Advanced Semiconductor Manufacturing Corp Ltd revenue increased on 7.4% and EBITDA Margin showed almost no change
15/03/2017 • About Advanced Semiconductor Manufacturing Corp Ltd (
$3355) • By InTwits
Advanced Semiconductor Manufacturing Corp Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Advanced Semiconductor Manufacturing Corp Ltd doesn't have a profitable business model yet: FY2016 ROIC is 1.1%
- The company has potentially unprofitable business model: ROIC is at 1.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Advanced Semiconductor Manufacturing Corp Ltd ($3355) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 853.6 | 722.1 | 797.4 | 741.1 | 796.1 | 7.4% |
| Gross Profit | 119.3 | 104.2 | 136.8 | 98.2 | 109.6 | 11.6% |
| SG&A | 63.1 | 65.0 | 65.9 | 66.5 | 63.2 | -5.0% |
| EBITDA | 133.5 | 76.3 | 106.4 | 76.1 | 81.1 | 6.6% |
| Net Income | 44.5 | 12.5 | 48.6 | 34.1 | 32.4 | -5.0% |
Balance Sheet
|
|---|
| Cash | 414.1 | 394.0 | 479.6 | 534.8 | 509.4 | -4.8% |
| Short Term Debt | 18.9 | 18.3 | 0.0 | 0.0 | 11.3 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 70.8 | 105.0 | 60.0 | 53.8 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -10.2% | -15.4% | 10.4% | -7.1% | 7.4% | |
| EBITDA growth | -19.6% | -42.9% | 39.5% | -28.5% | 6.6% | |
| Gross Margin | 14.0% | 14.4% | 17.2% | 13.2% | 13.8% | 0.5% |
| EBITDA Margin | 15.6% | 10.6% | 13.3% | 10.3% | 10.2% | -0.1% |
| Net Income Margin | 5.2% | 1.7% | 6.1% | 4.6% | 4.1% | -0.5% |
| SG&A, % of revenue | 7.4% | 9.0% | 8.3% | 9.0% | 7.9% | -1.0% |
| CAPEX, % of revenue | 8.3% | 14.5% | 7.5% | 7.3% | | -7.3% |
| ROIC | 4.5% | 1.2% | 4.3% | 0.9% | 1.1% | 0.1% |
| ROE | 5.4% | 1.5% | 5.5% | 3.7% | 3.4% | -0.3% |
| Net Debt/EBITDA | -3.0x | -4.9x | -4.5x | -7.0x | -6.1x | 0.9x |
Revenue and profitability
Advanced Semiconductor Manufacturing Corp Ltd's Revenue increased on 7.4%. EBITDA Margin showed almost no change in FY2016.
Gross Margin increased slightly on 0.52 pp from 13.2% to 13.8% in FY2016. SG&A as a % of Revenue decreased slightly on 1.0 pp from 9.0% to 7.9% in FY2016.
Net Income marign decreased slightly on 0.53 pp from 4.6% to 4.1% in FY2016.
Return on investment
The company operates at low ROIC (1.05%) and ROE (3.37%). ROIC showed almost no change in FY2016. ROE showed almost no change in FY2016.
Leverage (Debt)
Debt level is -6.1x Net Debt / EBITDA and 0.1x Debt / EBITDA. Net Debt / EBITDA jumped on 0.9x from -7.0x to -6.1x in FY2016. Debt jumped while cash decreased on 4.8%.
