Leoch International Technology Ltd reports 44.6% revenue growth in FY2016
24/03/2017 • About Leoch International Technology Ltd (
$842) • By InTwits
Leoch International Technology 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 -1.1x while industry average is -25.6x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Leoch International Technology Ltd ($842) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,248 | 3,647 | 4,248 | 4,331 | 6,263 | 44.6% |
| Gross Profit | 592 | 583 | 717 | 770 | | -100.0% |
| SG&A | 390 | 409 | 422 | 433 | | -100.0% |
| EBITDA | 221 | 111 | 413 | 443 | | -100.0% |
| Net Income | 72 | -129 | 82 | 107 | 242 | 127.0% |
Balance Sheet
|
|---|
| Cash | 83 | 138 | 139 | 208 | | -100.0% |
| Short Term Debt | 1,945 | 1,914 | 2,000 | 2,355 | | -100.0% |
| Long Term Debt | 186 | 39 | 62 | 85 | | -100.0% |
Cash flow
|
|---|
| Capex | 610 | 324 | 155 | 211 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 2.7% | 12.3% | 16.5% | 1.9% | 44.6% | |
| EBITDA growth | -44.2% | -49.6% | 271.8% | 7.2% | | |
| Gross Margin | 18.2% | 16.0% | 16.9% | 17.8% | | -17.8% |
| EBITDA Margin | 6.8% | 3.0% | 9.7% | 10.2% | 0.0% | -10.2% |
| Net Income Margin | 2.2% | -3.5% | 1.9% | 2.5% | 3.9% | 1.4% |
| SG&A, % of revenue | 12.0% | 11.2% | 9.9% | 10.0% | | -10.0% |
| CAPEX, % of revenue | 18.8% | 8.9% | 3.6% | 4.9% | | -4.9% |
| ROIC | 2.8% | -1.3% | 4.8% | 4.8% | | -4.8% |
| ROE | 3.1% | -5.7% | 3.6% | 4.5% | | -4.5% |
| Net Debt/EBITDA | 9.3x | 16.3x | 4.7x | 5.0x | | -5.0x |
Revenue and profitability
The company's Revenue jumped on 44.6%.
Net Income marign increased slightly on 1.4 pp from 2.5% to 3.9% in FY2016.
Appendix 1: Peers in Electrical Compo&Equip
Below we provide Leoch International Technology Ltd benchmarking against other companies in Electrical Compo&Equip 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 |
|---|
| Applied Development Holdings Ltd ($519) | | | | 850.5% | 187.4% |
| Jimei International Entertainment Group Ltd ($1159) | 100.6% | 652.0% | -31.2% | 273.5% | |
| FDG Electric Vehicles Ltd ($729) | | -7.0% | 54.0% | 270.8% | 19.7% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | | 8.7% | 44.1% | 69.8% | |
| Sun King Power Electronics Group ($580) | | 29.0% | -30.1% | 51.2% | 9.6% |
| |
|---|
| Median (34 companies) | 2.5% | 8.3% | 15.0% | 6.1% | 0.4% |
|---|
| Leoch International Technology Ltd ($842) | | 12.3% | 16.5% | 1.9% | 44.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Titans Energy Technology Group Co Ltd ($2188) | 41.4% | 27.3% | 33.7% | 36.6% | |
| Boer Power Holdings Ltd ($1685) | 36.8% | 36.0% | 35.3% | 35.7% | |
| Sun King Power Electronics Group ($580) | 25.4% | 30.0% | 30.8% | 34.1% | 38.9% |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 24.4% | 24.9% | 24.8% | 32.5% | |
| CEC International Holdings Ltd ($759) | 23.6% | 27.9% | 29.9% | 31.8% | 33.4% |
| |
|---|
| Median (32 companies) | 19.2% | 17.7% | 15.9% | 17.3% | 26.4% |
|---|
| Leoch International Technology Ltd ($842) | 18.2% | 16.0% | 16.9% | 17.8% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shougang Concord Technology Holdings ($521) | 12.3% | 28.1% | 31.9% | 45.8% | |
| Boer Power Holdings Ltd ($1685) | 26.3% | 27.8% | 28.5% | 28.6% | |
| China High Speed Transmission Equipment Group Co Ltd ($658) | 20.2% | 19.2% | 20.8% | 26.3% | |
| China Titans Energy Technology Group Co Ltd ($2188) | 10.8% | -11.9% | 2.0% | 16.5% | |
| Sun King Power Electronics Group ($580) | 8.4% | 13.8% | 2.2% | 15.8% | 21.5% |
| |
|---|
| Median (34 companies) | 8.0% | 7.2% | 3.3% | 5.8% | 7.3% |
|---|
| Leoch International Technology Ltd ($842) | 6.8% | 3.0% | 9.7% | 10.2% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| FDG Electric Vehicles Ltd ($729) | 374.3% | 82.3% | 71.1% | 417.0% | 311.5% |
| Applied Development Holdings Ltd ($519) | 79.7% | | 1,285.3% | 89.8% | 683.8% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 23.1% | 50.7% | 13.5% | 22.8% | |
| Jimei International Entertainment Group Ltd ($1159) | 0.1% | 15.2% | 0.6% | 7.3% | |
| CEC International Holdings Ltd ($759) | 8.8% | 10.1% | 4.3% | 6.9% | 2.8% |
| |
|---|
| Median (34 companies) | 5.7% | 4.9% | 4.1% | 2.6% | 8.3% |
|---|
| Leoch International Technology Ltd ($842) | 18.8% | 8.9% | 3.6% | 4.9% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Boer Power Holdings Ltd ($1685) | 18.0% | 17.0% | 21.2% | 19.5% | |
| Tianneng Power International Ltd ($819) | 20.0% | 4.5% | -3.6% | 14.9% | |
| Jiangnan Group Ltd ($1366) | 14.9% | 14.1% | 13.5% | 12.8% | 9.3% |
| Xinjiang Goldwind Science & Technology Co Ltd ($2208) | 1.8% | 3.0% | 10.4% | 12.0% | |
| Johnson Electric Holdings Ltd ($179) | 11.7% | 11.6% | 12.7% | 11.2% | 7.4% |
| |
|---|
| Median (34 companies) | 2.7% | 3.0% | 0.6% | 2.6% | 0.8% |
|---|
| Leoch International Technology Ltd ($842) | 2.8% | -1.3% | 4.8% | 4.8% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 3.4x | 3.1x | 2.0x | 11.8x | |
| Coslight Technology International Group Co Ltd ($1043) | 51.9x | 8.7x | 54.7x | 7.7x | |
| Guodian Technology & Environment Group Corp Ltd ($1296) | 6.3x | 7.6x | 6.8x | 6.9x | |
| CEC International Holdings Ltd ($759) | 3.9x | 6.1x | 4.1x | 4.9x | 6.0x |
| Chaowei Power Holdings Ltd ($951) | 1.4x | 2.1x | 6.1x | 2.9x | |
| |
|---|
| Median (25 companies) | 1.5x | 0.6x | 2.0x | 0.6x | 0.8x |
|---|
| Leoch International Technology Ltd ($842) | 9.3x | 16.3x | 4.7x | 5.0x | |
