Shanghai Jiaoda Withub Information Industrial Co Ltd revenue dropped on 13.3%
21/03/2017 • About Shanghai Jiaoda Withub Information Industrial Co Ltd (
$8205) • By InTwits
Shanghai Jiaoda Withub Information Industrial Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shanghai Jiaoda Withub Information Industrial Co Ltd doesn't have a profitable business model yet: FY2016 ROIC is -4.7%
- EBITDA Margin is relatively stable: in FY2016 vs. -1.4% in FY2015 vs. -2.2% in FY2012
- Shanghai Jiaoda Withub Information Industrial Co Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -3.4%0
- Shanghai Jiaoda Withub Information Industrial Co Ltd has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.3%.
- The company has unprofitable business model: ROIC is at -4.7%
- It operates with high leverage: Net Debt/EBITDA is 0.9x while industry average is -1.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 100.3 | 125.5 | 111.9 | 111.6 | 96.7 | -13.3% |
| Gross Profit | 14.8 | 15.7 | 7.7 | 15.5 | 15.9 | 2.5% |
| SG&A | 19.1 | 19.6 | 26.7 | 18.1 | 19.5 | 8.2% |
| EBITDA | -2.2 | -0.9 | -14.1 | -1.5 | | |
| Net Income | -2.9 | 0.9 | -13.2 | 2.6 | -0.3 | -112.6% |
Balance Sheet
|
|---|
| Cash | 58.5 | 63.1 | 49.6 | 62.9 | 60.7 | -3.5% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
Cash flow
|
|---|
| Capex | 0.0 | 0.3 | 0.8 | 0.2 | 0.4 | 108.2% |
Ratios
|
|---|
| Revenue growth | 2.3% | 25.1% | -10.8% | -0.3% | -13.3% | |
| EBITDA growth | 6,119.4% | -58.2% | 1,406.1% | -89.1% | | |
| Gross Margin | 14.8% | 12.5% | 6.9% | 13.9% | 16.5% | 2.6% |
| EBITDA Margin | -2.2% | -0.7% | -12.6% | -1.4% | 0.0% | 1.4% |
| Net Income Margin | -2.9% | 0.7% | -11.8% | 2.3% | -0.3% | -2.7% |
| SG&A, % of revenue | 19.0% | 15.6% | 23.9% | 16.2% | 20.2% | 4.0% |
| CAPEX, % of revenue | 0.0% | 0.2% | 0.7% | 0.2% | 0.4% | 0.2% |
| ROIC | -3.5% | -2.4% | -21.6% | -2.8% | -4.7% | -1.9% |
| ROE | -3.6% | 1.1% | -17.6% | 3.7% | -0.5% | -4.2% |
Revenue and profitability
The company's Revenue dropped on 13.3%.
Gross Margin increased on 2.6 pp from 13.9% to 16.5% in FY2016. SG&A as a % of Revenue increased on 4.0 pp from 16.2% to 20.2% in FY2016.
Net Income marign decreased on 2.7 pp from 2.3% to -0.34% in FY2016.
Capital expenditures (CAPEX) and working capital investments
In FY2016 the company had CAPEX/Revenue of 0.40%. Shanghai Jiaoda Withub Information Industrial Co Ltd's CAPEX/Revenue showed almost no change from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 0.41%.
Return on investment
The company operates at negative ROIC (-4.73%) and ROE (-0.46%). ROIC decreased slightly on 1.9 pp from -2.8% to -4.7% in FY2016. ROE decreased on 4.2 pp from 3.7% to -0.46% in FY2016.
Leverage (Debt)
The company has no debt. Cash decreased on 3.5%.
