Beijing Beida Jade Bird Universal Sci-Tech Co Ltd CAPEX jumped on 201% in 2015 and Revenue surged on 18.6%
22/03/2016 • About Beijing Beida Jade Bird Universal Sci-Tech Co Ltd (
$8095) • By InTwits
Beijing Beida Jade Bird Universal Sci-Tech Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Beijing Beida Jade Bird Universal Sci-Tech Co Ltd is a fast growth stock: 2015 revenue growth was 18.6%, 5 year revenue CAGR was 29.5% at 2015 ROIC 14.0%
- Beijing Beida Jade Bird Universal Sci-Tech Co Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.6%. At the same time it's a lot of higher than industry average of 4.9%.
- CAPEX is quite volatile: 117 in 2015, 38.8 in 2014, 41.2 in 2013, 46.6 in 2012, 13.0 in 2011
- The company has highly profitable business model: ROIC is at 14.0%
- It operates with high leverage: Net Debt/EBITDA is -0.3x while industry average is -2.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 370 | 538 | 749 | 904 | 1,072 | 18.6% |
| Gross Profit | 154 | 250 | 318 | 381 | 464 | 21.9% |
| SG&A | 81 | 120 | 140 | 177 | 170 | -3.8% |
| EBITDA | 76 | 127 | 175 | 196 | 274 | 39.9% |
| Net Income | 36 | 33 | 53 | 101 | 76 | -24.6% |
Balance Sheet
|
|---|
| Cash | 227 | 222 | 285 | 366 | 314 | -14.2% |
| Short Term Debt | 39 | 139 | 185 | 208 | 218 | 4.9% |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 13 | 47 | 41 | 39 | 117 | 201.3% |
Ratios
|
|---|
| Revenue growth | 25.4% | 45.5% | 39.4% | 20.6% | 18.6% | |
| EBITDA growth | 3.6% | 67.3% | 37.7% | 11.9% | 39.9% | |
| Gross Margin | 41.6% | 46.5% | 42.5% | 42.1% | 43.3% | 1.2% |
| EBITDA Margin | 20.5% | 23.6% | 23.3% | 21.6% | 25.5% | 3.9% |
| Net Income Margin | 9.7% | 6.0% | 7.1% | 11.2% | 7.1% | -4.1% |
| SG&A, % of revenue | 21.8% | 22.3% | 18.7% | 19.6% | 15.9% | -3.7% |
| CAPEX, % of revenue | 3.5% | 8.7% | 5.5% | 4.3% | 10.9% | 6.6% |
| ROIC | 5.6% | 8.9% | 10.7% | 11.0% | 14.0% | 3.0% |
| ROE | 4.1% | 3.5% | 5.3% | 9.5% | 6.4% | -3.1% |
| Net Debt/EBITDA | -2.5x | -0.7x | -0.6x | -0.8x | -0.3x | 0.5x |
Revenue and profitability
Beijing Beida Jade Bird Universal Sci-Tech Co Ltd's Revenue surged on 18.6% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.4 pp from -11.2% to -6.8% in FY2015.
Gross Margin increased slightly on 1.2 pp from 42.1% to 43.3% in 2015. SG&A as a % of Revenue decreased on 3.7 pp from 19.6% to 15.9% in 2015.
Net Income marign decreased on 4.1 pp from 11.2% to 7.1% in 2015.
Capital expenditures (CAPEX) and working capital investments
Beijing Beida Jade Bird Universal Sci-Tech Co Ltd's CAPEX/Revenue was 10.9% in 2015. Beijing Beida Jade Bird Universal Sci-Tech Co Ltd's CAPEX/Revenue increased on 2.2 pp from 8.7% in 2012 to 10.9% in 2015. It's average CAPEX/Revenue for the last three years was 6.9%.
Return on investment
The company operates at good ROIC (13.98%) while ROE is low (6.39%). ROIC increased on 3.0 pp from 11.0% to 14.0% in 2015. ROE decreased on 3.1 pp from 9.5% to 6.4% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.3x and Debt / EBITDA is 0.8x. Net Debt / EBITDA jumped on 0.5x from -0.8x to -0.3x in 2015. Debt increased on 4.9% in 2015 while cash dropped on 14.2% in 2015.
