Kingboard Laminates Holdings Ltd Net Income jumped on 243% in 2016 and Revenue surged on 21.6%
24/03/2017 • About Kingboard Laminates Holdings Ltd (
$1888) • By InTwits
Kingboard Laminates Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 35.8% in FY2016, 17.6% in FY2015, 15.0% in FY2014, 15.6% in FY2013, 15.5% in FY2012
- The company has highly profitable business model: ROIC is at 26.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Kingboard Laminates Holdings Ltd ($1888) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 12,483 | 12,798 | 13,283 | 12,770 | 15,532 | 21.6% |
| Gross Profit | 1,921 | 1,990 | 2,002 | 2,171 | 3,463 | 59.5% |
| SG&A | 696 | 716 | 752 | 821 | 902 | 10.0% |
| EBITDA | 1,929 | 1,995 | 1,992 | 2,248 | 5,559 | 147.3% |
| Net Income | 1,164 | 1,207 | 1,122 | 1,265 | 4,347 | 243.5% |
Balance Sheet
|
|---|
| Cash | 2,328 | 2,428 | 2,448 | 2,840 | 4,518 | 59.1% |
| Short Term Debt | 1,311 | 1,593 | 2,802 | 1,181 | 1,572 | 33.1% |
| Long Term Debt | 3,042 | 3,791 | 2,232 | 3,714 | 1,196 | -67.8% |
Cash flow
|
|---|
| Capex | 1,061 | 634 | 730 | 446 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -5.5% | 2.5% | 3.8% | -3.9% | 21.6% | |
| EBITDA growth | -17.1% | 3.4% | -0.2% | 12.8% | 147.3% | |
| Gross Margin | 15.4% | 15.5% | 15.1% | 17.0% | 22.3% | 5.3% |
| EBITDA Margin | 15.5% | 15.6% | 15.0% | 17.6% | 35.8% | 18.2% |
| Net Income Margin | 9.3% | 9.4% | 8.4% | 9.9% | 28.0% | 18.1% |
| SG&A, % of revenue | 5.6% | 5.6% | 5.7% | 6.4% | 5.8% | -0.6% |
| CAPEX, % of revenue | 8.5% | 5.0% | 5.5% | 3.5% | | -3.5% |
| ROIC | 7.1% | 6.8% | 6.3% | 7.7% | 26.0% | 18.3% |
| ROE | 10.3% | 9.8% | 8.6% | 9.6% | 31.5% | 22.0% |
| Net Debt/EBITDA | 1.0x | 1.5x | 1.3x | 0.9x | -0.3x | -1.2x |
Revenue and profitability
Kingboard Laminates Holdings Ltd's Revenue surged on 21.6%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin surged on 18.2 pp from 17.6% to 35.8% in FY2016.
Gross Margin increased on 5.3 pp from 17.0% to 22.3% in FY2016. SG&A as a % of Revenue decreased slightly on 0.62 pp from 6.4% to 5.8% in FY2016.
Net Income marign surged on 18.1 pp from 9.9% to 28.0% in FY2016.
Return on investment
The company operates at high and attractive ROIC (25.96%) and ROE (31.53%). ROIC surged on 18.3 pp from 7.7% to 26.0% in FY2016. ROE surged on 22.0 pp from 9.6% to 31.5% in FY2016.
Leverage (Debt)
Debt level is -0.3x Net Debt / EBITDA and 0.5x Debt / EBITDA. Net Debt / EBITDA dropped on 1.2x from 0.9x to -0.3x in FY2016. Debt dropped on 43.5% while cash surged on 59.1%.
