Shenyang Public Utilities Holdings Co Ltd revenue jumped on 260% in 2015 and EBITDA Margin increased on 5.0 pp from -2.1% to 2.9%
04/05/2016 • About Shenyang Public Utilities Holdings Co Ltd (
$747) • By InTwits
Shenyang Public Utilities Holdings Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shenyang Public Utilities Holdings Co Ltd doesn't have a profitable business model yet: 2015 ROIC is 1.3%
- EBITDA Margin is quite volatile: 2.9% in 2015, -2.1% in 2014, 5.1% in 2013, 32.3% in 2012, 30.5% in 2011
- Shenyang Public Utilities Holdings Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.4%.
- The company has potentially unprofitable business model: ROIC is at 1.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shenyang Public Utilities Holdings Co Ltd ($747) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 22.9 | 10.2 | 336.8 | 86.2 | 310.6 | 260.2% |
| Gross Profit | 19.8 | 8.8 | 31.3 | 4.9 | 16.7 | 241.7% |
| EBITDA | 7.0 | 3.3 | 17.3 | -1.8 | 9.0 | -586.1% |
| Net Income | 45.6 | 27.1 | 11.6 | 44.1 | -2.8 | -106.3% |
Balance Sheet
|
|---|
| Cash | 5.2 | 32.9 | 21.9 | 7.9 | 12.2 | 54.2% |
| Short Term Debt | 0.0 | 13.8 | 10.7 | 0.0 | 15.3 | |
| Long Term Debt | 0.0 | 2.8 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.0 | 0.0 | 0.1 | 1.3 | 0.1 | -96.1% |
Ratios
|
|---|
| Revenue growth | 29.4% | -55.6% | 3,215.0% | -74.4% | 260.2% | |
| EBITDA growth | 207.0% | -53.1% | 427.5% | -110.7% | -586.1% | |
| Gross Margin | 86.5% | 86.8% | 9.3% | 5.7% | 5.4% | -0.3% |
| EBITDA Margin | 30.5% | 32.3% | 5.1% | -2.1% | 2.9% | 5.0% |
| Net Income Margin | 199.4% | 267.0% | 3.5% | 51.1% | -0.9% | -52.0% |
| CAPEX, % of revenue | 0.0% | 0.3% | 0.0% | 1.5% | 0.0% | -1.5% |
| ROIC | 1.1% | 0.6% | 3.1% | -0.3% | 1.3% | 1.6% |
| ROE | 9.5% | 5.2% | 2.2% | 7.8% | -0.4% | -8.2% |
| Net Debt/EBITDA | -0.7x | -5.0x | -0.6x | | 0.4x | 0.4x |
Revenue and profitability
The company's Revenue surged on 260% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 9.7 pp from 88.0% to 78.3% in 2015.
Gross Margin showed almost no change in 2015.
Net Income marign dropped on 52.0 pp from 51.1% to -0.89% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Shenyang Public Utilities Holdings Co Ltd had CAPEX/Revenue of 0.016%. Shenyang Public Utilities Holdings Co Ltd's CAPEX/Revenue showed almost no change from 2012 to 2015. It's average CAPEX/Revenue for the last three years was 0.52%.
Return on investment
The company operates at low but positive ROIC (1.25%) and negative ROE (-0.40%). ROIC increased slightly on 1.6 pp from -0.33% to 1.3% in 2015. ROE decreased on 8.2 pp from 7.8% to -0.40% in 2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.4x and Debt / EBITDA is 1.7x. Net Debt / EBITDA jumped0.4x from to 0.4x in 2015. Debt jumped while cash jumped on 54.2% in 2015.
