Changan Minsheng APLL Logistics Co Ltd reports 16.3% EBITDA growth and almost no change in EBITDA Margin of 6.9%
24/03/2016 • About Changan Minsheng APLL Logistics Co Ltd (
$1292) • By InTwits
Changan Minsheng APLL Logistics Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Changan Minsheng APLL Logistics Co Ltd is a fast growth stock: 2015 revenue growth was 13.3%, 5 year revenue CAGR was 16.5% at 2015 ROIC 19.3%
- Changan Minsheng APLL Logistics Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.7%. At the same time it's a lot of higher than industry average of 6.2%.
- CAPEX is quite volatile: 223 in 2015, 220 in 2014, 106 in 2013, 50.0 in 2012, 71.4 in 2011
- The company has highly profitable business model: ROIC is at 19.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Changan Minsheng APLL Logistics Co Ltd ($1292) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3,275 | 3,632 | 4,646 | 5,344 | 6,056 | 13.3% |
| Gross Profit | 537 | 454 | 521 | 512 | 597 | 16.7% |
| SG&A | | 201 | 286 | 233 | 264 | 13.4% |
| EBITDA | 403 | 320 | 360 | 361 | 419 | 16.3% |
| Net Income | 250 | 204 | 208 | 222 | 238 | 7.2% |
Balance Sheet
|
|---|
| Cash | 489 | 460 | 614 | 898 | 659 | -26.6% |
| Short Term Debt | 17 | 35 | 80 | 0 | 4 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 71 | 50 | 106 | 220 | 223 | 1.3% |
Ratios
|
|---|
| Revenue growth | 15.9% | 10.9% | 27.9% | 15.0% | 13.3% | |
| EBITDA growth | 36.9% | -20.7% | 12.8% | 0.0% | 16.3% | |
| Gross Margin | 16.4% | 12.5% | 11.2% | 9.6% | 9.9% | 0.3% |
| EBITDA Margin | 12.3% | 8.8% | 7.8% | 6.7% | 6.9% | 0.2% |
| Net Income Margin | 7.6% | 5.6% | 4.5% | 4.2% | 3.9% | -0.2% |
| SG&A, % of revenue | | 5.5% | 6.1% | 4.4% | 4.4% | 0.0% |
| CAPEX, % of revenue | 2.2% | 1.4% | 2.3% | 4.1% | 3.7% | -0.4% |
| ROIC | 34.2% | 21.1% | 20.9% | 19.1% | 19.3% | 0.1% |
| ROE | 27.8% | 18.6% | 16.4% | 15.5% | 14.7% | -0.8% |
| Net Debt/EBITDA | -1.2x | -1.3x | -1.5x | -2.5x | -1.6x | 0.9x |
Revenue and profitability
Changan Minsheng APLL Logistics Co Ltd's Revenue jumped on 13.3% in 2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 6.1 pp from 26.7% to 32.8% in 2015.
Gross Margin showed almost no change in 2015. SG&A as a % of Revenue showed almost no change in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
Changan Minsheng APLL Logistics Co Ltd's CAPEX/Revenue was 3.7% in 2015. Changan Minsheng APLL Logistics Co Ltd showed CAPEX/Revenue growth of 2.3 pp from 1.4% in 2012 to 3.7% in 2015. For the last three years the average CAPEX/Revenue was 3.4%.To deliver this fast growth the company invested a large share of EBITDA (53.2%) to CAPEX.
Return on investment
The company operates at good ROIC (19.25%) and ROE (14.68%). ROIC showed almost no change in 2015. ROE decreased slightly on 0.81 pp from 15.5% to 14.7% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is -1.6x and Debt / EBITDA is 0.0x. Net Debt / EBITDA jumped on 0.9x from -2.5x to -1.6x in 2015. Debt surged while cash dropped on 26.6% in 2015.
