AVIC Joy Holdings HK Ltd revenue dropped on 71.1%
24/03/2017 • About AVIC Joy Holdings HK Ltd (
$260) • By InTwits
AVIC Joy Holdings HK Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- AVIC Joy Holdings HK Ltd is a company in decline: FY2016 revenue growth was -71.1%, 5 years revenue CAGR was -19.0%
- EBITDA Margin is declining: in FY2016 vs. -1.6% in FY2015 vs. 4.7% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 38.3x while industry average is -10.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
AVIC Joy Holdings HK Ltd ($260) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,178 | 1,283 | 1,620 | 1,236 | 358 | -71.1% |
| Gross Profit | 229 | 268 | 227 | 202 | | -100.0% |
| SG&A | 222 | 274 | 271 | 285 | | -100.0% |
| EBITDA | 55 | 63 | 31 | -20 | | |
| Net Income | -26 | -25 | -80 | -295 | -380 | |
Balance Sheet
|
|---|
| Cash | 354 | 382 | 649 | 447 | | -100.0% |
| Short Term Debt | 143 | 1,078 | 332 | 567 | | -100.0% |
| Long Term Debt | 221 | 246 | 923 | 1,781 | | -100.0% |
Cash flow
|
|---|
| Capex | 88 | 76 | 59 | 23 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 14.9% | 8.9% | 26.3% | -23.7% | -71.1% | |
| EBITDA growth | -40.3% | 13.5% | -50.8% | -164.1% | | |
| Gross Margin | 19.5% | 20.9% | 14.0% | 16.3% | | -16.3% |
| EBITDA Margin | 4.7% | 4.9% | 1.9% | -1.6% | 0.0% | 1.6% |
| Net Income Margin | -2.2% | -2.0% | -4.9% | -23.9% | -106.4% | -82.5% |
| SG&A, % of revenue | 18.8% | 21.4% | 16.7% | 23.0% | | -23.0% |
| CAPEX, % of revenue | 7.5% | 5.9% | 3.6% | 1.8% | | -1.8% |
| ROIC | 0.3% | 0.4% | -0.9% | -1.8% | | 1.8% |
| ROE | -3.2% | -2.5% | -7.3% | -24.6% | | 24.6% |
| Net Debt/EBITDA | 0.2x | 15.0x | 19.6x | | | 0.0x |
Revenue and profitability
The company's Revenue dropped on 71.1%.
Net Income marign dropped on 82.5 pp from -23.9% to -106% in FY2016.
Appendix 1: Peers in Investment Companies
Below you can find AVIC Joy Holdings HK Ltd benchmarking vs. other companies in Investment Companies 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 |
|---|
| CK Hutchison Holdings Ltd ($1) | | -11.4% | -90.8% | 10,576.1% | 55.8% |
| UBA Investments Ltd ($768) | | | -32.2% | 4,559.4% | |
| Capital VC Ltd ($2324) | | | 489.2% | 861.9% | |
| Prosperity Investment Holdings Ltd ($310) | | 20.9% | -48.8% | 559.5% | |
| China Innovation Investment Ltd ($1217) | | | | 517.9% | |
| |
|---|
| Median (22 companies) | -16.7% | 4.1% | 9.5% | 105.9% | 55.8% |
|---|
| AVIC Joy Holdings HK Ltd ($260) | | 8.9% | 26.3% | -23.7% | -71.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Properties Investment Holdings Ltd ($736) | 47.5% | 40.8% | 46.2% | 87.2% | 44.8% |
| City e-Solutions Ltd ($557) | 81.1% | 81.5% | 81.6% | 79.1% | |
| Eternity Investment Ltd ($764) | | | 86.6% | 48.2% | |
| Infinity Financial Group Holdings Ltd ($1152) | 19.0% | 17.5% | 22.4% | 15.8% | |
| Harmonic Strait Financial Holdings Ltd ($33) | 40.8% | 8.4% | 11.8% | 9.0% | |
| |
|---|
| Median (6 companies) | 40.8% | 17.5% | 34.3% | 32.0% | 44.8% |
|---|
| AVIC Joy Holdings HK Ltd ($260) | 19.5% | 20.9% | 14.0% | 16.3% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Capital VC Ltd ($2324) | | 36.7% | 93.1% | 99.3% | |
| Harmony Asset Ltd ($428) | 39.8% | | | 95.7% | |
| Unity Investments Holdings Ltd ($913) | | 89.0% | 90.8% | 95.7% | |
| Langham Hospitality Investments and Langham Hospitality Investments Ltd ($1270) | | 101.3% | 85.9% | 85.8% | 90.3% |
| China Development Bank International Investment Ltd ($1062) | -74.4% | 26.1% | 69.2% | 85.6% | |
| |
|---|
| Median (25 companies) | 8.6% | -7.8% | 2.3% | 19.3% | 12.4% |
|---|
| AVIC Joy Holdings HK Ltd ($260) | 4.7% | 4.9% | 1.9% | -1.6% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Properties Investment Holdings Ltd ($736) | 55.3% | 3.0% | 20.8% | 58.1% | 23.8% |
| Langham Hospitality Investments and Langham Hospitality Investments Ltd ($1270) | | 13.7% | 17.1% | 39.8% | 9.3% |
| Heritage International Holdings Ltd ($412) | | 10.9% | 7.4% | 37.9% | 3.5% |
| Opes Asia Development Ltd ($810) | | 11.3% | 76.1% | 25.0% | |
| CK Hutchison Holdings Ltd ($1) | 0.7% | 1.0% | 503.6% | 13.5% | 7.7% |
| |
|---|
| Median (25 companies) | 0.7% | 0.6% | 0.2% | 0.9% | 5.5% |
|---|
| AVIC Joy Holdings HK Ltd ($260) | 7.5% | 5.9% | 3.6% | 1.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Capital VC Ltd ($2324) | | | 21.8% | 100.7% | -17.2% |
| Harmony Asset Ltd ($428) | 3.2% | -13.7% | -15.4% | 88.0% | |
| Build King Holdings Ltd ($240) | -2.5% | 3.5% | 13.4% | 18.3% | 23.2% |
| Unity Investments Holdings Ltd ($913) | -36.2% | 26.4% | 47.4% | 17.5% | |
| UBA Investments Ltd ($768) | -22.2% | -1.9% | -8.6% | 13.2% | -6.1% |
| |
|---|
| Median (39 companies) | -3.1% | -2.4% | -4.8% | -2.2% | -0.8% |
|---|
| AVIC Joy Holdings HK Ltd ($260) | 0.3% | 0.4% | -0.9% | -1.8% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Langham Hospitality Investments and Langham Hospitality Investments Ltd ($1270) | | 12.5x | 9.5x | 11.2x | 10.2x |
| CK Hutchison Holdings Ltd ($1) | 1.9x | 0.6x | 7.2x | 5.5x | 2.9x |
| COL Capital Ltd ($383) | | | 2.4x | 3.8x | |
| China Financial International Investments Ltd ($721) | | | | 2.4x | |
| Harmony Asset Ltd ($428) | -3.2x | | | -0.1x | |
| |
|---|
| Median (16 companies) | -1.7x | -0.2x | -0.6x | -0.9x | -0.8x |
|---|
