The numbers tell that Changan Minsheng APLL Logistics Co Ltd's growth is outstanding
01/04/2015 • About Changan Minsheng APLL Logistics Co Ltd (
$1292) • By InTwits
Have you thought about Changan Minsheng APLL Logistics Co Ltd as a growth stock? It showed noticeble revenue performance in the last years among with attractive profitability and financial model.
Growth story
Changan Minsheng APLL Logistics Co Ltd showed fast growth in the last financial year. The company's revenue surged on 15.0% in FY2014. The growth also happened in EBITDA of 0.0339% for the same period.
In the longer period the company showed fast revenue growth of 17.7% from 2011 to 2014 annualy. EBITDA dropped on 3.65% from 2011 to 2014 annualy.
Changan Minsheng APLL Logistics Co Ltd ($1292) financials for the last 5 years
| mln. CNY | 2010 | 2011 | 2012 | 2013 | 2014 |
|---|
| Revenue | 2,827 | 3,275 | 3,632 | 4,646 | 5,344 |
|---|
| Revenue growth, % | | 15.9% | 10.9% | 27.9% | 15.0% |
|---|
| Gross margin, % | 14.4% | 16.4% | 12.5% | 11.2% | 9.58% |
|---|
| SG&A, % | | | 5.55% | 6.15% | 4.36% |
|---|
| EBITDA | 294 | 403 | 320 | 360 | 361 |
|---|
| EBITDA growth, % | | 36.9% | -20.7% | 12.8% | 0.0% |
|---|
| EBITDA margin, % | 10.4% | 12.3% | 8.80% | 7.76% | 6.75% |
|---|
| Net Income | 179 | 250 | 204 | 208 | 222 |
|---|
| Net Income margin, % | 6.33% | 7.64% | 5.62% | 4.47% | 4.15% |
|---|
| |
| CAPEX | 117 | 71 | 50 | 106 | 220 |
|---|
| CAPEX/Revenue, % | 4.13% | 2.18% | 1.38% | 2.29% | 4.12% |
|---|
| Debt | 0 | 17 | 35 | 80 | 0 |
|---|
| Cash | 442 | 489 | 460 | 614 | 898 |
|---|
| Net Debt/EBITDA | -1.5x | -1.2x | -1.3x | -1.5x | -2.5x |
|---|
| |
| ROIC, % | 32.0% | 34.2% | 21.1% | 20.9% | 19.1% |
|---|
| ROE, % | 25.4% | 27.8% | 18.6% | 16.4% | 15.5% |
|---|
Profitability and return on investment
EBITDA growth was partly attributed to margin expansion. If we look for the longer period the company's EBITDA margin dropped on 5.60 pp from 12.3% in 2011 to 6.70% in 2014.
Changan Minsheng APLL Logistics Co Ltd shows attractive ROIC at 19.1% for the last 12 months which assumes stable development model. During the last three years it dropped - it was 34.2% in FY2011. It's average level of ROIC for the last three years was 20.4%.
The company's Net Income margin decreased on 0.300 pp from 4.50% to 4.20% in 2014. In the longer period Net Income margin dropped on 3.40 pp from 7.60% in 2011 to 4.20% in 2014.
Changan Minsheng APLL Logistics Co Ltd operates at ROE of 15.5%. For the last three years the average ROE was 16.8%.
Capital expenditures (CAPEX)
In FY2014 the company had CAPEX/Revenue of 4.12%. The company showed fast CAPEX/Revenue growth of 1.94 pp from 2.18% in 2011 to 4.12% in 2014. It's average level of CAPEX/Revenue for the last three years was 2.59%.
Leverage (Debt)
Having such a fast growth profile the company keeps negative net debt at -2.5x Net Debt/EBITDA. In the last 3 years leverage surged on 1.32x from -1.17x in 2011 to -2.49x in 2014.
