Beijing Capital Juda Ltd Net Debt / EBITDA jumped on 24.8x from 11.5x to 36.3x in 2016 and Revenue surged on 13.8%
20/02/2017 • About Beijing Capital Juda Ltd (
$1329) • By InTwits
Beijing Capital Juda Ltd reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Beijing Capital Juda Ltd doesn't have a profitable business model yet: 2016 ROIC is -0.1%
- EBITDA Margin is quite volatile: 2.9% in 2016, 6.0% in 2015, 5.2% in 2014, 12.7% in 2013, 12.7% in 2012
- Beijing Capital Juda Ltd has high CAPEX intensity: 5 year average CAPEX/Revenue was 37.6%. At the same time it's a lot of higher than industry average of 7.8%.
- CAPEX is quite volatile: 983 in 2016, 686 in 2015, 0.27 in 2014, 0.13 in 2013, 0.60 in 2012
- The company has unprofitable business model: ROIC is at -0.1%
- It operates with high leverage: Net Debt/EBITDA is 36.3x while industry average is 3.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Beijing Capital Juda Ltd ($1329) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 242.1 | 204.7 | 261.4 | 825.6 | 939.3 | 13.8% |
| Gross Profit | 31.7 | 32.8 | 24.1 | 233.0 | 214.2 | -8.0% |
| SG&A | | 15.5 | 15.5 | 205.3 | 224.8 | 9.5% |
| EBITDA | 30.8 | 26.0 | 13.6 | 49.8 | 27.3 | -45.2% |
| Net Income | 16.6 | 8.2 | 2.5 | 631.0 | 227.3 | -64.0% |
Balance Sheet
|
|---|
| Cash | 36.3 | 30.0 | 19.1 | 1,999.6 | 1,924.6 | -3.8% |
| Short Term Debt | 49.8 | 44.5 | 40.3 | 160.0 | 855.0 | 434.4% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 2,412.9 | 2,060.5 | -14.6% |
Cash flow
|
|---|
| Capex | 0.6 | 0.1 | 0.3 | 686.2 | 983.2 | 43.3% |
Ratios
|
|---|
| Revenue growth | 38.4% | -15.5% | 27.7% | 215.8% | 13.8% | |
| EBITDA growth | 6.2% | -15.8% | -47.8% | 267.2% | -45.2% | |
| Gross Margin | 13.1% | 16.0% | 9.2% | 28.2% | 22.8% | -5.4% |
| EBITDA Margin | 12.7% | 12.7% | 5.2% | 6.0% | 2.9% | -3.1% |
| Net Income Margin | 6.9% | 4.0% | 0.9% | 76.4% | 24.2% | -52.2% |
| SG&A, % of revenue | | 7.6% | 5.9% | 24.9% | 23.9% | -0.9% |
| CAPEX, % of revenue | 0.2% | 0.1% | 0.1% | 83.1% | 104.7% | 21.6% |
| ROIC | 20.8% | 11.7% | 4.7% | 0.9% | -0.1% | -0.9% |
| ROE | 22.1% | 6.2% | 1.6% | 38.4% | 5.2% | -33.2% |
| Net Debt/EBITDA | 0.4x | 0.6x | 1.6x | 11.5x | 36.3x | 24.8x |
Revenue and profitability
Beijing Capital Juda Ltd's Revenue surged on 13.8%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 0.95 pp from 2.4% to 1.5% in FY2016.
Gross Margin decreased on 5.4 pp from 28.2% to 22.8% in 2016. SG&A as a % of Revenue decreased slightly on 0.94 pp from 24.9% to 23.9% in 2016.
Net Income marign dropped on 52.2 pp from 76.4% to 24.2% in 2016.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 105% in 2016. The company showed fast CAPEX/Revenue growth of 105 pp from 0.062% in 2013 to 105% in 2016. For the last three years the average CAPEX/Revenue was 62.6%.The company has spent a lot to CAPEX (3,599% of EBITDA) to fuel its growth.
Return on investment
The company operates at negative ROIC (-0.08%) and low but positive ROE (5.23%). ROIC decreased slightly on 0.93 pp from 0.85% to -0.083% in 2016. ROE dropped on 33.2 pp from 38.4% to 5.2% in 2016.
Leverage (Debt)
Debt level is 36.3x Net Debt / EBITDA and 106.7x Debt / EBITDA. Net Debt / EBITDA surged on 24.8x from 11.5x to 36.3x in 2016. Debt surged on 13.3% while cash decreased on 3.8%.
