Theme International Holdings Ltd revenue returned to growth in FY2016: increased 2,774% vs. 29.0% decline a year earliner
22/03/2017 • About Theme International Holdings Ltd (
$990) • By InTwits
Theme International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Theme International Holdings Ltd doesn't have a profitable business model yet: FY2016 ROIC is -16.3%
- The company operates at negative EBITDA Margin: -1.5%
- Theme International Holdings Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -5.6% for the sames years0
- The company has unprofitable business model: ROIC is at -16.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Theme International Holdings Ltd ($990) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 90 | 87 | 77 | 55 | 1,582 | 2,774.0% |
| Gross Profit | 45 | 49 | 43 | 13 | 13 | 1.8% |
| SG&A | 80 | 64 | 65 | 36 | 36 | 0.6% |
| EBITDA | -31 | -12 | -19 | -20 | -23 | |
| Net Income | -43 | -15 | -22 | -23 | -26 | |
Balance Sheet
|
|---|
| Cash | 26 | 30 | 25 | 12 | 27 | 123.5% |
| Short Term Debt | 0 | 0 | 35 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 1 | 3 | 3 | 2 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -10.0% | -2.8% | -11.2% | -29.0% | 2,774.0% | |
| EBITDA growth | -48.3% | -61.9% | 62.0% | 3.8% | 14.0% | |
| Gross Margin | 49.7% | 56.6% | 55.7% | 22.9% | 0.8% | -22.1% |
| EBITDA Margin | -35.0% | -13.7% | -25.0% | -36.6% | -1.5% | 35.1% |
| Net Income Margin | -48.2% | -17.6% | -28.7% | -42.5% | -1.6% | 40.8% |
| SG&A, % of revenue | 88.7% | 73.8% | 84.3% | 65.2% | 2.3% | -62.9% |
| CAPEX, % of revenue | 1.4% | 3.6% | 4.2% | 3.6% | | -3.6% |
| ROIC | -83.3% | -74.3% | -114.4% | -40.1% | -16.3% | 23.8% |
| ROE | -104.2% | -77.1% | | | -18.3% | -18.3% |
Revenue and profitability
Theme International Holdings Ltd's Revenue jumped on 2,774%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 35.1 pp from -36.6% to -1.5% in FY2016.
Gross Margin dropped on 22.1 pp from 22.9% to 0.81% in FY2016. SG&A as a % of Revenue dropped on 62.9 pp from 65.2% to 2.3% in FY2016.
Net Income marign surged on 40.8 pp from -42.5% to -1.6% in FY2016.
Return on investment
The company operates at negative ROIC (-16.28%) and ROE (-18.29%). ROIC surged on 23.8 pp from -40.1% to -16.3% in FY2016.
Leverage (Debt)
The company has no debt. Cash jumped on 124%.
