Kerry Logistics Network Ltd reports 14.3 pp EBITDA Margin decline from 14.3% to in 2016
23/03/2017 • About Kerry Logistics Network Ltd (
$636) • By InTwits
Kerry Logistics Network Ltd reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Kerry Logistics Network Ltd ($636) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 19,295 | 19,969 | 21,115 | 21,079 | 24,036 | 14.0% |
| Gross Profit | 2,693 | 2,878 | 3,139 | 3,421 | | -100.0% |
| SG&A | 1,336 | 1,406 | 1,521 | 1,664 | | -100.0% |
| EBITDA | 1,923 | 2,819 | 2,767 | 3,014 | | -100.0% |
| Net Income | 1,069 | 1,835 | 1,659 | 1,804 | 1,877 | 4.0% |
Balance Sheet
|
|---|
| Cash | 2,940 | 4,228 | 3,816 | 3,733 | | -100.0% |
| Short Term Debt | 1,027 | 1,326 | 1,293 | 2,415 | | -100.0% |
| Long Term Debt | 1,365 | 2,864 | 3,010 | 2,801 | | -100.0% |
Cash flow
|
|---|
| Capex | 1,490 | 1,126 | 1,096 | 1,257 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 20.3% | 3.5% | 5.7% | -0.2% | 14.0% | |
| EBITDA growth | 22.9% | 46.7% | -1.9% | 8.9% | | |
| Gross Margin | 14.0% | 14.4% | 14.9% | 16.2% | | -16.2% |
| EBITDA Margin | 10.0% | 14.1% | 13.1% | 14.3% | 0.0% | -14.3% |
| Net Income Margin | 5.5% | 9.2% | 7.9% | 8.6% | 7.8% | -0.8% |
| SG&A, % of revenue | 6.9% | 7.0% | 7.2% | 7.9% | | -7.9% |
| CAPEX, % of revenue | 7.7% | 5.6% | 5.2% | 6.0% | | -6.0% |
| ROIC | 12.0% | 13.4% | 10.5% | 10.9% | | -10.9% |
| ROE | 13.6% | 16.8% | 11.8% | 12.0% | | -12.0% |
| Net Debt/EBITDA | -0.3x | -0.0x | 0.2x | 0.5x | | -0.5x |
Revenue and profitability
The company's Revenue surged on 14.0%.
Net Income marign decreased slightly on 0.75 pp from 8.6% to 7.8% in FY2016.
Appendix 1: Peers in Transportation
Below we provide Kerry Logistics Network Ltd benchmarking against other companies in Transportation 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 |
|---|
| Noble Century Investment Holdings Ltd ($2322) | | | | 2,388.3% | 326.5% |
| China Best Group Holding Ltd ($370) | 202.4% | -53.6% | 459.4% | 25.9% | |
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 10.9% | 27.9% | 15.0% | 13.3% | |
| Kwoon Chung Bus Holdings Ltd ($306) | | 7.9% | 5.5% | 7.9% | 1.1% |
| Guangshen Railway Co Ltd ($525) | 2.7% | 4.7% | -6.9% | 6.9% | |
| |
|---|
| Median (31 companies) | 9.4% | 4.6% | 5.1% | -6.7% | -4.9% |
|---|
| Kerry Logistics Network Ltd ($636) | | 3.5% | 5.7% | -0.2% | 14.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| CIG Yangtze Ports PLC ($8233) | 51.3% | 44.8% | 46.6% | 48.7% | |
| Qinhuangdao Port Co Ltd ($3369) | 43.1% | 42.4% | 43.3% | 40.5% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 18.9% | 20.4% | 22.7% | 26.8% | 27.5% |
| Chu Kong Shipping Enterprise Group Co Ltd ($560) | 23.1% | 25.1% | 24.1% | 23.1% | |
| Tianjin Port Development Holdings Ltd ($3382) | 22.5% | 18.4% | 13.6% | 22.7% | |
| |
|---|
| Median (27 companies) | 13.0% | 10.9% | 10.3% | 11.6% | -1.8% |
|---|
| Kerry Logistics Network Ltd ($636) | 14.0% | 14.4% | 14.9% | 16.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| MTR Corp Ltd ($66) | 42.7% | 37.6% | 45.2% | 41.6% | 34.9% |
| Qinhuangdao Port Co Ltd ($3369) | 46.0% | 44.6% | 46.5% | 41.1% | |
| CIG Yangtze Ports PLC ($8233) | 30.2% | 27.6% | 38.5% | 39.5% | |
| China Shipping Development Co Ltd ($1138) | 12.5% | 3.0% | 24.7% | 26.7% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 13.3% | 16.1% | 20.7% | 26.1% | 25.7% |
| |
|---|
| Median (31 companies) | 8.8% | 6.4% | 7.2% | 6.9% | 4.4% |
|---|
| Kerry Logistics Network Ltd ($636) | 10.0% | 14.1% | 13.1% | 14.3% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Great Harvest Maeta Group Holdings Ltd ($3683) | 4.0% | 6.1% | 40.7% | 164.7% | 8.7% |
| Frontier Services Group Ltd ($500) | 6.3% | 3.6% | 63.3% | 75.9% | |
| MTR Corp Ltd ($66) | 31.1% | 34.5% | 30.8% | 52.0% | |
| CIG Yangtze Ports PLC ($8233) | 17.8% | 24.8% | 2.1% | 50.7% | |
| Transport International Holdings Ltd ($62) | 7.9% | 16.2% | 16.0% | 26.2% | |
| |
|---|
| Median (31 companies) | 7.9% | 9.0% | 7.4% | 9.2% | 8.7% |
|---|
| Kerry Logistics Network Ltd ($636) | 7.7% | 5.6% | 5.2% | 6.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Changan Minsheng APLL Logistics Co Ltd ($1292) | 21.1% | 20.9% | 19.1% | 19.3% | |
| Kwoon Chung Bus Holdings Ltd ($306) | 3.6% | 5.7% | 9.2% | 14.6% | 12.4% |
| SITC International Holdings Co Ltd ($1308) | 8.2% | 9.1% | 9.1% | 11.2% | |
| CIG Yangtze Ports PLC ($8233) | 4.9% | 5.7% | 11.0% | 11.1% | |
| On Time Logistics Holdings Ltd ($6123) | 15.6% | 15.5% | 16.7% | 11.1% | |
| |
|---|
| Median (31 companies) | 3.3% | 2.8% | 3.2% | 3.3% | -2.1% |
|---|
| Kerry Logistics Network Ltd ($636) | 12.0% | 13.4% | 10.5% | 10.9% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jinhui Holdings Co Ltd ($137) | 5.0x | 4.2x | 17.5x | 19.6x | |
| China Shipping Development Co Ltd ($1138) | 20.2x | 92.8x | 12.8x | 11.4x | |
| China COSCO Holdings Co Ltd ($1919) | | 18.8x | 9.0x | 8.1x | |
| Pacific Basin Shipping Ltd ($2343) | 2.1x | 4.6x | | 4.7x | 12.0x |
| AMS Public Transport Holdings Ltd ($77) | 1.2x | 11.6x | 7.7x | 4.5x | 1.6x |
| |
|---|
| Median (20 companies) | 1.2x | 1.5x | 0.9x | 1.3x | 1.7x |
|---|
| Kerry Logistics Network Ltd ($636) | -0.3x | -0.0x | 0.2x | 0.5x | |
