Yeebo International Hldg reports 98.0% Net Income growth and 3.0% Revenue growth
26/06/2015 • About Yeebo International Hldg (
$259) • By InTwits
Yeebo International Hldg reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yeebo International Hldg has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.1%. At the same time it's a lot of higher than industry average of 5.0%.
- CAPEX is quite volatile: 64.5 in FY2015, 74.2 in FY2014, 27.6 in FY2013, 30.2 in FY2012, 48.3 in FY2011
- The company has potentially unprofitable business model: ROIC is at 4.7%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yeebo International Hldg ($259) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 646.8 | 741.7 | 816.5 | 892.0 | 918.9 | 3.0% |
| Gross Profit | 121.7 | 122.1 | 113.2 | 116.9 | 119.0 | 1.9% |
| SG&A | | 70.2 | 82.1 | 76.7 | 73.9 | -3.6% |
| EBITDA | 82.6 | 77.4 | 71.3 | 79.1 | 87.8 | 10.9% |
| Net Income | 1,170.6 | 93.1 | 89.7 | 105.3 | 208.5 | 98.0% |
Balance Sheet
|
|---|
| Cash | 65.7 | 52.9 | 84.5 | 65.1 | 41.8 | -35.9% |
| Short Term Debt | 4.1 | 4.5 | 4.3 | 29.4 | 21.0 | -28.5% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 48.3 | 30.2 | 27.6 | 74.2 | 64.5 | -13.0% |
Ratios
|
|---|
| Revenue growth | 42.3% | 14.7% | 10.1% | 9.3% | 3.0% | |
| EBITDA growth | 84.6% | -6.3% | -7.9% | 11.1% | 10.9% | |
| Gross Margin | 18.8% | 16.5% | 13.9% | 13.1% | 13.0% | -0.1% |
| EBITDA Margin | 12.8% | 10.4% | 8.7% | 8.9% | 9.6% | 0.7% |
| Net Income Margin | 181.0% | 12.6% | 11.0% | 11.8% | 22.7% | 10.9% |
| SG&A, % of revenue | | 9.5% | 10.1% | 8.6% | 8.0% | -0.6% |
| CAPEX, % of revenue | 7.5% | 4.1% | 3.4% | 8.3% | 7.0% | -1.3% |
| ROIC | 5.4% | 4.8% | 4.7% | 5.1% | 4.7% | -0.3% |
| ROE | 114.6% | 7.5% | 9.8% | 10.7% | 18.9% | 8.1% |
| Net Debt/EBITDA | -0.7x | -0.6x | -1.1x | -0.5x | -0.2x | 0.2x |
Revenue and profitability
The company's Revenue increased on 3.0% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 11.0 pp from 26.9% to 37.9% in 2015.
Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue decreased slightly on 0.55 pp from 8.6% to 8.0% in FY2015.
Net Income marign surged on 10.9 pp from 11.8% to 22.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 7.0% in FY2015. Yeebo International Hldg's CAPEX/Revenue increased on 3.0 pp from 4.1% in FY2012 to 7.0% in FY2015. It's average level of CAPEX/Revenue for the last three years was 6.2%.Yeebo International Hldg invested a large share of EBITDA (73.5%) to CAPEX.
Return on investment
The company operates at good ROE (18.85%) while ROIC is low (4.74%). ROIC showed almost no change in FY2015. ROE increased on 8.1 pp from 10.7% to 18.9% in FY2015.
Leverage (Debt)
Debt level is -0.2x Net Debt / EBITDA and 0.2x Debt / EBITDA. Net Debt / EBITDA jumped on 0.2x from -0.5x to -0.2x in FY2015. Debt dropped on 28.5% in FY2015 while cash dropped on 35.9% in FY2015.
