Zhongyu Gas Holdings Ltd reports 121% Net Income growth
22/03/2017 • About Zhongyu Gas Holdings Ltd (
$3633) • By InTwits
Zhongyu Gas 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 0.9x while industry average is -0.1x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Zhongyu Gas Holdings Ltd ($3633) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,754 | 3,131 | 3,413 | 3,277 | 3,723 | 13.6% |
| Gross Profit | 649 | 746 | 850 | 785 | | -100.0% |
| SG&A | | 263 | 275 | 281 | | -100.0% |
| EBITDA | 513 | 590 | 716 | 706 | | -100.0% |
| Net Income | 226 | 262 | 324 | 93 | 206 | 120.7% |
Balance Sheet
|
|---|
| Cash | 349 | 430 | 828 | 984 | | -100.0% |
| Short Term Debt | 661 | 528 | 424 | 1,206 | | -100.0% |
| Long Term Debt | 525 | 1,281 | 3,029 | 3,186 | | -100.0% |
Cash flow
|
|---|
| Capex | 227 | 557 | 644 | 750 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 53.5% | 13.7% | 9.0% | -4.0% | 13.6% | |
| EBITDA growth | 86.9% | 15.1% | 21.3% | -1.4% | | |
| Gross Margin | 23.6% | 23.8% | 24.9% | 24.0% | | -24.0% |
| EBITDA Margin | 18.6% | 18.9% | 21.0% | 21.5% | 0.0% | -21.5% |
| Net Income Margin | 8.2% | 8.4% | 9.5% | 2.9% | 5.5% | 2.7% |
| SG&A, % of revenue | | 8.4% | 8.0% | 8.6% | | -8.6% |
| CAPEX, % of revenue | 8.2% | 17.8% | 18.9% | 22.9% | | -22.9% |
| ROIC | 17.4% | 15.0% | 12.3% | 8.2% | | -8.2% |
| ROE | 18.2% | 17.0% | 17.6% | 4.7% | | -4.7% |
| Net Debt/EBITDA | 1.6x | 2.3x | 3.7x | 4.8x | | -4.8x |
Revenue and profitability
Zhongyu Gas Holdings Ltd's Revenue surged on 13.6%.
Net Income marign increased on 2.7 pp from 2.9% to 5.5% in FY2016.
Appendix 1: Peers in Oil&Gas
Below we provide Zhongyu Gas Holdings Ltd benchmarking against other companies in Oil&Gas 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 |
|---|
| Enviro Energy International Holdings Ltd ($1102) | -57.9% | 1,572.5% | -9.6% | 1,162.8% | |
| Sino Oil And Gas Holdings Ltd ($702) | -17.5% | -25.3% | -23.4% | 305.2% | |
| Shanghai Tonva Petrochemical Co Ltd ($1103) | | 33.1% | -10.1% | 55.4% | 74.7% |
| China CBM Group Co Ltd ($8270) | -27.6% | 1.8% | 60.9% | 9.3% | |
| Yanchang Petroleum International Ltd ($346) | 641.9% | 155.6% | 15.5% | 4.4% | |
| |
|---|
| Median (15 companies) | -10.3% | 3.7% | -4.6% | -12.3% | -14.6% |
|---|
| Zhongyu Gas Holdings Ltd ($3633) | | 13.7% | 9.0% | -4.0% | 13.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Energy Group Ltd ($467) | 39.4% | 48.0% | 53.8% | 51.5% | 52.6% |
| EPI Holdings Ltd ($689) | 58.0% | 50.7% | 54.6% | 41.2% | |
| South Sea Petroleum Holdings Ltd ($76) | 27.3% | 25.3% | 38.5% | 22.2% | |
| COSCO International Holdings Ltd ($517) | 6.9% | 7.5% | 10.6% | 11.5% | |
| Shanghai Tonva Petrochemical Co Ltd ($1103) | 5.6% | 6.8% | 7.3% | 6.1% | 4.2% |
| |
|---|
| Median (10 companies) | 6.9% | 4.1% | 8.7% | 5.8% | 4.2% |
|---|
| Zhongyu Gas Holdings Ltd ($3633) | 23.6% | 23.8% | 24.9% | 24.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CNOOC Ltd ($883) | | 47.2% | 50.7% | 53.0% | 44.8% |
| Kunlun Energy Co Ltd ($135) | 47.0% | 39.5% | 34.9% | 30.9% | |
| China CBM Group Co Ltd ($8270) | 16.0% | -4.7% | 7.5% | 11.4% | |
| Shanghai Tonva Petrochemical Co Ltd ($1103) | 4.2% | 6.0% | 6.9% | 5.4% | 3.5% |
| Brightoil Petroleum Holdings Ltd ($933) | 1.1% | -0.6% | 1.4% | 4.7% | 6.5% |
| |
|---|
| Median (15 companies) | 1.1% | -0.1% | 3.5% | -10.9% | 6.5% |
|---|
| Zhongyu Gas Holdings Ltd ($3633) | 18.6% | 18.9% | 21.0% | 21.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| MIE Holdings Corp ($1555) | 52.2% | 43.3% | 44.1% | 62.4% | |
| United Energy Group Ltd ($467) | 37.2% | 62.7% | 42.4% | 49.1% | |
| CNOOC Ltd ($883) | | 30.3% | 34.8% | 39.5% | 35.1% |
| Kunlun Energy Co Ltd ($135) | 46.7% | 35.5% | 19.9% | 14.2% | |
| EPI Holdings Ltd ($689) | 30.6% | 30.9% | 4.1% | 12.8% | |
| |
|---|
| Median (15 companies) | 15.9% | 5.3% | 4.1% | 5.1% | 3.1% |
|---|
| Zhongyu Gas Holdings Ltd ($3633) | 8.2% | 17.8% | 18.9% | 22.9% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shanghai Tonva Petrochemical Co Ltd ($1103) | 7.3% | 12.6% | 13.0% | 13.9% | 9.6% |
| Brightoil Petroleum Holdings Ltd ($933) | 4.2% | -4.4% | 6.5% | 13.8% | 6.7% |
| Kunlun Energy Co Ltd ($135) | 13.0% | 12.6% | 11.0% | 7.7% | |
| CNOOC Ltd ($883) | | 18.1% | 15.8% | 3.2% | -0.6% |
| COSCO International Holdings Ltd ($517) | 3.8% | 2.4% | 2.9% | 2.8% | |
| |
|---|
| Median (17 companies) | -1.0% | -0.0% | -0.6% | -3.7% | 3.3% |
|---|
| Zhongyu Gas Holdings Ltd ($3633) | 17.4% | 15.0% | 12.3% | 8.2% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Brightoil Petroleum Holdings Ltd ($933) | 8.9x | | 3.1x | 2.9x | 2.6x |
| Shanghai Tonva Petrochemical Co Ltd ($1103) | 6.0x | 4.3x | 3.6x | 2.8x | 3.5x |
| China CBM Group Co Ltd ($8270) | 3.2x | | 3.3x | 2.1x | |
| CNOOC Ltd ($883) | | 0.9x | 0.9x | 1.7x | 2.1x |
| Kunlun Energy Co Ltd ($135) | 0.8x | 1.0x | 0.9x | 0.9x | |
| |
|---|
| Median (6 companies) | 1.6x | 0.9x | 2.7x | 1.9x | 2.6x |
|---|
| Zhongyu Gas Holdings Ltd ($3633) | 1.6x | 2.3x | 3.7x | 4.8x | |
