China Suntien Green Energy Corp Ltd reports 222% Net Income growth
21/03/2017 • About China Suntien Green Energy Corp Ltd (
$956) • By InTwits
China Suntien Green Energy Corp 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. 31.7% in FY2015 vs. 40.9% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 11.1x while industry average is 4.5x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Suntien Green Energy Corp Ltd ($956) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,702 | 4,661 | 5,149 | 4,224 | 4,384 | 3.8% |
| Gross Profit | 1,238 | 1,459 | 1,296 | 1,121 | | -100.0% |
| SG&A | 195 | 240 | 256 | 273 | | -100.0% |
| EBITDA | 1,513 | 1,746 | 1,644 | 1,341 | | -100.0% |
| Net Income | 550 | 460 | 335 | 168 | 542 | 221.7% |
Balance Sheet
|
|---|
| Cash | 758 | 1,670 | 3,167 | 3,139 | | -100.0% |
| Short Term Debt | 972 | 1,359 | 1,854 | 2,440 | | -100.0% |
| Long Term Debt | 6,529 | 7,545 | 9,296 | 13,386 | | -100.0% |
Cash flow
|
|---|
| Capex | 1,532 | 1,197 | 1,848 | 5,442 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 16.8% | 25.9% | 10.5% | -18.0% | 3.8% | |
| EBITDA growth | 21.7% | 15.5% | -5.9% | -18.4% | | |
| Gross Margin | 33.5% | 31.3% | 25.2% | 26.5% | | -26.5% |
| EBITDA Margin | 40.9% | 37.5% | 31.9% | 31.7% | 0.0% | -31.7% |
| Net Income Margin | 14.8% | 9.9% | 6.5% | 4.0% | 12.4% | 8.4% |
| SG&A, % of revenue | 5.3% | 5.1% | 5.0% | 6.5% | | -6.5% |
| CAPEX, % of revenue | 41.4% | 25.7% | 35.9% | 128.8% | | -128.8% |
| ROIC | 7.7% | 7.9% | 5.8% | 2.9% | | -2.9% |
| ROE | 10.2% | 8.0% | 5.0% | 2.3% | | -2.3% |
| Net Debt/EBITDA | 4.5x | 4.1x | 4.9x | 9.5x | | -9.5x |
Revenue and profitability
The company's Revenue increased on 3.8%.
Net Income marign increased on 8.4 pp from 4.0% to 12.4% in FY2016.
Appendix 1: Peers in Energy-Alternate Sources
Below you can find China Suntien Green Energy Corp Ltd benchmarking vs. other companies in Energy-Alternate Sources 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 |
|---|
| HaiTian Hydropower International Ltd ($8261) | | 8.5% | 114.0% | 220.2% | 14.6% |
| Xinyi Solar Holdings Ltd ($968) | | 28.3% | 22.5% | 97.1% | 26.5% |
| United Photovoltaics Group Ltd ($686) | -74.0% | -83.5% | 1,168.8% | 66.2% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 2.5% | 50.7% | 39.6% | 64.4% | |
| Canvest Environment Protection Group Co Ltd ($1381) | 150.6% | 0.8% | 103.5% | 49.2% | |
| |
|---|
| Median (10 companies) | 2.5% | 12.8% | 36.5% | 42.9% | 13.5% |
|---|
| China Suntien Green Energy Corp Ltd ($956) | | 25.9% | 10.5% | -18.0% | 3.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HaiTian Hydropower International Ltd ($8261) | 74.2% | 74.3% | 79.3% | 64.6% | 64.6% |
| United Photovoltaics Group Ltd ($686) | -29.8% | 99.3% | 90.7% | 54.0% | |
| Canvest Environment Protection Group Co Ltd ($1381) | 53.4% | 51.9% | 43.1% | 37.1% | |
| Xinyi Solar Holdings Ltd ($968) | 17.2% | 30.1% | 31.6% | 36.0% | 45.8% |
| China Renewable Energy Investment Ltd ($987) | 20.2% | 37.1% | 24.7% | 33.3% | 33.5% |
| |
|---|
| Median (7 companies) | 20.2% | 37.1% | 31.6% | 36.0% | 39.6% |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 33.5% | 31.3% | 25.2% | 26.5% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | -42.6% | -230.5% | 92.9% | 83.5% | |
| China Renewable Energy Investment Ltd ($987) | 54.1% | 66.1% | 64.3% | 74.3% | 71.6% |
| HaiTian Hydropower International Ltd ($8261) | 61.9% | 75.9% | 80.2% | 69.0% | 66.8% |
| China Longyuan Power Group Corp Ltd ($916) | 56.3% | 54.4% | 63.5% | 64.5% | 62.3% |
| Canvest Environment Protection Group Co Ltd ($1381) | 59.3% | 56.6% | 50.3% | 41.8% | |
| |
|---|
| Median (10 companies) | 38.5% | 37.1% | 46.1% | 39.2% | 64.5% |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 40.9% | 37.5% | 31.9% | 31.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Longyuan Power Group Corp Ltd ($916) | 79.5% | 54.9% | 100.2% | 77.7% | |
| Xinyi Solar Holdings Ltd ($968) | 22.7% | 12.2% | 98.8% | 75.4% | |
| International Standard Resources Holdings Ltd ($91) | 51.5% | 2.4% | 11.1% | 69.3% | |
| Concord New Energy Group Ltd ($182) | 64.2% | 19.0% | 52.7% | 54.7% | |
| GCL-Poly Energy Holdings Ltd ($3800) | 19.9% | 13.6% | 23.5% | 42.8% | |
| |
|---|
| Median (10 companies) | 37.4% | 16.3% | 39.7% | 37.6% | |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 41.4% | 25.7% | 35.9% | 128.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Xinyi Solar Holdings Ltd ($968) | 13.8% | 21.6% | 16.9% | 18.7% | 19.7% |
| HaiTian Hydropower International Ltd ($8261) | 6.4% | 7.5% | 7.5% | 11.9% | 11.7% |
| Canvest Environment Protection Group Co Ltd ($1381) | 27.0% | 18.1% | 12.4% | 10.0% | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 5.8% | 6.8% | 6.3% | 8.1% | |
| GCL-Poly Energy Holdings Ltd ($3800) | 0.3% | 2.8% | 6.9% | 7.2% | |
| |
|---|
| Median (10 companies) | 4.4% | 5.2% | 6.3% | 6.7% | 6.2% |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 7.7% | 7.9% | 5.8% | 2.9% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Photovoltaics Group Ltd ($686) | | | 7.8x | 13.2x | |
| China Longyuan Power Group Corp Ltd ($916) | 5.5x | 5.3x | 5.8x | 5.7x | 5.4x |
| GCL-Poly Energy Holdings Ltd ($3800) | 11.4x | 7.7x | 5.4x | 5.0x | |
| Beijing Jingneng Clean Energy Co Ltd ($579) | 6.7x | 6.3x | 6.7x | 4.4x | |
| Concord New Energy Group Ltd ($182) | 3.8x | 1.4x | 2.2x | 4.2x | |
| |
|---|
| Median (9 companies) | 4.6x | 4.0x | 5.8x | 4.2x | 2.4x |
|---|
| China Suntien Green Energy Corp Ltd ($956) | 4.5x | 4.1x | 4.9x | 9.5x | |
