Yusei Holdings Ltd CAPEX jumped on 180% in 2015 and Revenue surged on 15.6%
31/03/2016 • About Yusei Holdings Ltd (
$96) • By InTwits
Yusei Holdings Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Yusei Holdings Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.4%. At the same time it's in pair with industry average of 8.6%.
- CAPEX is quite volatile: 102 in 2015, 36.5 in 2014, 37.9 in 2013, 32.7 in 2012, 93.9 in 2011
- The company has highly profitable business model: ROIC is at 14.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yusei Holdings Ltd ($96) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 832 | 985 | 893 | 953 | 1,101 | 15.6% |
| Gross Profit | 116 | 103 | 117 | 148 | 165 | 11.7% |
| SG&A | | 81 | 78 | 79 | 88 | 10.7% |
| EBITDA | 96 | 78 | 87 | 126 | 137 | 8.0% |
| Net Income | 15 | 41 | 6 | 50 | 62 | 22.8% |
Balance Sheet
|
|---|
| Cash | 37 | 63 | 75 | 42 | 54 | 28.1% |
| Short Term Debt | 375 | 344 | 330 | 231 | 204 | -11.7% |
| Long Term Debt | 59 | 41 | 19 | 13 | 38 | 199.4% |
Cash flow
|
|---|
| Capex | 94 | 33 | 38 | 36 | 102 | 180.4% |
Ratios
|
|---|
| Revenue growth | -0.6% | 18.4% | -9.3% | 6.7% | 15.6% | |
| EBITDA growth | -14.1% | -18.9% | 11.7% | 44.8% | 8.0% | |
| Gross Margin | 13.9% | 10.5% | 13.1% | 15.5% | 15.0% | -0.5% |
| EBITDA Margin | 11.6% | 7.9% | 9.8% | 13.3% | 12.4% | -0.9% |
| Net Income Margin | 1.8% | 4.2% | 0.6% | 5.3% | 5.6% | 0.3% |
| SG&A, % of revenue | | 8.2% | 8.8% | 8.3% | 8.0% | -0.4% |
| CAPEX, % of revenue | 11.3% | 3.3% | 4.2% | 3.8% | 9.3% | 5.5% |
| ROIC | 8.0% | 4.2% | 7.0% | 13.6% | 14.1% | 0.5% |
| ROE | 7.4% | 17.8% | 2.2% | 17.2% | 17.6% | 0.4% |
| Net Debt/EBITDA | 4.1x | 4.1x | 3.1x | 1.6x | 1.4x | -0.2x |
Revenue and profitability
Yusei Holdings Ltd's Revenue surged on 15.6% in 2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 0.87 pp from 13.3% to 12.4% in 2015.
Gross Margin decreased slightly on 0.53 pp from 15.5% to 15.0% 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
The company's CAPEX/Revenue was 9.3% in 2015. Yusei Holdings Ltd's CAPEX/Revenue increased on 6.0 pp from 3.3% in 2012 to 9.3% in 2015. For the last three years the average CAPEX/Revenue was 5.8%.To fuel this fast growth Yusei Holdings Ltd invested a large share of EBITDA (74.9%) to CAPEX.
Return on investment
The company operates at good ROIC (14.09%) and ROE (17.55%). ROIC showed almost no change in 2015. ROE showed almost no change in 2015.
Leverage (Debt)
Debt level is 1.4x Net Debt / EBITDA and 1.8x Debt / EBITDA. Net Debt / EBITDA dropped on 0.2x from 1.6x to 1.4x in 2015. Debt decreased slightly on 0.58% in 2015 while cash jumped on 28.1% in 2015.
