看法</h2>
<p>表面上看，格蘭特投資的利息覆蓋率讓我們對該股票持謹慎態度，而其 EBIT 轉化為自由現金流的能力也沒有比一年中最繁忙的夜晚唯一空蕩蕩的餐廳更具吸引力。但至少它在增長 EBIT 方面表現相當不錯；這令人鼓舞。我們還應該注意，像格蘭特投資這樣的綜合公用事業行業公司通常會使用債務而沒有問題。總體而言，我們認為格蘭特投資的資產負債表對業務來説確實是一個風險。因此，我們對該股票持相當謹慎的態度，並認為股東應該密切關注其流動性。在分析債務時，資產負債表顯然是重點。但最終，每家公司都可能存在資產負債表之外的風險。舉個例子：我們發現 <strong>格蘭特投資有 2 個警告信號</strong>，您應該注意，其中一個可能是嚴重的。</p>
<p>如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的企業，請查看這份 <strong>免費</strong> 的淨現金企業名單。</p>

格蘭特投資

<p>格蘭特投資有限公司（SGX:5IG）的債務已增加至 4.932 億新元，扣除 1.815 億新元現金後，淨債務為 3.117 億新元。公司的負債超過其現金和應收賬款 5.696 億新元，這引發了對其債務管理能力的擔憂。由於利息覆蓋率較低，僅為 0.74，且淨債務與 EBITDA 的比率高達 6.0，股票看起來風險較大。然而，格蘭特投資的息税前利潤（EBIT）在過去一年增長了 53%，在一定程度上緩解了對其債務管理能力的擔憂</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 一年股價與公允價值對比</p>
</div><p>Explore Gallant Venture's Fair Values from the Community and select yours</p>
<div class="lb-trans"><p>探索來自社區的格蘭特投資公允價值並選擇您的觀點</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>有人説波動性，而不是債務，是投資者思考風險的最佳方式，但沃倫·巴菲特曾著名地説過 “波動性遠非與風險同義”。因此，當你考慮任何特定股票的風險時，顯然需要考慮債務，因為過多的債務可能會使公司陷入困境。我們注意到 <strong>格蘭特投資有限公司</strong>（SGX:5IG）確實在其資產負債表上有債務。但真正的問題是，這些債務是否使公司變得風險更大。</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
</div><h2>When Is Debt A Problem?</h2>
<div class="lb-trans"><h2>何時債務成為問題？</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>當企業無法輕鬆履行這些義務時，債務和其他負債就會變得風險重重，無論是通過自由現金流還是以有吸引力的價格籌集資本。最終，如果公司無法履行其償還債務的法律義務，股東可能會一無所獲。雖然這種情況並不常見，但我們確實經常看到負債累累的公司因貸款方迫使其以低價籌集資本而永久稀釋股東權益。當然，許多公司利用債務來資助增長，而沒有任何負面後果。在考慮企業使用多少債務時，首先要查看其現金和債務的結合情況。</p>
</div><h2>What Is Gallant Venture's Debt?</h2>
<div class="lb-trans"><h2>格蘭特投資的債務情況如何？</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>下圖可點擊以獲取更詳細信息，顯示到 2025 年 6 月，格蘭特投資的債務為 4.932 億新元，較一年前的 4.212 億新元有所增加。然而，它有 1.815 億新元的現金來抵消這部分債務，導致淨債務約為 3.117 億新元。</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 債務與股本歷史 2025 年 8 月 20 日</p>
</div><h2>A Look At Gallant Venture's Liabilities</h2>
<div class="lb-trans"><h2>看看格蘭特投資的負債情況</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>根據最後報告的資產負債表，格蘭特投資在 12 個月內有 6.994 億新元的負債，12 個月後有 5.436 億新元的負債。另一方面，它有 1.815 億新元的現金和 4.919 億新元的應收賬款在一年內到期。因此，它的負債總額比其現金和短期應收賬款的總和多出 5.696 億新元。</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>鑑於這一赤字實際上高於公司市值的 4.371 億新元，我們認為股東確實應該像父母第一次看着孩子騎自行車一樣關注格蘭特投資的債務水平。在公司必須迅速清理資產負債表的情況下，股東似乎會遭受嚴重稀釋。</p>
</div><p>Check out our latest analysis for Gallant Venture</p>
<div class="lb-trans"><p>查看我們對格蘭特投資的最新分析</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>為了評估公司的債務相對於其收益的規模，我們計算其淨債務與息税折舊攤銷前利潤（EBITDA）的比率，以及息税前利潤（EBIT）與利息費用（利息覆蓋）的比率。這種方法的優勢在於我們考慮了債務的絕對數量（淨債務與 EBITDA）和與該債務相關的實際利息費用（其利息覆蓋比率）。</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 倍的低利息覆蓋率和 6.0 的令人不安的淨債務與 EBITDA 比率像一記重拳擊中了我們對格蘭特投資的信心。這意味着我們會認為它的債務負擔沉重。好消息是，格蘭特投資在過去 12 個月中 EBIT 增長了 53%。這種增長就像母親對新生兒的温暖擁抱，增強了公司的韌性，使其在管理債務時處於更強的位置。在分析債務水平時，資產負債表顯然是一個明顯的起點。但你不能孤立地看待債務；因為格蘭特投資需要收益來償還這些債務。因此，在考慮債務時，查看收益趨勢絕對是值得的。點擊這裏查看互動快照。</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>最後，企業需要自由現金流來償還債務；會計利潤根本不夠。因此，合理的步驟是查看 EBIT 中與實際自由現金流相匹配的比例。在過去三年中，格蘭特投資消耗了大量現金。雖然這可能是由於增長支出的結果，但這確實使債務變得更加風險。</p>
</div><h2>Our View</h2>
<div class="lb-trans"><h2>我們的看法</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，格蘭特投資的利息覆蓋率讓我們對該股票持謹慎態度，而其 EBIT 轉化為自由現金流的能力也沒有比一年中最繁忙的夜晚唯一空蕩蕩的餐廳更具吸引力。但至少它在增長 EBIT 方面表現相當不錯；這令人鼓舞。我們還應該注意，像格蘭特投資這樣的綜合公用事業行業公司通常會使用債務而沒有問題。總體而言，我們認為格蘭特投資的資產負債表對業務來説確實是一個風險。因此，我們對該股票持相當謹慎的態度，並認為股東應該密切關注其流動性。在分析債務時，資產負債表顯然是重點。但最終，每家公司都可能存在資產負債表之外的風險。舉個例子：我們發現 <strong>格蘭特投資有 2 個警告信號</strong>，您應該注意，其中一個可能是嚴重的。</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>如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的企業，請查看這份 <strong>免費</strong> 的淨現金企業名單。</p>
</div>

格蘭特投資（SGX:5IG）是否負債過多？