Uni-Bio Science Group Ltd CAPEX dropped on 48.4% in 2015 while Revenue surged on 20.2%
13/06/2016 • About Uni-Bio Science Group Ltd (
$690) • By InTwits
Uni-Bio Science Group Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Uni-Bio Science Group Ltd doesn't have a profitable business model yet: 2015 ROIC is -8.6%
- The company operates at negative EBITDA Margin: -12.3%
- Uni-Bio Science Group 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 -18.8%0
- Uni-Bio Science Group Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 21.8%. At the same time it's a lot of higher than industry average of 11.2%.
- CAPEX is quite volatile: 18.8 in 2015, 36.5 in 2014, 24.1 in 2013, 13.6 in 2012, 3.9 in 2011
- The company has unprofitable business model: ROIC is at -8.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Uni-Bio Science Group Ltd ($690) key annual financial indicators
| mln. HKD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 76.8 | 57.0 | 83.3 | 102.6 | 123.4 | 20.2% |
| Gross Profit | 47.7 | 38.3 | 66.3 | 82.1 | 102.8 | 25.1% |
| SG&A | | | 92.2 | 98.4 | 131.4 | 33.5% |
| EBITDA | -6.1 | -14.4 | -0.3 | -47.2 | -15.1 | -67.9% |
| Net Income | -185.2 | -102.9 | -69.3 | -366.1 | -59.8 | -83.7% |
Balance Sheet
|
|---|
| Cash | 16.5 | 22.3 | 14.1 | 56.2 | 110.0 | 95.7% |
| Short Term Debt | 23.8 | 36.1 | 32.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 51.1 | 97.8 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 3.9 | 13.6 | 24.1 | 36.5 | 18.8 | -48.4% |
Ratios
|
|---|
| Revenue growth | -48.2% | -25.7% | 46.1% | 23.1% | 20.2% | |
| EBITDA growth | -80.0% | 134.4% | -98.1% | 17,363.0% | -67.9% | |
| Gross Margin | 62.1% | 67.2% | 79.5% | 80.0% | 83.3% | 3.3% |
| EBITDA Margin | -8.0% | -25.3% | -0.3% | -45.9% | -12.3% | 33.7% |
| Net Income Margin | -241.2% | -180.4% | -83.2% | -356.8% | -48.5% | 308.3% |
| SG&A, % of revenue | | | 110.6% | 95.9% | 106.5% | 10.6% |
| CAPEX, % of revenue | 5.1% | 23.9% | 28.9% | 35.5% | 15.3% | -20.3% |
| ROIC | -7.4% | -9.0% | -7.3% | -15.6% | -8.6% | 7.0% |
| ROE | -19.8% | -12.7% | -9.5% | -56.4% | -10.8% | 45.6% |
Revenue and profitability
The company's Revenue surged on 20.2% in 2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from -5.5% to -3.6% in 2015.
Gross Margin increased on 3.3 pp from 80.0% to 83.3% in 2015. SG&A as a % of Revenue jumped on 10.6 pp from 95.9% to 107% in 2015.
Net Income marign jumped on 308 pp from -357% to -48.5% in 2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 15.3% in 2015. CAPEX/Revenue decreased on 8.7 pp from 23.9% in 2012 to 15.3% in 2015. It's average CAPEX/Revenue for the last three years was 26.6%.
Return on investment
The company operates at negative ROIC (-8.57%) and ROE (-10.82%). ROIC increased on 7.0 pp from -15.6% to -8.6% in 2015. ROE surged on 45.6 pp from -56.4% to -10.8% in 2015.
Leverage (Debt)
The company has no debt. Cash jumped on 95.7% in 2015.
