Jun Yang Solar Power Investments Ltd CAPEX surged on 255% in 2015 and Revenue surged on 169%
23/03/2016 • About Jun Yang Solar Power Investments Ltd (
$397) • By InTwits
Jun Yang Solar Power Investments Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Jun Yang Solar Power Investments Ltd doesn't have a profitable business model yet: 2015 ROIC is 1.2%
- EBITDA Margin is expanding: 35.0% in 2015 vs. -9.9% in 2014 vs. 3.9% in 2011
- Jun Yang Solar Power Investments Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 254.1%. At the same time it's a lot of higher than industry average of 17.7%.
- CAPEX is quite volatile: 178 in 2015, 50.3 in 2014, 16.3 in 2013, 119 in 2012, 362 in 2011
- The company has potentially unprofitable business model: ROIC is at 1.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Jun Yang Solar Power Investments Ltd ($397) key annual financial indicators
| mln. | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 92.8 | 17.7 | 63.0 | 63.7 | 171.3 | 168.9% |
| Gross Profit | -2.2 | 15.4 | 50.0 | 34.3 | 126.4 | 269.0% |
| EBITDA | 3.6 | -38.6 | -10.5 | -6.3 | 60.0 | -1,052.7% |
| Net Income | -522.5 | -418.0 | -18.0 | 255.4 | -191.8 | -175.1% |
Balance Sheet
|
|---|
| Cash | 146.3 | 260.4 | 208.6 | 310.2 | 530.4 | 71.0% |
| Short Term Debt | 36.6 | 0.0 | 11.0 | 43.6 | 437.8 | 904.5% |
| Long Term Debt | 79.3 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 362.3 | 118.5 | 16.3 | 50.3 | 178.4 | 254.9% |
Ratios
|
|---|
| Revenue growth | 3,909.3% | -81.0% | 256.8% | 1.1% | 168.9% | |
| EBITDA growth | -222.5% | -1,178.6% | -72.8% | -39.9% | -1,052.7% | |
| Gross Margin | -2.4% | 87.3% | 79.3% | 53.8% | 73.8% | 20.0% |
| EBITDA Margin | 3.9% | -218.5% | -16.7% | -9.9% | 35.0% | 44.9% |
| Net Income Margin | -563.2% | -2,367.1% | -28.6% | 400.9% | -112.0% | -512.9% |
| CAPEX, % of revenue | 390.5% | 671.1% | 25.9% | 78.9% | 104.2% | 25.2% |
| ROIC | -3.6% | -8.3% | -2.2% | -2.1% | 1.2% | 3.3% |
| ROE | -33.8% | -39.8% | -2.0% | 18.5% | -7.2% | -25.7% |
| Net Debt/EBITDA | -8.5x | | | | -1.5x | -1.5x |
Revenue and profitability
The company's Revenue surged on 169% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 11.1 pp from -5.0% to 6.1% in 2015.
Gross Margin surged on 20.0 pp from 53.8% to 73.8% in 2015.
Net Income marign dropped on 513 pp from 401% to -112% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Jun Yang Solar Power Investments Ltd had CAPEX/Revenue of 104%. Jun Yang Solar Power Investments Ltd's CAPEX/Revenue dropped on 567 pp from 671% in 2012 to 104% in 2015. For the last three years the average CAPEX/Revenue was 69.7%.To secure this fast growth the company made large investments to CAPEX (297% of EBITDA).
Return on investment
The company operates at low but positive ROIC (1.24%) and negative ROE (-7.19%). ROIC increased on 3.3 pp from -2.1% to 1.2% in 2015. ROE dropped on 25.7 pp from 18.5% to -7.2% in 2015.
Leverage (Debt)
Debt level is -1.5x Net Debt / EBITDA and 7.3x Debt / EBITDA. Net Debt / EBITDA dropped1.5x from to -1.5x in 2015. Debt surged on 904% in 2015 while cash surged on 71.0% in 2015.
