China International Marine Containers Group Co Ltd Net Debt / EBITDA jumped on 4.0x from 5.8x to 9.8x in 2015 while Revenue dropped on 16.4%
28/03/2016 • About China International Marine Containers Group Co Ltd (
$2039) • By InTwits
China International Marine Containers Group Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- China International Marine Containers Group Co Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 12.1%. At the same time it's a lot of higher than industry average of 8.5%.
- CAPEX is quite volatile: 12,347 in 2015, 12,873 in 2014, 6,930 in 2013, 2,087 in 2012, 2,998 in 2011
- The company has potentially unprofitable business model: ROIC is at 3.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China International Marine Containers Group Co Ltd ($2039) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 63,780 | 53,828 | 57,367 | 69,668 | 58,253 | -16.4% |
| Gross Profit | 11,556 | 9,227 | 9,124 | 10,899 | 10,172 | -6.7% |
| SG&A | 4,871 | 4,745 | 5,046 | 6,052 | 5,754 | -4.9% |
| EBITDA | 6,506 | 4,372 | 4,503 | 5,184 | 4,605 | -11.2% |
| Net Income | 3,691 | 1,939 | 2,180 | 2,478 | 1,974 | -20.3% |
Balance Sheet
|
|---|
| Cash | 6,563 | 4,398 | 4,181 | 2,935 | 3,259 | 11.0% |
| Short Term Debt | 13,953 | 7,695 | 10,882 | 17,023 | 24,539 | 44.1% |
| Long Term Debt | 10,648 | 14,127 | 14,332 | 16,105 | 23,966 | 48.8% |
Cash flow
|
|---|
| Capex | 2,998 | 2,087 | 6,930 | 12,873 | 12,347 | -4.1% |
Ratios
|
|---|
| Revenue growth | 23.4% | -15.6% | 6.6% | 21.4% | -16.4% | |
| EBITDA growth | 19.3% | -32.8% | 3.0% | 15.1% | -11.2% | |
| Gross Margin | 18.1% | 17.1% | 15.9% | 15.6% | 17.5% | 1.8% |
| EBITDA Margin | 10.2% | 8.1% | 7.8% | 7.4% | 7.9% | 0.5% |
| Net Income Margin | 5.8% | 3.6% | 3.8% | 3.6% | 3.4% | -0.2% |
| SG&A, % of revenue | 7.6% | 8.8% | 8.8% | 8.7% | 9.9% | 1.2% |
| CAPEX, % of revenue | 4.7% | 3.9% | 12.1% | 18.5% | 21.2% | 2.7% |
| ROIC | 12.7% | 7.1% | 6.9% | 6.1% | 3.8% | -2.2% |
| ROE | 21.2% | 10.2% | 10.9% | 11.5% | 7.8% | -3.8% |
| Net Debt/EBITDA | 2.8x | 4.0x | 4.7x | 5.8x | 9.8x | 4.0x |
Revenue and profitability
China International Marine Containers Group Co Ltd's Revenue dropped on 16.4% in 2015. EBITDA Margin showed almost no change in 2015.
Gross Margin increased slightly on 1.8 pp from 15.6% to 17.5% in 2015. SG&A as a % of Revenue increased slightly on 1.2 pp from 8.7% to 9.9% in 2015.
Net Income marign showed almost no change in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 China International Marine Containers Group Co Ltd had CAPEX/Revenue of 21.2%. China International Marine Containers Group Co Ltd's CAPEX/Revenue surged on 17.3 pp from 3.9% in 2012 to 21.2% in 2015. It's average level of CAPEX/Revenue for the last three years was 17.3%.China International Marine Containers Group Co Ltd has spent a lot to CAPEX (268% of EBITDA) which didn't stop revenue from falling.
Return on investment
The company operates at low ROIC (3.84%) and ROE (7.77%). ROIC decreased on 2.2 pp from 6.1% to 3.8% in 2015. ROE decreased on 3.8 pp from 11.5% to 7.8% in 2015.
Leverage (Debt)
Debt level is 9.8x Net Debt / EBITDA and 10.5x Debt / EBITDA. Net Debt / EBITDA jumped on 4.0x from 5.8x to 9.8x in 2015. Debt jumped on 46.4% in 2015 while cash jumped on 11.0% in 2015.
Management team
Mai Boliang is a China International Marine Containers Group Co Ltd's CEO. Mai Boliang has spent 3 years at the company.
