TCL Multimedia Technology Holdings Ltd reports 1.9% revenue decline in FY2016
21/03/2017 • About TCL Multimedia Technology Holdings Ltd (
$1070) • By InTwits
TCL Multimedia Technology Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 3.2x while industry average is 0.6x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
TCL Multimedia Technology Holdings Ltd ($1070) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 36,025 | 39,495 | 33,526 | 34,017 | 33,361 | -1.9% |
| Gross Profit | 6,145 | 5,414 | 5,503 | 5,753 | | -100.0% |
| SG&A | 5,172 | 5,600 | 5,081 | 5,392 | | -100.0% |
| EBITDA | 1,344 | 270 | 903 | 771 | | -100.0% |
| Net Income | 911 | -48 | 234 | 26 | 183 | 608.1% |
Balance Sheet
|
|---|
| Cash | 3,431 | 3,048 | 3,379 | 2,215 | | -100.0% |
| Short Term Debt | 2,608 | 1,283 | 3,104 | 1,468 | | -100.0% |
| Long Term Debt | 402 | 1,132 | 925 | 1,137 | | -100.0% |
Cash flow
|
|---|
| Capex | 598 | 578 | 319 | 142 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 9.4% | 9.6% | -15.1% | 1.5% | -1.9% | |
| EBITDA growth | 35.9% | -79.9% | 234.9% | -14.6% | | |
| Gross Margin | 17.1% | 13.7% | 16.4% | 16.9% | | -16.9% |
| EBITDA Margin | 3.7% | 0.7% | 2.7% | 2.3% | 0.0% | -2.3% |
| Net Income Margin | 2.5% | -0.1% | 0.7% | 0.1% | 0.5% | 0.5% |
| SG&A, % of revenue | 14.4% | 14.2% | 15.2% | 15.9% | | -15.9% |
| CAPEX, % of revenue | 1.7% | 1.5% | 1.0% | 0.4% | | -0.4% |
| ROIC | 12.7% | -0.5% | 7.6% | 6.4% | | -6.4% |
| ROE | 22.0% | -1.1% | 5.3% | 0.6% | | -0.6% |
| Net Debt/EBITDA | -0.3x | -2.3x | 0.7x | 0.5x | | -0.5x |
Revenue and profitability
TCL Multimedia Technology Holdings Ltd's Revenue decreased slightly on 1.9%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Home Furnishings
Below you can find TCL Multimedia Technology Holdings Ltd benchmarking vs. other companies in Home Furnishings 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 |
|---|
| BEP International Holdings Ltd ($2326) | | -41.5% | 46.2% | 187.9% | 258.0% |
| See Corp Ltd ($491) | | -31.9% | 134.1% | 126.9% | -80.4% |
| Sunrise China Technology Group Ltd ($8226) | -93.0% | 21.9% | -20.4% | 77.5% | |
| Yuxing InfoTech Investment Holdings Ltd ($8005) | | -21.2% | -16.5% | 21.3% | 8.9% |
| Aupu Group Holding Co Ltd ($477) | 5.7% | 9.0% | 26.4% | 18.5% | |
| |
|---|
| Median (27 companies) | -2.3% | 4.8% | 4.0% | -2.4% | -1.0% |
|---|
| TCL Multimedia Technology Holdings Ltd ($1070) | | 9.6% | -15.1% | 1.5% | -1.9% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| South East Group Ltd ($726) | 25.5% | 51.6% | 38.8% | 82.4% | |
| Aupu Group Holding Co Ltd ($477) | 48.6% | 45.0% | 47.8% | 48.7% | |
| Grande Holdings Ltd/The ($186) | 23.7% | 25.4% | 29.0% | 27.7% | |
| Samson Holding Ltd ($531) | 25.6% | 25.4% | 27.3% | 27.3% | |
| Gold Peak Industries Holding Ltd ($40) | 25.8% | 23.6% | 24.9% | 25.6% | 25.6% |
| |
|---|
| Median (27 companies) | 20.3% | 18.7% | 17.1% | 15.9% | 19.6% |
|---|
| TCL Multimedia Technology Holdings Ltd ($1070) | 17.1% | 13.7% | 16.4% | 16.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Aupu Group Holding Co Ltd ($477) | 15.3% | 17.6% | 30.1% | 27.0% | |
| Skyworth Digital Holdings Ltd ($751) | 6.0% | 6.1% | 5.7% | 11.3% | 8.5% |
| Welling Holding Ltd ($382) | 11.9% | 12.8% | 10.8% | 8.6% | 11.5% |
| Hing Lee HK Holdings Ltd ($396) | -3.0% | 4.3% | 9.4% | 8.2% | |
| Raymond Industrial Ltd ($229) | 7.6% | 7.7% | 7.8% | 6.3% | |
| |
|---|
| Median (26 companies) | 6.0% | 4.8% | 4.7% | 3.6% | 6.2% |
|---|
| TCL Multimedia Technology Holdings Ltd ($1070) | 3.7% | 0.7% | 2.7% | 2.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| JF Household Furnishings Ltd ($776) | 0.7% | 4.5% | 2.8% | 54.5% | |
| Sunrise China Technology Group Ltd ($8226) | 126.4% | 69.3% | 7.4% | 14.1% | |
| Royale Furniture Holdings Ltd ($1198) | | 14.1% | 16.5% | 10.5% | |
| South East Group Ltd ($726) | 0.0% | 0.0% | 0.0% | 7.9% | |
| Aupu Group Holding Co Ltd ($477) | 1.5% | 6.3% | 5.3% | 5.7% | |
| |
|---|
| Median (27 companies) | 1.4% | 2.2% | 2.8% | 2.2% | 3.6% |
|---|
| TCL Multimedia Technology Holdings Ltd ($1070) | 1.7% | 1.5% | 1.0% | 0.4% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Aupu Group Holding Co Ltd ($477) | 14.8% | 17.0% | 32.2% | 32.2% | |
| Mastercraft International Holdings Ltd ($8146) | 54.4% | 38.6% | 36.4% | 23.2% | |
| Skyworth Digital Holdings Ltd ($751) | 11.6% | 13.4% | 10.9% | 23.0% | 13.7% |
| BEP International Holdings Ltd ($2326) | 90.3% | 4.7% | -4.5% | 17.6% | 29.4% |
| Tonly Electronics Holdings Ltd ($1249) | 4.2% | 7.1% | 15.9% | 11.7% | |
| |
|---|
| Median (27 companies) | 3.7% | 5.1% | 3.9% | 0.9% | 3.4% |
|---|
| TCL Multimedia Technology Holdings Ltd ($1070) | 12.7% | -0.5% | 7.6% | 6.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kasen International Holdings Ltd ($496) | 2.2x | 3.7x | 44.9x | 20.1x | |
| Hisense Kelon Electrical Holdings Co Ltd ($921) | 1.2x | 0.9x | 1.0x | 6.4x | |
| Gold Peak Industries Holding Ltd ($40) | 10.2x | 3.4x | 3.6x | 2.8x | 3.9x |
| Skyworth Digital Holdings Ltd ($751) | 1.2x | 1.5x | 1.2x | -0.2x | 0.9x |
| Aupu Group Holding Co Ltd ($477) | -0.2x | 0.7x | 0.6x | -0.2x | |
| |
|---|
| Median (16 companies) | -0.3x | -0.9x | -2.3x | -1.3x | -1.1x |
|---|
| TCL Multimedia Technology Holdings Ltd ($1070) | -0.3x | -2.3x | 0.7x | 0.5x | |
