Goldlion Holdings Ltd Net Income decreased on 4.6% in 2015 and Revenue decreased on 2.0%
18/03/2016 • About Goldlion Holdings Ltd (
$533) • By InTwits
Goldlion Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Goldlion Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.7%. At the same time it's a lot of higher than industry average of 7.5%.
- CAPEX is quite volatile: 18.9 in FY2015, 20.5 in FY2014, 79.6 in FY2013, 247 in FY2012, 272 in FY2011
- The company has business model with low profitability: ROIC is at 8.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Goldlion Holdings Ltd ($533) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,802 | 1,863 | 1,875 | 1,541 | 1,510 | -2.0% |
| Gross Profit | 1,032 | 1,050 | 1,014 | 859 | 906 | 5.5% |
| SG&A | 555 | 596 | 598 | 556 | 618 | 11.1% |
| EBITDA | 501 | 481 | 440 | 347 | 344 | -1.1% |
| Net Income | 422 | 502 | 415 | 421 | 402 | -4.6% |
Balance Sheet
|
|---|
| Cash | 355 | 341 | 441 | 358 | 237 | -33.8% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 29 | 26 | 30 | 39 | 18 | -52.8% |
Ratios
|
|---|
| Revenue growth | 20.3% | 3.4% | 0.7% | -17.8% | -2.0% | |
| EBITDA growth | 9.5% | -4.0% | -8.6% | -21.0% | -1.1% | |
| Gross Margin | 57.3% | 56.4% | 54.1% | 55.7% | 60.0% | 4.3% |
| EBITDA Margin | 27.8% | 25.8% | 23.4% | 22.5% | 22.8% | 0.2% |
| Net Income Margin | 23.4% | 27.0% | 22.1% | 27.3% | 26.6% | -0.7% |
| SG&A, % of revenue | 30.8% | 32.0% | 31.9% | 36.1% | 40.9% | 4.8% |
| CAPEX, % of revenue | 1.6% | 1.4% | 1.6% | 2.5% | 1.2% | -1.3% |
| ROIC | 15.4% | 13.3% | 11.2% | 8.2% | 8.1% | -0.1% |
| ROE | 15.1% | 16.2% | 12.4% | 12.0% | 11.2% | -0.8% |
| Net Debt/EBITDA | -0.7x | -0.7x | -1.0x | -1.0x | -0.7x | 0.3x |
Revenue and profitability
The company's Revenue decreased on 2.0% in 2015. EBITDA Margin showed almost no change in 2015.
Gross Margin increased on 4.3 pp from 55.7% to 60.0% in 2015. SG&A as a % of Revenue increased on 4.8 pp from 36.1% to 40.9% in 2015.
Net Income marign decreased slightly on 0.70 pp from 27.3% to 26.6% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Goldlion Holdings Ltd had CAPEX/Revenue of 1.2%. Goldlion Holdings Ltd's CAPEX/Revenue showed almost no change from 2012 to 2015. For the last three years the average CAPEX/Revenue was 1.8%.
Return on investment
The company operates at low ROIC (8.06%) and ROE (11.17%). ROIC showed almost no change in 2015. ROE decreased slightly on 0.83 pp from 12.0% to 11.2% in 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 33.8% in 2015.
Appendix 1: Peers in Distribution/Wholesale
Below we provide Goldlion Holdings Ltd benchmarking against other companies in Distribution/Wholesale 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 |
|---|
| 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) | | -86.1% | 756.9% | 567.2% | -2.1% |
| China Infrastructure Investment Ltd ($600) | 346.9% | 412.1% | -50.9% | 557.9% | |
| China-Hongkong Photo Products Holdings Ltd ($1123) | | 24.9% | 9.0% | 81.2% | 12.2% |
| |
|---|
| Median (37 companies) | 6.1% | 2.6% | 1.5% | 1.4% | 6.1% |
|---|
| Goldlion Holdings Ltd ($533) | | 3.4% | 0.7% | -17.8% | -2.0% |
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% | 73.8% |
| Forefront Group Ltd ($885) | | | | 69.8% | |
| YGM Trading Ltd ($375) | 67.1% | 66.5% | 67.4% | 64.0% | 62.5% |
| Sincere Watch Hong Kong Ltd ($444) | 34.2% | 35.6% | 39.7% | 38.8% | 38.3% |
| E.Bon Holdings Ltd ($599) | 36.6% | 40.3% | 37.4% | 35.8% | 39.6% |
| |
|---|
| Median (33 companies) | 15.5% | 17.3% | 17.1% | 18.0% | 22.3% |
|---|
| Goldlion Holdings Ltd ($533) | 57.3% | 56.4% | 54.1% | 55.7% | 60.0% |
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% | 364.1% |
| 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) | 2.2% | 2.1% | 1.9% | 4.5% | 2.9% |
|---|
| Goldlion Holdings Ltd ($533) | 27.8% | 25.8% | 23.4% | 22.5% | 22.8% |
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% | 49.8% |
| HKC International Holdings Ltd ($248) | 0.9% | 5.5% | 0.8% | 11.4% | 0.5% |
| Tan Chong International Ltd ($693) | 7.6% | 6.0% | 7.6% | 7.0% | |
| |
|---|
| Median (36 companies) | 1.3% | 1.3% | 1.8% | 1.6% | 1.2% |
|---|
| Goldlion Holdings Ltd ($533) | 1.6% | 1.4% | 1.6% | 2.5% | 1.2% |
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% | 25.4% |
| Powerwell Pacific Holdings Ltd ($8265) | 27.8% | 6.4% | 6.4% | 23.6% | 27.1% |
| 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% | 5.5% |
| |
|---|
| Median (38 companies) | 2.2% | 2.1% | 0.9% | 3.1% | 2.4% |
|---|
| Goldlion Holdings Ltd ($533) | 15.4% | 13.3% | 11.2% | 8.2% | 8.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sheng Yuan Holdings Ltd ($851) | | | | 19.3x | 15.4x |
| Takson Holdings Ltd ($918) | | | 11.5x | 11.7x | 15.7x |
| 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 | 16.8x |
| |
|---|
| Median (26 companies) | -0.2x | -0.1x | -0.5x | 0.3x | 0.1x |
|---|
| Goldlion Holdings Ltd ($533) | -0.7x | -0.7x | -1.0x | -1.0x | -0.7x |
