AMS Public Transport Holdings Ltd reports 228% Net Income growth in 2016 and 4.2% Revenue growth
28/06/2016 • About AMS Public Transport Holdings Ltd (
$77) • By InTwits
AMS Public Transport Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 13.2% in FY2016 vs. 6.1% in FY2015 vs. 5.1% in FY2012
- EBITDA Margin is quite volatile: 13.2% in FY2016, 6.1% in FY2015, 3.9% in FY2014, 2.3% in FY2013, 5.1% in FY2012
- AMS Public Transport Holdings Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has highly profitable business model: ROIC is at 12.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
AMS Public Transport Holdings Ltd ($77) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 334.4 | 358.7 | 357.4 | 356.4 | 371.3 | 4.2% |
| Gross Profit | 44.0 | 32.5 | 36.9 | 46.2 | 72.3 | 56.5% |
| SG&A | | | | 32.9 | 37.0 | 12.4% |
| EBITDA | 16.9 | 8.4 | 14.0 | 21.7 | 48.9 | 125.0% |
| Net Income | 140.3 | -39.6 | -18.1 | -22.9 | 29.4 | |
Balance Sheet
|
|---|
| Cash | 108.1 | 59.3 | 48.4 | 49.3 | 66.0 | 33.9% |
| Short Term Debt | 7.6 | 8.8 | 9.3 | 9.5 | 9.8 | 3.3% |
| Long Term Debt | 121.5 | 147.3 | 147.4 | 137.9 | 132.2 | -4.1% |
Cash flow
|
|---|
| Capex | 3.1 | 2.0 | 1.3 | 1.0 | 1.6 | 65.2% |
Ratios
|
|---|
| Revenue growth | 9.6% | 7.3% | -0.4% | -0.3% | 4.2% | |
| EBITDA growth | -65.9% | -50.5% | 67.1% | 55.2% | 125.0% | |
| Gross Margin | 13.2% | 9.1% | 10.3% | 13.0% | 19.5% | 6.5% |
| EBITDA Margin | 5.1% | 2.3% | 3.9% | 6.1% | 13.2% | 7.1% |
| Net Income Margin | 41.9% | -11.0% | -5.1% | -6.4% | 7.9% | 14.4% |
| SG&A, % of revenue | | | | 9.2% | 10.0% | 0.7% |
| CAPEX, % of revenue | 0.9% | 0.5% | 0.4% | 0.3% | 0.4% | 0.2% |
| ROIC | 3.3% | 1.3% | 2.7% | 5.0% | 12.1% | 7.1% |
| ROE | 40.3% | -11.2% | -6.2% | -9.0% | 12.0% | 21.0% |
| Net Debt/EBITDA | 1.2x | 11.6x | 7.7x | 4.5x | 1.6x | -3.0x |
Revenue and profitability
The company's Revenue increased on 4.2%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 7.1 pp from 6.1% to 13.2% in FY2016.
Gross Margin increased on 6.5 pp from 13.0% to 19.5% in FY2016. SG&A as a % of Revenue increased slightly on 0.73 pp from 9.2% to 10.0% in FY2016.
Net Income marign jumped on 14.4 pp from -6.4% to 7.9% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.43%. AMS Public Transport Holdings Ltd showed almost no change in CAPEX/Revenue from FY2013 to FY2016. It's average CAPEX/Revenue for the last three years was 0.36%.
Return on investment
The company operates at good ROIC (12.13%) while ROE is low (11.98%). ROIC increased on 7.1 pp from 5.0% to 12.1% in FY2016. ROE jumped on 21.0 pp from -9.0% to 12.0% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 1.6x and Debt / EBITDA is 2.9x. Net Debt / EBITDA dropped on 3.0x from 4.5x to 1.6x in FY2016. Debt decreased on 3.7% while cash surged on 33.9%.
Appendix 1: Peers in Transportation
Below we provide AMS Public Transport 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | | | 2,388.3% | |
| China Best Group Holding Ltd ($370) | 202.4% | -53.6% | 459.4% | 25.9% | |
| 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% | |
| |
|---|
| Median (31 companies) | 5.1% | 4.0% | 5.6% | -6.7% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | | 7.3% | -0.4% | -0.3% | 4.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CIG Yangtze Ports PLC ($8233) | 51.3% | 44.8% | 46.6% | 48.7% | |
| Qinhuangdao Port Co Ltd ($3369) | 43.1% | 42.4% | 43.3% | 40.5% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 18.9% | 20.4% | 22.7% | 26.8% | |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 23.1% | 25.1% | 24.1% | 23.1% | |
| Tianjin Port Development Holdings Ltd ($3382) | 22.5% | 18.4% | 13.6% | 22.7% | |
| |
|---|
| Median (27 companies) | 13.0% | 11.3% | 11.3% | 11.6% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 13.2% | 9.1% | 10.3% | 13.0% | 19.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| MTR Corp Ltd ($66) | 42.7% | 37.6% | 45.2% | 41.6% | |
| Qinhuangdao Port Co Ltd ($3369) | 46.0% | 44.6% | 46.5% | 41.1% | |
| CIG Yangtze Ports PLC ($8233) | 30.2% | 27.6% | 38.5% | 39.5% | |
| China Shipping Development Co Ltd ($1138) | 12.5% | 3.0% | 24.7% | 26.7% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 13.3% | 16.1% | 20.7% | 26.1% | |
| |
|---|
| Median (31 companies) | 9.9% | 7.4% | 7.8% | 9.5% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 5.1% | 2.3% | 3.9% | 6.1% | 13.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 4.0% | 6.1% | 40.7% | 164.7% | |
| Frontier Services Group Ltd ($500) | 6.3% | 3.6% | 63.3% | 75.9% | |
| MTR Corp Ltd ($66) | 31.1% | 34.5% | 30.8% | 52.0% | |
| CIG Yangtze Ports PLC ($8233) | 17.8% | 24.8% | 2.1% | 50.7% | |
| Transport International Holdings Ltd ($62) | 7.9% | 16.2% | 16.0% | 26.2% | |
| |
|---|
| Median (31 companies) | 7.9% | 9.0% | 7.4% | 9.2% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 0.9% | 0.5% | 0.4% | 0.3% | 0.4% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 21.1% | 20.9% | 19.1% | 19.3% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 3.6% | 5.7% | 9.2% | 14.6% | |
| SITC International Holdings Co Ltd ($1308) | 8.2% | 9.1% | 9.1% | 11.2% | |
| CIG Yangtze Ports PLC ($8233) | 4.9% | 5.7% | 11.0% | 11.1% | |
| On Time Logistics Holdings Ltd ($6123) | 15.6% | 15.5% | 16.7% | 11.1% | |
| |
|---|
| Median (31 companies) | 3.4% | 3.7% | 3.7% | 3.3% | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 3.3% | 1.3% | 2.7% | 5.0% | 12.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jinhui Holdings Co Ltd ($137) | 5.0x | 4.2x | 17.5x | 19.6x | |
| China Shipping Development Co Ltd ($1138) | 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) | 2.1x | 4.6x | | 4.7x | |
| Orient Overseas International Ltd ($316) | 2.7x | 5.1x | 3.4x | 3.9x | |
| |
|---|
| Median (20 companies) | 0.9x | 1.5x | 0.8x | 0.8x | |
|---|
| AMS Public Transport Holdings Ltd ($77) | 1.2x | 11.6x | 7.7x | 4.5x | 1.6x |
