Fantasia Holdings Group Co Ltd EBITDA surged on 42.3% in 2016 and EBITDA Margin increased slightly on 2.0 pp from 31.1% to 33.1%
17/03/2017 • About Fantasia Holdings Group Co Ltd (
$1777) • By InTwits
Fantasia Holdings Group Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has business model with low profitability: ROIC is at 9.7%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Fantasia Holdings Group Co Ltd ($1777) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,230 | 7,280 | 7,306 | 8,164 | 10,921 | 33.8% |
| Gross Profit | 2,520 | 2,794 | 2,807 | 2,519 | 3,528 | 40.1% |
| SG&A | 606 | 803 | 855 | 1,060 | 1,074 | 1.3% |
| EBITDA | 2,487 | 2,308 | 2,779 | 2,539 | 3,612 | 42.3% |
| Net Income | 1,139 | 1,215 | 1,298 | 1,274 | 843 | -33.8% |
Balance Sheet
|
|---|
| Cash | 2,788 | 2,777 | 3,738 | 2,882 | 9,137 | 217.1% |
| Short Term Debt | 2,452 | 2,079 | 4,890 | 2,434 | 2,528 | 3.9% |
| Long Term Debt | 5,429 | 9,926 | 9,793 | 11,170 | 19,331 | 73.1% |
Cash flow
|
|---|
| Capex | 284 | 215 | 1,222 | 1,028 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 11.4% | 16.9% | 0.4% | 11.7% | 33.8% | |
| EBITDA growth | 11.3% | -7.2% | 20.4% | -8.6% | 42.3% | |
| Gross Margin | 40.5% | 38.4% | 38.4% | 30.9% | 32.3% | 1.5% |
| EBITDA Margin | 39.9% | 31.7% | 38.0% | 31.1% | 33.1% | 2.0% |
| Net Income Margin | 18.3% | 16.7% | 17.8% | 15.6% | 7.7% | -7.9% |
| SG&A, % of revenue | 9.7% | 11.0% | 11.7% | 13.0% | 9.8% | -3.1% |
| CAPEX, % of revenue | 4.6% | 3.0% | 16.7% | 12.6% | | -12.6% |
| ROIC | 16.0% | 10.9% | 10.0% | 7.9% | 9.7% | 1.7% |
| ROE | 18.7% | 17.5% | 14.9% | 12.2% | 7.5% | -4.6% |
| Net Debt/EBITDA | 2.0x | 4.0x | 3.9x | 4.2x | 3.5x | -0.7x |
Revenue and profitability
The company's Revenue surged on 33.8%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 2.0 pp from 31.1% to 33.1% in FY2016.
Gross Margin increased slightly on 1.5 pp from 30.9% to 32.3% in FY2016. SG&A as a % of Revenue decreased on 3.1 pp from 13.0% to 9.8% in FY2016.
Net Income marign decreased on 7.9 pp from 15.6% to 7.7% in FY2016.
Return on investment
The company operates at low ROIC (9.66%) and ROE (7.54%). ROIC increased slightly on 1.7 pp from 7.9% to 9.7% in FY2016. ROE decreased on 4.6 pp from 12.2% to 7.5% in FY2016.
Leverage (Debt)
Debt level is 3.5x Net Debt / EBITDA and 6.1x Debt / EBITDA. Net Debt / EBITDA dropped on 0.7x from 4.2x to 3.5x in FY2016. Debt surged on 60.7% while cash jumped on 217%.
Management team
Pan Jun is a Fantasia Holdings Group Co Ltd's CEO. Pan Jun has spent 11 years at the company. Lam Kam Tong is a Fantasia Holdings Group Co Ltd's CFO. Lam Kam Tong has spent 6 years at the company.
Appendix 1: Peers in Real Estate
Below we provide Fantasia Holdings Group Co Ltd benchmarking against other companies in Real Estate 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 |
|---|
| 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% | -82.8% |
| Henderson Investment Ltd ($97) | -78.9% | | | 737.1% | |
| ITC Properties Group Ltd ($199) | | -95.2% | 75.7% | 678.6% | 206.4% |
| |
|---|
| Median (179 companies) | 15.9% | 13.1% | 5.3% | 4.2% | 7.8% |
|---|
| Fantasia Holdings Group Co Ltd ($1777) | | 16.9% | 0.4% | 11.7% | 33.8% |
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% | 45.1% |
|---|
| Fantasia Holdings Group Co Ltd ($1777) | 40.5% | 38.4% | 38.4% | 30.9% | 32.3% |
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% | 56.8% |
| 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% | 105.1% |
| |
|---|
| Median (179 companies) | 28.9% | 28.3% | 26.9% | 23.4% | 32.8% |
|---|
| Fantasia Holdings Group Co Ltd ($1777) | 39.9% | 31.7% | 38.0% | 31.1% | 33.1% |
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% | 4.7% | 3.2% | 3.8% |
|---|
| Fantasia Holdings Group Co Ltd ($1777) | 4.6% | 3.0% | 16.7% | 12.6% | |
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% | 17.9% |
| 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% | 2.4% | 3.0% |
|---|
| Fantasia Holdings Group Co Ltd ($1777) | 16.0% | 10.9% | 10.0% | 7.9% | 9.7% |
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 | 2.7x | 3.0x | 3.2x | 2.7x |
|---|
| Fantasia Holdings Group Co Ltd ($1777) | 2.0x | 4.0x | 3.9x | 4.2x | 3.5x |
