Beijing Capital Juda Ltd reports 257,317% CAPEX growth and 216% Revenue growth
18/03/2016 • About Beijing Capital Juda Ltd (
$1329) • By InTwits
Beijing Capital Juda Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Beijing Capital Juda Ltd doesn't have a profitable business model yet: 2015 ROIC is 0.9%
- EBITDA Margin is quite volatile: 6.0% in 2015, 5.2% in 2014, 12.7% in 2013, 12.7% in 2012, 16.6% in 2011
- Beijing Capital Juda Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 17.3%. At the same time it's in pair with industry average of 3.8%.
- CAPEX is quite volatile: 686 in 2015, 0.27 in 2014, 0.13 in 2013, 0.60 in 2012, 4.8 in 2011
- The company has potentially unprofitable business model: ROIC is at 0.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Beijing Capital Juda Ltd ($1329) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 174.9 | 242.1 | 204.7 | 261.4 | 825.6 | 215.8% |
| Gross Profit | 31.4 | 31.7 | 32.8 | 24.1 | 233.0 | 864.7% |
| SG&A | | | 15.5 | 15.5 | 205.3 | 1,224.9% |
| EBITDA | 29.0 | 30.8 | 26.0 | 13.6 | 49.8 | 267.2% |
| Net Income | 19.0 | 16.6 | 8.2 | 2.5 | 631.0 | 25,545.9% |
Balance Sheet
|
|---|
| Cash | 59.1 | 36.3 | 30.0 | 19.1 | 1,999.6 | 10,342.3% |
| Short Term Debt | 49.9 | 49.8 | 44.5 | 40.3 | 160.0 | 296.7% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 2,412.9 | |
Cash flow
|
|---|
| Capex | 4.8 | 0.6 | 0.1 | 0.3 | 686.2 | 257,317.4% |
Ratios
|
|---|
| Revenue growth | -14.1% | 38.4% | -15.5% | 27.7% | 215.8% | |
| EBITDA growth | -11.4% | 6.2% | -15.8% | -47.8% | 267.2% | |
| Gross Margin | 17.9% | 13.1% | 16.0% | 9.2% | 28.2% | 19.0% |
| EBITDA Margin | 16.6% | 12.7% | 12.7% | 5.2% | 6.0% | 0.8% |
| Net Income Margin | 10.9% | 6.9% | 4.0% | 0.9% | 76.4% | 75.5% |
| SG&A, % of revenue | | | 7.6% | 5.9% | 24.9% | 18.9% |
| CAPEX, % of revenue | 2.7% | 0.2% | 0.1% | 0.1% | 83.1% | 83.0% |
| ROIC | 30.9% | 20.8% | 11.7% | 4.7% | 0.9% | -3.8% |
| ROE | 70.3% | 22.1% | 6.2% | 1.6% | 38.4% | 36.8% |
| Net Debt/EBITDA | -0.3x | 0.4x | 0.6x | 1.6x | 11.5x | 9.9x |
Revenue and profitability
Beijing Capital Juda Ltd's Revenue jumped on 216% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin jumped on 24.3 pp from -5.7% to 18.6% in 2015.
Gross Margin surged on 19.0 pp from 9.2% to 28.2% in 2015. SG&A as a % of Revenue surged on 18.9 pp from 5.9% to 24.9% in 2015.
Net Income marign surged on 75.5 pp from 0.94% to 76.4% in 2015.
Capital expenditures (CAPEX) and working capital investments
Beijing Capital Juda Ltd's CAPEX/Revenue was 83.1% in 2015. The company showed fast CAPEX/Revenue growth of 82.9 pp from 0.25% in 2012 to 83.1% in 2015. For the last three years the average CAPEX/Revenue was 27.8%.Beijing Capital Juda Ltd has spent a lot to CAPEX (1,377% of EBITDA) to secure its growth.
Return on investment
The company operates at good ROE (38.41%) while ROIC is low (0.85%). ROIC decreased on 3.8 pp from 4.7% to 0.85% in 2015. ROE surged on 36.8 pp from 1.6% to 38.4% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 11.5x and Debt / EBITDA is 51.6x. Net Debt / EBITDA surged on 9.9x from 1.6x to 11.5x in 2015. Debt surged on 6,280% in 2015 while cash surged on 10,342% in 2015.
