Xi'an Haitian Antenna Technologies Co Ltd CAPEX surged on 2,024% in 2015 and Revenue jumped on 112%
18/03/2016 • About Xi'an Haitian Antenna Technologies Co Ltd (
$8227) • By InTwits
Xi'an Haitian Antenna Technologies Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Xi'an Haitian Antenna Technologies Co Ltd doesn't have a profitable business model yet: 2015 ROIC is -23.3%
- The company operates at negative EBITDA Margin: -89.3%
- Xi'an Haitian Antenna Technologies Co Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -28.1% for the sames years0
- Xi'an Haitian Antenna Technologies Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.9%. At the same time it's a lot of higher than industry average of 5.8%.
- CAPEX is quite volatile: 2.9 in 2015, 0.14 in 2014, 0.087 in 2013, 0.33 in 2012, 2.3 in 2011
- The company has unprofitable business model: ROIC is at -23.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Xi'an Haitian Antenna Technologies Co Ltd ($8227) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 50.886 | 46.569 | 25.190 | 11.029 | 23.338 | 111.6% |
| Gross Profit | 4.348 | 10.075 | 4.189 | 0.821 | 5.820 | 608.9% |
| SG&A | | 15.976 | 15.232 | 13.534 | 20.146 | 48.9% |
| EBITDA | -30.205 | 13.480 | 0.315 | -6.846 | -20.847 | 204.5% |
| Net Income | -42.479 | 12.404 | -15.195 | -3.623 | -21.936 | 505.5% |
Balance Sheet
|
|---|
| Cash | 2.144 | 4.846 | 1.457 | 1.207 | 30.977 | 2,467.3% |
| Short Term Debt | 23.000 | 16.940 | 44.179 | 20.000 | 20.000 | 0.0% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 2.335 | 0.326 | 0.087 | 0.137 | 2.919 | 2,024.3% |
Ratios
|
|---|
| Revenue growth | -25.7% | -8.5% | -45.9% | -56.2% | 111.6% | |
| EBITDA growth | -31.9% | -144.6% | -97.7% | -2,273.8% | 204.5% | |
| Gross Margin | 8.5% | 21.6% | 16.6% | 7.4% | 24.9% | 17.5% |
| EBITDA Margin | -59.4% | 28.9% | 1.3% | -62.1% | -89.3% | -27.3% |
| Net Income Margin | -83.5% | 26.6% | -60.3% | -32.8% | -94.0% | -61.1% |
| SG&A, % of revenue | | 34.3% | 60.5% | 122.7% | 86.3% | -36.4% |
| CAPEX, % of revenue | 4.6% | 0.7% | 0.3% | 1.2% | 12.5% | 11.3% |
| ROIC | -42.6% | 13.0% | -4.7% | -10.0% | -23.3% | -13.3% |
| ROE | -174.8% | 81.5% | -76.8% | -34.9% | -53.5% | -18.6% |
| Net Debt/EBITDA | | 0.9x | 135.7x | | | 0.0x |
Revenue and profitability
The company's Revenue surged on 112% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 81.5 pp from -91.3% to -9.8% in 2015.
Gross Margin surged on 17.5 pp from 7.4% to 24.9% in 2015. SG&A as a % of Revenue dropped on 36.4 pp from 123% to 86.3% in 2015.
Net Income marign dropped on 61.1 pp from -32.8% to -94.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Xi'an Haitian Antenna Technologies Co Ltd had CAPEX/Revenue of 12.5%. Xi'an Haitian Antenna Technologies Co Ltd's CAPEX/Revenue surged on 11.8 pp from 0.70% in 2012 to 12.5% in 2015. It's average CAPEX/Revenue for the last three years was 4.7%.
Return on investment
The company operates at negative ROIC (-23.30%) and ROE (-53.50%). ROIC dropped on 13.3 pp from -10.0% to -23.3% in 2015. ROE dropped on 18.6 pp from -34.9% to -53.5% in 2015.
Leverage (Debt)
Debt level is -0.8x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in 2015. Debt didn't change in 2015 while cash surged on 2,467% in 2015.
