Northeast Tiger Pharmaceutical Corp Ltd revenue returned to growth in 2016: increased 1,473,900% vs. 93.1% decline a year earliner
05/03/2017 • About Northeast Tiger Pharmaceutical Corp Ltd (
$8197) • By InTwits
Northeast Tiger Pharmaceutical Corp Ltd reported 2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 26.0% in 2016, 49,650.0% in 2015, -15,344.8% in 2014, 205,840.0% in 2013, 193.8% in 2012
- The company has potentially unprofitable business model: ROIC is at 2.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Northeast Tiger Pharmaceutical Corp Ltd ($8197) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 9.705 | 0.005 | 0.029 | 0.002 | 29.480 | 1,473,900.0% |
| Gross Profit | 3.792 | 0.001 | 0.003 | 0.001 | 9.210 | 920,900.0% |
| SG&A | | 8.086 | 8.937 | 6.094 | 14.760 | 142.2% |
| EBITDA | 18.812 | 10.292 | -4.450 | 0.993 | 7.668 | 672.2% |
| Net Income | 19.640 | 6.659 | -26.708 | 7.101 | 0.255 | -96.4% |
Balance Sheet
|
|---|
| Cash | 4.353 | 3.434 | 0.005 | 0.483 | 61.702 | 12,674.7% |
| Short Term Debt | 10.000 | 10.000 | 10.000 | 0.000 | 0.000 | |
| Long Term Debt | 38.100 | 31.600 | 22.500 | 22.500 | 22.500 | 0.0% |
Cash flow
|
|---|
| Capex | | 0.555 | 0.030 | 0.000 | 1.533 | |
Ratios
|
|---|
| Revenue growth | 15.1% | -99.9% | 480.0% | -93.1% | 1,473,900.0% | |
| EBITDA growth | 68.8% | -45.3% | -143.2% | -122.3% | 672.2% | |
| Gross Margin | 39.1% | 20.0% | 10.3% | 50.0% | 31.2% | -18.8% |
| EBITDA Margin | 193.8% | 205,840.0% | -15,344.8% | 49,650.0% | 26.0% | -49,624.0% |
| Net Income Margin | 202.4% | 133,180.0% | -92,096.6% | 355,050.0% | 0.9% | -355,049.1% |
| SG&A, % of revenue | | 161,720.0% | 30,817.2% | 304,700.0% | 50.1% | -304,649.9% |
| CAPEX, % of revenue | | 11,100.0% | 103.4% | 0.0% | 5.2% | 5.2% |
| ROIC | 10.8% | 3.5% | -6.1% | -1.4% | 2.9% | 4.4% |
| ROE | 24.4% | 7.1% | -31.9% | 9.4% | 0.2% | -9.2% |
| Net Debt/EBITDA | 2.3x | 3.7x | | 22.2x | -5.1x | -27.3x |
Revenue and profitability
Northeast Tiger Pharmaceutical Corp Ltd's Revenue surged on 1,473,900%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 91.4 pp from -514% to -423% in FY2016.
Gross Margin dropped on 18.8 pp from 50% to 31.2% in 2016. SG&A as a % of Revenue dropped on 304,650 pp from 304,700% to 50.1% in 2016.
Net Income marign dropped on 355,049 pp from 355,050% to 0.86% in 2016.
Capital expenditures (CAPEX) and working capital investments
In 2016 the company had CAPEX/Revenue of 5.2%. The company showed big decline in CAPEX/Revenue of 11,095 pp from 11,100% in 2013 to 5.2% in 2016.
Return on investment
The company operates at low ROIC (2.95%) and ROE (0.20%). ROIC increased on 4.4 pp from -1.4% to 2.9% in 2016. ROE decreased on 9.2 pp from 9.4% to 0.20% in 2016.
Leverage (Debt)
Debt level is -5.1x Net Debt / EBITDA and 2.9x Debt / EBITDA. Net Debt / EBITDA dropped on 27.3x from 22.2x to -5.1x in 2016. Debt didn't change in 2016 while cash surged on 12,675%.