Appendix 1: Peers in Miscellaneous Manufactur
Below you can find Yusei Holdings 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 |
|---|
| Karrie International Hldgs ($1050) | | -11.6% | 0.1% | -11.3% | 27.4% |
| Sunny Optical Technology Group Co Ltd ($2382) | | 59.5% | 45.9% | 45.0% | 26.9% |
| TK Group Holdings Ltd ($2283) | | 40.2% | 9.3% | 11.8% | 20.0% |
| 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% |
| |
|---|
| Median (25 companies) | | -7.1% | 0.1% | 8.2% | -5.6% |
|---|
| Yusei Holdings Ltd ($96) | | 18.4% | -9.3% | 6.7% | 15.6% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Man Sang International Ltd ($938) | 34.7% | 42.4% | 32.8% | 60.3% | 78.6% |
| Time Watch Investments Ltd ($2033) | 58.5% | 60.2% | 60.6% | 65.0% | 68.1% |
| China Environmental Energy Investment Ltd ($986) | 21.0% | 14.0% | 1.2% | 9.0% | 49.2% |
| 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% |
| |
|---|
| Median (24 companies) | 21.0% | 19.8% | 20.8% | 24.9% | 23.9% |
|---|
| Yusei Holdings Ltd ($96) | 13.9% | 10.5% | 13.1% | 15.5% | 15.0% |
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% | 29.1% |
| DeTeam Co Ltd ($65) | 4.3% | 8.0% | 3.9% | -1.3% | 24.3% |
| Zhuzhou CSR Times Electric Co Ltd ($3898) | 19.5% | 18.4% | 19.8% | 20.6% | 24.2% |
| |
|---|
| Median (25 companies) | 10.2% | 8.1% | 8.2% | 9.5% | 7.9% |
|---|
| Yusei Holdings Ltd ($96) | 11.6% | 7.9% | 9.8% | 13.3% | 12.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Environmental Energy Investment Ltd ($986) | 77.7% | 6.1% | 0.4% | 17.9% | 47.6% |
| DeTeam Co Ltd ($65) | 13.9% | 6.7% | 47.0% | 5.6% | 33.1% |
| Lee & Man Chemical Co Ltd ($746) | 1.4% | 5.8% | 51.1% | 33.7% | 22.8% |
| China International Marine Containers Group Co Ltd ($2039) | 4.7% | 3.9% | 12.1% | 18.5% | 21.2% |
| IPE Group Ltd ($929) | 7.1% | 6.3% | 13.3% | 12.3% | 13.3% |
| |
|---|
| Median (25 companies) | 5.0% | 4.9% | 4.3% | 4.4% | 4.3% |
|---|
| Yusei Holdings Ltd ($96) | 11.3% | 3.3% | 4.2% | 3.8% | 9.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Time Watch Investments Ltd ($2033) | 30.5% | 34.5% | 27.1% | 27.8% | 27.9% |
| TK Group Holdings Ltd ($2283) | 34.0% | 36.8% | 31.1% | 29.4% | 27.6% |
| 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% | 11.7% |
| |
|---|
| Median (25 companies) | 6.4% | 4.4% | 3.6% | 3.9% | 1.5% |
|---|
| Yusei Holdings Ltd ($96) | 8.0% | 4.2% | 7.0% | 13.6% | 14.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Continental Holdings Ltd ($513) | 8.3x | | 20.1x | 92.9x | 4,203.6x |
| South China China Ltd ($413) | 2.3x | | 37.5x | 2,842.3x | 27.3x |
| Launch Tech Co Ltd ($2488) | -0.4x | 7.6x | 2.4x | 3.9x | 14.5x |
| China International Marine Containers Group Co Ltd ($2039) | 2.8x | 4.0x | 4.7x | 5.8x | 9.8x |
| VS International Group Ltd ($1002) | 8.6x | 5.1x | 6.5x | 4.4x | 3.3x |
| |
|---|
| Median (22 companies) | -0.3x | -0.3x | -0.3x | -0.2x | -0.2x |
|---|
| Yusei Holdings Ltd ($96) | 4.1x | 4.1x | 3.1x | 1.6x | 1.4x |
