Yeebo International Hldg reports 3.6% Net Income decline in 2016 and 0.90% Revenue decline
29/06/2016 • About Yeebo International Hldg (
$259) • By InTwits
Yeebo International Hldg reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 10.0% in FY2016 vs. 9.6% in FY2015 vs. 10.4% in FY2012
- Yeebo International Hldg has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.3%. At the same time it's a lot of higher than industry average of 6.9%.
- CAPEX is quite volatile: 31.9 in FY2016, 64.5 in FY2015, 74.2 in FY2014, 27.6 in FY2013, 30.2 in FY2012
- The company has potentially unprofitable business model: ROIC is at 3.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Yeebo International Hldg ($259) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 741.7 | 816.5 | 892.0 | 918.9 | 910.7 | -0.9% |
| Gross Profit | 122.1 | 113.2 | 116.9 | 119.0 | 123.0 | 3.3% |
| SG&A | 70.2 | 82.1 | 76.7 | 73.9 | 81.3 | 10.0% |
| EBITDA | 77.4 | 71.3 | 79.1 | 87.8 | 90.9 | 3.6% |
| Net Income | 93.1 | 89.7 | 105.3 | 208.5 | 201.0 | -3.6% |
Balance Sheet
|
|---|
| Cash | 52.9 | 84.5 | 65.1 | 41.8 | 43.6 | 4.4% |
| Short Term Debt | 4.5 | 4.3 | 29.4 | 21.0 | 26.3 | 25.2% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 30.2 | 27.6 | 74.2 | 64.5 | 31.9 | -50.6% |
Ratios
|
|---|
| Revenue growth | 14.7% | 10.1% | 9.3% | 3.0% | -0.9% | |
| EBITDA growth | -6.3% | -7.9% | 11.1% | 10.9% | 3.6% | |
| Gross Margin | 16.5% | 13.9% | 13.1% | 13.0% | 13.5% | 0.6% |
| EBITDA Margin | 10.4% | 8.7% | 8.9% | 9.6% | 10.0% | 0.4% |
| Net Income Margin | 12.6% | 11.0% | 11.8% | 22.7% | 22.1% | -0.6% |
| SG&A, % of revenue | 9.5% | 10.1% | 8.6% | 8.0% | 8.9% | 0.9% |
| CAPEX, % of revenue | 4.1% | 3.4% | 8.3% | 7.0% | 3.5% | -3.5% |
| ROIC | 4.8% | 4.7% | 5.1% | 4.7% | 3.8% | -0.9% |
| ROE | 7.5% | 9.8% | 10.7% | 18.9% | 16.1% | -2.8% |
| Net Debt/EBITDA | -0.6x | -1.1x | -0.5x | -0.2x | -0.2x | 0.0x |
Revenue and profitability
The company's Revenue decreased slightly on 0.90%. EBITDA Margin showed almost no change in FY2016.
Gross Margin increased slightly on 0.55 pp from 13.0% to 13.5% in FY2016. SG&A as a % of Revenue increased slightly on 0.89 pp from 8.0% to 8.9% in FY2016.
Net Income marign decreased slightly on 0.62 pp from 22.7% to 22.1% in FY2016.
Capital expenditures (CAPEX) and working capital investments
Yeebo International Hldg's CAPEX/Revenue was 3.5% in FY2016. The company's CAPEX/Revenue showed almost no change from FY2013 to FY2016. It's average CAPEX/Revenue for the last three years was 6.3%.
Return on investment
The company operates at good ROE (16.07%) while ROIC is low (3.80%). ROIC decreased slightly on 0.94 pp from 4.7% to 3.8% in FY2016. ROE decreased on 2.8 pp from 18.9% to 16.1% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is -0.2x and Debt / EBITDA is 0.3x. Net Debt / EBITDA increased on 0.046x from -0.2x to -0.2x in FY2016. Debt jumped on 25.2% while cash increased on 4.4%.
