VST Holdings Ltd revenue increased on 5.7% in 2016
21/03/2017 • About VST Holdings Ltd (
$856) • By InTwits
VST 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 1.6x while industry average is 0.8x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
VST Holdings Ltd ($856) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 37,098 | 40,239 | 41,893 | 45,576 | 48,161 | 5.7% |
| Gross Profit | 1,407 | 1,517 | 1,673 | 1,697 | | -100.0% |
| SG&A | 817 | 866 | 844 | 1,017 | | -100.0% |
| EBITDA | 621 | 683 | 861 | 886 | | -100.0% |
| Net Income | 444 | 503 | 607 | 450 | 552 | 22.5% |
Balance Sheet
|
|---|
| Cash | 936 | 1,169 | 1,495 | 3,234 | | -100.0% |
| Short Term Debt | 1,520 | 2,002 | 3,557 | 4,635 | | -100.0% |
| Long Term Debt | 747 | 696 | 0 | 986 | | -100.0% |
Cash flow
|
|---|
| Capex | 14 | 15 | 24 | 77 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 13.7% | 8.5% | 4.1% | 8.8% | 5.7% | |
| EBITDA growth | -10.6% | 9.9% | 26.0% | 2.9% | | |
| Gross Margin | 3.8% | 3.8% | 4.0% | 3.7% | | -3.7% |
| EBITDA Margin | 1.7% | 1.7% | 2.1% | 1.9% | 0.0% | -1.9% |
| Net Income Margin | 1.2% | 1.2% | 1.4% | 1.0% | 1.1% | 0.2% |
| SG&A, % of revenue | 2.2% | 2.2% | 2.0% | 2.2% | | -2.2% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.1% | 0.2% | | -0.2% |
| ROIC | 11.8% | 11.2% | 12.1% | 10.2% | | -10.2% |
| ROE | 15.9% | 15.7% | 16.5% | 11.6% | | -11.6% |
| Net Debt/EBITDA | 2.1x | 2.2x | 2.4x | 2.7x | | -2.7x |
Revenue and profitability
The company's Revenue increased on 5.7%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Distribution/Wholesale
Below you can find VST Holdings Ltd benchmarking vs. other companies in Distribution/Wholesale 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 |
|---|
| C Y Foundation Group Ltd ($1182) | | -65.6% | 5.9% | 214.6% | -14.6% |
| China Fortune Holdings Ltd ($110) | -64.7% | -68.2% | -71.0% | 174.2% | |
| Hailiang International Holdings Ltd ($2336) | | -30.8% | -69.1% | 99.7% | 40.3% |
| Forefront Group Ltd ($885) | | 504.6% | 3,871.0% | 72.0% | |
| Yestar International Holdings Co Ltd ($2393) | | 22.8% | 30.5% | 60.3% | 23.1% |
| |
|---|
| Median (36 companies) | -0.4% | 0.7% | -0.5% | -2.1% | -11.5% |
|---|
| VST Holdings Ltd ($856) | | 8.5% | 4.1% | 8.8% | 5.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Yunnan Tin Minerals Group Co Ltd ($263) | 79.6% | 66.3% | | 98.7% | |
| Goldin Financial Holdings Ltd ($530) | 75.3% | 71.7% | 74.8% | 73.8% | 55.8% |
| YGM Trading Ltd ($375) | 66.5% | 67.4% | 64.0% | 62.5% | 58.7% |
| Goldlion Holdings Ltd ($533) | 56.4% | 54.1% | 55.7% | 60.0% | |
| E.Bon Holdings Ltd ($599) | 40.3% | 37.4% | 35.8% | 39.6% | 42.4% |
| |
|---|
| Median (34 companies) | 17.4% | 17.8% | 18.7% | 21.0% | 23.4% |
|---|
| VST Holdings Ltd ($856) | 3.8% | 3.8% | 4.0% | 3.7% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China LNG Group Ltd ($931) | 95.1% | 76.4% | 97.9% | 1,277.8% | |
| Goldin Financial Holdings Ltd ($530) | 163.7% | 613.4% | 285.7% | 364.1% | 272.7% |
| China Infrastructure Investment Ltd ($600) | -274.9% | 120.0% | 52.0% | 134.5% | |
| China Yunnan Tin Minerals Group Co Ltd ($263) | -1,064.4% | -252.1% | | 62.8% | |
| Goldlion Holdings Ltd ($533) | 25.8% | 23.4% | 22.5% | 22.8% | |
| |
|---|
| Median (37 companies) | 2.4% | 2.1% | 4.5% | 4.9% | -5.2% |
|---|
| VST Holdings Ltd ($856) | 1.7% | 1.7% | 2.1% | 1.9% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| SIS International Holdings ($529) | 13.4% | 31.8% | 14.8% | 49.8% | |
| Inspur International Ltd ($596) | 8.4% | 12.2% | 33.6% | 25.6% | |
| China LNG Group Ltd ($931) | 11.1% | 0.3% | 0.6% | 15.6% | |
| YGM Trading Ltd ($375) | 1.8% | 2.1% | 3.5% | 14.5% | 4.0% |
| Victory Group Ltd ($1139) | 0.7% | 0.1% | 6.1% | 12.6% | |
| |
|---|
| Median (36 companies) | 1.4% | 1.7% | 1.7% | 1.2% | 1.8% |
|---|
| VST Holdings Ltd ($856) | 0.0% | 0.0% | 0.1% | 0.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China LNG Group Ltd ($931) | 8.4% | 7.4% | 87.0% | 56.2% | |
| Powerwell Pacific Holdings Ltd ($8265) | 6.4% | 6.4% | 23.6% | 27.1% | |
| Yestar International Holdings Co Ltd ($2393) | 28.8% | 24.1% | 26.2% | 25.4% | 18.8% |
| E.Bon Holdings Ltd ($599) | 7.0% | 7.2% | 3.3% | 16.9% | 17.4% |
| Goldin Financial Holdings Ltd ($530) | 5.9% | 20.6% | 10.4% | 16.0% | 8.7% |
| |
|---|
| Median (38 companies) | 2.1% | 0.2% | 3.0% | 2.6% | -6.2% |
|---|
| VST Holdings Ltd ($856) | 11.8% | 11.2% | 12.1% | 10.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| SIS International Holdings ($529) | -1.8x | 7.0x | 7.2x | 16.8x | 27.3x |
| Leeport Holdings Ltd ($387) | | | | 16.1x | |
| Takson Holdings Ltd ($918) | | 11.5x | 11.7x | 15.7x | |
| Sheng Yuan Holdings Ltd ($851) | | | 19.3x | 15.4x | 3.0x |
| Forefront Group Ltd ($885) | | | -0.0x | 15.3x | |
| |
|---|
| Median (26 companies) | -0.3x | -0.8x | -0.0x | -0.3x | 1.8x |
|---|
| VST Holdings Ltd ($856) | 2.1x | 2.2x | 2.4x | 2.7x | |
