ASR Logistics Holdings Ltd reports 143% EBITDA decline and 43.7% Revenue decline
30/03/2016 • About ASR Logistics Holdings Ltd (
$1803) • By InTwits
ASR Logistics Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- ASR Logistics Holdings Ltd doesn't have a profitable business model yet: 2015 ROIC is -13.2%
- EBITDA Margin is declining: -2.7% in 2015 vs. 3.5% in 2014 vs. 19.2% in 2011
- EBITDA Margin is quite volatile: -2.7% in 2015, 3.5% in 2014, 14.1% in 2013, 16.2% in 2012, 19.2% in 2011
- ASR Logistics Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has unprofitable business model: ROIC is at -13.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
ASR Logistics Holdings Ltd ($1803) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 603.7 | 674.2 | 806.7 | 907.5 | 510.8 | -43.7% |
| Gross Profit | 185.6 | 184.9 | 214.7 | 163.7 | 68.9 | -57.9% |
| SG&A | | | | 137.9 | | -100.0% |
| EBITDA | 116.2 | 109.4 | 113.9 | 31.7 | -13.7 | -143.3% |
| Net Income | 97.3 | 89.9 | 93.1 | 13.1 | -40.6 | -409.6% |
Balance Sheet
|
|---|
| Cash | 93.6 | 192.9 | 252.5 | 228.8 | 51.0 | -77.7% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 33.7 | 45.3 | 34.4% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | -61.8% |
Cash flow
|
|---|
| Capex | 5.1 | 2.9 | 1.6 | 6.4 | 2.8 | -56.5% |
Ratios
|
|---|
| Revenue growth | 23.2% | 11.7% | 19.7% | 12.5% | -43.7% | |
| EBITDA growth | 9.7% | -5.8% | 4.0% | -72.2% | -143.3% | |
| Gross Margin | 30.7% | 27.4% | 26.6% | 18.0% | 13.5% | -4.5% |
| EBITDA Margin | 19.2% | 16.2% | 14.1% | 3.5% | -2.7% | -6.2% |
| Net Income Margin | 16.1% | 13.3% | 11.5% | 1.4% | -8.0% | -9.4% |
| SG&A, % of revenue | | | | 15.2% | | -15.2% |
| CAPEX, % of revenue | 0.8% | 0.4% | 0.2% | 0.7% | 0.5% | -0.2% |
| ROIC | 79.6% | 54.7% | 38.9% | 13.4% | -13.2% | -26.6% |
| ROE | 85.1% | 51.0% | 34.6% | 7.4% | -48.8% | -56.1% |
| Net Debt/EBITDA | -0.8x | -1.8x | -2.2x | -6.1x | | 6.1x |
Revenue and profitability
ASR Logistics Holdings Ltd's Revenue dropped on 43.7% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.3 pp from 14.0% to 15.4% in 2015.
Gross Margin decreased on 4.5 pp from 18.0% to 13.5% in 2015.
Net Income marign decreased on 9.4 pp from 1.4% to -8.0% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 ASR Logistics Holdings Ltd had CAPEX/Revenue of 0.55%. ASR Logistics Holdings Ltd showed almost no change in CAPEX/Revenue from 2012 to 2015. Average CAPEX/Revenue for the last three years was 0.49%.
Return on investment
The company operates at negative ROIC (-13.19%) and ROE (-48.76%). ROIC dropped on 26.6 pp from 13.4% to -13.2% in 2015. ROE dropped on 56.1 pp from 7.4% to -48.8% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.3x and Debt / EBITDA is . Net Debt / EBITDA surged on 6.1x from -6.1x to in 2015. Debt surged on 33.9% in 2015 while cash dropped on 77.7% in 2015.
