Huisheng International Holdings Ltd revenue surged on 25.9% in 2015
22/03/2016 • About Huisheng International Holdings Ltd (
$1340) • By InTwits
Huisheng International Holdings Ltd reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is -0.1x while industry average is -2.6x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Huisheng International Holdings Ltd ($1340) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,074 | 1,048 | 1,106 | 1,202 | 1,514 | 25.9% |
| Gross Profit | 158 | 132 | 144 | 154 | | -100.0% |
| SG&A | 30 | 31 | 35 | 43 | | -100.0% |
| EBITDA | 130 | 105 | 115 | 124 | | -100.0% |
| Net Income | 128 | 94 | 102 | 104 | 117 | 12.6% |
Balance Sheet
|
|---|
| Cash | 207 | 203 | 281 | 367 | | -100.0% |
| Short Term Debt | 62 | 65 | 53 | 43 | | -100.0% |
| Long Term Debt | 0 | 1 | 56 | 58 | | -100.0% |
Cash flow
|
|---|
| Capex | 25 | 33 | 136 | 28 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 42.4% | -2.4% | 5.6% | 8.7% | 25.9% | |
| EBITDA growth | 58.6% | -19.5% | 9.4% | 7.8% | | |
| Gross Margin | 14.7% | 12.6% | 13.0% | 12.8% | | -12.8% |
| EBITDA Margin | 12.1% | 10.0% | 10.4% | 10.3% | 0.0% | -10.3% |
| Net Income Margin | 11.9% | 9.0% | 9.2% | 8.6% | 7.7% | -0.9% |
| SG&A, % of revenue | 2.8% | 2.9% | 3.1% | 3.6% | | -3.6% |
| CAPEX, % of revenue | 2.3% | 3.1% | 12.3% | 2.3% | | -2.3% |
| ROIC | 63.0% | 31.9% | 23.7% | 16.3% | | -16.3% |
| ROE | 77.5% | 36.9% | 26.8% | 17.5% | | -17.5% |
| Net Debt/EBITDA | -1.1x | -1.3x | -1.5x | -2.1x | | 2.1x |
Revenue and profitability
The company's Revenue jumped on 25.9% in FY2015.
Net Income marign decreased slightly on 0.91 pp from 8.6% to 7.7% in FY2015.
Appendix 1: Peers in Food
Below you can find Huisheng International Holdings Ltd benchmarking vs. other companies in Food 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 |
|---|
| Wealth Glory Holdings Ltd ($8269) | | -16.5% | -53.8% | 555.7% | -12.4% |
| Natural Dairy NZ Holdings Ltd ($462) | | -47.2% | 19.1% | 76.6% | -54.8% |
| China Modern Dairy Holdings Ltd ($1117) | | 50.7% | 96.1% | 52.8% | -4.0% |
| China Huishan Dairy Holdings Co Ltd ($6863) | | 256.3% | 91.5% | 38.3% | 11.1% |
| Asia Cassava Resources Holdings Ltd ($841) | | -3.0% | 99.6% | 32.6% | -28.4% |
| |
|---|
| Median (37 companies) | 22.4% | 9.8% | 6.4% | 0.4% | -3.7% |
|---|
| Huisheng International Holdings Ltd ($1340) | | -2.4% | 5.6% | 8.7% | 25.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Honworld Group Ltd ($2226) | 42.2% | 57.2% | 59.0% | 57.8% | |
| Shenguan Holdings Group Ltd ($829) | 61.9% | 58.2% | 58.5% | 54.9% | 44.2% |
| Yashili International Holdings Ltd ($1230) | 52.0% | 53.7% | 53.5% | 51.2% | 50.8% |
| Natural Dairy NZ Holdings Ltd ($462) | 16.3% | -13.7% | 27.5% | 48.8% | 49.6% |
| Christine International Holdings Ltd ($1210) | 51.3% | 50.2% | 49.7% | 47.2% | |
| |
|---|
| Median (37 companies) | 18.1% | 16.8% | 19.7% | 20.0% | 23.2% |
|---|
| Huisheng International Holdings Ltd ($1340) | 14.7% | 12.6% | 13.0% | 12.8% | |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shenguan Holdings Group Ltd ($829) | 57.2% | 58.7% | 59.2% | 54.5% | 43.6% |
| YuanShengTai Dairy Farm Ltd ($1431) | 147.8% | 40.3% | 48.4% | 47.1% | 35.4% |
| China Huishan Dairy Holdings Co Ltd ($6863) | 109.2% | 45.1% | 47.9% | 47.1% | 37.2% |
| Honworld Group Ltd ($2226) | 28.4% | 44.4% | 42.1% | 42.0% | |
| China Modern Dairy Holdings Ltd ($1117) | 33.9% | 33.5% | 27.0% | 25.3% | 21.1% |
| |
|---|
| Median (37 companies) | 8.5% | 7.8% | 6.5% | 7.4% | 8.2% |
|---|
| Huisheng International Holdings Ltd ($1340) | 12.1% | 10.0% | 10.4% | 10.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Huishan Dairy Holdings Co Ltd ($6863) | 453.6% | 98.2% | 29.8% | 132.0% | 109.8% |
| Honworld Group Ltd ($2226) | 25.3% | 6.0% | 10.8% | 50.8% | |
| YuanShengTai Dairy Farm Ltd ($1431) | 182.5% | 26.1% | 18.3% | 43.4% | 30.1% |
| Yashili International Holdings Ltd ($1230) | 3.6% | 8.2% | 7.1% | 20.1% | 12.5% |
| Vedan International Holdings Ltd ($2317) | 2.8% | 2.5% | 2.4% | 18.8% | |
| |
|---|
| Median (37 companies) | 3.9% | 6.0% | 5.6% | 5.1% | 5.8% |
|---|
| Huisheng International Holdings Ltd ($1340) | 2.3% | 3.1% | 12.3% | 2.3% | |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Honworld Group Ltd ($2226) | 22.1% | 50.4% | 44.5% | 23.6% | |
| Want Want China Holdings Ltd ($151) | 24.9% | 27.9% | 29.4% | 22.8% | 21.8% |
| Shenguan Holdings Group Ltd ($829) | 40.6% | 40.0% | 33.2% | 21.4% | 10.0% |
| Asia Cassava Resources Holdings Ltd ($841) | 13.8% | 4.2% | 5.9% | 13.6% | 11.6% |
| Tenwow International Holdings Ltd ($1219) | 20.3% | 19.7% | 15.7% | 12.8% | 11.9% |
| |
|---|
| Median (38 companies) | 10.4% | 6.7% | 5.9% | 5.5% | 5.9% |
|---|
| Huisheng International Holdings Ltd ($1340) | 63.0% | 31.9% | 23.7% | 16.3% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Yurun Food Group Ltd ($1068) | 0.4x | 40.7x | 6.9x | 9.4x | |
| Beijing Jingkelong Co Ltd ($814) | 3.4x | 5.0x | 4.8x | 5.3x | 9.3x |
| CP Lotus Corp ($121) | 2.3x | | 6.5x | 5.1x | 3.0x |
| DaChan Food Asia Ltd ($3999) | -0.3x | 0.1x | 1.3x | 4.8x | |
| First Pacific Co Ltd/Hong Kong ($142) | 1.3x | 1.8x | 3.8x | 4.5x | |
| |
|---|
| Median (29 companies) | 0.2x | -0.3x | 0.8x | 0.8x | 1.4x |
|---|
| Huisheng International Holdings Ltd ($1340) | -1.1x | -1.3x | -1.5x | -2.1x | |
