Xiwang Property Holdings Co Ltd revenue dropped on 17.5% in 2015 while EBITDA Margin surged on 30.8 pp from -55.5% to -24.7%
23/03/2016 • About Xiwang Property Holdings Co Ltd (
$2088) • By InTwits
Xiwang Property Holdings Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Xiwang Property Holdings Co Ltd is a company in decline: 2015 revenue growth was -17.5%, 5 years revenue CAGR was -50.1%
- The company operates at negative EBITDA Margin: -24.7%
- EBITDA Margin is quite volatile: -24.7% in 2015, -55.5% in 2014, 60.2% in 2013, 89.8% in 2012, 9.9% in 2011
- Xiwang Property Holdings Co Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 126.7%. At the same time it's a lot of higher than industry average of 8.6%.
- CAPEX is quite volatile: 0 in 2015, 0.13 in 2014, 74.3 in 2013, 1,017 in 2012, 151 in 2011
- The company has unprofitable business model: ROIC is at -3.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Xiwang Property Holdings Co Ltd ($2088) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3,633 | 173 | 179 | 122 | 101 | -17.5% |
| Gross Profit | 456 | 27 | 34 | -55 | -9 | -83.8% |
| SG&A | | 13 | 17 | 32 | 8 | -76.6% |
| EBITDA | 359 | 155 | 108 | -68 | -25 | -63.2% |
| Net Income | 179 | -18 | -966 | -81 | -15 | -81.4% |
Balance Sheet
|
|---|
| Cash | 132 | 277 | 9 | 11 | 98 | 768.2% |
| Short Term Debt | 1,113 | 2,219 | 0 | 0 | 0 | |
| Long Term Debt | 319 | 217 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 151 | 1,017 | 74 | 0 | 0 | -100.0% |
Ratios
|
|---|
| Revenue growth | 11.5% | -95.2% | 3.6% | -31.8% | -17.5% | |
| EBITDA growth | -10.7% | -56.7% | -30.6% | -162.9% | -63.2% | |
| Gross Margin | 12.6% | 15.8% | 18.9% | -44.8% | -8.8% | 36.0% |
| EBITDA Margin | 9.9% | 89.8% | 60.2% | -55.5% | -24.7% | 30.8% |
| Net Income Margin | 4.9% | -10.4% | -538.9% | -66.3% | -15.0% | 51.3% |
| SG&A, % of revenue | | 7.8% | 9.6% | 26.3% | 7.5% | -18.9% |
| CAPEX, % of revenue | 4.2% | 587.7% | 41.5% | 0.1% | 0.0% | -0.1% |
| ROIC | 7.2% | 0.3% | 0.5% | -9.0% | -3.6% | 5.4% |
| ROE | 8.7% | -0.7% | -82.5% | -13.7% | -2.8% | 10.9% |
| Net Debt/EBITDA | 3.6x | 13.9x | -0.1x | | | 0.0x |
Revenue and profitability
Xiwang Property Holdings Co Ltd's Revenue dropped on 17.5% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 30.8 pp from -55.5% to -24.7% in 2015.
Gross Margin jumped on 36.0 pp from -44.8% to -8.8% in 2015. SG&A as a % of Revenue dropped on 18.9 pp from 26.3% to 7.5% in 2015.
Net Income marign surged on 51.3 pp from -66.3% to -15.0% in 2015.
Return on investment
The company operates at negative ROIC (-3.59%) and ROE (-2.77%). ROIC increased on 5.4 pp from -9.0% to -3.6% in 2015. ROE jumped on 10.9 pp from -13.7% to -2.8% in 2015.
Leverage (Debt)
The company has no debt. Cash surged on 768% in 2015.
