GA Holdings Ltd reports 50.1% Net Income decline in 2016
22/03/2017 • About GA Holdings Ltd (
$8126) • By InTwits
GA 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 15.3x while industry average is 0.7x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
GA Holdings Ltd ($8126) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 394.2 | 408.3 | 422.9 | 495.5 | 563.1 | 13.6% |
| EBITDA | 31.5 | 80.3 | 97.0 | 100.8 | | -100.0% |
| Net Income | 34.2 | 75.2 | 56.2 | 96.0 | 47.9 | -50.1% |
Balance Sheet
|
|---|
| Cash | 86.1 | 54.0 | 34.3 | 86.4 | | -100.0% |
| Short Term Debt | 147.8 | 59.4 | 90.7 | 105.7 | | -100.0% |
| Long Term Debt | 10.0 | 6.6 | 6.9 | 6.3 | | -100.0% |
Cash flow
|
|---|
| Capex | 1.7 | 12.8 | 15.0 | 7.4 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 30.6% | 3.6% | 3.6% | 17.2% | 13.6% | |
| EBITDA growth | -331.5% | 155.3% | 20.8% | 3.9% | | |
| EBITDA Margin | 8.0% | 19.7% | 22.9% | 20.3% | 0.0% | -20.3% |
| Net Income Margin | 8.7% | 18.4% | 13.3% | 19.4% | 8.5% | -10.9% |
| CAPEX, % of revenue | 0.4% | 3.1% | 3.6% | 1.5% | | -1.5% |
| ROIC | 3.3% | 12.0% | 13.5% | 11.9% | | -11.9% |
| ROE | 10.9% | 20.1% | 12.7% | 19.4% | | -19.4% |
| Net Debt/EBITDA | 2.3x | 0.1x | 0.7x | 0.3x | | -0.3x |
Revenue and profitability
GA Holdings Ltd's Revenue surged on 13.6%.
Net Income marign dropped on 10.9 pp from 19.4% to 8.5% in FY2016.
Appendix 1: Peers in Distribution/Wholesale
Below we provide GA Holdings Ltd benchmarking against other companies in Distribution/Wholesale industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
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) | -3.9% | 0.7% | -0.5% | -2.1% | -5.4% |
|---|
| GA Holdings Ltd ($8126) | | 3.6% | 3.6% | 17.2% | 13.6% |
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 (35 companies) | 17.3% | 17.1% | 18.0% | 20.8% | 23.4% |
|---|
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) | 1.7% | 1.7% | 4.4% | 3.8% | -5.2% |
|---|
| GA Holdings Ltd ($8126) | 8.0% | 19.7% | 22.9% | 20.3% | |
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% | 1.6% | 1.2% | 1.8% |
|---|
| GA Holdings Ltd ($8126) | 0.4% | 3.1% | 3.6% | 1.5% | |
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% |
|---|
| GA Holdings Ltd ($8126) | 3.3% | 12.0% | 13.5% | 11.9% | |
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 |
|---|
| GA Holdings Ltd ($8126) | 2.3x | 0.1x | 0.7x | 0.3x | |