Appendix 1: Peers in Electronics
Below we provide Yeebo International Hldg benchmarking against other companies in Electronics industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Netcom Technology Holdings Ltd ($8071) | -22.0% | 11.6% | -23.0% | 104.1% | |
| Technovator International Ltd ($1206) | 31.6% | 27.4% | 34.1% | 35.9% | |
| Tongda Group Holdings Ltd ($698) | 34.0% | 8.3% | 6.4% | 32.1% | |
| Advanced Card Systems Holdings Ltd ($8210) | 25.3% | 36.9% | 20.8% | 26.7% | |
| Alltronics Holdings Ltd ($833) | 33.9% | -1.6% | -1.6% | 23.4% | |
| |
|---|
| Median (48 companies) | 8.3% | -1.7% | 2.8% | 3.7% | 7.0% |
|---|
| Yeebo International Hldg ($259) | | 14.7% | 10.1% | 9.3% | 3.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Advanced Card Systems Holdings Ltd ($8210) | 51.4% | 54.0% | 58.1% | 49.5% | |
| AAC Technologies Holdings Inc ($2018) | 44.0% | 44.2% | 42.7% | 41.4% | |
| TeleEye Holdings Ltd ($8051) | 51.6% | 44.0% | 42.1% | 38.5% | |
| Wasion Group Holdings Ltd ($3393) | 30.3% | 32.8% | 35.1% | 34.2% | |
| Datronix Holdings Ltd ($889) | 41.3% | 32.9% | 32.0% | 34.1% | |
| |
|---|
| Median (46 companies) | 13.6% | 14.1% | 13.8% | 14.1% | 12.5% |
|---|
| Yeebo International Hldg ($259) | 18.8% | 16.5% | 13.9% | 13.1% | 13.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AAC Technologies Holdings Inc ($2018) | 35.2% | 35.8% | 35.8% | 34.9% | |
| Nanjing Sample Technology Co Ltd ($1708) | 31.5% | 26.8% | 21.1% | 22.3% | |
| Wasion Group Holdings Ltd ($3393) | 18.9% | 18.8% | 21.2% | 22.0% | |
| Technovator International Ltd ($1206) | 19.2% | 19.0% | 19.0% | 20.8% | |
| Trigiant Group Ltd ($1300) | 17.0% | 17.6% | 18.2% | 18.5% | |
| |
|---|
| Median (48 companies) | 9.0% | 5.9% | 4.1% | 3.4% | 2.8% |
|---|
| Yeebo International Hldg ($259) | 12.8% | 10.4% | 8.7% | 8.9% | 9.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AKM Industrial Co Ltd ($1639) | 7.4% | 5.0% | 17.4% | 25.2% | |
| AAC Technologies Holdings Inc ($2018) | 25.9% | 18.7% | 8.7% | 19.6% | |
| Irico Group Electronics Co Ltd ($438) | 92.0% | 39.9% | 30.4% | 17.4% | |
| Tech Pro Technology Development Ltd ($3823) | 32.8% | 7.6% | 13.1% | 15.4% | |
| Nanjing Sample Technology Co Ltd ($1708) | 3.7% | 23.9% | 15.5% | 12.0% | |
| |
|---|
| Median (48 companies) | 3.3% | 3.7% | 3.0% | 3.7% | 0.8% |
|---|
| Yeebo International Hldg ($259) | 7.5% | 4.1% | 3.4% | 8.3% | 7.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| AAC Technologies Holdings Inc ($2018) | 22.3% | 29.1% | 30.0% | 26.0% | |
| Advanced Card Systems Holdings Ltd ($8210) | 15.5% | 26.7% | 24.7% | 20.2% | |
| Alltronics Holdings Ltd ($833) | 19.3% | 13.1% | 15.2% | 19.8% | |
| Tongda Group Holdings Ltd ($698) | 14.3% | 15.2% | 13.5% | 16.5% | |
| Trigiant Group Ltd ($1300) | 17.9% | 17.8% | 18.3% | 15.2% | |
| |
|---|
| Median (48 companies) | 5.9% | 4.1% | 3.3% | 2.7% | 4.5% |
|---|
| Yeebo International Hldg ($259) | 5.4% | 4.8% | 4.7% | 5.1% | 4.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| National Electronic Hldgs ($213) | 43.0x | 16.3x | 30.2x | 84.8x | |
| Sino-Tech International Holdings Ltd ($724) | | | 15.7x | 24.7x | |
| Eyang Holdings Group Co Ltd ($117) | 4.2x | 3.3x | 3.7x | 17.9x | |
| SAS Dragon Hldg Ltd ($1184) | 2.8x | 7.1x | 2.0x | 6.4x | |
| Willas-Array Electronics Holdings Ltd ($854) | 2.8x | 2.2x | 2.6x | 5.7x | 5.4x |
| |
|---|
| Median (34 companies) | 0.7x | 1.1x | 1.1x | 1.2x | 0.4x |
|---|
| Yeebo International Hldg ($259) | -0.7x | -0.6x | -1.1x | -0.5x | -0.2x |