Appendix 1: Peers in Retail
Below you can find Theme International Holdings Ltd benchmarking vs. other companies in Retail 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 |
|---|
| China Nuclear Industry 23 International Corp Ltd ($611) | | 85.6% | -42.1% | 419.8% | 21.8% |
| Noble House China Holdings Ltd ($8246) | | -20.2% | -24.8% | 117.2% | 129.1% |
| Vongroup Ltd ($318) | | 23.7% | -80.2% | 90.3% | -7.2% |
| Nanjing Sinolife United Co Ltd ($3332) | 45.6% | 29.5% | 29.6% | 57.3% | |
| Shanghai La Chapelle Fashion Co Ltd ($6116) | | 72.8% | 23.0% | 48.3% | 12.5% |
| |
|---|
| Median (117 companies) | 9.7% | 6.5% | 3.1% | -1.0% | -3.7% |
|---|
| Theme International Holdings Ltd ($990) | | -2.8% | -11.2% | -29.0% | 2,774.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vongroup Ltd ($318) | | | 95.1% | 99.1% | 99.0% |
| Modern Beauty Salon Holdings Ltd ($919) | 97.4% | 95.9% | 96.8% | 96.7% | 96.8% |
| Moiselle International Holdings Ltd ($130) | 81.2% | 83.8% | 80.6% | 83.2% | 77.6% |
| Embry Holdings Ltd ($1388) | 81.2% | 80.4% | 82.3% | 81.6% | |
| Nanjing Sinolife United Co Ltd ($3332) | 86.5% | 89.3% | 90.9% | 80.6% | |
| |
|---|
| Median (103 companies) | 36.2% | 35.8% | 35.0% | 33.9% | 44.4% |
|---|
| Theme International Holdings Ltd ($990) | 49.7% | 56.6% | 55.7% | 22.9% | 0.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Energy Development Holdings Ltd ($228) | -58.1% | -72.3% | -84.0% | 1,070.6% | |
| Golden Eagle Retail Group Ltd ($3308) | 48.5% | 47.3% | 42.8% | 55.4% | |
| Nanjing Sinolife United Co Ltd ($3332) | 51.6% | 56.9% | 54.4% | 44.8% | |
| Lifestyle International Holdings Ltd ($1212) | 47.5% | 47.0% | 44.7% | 43.4% | 46.3% |
| China Dongxiang Group Co Ltd ($3818) | 6.0% | 5.6% | 58.3% | 41.4% | 61.6% |
| |
|---|
| Median (117 companies) | 10.8% | 7.8% | 9.1% | 7.4% | 6.8% |
|---|
| Theme International Holdings Ltd ($990) | -35.0% | -13.7% | -25.0% | -36.6% | -1.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Culture Landmark Investment Ltd ($674) | 11.6% | 19.4% | 15.7% | 47.2% | 3.9% |
| Springland International Holdings Ltd ($1700) | 31.9% | 17.4% | 26.5% | 36.9% | |
| Merry Garden Holdings Ltd ($1237) | 18.6% | 28.6% | 15.1% | 34.2% | |
| China Energy Development Holdings Ltd ($228) | 1.6% | 0.2% | 0.0% | 27.4% | |
| Golden Eagle Retail Group Ltd ($3308) | 28.5% | 9.4% | 26.7% | 25.4% | |
| |
|---|
| Median (117 companies) | 4.1% | 3.6% | 3.7% | 3.1% | 2.0% |
|---|
| Theme International Holdings Ltd ($990) | 1.4% | 3.6% | 4.2% | 3.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Modern Beauty Salon Holdings Ltd ($919) | 50.7% | -4.6% | 81.3% | 71.8% | 13.3% |
| JC Group Holdings Ltd ($8326) | | 215.6% | 92.8% | 66.3% | 81.7% |
| Starbucks Corp ($4337) | 36.4% | -6.0% | 52.8% | 51.4% | 46.2% |
| Sa Sa International Holdings Ltd ($178) | 53.5% | 52.7% | 49.0% | 39.8% | 19.0% |
| Noble House China Holdings Ltd ($8246) | 17.7% | -67.7% | -113.8% | 35.6% | 68.8% |
| |
|---|
| Median (117 companies) | 12.3% | 8.9% | 8.7% | 5.8% | 7.5% |
|---|
| Theme International Holdings Ltd ($990) | -83.3% | -74.3% | -114.4% | -40.1% | -16.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sparkle Roll Group Ltd ($970) | 0.6x | 4.0x | 9.3x | 23.5x | 8.5x |
| Trinity Ltd ($891) | -0.2x | 0.2x | 0.6x | 18.2x | |
| Parkson Retail Group Ltd ($3368) | 0.8x | 2.3x | 3.6x | 9.8x | 11.1x |
| Maoye International Holdings Ltd ($848) | 2.9x | 3.3x | 3.4x | 9.0x | |
| Century Ginwa Retail Holdings Ltd ($162) | 2.0x | 2.5x | 4.8x | 7.3x | |
| |
|---|
| Median (92 companies) | -0.5x | -0.6x | -0.2x | -0.5x | -0.3x |
|---|