Appendix 1: Peers in Transportation
Below we provide ASR Logistics Holdings Ltd benchmarking against other companies in Transportation 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 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | | | | 2,388.3% |
| Changan Minsheng APLL Logistics Co Ltd ($1292) | | 10.9% | 27.9% | 15.0% | 13.3% |
| Kwoon Chung Bus Holdings Ltd ($306) | | -8.6% | 7.9% | 5.5% | 7.9% |
| Guangshen Railway Co Ltd ($525) | | 2.7% | 4.7% | -6.9% | 6.9% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | | 9.4% | 6.9% | 12.9% | 5.1% |
| |
|---|
| Median (29 companies) | 121.3% | 5.1% | 4.0% | 5.1% | -5.7% |
|---|
| ASR Logistics Holdings Ltd ($1803) | | 11.7% | 19.7% | 12.5% | -43.7% |
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% |
| Qinhuangdao Port Co Ltd ($3369) | 43.2% | 43.1% | 42.4% | 43.3% | 40.5% |
| Kwoon Chung Bus Holdings Ltd ($306) | 17.6% | 18.9% | 20.4% | 22.7% | 26.8% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 21.5% | 23.1% | 25.1% | 24.1% | 23.1% |
| Tianjin Port Development Holdings Ltd ($3382) | 21.7% | 22.5% | 18.4% | 13.6% | 22.7% |
| |
|---|
| Median (25 companies) | 17.0% | 13.0% | 10.9% | 10.3% | 12.6% |
|---|
| ASR Logistics Holdings Ltd ($1803) | 30.7% | 27.4% | 26.6% | 18.0% | 13.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| MTR Corp Ltd ($66) | 49.1% | 42.7% | 37.6% | 45.2% | 41.6% |
| Qinhuangdao Port Co Ltd ($3369) | 45.3% | 46.0% | 44.6% | 46.5% | 41.1% |
| CIG Yangtze Ports PLC ($8233) | 29.9% | 30.2% | 27.6% | 38.5% | 39.5% |
| China Shipping Development Co Ltd ($1138) | 24.7% | 12.5% | 3.0% | 24.7% | 26.7% |
| Kwoon Chung Bus Holdings Ltd ($306) | 15.4% | 13.3% | 16.1% | 20.7% | 26.1% |
| |
|---|
| Median (29 companies) | 13.9% | 8.8% | 6.4% | 7.8% | 10.0% |
|---|
| ASR Logistics Holdings Ltd ($1803) | 19.2% | 16.2% | 14.1% | 3.5% | -2.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 150.5% | 4.0% | 6.1% | 40.7% | 164.7% |
| MTR Corp Ltd ($66) | 30.0% | 31.1% | 34.5% | 30.8% | 52.0% |
| CIG Yangtze Ports PLC ($8233) | 31.4% | 17.8% | 24.8% | 2.1% | 50.7% |
| Transport International Holdings Ltd ($62) | 10.9% | 7.9% | 16.2% | 16.0% | 26.2% |
| Qinhuangdao Port Co Ltd ($3369) | 47.2% | 57.9% | 35.8% | 46.3% | 21.0% |
| |
|---|
| Median (29 companies) | 11.1% | 7.9% | 9.0% | 7.4% | 9.2% |
|---|
| ASR Logistics Holdings Ltd ($1803) | 0.8% | 0.4% | 0.2% | 0.7% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 34.2% | 21.1% | 20.9% | 19.1% | 19.3% |
| Kwoon Chung Bus Holdings Ltd ($306) | 6.9% | 3.6% | 5.7% | 9.2% | 14.6% |
| SITC International Holdings Co Ltd ($1308) | 9.0% | 8.2% | 9.1% | 9.1% | 11.2% |
| CIG Yangtze Ports PLC ($8233) | 4.3% | 4.9% | 5.7% | 11.0% | 11.1% |
| On Time Logistics Holdings Ltd ($6123) | | 15.6% | 15.5% | 16.7% | 11.1% |
| |
|---|
| Median (29 companies) | 5.0% | 3.3% | 2.8% | 3.2% | 5.0% |
|---|
| ASR Logistics Holdings Ltd ($1803) | 79.6% | 54.7% | 38.9% | 13.4% | -13.2% |
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 | 11.4x |
| China COSCO Holdings Co Ltd ($1919) | | | 18.8x | 9.0x | 8.1x |
| Pacific Basin Shipping Ltd ($2343) | 0.8x | 2.1x | 4.6x | | 4.7x |
| AMS Public Transport Holdings Ltd ($77) | 0.7x | 1.2x | 11.6x | 7.7x | 4.5x |
| |
|---|
| Median (21 companies) | 0.5x | 1.2x | 1.5x | 0.9x | 1.1x |
|---|