Appendix 1: Peers in Software
Below you can find Beijing Beida Jade Bird Universal Sci-Tech Co Ltd benchmarking vs. other companies in Software 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 |
|---|
| Pizu Group Holdings Ltd ($8053) | | 40.3% | -42.9% | 1,742.9% | 157.9% |
| China City Railway Transportation Technology Holdings Co Ltd ($1522) | 194.6% | 164.0% | 33.6% | 100.5% | |
| China Mobile Games and Cultural Investment Ltd ($8081) | -16.7% | 393.7% | -6.6% | 92.2% | |
| Epicurean and Co Ltd ($8213) | | 177.0% | 185.7% | 62.6% | 22.0% |
| China Bio Cassava Holdings Ltd ($8129) | | -14.2% | 38.8% | 55.1% | -19.7% |
| |
|---|
| Median (33 companies) | 16.2% | 9.5% | 10.3% | 21.2% | 14.1% |
|---|
| Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) | | 45.5% | 39.4% | 20.6% | 18.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Bio Cassava Holdings Ltd ($8129) | 90.2% | 90.4% | 97.4% | 98.4% | 98.3% |
| Chanjet Information Technology Co Ltd ($1588) | 91.9% | 89.2% | 91.3% | 92.4% | 91.4% |
| NetDragon Websoft Inc ($777) | 90.1% | 93.4% | 90.8% | 89.3% | |
| China Mobile Games and Cultural Investment Ltd ($8081) | 19.4% | 6.5% | 45.3% | 84.8% | |
| Kingdee International Software Group Co Ltd ($268) | 70.1% | 65.0% | 75.3% | 82.5% | 81.5% |
| |
|---|
| Median (32 companies) | 51.0% | 44.3% | 41.2% | 40.3% | 39.4% |
|---|
| Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) | 41.6% | 46.5% | 42.5% | 42.1% | 43.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sinosoft Technology Group Ltd ($1297) | 55.5% | 62.6% | 54.9% | 57.2% | 59.0% |
| International Entertainment Corp ($1009) | 235.1% | 50.8% | 64.0% | 54.9% | 62.0% |
| China Binary Sale Technology Ltd ($8255) | 41.3% | 35.1% | 35.4% | 44.4% | 50.5% |
| Microsoft Corp ($4338) | 42.8% | 33.5% | 39.2% | 38.0% | 25.8% |
| Kingdee International Software Group Co Ltd ($268) | 19.5% | 7.8% | 33.2% | 37.2% | 31.9% |
| |
|---|
| Median (33 companies) | 11.8% | 8.1% | 10.8% | 8.8% | 9.1% |
|---|
| Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) | 20.5% | 23.6% | 23.3% | 21.6% | 25.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| NetDragon Websoft Inc ($777) | 13.3% | 21.1% | 34.6% | 54.6% | |
| China Eco-Farming Ltd ($8166) | 0.3% | 0.6% | 0.7% | 18.1% | 2.5% |
| TravelSky Technology Ltd ($696) | 5.8% | 8.9% | 21.7% | 18.1% | |
| Kingsoft Corp Ltd ($3888) | 6.8% | 4.3% | 3.8% | 14.3% | 11.1% |
| Sing Lee Software Group Ltd ($8076) | 19.4% | 3.3% | 0.2% | 14.0% | 1.1% |
| |
|---|
| Median (32 companies) | 2.0% | 1.3% | 2.0% | 3.5% | 1.7% |
|---|
| Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) | 3.5% | 8.7% | 5.5% | 4.3% | 10.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Binary Sale Technology Ltd ($8255) | | 27.7% | 26.9% | 28.4% | 19.0% |
| Microsoft Corp ($4338) | 43.4% | 28.6% | 30.3% | 26.2% | 15.6% |
| Finsoft Corp ($8018) | | 140.5% | 4.6% | 25.0% | -5.6% |
| Sinosoft Technology Group Ltd ($1297) | 31.6% | 34.0% | 21.9% | 20.2% | 20.8% |
| Boyaa Interactive International Ltd ($434) | 100.4% | 75.3% | 21.3% | 20.0% | |
| |
|---|
| Median (33 companies) | 1.6% | 3.0% | 4.6% | 1.2% | 2.2% |
|---|
| Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) | 5.6% | 8.9% | 10.7% | 11.0% | 14.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pizu Group Holdings Ltd ($8053) | | | | 346.1x | -0.4x |
| Epicurean and Co Ltd ($8213) | 2.9x | 2.3x | 4.7x | 12.3x | 12.0x |
| Sing Lee Software Group Ltd ($8076) | | | | 6.2x | 4.4x |
| China Technology Solar Power Holdings Ltd ($8111) | | | 7.4x | 3.3x | 0.2x |
| Chinasoft International Ltd ($354) | -1.3x | -0.7x | 0.7x | 1.5x | 0.7x |
| |
|---|
| Median (21 companies) | -0.9x | -1.1x | -1.9x | -2.3x | -0.4x |
|---|
| Beijing Beida Jade Bird Universal Sci-Tech Co Ltd ($8095) | -2.5x | -0.7x | -0.6x | -0.8x | -0.3x |
