Lee Kee Holdings Ltd Net Debt / EBITDA didn't change in 2015 and EBITDA didn't change
09/06/2015 • About Lee Kee Holdings Ltd (
$637) • By InTwits
Lee Kee Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 1.8% in FY2015, 1.8% in FY2014, -0.0% in FY2013, -0.4% in FY2012, -1.0% in FY2011
- The company has potentially unprofitable business model: ROIC is at 2.4%
- It operates with high leverage: Net Debt/EBITDA is 6.1x while industry average is -0.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Lee Kee Holdings Ltd ($637) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3,520 | 2,471 | 2,424 | 2,494 | 2,494 | 0.0% |
| Gross Profit | 68 | 52 | 81 | 131 | 131 | 0.0% |
| SG&A | 98 | 91 | 93 | 105 | 105 | 0.0% |
| EBITDA | -36 | -9 | -1 | 45 | 45 | 0.0% |
| Net Income | -32 | -30 | -2 | | 27 | |
Balance Sheet
|
|---|
| Cash | 447 | 422 | 273 | 131 | 131 | 0.0% |
| Short Term Debt | 338 | 2 | 168 | 405 | 405 | 0.0% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 8 | | | | | |
Ratios
|
|---|
| Revenue growth | -2.5% | -29.8% | -1.9% | 2.9% | 0.0% | |
| EBITDA growth | -143.2% | -75.4% | -91.9% | -6,373.7% | 0.0% | |
| Gross Margin | 1.9% | 2.1% | 3.4% | 5.2% | 5.2% | 0.0% |
| EBITDA Margin | -1.0% | -0.4% | -0.0% | 1.8% | 1.8% | 0.0% |
| Net Income Margin | -0.9% | -1.2% | -0.1% | 0.0% | 1.1% | 1.1% |
| SG&A, % of revenue | 2.8% | 3.7% | 3.8% | 4.2% | 4.2% | 0.0% |
| CAPEX, % of revenue | 0.2% | | | | | 0.0% |
| ROIC | -3.3% | -1.6% | -0.9% | 2.6% | 2.4% | -0.2% |
| ROE | -2.7% | -2.6% | -0.2% | | 2.4% | 2.4% |
| Net Debt/EBITDA | | | | 6.1x | 6.1x | 0.0x |
Revenue and profitability
Lee Kee Holdings Ltd's Revenue didn't change in FY2015.
Return on investment
The company operates at low ROIC (2.38%) and ROE (2.39%). ROIC showed almost no change in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 6.1x and Debt / EBITDA is 8.9x. Net Debt / EBITDA didn't change in FY2015. Debt didn't change in FY2015 while cash didn't change in FY2015.
Appendix 1: Peers in Distribution/Wholesale
Below you can find Lee Kee Holdings Ltd benchmarking vs. other companies in Distribution/Wholesale 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, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Forefront Group Ltd ($885) | | | 504.6% | 3,871.0% | |
| China LNG Group Ltd ($931) | -84.5% | 694.8% | 13.6% | 1,341.3% | |
| Sheng Yuan Holdings Ltd ($851) | 571.1% | -86.1% | 756.9% | 567.2% | |
| China Infrastructure Investment Ltd ($600) | 346.9% | 412.1% | -50.9% | 557.9% | |
| China-Hongkong Photo Products Holdings Ltd ($1123) | 2.5% | 24.9% | 9.0% | 81.2% | |
| |
|---|
| Median (37 companies) | 16.5% | 3.1% | 2.1% | 0.8% | 214.6% |
|---|
| Lee Kee Holdings Ltd ($637) | | -29.8% | -1.9% | 2.9% | 0.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Goldin Financial Holdings Ltd ($530) | 67.0% | 75.3% | 71.7% | 74.8% | |
| Forefront Group Ltd ($885) | | | | 69.8% | |
| YGM Trading Ltd ($375) | 67.1% | 66.5% | 67.4% | 64.0% | |
| Goldlion Holdings Ltd ($533) | 57.3% | 56.4% | 54.1% | 55.7% | |
| Sincere Watch Hong Kong Ltd ($444) | 34.2% | 35.6% | 39.7% | 38.8% | |
| |
|---|
| Median (33 companies) | 16.4% | 17.5% | 18.2% | 19.3% | 26.9% |
|---|
| Lee Kee Holdings Ltd ($637) | 1.9% | 2.1% | 3.4% | 5.2% | 5.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Goldin Financial Holdings Ltd ($530) | -134.6% | 163.7% | 613.4% | 285.7% | |
| China LNG Group Ltd ($931) | 195.2% | 95.1% | 76.4% | 97.9% | |
| Forefront Group Ltd ($885) | | -2,113.8% | -803.1% | 57.7% | |
| China Infrastructure Investment Ltd ($600) | -1,171.2% | -274.9% | 120.0% | 52.0% | |
| GA Holdings Ltd ($8126) | -4.5% | 8.0% | 19.7% | 22.9% | |
| |
|---|
| Median (37 companies) | 2.9% | 2.6% | 2.5% | 4.6% | -7.8% |
|---|
| Lee Kee Holdings Ltd ($637) | -1.0% | -0.4% | -0.0% | 1.8% | 1.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| C Y Foundation Group Ltd ($1182) | 9.8% | 2.5% | 5.2% | 82.2% | 9.3% |
| Inspur International Ltd ($596) | 0.9% | 8.4% | 12.2% | 33.6% | |
| SIS International Holdings ($529) | 0.2% | 13.4% | 31.8% | 14.8% | |
| HKC International Holdings Ltd ($248) | 0.9% | 5.5% | 0.8% | 11.4% | |
| Tan Chong International Ltd ($693) | 7.6% | 6.0% | 7.6% | 7.0% | |
| |
|---|
| Median (37 companies) | 1.5% | 1.4% | 1.7% | 1.7% | 9.3% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China LNG Group Ltd ($931) | 2.2% | 8.4% | 7.4% | 87.0% | |
| Yestar International Holdings Co Ltd ($2393) | 29.4% | 28.8% | 24.1% | 26.2% | |
| Powerwell Pacific Holdings Ltd ($8265) | 27.8% | 6.4% | 6.4% | 23.6% | |
| Forefront Group Ltd ($885) | -37.7% | -4.9% | -11.0% | 19.5% | |
| Sincere Watch Hong Kong Ltd ($444) | 46.4% | 51.7% | 27.7% | 14.6% | |
| |
|---|
| Median (38 companies) | 2.9% | 2.7% | 1.7% | 3.2% | -15.6% |
|---|
| Lee Kee Holdings Ltd ($637) | -3.3% | -1.6% | -0.9% | 2.6% | 2.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sheng Yuan Holdings Ltd ($851) | | | | 19.3x | |
| Takson Holdings Ltd ($918) | | | 11.5x | 11.7x | |
| Huiyin Household Appliances Holdings Co Ltd ($1280) | 10.1x | | | 10.9x | |
| Pacific Andes International Holdings Ltd ($1174) | 4.9x | 5.1x | 9.1x | 7.8x | |
| SIS International Holdings ($529) | -62.1x | -1.8x | 7.0x | 7.2x | |
| |
|---|
| Median (26 companies) | -0.2x | -0.2x | -0.6x | -0.1x | |
|---|
| Lee Kee Holdings Ltd ($637) | | | | 6.1x | 6.1x |