Appendix 1: Peers in Electronics
Below you can find Yeebo International Hldg benchmarking vs. other companies in Electronics 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| GCL New Energy Holdings Ltd ($451) | 14.7% | -6.8% | 10.9% | 53.9% | |
| Tech Pro Technology Development Ltd ($3823) | 7.4% | -44.9% | -13.7% | 52.4% | |
| Nanjing Sample Technology Co Ltd ($1708) | 36.1% | 8.0% | 15.4% | 34.8% | |
| AAC Technologies Holdings Inc ($2018) | 54.8% | 28.9% | 9.7% | 32.2% | |
| Ningbo Wanhao Holdings Co Ltd ($8249) | 5.7% | 412.4% | -6.9% | 28.9% | |
| |
|---|
| Median (49 companies) | -0.3% | 3.6% | 5.0% | -0.2% | 2.0% |
|---|
| Yeebo International Hldg ($259) | | 10.1% | 9.3% | 3.0% | -0.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Advanced Card Systems Holdings Ltd ($8210) | 54.0% | 58.1% | 49.5% | 49.6% | |
| AAC Technologies Holdings Inc ($2018) | 44.2% | 42.7% | 41.4% | 41.5% | |
| TeleEye Holdings Ltd ($8051) | 44.0% | 42.1% | 38.5% | 37.0% | |
| Hi Sun Technology China Ltd ($818) | 28.1% | 37.4% | 33.3% | 34.7% | |
| Datronix Holdings Ltd ($889) | 32.9% | 32.0% | 34.1% | 34.6% | |
| |
|---|
| Median (47 companies) | 13.6% | 13.8% | 14.1% | 16.6% | 14.7% |
|---|
| Yeebo International Hldg ($259) | 16.5% | 13.9% | 13.1% | 13.0% | 13.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AAC Technologies Holdings Inc ($2018) | 35.8% | 35.8% | 34.9% | 34.8% | |
| GCL New Energy Holdings Ltd ($451) | 10.8% | 11.1% | 12.6% | 33.0% | |
| Daiwa Associate Holdings ($1037) | 2.4% | 3.8% | 2.8% | 25.6% | |
| Wasion Group Holdings Ltd ($3393) | 18.8% | 21.2% | 22.0% | 19.3% | |
| Tongda Group Holdings Ltd ($698) | 17.1% | 16.8% | 18.4% | 18.9% | |
| |
|---|
| Median (49 companies) | 6.5% | 6.0% | 4.6% | 4.8% | 3.5% |
|---|
| Yeebo International Hldg ($259) | 10.4% | 8.7% | 8.9% | 9.6% | 10.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| GCL New Energy Holdings Ltd ($451) | 5.5% | 5.1% | 5.4% | 401.2% | |
| National Electronic Hldgs ($213) | 3.4% | 18.1% | 7.1% | 49.7% | 4.7% |
| Irico Group Electronics Co Ltd ($438) | 39.9% | 30.4% | 17.4% | 25.8% | |
| Kingwell Group Ltd ($1195) | 8.6% | 5.4% | 5.3% | 21.4% | |
| AAC Technologies Holdings Inc ($2018) | 18.7% | 8.7% | 19.6% | 18.4% | |
| |
|---|
| Median (49 companies) | 3.7% | 3.0% | 3.7% | 2.9% | 1.7% |
|---|
| Yeebo International Hldg ($259) | 4.1% | 3.4% | 8.3% | 7.0% | 3.5% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AAC Technologies Holdings Inc ($2018) | 29.1% | 30.0% | 26.0% | 27.8% | |
| Cowell e Holdings Inc ($1415) | 12.5% | 27.1% | 24.4% | 25.8% | |
| Changhong Jiahua Holdings Ltd ($8016) | 29.6% | 17.7% | 15.1% | 16.7% | |
| Tongda Group Holdings Ltd ($698) | 15.2% | 13.5% | 16.5% | 16.3% | |
| Alltronics Holdings Ltd ($833) | 13.1% | 15.2% | 19.8% | 15.6% | |
| |
|---|
| Median (49 companies) | 4.3% | 3.5% | 3.0% | 2.2% | 0.8% |
|---|
| Yeebo International Hldg ($259) | 4.8% | 4.7% | 5.1% | 4.7% | 3.8% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| National Electronic Hldgs ($213) | 16.3x | 30.2x | 84.8x | 19.9x | 42.7x |
| GCL New Energy Holdings Ltd ($451) | 2.9x | 2.6x | 1.7x | 17.4x | |
| Man Yue Technology Holdings Ltd ($894) | 2.1x | 2.7x | 3.3x | 6.5x | |
| Willas-Array Electronics Holdings Ltd ($854) | 2.2x | 2.6x | 5.7x | 5.4x | 14.1x |
| SAS Dragon Hldg Ltd ($1184) | 7.1x | 2.0x | 6.4x | 4.8x | |
| |
|---|
| Median (32 companies) | 1.1x | 1.1x | 1.0x | 0.4x | 2.6x |
|---|
| Yeebo International Hldg ($259) | -0.6x | -1.1x | -0.5x | -0.2x | -0.2x |
