Tonly Electronics Holdings Ltd revenue decline accelerated to 12.2% in FY2016 vs. 10.4% a year earliner
21/03/2017 • About Tonly Electronics Holdings Ltd (
$1249) • By InTwits
Tonly Electronics 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 5.8x 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.
Tonly Electronics Holdings Ltd ($1249) key annual financial indicators
| mln. | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,673 | 4,554 | 5,421 | 4,857 | 4,266 | -12.2% |
| Gross Profit | 433 | 492 | 666 | 605 | | -100.0% |
| SG&A | 267 | 289 | 370 | 347 | | -100.0% |
| EBITDA | 64 | 96 | 195 | 193 | | -100.0% |
| Net Income | 95 | 107 | 150 | 166 | 152 | -8.8% |
Balance Sheet
|
|---|
| Cash | 997 | 410 | 938 | 890 | | -100.0% |
| Short Term Debt | 872 | 220 | 20 | 10 | | -100.0% |
| Long Term Debt | 0 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 103 | 286 | 117 | 137 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -10.4% | 24.0% | 19.0% | -10.4% | -12.2% | |
| EBITDA growth | -38.5% | 51.1% | 102.8% | -1.2% | | |
| Gross Margin | 11.8% | 10.8% | 12.3% | 12.4% | | -12.4% |
| EBITDA Margin | 1.7% | 2.1% | 3.6% | 4.0% | 0.0% | -4.0% |
| Net Income Margin | 2.6% | 2.3% | 2.8% | 3.4% | 3.6% | 0.1% |
| SG&A, % of revenue | 7.3% | 6.3% | 6.8% | 7.1% | | -7.1% |
| CAPEX, % of revenue | 2.8% | 6.3% | 2.2% | 2.8% | | -2.8% |
| ROIC | 4.2% | 7.1% | 15.9% | 11.7% | | -11.7% |
| ROE | 20.5% | 29.8% | 20.1% | 15.3% | | -15.3% |
| Net Debt/EBITDA | -2.0x | -2.0x | -4.7x | -4.6x | | 4.6x |
Revenue and profitability
Tonly Electronics Holdings Ltd's Revenue dropped on 12.2%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Home Furnishings
Below you can find Tonly Electronics 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% | 1.7% | -0.8% | -1.0% |
|---|
| Tonly Electronics Holdings Ltd ($1249) | | 24.0% | 19.0% | -10.4% | -12.2% |
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% | 16.7% | 19.6% |
|---|
| Tonly Electronics Holdings Ltd ($1249) | 11.8% | 10.8% | 12.3% | 12.4% | |
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% | 3.1% | 6.2% |
|---|
| Tonly Electronics Holdings Ltd ($1249) | 1.7% | 2.1% | 3.6% | 4.0% | |
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% | 1.6% | 2.8% | 2.0% | 3.6% |
|---|
| Tonly Electronics Holdings Ltd ($1249) | 2.8% | 6.3% | 2.2% | 2.8% | |
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% |
| Welling Holding Ltd ($382) | 23.5% | 24.3% | 18.7% | 10.7% | 14.3% |
| |
|---|
| Median (27 companies) | 3.7% | 4.5% | 3.9% | 0.9% | 3.4% |
|---|
| Tonly Electronics Holdings Ltd ($1249) | 4.2% | 7.1% | 15.9% | 11.7% | |
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 |
| TCL Multimedia Technology Holdings Ltd ($1070) | -0.3x | -2.3x | 0.7x | 0.5x | |
| Skyworth Digital Holdings Ltd ($751) | 1.2x | 1.5x | 1.2x | -0.2x | 0.9x |
| |
|---|
| Median (16 companies) | -0.3x | -0.9x | -1.3x | -0.9x | -1.1x |
|---|
| Tonly Electronics Holdings Ltd ($1249) | -2.0x | -2.0x | -4.7x | -4.6x | |
