Qinhuangdao Port Co Ltd reports 72.9% Net Income decline
15/03/2017 • About Qinhuangdao Port Co Ltd (
$3369) • By InTwits
Qinhuangdao Port Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Qinhuangdao Port Co Ltd is a company in decline: FY2016 revenue growth was -29.3%, 5 years revenue CAGR was -3.3%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Qinhuangdao Port Co Ltd ($3369) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,250 | 7,028 | 7,187 | 6,855 | 4,844 | -29.3% |
| Gross Profit | 2,696 | 2,982 | 3,110 | 2,776 | | -100.0% |
| SG&A | 741 | 821 | 873 | 1,073 | | -100.0% |
| EBITDA | 2,875 | 3,137 | 3,344 | 2,818 | | -100.0% |
| Net Income | 1,385 | 1,764 | 1,980 | 1,344 | 365 | -72.9% |
Balance Sheet
|
|---|
| Cash | 3,493 | 5,945 | 3,095 | 2,483 | | -100.0% |
| Short Term Debt | 2,565 | 3,395 | 2,023 | 2,129 | | -100.0% |
| Long Term Debt | 7,355 | 7,368 | 8,987 | 9,456 | | -100.0% |
Cash flow
|
|---|
| Capex | 3,622 | 2,518 | 3,330 | 1,437 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 9.0% | 12.4% | 2.3% | -4.6% | -29.3% | |
| EBITDA growth | 10.7% | 9.1% | 6.6% | -15.8% | | |
| Gross Margin | 43.1% | 42.4% | 43.3% | 40.5% | | -40.5% |
| EBITDA Margin | 46.0% | 44.6% | 46.5% | 41.1% | 0.0% | -41.1% |
| Net Income Margin | 22.2% | 25.1% | 27.6% | 19.6% | 7.5% | -12.1% |
| SG&A, % of revenue | 11.9% | 11.7% | 12.1% | 15.6% | | -15.6% |
| CAPEX, % of revenue | 57.9% | 35.8% | 46.3% | 21.0% | | -21.0% |
| ROIC | 9.8% | 9.6% | 9.3% | 7.0% | | -7.0% |
| ROE | 15.8% | 16.7% | 16.4% | 11.2% | | -11.2% |
| Net Debt/EBITDA | 2.2x | 1.5x | 2.4x | 3.2x | | -3.2x |
Revenue and profitability
The company's Revenue dropped on 29.3%.
Net Income marign dropped on 12.1 pp from 19.6% to 7.5% in FY2016.
Appendix 1: Peers in Transportation
Below we provide Qinhuangdao Port Co 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% | 326.5% |
| 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) | | 7.9% | 5.5% | 7.9% | 1.1% |
| Guangshen Railway Co Ltd ($525) | 2.7% | 4.7% | -6.9% | 6.9% | |
| |
|---|
| Median (31 companies) | 8.5% | 4.0% | 5.6% | -6.7% | -12.4% |
|---|
| Qinhuangdao Port Co Ltd ($3369) | | 12.4% | 2.3% | -4.6% | -29.3% |
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% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 18.9% | 20.4% | 22.7% | 26.8% | 27.5% |
| 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% | |
| China Shipping Development Co Ltd ($1138) | -1.8% | -1.6% | 11.3% | 19.2% | |
| |
|---|
| Median (27 companies) | 13.0% | 10.9% | 10.3% | 11.6% | -1.8% |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 43.1% | 42.4% | 43.3% | 40.5% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| MTR Corp Ltd ($66) | 42.7% | 37.6% | 45.2% | 41.6% | 34.9% |
| 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% | 25.7% |
| Transport International Holdings Ltd ($62) | 12.1% | 14.4% | 15.7% | 19.6% | |
| |
|---|
| Median (31 companies) | 8.8% | 6.4% | 7.2% | 6.9% | 4.4% |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 46.0% | 44.6% | 46.5% | 41.1% | |
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% | 8.7% |
| 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) | 7.7% | 8.5% | 6.8% | 9.0% | 8.7% |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 57.9% | 35.8% | 46.3% | 21.0% | |
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% | 12.4% |
| 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) | 3.3% | 2.8% | 3.2% | 3.3% | -2.1% |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 9.8% | 9.6% | 9.3% | 7.0% | |
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 | 12.0x |
| AMS Public Transport Holdings Ltd ($77) | 1.2x | 11.6x | 7.7x | 4.5x | 1.6x |
| |
|---|
| Median (20 companies) | 0.9x | 1.5x | 0.8x | 0.8x | 1.9x |
|---|
| Qinhuangdao Port Co Ltd ($3369) | 2.2x | 1.5x | 2.4x | 3.2x | |