Appendix 1: Peers in Miscellaneous Manufactur
Below you can find China International Marine Containers Group Co Ltd benchmarking vs. other companies in Miscellaneous Manufactur 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 |
|---|
| CSR Corp Ltd ($1766) | 24.0% | 12.0% | 9.7% | 123.7% | |
| Sunny Optical Technology Group Co Ltd ($2382) | | 59.5% | 45.9% | 45.0% | 26.9% |
| Zhuzhou CSR Times Electric Co Ltd ($3898) | | 1.5% | 22.2% | 43.2% | 11.7% |
| Time Watch Investments Ltd ($2033) | | 28.2% | 25.4% | 25.6% | 10.4% |
| Singamas Container Holdings Ltd ($716) | | -15.5% | -16.5% | 20.5% | -27.2% |
| |
|---|
| Median (25 companies) | 9.0% | -1.8% | -0.7% | 6.7% | -5.6% |
|---|
| China International Marine Containers Group Co Ltd ($2039) | | -15.6% | 6.6% | 21.4% | -16.4% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Time Watch Investments Ltd ($2033) | 58.5% | 60.2% | 60.6% | 65.0% | 68.1% |
| Man Sang International Ltd ($938) | 34.7% | 42.4% | 32.8% | 60.3% | 78.6% |
| Lee & Man Chemical Co Ltd ($746) | 46.7% | 34.3% | 35.7% | 41.9% | 39.6% |
| Zhuzhou CSR Times Electric Co Ltd ($3898) | 35.0% | 33.2% | 35.1% | 37.4% | 38.7% |
| Launch Tech Co Ltd ($2488) | 39.2% | 27.4% | 33.6% | 33.6% | |
| |
|---|
| Median (24 companies) | 21.0% | 19.8% | 20.8% | 24.9% | 22.4% |
|---|
| China International Marine Containers Group Co Ltd ($2039) | 18.1% | 17.1% | 15.9% | 15.6% | 17.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lee & Man Chemical Co Ltd ($746) | 42.8% | 30.4% | 31.3% | 38.4% | 37.6% |
| Man Sang International Ltd ($938) | 18.7% | 24.9% | 15.4% | 37.0% | 33.8% |
| IPE Group Ltd ($929) | 24.9% | 25.6% | 22.5% | 29.5% | |
| Zhuzhou CSR Times Electric Co Ltd ($3898) | 19.5% | 18.4% | 19.8% | 20.6% | 24.2% |
| Time Watch Investments Ltd ($2033) | 16.8% | 17.6% | 16.8% | 19.4% | 20.5% |
| |
|---|
| Median (25 companies) | 10.7% | 8.0% | 9.8% | 9.8% | 5.9% |
|---|
| China International Marine Containers Group Co Ltd ($2039) | 10.2% | 8.1% | 7.8% | 7.4% | 7.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lee & Man Chemical Co Ltd ($746) | 1.4% | 5.8% | 51.1% | 33.7% | 22.8% |
| KEE Holdings Co Ltd ($2011) | 20.9% | 21.8% | 43.7% | 24.9% | |
| China Environmental Energy Investment Ltd ($986) | 77.7% | 6.1% | 0.4% | 17.9% | 47.6% |
| TK Group Holdings Ltd ($2283) | 8.9% | 13.3% | 8.1% | 13.7% | 7.6% |
| IPE Group Ltd ($929) | 7.1% | 6.3% | 13.3% | 12.3% | |
| |
|---|
| Median (25 companies) | 5.2% | 4.9% | 4.2% | 4.2% | 4.2% |
|---|
| China International Marine Containers Group Co Ltd ($2039) | 4.7% | 3.9% | 12.1% | 18.5% | 21.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| TK Group Holdings Ltd ($2283) | 34.0% | 36.8% | 31.1% | 29.4% | 27.6% |
| Time Watch Investments Ltd ($2033) | 30.5% | 34.5% | 27.1% | 27.8% | 27.9% |
| Zhuzhou CSR Times Electric Co Ltd ($3898) | 21.4% | 16.9% | 17.7% | 20.0% | 21.1% |
| Sunny Optical Technology Group Co Ltd ($2382) | 12.2% | 19.7% | 17.8% | 16.5% | 19.4% |
| CSR Corp Ltd ($1766) | 13.4% | 11.1% | 11.2% | 15.3% | |
| |
|---|
| Median (25 companies) | 6.4% | 4.2% | 3.6% | 3.9% | 1.5% |
|---|
| China International Marine Containers Group Co Ltd ($2039) | 12.7% | 7.1% | 6.9% | 6.1% | 3.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| South China China Ltd ($413) | 2.3x | | 37.5x | 2,842.3x | 27.3x |
| Continental Holdings Ltd ($513) | 8.3x | | 20.1x | 92.9x | 4,203.6x |
| VS International Group Ltd ($1002) | 8.6x | 5.1x | 6.5x | 4.4x | 3.3x |
| Launch Tech Co Ltd ($2488) | -0.4x | 7.6x | 2.4x | 3.9x | |
| Lee & Man Chemical Co Ltd ($746) | -0.3x | -0.2x | 1.5x | 2.2x | 2.5x |
| |
|---|
| Median (21 companies) | -0.3x | -0.3x | -0.3x | -0.2x | -0.3x |
|---|
| China International Marine Containers Group Co Ltd ($2039) | 2.8x | 4.0x | 4.7x | 5.8x | 9.8x |
