Shenzhen Mingwah Aohan High Technology Corp Ltd Net Income jumped on 167% in 2015 and EBITDA Margin surged on 31.2 pp from -16.4% to 14.8%
30/03/2016 • About Shenzhen Mingwah Aohan High Technology Corp Ltd (
$8301) • By InTwits
Shenzhen Mingwah Aohan High Technology Corp Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shenzhen Mingwah Aohan High Technology Corp Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2011-2015 is 0.0%. Average EBITDA Margin for the same period was -10.1%0
- Shenzhen Mingwah Aohan High Technology Corp Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.2%. At the same time it's a lot of higher than industry average of 6.0%.
- CAPEX is quite volatile: 0.019 in 2015, 0.0050 in 2014, 0.48 in 2013, 0.048 in 2012, 5.1 in 2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 56.470 | 34.408 | 26.303 | 25.708 | 26.308 | 2.3% |
| Gross Profit | 7.598 | 8.988 | 7.011 | 4.189 | 13.890 | 231.6% |
| SG&A | 13.670 | 7.574 | 13.315 | 10.003 | 12.194 | 21.9% |
| EBITDA | -6.651 | -6.881 | -3.225 | -4.211 | 3.890 | -192.4% |
| Net Income | 1.119 | -3.796 | -50.612 | -6.002 | 4.039 | -167.3% |
Balance Sheet
|
|---|
| Cash | 2.612 | 2.075 | 2.445 | 1.659 | 9.914 | 497.6% |
| Short Term Debt | 7.318 | 6.853 | 6.853 | 6.853 | 6.853 | 0.0% |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 5.078 | 0.048 | 0.479 | 0.005 | 0.019 | 280.0% |
Ratios
|
|---|
| Revenue growth | -43.0% | -39.1% | -23.6% | -2.3% | 2.3% | |
| EBITDA growth | -204.5% | 3.5% | -53.1% | 30.6% | -192.4% | |
| Gross Margin | 13.5% | 26.1% | 26.7% | 16.3% | 52.8% | 36.5% |
| EBITDA Margin | -11.8% | -20.0% | -12.3% | -16.4% | 14.8% | 31.2% |
| Net Income Margin | 2.0% | -11.0% | -192.4% | -23.3% | 15.4% | 38.7% |
| SG&A, % of revenue | 24.2% | 22.0% | 50.6% | 38.9% | 46.4% | 7.4% |
| CAPEX, % of revenue | 9.0% | 0.1% | 1.8% | 0.0% | 0.1% | 0.1% |
| ROIC | -29.1% | -44.3% | | | | 0.0% |
| ROE | 22.2% | -102.4% | | | | 0.0% |
| Net Debt/EBITDA | | | | | -0.8x | -0.8x |
Revenue and profitability
Shenzhen Mingwah Aohan High Technology Corp Ltd's Revenue increased on 2.3% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 45.1 pp from -84.1% to -129% in FY2015.
Gross Margin jumped on 36.5 pp from 16.3% to 52.8% in 2015. SG&A as a % of Revenue increased on 7.4 pp from 38.9% to 46.4% in 2015.
Net Income marign jumped on 38.7 pp from -23.3% to 15.4% in 2015.
Capital expenditures (CAPEX) and working capital investments
Shenzhen Mingwah Aohan High Technology Corp Ltd's CAPEX/Revenue was 0.072% in 2015. Shenzhen Mingwah Aohan High Technology Corp Ltd's CAPEX/Revenue showed almost no change from 2012 to 2015. It's average CAPEX/Revenue for the last three years was 0.64%.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.8x and Debt / EBITDA is 1.8x. Net Debt / EBITDA dropped0.8x from to -0.8x in 2015. Debt didn't change in 2015 while cash jumped on 498% in 2015.
