Shenguan Holdings Group Ltd Net Income dropped on 47.1% and Revenue decreased on 7.0%
17/03/2017 • About Shenguan Holdings Group Ltd (
$829) • By InTwits
Shenguan Holdings Group Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shenguan Holdings Group Ltd is a company in decline: FY2016 revenue growth was -7.0%, 5 years revenue CAGR was -8.2%
- EBITDA Margin is declining: in FY2016 vs. 43.6% in FY2015 vs. 58.7% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shenguan Holdings Group Ltd ($829) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,648 | 1,654 | 1,403 | 1,055 | 981 | -7.0% |
| Gross Profit | 959 | 967 | 770 | 466 | | -100.0% |
| SG&A | 102 | 100 | 117 | 147 | | -100.0% |
| EBITDA | 968 | 979 | 765 | 459 | | -100.0% |
| Net Income | 748 | 771 | 547 | 291 | 154 | -47.1% |
Balance Sheet
|
|---|
| Cash | 720 | 641 | 400 | 211 | | -100.0% |
| Short Term Debt | 167 | 200 | 783 | 545 | | -100.0% |
| Long Term Debt | 60 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 349 | 208 | 45 | 129 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 9.8% | 0.4% | -15.2% | -24.8% | -7.0% | |
| EBITDA growth | 12.7% | 1.1% | -21.9% | -39.9% | | |
| Gross Margin | 58.2% | 58.5% | 54.9% | 44.2% | | -44.2% |
| EBITDA Margin | 58.7% | 59.2% | 54.5% | 43.6% | 0.0% | -43.6% |
| Net Income Margin | 45.4% | 46.6% | 39.0% | 27.6% | 15.7% | -11.9% |
| SG&A, % of revenue | 6.2% | 6.0% | 8.4% | 14.0% | | -14.0% |
| CAPEX, % of revenue | 21.2% | 12.5% | 3.2% | 12.2% | | -12.2% |
| ROIC | 40.0% | 33.2% | 21.4% | 10.0% | | -10.0% |
| ROE | 35.2% | 30.9% | 20.7% | 10.8% | | -10.8% |
| Net Debt/EBITDA | -0.5x | -0.5x | 0.5x | 0.7x | | -0.7x |
Revenue and profitability
The company's Revenue decreased on 7.0%.
Net Income marign dropped on 11.9 pp from 27.6% to 15.7% in FY2016.
Appendix 1: Peers in Food
Below we provide Shenguan Holdings Group Ltd benchmarking against other companies in Food 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 |
|---|
| Imperial Pacific International Holdings Ltd ($1076) | -27.6% | -18.5% | 2.7% | 70.3% | |
| China Shengmu Organic Milk Ltd ($1432) | 80.0% | 63.2% | 86.4% | 45.4% | |
| Chinese Food and Beverage Group ($8272) | 207.7% | 149.2% | 26.8% | 31.6% | |
| Huisheng International Holdings Ltd ($1340) | -2.4% | 5.6% | 8.7% | 25.9% | |
| Jiashili Group Ltd ($1285) | 14.9% | 15.1% | 12.3% | 19.8% | |
| |
|---|
| Median (42 companies) | 10.3% | 9.0% | 5.5% | -2.9% | -6.9% |
|---|
| Shenguan Holdings Group Ltd ($829) | | 0.4% | -15.2% | -24.8% | -7.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hung Fook Tong Group Holdings Ltd ($1446) | 60.7% | 60.0% | 58.7% | 60.7% | |
| Honworld Group Ltd ($2226) | 57.2% | 59.0% | 57.8% | 56.4% | |
| Yashili International Holdings Ltd ($1230) | 53.7% | 53.5% | 51.2% | 50.8% | |
| Natural Dairy NZ Holdings Ltd ($462) | -13.7% | 27.5% | 48.8% | 49.6% | |
| China Shengmu Organic Milk Ltd ($1432) | 33.4% | 42.9% | 50.2% | 47.7% | |
| |
|---|
| Median (41 companies) | 16.5% | 20.0% | 20.1% | 22.8% | 18.5% |
|---|
| Shenguan Holdings Group Ltd ($829) | 58.2% | 58.5% | 54.9% | 44.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Honworld Group Ltd ($2226) | 44.4% | 42.1% | 42.0% | 42.9% | |
| China Shengmu Organic Milk Ltd ($1432) | 31.5% | 38.3% | 47.1% | 41.9% | |
| China Huishan Dairy Holdings Co Ltd ($6863) | 45.1% | 47.9% | 47.1% | 37.2% | 36.0% |
| YuanShengTai Dairy Farm Ltd ($1431) | 40.3% | 48.4% | 47.1% | 35.4% | |
| Want Want China Holdings Ltd ($151) | 23.8% | 25.8% | 23.8% | 25.2% | 28.9% |
| |
|---|
| Median (41 companies) | 8.0% | 6.8% | 7.7% | 8.0% | 4.7% |
|---|
| Shenguan Holdings Group Ltd ($829) | 58.7% | 59.2% | 54.5% | 43.6% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Huishan Dairy Holdings Co Ltd ($6863) | 98.2% | 29.8% | 132.0% | 109.8% | 37.5% |
| Imperial Pacific International Holdings Ltd ($1076) | 0.0% | 0.0% | 15.6% | 88.5% | |
| China Modern Dairy Holdings Ltd ($1117) | 50.6% | | 18.7% | 42.4% | |
| Labixiaoxin Snacks Group Ltd ($1262) | 13.3% | 10.3% | 14.6% | 32.0% | |
| YuanShengTai Dairy Farm Ltd ($1431) | 26.1% | 18.3% | 43.4% | 30.1% | |
| |
|---|
| Median (40 companies) | 5.1% | 5.3% | 5.1% | 4.3% | 0.7% |
|---|
| Shenguan Holdings Group Ltd ($829) | 21.2% | 12.5% | 3.2% | 12.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Major Holdings Ltd ($8209) | | 23.1% | 13.8% | 22.3% | 7.8% |
| Jiashili Group Ltd ($1285) | 45.6% | 51.8% | 27.8% | 22.2% | |
| Want Want China Holdings Ltd ($151) | 27.9% | 29.4% | 22.8% | 21.8% | 22.2% |
| China Shengmu Organic Milk Ltd ($1432) | 16.4% | 19.6% | 22.5% | 17.3% | |
| Honworld Group Ltd ($2226) | 50.4% | 44.5% | 23.6% | 16.5% | |
| |
|---|
| Median (43 companies) | 7.8% | 7.0% | 7.2% | 5.6% | 2.4% |
|---|
| Shenguan Holdings Group Ltd ($829) | 40.0% | 33.2% | 21.4% | 10.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ausnutria Dairy Corp Ltd ($1717) | -1.4x | 0.8x | 1.7x | 27.9x | |
| Beijing Jingkelong Co Ltd ($814) | 5.0x | 4.8x | 5.3x | 9.3x | |
| First Pacific Co Ltd/Hong Kong ($142) | 1.8x | 3.8x | 4.5x | 5.6x | |
| China Kangda Food Co Ltd ($834) | 2.8x | 2.5x | 2.3x | 5.4x | |
| China Modern Dairy Holdings Ltd ($1117) | 3.7x | 5.2x | 4.1x | 5.3x | |
| |
|---|
| Median (32 companies) | 0.1x | 0.8x | 0.8x | 1.2x | 0.3x |
|---|
| Shenguan Holdings Group Ltd ($829) | -0.5x | -0.5x | 0.5x | 0.7x | |