Appendix 1: Peers in Semiconductors
Below you can find Advanced Semiconductor Manufacturing Corp Ltd benchmarking vs. other companies in Semiconductors 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 |
|---|
| Phoenitron Holdings Ltd ($8066) | -7.2% | 4.0% | 243.8% | 405.3% | |
| Jun Yang Solar Power Investments Ltd ($397) | -81.0% | 256.8% | 1.1% | 168.9% | |
| Honbridge Holdings Ltd ($8137) | -76.4% | -97.5% | 608.9% | 57.0% | |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 15.5% | 16.0% | 3.3% | 23.2% | |
| Shunfeng International Clean Energy Ltd ($1165) | -46.3% | 44.4% | 275.6% | 22.4% | |
| |
|---|
| Median (22 companies) | -25.6% | 3.8% | 11.7% | 0.5% | 8.5% |
|---|
| Advanced Semiconductor Manufacturing Corp Ltd ($3355) | | -15.4% | 10.4% | -7.1% | 7.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 87.3% | 79.3% | 53.8% | 73.8% | |
| Intel Corp ($4335) | 62.1% | 59.8% | 63.7% | 62.6% | 60.9% |
| PacMOS Technologies Holdings Ltd ($1010) | 68.8% | 65.7% | 65.7% | 57.5% | |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 47.7% | 48.7% | 47.5% | 52.9% | |
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | 26.1% | 26.7% | 16.3% | 52.8% | |
| |
|---|
| Median (22 companies) | 24.5% | 26.7% | 32.2% | 32.1% | 36.0% |
|---|
| Advanced Semiconductor Manufacturing Corp Ltd ($3355) | 14.0% | 14.4% | 17.2% | 13.2% | 13.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 9.1% | 37.2% | 88.0% | 78.3% | |
| Intel Corp ($4335) | 41.5% | 38.6% | 42.8% | 41.0% | 34.8% |
| Jun Yang Solar Power Investments Ltd ($397) | -218.5% | -16.7% | -9.9% | 35.0% | |
| Semiconductor Manufacturing International Corp ($981) | 34.3% | 35.5% | 34.5% | 33.3% | |
| Hua Hong Semiconductor Ltd ($1347) | 38.5% | 29.7% | 31.5% | 30.0% | 32.6% |
| |
|---|
| Median (22 companies) | 7.4% | 6.1% | -0.9% | 3.9% | 20.3% |
|---|
| Advanced Semiconductor Manufacturing Corp Ltd ($3355) | 15.6% | 10.6% | 13.3% | 10.3% | 10.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Heng Xin China Holdings Ltd ($8046) | 16.1% | 4.1% | 11.9% | 110.8% | |
| Jun Yang Solar Power Investments Ltd ($397) | 671.1% | 25.9% | 78.9% | 104.2% | |
| China Ruifeng Renewable Energy Ltd ($527) | 5.5% | 35.9% | 10.6% | 60.9% | |
| Semiconductor Manufacturing International Corp ($981) | 23.5% | 35.1% | 33.2% | 55.0% | |
| Hanergy Thin Film Power Group Ltd ($566) | 1.3% | 2.8% | 4.8% | 32.0% | |
| |
|---|
| Median (22 companies) | 4.4% | 4.1% | 5.7% | 5.2% | 9.3% |
|---|
| Advanced Semiconductor Manufacturing Corp Ltd ($3355) | 8.3% | 14.5% | 7.5% | 7.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 25.5% | 22.7% | 21.1% | 20.9% | |
| Intel Corp ($4335) | 23.7% | 17.1% | 20.6% | 17.7% | 14.5% |
| Applied Materials Inc ($4336) | 4.0% | 4.6% | 15.9% | 15.2% | 19.1% |
| ASM Pacific Technology Ltd ($522) | 12.3% | 9.2% | 21.9% | 13.7% | 18.0% |
| Hua Hong Semiconductor Ltd ($1347) | 5.3% | 4.8% | 7.8% | 6.7% | 9.1% |
| |
|---|
| Median (22 companies) | -2.2% | -0.4% | -0.5% | -1.1% | 9.1% |
|---|
| Advanced Semiconductor Manufacturing Corp Ltd ($3355) | 4.5% | 1.2% | 4.3% | 0.9% | 1.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Solargiga Energy Holdings Ltd ($757) | | 13.8x | 4.4x | 9.0x | |
| China Ruifeng Renewable Energy Ltd ($527) | 16.4x | 6.9x | 4.9x | 7.3x | |
| Shunfeng International Clean Energy Ltd ($1165) | | 25.8x | 3.4x | 5.7x | |
| Semiconductor Manufacturing International Corp ($981) | 1.3x | 1.0x | 1.0x | 0.5x | |
| Intel Corp ($4335) | 0.2x | 0.4x | 0.5x | 0.3x | 1.0x |
| |
|---|
| Median (11 companies) | 0.3x | 0.7x | 0.5x | 0.2x | 0.0x |
|---|
| Advanced Semiconductor Manufacturing Corp Ltd ($3355) | -3.0x | -4.9x | -4.5x | -7.0x | -6.1x |