Appendix 1: Peers in Real Estate
Below you can find Xiwang Property Holdings Co Ltd benchmarking vs. other companies in Real Estate 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 |
|---|
| Common Splendor International Health Industry Group Ltd ($286) | -0.9% | -0.5% | 1.9% | 4,120.2% | |
| Landsea Green Properties Co Ltd ($106) | | -35.1% | -51.2% | 3,097.3% | 188.5% |
| LVGEM China Real Estate Invest ($95) | -0.1% | -27.5% | -21.9% | 3,008.3% | |
| Rivera Holdings Ltd ($281) | | 197.1% | -89.9% | 2,067.2% | -92.7% |
| Ceneric Holdings Ltd ($542) | -94.0% | -73.9% | -49.8% | 1,922.5% | |
| |
|---|
| Median (175 companies) | 10.1% | 16.4% | 14.0% | 5.2% | 4.5% |
|---|
| Xiwang Property Holdings Co Ltd ($2088) | | -95.2% | 3.6% | -31.8% | -17.5% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tern Properties Co Ltd ($277) | 96.9% | 96.7% | 98.4% | 98.4% | 98.7% |
| GR Properties Ltd ($108) | 37.4% | 39.3% | | 98.2% | |
| Renhe Commercial Holdings Co Ltd ($1387) | 71.1% | 79.0% | 95.2% | 97.9% | 99.9% |
| YT Realty Group Ltd ($75) | 91.5% | 94.4% | 96.6% | 96.7% | 97.6% |
| ITC Properties Group Ltd ($199) | 29.8% | 22.8% | 92.9% | 95.2% | 62.7% |
| |
|---|
| Median (157 companies) | 44.2% | 42.2% | 41.9% | 39.3% | 43.0% |
|---|
| Xiwang Property Holdings Co Ltd ($2088) | 12.6% | 15.8% | 18.9% | -44.8% | -8.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ITC Properties Group Ltd ($199) | 24.0% | -125.5% | -2,995.7% | 1,685.3% | -525.1% |
| Beijing Properties Holdings Ltd ($925) | 33.2% | -606.3% | 2,162.6% | 224.3% | |
| Chinese Estates Holdings Ltd ($127) | 340.9% | 356.2% | 91.6% | 195.5% | 397.4% |
| Zall Development Group Ltd ($2098) | 73.6% | 105.3% | 133.1% | 143.2% | |
| Ceneric Holdings Ltd ($542) | -5.9% | -382.7% | -1,024.0% | 126.8% | |
| |
|---|
| Median (174 companies) | 35.4% | 29.1% | 28.2% | 27.8% | 28.8% |
|---|
| Xiwang Property Holdings Co Ltd ($2088) | 9.9% | 89.8% | 60.2% | -55.5% | -24.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 0.0% | 18.0% | 27,965.5% | |
| ITC Properties Group Ltd ($199) | 25.6% | 56.2% | 4,202.4% | 1,304.7% | 189.7% |
| Wanda Hotel Development Co Ltd ($169) | | 5.9% | 24.1% | 1,091.1% | 190.4% |
| Pacific Century Premium Developments Ltd ($432) | 6.5% | 2.9% | 323.1% | 351.2% | 340.6% |
| Liu Chong Hing Investment Ltd ($194) | 9.4% | 18.5% | 6.1% | 269.7% | 0.9% |
| |
|---|
| Median (176 companies) | 5.9% | 5.4% | 6.1% | 4.8% | 3.7% |
|---|
| Xiwang Property Holdings Co Ltd ($2088) | 4.2% | 587.7% | 41.5% | 0.1% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rykadan Capital Ltd ($2288) | 17.2% | -1.8% | -2.6% | 48.4% | -3.7% |
| Colour Life Services Group Co Ltd ($1778) | | 44.2% | 47.9% | 29.3% | 14.5% |
| LVGEM China Real Estate Invest ($95) | 0.2% | -0.2% | -1.1% | 22.1% | |
| Zall Development Group Ltd ($2098) | 39.0% | 19.2% | 17.6% | 18.7% | |
| China Overseas Land & Investment Ltd ($688) | 18.0% | 18.4% | 15.1% | 18.5% | 15.4% |
| |
|---|
| Median (179 companies) | 4.6% | 4.2% | 4.0% | 4.1% | 2.9% |
|---|
| Xiwang Property Holdings Co Ltd ($2088) | 7.2% | 0.3% | 0.5% | -9.0% | -3.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Properties Group Ltd ($1838) | 16.9x | 43.0x | 21.4x | 1,523.0x | |
| SRE Group Ltd ($1207) | 10.6x | 14.1x | 24.7x | 1,184.6x | |
| Cheuk Nang Holdings Ltd ($131) | 53.2x | | 177.3x | 901.7x | |
| Tian An China Investment Co Ltd ($28) | 2.4x | 13.2x | 15.1x | 486.6x | |
| Greenland Hong Kong Holdings Ltd ($337) | 3.7x | | 6.2x | 49.3x | 38.4x |
| |
|---|
| Median (142 companies) | 2.1x | 2.2x | 2.7x | 3.0x | 3.2x |
|---|