Appendix 1: Peers in Real Estate
Below you can find Beijing Capital Juda 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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) | | -95.2% | 75.7% | 678.6% | 206.4% |
| |
|---|
| Median (179 companies) | 16.9% | 13.5% | 5.2% | 4.2% | 6.0% |
|---|
| Beijing Capital Juda Ltd ($1329) | | -15.5% | 27.7% | 215.8% | 13.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Renhe Commercial Holdings Co Ltd ($1387) | 79.0% | 95.2% | 97.9% | 99.9% | |
| Tern Properties Co Ltd ($277) | 96.7% | 98.4% | 98.4% | 98.7% | 98.8% |
| YT Realty Group Ltd ($75) | 94.4% | 96.6% | 96.7% | 97.6% | |
| Wah Ha Realty Co Ltd ($278) | 96.3% | 96.0% | 93.2% | 95.9% | 92.9% |
| Soundwill Holdings Ltd ($878) | 53.1% | 74.5% | 46.9% | 95.7% | |
| |
|---|
| Median (160 companies) | 42.1% | 41.9% | 39.3% | 38.4% | 53.2% |
|---|
| Beijing Capital Juda Ltd ($1329) | 13.1% | 16.0% | 9.2% | 28.2% | 22.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Chinese Estates Holdings Ltd ($127) | 356.2% | 91.6% | 195.5% | 397.4% | |
| Zall Development Group Ltd ($2098) | 105.3% | 133.1% | 143.2% | 213.9% | |
| SOHO China Ltd ($410) | 113.6% | 80.8% | 104.0% | 201.9% | |
| Beijing Properties Holdings Ltd ($925) | -606.3% | 2,162.6% | 224.3% | 186.5% | |
| Swire Properties Ltd ($1972) | 154.5% | 114.6% | 73.2% | 100.3% | |
| |
|---|
| Median (179 companies) | 29.3% | 28.5% | 27.8% | 23.5% | 31.7% |
|---|
| Beijing Capital Juda Ltd ($1329) | 12.7% | 12.7% | 5.2% | 6.0% | 2.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 18.0% | 27,965.5% | 4,834.8% | |
| China Oceanwide Holdings Ltd ($715) | 0.8% | 0.3% | 2.0% | 880.6% | |
| Madex International Holdings Ltd ($231) | 174.5% | 519.7% | 205.3% | 350.6% | |
| Pacific Century Premium Developments Ltd ($432) | 2.9% | 323.1% | 351.2% | 340.6% | 570.7% |
| Hon Kwok Land Investment Co Ltd ($160) | 20.6% | 157.3% | 144.5% | 296.3% | 28.1% |
| |
|---|
| Median (179 companies) | 5.9% | 6.2% | 4.8% | 3.2% | 3.8% |
|---|
| Beijing Capital Juda Ltd ($1329) | 0.2% | 0.1% | 0.1% | 83.1% | 104.7% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydoo International Holding Ltd ($1396) | 44.3% | 62.0% | 12.9% | 16.6% | |
| Gemdale Properties & Investment Corp Ltd ($535) | 15.3% | 19.6% | 10.8% | 15.9% | |
| China Overseas Land & Investment Ltd ($688) | | 15.1% | 18.5% | 15.4% | 13.0% |
| 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 (181 companies) | 4.0% | 4.0% | 4.1% | 2.5% | 1.7% |
|---|
| Beijing Capital Juda Ltd ($1329) | 20.8% | 11.7% | 4.7% | 0.9% | -0.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shui On Land Ltd ($272) | 22.1x | 13.2x | 17.1x | 54.2x | |
| Beijing Capital Land Ltd ($2868) | 7.1x | 4.6x | 11.7x | 49.1x | 37.0x |
| Talent Property Group Ltd ($760) | | | | 43.0x | |
| Mingfa Group International Co Ltd ($846) | 2.5x | 3.0x | 6.3x | 42.9x | |
| Sunshine 100 China Holdings Ltd ($2608) | 9.9x | 12.4x | 12.9x | 42.3x | |
| |
|---|
| Median (136 companies) | 2.4x | 2.8x | 3.0x | 3.2x | 2.0x |
|---|
| Beijing Capital Juda Ltd ($1329) | 0.4x | 0.6x | 1.6x | 11.5x | 36.3x |
