Phoenitron Holdings Ltd revenue surged on 405% in 2015 while EBITDA Margin decreased slightly on 1.8 pp from 1.5% to -0.26%
23/03/2016 • About Phoenitron Holdings Ltd (
$8066) • By InTwits
Phoenitron Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Phoenitron Holdings Ltd doesn't have a profitable business model yet: 2015 ROIC is -7.6%
- The company operates at negative EBITDA Margin: -0.3%
- EBITDA Margin is quite volatile: -0.3% in 2015, 1.5% in 2014, -7.8% in 2013, 5.7% in 2012, 11.7% in 2011
- Phoenitron Holdings Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 7.6%. At the same time it's in pair with industry average of 3.5%.
- CAPEX is quite volatile: 7.0 in 2015, 5.1 in 2014, 5.3 in 2013, 35.0 in 2012, 7.9 in 2011
- The company has unprofitable business model: ROIC is at -7.6%
- It operates with high leverage: Net Debt/EBITDA is 1.1x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Phoenitron Holdings Ltd ($8066) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 139 | 129 | 134 | 462 | 2,334 | 405.3% |
| Gross Profit | 36 | 29 | 6 | 27 | 23 | -16.2% |
| SG&A | 32 | 41 | 38 | 40 | 46 | 14.3% |
| EBITDA | 16 | 7 | -10 | 7 | -6 | -186.6% |
| Net Income | 87 | -12 | -141 | -134 | 6 | -104.1% |
Balance Sheet
|
|---|
| Cash | 58 | 40 | 12 | 19 | 17 | -15.2% |
| Short Term Debt | 38 | 34 | 49 | 42 | 30 | -27.5% |
| Long Term Debt | 0 | 0 | 15 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 8 | 35 | 5 | 5 | 7 | 35.8% |
Ratios
|
|---|
| Revenue growth | -8.8% | -7.2% | 4.0% | 243.8% | 405.3% | |
| EBITDA growth | -42.9% | -55.1% | -242.9% | -167.5% | -186.6% | |
| Gross Margin | 26.1% | 22.8% | 4.8% | 5.8% | 1.0% | -4.9% |
| EBITDA Margin | 11.7% | 5.7% | -7.8% | 1.5% | -0.3% | -1.8% |
| Net Income Margin | 62.6% | -9.5% | -105.0% | -29.0% | 0.2% | 29.2% |
| SG&A, % of revenue | 22.7% | 31.6% | 28.1% | 8.7% | 2.0% | -6.7% |
| CAPEX, % of revenue | 5.7% | 27.1% | 3.9% | 1.1% | 0.3% | -0.8% |
| ROIC | 1.4% | -2.0% | -7.1% | -3.1% | -7.6% | -4.4% |
| ROE | 26.2% | -2.9% | -37.8% | -51.4% | 2.2% | 53.6% |
| Net Debt/EBITDA | -1.2x | -0.8x | | 3.2x | | -3.2x |
Revenue and profitability
Phoenitron Holdings Ltd's Revenue jumped on 405% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.8 pp from 1.5% to -0.26% in 2015.
Gross Margin decreased on 4.9 pp from 5.8% to 0.97% in 2015. SG&A as a % of Revenue decreased on 6.7 pp from 8.7% to 2.0% in 2015.
Net Income marign jumped on 29.2 pp from -29.0% to 0.24% in 2015.
Capital expenditures (CAPEX) and working capital investments
Phoenitron Holdings Ltd's CAPEX/Revenue was 0.30% in 2015. CAPEX/Revenue dropped on 26.8 pp from 27.1% in 2012 to 0.30% in 2015. It's average level of CAPEX/Revenue for the last three years was 1.8%.
Return on investment
The company operates at negative ROIC (-7.56%) and low but positive ROE (2.18%). ROIC decreased on 4.4 pp from -3.1% to -7.6% in 2015. ROE jumped on 53.6 pp from -51.4% to 2.2% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.1x and Debt / EBITDA is . Net Debt / EBITDA dropped on 3.2x from 3.2x to in 2015. Debt dropped on 27.5% in 2015 while cash dropped on 15.2% in 2015.
Appendix 1: Peers in Semiconductors
Below we provide Phoenitron Holdings 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 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | | -81.0% | 256.8% | 1.1% | 168.9% |
| 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% | -14.0% | 3.0% | 10.4% | -0.9% |
|---|
| Phoenitron Holdings Ltd ($8066) | | -7.2% | 4.0% | 243.8% | 405.3% |
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) | 18.0% | 23.8% | 26.7% | 32.2% | 31.5% |
|---|
| Phoenitron Holdings Ltd ($8066) | 26.1% | 22.8% | 4.8% | 5.8% | 1.0% |
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) | 11.8% | 9.3% | 9.5% | 4.6% | 10.3% |
|---|
| Phoenitron Holdings Ltd ($8066) | 11.7% | 5.7% | -7.8% | 1.5% | -0.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 390.5% | 671.1% | 25.9% | 78.9% | 104.2% |
| 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% |
| |
|---|
| Median (22 companies) | 10.6% | 4.4% | 5.5% | 7.0% | 6.3% |
|---|
| Phoenitron Holdings Ltd ($8066) | 5.7% | 27.1% | 3.9% | 1.1% | 0.3% |
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% | -0.9% | 0.6% | 3.1% | 0.9% |
|---|
| Phoenitron Holdings Ltd ($8066) | 1.4% | -2.0% | -7.1% | -3.1% | -7.6% |
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 (10 companies) | 0.0x | 0.3x | 0.4x | -0.1x | 0.1x |
|---|