Appendix 1: Peers in Telecommunications
Below you can find Xi'an Haitian Antenna Technologies Co Ltd benchmarking vs. other companies in Telecommunications 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 |
|---|
| China Energine International Holdings Ltd ($1185) | -41.8% | 143.6% | 34.3% | 103.1% | |
| MOBI Development Co Ltd ($947) | -23.4% | -13.8% | 29.1% | 85.6% | |
| Vodatel Networks Holdings Ltd ($8033) | | -5.9% | -4.6% | 81.7% | -25.8% |
| Gold Tat Group International Ltd ($8266) | | 29.4% | 1,582.2% | 77.0% | 26.5% |
| Great World Co Holdings Ltd ($8003) | | 1,651.8% | -81.7% | 61.9% | -3.7% |
| |
|---|
| Median (53 companies) | 14.3% | 9.1% | 8.3% | 7.5% | 6.1% |
|---|
| Xi'an Haitian Antenna Technologies Co Ltd ($8227) | | -8.5% | -45.9% | -56.2% | 111.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| HKBN Ltd ($1310) | | | 84.3% | 86.5% | 86.9% |
| Synertone Communication Corp ($1613) | 65.4% | 68.1% | 64.1% | 70.5% | 50.3% |
| Zhi Cheng Holdings Ltd ($8130) | 61.6% | 45.9% | 41.0% | 64.0% | 19.6% |
| APT Satellite Holdings Ltd ($1045) | 52.3% | 58.7% | 64.1% | 62.5% | |
| Hong Kong Television Network Ltd ($1137) | | -59.6% | -101.3% | 59.7% | |
| |
|---|
| Median (47 companies) | 28.1% | 25.5% | 28.1% | 27.1% | 36.2% |
|---|
| Xi'an Haitian Antenna Technologies Co Ltd ($8227) | 8.5% | 21.6% | 16.6% | 7.4% | 24.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Asia Satellite Telecommunications Holdings Ltd ($1135) | 83.5% | 86.5% | 85.8% | 81.6% | 82.4% |
| APT Satellite Holdings Ltd ($1045) | 76.7% | 81.0% | 78.9% | 77.5% | |
| Synertone Communication Corp ($1613) | 49.5% | 44.9% | 48.5% | 49.4% | 51.5% |
| HKBN Ltd ($1310) | | | 39.2% | 40.1% | 39.0% |
| PCCW Ltd ($8) | 31.4% | 32.0% | 31.9% | 39.2% | 30.6% |
| |
|---|
| Median (53 companies) | 14.0% | 8.3% | 6.7% | 7.9% | 14.2% |
|---|
| Xi'an Haitian Antenna Technologies Co Ltd ($8227) | -59.4% | 28.9% | 1.3% | -62.1% | -89.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hong Kong Television Network Ltd ($1137) | | 12,435.9% | 504.9% | 1,283.5% | |
| Asia Satellite Telecommunications Holdings Ltd ($1135) | 61.8% | 93.8% | 71.7% | 75.0% | 52.8% |
| Hanny Holdings Ltd ($275) | 80.8% | 19.8% | 11.6% | 28.3% | 0.2% |
| APT Satellite Holdings Ltd ($1045) | 155.2% | 74.3% | 2.5% | 27.2% | |
| China Electronics Corp Holdings Co Ltd ($85) | 1.5% | 1.8% | 8.3% | 27.1% | |
| |
|---|
| Median (52 companies) | 3.0% | 2.5% | 3.7% | 4.1% | 2.4% |
|---|
| Xi'an Haitian Antenna Technologies Co Ltd ($8227) | 4.6% | 0.7% | 0.3% | 1.2% | 12.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| VTech Holdings Ltd ($303) | 40.5% | 37.6% | 39.5% | 40.0% | 39.8% |
| Telecom Service One Holdings Ltd ($8145) | | 95.0% | 5.4% | 26.7% | 39.8% |
| TCL Communication Technology Holdings Ltd ($2618) | 6.4% | -1.6% | 6.0% | 17.2% | |
| China Fiber Optic Network System Group Ltd ($3777) | 23.1% | 18.8% | 17.6% | 16.6% | |
| China U-Ton Holdings Ltd ($6168) | 69.5% | 35.7% | 25.0% | 16.2% | |
| |
|---|
| Median (53 companies) | 7.4% | 6.0% | 5.8% | 6.6% | 7.1% |
|---|
| Xi'an Haitian Antenna Technologies Co Ltd ($8227) | -42.6% | 13.0% | -4.7% | -10.0% | -23.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CCT Land Holdings Ltd ($261) | | 10.1x | 23.8x | 48.4x | |
| China Energine International Holdings Ltd ($1185) | | | | 13.3x | |
| China Electronics Corp Holdings Co Ltd ($85) | -2.1x | -2.0x | -1.3x | 12.5x | |
| China All Access Holdings Ltd ($633) | -1.0x | 0.9x | 1.8x | 5.2x | |
| Synertone Communication Corp ($1613) | -0.3x | -0.4x | -2.2x | 4.8x | 2.5x |
| |
|---|
| Median (39 companies) | -0.2x | -0.2x | 0.6x | 0.4x | 0.3x |
|---|
