S Culture International Holdings Ltd revenue showed almost no change in 2016
16/03/2017 • About S Culture International Holdings Ltd (
$1255) • By InTwits
S Culture International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. 0.2% in FY2015 vs. 9.0% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 1.1x while industry average is -2.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
S Culture International Holdings Ltd ($1255) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 505.3 | 550.1 | 590.5 | 561.0 | 562.5 | 0.3% |
| Gross Profit | 327.0 | 350.3 | 371.7 | 347.5 | | -100.0% |
| SG&A | 293.0 | 323.3 | 359.0 | 360.6 | | -100.0% |
| EBITDA | 45.3 | 39.5 | 28.1 | 1.1 | | -100.0% |
| Net Income | 25.1 | 16.5 | 9.0 | -16.4 | -34.6 | |
Balance Sheet
|
|---|
| Cash | 28.0 | 89.9 | 70.8 | 32.6 | | -100.0% |
| Short Term Debt | 77.7 | 104.0 | 126.5 | 199.3 | | -100.0% |
| Long Term Debt | 15.4 | 14.1 | 11.9 | 10.2 | | -100.0% |
Cash flow
|
|---|
| Capex | 12.2 | 11.1 | 15.0 | 14.5 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 7.0% | 8.9% | 7.3% | -5.0% | 0.3% | |
| EBITDA growth | -2.0% | -12.8% | -29.0% | -96.0% | | |
| Gross Margin | 64.7% | 63.7% | 62.9% | 61.9% | | -61.9% |
| EBITDA Margin | 9.0% | 7.2% | 4.8% | 0.2% | 0.0% | -0.2% |
| Net Income Margin | 5.0% | 3.0% | 1.5% | -2.9% | -6.2% | -3.2% |
| SG&A, % of revenue | 58.0% | 58.8% | 60.8% | 64.3% | | -64.3% |
| CAPEX, % of revenue | 2.4% | 2.0% | 2.5% | 2.6% | | -2.6% |
| ROIC | 16.0% | 9.1% | 3.8% | -3.0% | | 3.0% |
| ROE | 18.3% | 8.4% | 3.8% | -7.2% | | 7.2% |
| Net Debt/EBITDA | 1.4x | 0.7x | 2.4x | 158.1x | | -158.1x |
Revenue and profitability
The company's Revenue showed almost no change in FY2016.
Net Income marign decreased on 3.2 pp from -2.9% to -6.2% in FY2016.
Appendix 1: Peers in Apparel
Below you can find S Culture International Holdings Ltd benchmarking vs. other companies in Apparel 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 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | -94.0% | 46.8% | 20.4% | 33.1% | |
| Highlight China IoT International Ltd ($1682) | | 17.7% | -73.7% | 29.6% | -55.0% |
| Koradior Holdings Ltd ($3709) | 48.3% | 44.7% | 47.7% | 23.9% | |
| Kingmaker Footwear Holdings Ltd ($1170) | | 9.3% | 6.3% | 23.7% | -1.5% |
| Cosmo Lady China Holdings Co Ltd ($2298) | 36.3% | 29.2% | 37.4% | 23.6% | |
| |
|---|
| Median (52 companies) | 8.1% | 5.8% | 5.3% | -1.5% | -15.1% |
|---|
| S Culture International Holdings Ltd ($1255) | | 8.9% | 7.3% | -5.0% | 0.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 38.5% | 42.3% | 59.6% | 75.6% | |
| Koradior Holdings Ltd ($3709) | 62.8% | 69.3% | 73.3% | 73.7% | |
| Prada SpA ($1913) | 71.5% | 72.1% | 73.8% | 71.8% | 72.4% |
| China Outfitters Holdings Ltd ($1146) | 74.9% | 74.3% | 70.0% | 65.7% | |
| Crocodile Garments ($122) | 64.7% | 60.7% | 60.4% | 62.1% | 59.7% |
| |
|---|
| Median (51 companies) | 24.8% | 23.9% | 25.4% | 25.0% | 18.3% |
|---|
| S Culture International Holdings Ltd ($1255) | 64.7% | 63.7% | 62.9% | 61.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Lilang Ltd ($1234) | 26.3% | 26.9% | 29.4% | 30.6% | 28.6% |
| Cabbeen Fashion Ltd ($2030) | 25.0% | 29.7% | 28.4% | 29.0% | 22.9% |
| Fuguiniao Co Ltd ($1819) | 24.5% | 26.1% | 26.7% | 27.9% | |
| Prada SpA ($1913) | 29.6% | 31.7% | 31.7% | 26.8% | 22.4% |
| Shenzhou International Group Holdings Ltd ($2313) | 26.4% | 26.2% | 26.1% | 26.7% | |
| |
|---|
| Median (52 companies) | 11.6% | 11.0% | 7.5% | 7.2% | 0.3% |
|---|
| S Culture International Holdings Ltd ($1255) | 9.0% | 7.2% | 4.8% | 0.2% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 136.9% | 70.3% | 13.5% | 28.5% | |
| Shenzhou International Group Holdings Ltd ($2313) | 7.3% | 7.9% | 10.2% | 16.1% | |
| Crocodile Garments ($122) | 20.1% | 22.1% | 1.8% | 13.5% | 1.8% |
| Texhong Textile Group Ltd ($2678) | 8.9% | 11.8% | 5.8% | 10.5% | |
| Prada SpA ($1913) | 9.7% | 10.6% | 15.3% | 10.2% | 11.1% |
| |
|---|
| Median (51 companies) | 2.2% | 3.1% | 2.1% | 2.3% | 2.1% |
|---|
| S Culture International Holdings Ltd ($1255) | 2.4% | 2.0% | 2.5% | 2.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Koradior Holdings Ltd ($3709) | 45.2% | 69.5% | 36.5% | 31.0% | |
| Cosmo Lady China Holdings Co Ltd ($2298) | 41.7% | 56.0% | 38.6% | 27.8% | |
| Cabbeen Fashion Ltd ($2030) | 32.3% | 32.9% | 26.5% | 27.0% | 16.1% |
| Sitoy Group Holdings Ltd ($1023) | 39.3% | 28.7% | 31.8% | 22.0% | 16.4% |
| Prada SpA ($1913) | 32.1% | 37.4% | 34.0% | 21.9% | 14.0% |
| |
|---|
| Median (52 companies) | 11.7% | 7.3% | 4.9% | 5.7% | -0.1% |
|---|
| S Culture International Holdings Ltd ($1255) | 16.0% | 9.1% | 3.8% | -3.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| High Fashion International Ltd ($608) | 16.7x | 27.7x | 11.2x | 5.2x | |
| Global Brands Group Holding Ltd ($787) | -0.4x | -0.3x | 1.3x | 2.1x | |
| Fuguiniao Co Ltd ($1819) | -0.0x | -0.7x | 0.3x | 1.9x | |
| Texhong Textile Group Ltd ($2678) | 1.4x | 1.3x | 2.3x | 1.4x | 1.7x |
| Citychamp Watch & Jewellery Group Ltd ($256) | 0.6x | 0.4x | 2.6x | 1.4x | |
| |
|---|
| Median (38 companies) | -0.3x | -0.7x | -0.3x | -1.2x | -1.1x |
|---|
| S Culture International Holdings Ltd ($1255) | 1.4x | 0.7x | 2.4x | 158.1x | |