Peers in Transportation
Below you can find Changan Minsheng APLL Logistics Co Ltd benchmarking vs. other companies in Transportation industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | | 11.7% | -4.2% | -5.9% | 60.4% |
| Tianjin Port Development Holdings Ltd ($3382) | | 9.8% | 8.7% | 24.9% | 51.9% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | | 18.0% | 9.4% | 6.9% | 12.9% |
| ASR Logistics Holdings Ltd ($1803) | | 23.2% | 11.7% | 19.7% | 12.5% |
| SITC International Holdings Co Ltd ($1308) | | 18.9% | 14.4% | 4.5% | 8.6% |
| |
|---|
| Median (19 companies) | | 3.9% | 6.9% | 6.9% | 1.8% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | | 15.9% | 10.9% | 27.9% | 15.0% |
Top companies by Gross margin, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 38.2% | 43.2% | 43.1% | 42.4% | 43.3% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 23.6% | 21.5% | 23.1% | 25.1% | 24.1% |
| Kwoon Chung Bus Holdings Ltd ($306) | 17.9% | 17.6% | 18.9% | 20.4% | 22.7% |
| ASR Logistics Holdings Ltd ($1803) | 29.6% | 30.7% | 27.4% | 26.6% | 18.0% |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 49.4% | 30.5% | 18.3% | -7.8% | 15.1% |
| |
|---|
| Median (16 companies) | 22.6% | 19.7% | 13.1% | 11.3% | 11.1% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 14.4% | 16.4% | 12.5% | 11.2% | 9.6% |
Top companies by EBITDA margin, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 44.1% | 45.3% | 46.0% | 44.6% | 46.5% |
| MTR Corp Ltd ($66) | 50.5% | 49.1% | 42.7% | 37.6% | 45.2% |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 74.8% | 61.3% | 56.3% | 18.7% | 32.6% |
| Kwoon Chung Bus Holdings Ltd ($306) | 15.9% | 15.4% | 13.3% | 16.1% | 20.7% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 14.6% | 11.8% | 13.8% | 15.4% | 17.0% |
| |
|---|
| Median (20 companies) | 19.3% | 16.7% | 12.7% | 14.1% | 9.6% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 10.4% | 12.3% | 8.8% | 7.8% | 6.7% |
Top companies by CAPEX/Revenue, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | 14.0% | | 0.0% | | 296.6% |
| Courage Marine Group Ltd ($1145) | 76.4% | 78.9% | 235.0% | 37.7% | 50.4% |
| Qinhuangdao Port Co Ltd ($3369) | 63.1% | 47.2% | 57.9% | 35.8% | 46.3% |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 5.7% | 150.5% | 4.0% | 6.1% | 40.7% |
| MTR Corp Ltd ($66) | 41.8% | 30.0% | 31.1% | 34.5% | 30.8% |
| |
|---|
| Median (20 companies) | 9.8% | 12.3% | 11.2% | 11.6% | 9.4% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 4.1% | 2.2% | 1.4% | 2.3% | 4.1% |
Top companies by ROIC, %
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| ASR Logistics Holdings Ltd ($1803) | 93.7% | 79.6% | 54.7% | 38.9% | 13.4% |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | 6.8% | 8.9% | 5.6% | 7.2% | 9.6% |
| Qinhuangdao Port Co Ltd ($3369) | | 9.3% | 9.8% | 9.6% | 9.3% |
| Kwoon Chung Bus Holdings Ltd ($306) | 6.4% | 6.9% | 3.6% | 5.7% | 9.2% |
| SITC International Holdings Co Ltd ($1308) | 28.3% | 9.0% | 8.2% | 9.1% | 9.1% |
| |
|---|
| Median (20 companies) | 6.8% | 6.7% | 3.6% | 4.7% | 4.2% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 32.0% | 34.2% | 21.1% | 20.9% | 19.1% |
Top companies by Net Debt / EBITDA
| FY2010 | FY2011 | FY2012 | FY2013 | FY2014 |
|---|
| Top 5 |
|---|
| Jinhui Holdings Co Ltd ($137) | 1.7x | 2.8x | 5.0x | 4.2x | 17.5x |
| AMS Public Transport Holdings Ltd ($77) | 1.3x | 0.7x | 1.2x | 11.6x | 7.7x |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 1.5x | 2.8x | 2.9x | 9.3x | 5.9x |
| Orient Overseas International Ltd ($316) | 1.3x | 2.0x | 2.7x | 5.1x | 3.4x |
| Tianjin Port Development Holdings Ltd ($3382) | 2.3x | 2.0x | 2.0x | 2.9x | 3.4x |
| |
|---|
| Median (16 companies) | 0.2x | 0.5x | 1.2x | 1.5x | 0.5x |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | -1.5x | -1.2x | -1.3x | -1.5x | -2.5x |