Appendix 1: Peers in Real Estate
Below you can find Shenyang Public Utilities Holdings Co Ltd benchmarking vs. other companies in Real Estate 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 |
|---|
| Guangdong Land Holdings Ltd ($124) | | | | | 24,971.2% |
| GR Properties Ltd ($108) | | 21.6% | -82.9% | 14.6% | 1,203.6% |
| Wanda Hotel Development Co Ltd ($169) | | | -51.4% | -86.2% | 1,071.2% |
| Henderson Investment Ltd ($97) | | -78.9% | | | 737.1% |
| ITC Properties Group Ltd ($199) | | -70.5% | -95.2% | 75.7% | 678.6% |
| |
|---|
| Median (180 companies) | | 16.1% | 13.5% | 5.4% | 4.3% |
|---|
| Shenyang Public Utilities Holdings Co Ltd ($747) | | -55.6% | 3,215.0% | -74.4% | 260.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Renhe Commercial Holdings Co Ltd ($1387) | 71.1% | 79.0% | 95.2% | 97.9% | 99.9% |
| Tern Properties Co Ltd ($277) | 96.9% | 96.7% | 98.4% | 98.4% | 98.7% |
| YT Realty Group Ltd ($75) | 91.5% | 94.4% | 96.6% | 96.7% | 97.6% |
| Wah Ha Realty Co Ltd ($278) | 88.7% | 96.3% | 96.0% | 93.2% | 95.9% |
| Soundwill Holdings Ltd ($878) | 35.6% | 53.1% | 74.5% | 46.9% | 95.7% |
| |
|---|
| Median (161 companies) | 43.7% | 41.8% | 41.9% | 39.2% | 38.2% |
|---|
| Shenyang Public Utilities Holdings Co Ltd ($747) | 86.5% | 86.8% | 9.3% | 5.7% | 5.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Chinese Estates Holdings Ltd ($127) | 340.9% | 356.2% | 91.6% | 195.5% | 397.4% |
| Zall Development Group Ltd ($2098) | 73.6% | 105.3% | 133.1% | 143.2% | 213.9% |
| SOHO China Ltd ($410) | 113.8% | 113.6% | 80.8% | 104.0% | 201.9% |
| Beijing Properties Holdings Ltd ($925) | 33.2% | -606.3% | 2,162.6% | 224.3% | 186.5% |
| Swire Properties Ltd ($1972) | 283.7% | 154.5% | 114.6% | 73.2% | 100.3% |
| |
|---|
| Median (180 companies) | 35.5% | 28.9% | 28.4% | 27.3% | 23.4% |
|---|
| Shenyang Public Utilities Holdings Co Ltd ($747) | 30.5% | 32.3% | 5.1% | -2.1% | 2.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 0.0% | 18.0% | 27,965.5% | 4,834.8% |
| China Oceanwide Holdings Ltd ($715) | 0.4% | 0.8% | 0.3% | 2.0% | 880.6% |
| Madex International Holdings Ltd ($231) | 586.8% | 174.5% | 519.7% | 205.3% | 350.6% |
| Pacific Century Premium Developments Ltd ($432) | 6.5% | 2.9% | 323.1% | 351.2% | 340.6% |
| Hon Kwok Land Investment Co Ltd ($160) | 90.6% | 20.6% | 157.3% | 144.5% | 296.3% |
| |
|---|
| Median (180 companies) | 5.9% | 5.6% | 6.1% | 4.7% | 3.3% |
|---|
| Shenyang Public Utilities Holdings Co Ltd ($747) | 0.0% | 0.3% | 0.0% | 1.5% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hydoo International Holding Ltd ($1396) | 88.4% | 44.3% | 62.0% | 12.9% | 16.6% |
| Gemdale Properties & Investment Corp Ltd ($535) | 8.9% | 15.3% | 19.6% | 10.8% | 15.9% |
| China Overseas Land & Investment Ltd ($688) | 18.0% | 18.4% | 15.1% | 18.5% | 15.4% |
| Colour Life Services Group Co Ltd ($1778) | | 44.2% | 47.9% | 29.3% | 14.5% |
| Dalian Wanda Commercial Properties Co Ltd ($3699) | | 26.8% | 19.6% | 12.3% | 14.4% |
| |
|---|
| Median (182 companies) | 4.6% | 4.2% | 4.2% | 4.3% | 2.6% |
|---|
| Shenyang Public Utilities Holdings Co Ltd ($747) | 1.1% | 0.6% | 3.1% | -0.3% | 1.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shui On Land Ltd ($272) | 7.9x | 22.1x | 13.2x | 17.1x | 54.2x |
| Beijing Capital Land Ltd ($2868) | 2.9x | 7.1x | 4.6x | 11.7x | 49.1x |
| Talent Property Group Ltd ($760) | | | | | 43.0x |
| Mingfa Group International Co Ltd ($846) | 2.3x | 2.5x | 3.0x | 6.3x | 42.9x |
| Sunshine 100 China Holdings Ltd ($2608) | 19.8x | 9.9x | 12.4x | 12.9x | 42.3x |
| |
|---|
| Median (137 companies) | 2.3x | 2.3x | 2.7x | 3.0x | 3.2x |
|---|
| Shenyang Public Utilities Holdings Co Ltd ($747) | -0.7x | -5.0x | -0.6x | | 0.4x |
