Symphony Holdings Ltd/Hong Kong Net Income dropped on 84.7%
19/03/2017 • About Symphony Holdings Ltd/Hong Kong (
$1223) • By InTwits
Symphony Holdings Ltd/Hong Kong reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. -12.7% in FY2015 vs. -53.2% in FY2012
- Symphony Holdings Ltd/Hong Kong motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -23.2% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Symphony Holdings Ltd/Hong Kong ($1223) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 149.3 | 219.2 | 263.8 | 351.1 | 363.9 | 3.6% |
| Gross Profit | 57.5 | 92.6 | 157.2 | 265.3 | | -100.0% |
| SG&A | 220.6 | 269.4 | 275.4 | 295.8 | | -100.0% |
| EBITDA | -79.4 | -136.8 | -51.4 | -44.5 | | |
| Net Income | -214.3 | 15.5 | 19.1 | 180.8 | 27.7 | -84.7% |
Balance Sheet
|
|---|
| Cash | 480.1 | 823.3 | 584.5 | 494.5 | | -100.0% |
| Short Term Debt | 437.4 | 379.4 | 465.3 | 173.0 | | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 564.2 | | -100.0% |
Cash flow
|
|---|
| Capex | 204.4 | 154.0 | 35.7 | 100.0 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -94.0% | 46.8% | 20.4% | 33.1% | 3.6% | |
| EBITDA growth | -272.3% | 72.2% | -62.4% | -13.4% | | |
| Gross Margin | 38.5% | 42.3% | 59.6% | 75.6% | | -75.6% |
| EBITDA Margin | -53.2% | -62.4% | -19.5% | -12.7% | 0.0% | 12.7% |
| Net Income Margin | -143.5% | 7.1% | 7.2% | 51.5% | 7.6% | -43.9% |
| SG&A, % of revenue | 147.7% | 122.9% | 104.4% | 84.2% | | -84.2% |
| CAPEX, % of revenue | 136.9% | 70.3% | 13.5% | 28.5% | | -28.5% |
| ROIC | -5.5% | -7.7% | -3.4% | -2.9% | | 2.9% |
| ROE | -13.5% | 0.9% | 1.0% | 8.0% | | -8.0% |
Revenue and profitability
The company's Revenue increased on 3.6%.
Net Income marign dropped on 43.9 pp from 51.5% to 7.6% in FY2016.
Appendix 1: Peers in Apparel
Below you can find Symphony Holdings Ltd/Hong Kong 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 |
|---|
| 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% | |
| Cabbeen Fashion Ltd ($2030) | | 0.4% | 16.4% | 23.5% | -14.4% |
| |
|---|
| Median (52 companies) | 9.6% | 5.8% | 5.3% | -2.6% | -14.4% |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | | 46.8% | 20.4% | 33.1% | 3.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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% |
| S Culture International Holdings Ltd ($1255) | 64.7% | 63.7% | 62.9% | 61.9% | |
| |
|---|
| Median (51 companies) | 24.8% | 23.9% | 25.4% | 25.0% | 18.3% |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 38.5% | 42.3% | 59.6% | 75.6% | |
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% |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | -53.2% | -62.4% | -19.5% | -12.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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% |
| Citychamp Watch & Jewellery Group Ltd ($256) | 6.5% | 5.6% | 3.6% | 8.6% | |
| |
|---|
| Median (51 companies) | 2.2% | 3.0% | 2.1% | 2.3% | 2.1% |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 136.9% | 70.3% | 13.5% | 28.5% | |
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) | 13.1% | 8.2% | 4.9% | 5.7% | -0.1% |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | -5.5% | -7.7% | -3.4% | -2.9% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| S Culture International Holdings Ltd ($1255) | 1.4x | 0.7x | 2.4x | 158.1x | |
| 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 |
| |
|---|
| Median (39 companies) | -0.2x | -0.7x | -0.2x | -1.2x | -1.1x |
|---|
