Feiyu Technology International Co Ltd reports 329% Net Income decline in 2016 and 41.6% Revenue decline
24/03/2017 • About Feiyu Technology International Co Ltd (
$1022) • By InTwits
Feiyu Technology International Co 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 -0.4x while industry average is -3.6x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Feiyu Technology International Co Ltd ($1022) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 158.7 | 145.0 | 339.1 | 322.1 | 188.1 | -41.6% |
| Gross Profit | 153.8 | 138.3 | 296.8 | 267.7 | | -100.0% |
| SG&A | 10.1 | 53.3 | 96.0 | 95.5 | | -100.0% |
| EBITDA | 122.3 | 63.9 | 172.8 | 96.8 | | -100.0% |
| Net Income | 121.5 | 52.6 | 117.9 | 65.9 | -151.0 | -329.2% |
Balance Sheet
|
|---|
| Cash | 38.5 | 123.4 | 545.5 | 463.9 | | -100.0% |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 51.1 | | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 10.0 | 2.4 | 11.0 | 10.1 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 380.8% | -8.6% | 133.8% | -5.0% | -41.6% | |
| EBITDA growth | 395.6% | -47.8% | 170.6% | -44.0% | | |
| Gross Margin | 96.9% | 95.4% | 87.5% | 83.1% | | -83.1% |
| EBITDA Margin | 77.0% | 44.0% | 51.0% | 30.0% | 0.0% | -30.0% |
| Net Income Margin | 76.6% | 36.3% | 34.8% | 20.5% | -80.3% | -100.7% |
| SG&A, % of revenue | 6.4% | 36.7% | 28.3% | 29.7% | | -29.7% |
| CAPEX, % of revenue | 6.3% | 1.6% | 3.2% | 3.1% | | -3.1% |
| ROIC | 329.5% | 19.2% | 17.1% | 6.1% | | -6.1% |
| ROE | 334.1% | 17.3% | 14.1% | 6.0% | | -6.0% |
| Net Debt/EBITDA | -0.3x | -1.9x | -3.2x | -4.3x | | 4.3x |
Revenue and profitability
Feiyu Technology International Co Ltd's Revenue dropped on 41.6%.
Net Income marign dropped on 101 pp from 20.5% to -80.3% in FY2016.
Appendix 1: Peers in Leisure Time
Below we provide Feiyu Technology International Co Ltd benchmarking against other companies in Leisure Time 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 |
|---|
| Perfect Shape PRC Holdings Ltd ($1830) | | 16.2% | 6.1% | 55.0% | 20.6% |
| Genting Hong Kong Ltd ($678) | | 6.6% | 2.9% | 20.9% | 47.4% |
| Travel Expert Asia Enterprises Ltd ($1235) | | 15.3% | 19.5% | 18.9% | 3.2% |
| China Jiuhao Health Industry Corp Ltd ($419) | | -23.6% | -12.7% | 11.5% | 10.4% |
| EGL Holdings Co Ltd ($6882) | | 20.7% | 2.3% | 10.3% | -9.6% |
| |
|---|
| Median (11 companies) | 7.2% | 2.0% | 2.6% | 1.9% | 8.2% |
|---|
| Feiyu Technology International Co Ltd ($1022) | | -8.6% | 133.8% | -5.0% | -41.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Travel Expert Asia Enterprises Ltd ($1235) | | | | 90.7% | 85.1% |
| Sino Splendid Holdings Ltd ($8006) | 51.7% | 51.4% | 51.9% | 53.9% | |
| China Travel International Investment Hong Kong Ltd ($308) | 46.1% | 47.8% | 46.0% | 45.6% | |
| China Jiuhao Health Industry Corp Ltd ($419) | 57.0% | 13.5% | 23.4% | 44.9% | |
| EGL Holdings Co Ltd ($6882) | 16.7% | 21.4% | 20.2% | 23.4% | 15.7% |
| |
|---|
| Median (8 companies) | 31.4% | 19.4% | 20.2% | 34.2% | 50.4% |
|---|
| Feiyu Technology International Co Ltd ($1022) | 96.9% | 95.4% | 87.5% | 83.1% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Travel International Investment Hong Kong Ltd ($308) | 28.2% | 29.1% | 48.5% | 31.7% | |
| Perfect Shape PRC Holdings Ltd ($1830) | 27.5% | 29.1% | 26.5% | 29.8% | 27.4% |
| Travel Expert Asia Enterprises Ltd ($1235) | 17.4% | 16.2% | 18.3% | 15.0% | 11.8% |
| Water Oasis Group Ltd ($1161) | 6.5% | 4.7% | 11.4% | 13.1% | 9.7% |
| EGL Holdings Co Ltd ($6882) | 3.7% | 8.1% | 5.8% | 9.8% | 1.2% |
| |
|---|
| Median (11 companies) | 6.5% | 8.1% | 7.8% | 0.9% | 9.7% |
|---|
| Feiyu Technology International Co Ltd ($1022) | 77.0% | 44.0% | 51.0% | 30.0% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Genting Hong Kong Ltd ($678) | 16.6% | 25.4% | 33.0% | 58.1% | |
| China Jiuhao Health Industry Corp Ltd ($419) | 2.1% | 31.8% | 67.3% | 43.3% | |
| Perfect Shape PRC Holdings Ltd ($1830) | 6.1% | 8.9% | 7.7% | 24.8% | 12.5% |
| China Travel International Investment Hong Kong Ltd ($308) | 13.4% | 28.3% | 29.9% | 10.9% | |
| Water Oasis Group Ltd ($1161) | 3.7% | 4.0% | 2.8% | 3.5% | 2.5% |
| |
|---|
| Median (11 companies) | 3.0% | 4.0% | 2.8% | 2.8% | 9.9% |
|---|
| Feiyu Technology International Co Ltd ($1022) | 6.3% | 1.6% | 3.2% | 3.1% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| EGL Holdings Co Ltd ($6882) | 30.4% | 63.2% | 39.4% | 58.3% | 3.3% |
| Perfect Shape PRC Holdings Ltd ($1830) | 62.8% | 44.1% | 37.7% | 44.1% | 32.0% |
| Travel Expert Asia Enterprises Ltd ($1235) | 50.9% | 26.7% | 29.8% | 23.0% | 15.9% |
| Water Oasis Group Ltd ($1161) | 5.3% | 1.7% | 15.7% | 19.2% | 12.2% |
| China Travel International Investment Hong Kong Ltd ($308) | 5.6% | 5.0% | 9.6% | 5.0% | |
| |
|---|
| Median (11 companies) | 2.0% | 1.7% | 3.8% | -1.7% | 12.2% |
|---|
| Feiyu Technology International Co Ltd ($1022) | 329.5% | 19.2% | 17.1% | 6.1% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Travel Expert Asia Enterprises Ltd ($1235) | -1.3x | -1.2x | -1.7x | -0.3x | -0.0x |
| Perfect Shape PRC Holdings Ltd ($1830) | -2.0x | -0.8x | -1.4x | -1.8x | -1.0x |
| China Travel International Investment Hong Kong Ltd ($308) | -1.7x | -1.1x | -1.1x | -2.0x | |
| EGL Holdings Co Ltd ($6882) | -4.5x | -2.5x | -3.3x | -2.4x | -10.2x |
| Water Oasis Group Ltd ($1161) | -3.2x | -5.1x | -2.8x | -2.6x | -4.6x |
| |
|---|
| Median (6 companies) | -1.5x | -1.2x | -1.7x | -2.2x | -2.8x |
|---|
| Feiyu Technology International Co Ltd ($1022) | -0.3x | -1.9x | -3.2x | -4.3x | |