Appendix 1: Peers in Electronics
Below we provide Kingboard Laminates Holdings Ltd benchmarking against other companies in Electronics 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 |
|---|
| GCL New Energy Holdings Ltd ($451) | 14.7% | -6.8% | 10.9% | 53.9% | |
| Tech Pro Technology Development Ltd ($3823) | 7.4% | -44.9% | -13.7% | 52.4% | |
| Nanjing Sample Technology Co Ltd ($1708) | 36.1% | 8.0% | 15.4% | 34.8% | |
| AAC Technologies Holdings Inc ($2018) | | 28.9% | 9.7% | 32.2% | 32.1% |
| Ningbo Wanhao Holdings Co Ltd ($8249) | 5.7% | 412.4% | -6.9% | 28.9% | |
| |
|---|
| Median (50 companies) | 1.3% | 4.1% | 7.2% | 0.4% | -0.5% |
|---|
| Kingboard Laminates Holdings Ltd ($1888) | | 2.5% | 3.8% | -3.9% | 21.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Advanced Card Systems Holdings Ltd ($8210) | 54.0% | 58.1% | 49.5% | 49.6% | |
| AAC Technologies Holdings Inc ($2018) | 44.2% | 42.7% | 41.4% | 41.5% | 41.5% |
| TeleEye Holdings Ltd ($8051) | 44.0% | 42.1% | 38.5% | 37.0% | 40.9% |
| Hi Sun Technology China Ltd ($818) | 28.1% | 37.4% | 33.3% | 34.7% | 30.8% |
| Datronix Holdings Ltd ($889) | 32.9% | 32.0% | 34.1% | 34.6% | |
| |
|---|
| Median (48 companies) | 13.6% | 13.8% | 13.9% | 14.0% | 14.7% |
|---|
| Kingboard Laminates Holdings Ltd ($1888) | 15.4% | 15.5% | 15.1% | 17.0% | 22.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AAC Technologies Holdings Inc ($2018) | 35.8% | 35.8% | 34.9% | 34.8% | 36.1% |
| GCL New Energy Holdings Ltd ($451) | 10.8% | 11.1% | 12.6% | 33.0% | |
| Daiwa Associate Holdings ($1037) | 2.4% | 3.8% | 2.8% | 25.6% | -53.6% |
| Wasion Group Holdings Ltd ($3393) | 18.8% | 21.2% | 22.0% | 19.3% | |
| Tongda Group Holdings Ltd ($698) | 17.1% | 16.8% | 18.4% | 18.9% | 20.2% |
| |
|---|
| Median (50 companies) | 6.5% | 6.0% | 4.6% | 4.6% | 5.8% |
|---|
| Kingboard Laminates Holdings Ltd ($1888) | 15.5% | 15.6% | 15.0% | 17.6% | 35.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| GCL New Energy Holdings Ltd ($451) | 5.5% | 5.1% | 5.4% | 401.2% | |
| National Electronic Hldgs ($213) | 3.4% | 18.1% | 7.1% | 49.7% | 4.7% |
| Irico Group Electronics Co Ltd ($438) | 39.9% | 30.4% | 17.4% | 25.8% | |
| Kingwell Group Ltd ($1195) | 8.6% | 5.4% | 5.3% | 21.4% | 0.0% |
| AAC Technologies Holdings Inc ($2018) | 18.7% | 8.7% | 19.6% | 18.4% | |
| |
|---|
| Median (50 companies) | 3.7% | 3.0% | 3.7% | 2.9% | 3.2% |
|---|
| Kingboard Laminates Holdings Ltd ($1888) | 8.5% | 5.0% | 5.5% | 3.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| AAC Technologies Holdings Inc ($2018) | 29.1% | 30.0% | 26.0% | 27.8% | 27.6% |
| Cowell e Holdings Inc ($1415) | 12.5% | 27.1% | 24.4% | 25.8% | 8.2% |
| Changhong Jiahua Holdings Ltd ($8016) | 29.6% | 17.7% | 15.1% | 16.7% | |
| Tongda Group Holdings Ltd ($698) | 15.2% | 13.5% | 16.5% | 16.3% | 17.8% |
| Alltronics Holdings Ltd ($833) | 13.1% | 15.2% | 19.8% | 15.6% | |
| |
|---|
| Median (50 companies) | 4.3% | 3.5% | 3.0% | 1.9% | 3.6% |
|---|
| Kingboard Laminates Holdings Ltd ($1888) | 7.1% | 6.8% | 6.3% | 7.7% | 26.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| National Electronic Hldgs ($213) | 16.3x | 30.2x | 84.8x | 19.9x | 42.7x |
| GCL New Energy Holdings Ltd ($451) | 2.9x | 2.6x | 1.7x | 17.4x | |
| Man Yue Technology Holdings Ltd ($894) | 2.1x | 2.7x | 3.3x | 6.5x | |
| Willas-Array Electronics Holdings Ltd ($854) | 2.2x | 2.6x | 5.7x | 5.4x | 14.1x |
| SAS Dragon Hldg Ltd ($1184) | 7.1x | 2.0x | 6.4x | 4.8x | |
| |
|---|
| Median (32 companies) | 1.1x | 1.1x | 0.8x | 0.2x | 0.7x |
|---|
| Kingboard Laminates Holdings Ltd ($1888) | 1.0x | 1.5x | 1.3x | 0.9x | -0.3x |
