CCID Consulting Co Ltd EBITDA surged on 54.2% in 2015 while Revenue decreased on 6.2%
24/03/2016 • About CCID Consulting Co Ltd (
$8235) • By InTwits
CCID Consulting Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- CCID Consulting Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%.
- The company has highly profitable business model: ROIC is at 15.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
CCID Consulting Co Ltd ($8235) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 127.1 | 145.7 | 145.8 | 131.3 | 123.2 | -6.2% |
| Gross Profit | 59.2 | 63.6 | 71.6 | 68.0 | 60.0 | -11.7% |
| SG&A | | 49.5 | 50.4 | 53.6 | 37.2 | -30.5% |
| EBITDA | 24.2 | 15.5 | 15.7 | 16.2 | 25.0 | 54.2% |
| Net Income | 14.7 | 8.3 | 10.1 | 9.0 | 9.4 | 4.4% |
Balance Sheet
|
|---|
| Cash | 39.6 | 39.2 | 55.2 | 71.2 | 95.2 | 33.6% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 1.1 | 0.4 | 0.3 | 0.1 | 0.7 | 1,100.0% |
Ratios
|
|---|
| Revenue growth | 13.0% | 14.6% | 0.1% | -9.9% | -6.2% | |
| EBITDA growth | 27.2% | -36.0% | 1.6% | 3.1% | 54.2% | |
| Gross Margin | 46.5% | 43.7% | 49.1% | 51.8% | 48.7% | -3.0% |
| EBITDA Margin | 19.0% | 10.6% | 10.8% | 12.3% | 20.3% | 7.9% |
| Net Income Margin | 11.6% | 5.7% | 6.9% | 6.8% | 7.6% | 0.8% |
| SG&A, % of revenue | | 34.0% | 34.6% | 40.8% | 30.2% | -10.6% |
| CAPEX, % of revenue | 0.8% | 0.2% | 0.2% | 0.0% | 0.6% | 0.5% |
| ROIC | 20.6% | 11.3% | 10.7% | 10.2% | 15.0% | 4.8% |
| ROE | 15.3% | 7.9% | 8.8% | 7.2% | 7.0% | -0.2% |
| Net Debt/EBITDA | -1.6x | -2.5x | -3.5x | -4.4x | -3.8x | 0.6x |
Revenue and profitability
The company's Revenue decreased on 6.2% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 7.9 pp from 12.3% to 20.3% in 2015.
Gross Margin decreased on 3.0 pp from 51.8% to 48.7% in 2015. SG&A as a % of Revenue dropped on 10.6 pp from 40.8% to 30.2% in 2015.
Net Income marign increased slightly on 0.77 pp from 6.8% to 7.6% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 CCID Consulting Co Ltd had CAPEX/Revenue of 0.58%. CAPEX/Revenue showed almost no change from 2012 to 2015. It's average CAPEX/Revenue for the last three years was 0.28%.
Return on investment
The company operates at good ROIC (14.98%) while ROE is low (7.00%). ROIC increased on 4.8 pp from 10.2% to 15.0% in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
The company has no debt. Cash surged on 33.6% in 2015.
