Cross-Harbour Holdings Ltd/The reports 33.8% Net Income decline in 2016
23/03/2017 • About Cross-Harbour Holdings Ltd/The (
$32) • By InTwits
Cross-Harbour Holdings Ltd/The 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 3.0x while industry average is -1.7x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cross-Harbour Holdings Ltd/The ($32) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 283.9 | 290.5 | 343.9 | 397.4 | 431.0 | 8.5% |
| Gross Profit | 168.2 | 174.3 | 210.1 | 243.2 | | -100.0% |
| SG&A | 95.6 | 92.4 | 113.6 | 136.6 | | -100.0% |
| EBITDA | 60.6 | 75.2 | 85.7 | 102.4 | | -100.0% |
| Net Income | 403.8 | 440.2 | 472.2 | 619.8 | 410.4 | -33.8% |
Balance Sheet
|
|---|
| Cash | 707.1 | 1,174.7 | 1,794.3 | 1,873.6 | | -100.0% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 126.5 | 3.1 | 21.3 | 53.0 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 14.8% | 2.3% | 18.4% | 15.6% | 8.5% | |
| EBITDA growth | -12.6% | 24.1% | 14.0% | 19.5% | | |
| Gross Margin | 59.2% | 60.0% | 61.1% | 61.2% | | -61.2% |
| EBITDA Margin | 21.3% | 25.9% | 24.9% | 25.8% | 0.0% | -25.8% |
| Net Income Margin | 142.2% | 151.5% | 137.3% | 156.0% | 95.2% | -60.7% |
| SG&A, % of revenue | 33.7% | 31.8% | 33.0% | 34.4% | | -34.4% |
| CAPEX, % of revenue | 44.6% | 1.1% | 6.2% | 13.3% | | -13.3% |
| ROIC | 1.2% | 1.5% | 1.6% | 1.6% | | -1.6% |
| ROE | 12.6% | 12.3% | 12.0% | 13.9% | | -13.9% |
| Net Debt/EBITDA | -11.7x | -15.6x | -20.9x | -18.3x | | 18.3x |
Revenue and profitability
The company's Revenue increased on 8.5%.
Net Income marign dropped on 60.7 pp from 156% to 95.2% in FY2016.
Appendix 1: Peers in Commercial Services
Below we provide Cross-Harbour Holdings Ltd/The benchmarking against other companies in Commercial Services 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 |
|---|
| Kai Yuan Holdings Ltd ($1215) | 99.1% | 14.9% | -88.3% | 271.8% | |
| China Seven Star Holdings Ltd ($245) | | -81.8% | -39.3% | 195.3% | 14.5% |
| China Smartpay Group Holdings Ltd ($8325) | | 274.7% | 75.6% | 124.5% | 79.5% |
| Celebrate International Holdings Ltd ($8212) | | 1,437.6% | -6.3% | 117.0% | -78.1% |
| Haier Healthwise Holdings Ltd ($348) | | -50.1% | -7.5% | 101.1% | -9.4% |
| |
|---|
| Median (67 companies) | -6.2% | 8.6% | 9.8% | 4.0% | 8.0% |
|---|
| Cross-Harbour Holdings Ltd/The ($32) | | 2.3% | 18.4% | 15.6% | 8.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HC International Inc ($2280) | 87.5% | 91.9% | 92.5% | 89.6% | |
| Winto Group Holdings Ltd ($8238) | 90.2% | 93.4% | 92.0% | 88.4% | |
| Dingyi Group Investment Ltd ($508) | 75.8% | | 64.5% | 86.0% | 89.6% |
| Fu Shou Yuan International Group Ltd ($1448) | 80.5% | 80.4% | 80.0% | 77.6% | 79.1% |
| Nirvana Asia Ltd ($1438) | 68.3% | 69.6% | 70.5% | 75.7% | |
| |
|---|
| Median (61 companies) | 31.5% | 30.5% | 31.0% | 30.9% | 31.4% |
|---|
| Cross-Harbour Holdings Ltd/The ($32) | 59.2% | 60.0% | 61.1% | 61.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Zuoli Kechuang Micro-Finance Co Ltd ($6866) | 61.6% | 84.9% | 75.9% | 80.9% | |
| Shenzhen International Holdings Ltd ($152) | 60.2% | 65.8% | 97.1% | 73.6% | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 78.3% | 74.5% | 74.0% | 71.6% | 84.1% |
| CAR Inc ($699) | 43.6% | 30.1% | 43.1% | 67.4% | 62.5% |
| Jiangsu Expressway Co Ltd ($177) | 57.0% | 60.7% | 59.3% | 61.5% | |
| |
|---|
| Median (67 companies) | 17.5% | 14.9% | 11.2% | 9.8% | 2.0% |
|---|
| Cross-Harbour Holdings Ltd/The ($32) | 21.3% | 25.9% | 24.9% | 25.8% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Blue Sky Power Holdings Ltd ($6828) | 21.3% | 9.0% | 13.9% | 47.4% | |
| COSCO Pacific Ltd ($1199) | 96.6% | 66.6% | 43.3% | 45.8% | |
| Shenzhen International Holdings Ltd ($152) | 23.0% | 22.1% | 20.9% | 35.0% | |
| Celebrate International Holdings Ltd ($8212) | 211.7% | 12.0% | 6.2% | 34.2% | 18.6% |
| China Maple Leaf Educational Systems Ltd ($1317) | 25.7% | 50.9% | 21.1% | 32.8% | 18.0% |
| |
|---|
| Median (67 companies) | 2.7% | 3.8% | 2.4% | 2.8% | 2.3% |
|---|
| Cross-Harbour Holdings Ltd/The ($32) | 44.6% | 1.1% | 6.2% | 13.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bamboos Health Care Holdings Ltd ($8216) | | 71.1% | 50.1% | 58.3% | 40.0% |
| Wonderful Sky Financial Group Holdings Ltd ($1260) | 51.5% | 26.6% | 30.0% | 29.5% | 19.8% |
| 1010 Printing Group Ltd ($1127) | 13.5% | 20.8% | 17.8% | 19.9% | 18.8% |
| China Packaging Holdings Development Ltd ($1439) | 52.0% | 46.6% | 34.1% | 19.8% | |
| iOne Holdings Ltd ($982) | 12.5% | 11.1% | 9.4% | 19.2% | |
| |
|---|
| Median (67 companies) | 7.5% | 7.0% | 6.7% | 3.6% | 2.3% |
|---|
| Cross-Harbour Holdings Ltd/The ($32) | 1.2% | 1.5% | 1.6% | 1.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Celebrate International Holdings Ltd ($8212) | | | | 22.2x | |
| Kai Yuan Holdings Ltd ($1215) | -143.8x | -0.7x | | 18.8x | |
| Eagle Legend Asia Ltd ($936) | 4.0x | 4.0x | 3.3x | 6.2x | |
| Sichuan Expressway Co Ltd ($107) | 2.7x | 3.8x | 4.3x | 5.5x | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 4.5x | 3.1x | 2.7x | 5.3x | 3.5x |
| |
|---|
| Median (44 companies) | 0.0x | -0.7x | -0.6x | -0.6x | -1.9x |
|---|
| Cross-Harbour Holdings Ltd/The ($32) | -11.7x | -15.6x | -20.9x | -18.3x | |