Appendix 1: Peers in Semiconductors
Below we provide Jun Yang Solar Power Investments Ltd benchmarking against other companies in Semiconductors 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 |
|---|
| Phoenitron Holdings Ltd ($8066) | | -7.2% | 4.0% | 243.8% | 405.3% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | | 15.5% | 16.0% | 3.3% | 23.2% |
| Shunfeng International Clean Energy Ltd ($1165) | | -46.3% | 44.4% | 275.6% | 22.4% |
| Solomon Systech International Ltd ($2878) | | 26.2% | -15.3% | 8.9% | 18.0% |
| Semiconductor Manufacturing International Corp ($981) | | 29.0% | 21.6% | -4.8% | 13.5% |
| |
|---|
| Median (17 companies) | -6.7% | -11.2% | 3.0% | 11.7% | -0.9% |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | | -81.0% | 256.8% | 1.1% | 168.9% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heng Xin China Holdings Ltd ($8046) | 46.3% | 42.1% | 57.6% | 75.0% | 35.1% |
| China Jinhai International Group Ltd ($139) | -92.8% | | -7.8% | 73.3% | -69.1% |
| PacMOS Technologies Holdings Ltd ($1010) | 68.1% | 68.8% | 65.7% | 65.7% | 57.5% |
| Intel Corp ($4335) | 62.5% | 62.1% | 59.8% | 63.7% | 62.6% |
| Hanergy Thin Film Power Group Ltd ($566) | 62.8% | 71.4% | 80.3% | 57.3% | |
| |
|---|
| Median (22 companies) | 21.6% | 22.1% | 23.7% | 29.5% | 31.0% |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | -2.4% | 87.3% | 79.3% | 53.8% | 73.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 13.4% | 9.1% | 37.2% | 88.0% | |
| Hanergy Thin Film Power Group Ltd ($566) | 46.0% | 66.0% | 73.9% | 43.7% | |
| Intel Corp ($4335) | 43.6% | 41.5% | 38.6% | 42.8% | 41.0% |
| Shunfeng International Clean Energy Ltd ($1165) | 5.9% | -11.8% | 9.5% | 40.5% | 26.3% |
| Semiconductor Manufacturing International Corp ($981) | 26.9% | 34.3% | 35.5% | 34.5% | 33.3% |
| |
|---|
| Median (22 companies) | 12.5% | 9.3% | 9.5% | 7.1% | 8.0% |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 3.9% | -218.5% | -16.7% | -9.9% | 35.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Han Tang International Holdings Ltd ($1187) | 1.8% | | | 55.2% | 0.3% |
| Semiconductor Manufacturing International Corp ($981) | 70.6% | 23.5% | 35.1% | 33.2% | 55.0% |
| Comtec Solar Systems Group Ltd ($712) | 22.2% | | 30.2% | 18.7% | |
| Intel Corp ($4335) | 19.9% | 20.7% | 20.3% | 18.1% | 13.2% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 8.3% | 4.7% | 11.0% | 14.2% | 8.7% |
| |
|---|
| Median (22 companies) | 8.6% | 4.4% | 4.1% | 5.7% | 4.2% |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 390.5% | 671.1% | 25.9% | 78.9% | 104.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ASM Pacific Technology Ltd ($522) | 52.1% | 12.3% | 9.2% | 21.9% | 13.7% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 22.2% | 25.5% | 22.7% | 21.1% | 20.9% |
| Intel Corp ($4335) | 32.4% | 23.7% | 17.1% | 20.6% | 17.7% |
| Hanergy Thin Film Power Group Ltd ($566) | 9.3% | 14.1% | 15.1% | 19.3% | |
| Shunfeng International Clean Energy Ltd ($1165) | 5.9% | -13.0% | 1.5% | 17.4% | 5.0% |
| |
|---|
| Median (22 companies) | 2.7% | -0.8% | 0.6% | 3.1% | 0.8% |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | -3.6% | -8.3% | -2.2% | -2.1% | 1.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Solargiga Energy Holdings Ltd ($757) | 5.9x | | 13.8x | 4.4x | 9.0x |
| Shunfeng International Clean Energy Ltd ($1165) | 8.2x | | 25.8x | 3.4x | 5.7x |
| Semiconductor Manufacturing International Corp ($981) | 1.9x | 1.3x | 1.0x | 1.0x | 0.5x |
| Intel Corp ($4335) | 0.1x | 0.2x | 0.4x | 0.5x | 0.3x |
| ASM Pacific Technology Ltd ($522) | -0.4x | -0.5x | -0.8x | -0.1x | 0.2x |
| |
|---|
| Median (9 companies) | 0.0x | 0.2x | 0.4x | 0.2x | 0.2x |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | -8.5x | | | | -1.5x |