Appendix 1: Peers in Transportation
Below you can find Changan Minsheng APLL Logistics Co Ltd benchmarking vs. other companies in Transportation 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 |
|---|
| Frontier Services Group Ltd ($500) | -90.5% | -10.8% | -49.9% | 1,021.1% | |
| China Best Group Holding Ltd ($370) | 333.1% | 202.4% | -53.6% | 459.4% | |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | | -4.2% | -5.9% | 60.4% | -12.0% |
| Tianjin Port Development Holdings Ltd ($3382) | 9.8% | 8.7% | 24.9% | 51.9% | |
| CIG Yangtze Ports PLC ($8233) | | 17.9% | 30.6% | 23.5% | 0.1% |
| |
|---|
| Median (29 companies) | 9.4% | 3.4% | 3.5% | 4.7% | -5.2% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | | 10.9% | 27.9% | 15.0% | 13.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CIG Yangtze Ports PLC ($8233) | 51.0% | 51.3% | 44.8% | 46.6% | 48.7% |
| Frontier Services Group Ltd ($500) | 80.7% | 83.8% | 65.9% | 44.8% | |
| Qinhuangdao Port Co Ltd ($3369) | 43.2% | 43.1% | 42.4% | 43.3% | 40.5% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 21.5% | 23.1% | 25.1% | 24.1% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 17.6% | 18.9% | 20.4% | 22.7% | 26.8% |
| |
|---|
| Median (26 companies) | 19.7% | 13.1% | 10.6% | 10.8% | 12.3% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 16.4% | 12.5% | 11.2% | 9.6% | 9.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 45.3% | 46.0% | 44.6% | 46.5% | 41.1% |
| MTR Corp Ltd ($66) | 49.1% | 42.7% | 37.6% | 45.2% | 41.6% |
| CIG Yangtze Ports PLC ($8233) | 29.9% | 30.2% | 27.6% | 38.5% | 39.5% |
| Great Harvest Maeta Group Holdings Ltd ($3683) | 61.3% | 56.3% | 18.7% | 32.6% | -8.5% |
| China Shipping Development Co Ltd ($1138) | 24.7% | 12.5% | 3.0% | 24.7% | |
| |
|---|
| Median (30 companies) | 16.3% | 9.9% | 7.1% | 8.5% | 9.8% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 12.3% | 8.8% | 7.8% | 6.7% | 6.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | 0.0% | | 296.6% | 1.4% |
| Frontier Services Group Ltd ($500) | 5.4% | 6.3% | 3.6% | 63.3% | |
| China Shipping Development Co Ltd ($1138) | 68.9% | 55.8% | 34.0% | 54.9% | |
| Courage Marine Group Ltd ($1145) | 78.9% | 235.0% | 37.7% | 50.4% | 9.2% |
| Qinhuangdao Port Co Ltd ($3369) | 47.2% | 57.9% | 35.8% | 46.3% | 21.0% |
| |
|---|
| Median (30 companies) | 11.3% | 9.1% | 9.2% | 7.4% | 11.0% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 2.2% | 1.4% | 2.3% | 4.1% | 3.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ASR Logistics Holdings Ltd ($1803) | 79.6% | 54.7% | 38.9% | 13.4% | |
| CIG Yangtze Ports PLC ($8233) | 4.3% | 4.9% | 5.7% | 11.0% | 11.1% |
| Kerry Logistics Network Ltd ($636) | 11.3% | 12.0% | 13.4% | 10.5% | 10.9% |
| Guangdong Yueyun Transportation Co Ltd-H ($3399) | 8.9% | 5.6% | 7.2% | 9.6% | 10.6% |
| Qinhuangdao Port Co Ltd ($3369) | 9.3% | 9.8% | 9.6% | 9.3% | 7.0% |
| |
|---|
| Median (30 companies) | 5.0% | 3.2% | 2.8% | 3.1% | 4.4% |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 34.2% | 21.1% | 20.9% | 19.1% | 19.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jinhui Holdings Co Ltd ($137) | 2.8x | 5.0x | 4.2x | 17.5x | 19.6x |
| China Shipping Development Co Ltd ($1138) | 7.2x | 20.2x | 92.8x | 12.8x | |
| Tianjin Binhai Teda Logistics Group Corp Ltd ($8348) | -0.5x | 9.7x | 9.3x | 9.5x | -1.8x |
| China COSCO Holdings Co Ltd ($1919) | | | 18.8x | 9.0x | |
| AMS Public Transport Holdings Ltd ($77) | 0.7x | 1.2x | 11.6x | 7.7x | 4.5x |
| |
|---|
| Median (22 companies) | 0.5x | 1.6x | 1.7x | 1.6x | 1.3x |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | -1.2x | -1.3x | -1.5x | -2.5x | -1.6x |