Appendix 1: Peers in Computers
Below we provide CCID Consulting Co Ltd benchmarking against other companies in Computers 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 |
|---|
| Peking University Resources Holdings Co Ltd ($618) | | -49.6% | 11.2% | 106.0% | 25.1% |
| Alibaba Health Information Technology Ltd ($241) | | 29.4% | -96.7% | 73.0% | 35.3% |
| Thiz Technology Group Ltd ($8119) | | -4.1% | -95.1% | 72.2% | 31.9% |
| Universal Technologies Holdings Ltd ($1026) | 95.5% | -47.3% | 49.8% | 67.1% | |
| PAX Global Technology Ltd ($327) | | 19.0% | 12.1% | 61.2% | 21.0% |
| |
|---|
| Median (24 companies) | 10.7% | 3.8% | -1.8% | 11.0% | 4.5% |
|---|
| CCID Consulting Co Ltd ($8235) | | 14.6% | 0.1% | -9.9% | -6.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Universal Technologies Holdings Ltd ($1026) | 86.0% | 87.3% | 79.7% | 90.3% | |
| Thiz Technology Group Ltd ($8119) | 2.9% | 8.8% | 63.8% | 86.2% | 96.0% |
| Computer & Technologies Holdings Ltd ($46) | 27.4% | 45.3% | 54.0% | 52.1% | 54.2% |
| Alibaba Health Information Technology Ltd ($241) | 10.1% | 11.4% | -12.6% | 49.3% | 53.7% |
| North Asia Resources Holdings Ltd ($61) | 15.6% | 21.7% | 17.3% | 46.7% | 26.9% |
| |
|---|
| Median (22 companies) | 11.0% | 12.7% | 16.0% | 15.4% | 20.4% |
|---|
| CCID Consulting Co Ltd ($8235) | 46.5% | 43.7% | 49.1% | 51.8% | 48.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Computer & Technologies Holdings Ltd ($46) | 4.8% | 12.9% | 19.9% | 20.1% | 23.2% |
| Ju Teng International Holdings Ltd ($3336) | 9.5% | 15.1% | 19.9% | 19.3% | 23.8% |
| PAX Global Technology Ltd ($327) | 18.9% | 16.5% | 17.4% | 18.8% | 22.7% |
| Universal Technologies Holdings Ltd ($1026) | 29.5% | 12.8% | 1.5% | 9.9% | |
| EVOC Intelligent Technology Co Ltd ($2308) | 10.8% | 8.6% | 11.6% | 8.6% | |
| |
|---|
| Median (24 companies) | 2.5% | 2.8% | 2.2% | -1.5% | 5.2% |
|---|
| CCID Consulting Co Ltd ($8235) | 19.0% | 10.6% | 10.8% | 12.3% | 20.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| North Asia Resources Holdings Ltd ($61) | 34.3% | 4.6% | 94.2% | 177.8% | 110.2% |
| Beautiful China Holdings Co Ltd ($706) | 44.9% | 8.4% | 2.2% | 26.2% | |
| Ju Teng International Holdings Ltd ($3336) | 17.6% | 14.1% | 18.7% | 20.0% | 17.3% |
| Alibaba Health Information Technology Ltd ($241) | 2.1% | 4.4% | 46.3% | 17.2% | 11.7% |
| Universal Technologies Holdings Ltd ($1026) | 8.5% | 20.0% | 5.7% | 14.2% | |
| |
|---|
| Median (24 companies) | 1.6% | 1.2% | 1.6% | 2.1% | 1.2% |
|---|
| CCID Consulting Co Ltd ($8235) | 0.8% | 0.2% | 0.2% | 0.0% | 0.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lenovo Group Ltd ($992) | 18.9% | 26.2% | 30.5% | 34.7% | 24.5% |
| PAX Global Technology Ltd ($327) | 14.1% | 12.3% | 12.8% | 18.7% | 22.4% |
| TPV Technology Ltd ($903) | 6.4% | 7.7% | 1.8% | 10.1% | 12.0% |
| Computer & Technologies Holdings Ltd ($46) | 4.1% | 6.0% | 8.6% | 9.4% | 10.8% |
| Wong's International Hldgs ($99) | 9.5% | 5.1% | 4.8% | 8.5% | 6.1% |
| |
|---|
| Median (25 companies) | 3.7% | 0.9% | -0.2% | -1.4% | 3.4% |
|---|
| CCID Consulting Co Ltd ($8235) | 20.6% | 11.3% | 10.7% | 10.2% | 15.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Thiz Technology Group Ltd ($8119) | | | | | 8.2x |
| Perception Digital Holdings Ltd ($1822) | | | | | 1.8x |
| Ju Teng International Holdings Ltd ($3336) | 2.5x | 2.1x | 1.8x | 1.7x | 1.6x |
| Proview International Holdings Ltd ($334) | | | | | 1.0x |
| Wong's International Hldgs ($99) | -1.8x | -3.5x | 2.7x | 1.4x | 0.8x |
| |
|---|
| Median (12 companies) | -1.7x | -2.1x | -1.3x | -3.2x | 0.2x |
|---|
| CCID Consulting Co Ltd ($8235) | -1.6x | -2.5x | -3.5x | -4.4x | -3.8x |