Appendix 1: Peers in Pharmaceuticals
Below you can find Northeast Tiger Pharmaceutical Corp Ltd benchmarking vs. other companies in Pharmaceuticals 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 |
|---|
| China Health Group Inc ($8225) | 58.5% | -48.0% | -60.1% | 244.1% | |
| Wai Yuen Tong Medicine Holdings Ltd ($897) | | 45.9% | -10.5% | 105.6% | 40.9% |
| Oriental Unicorn Agricultural Group Ltd ($8120) | 30.2% | -78.1% | 16.8% | 100.8% | |
| China Traditional Chinese Medicine Co Ltd ($570) | 22.3% | 35.2% | 90.0% | 40.0% | |
| RM Group Holdings Ltd ($8185) | | 4.6% | -16.0% | 34.2% | -16.6% |
| |
|---|
| Median (41 companies) | 20.4% | 13.5% | 14.7% | 4.0% | -3.1% |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | | -99.9% | 480.0% | -93.1% | 1,473,900.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Luye Pharma Group Ltd ($2186) | 83.5% | 83.6% | 81.0% | 81.4% | |
| Consun Pharmaceutical Group Ltd ($1681) | 75.7% | 79.1% | 78.3% | 80.7% | |
| Jilin Province Huinan Changlong Bio-pharmacy Co Ltd ($8049) | 82.0% | 81.5% | 80.9% | 79.9% | |
| RM Group Holdings Ltd ($8185) | 79.6% | 78.8% | 76.6% | 77.7% | 77.4% |
| Sino Biopharmaceutical Ltd ($1177) | 78.5% | 77.5% | 76.4% | 77.7% | |
| |
|---|
| Median (40 companies) | 42.5% | 41.1% | 52.2% | 50.0% | 48.7% |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | 39.1% | 20.0% | 10.3% | 50.0% | 31.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sihuan Pharmaceutical Holdings Group Ltd ($460) | 38.8% | 65.4% | 70.9% | 93.3% | |
| Hua Han Bio-Pharmaceutical Holdings Ltd ($587) | 60.6% | 21.0% | 28.8% | 61.1% | |
| U-Home Group Holdings Ltd ($2327) | 9.8% | -16.6% | -46.7% | 51.7% | |
| Beijing Tong Ren Tang Chinese Medicine Co Ltd ($8138) | 41.3% | 45.4% | 47.5% | 49.1% | |
| Pak Fah Yeow International Ltd ($239) | 33.9% | 28.4% | 52.4% | 44.3% | |
| |
|---|
| Median (41 companies) | 19.6% | 20.2% | 21.4% | 19.0% | -5.0% |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | 193.8% | 205,840.0% | -15,344.8% | 49,650.0% | 26.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hao Wen Holdings Ltd ($8019) | 30.0% | 2.3% | 38.2% | 44.8% | |
| Hua Han Bio-Pharmaceutical Holdings Ltd ($587) | 0.9% | 1.4% | 7.6% | 40.5% | |
| Lee's Pharmaceutical Holdings Ltd ($950) | 18.6% | 20.9% | 7.1% | 26.1% | |
| Tianda Pharmaceuticals Ltd ($455) | 6.0% | 3.9% | 10.5% | 24.4% | 22.9% |
| Lijun International Pharmaceutical Holding Co Ltd ($2005) | 16.8% | 52.4% | 39.6% | 18.7% | |
| |
|---|
| Median (40 companies) | 8.2% | 8.1% | 7.4% | 4.6% | 1.5% |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | | 11,100.0% | 103.4% | 0.0% | 5.2% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sino Biopharmaceutical Ltd ($1177) | 26.2% | 26.8% | 26.5% | 26.2% | |
| Beijing Tong Ren Tang Chinese Medicine Co Ltd ($8138) | 25.3% | 27.5% | 23.8% | 25.9% | |
| Sihuan Pharmaceutical Holdings Group Ltd ($460) | 13.7% | 18.3% | 22.0% | 25.4% | |
| Dawnrays Pharmaceutical Holdings Ltd ($2348) | 12.6% | 14.0% | 17.8% | 23.5% | |
| Lee's Pharmaceutical Holdings Ltd ($950) | 26.1% | 22.0% | 22.4% | 22.7% | |
| |
|---|
| Median (42 companies) | 12.3% | 9.3% | 11.1% | 10.9% | -3.0% |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | 10.8% | 3.5% | -6.1% | -1.4% | 2.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| U-Home Group Holdings Ltd ($2327) | 10.1x | | | 9.9x | |
| Lansen Pharmaceutical Holdings Ltd ($503) | 1.7x | 2.8x | 3.4x | 4.7x | |
| China Grand Pharmaceutical and Healthcare Holdings Ltd ($512) | 5.4x | 4.0x | 3.4x | 4.3x | |
| United Laboratories International Holdings Ltd/The ($3933) | 6.5x | 4.6x | 4.2x | 4.0x | |
| Shandong Xinhua Pharmaceutical Co Ltd ($719) | 3.5x | 3.4x | 2.8x | 3.4x | |
| |
|---|
| Median (34 companies) | -0.4x | -0.5x | -0.6x | -0.6x | -11.7x |
|---|
| Northeast Tiger Pharmaceutical Corp Ltd ($8197) | 2.3x | 3.7x | | 22.2x | -5.1x |
