Peking University Resources Holdings Co Ltd revenue jumped on 25.1% in 2015 while EBITDA Margin decreased on 2.8 pp from -5.2% to -7.9%
24/03/2016 • About Peking University Resources Holdings Co Ltd (
$618) • By InTwits
Peking University Resources Holdings Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Peking University Resources Holdings Co Ltd doesn't have a profitable business model yet: 2015 ROIC is -2.4%
- The company operates at negative EBITDA Margin: -7.9%
- Peking University Resources Holdings Co Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 was 0.0%. On average EBITDA Margin was -3.6% for the sames years0
- Peking University Resources Holdings Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.7%.
- The company has unprofitable business model: ROIC is at -2.4%
- It operates with high leverage: Net Debt/EBITDA is 3.6x while industry average is -3.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Peking University Resources Holdings Co Ltd ($618) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,400 | 2,724 | 3,028 | 6,237 | 7,804 | 25.1% |
| Gross Profit | 264 | 159 | 163 | 302 | 141 | -53.2% |
| SG&A | | 167 | 216 | 702 | 772 | 9.9% |
| EBITDA | 55 | 4 | -27 | -322 | -618 | 91.9% |
| Net Income | -8 | -25 | 60 | -215 | -238 | 10.4% |
Balance Sheet
|
|---|
| Cash | 341 | 280 | 805 | 4,417 | 1,838 | -58.4% |
| Short Term Debt | 567 | 593 | 1,454 | 8,101 | 4,279 | -47.2% |
| Long Term Debt | 5 | 0 | 578 | 17,090 | 18,859 | 10.4% |
Cash flow
|
|---|
| Capex | 5 | 2 | 7 | 180 | 18 | -89.9% |
Ratios
|
|---|
| Revenue growth | 16.2% | -49.6% | 11.2% | 106.0% | 25.1% | |
| EBITDA growth | 17.5% | -92.2% | -719.0% | 1,101.8% | 91.9% | |
| Gross Margin | 4.9% | 5.8% | 5.4% | 4.8% | 1.8% | -3.0% |
| EBITDA Margin | 1.0% | 0.2% | -0.9% | -5.2% | -7.9% | -2.8% |
| Net Income Margin | -0.2% | -0.9% | 2.0% | -3.5% | -3.0% | 0.4% |
| SG&A, % of revenue | | 6.1% | 7.1% | 11.3% | 9.9% | -1.4% |
| CAPEX, % of revenue | 0.1% | 0.1% | 0.2% | 2.9% | 0.2% | -2.7% |
| ROIC | 7.4% | 0.1% | -1.3% | -2.2% | -2.4% | -0.2% |
| ROE | -2.4% | -7.5% | 8.0% | -14.9% | -12.0% | 2.9% |
| Net Debt/EBITDA | 4.2x | 72.3x | | | | 0.0x |
Revenue and profitability
Peking University Resources Holdings Co Ltd's Revenue surged on 25.1% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 10.5 pp from 45.2% to 55.7% in 2015.
Gross Margin decreased on 3.0 pp from 4.8% to 1.8% in 2015. SG&A as a % of Revenue decreased slightly on 1.4 pp from 11.3% to 9.9% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 the company had CAPEX/Revenue of 0.23%. Peking University Resources Holdings Co Ltd showed almost no change in CAPEX/Revenue from 2012 to 2015. For the last three years the average CAPEX/Revenue was 1.1%.
Return on investment
The company operates at negative ROIC (-2.37%) and ROE (-12.04%). ROIC showed almost no change in 2015. ROE increased on 2.9 pp from -14.9% to -12.0% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 3.6x and Debt / EBITDA is . Net Debt / EBITDA didn't change in 2015. Debt decreased on 8.2% in 2015 while cash dropped on 58.4% in 2015.
Appendix 1: Peers in Computers
Below we provide Peking University Resources Holdings 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 |
|---|
| 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% |
| EVOC Intelligent Technology Co Ltd ($2308) | -13.0% | 4.6% | 56.2% | 27.4% | |
| |
|---|
| Median (24 companies) | 10.7% | 6.5% | -1.8% | 7.2% | 0.0% |
|---|
| Peking University Resources Holdings Co Ltd ($618) | | -49.6% | 11.2% | 106.0% | 25.1% |
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% |
| CCID Consulting Co Ltd ($8235) | 46.5% | 43.7% | 49.1% | 51.8% | 48.7% |
| Alibaba Health Information Technology Ltd ($241) | 10.1% | 11.4% | -12.6% | 49.3% | 53.7% |
| |
|---|
| Median (22 companies) | 13.2% | 14.2% | 17.0% | 17.2% | 24.1% |
|---|
| Peking University Resources Holdings Co Ltd ($618) | 4.9% | 5.8% | 5.4% | 4.8% | 1.8% |
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% |
| CCID Consulting Co Ltd ($8235) | 19.0% | 10.6% | 10.8% | 12.3% | 20.3% |
| Universal Technologies Holdings Ltd ($1026) | 29.5% | 12.8% | 1.5% | 9.9% | |
| |
|---|
| Median (24 companies) | 3.0% | 3.2% | 2.7% | 1.8% | 5.4% |
|---|
| Peking University Resources Holdings Co Ltd ($618) | 1.0% | 0.2% | -0.9% | -5.2% | -7.9% |
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% | 1.6% | 1.2% |
|---|
| Peking University Resources Holdings Co Ltd ($618) | 0.1% | 0.1% | 0.2% | 2.9% | 0.2% |
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% |
| CCID Consulting Co Ltd ($8235) | 20.6% | 11.3% | 10.7% | 10.2% | 15.0% |
| 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% |
| |
|---|
| Median (25 companies) | 3.7% | 2.1% | 1.4% | -0.1% | 5.2% |
|---|
| Peking University Resources Holdings Co Ltd ($618) | 7.4% | 0.1% | -1.3% | -2.2% | -2.4% |
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 (13 companies) | -1.7x | -2.5x | -1.8x | -3.9x | 0.1x |
|---|