Appendix 1: Peers in Biotechnology
Below we provide Uni-Bio Science Group Ltd benchmarking against other companies in Biotechnology 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 |
|---|
| China Regenerative Medicine International Ltd ($8158) | | -95.1% | 975.8% | -63.0% | 452.4% |
| Bloomage BioTechnology Corp Ltd ($963) | | 33.4% | 36.4% | 28.3% | 35.2% |
| Essex Bio-technology Ltd ($1061) | | 25.6% | 29.9% | 49.3% | 26.2% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | | 73.7% | 78.9% | 13.2% | 23.1% |
| Amgen Inc ($4332) | | 10.8% | 8.2% | 7.4% | 8.0% |
| |
|---|
| Median (8 companies) | | 27.5% | 19.6% | 3.5% | 15.5% |
|---|
| Uni-Bio Science Group Ltd ($690) | | -25.7% | 46.1% | 23.1% | 20.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 82.8% | 89.9% | 92.2% | 92.2% | 91.4% |
| Essex Bio-technology Ltd ($1061) | 90.5% | 91.2% | 89.6% | 79.3% | 81.0% |
| Amgen Inc ($4332) | 84.4% | 81.5% | 82.1% | 78.0% | 80.5% |
| Bloomage BioTechnology Corp Ltd ($963) | 73.2% | 69.3% | 79.9% | 78.0% | 74.9% |
| China Regenerative Medicine International Ltd ($8158) | 64.4% | 33.6% | -17.3% | 31.0% | 49.2% |
| |
|---|
| Median (8 companies) | 68.8% | 51.8% | 57.5% | 56.5% | 62.0% |
|---|
| Uni-Bio Science Group Ltd ($690) | 62.1% | 67.2% | 79.5% | 80.0% | 83.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amgen Inc ($4332) | 34.5% | 38.6% | 38.3% | 41.3% | 48.8% |
| Bloomage BioTechnology Corp Ltd ($963) | 56.2% | 46.8% | 39.2% | 45.2% | 44.1% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 35.5% | 33.4% | 29.0% | 31.5% | 29.3% |
| Essex Bio-technology Ltd ($1061) | 18.0% | 19.0% | 21.9% | 21.3% | 22.6% |
| CK Life Sciences International Holdings Inc ($775) | 9.3% | 9.9% | 10.0% | 10.7% | 11.3% |
| |
|---|
| Median (8 companies) | 19.1% | 14.4% | 16.0% | 16.0% | 17.0% |
|---|
| Uni-Bio Science Group Ltd ($690) | -8.0% | -25.3% | -0.3% | -45.9% | -12.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Regenerative Medicine International Ltd ($8158) | 1,076.2% | 40,271.9% | 810.7% | 3,305.9% | 1,295.1% |
| Bloomage BioTechnology Corp Ltd ($963) | 7.0% | 35.8% | 30.4% | 24.6% | 41.0% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 24.6% | 49.3% | 13.6% | 9.4% | 6.6% |
| CK Life Sciences International Holdings Inc ($775) | 5.4% | 3.8% | 5.8% | 9.9% | 6.0% |
| Global Bio-Chem Technology Group Co Ltd ($809) | 14.4% | 17.7% | 1.7% | 3.0% | 2.8% |
| |
|---|
| Median (8 companies) | 8.4% | 26.8% | 8.1% | 7.1% | 4.4% |
|---|
| Uni-Bio Science Group Ltd ($690) | 5.1% | 23.9% | 28.9% | 35.5% | 15.3% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Essex Bio-technology Ltd ($1061) | 24.7% | 22.6% | 25.2% | 28.5% | 31.4% |
| Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd ($1349) | 15.7% | 20.0% | 20.9% | 18.6% | 17.6% |
| Bloomage BioTechnology Corp Ltd ($963) | 33.7% | 30.1% | 24.1% | 27.2% | 17.1% |
| Amgen Inc ($4332) | 11.1% | 13.0% | 11.7% | 11.2% | 14.6% |
| Tianjin TEDA Biomedical Engineering Co Ltd ($8189) | 7.5% | 12.4% | 10.1% | 9.8% | 9.5% |
| |
|---|
| Median (8 companies) | 11.3% | 12.7% | 10.9% | 10.5% | 12.1% |
|---|
| Uni-Bio Science Group Ltd ($690) | -7.4% | -9.0% | -7.3% | -15.6% | -8.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| CK Life Sciences International Holdings Inc ($775) | 5.4x | 4.3x | 6.1x | 6.4x | 6.0x |
| Amgen Inc ($4332) | 2.7x | 3.5x | 4.0x | 3.3x | 2.6x |
| Bloomage BioTechnology Corp Ltd ($963) | -1.2x | -0.5x | -0.3x | -0.5x | 1.6x |
| Essex Bio-technology Ltd ($1061) | -1.0x | 0.3x | -0.0x | -0.1x | -0.1x |
| Tianjin TEDA Biomedical Engineering Co Ltd ($8189) | 2.0x | 2.0x | 1.4x | 0.9x | -1.3x |
| |
|---|
| Median (6 companies) | 2.0x | 2.0x | 0.7x | 0.4x | 0.7x |
|---|