Appendix 1: Peers in Semiconductors
Below we provide Shenzhen Mingwah Aohan High Technology Corp Ltd benchmarking against other companies in Semiconductors 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 |
|---|
| Phoenitron Holdings Ltd ($8066) | | -7.2% | 4.0% | 243.8% | 405.3% |
| Jun Yang Solar Power Investments Ltd ($397) | | -81.0% | 256.8% | 1.1% | 168.9% |
| Honbridge Holdings Ltd ($8137) | | -76.4% | -97.5% | 608.9% | 57.0% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | | 15.5% | 16.0% | 3.3% | 23.2% |
| Shunfeng International Clean Energy Ltd ($1165) | | -46.3% | 44.4% | 275.6% | 22.4% |
| |
|---|
| Median (20 companies) | -7.8% | -11.2% | 3.8% | 11.7% | -0.6% |
|---|
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | | -39.1% | -23.6% | -2.3% | 2.3% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | -2.4% | 87.3% | 79.3% | 53.8% | 73.8% |
| Intel Corp ($4335) | 62.5% | 62.1% | 59.8% | 63.7% | 62.6% |
| PacMOS Technologies Holdings Ltd ($1010) | 68.1% | 68.8% | 65.7% | 65.7% | 57.5% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 43.7% | 47.7% | 48.7% | 47.5% | 52.9% |
| Applied Materials Inc ($4336) | 41.5% | 38.0% | 39.8% | 42.4% | 40.9% |
| |
|---|
| Median (20 companies) | 21.6% | 22.1% | 23.7% | 32.2% | 31.3% |
|---|
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | 13.5% | 26.1% | 26.7% | 16.3% | 52.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 13.4% | 9.1% | 37.2% | 88.0% | 78.3% |
| Intel Corp ($4335) | 43.6% | 41.5% | 38.6% | 42.8% | 41.0% |
| Jun Yang Solar Power Investments Ltd ($397) | 3.9% | -218.5% | -16.7% | -9.9% | 35.0% |
| Semiconductor Manufacturing International Corp ($981) | 26.9% | 34.3% | 35.5% | 34.5% | 33.3% |
| Hua Hong Semiconductor Ltd ($1347) | 41.9% | 38.5% | 29.7% | 31.5% | 30.0% |
| |
|---|
| Median (20 companies) | 12.5% | 9.3% | 9.5% | 7.1% | 9.1% |
|---|
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | -11.8% | -20.0% | -12.3% | -16.4% | 14.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heng Xin China Holdings Ltd ($8046) | 17.3% | 16.1% | 4.1% | 11.9% | 110.8% |
| Jun Yang Solar Power Investments Ltd ($397) | 390.5% | 671.1% | 25.9% | 78.9% | 104.2% |
| China Ruifeng Renewable Energy Ltd ($527) | 2.1% | 5.5% | 35.9% | 10.6% | 60.9% |
| Semiconductor Manufacturing International Corp ($981) | 70.6% | 23.5% | 35.1% | 33.2% | 55.0% |
| Hua Hong Semiconductor Ltd ($1347) | 14.6% | 9.0% | 5.5% | 11.4% | 28.0% |
| |
|---|
| Median (20 companies) | 10.3% | 4.7% | 5.5% | 7.0% | 6.8% |
|---|
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | 9.0% | 0.1% | 1.8% | 0.0% | 0.1% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 22.2% | 25.5% | 22.7% | 21.1% | 20.9% |
| Intel Corp ($4335) | 32.4% | 23.7% | 17.1% | 20.6% | 17.7% |
| Applied Materials Inc ($4336) | 25.6% | 4.0% | 4.6% | 15.9% | 15.2% |
| ASM Pacific Technology Ltd ($522) | 52.1% | 12.3% | 9.2% | 21.9% | 13.7% |
| Hua Hong Semiconductor Ltd ($1347) | | 5.3% | 4.8% | 7.8% | 6.7% |
| |
|---|
| Median (20 companies) | 2.7% | -0.8% | 0.1% | 1.3% | 0.9% |
|---|
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | -29.1% | -44.3% | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Solargiga Energy Holdings Ltd ($757) | 5.9x | | 13.8x | 4.4x | 9.0x |
| China Ruifeng Renewable Energy Ltd ($527) | 4.0x | 16.4x | 6.9x | 4.9x | 7.3x |
| Shunfeng International Clean Energy Ltd ($1165) | 8.2x | | 25.8x | 3.4x | 5.7x |
| Semiconductor Manufacturing International Corp ($981) | 1.9x | 1.3x | 1.0x | 1.0x | 0.5x |
| Intel Corp ($4335) | 0.1x | 0.2x | 0.4x | 0.5x | 0.3x |
| |
|---|
| Median (11 companies) | -0.0x | 0.2x | 0.4x | 0.2x | 0.2x |
|---|
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | | | | | -0.8x |
