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TAI Ping Carpet International Ltd EBITDA Margin decreased on 8.9 pp from 8.9% to in 2016

17/03/2017 • About TAI Ping Carpet International Ltd ($146) • By InTwits

TAI Ping Carpet International Ltd reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

TAI Ping Carpet International Ltd ($146) key annual financial indicators

mln. HKD201220132014201520162016/2015
P&L
Revenue1,5031,4331,4281,3131,3200.6%
Gross Profit616651666612-100.0%
SG&A592624613573-100.0%
EBITDA9397127117-100.0%
Net Income133472419-33-276.0%
Balance Sheet
Cash453307147170-100.0%
Short Term Debt12182121147-100.0%
Long Term Debt0000
Cash flow
Capex1231449897-100.0%
Ratios
Revenue growth20.2%-4.6%-0.3%-8.1%0.6%
EBITDA growth75.2%4.4%30.2%-8.0%
Gross Margin41.0%45.4%46.7%46.6%-46.6%
EBITDA Margin6.2%6.8%8.9%8.9%0.0%-8.9%
Net Income Margin8.8%3.3%1.7%1.4%-2.5%-4.0%
SG&A, % of revenue39.4%43.6%42.9%43.6%-43.6%
CAPEX, % of revenue8.2%10.1%6.9%7.4%-7.4%
ROIC2.6%5.7%5.5%-5.5%
ROE15.7%5.3%2.9%2.5%-2.5%
Net Debt/EBITDA-3.6x-2.3x-0.2x-0.2x0.2x

Revenue and profitability


The company's Revenue increased slightly on 0.55%.

Net Income marign decreased on 4.0 pp from 1.4% to -2.5% in FY2016.


Appendix 1: Peers in Textiles


Below you can find TAI Ping Carpet International Ltd benchmarking vs. other companies in Textiles 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
Ping Shan Tea Group Ltd ($364)-25.9%63.7%-45.7%71.6%
China Weaving Materials Holdings Ltd ($3778)-15.4%-4.2%-3.8%53.9%
Easyknit Enterprises Holdings Ltd ($616)9.6%10.2%7.3%22.3%
Kingdom Holding Co Ltd ($528)6.0%20.0%12.2%-16.5%
Kam Hing International Holdings Ltd ($2307)0.9%-4.3%1.6%4.2%
 
Median (21 companies)0.5%-4.2%-8.6%-5.4%-0.4%
TAI Ping Carpet International Ltd ($146)-4.6%-0.3%-8.1%0.6%


Top companies by Gross margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Art Textile Technology International Co Ltd ($565)9.4%11.8%18.0%81.8%65.1%
Texwinca Holdings Ltd ($321)29.6%30.9%33.3%34.1%34.0%
Yongsheng Advanced Materials Co Ltd ($3608)4.9%7.3%24.9%28.8%
CECEP COSTIN New Materials Group Ltd ($2228)31.1%32.5%32.5%28.3%
Easyknit Enterprises Holdings Ltd ($616)22.3%26.3%29.6%25.9%
 
Median (20 companies)17.1%16.6%14.4%16.3%24.7%
TAI Ping Carpet International Ltd ($146)41.0%45.4%46.7%46.6%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Weiqiao Textile Co ($2698)17.5%20.2%21.4%30.8%
CECEP COSTIN New Materials Group Ltd ($2228)28.1%28.7%30.2%23.4%
Kingdom Holding Co Ltd ($528)26.3%25.3%24.8%23.0%
Yongsheng Advanced Materials Co Ltd ($3608)2.5%5.1%17.5%18.9%
Pacific Textiles Holdings Ltd ($1382)19.1%19.0%19.5%18.4%19.0%
 
Median (20 companies)14.9%10.5%11.8%11.2%15.8%
TAI Ping Carpet International Ltd ($146)6.2%6.8%8.9%8.9%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Art Textile Technology International Co Ltd ($565)1.0%1.9%3.9%105.3%8.3%
Hua Lien International Holding Co Ltd ($969)19.7%40.5%79.6%58.1%
Kam Hing International Holdings Ltd ($2307)10.6%10.5%7.6%8.3%
Wang Tai Holdings Ltd ($1400)34.1%18.8%7.5%7.3%
Sijia Group Co ($1863)45.8%13.7%5.6%7.3%
 
Median (20 companies)2.6%1.8%3.9%4.1%5.1%
TAI Ping Carpet International Ltd ($146)8.2%10.1%6.9%7.4%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Pacific Textiles Holdings Ltd ($1382)23.7%26.4%31.6%25.9%26.6%
Yongsheng Advanced Materials Co Ltd ($3608)6.2%13.2%15.4%19.6%
Kingdom Holding Co Ltd ($528)13.8%12.7%13.8%12.7%
CECEP COSTIN New Materials Group Ltd ($2228)22.3%20.1%17.6%11.0%
Texwinca Holdings Ltd ($321)8.3%5.3%5.5%8.1%14.9%
 
Median (21 companies)5.2%5.3%4.0%4.2%4.2%
TAI Ping Carpet International Ltd ($146)2.6%5.7%5.5%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
China Weaving Materials Holdings Ltd ($3778)3.6x3.0x5.3x5.5x
Silverman Holdings Ltd ($1616)1.5x2.5x2.0x3.2x
Wang Tai Holdings Ltd ($1400)3.2x1.9x1.8x2.7x
Kam Hing International Holdings Ltd ($2307)2.5x2.5x2.8x2.6x
Victory City International Holdings Ltd ($539)1.5x2.0x3.2x2.5x3.3x
 
Median (14 companies)1.5x1.9x1.0x0.5x1.4x
TAI Ping Carpet International Ltd ($146)-3.6x-2.3x-0.2x-0.2x


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