Wai Chi Holdings Co Ltd reports 20.1% revenue growth in FY2016
24/03/2017 • About Wai Chi Holdings Co Ltd (
$1305) • By InTwits
Wai Chi Holdings Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: in FY2016 vs. 4.1% in FY2015 vs. 12.9% in FY2012
- It operates with high leverage: Net Debt/EBITDA is -0.7x 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.
Wai Chi Holdings Co Ltd ($1305) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 754 | 894 | 1,166 | 1,100 | 1,322 | 20.1% |
| Gross Profit | 178 | 225 | 276 | 246 | | -100.0% |
| SG&A | 82 | 114 | 123 | 133 | | -100.0% |
| EBITDA | 97 | 124 | 153 | 45 | | -100.0% |
| Net Income | 41 | 55 | 61 | -39 | 6 | |
Balance Sheet
|
|---|
| Cash | 124 | 101 | 332 | 270 | | -100.0% |
| Short Term Debt | 454 | 488 | 635 | 795 | | -100.0% |
| Long Term Debt | 1 | 1 | 3 | 7 | | -100.0% |
Cash flow
|
|---|
| Capex | 66 | 77 | 58 | 57 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 0.9% | 18.6% | 30.4% | -5.6% | 20.1% | |
| EBITDA growth | 18.9% | 27.5% | 23.5% | -70.5% | | |
| Gross Margin | 23.6% | 25.2% | 23.7% | 22.3% | | -22.3% |
| EBITDA Margin | 12.9% | 13.8% | 13.1% | 4.1% | 0.0% | -4.1% |
| Net Income Margin | 5.4% | 6.2% | 5.3% | -3.5% | 0.5% | 4.0% |
| SG&A, % of revenue | 10.9% | 12.8% | 10.5% | 12.1% | | -12.1% |
| CAPEX, % of revenue | 8.7% | 8.6% | 5.0% | 5.1% | | -5.1% |
| ROIC | | 10.4% | 9.8% | -0.3% | | 0.3% |
| ROE | 17.2% | 15.7% | 11.4% | -6.3% | | 6.3% |
| Net Debt/EBITDA | 3.4x | 3.1x | 2.0x | 11.8x | | -11.8x |
Revenue and profitability
The company's Revenue jumped on 20.1%.
Net Income marign increased on 4.0 pp from -3.5% to 0.48% in FY2016.
Appendix 1: Peers in Electrical Compo&Equip
Below you can find Wai Chi Holdings Co Ltd benchmarking vs. other companies in Electrical Compo&Equip 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 |
|---|
| 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% |
|---|
| Wai Chi Holdings Co Ltd ($1305) | | 18.6% | 30.4% | -5.6% | 20.1% |
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) | 18.6% | 16.7% | 15.9% | 17.0% | 26.4% |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 23.6% | 25.2% | 23.7% | 22.3% | |
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) | 7.3% | 6.8% | 3.3% | 6.4% | 7.3% |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 12.9% | 13.8% | 13.1% | 4.1% | |
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% | 3.8% | 2.6% | 8.3% |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 8.7% | 8.6% | 5.0% | 5.1% | |
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) | 2.8% | 2.9% | 0.6% | 2.9% | 0.8% |
|---|
| Wai Chi Holdings Co Ltd ($1305) | | 10.4% | 9.8% | -0.3% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| 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 | |
| Leoch International Technology Ltd ($842) | 9.3x | 16.3x | 4.7x | 5.0x | |
| 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 | 2.3x | 0.6x | 0.8x |
|---|
| Wai Chi Holdings Co Ltd ($1305) | 3.4x | 3.1x | 2.0x | 11.8x | |
