Pine Technology Holdings Ltd EBITDA dropped on 165% in 2015 and Revenue dropped on 27.4%
18/09/2015 • About Pine Technology Holdings Ltd (
$1079) • By InTwits
Pine Technology Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pine Technology Holdings Ltd is a company in decline: FY2015 revenue growth was -27.4%, 5 years revenue CAGR was -13.6%
- The company operates at negative EBITDA Margin: -1.7%
- EBITDA Margin is quite volatile: -1.7% in FY2015, 1.8% in FY2014, 3.2% in FY2013, 0.9% in FY2012, -0.3% in FY2011
- Pine Technology Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%.
- The company has unprofitable business model: ROIC is at -3.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pine Technology Holdings Ltd ($1079) key annual financial indicators
| mln. $ | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 259.6 | 232.0 | 214.2 | 233.7 | 169.6 | -27.4% |
| Gross Profit | 22.1 | 22.1 | 22.1 | 19.7 | 8.5 | -56.9% |
| SG&A | | | 13.8 | 12.9 | 10.9 | -15.4% |
| EBITDA | -0.8 | 2.1 | 6.8 | 4.3 | -2.8 | -165.2% |
| Net Income | -5.2 | -3.4 | 2.1 | 0.8 | -6.6 | -911.7% |
Balance Sheet
|
|---|
| Cash | 10.3 | 12.6 | 8.6 | 9.4 | 8.7 | -7.3% |
| Short Term Debt | 26.0 | 27.4 | 28.9 | 28.2 | 28.2 | 0.2% |
| Long Term Debt | 2.3 | 2.3 | 2.3 | 2.3 | 0.0 | -98.6% |
Cash flow
|
|---|
| Capex | 4.2 | 0.5 | 0.4 | 0.3 | 0.0 | -80.6% |
Ratios
|
|---|
| Revenue growth | -26.1% | -10.6% | -7.7% | 9.1% | -27.4% | |
| EBITDA growth | -107.2% | -372.8% | 219.4% | -36.6% | -165.2% | |
| Gross Margin | 8.5% | 9.5% | 10.3% | 8.4% | 5.0% | -3.4% |
| EBITDA Margin | -0.3% | 0.9% | 3.2% | 1.8% | -1.7% | -3.5% |
| Net Income Margin | -2.0% | -1.5% | 1.0% | 0.3% | -3.9% | -4.2% |
| SG&A, % of revenue | | | 6.5% | 5.5% | 6.4% | 0.9% |
| CAPEX, % of revenue | 1.6% | 0.2% | 0.2% | 0.1% | 0.0% | -0.1% |
| ROIC | -4.4% | -2.2% | 3.1% | 2.2% | -3.6% | -5.7% |
| ROE | -6.7% | -4.7% | 2.9% | 1.1% | -9.5% | -10.6% |
| Net Debt/EBITDA | | 8.0x | 3.3x | 4.9x | | -4.9x |
Revenue and profitability
Pine Technology Holdings Ltd's Revenue dropped on 27.4% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.5 pp from 1.8% to -1.7% in FY2015.
Gross Margin decreased on 3.4 pp from 8.4% to 5.0% in FY2015. SG&A as a % of Revenue increased slightly on 0.92 pp from 5.5% to 6.4% in FY2015.
Net Income marign decreased on 4.2 pp from 0.35% to -3.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Pine Technology Holdings Ltd had CAPEX/Revenue of 0.029%. CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average CAPEX/Revenue for the last three years was 0.10%.
Return on investment
The company operates at negative ROIC (-3.56%) and ROE (-9.51%). ROIC decreased on 5.7 pp from 2.2% to -3.6% in FY2015. ROE dropped on 10.6 pp from 1.1% to -9.5% in FY2015.
Leverage (Debt)
Debt level is -1.5x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 4.9x from 4.9x to in FY2015. Debt decreased on 7.1% in FY2015 while cash decreased on 7.3% in FY2015.
Appendix 1: Peers in Electronics
Below we provide Pine Technology Holdings Ltd 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) | 7.6% | -1.0% | 3.6% | 3.7% | 3.0% |
|---|
| Pine Technology Holdings Ltd ($1079) | | -10.6% | -7.7% | 9.1% | -27.4% |
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% | 37.0% |
| 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) | 15.0% | 14.6% | 13.8% | 14.1% | 15.0% |
|---|
| Pine Technology Holdings Ltd ($1079) | 8.5% | 9.5% | 10.3% | 8.4% | 5.0% |
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) | 9.3% | 7.4% | 6.0% | 4.6% | 3.3% |
|---|
| Pine Technology Holdings Ltd ($1079) | -0.3% | 0.9% | 3.2% | 1.8% | -1.7% |
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) | 3.5% | 3.7% | 3.2% | 4.2% | 1.7% |
|---|
| Pine Technology Holdings Ltd ($1079) | 1.6% | 0.2% | 0.2% | 0.1% | 0.0% |
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% | 4.3% | 3.5% | 3.0% | 2.4% |
|---|
| Pine Technology Holdings Ltd ($1079) | -4.4% | -2.2% | 3.1% | 2.2% | -3.6% |
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 | 19.9x |
| 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 | 1.0x | 1.1x | 1.0x | 0.1x |
|---|
| Pine Technology Holdings Ltd ($1079) | | 8.0x | 3.3x | 4.9x | |
