China Zhongwang Holdings Ltd reports 29.1 pp EBITDA Margin decline from 29.1% to in 2016
24/03/2017 • About China Zhongwang Holdings Ltd (
$1333) • By InTwits
China Zhongwang Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with medium-size leverage: Net Debt/EBITDA is 2.0x while industry average is 2.4x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
China Zhongwang Holdings Ltd ($1333) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 13,497 | 14,307 | 15,971 | 16,171 | 16,696 | 3.2% |
| Gross Profit | 3,260 | 3,841 | 4,467 | 5,320 | | -100.0% |
| SG&A | 925 | 760 | 909 | 1,086 | | -100.0% |
| EBITDA | 3,014 | 3,477 | 3,863 | 4,709 | | -100.0% |
| Net Income | 1,807 | 2,127 | 2,477 | 2,805 | 2,907 | 3.6% |
Balance Sheet
|
|---|
| Cash | 7,890 | 9,317 | 9,463 | 10,200 | | -100.0% |
| Short Term Debt | 6,551 | 9,800 | 13,438 | 17,408 | | -100.0% |
| Long Term Debt | 5,279 | 8,392 | 11,988 | 21,861 | | -100.0% |
Cash flow
|
|---|
| Capex | 7,605 | 5,958 | 8,760 | 10,197 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 31.0% | 6.0% | 11.6% | 1.3% | 3.2% | |
| EBITDA growth | 33.0% | 15.3% | 11.1% | 21.9% | | |
| Gross Margin | 24.2% | 26.8% | 28.0% | 32.9% | | -32.9% |
| EBITDA Margin | 22.3% | 24.3% | 24.2% | 29.1% | 0.0% | -29.1% |
| Net Income Margin | 13.4% | 14.9% | 15.5% | 17.3% | 17.4% | 0.1% |
| SG&A, % of revenue | 6.9% | 5.3% | 5.7% | 6.7% | | -6.7% |
| CAPEX, % of revenue | 56.3% | 41.6% | 54.8% | 63.1% | | -63.1% |
| ROIC | 9.5% | 8.8% | 7.4% | 6.9% | | -6.9% |
| ROE | 10.9% | 11.4% | 11.3% | 11.2% | | -11.2% |
| Net Debt/EBITDA | 1.3x | 2.6x | 4.1x | 6.2x | | -6.2x |
Revenue and profitability
China Zhongwang Holdings Ltd's Revenue increased on 3.2%.
Net Income marign showed almost no change in FY2016.
Appendix 1: Peers in Metal Fabricate/Hardware
Below you can find China Zhongwang Holdings Ltd benchmarking vs. other companies in Metal Fabricate/Hardware 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 |
|---|
| EVA Precision Industrial Holdings Ltd ($838) | 19.7% | 12.2% | 30.1% | 2.3% | |
| Ka Shui International Holdings Ltd ($822) | 31.7% | 15.1% | -12.4% | -2.7% | |
| Shengli Oil & Gas Pipe Holdings Ltd ($1080) | 5.4% | 33.1% | -21.4% | -2.7% | |
| Lung Kee Bermuda Holdings ($255) | | -7.5% | 8.2% | -5.2% | -2.9% |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 16.3% | -48.4% | 32.2% | -5.2% | |
| |
|---|
| Median (8 companies) | 10.8% | 11.1% | 2.2% | -5.2% | 6.1% |
|---|
| China Zhongwang Holdings Ltd ($1333) | | 6.0% | 11.6% | 1.3% | 3.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| EVA Precision Industrial Holdings Ltd ($838) | 21.6% | 24.1% | 26.2% | 26.5% | |
| Ka Shui International Holdings Ltd ($822) | 22.5% | 22.1% | 19.6% | 19.0% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 17.0% | 15.4% | 11.6% | 16.0% | |
| New Times Energy Corp Ltd ($166) | -2.7% | 0.8% | 22.6% | 4.6% | |
| Shengli Oil & Gas Pipe Holdings Ltd ($1080) | 3.7% | 3.4% | 1.3% | 2.0% | |
| |
|---|
| Median (7 companies) | 3.7% | 11.5% | 11.6% | 4.6% | 12.6% |
|---|
| China Zhongwang Holdings Ltd ($1333) | 24.2% | 26.8% | 28.0% | 32.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lung Kee Bermuda Holdings ($255) | 15.3% | 14.8% | 11.7% | 15.2% | |
| EVA Precision Industrial Holdings Ltd ($838) | 10.4% | 9.9% | 16.7% | 14.9% | |
| Ka Shui International Holdings Ltd ($822) | 14.3% | 9.5% | 12.0% | 6.1% | |
| Burwill Holdings Ltd ($24) | -0.8% | -0.6% | -0.4% | -1.4% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 13.1% | 5.8% | -2.4% | -1.7% | |
| |
|---|
| Median (8 companies) | 8.9% | 7.7% | 2.4% | -1.5% | 12.0% |
|---|
| China Zhongwang Holdings Ltd ($1333) | 22.3% | 24.3% | 24.2% | 29.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Times Energy Corp Ltd ($166) | 11.4% | 1.7% | 52.1% | 61.1% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 25.9% | 71.7% | 31.4% | 17.1% | |
| EVA Precision Industrial Holdings Ltd ($838) | 9.2% | 6.3% | 6.3% | 8.0% | |
| Ka Shui International Holdings Ltd ($822) | 9.3% | 7.4% | 11.1% | 6.5% | |
| Lung Kee Bermuda Holdings ($255) | 11.6% | 9.6% | 11.0% | 4.5% | |
| |
|---|
| Median (8 companies) | 10.3% | 6.8% | 8.6% | 5.5% | |
|---|
| China Zhongwang Holdings Ltd ($1333) | 56.3% | 41.6% | 54.8% | 63.1% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| EVA Precision Industrial Holdings Ltd ($838) | 3.3% | 1.9% | 9.1% | 6.4% | |
| Lung Kee Bermuda Holdings ($255) | 6.7% | 4.9% | 3.2% | 4.8% | |
| Ka Shui International Holdings Ltd ($822) | 14.6% | 7.1% | 7.6% | 0.5% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 8.3% | 0.1% | -2.0% | -2.0% | |
| New Times Energy Corp Ltd ($166) | -1.7% | -1.8% | -2.6% | -2.1% | |
| |
|---|
| Median (8 companies) | 2.9% | 1.8% | -1.7% | -2.1% | 3.3% |
|---|
| China Zhongwang Holdings Ltd ($1333) | 9.5% | 8.8% | 7.4% | 6.9% | |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ka Shui International Holdings Ltd ($822) | 0.9x | 1.3x | 1.7x | 3.6x | |
| EVA Precision Industrial Holdings Ltd ($838) | 1.1x | 1.8x | 1.2x | 0.7x | |
| Lung Kee Bermuda Holdings ($255) | -1.5x | -1.6x | -0.9x | -1.4x | |
| |
|---|
| Median (3 companies) | 1.1x | 4.0x | 1.4x | 0.7x | 2.9x |
|---|
| China Zhongwang Holdings Ltd ($1333) | 1.3x | 2.6x | 4.1x | 6.2x | |