Appendix 1: Peers in Software
Below you can find Shanghai Jiaoda Withub Information Industrial Co Ltd benchmarking vs. other companies in Software 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 |
|---|
| Yunbo Digital Synergy Group Ltd ($8050) | | 241.6% | -31.9% | 348.0% | 99.6% |
| Pizu Group Holdings Ltd ($8053) | | -42.9% | 1,742.9% | 157.9% | 235.2% |
| China Eco-Farming Ltd ($8166) | -23.6% | -7.7% | 21.8% | 155.5% | |
| ICO Group Ltd ($8140) | | -11.1% | -3.1% | 104.9% | 29.8% |
| Aurum Pacific China Group Ltd ($8148) | | | 50.0% | 92.7% | -17.8% |
| |
|---|
| Median (38 companies) | 21.9% | 11.2% | 21.8% | 9.2% | 12.5% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | | 25.1% | -10.8% | -0.3% | -13.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Bio Cassava Holdings Ltd ($8129) | 90.4% | 97.4% | 98.4% | 98.3% | |
| Chanjet Information Technology Co Ltd ($1588) | 89.2% | 91.3% | 92.4% | 91.4% | |
| China Binary Sale Technology Ltd ($8255) | 63.5% | 68.5% | 67.7% | 85.9% | |
| Kingdee International Software Group Co Ltd ($268) | 65.0% | 75.3% | 82.5% | 81.5% | 81.3% |
| Tian Ge Interactive Holdings Ltd ($1980) | 88.5% | 87.6% | 84.8% | 77.7% | |
| |
|---|
| Median (37 companies) | 46.5% | 43.1% | 43.4% | 43.3% | 39.9% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | 14.8% | 12.5% | 6.9% | 13.9% | 16.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| International Entertainment Corp ($1009) | 50.8% | 64.0% | 54.9% | 62.0% | 45.5% |
| Sinosoft Technology Group Ltd ($1297) | 62.6% | 54.9% | 57.2% | 59.0% | |
| China Binary Sale Technology Ltd ($8255) | 35.1% | 35.4% | 44.4% | 50.5% | |
| Boyaa Interactive International Ltd ($434) | 38.5% | 25.8% | 30.7% | 47.6% | |
| TravelSky Technology Ltd ($696) | 38.1% | 35.8% | 31.9% | 41.1% | |
| |
|---|
| Median (38 companies) | 9.8% | 13.7% | 10.1% | 9.5% | 5.4% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | -2.2% | -0.7% | -12.6% | -1.4% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| NetDragon Websoft Inc ($777) | 21.1% | 34.6% | 54.6% | 42.9% | |
| China Information Technology Development Ltd ($8178) | 4.1% | 1.1% | 0.5% | 40.7% | |
| Aurum Pacific China Group Ltd ($8148) | | 2.9% | 7.5% | 20.6% | |
| TravelSky Technology Ltd ($696) | 8.9% | 21.7% | 18.1% | 18.1% | |
| Kingsoft Corp Ltd ($3888) | 4.3% | 3.8% | 14.3% | 11.1% | |
| |
|---|
| Median (38 companies) | 1.5% | 1.6% | 3.5% | 2.1% | 0.8% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | 0.0% | 0.2% | 0.7% | 0.2% | 0.4% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Pizu Group Holdings Ltd ($8053) | -21.8% | -13.4% | -6.8% | 120.0% | 51.7% |
| ICO Group Ltd ($8140) | | 43.5% | 6.8% | 37.7% | 27.1% |
| IGG Inc ($8002) | | 55.9% | 41.4% | 25.9% | |
| Boyaa Interactive International Ltd ($434) | 75.3% | 21.3% | 20.0% | 21.4% | |
| Sinosoft Technology Group Ltd ($1297) | 34.0% | 21.9% | 20.2% | 20.8% | |
| |
|---|
| Median (38 companies) | 5.6% | 6.7% | 5.4% | 2.2% | 4.8% |
|---|
| Shanghai Jiaoda Withub Information Industrial Co Ltd ($8205) | -3.5% | -2.4% | -21.6% | -2.8% | -4.7% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Epicurean and Co Ltd ($8213) | 2.3x | 4.7x | 12.3x | 12.0x | 13.9x |
| Sing Lee Software Group Ltd ($8076) | | | 6.2x | 4.4x | |
| Century Sage Scientific Holdings Ltd ($1450) | 0.2x | 0.0x | -0.2x | 1.8x | |
| Microsoft Corp ($4338) | | | 0.4x | 1.2x | 1.4x |
| Chinasoft International Ltd ($354) | -0.7x | 0.7x | 1.5x | 0.7x | |
| |
|---|
| Median (22 companies) | -1.0x | -1.4x | -1.8x | -1.1x | -0.5x |
|---|
