Sino-Tech International Holdings Ltd reports 12.1% revenue decline in FY2016
24/03/2017 • About Sino-Tech International Holdings Ltd (
$724) • By InTwits
Sino-Tech International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Sino-Tech International Holdings Ltd is a company in decline: FY2016 revenue growth was -12.1%, 5 years revenue CAGR was -8.4%
- EBITDA Margin is declining: in FY2016 vs. -3.7% in FY2015 vs. -2.8% in FY2012
- Sino-Tech International Holdings Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0%. On average EBITDA Margin was -0.4% for the sames years0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Sino-Tech International Holdings Ltd ($724) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 572.5 | 660.4 | 599.9 | 545.1 | 478.8 | -12.1% |
| Gross Profit | 4.8 | 44.5 | 33.3 | 32.6 | | -100.0% |
| SG&A | 58.7 | 59.3 | 61.4 | 70.5 | | -100.0% |
| EBITDA | -15.9 | 12.9 | 10.4 | -20.1 | | |
| Net Income | -339.4 | -24.7 | -40.4 | -23.2 | -66.7 | |
Balance Sheet
|
|---|
| Cash | 42.3 | 80.9 | 45.5 | 67.3 | | -100.0% |
| Short Term Debt | 8.3 | 283.5 | 302.4 | 248.0 | | -100.0% |
| Long Term Debt | 263.4 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 0.9 | 17.9 | 7.7 | 10.5 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -22.9% | 15.4% | -9.2% | -9.1% | -12.1% | |
| EBITDA growth | -52.6% | -181.5% | -19.6% | -293.0% | | |
| Gross Margin | 0.8% | 6.7% | 5.6% | 6.0% | | -6.0% |
| EBITDA Margin | -2.8% | 2.0% | 1.7% | -3.7% | 0.0% | 3.7% |
| Net Income Margin | -59.3% | -3.7% | -6.7% | -4.3% | -13.9% | -9.7% |
| SG&A, % of revenue | 10.2% | 9.0% | 10.2% | 12.9% | | -12.9% |
| CAPEX, % of revenue | 0.2% | 2.7% | 1.3% | 1.9% | | -1.9% |
| ROIC | -9.8% | -3.6% | -3.9% | -10.0% | | 10.0% |
| ROE | -132.7% | -29.3% | -78.2% | -41.3% | | 41.3% |
| Net Debt/EBITDA | | 15.7x | 24.7x | | | 0.0x |
Revenue and profitability
The company's Revenue dropped on 12.1%.
Net Income marign decreased on 9.7 pp from -4.3% to -13.9% in FY2016.
Appendix 1: Peers in Electronics
Below you can find Sino-Tech International Holdings Ltd benchmarking vs. other companies in Electronics 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 |
|---|
| 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% | 3.6% | 7.2% | 0.4% | 0.6% |
|---|
| Sino-Tech International Holdings Ltd ($724) | | 15.4% | -9.2% | -9.1% | -12.1% |
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) | 14.1% | 13.8% | 14.1% | 15.3% | 15.2% |
|---|
| Sino-Tech International Holdings Ltd ($724) | 0.8% | 6.7% | 5.6% | 6.0% | |
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) | 7.4% | 7.6% | 5.4% | 5.1% | 6.2% |
|---|
| Sino-Tech International Holdings Ltd ($724) | -2.8% | 2.0% | 1.7% | -3.7% | |
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) | 3.9% | 3.2% | 4.2% | 3.0% | 3.2% |
|---|
| Sino-Tech International Holdings Ltd ($724) | 0.2% | 2.7% | 1.3% | 1.9% | |
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) | 4.6% | 4.1% | 3.7% | 2.4% | 3.8% |
|---|
| Sino-Tech International Holdings Ltd ($724) | -9.8% | -3.6% | -3.9% | -10.0% | |
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 (33 companies) | 1.0x | 1.1x | 0.8x | 0.2x | 0.7x |
|---|