Appendix 1: Peers in Real Estate
Below we provide Beijing Capital Juda Ltd benchmarking against other companies in Real Estate 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 |
|---|
| Common Splendor International Health Industry Group Ltd ($286) | -0.9% | -0.5% | 1.9% | 4,120.2% | |
| Landsea Green Properties Co Ltd ($106) | -91.1% | -35.1% | -51.2% | 3,097.3% | |
| LVGEM China Real Estate Invest ($95) | -0.1% | -27.5% | -21.9% | 3,008.3% | |
| Rivera Holdings Ltd ($281) | | 197.1% | -89.9% | 2,067.2% | -92.7% |
| Ceneric Holdings Ltd ($542) | -94.0% | -73.9% | -49.8% | 1,922.5% | |
| |
|---|
| Median (173 companies) | 11.5% | 15.4% | 13.1% | 5.0% | 4.3% |
|---|
| Beijing Capital Juda Ltd ($1329) | | 38.4% | -15.5% | 27.7% | 215.8% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tern Properties Co Ltd ($277) | 96.9% | 96.7% | 98.4% | 98.4% | 98.7% |
| GR Properties Ltd ($108) | 37.4% | 39.3% | | 98.2% | |
| Renhe Commercial Holdings Co Ltd ($1387) | 71.1% | 79.0% | 95.2% | 97.9% | 99.9% |
| YT Realty Group Ltd ($75) | 91.5% | 94.4% | 96.6% | 96.7% | |
| ITC Properties Group Ltd ($199) | 29.8% | 22.8% | 92.9% | 95.2% | 62.7% |
| |
|---|
| Median (155 companies) | 43.8% | 42.2% | 41.8% | 39.3% | 43.8% |
|---|
| Beijing Capital Juda Ltd ($1329) | 17.9% | 13.1% | 16.0% | 9.2% | 28.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ITC Properties Group Ltd ($199) | 24.0% | -125.5% | -2,995.7% | 1,685.3% | -525.1% |
| Beijing Properties Holdings Ltd ($925) | 33.2% | -606.3% | 2,162.6% | 224.3% | |
| Chinese Estates Holdings Ltd ($127) | 340.9% | 356.2% | 91.6% | 195.5% | 397.4% |
| Zall Development Group Ltd ($2098) | 73.6% | 105.3% | 133.1% | 143.2% | |
| Ceneric Holdings Ltd ($542) | -5.9% | -382.7% | -1,024.0% | 126.8% | |
| |
|---|
| Median (173 companies) | 35.3% | 29.1% | 28.2% | 27.3% | 29.1% |
|---|
| Beijing Capital Juda Ltd ($1329) | 16.6% | 12.7% | 12.7% | 5.2% | 6.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 0.0% | 18.0% | 27,965.5% | |
| ITC Properties Group Ltd ($199) | 25.6% | 56.2% | 4,202.4% | 1,304.7% | 189.7% |
| Wanda Hotel Development Co Ltd ($169) | | 5.9% | 24.1% | 1,091.1% | 190.4% |
| Pacific Century Premium Developments Ltd ($432) | 6.5% | 2.9% | 323.1% | 351.2% | 340.6% |
| Liu Chong Hing Investment Ltd ($194) | 9.4% | 18.5% | 6.1% | 269.7% | 0.9% |
| |
|---|
| Median (174 companies) | 5.9% | 5.5% | 6.2% | 4.7% | 6.8% |
|---|
| Beijing Capital Juda Ltd ($1329) | 2.7% | 0.2% | 0.1% | 0.1% | 83.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rykadan Capital Ltd ($2288) | 17.2% | -1.8% | -2.6% | 48.4% | -3.7% |
| Colour Life Services Group Co Ltd ($1778) | | 44.2% | 47.9% | 29.3% | 14.5% |
| LVGEM China Real Estate Invest ($95) | 0.2% | -0.2% | -1.1% | 22.1% | |
| Zall Development Group Ltd ($2098) | 39.0% | 19.2% | 17.6% | 18.7% | |
| China Overseas Land & Investment Ltd ($688) | 18.0% | 18.4% | 15.1% | 18.5% | 15.4% |
| |
|---|
| Median (177 companies) | 4.6% | 4.0% | 3.8% | 3.8% | 3.0% |
|---|
| Beijing Capital Juda Ltd ($1329) | 30.9% | 20.8% | 11.7% | 4.7% | 0.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Properties Group Ltd ($1838) | 16.9x | 43.0x | 21.4x | 1,523.0x | |
| SRE Group Ltd ($1207) | 10.6x | 14.1x | 24.7x | 1,184.6x | |
| Cheuk Nang Holdings Ltd ($131) | 53.2x | | 177.3x | 901.7x | |
| Tian An China Investment Co Ltd ($28) | 2.4x | 13.2x | 15.1x | 486.6x | |
| Greenland Hong Kong Holdings Ltd ($337) | 3.7x | | 6.2x | 49.3x | |
| |
|---|
| Median (140 companies) | 2.1x | 2.4x | 2.8x | 3.0x | 2.7x |
|---|
| Beijing Capital Juda Ltd ($1329) | -0.3x | 0.4x | 0.6x | 1.6x | 11.5x |
