Recently, liquor stocks have fallen, and my mother doesn't admit it.
If you want to say that the top liquor companies have the biggest decline, Yanghe said first, and no one said second. Today, Yanghe once fell to 9887 yuan shares, according to the highest point of 25886 yuan shares, down more than 61%, as of today, the total market value of Yanghe is 15102.1 billion yuan, which is really underestimated and can be underestimated again.
As of the end of the third quarter, the company's book money funds were 2412.6 billion yuan, trading financial assets 575.2 billion yuan, and other non-current financial assets 560.6 billion yuan, cash assets of nearly 40 billion yuan. It is 14 billion yuan faster than the same period in 2019, that is, it will increase by more than 3 billion yuan per year. If it is another five years, it is estimated that cash assets will reach nearly 60 billion yuan.
The company's current market value minus book cash assets is only about 110 billion yuan. For a liquor company with a non-net profit of more than 10 billion, the price-earnings ratio is about 11 times, which is really underestimated. Some people may say that liquor will not be like real estate, sales will decline rapidly.
I don't think there's anything to worry about, human nature never changes, and it's hard to quit addictive things. Even though Yanghe's net profit fell to 73 in 2019 after 5 years8.3 billion yuan (very small probability), and the price-earnings ratio will only be 20 times at that time, not to mention that there is still so much cash on the books.
In terms of the current stock price, the dividend yield is close to 4%, far exceeding the 5-year fixed deposit rate, and the security is still very high. Yanghe's long-term and short-term borrowings on the book are 0, and there are more than 5 billion contract liabilities (advance collections), and the company completed the expansion plan many years ago, even if the entire liquor industry is in a downturn, with a large number of high-quality old liquor inventory, the company will be able to take off quickly in the future as before.
In addition, compared with Wuliangye and Luzhou Laojiao, Yanghe's accounts receivable ratio is very low, and if the company puts the credit sales policy, the revenue can achieve a growth advantage compared with peers.