Christine International Holdings Ltd revenue dropped on 12.8%
26/03/2017 • About Christine International Holdings Ltd (
$1210) • By InTwits
Christine International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Christine International Holdings Ltd is a company in decline: FY2016 revenue growth was -12.8%, 5 years revenue CAGR was -7.7%
- EBITDA Margin is declining: in FY2016 vs. -2.5% in FY2015 vs. 6.5% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Christine International Holdings Ltd ($1210) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,388 | 1,380 | 1,253 | 1,062 | 926 | -12.8% |
| Gross Profit | 697 | 686 | 592 | 501 | | -100.0% |
| SG&A | 708 | 735 | 717 | 626 | | -100.0% |
| EBITDA | 90 | 60 | -11 | -26 | | |
| Net Income | 20 | -37 | -151 | -148 | -121 | |
Balance Sheet
|
|---|
| Cash | 1,037 | 740 | 509 | 518 | | -100.0% |
| Short Term Debt | 0 | 0 | 0 | 0 | | |
| Long Term Debt | 0 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 108 | 139 | 64 | 37 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 0.3% | -0.6% | -9.2% | -15.3% | -12.8% | |
| EBITDA growth | -58.0% | -33.7% | -117.6% | 148.0% | | |
| Gross Margin | 50.2% | 49.7% | 47.2% | 47.2% | | -47.2% |
| EBITDA Margin | 6.5% | 4.3% | -0.8% | -2.5% | 0.0% | 2.5% |
| Net Income Margin | 1.4% | -2.7% | -12.0% | -14.0% | -13.1% | 0.9% |
| SG&A, % of revenue | 51.0% | 53.3% | 57.2% | 59.0% | | -59.0% |
| CAPEX, % of revenue | 7.8% | 10.1% | 5.1% | 3.5% | | -3.5% |
| ROIC | -0.4% | -3.8% | -11.6% | -13.7% | | 13.7% |
| ROE | 2.0% | -3.4% | -15.0% | -17.4% | | 17.4% |
| Net Debt/EBITDA | -11.5x | -12.3x | | | | 0.0x |
Revenue and profitability
Christine International Holdings Ltd's Revenue dropped on 12.8%.
Net Income marign increased slightly on 0.88 pp from -14.0% to -13.1% in FY2016.
Appendix 1: Peers in Food
Below you can find Christine International Holdings Ltd benchmarking vs. other companies in Food 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 |
|---|
| Imperial Pacific International Holdings Ltd ($1076) | -27.6% | -18.5% | 2.7% | 70.3% | |
| China Shengmu Organic Milk Ltd ($1432) | | 63.2% | 86.4% | 45.4% | 11.8% |
| Chinese Food and Beverage Group ($8272) | 207.7% | 149.2% | 26.8% | 31.6% | |
| Huisheng International Holdings Ltd ($1340) | -2.4% | 5.6% | 8.7% | 25.9% | |
| Jiashili Group Ltd ($1285) | 14.9% | 15.1% | 12.3% | 19.8% | |
| |
|---|
| Median (42 companies) | 10.3% | 9.0% | 5.5% | -2.9% | -5.1% |
|---|
| Christine International Holdings Ltd ($1210) | | -0.6% | -9.2% | -15.3% | -12.8% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hung Fook Tong Group Holdings Ltd ($1446) | 60.7% | 60.0% | 58.7% | 60.7% | |
| Honworld Group Ltd ($2226) | 57.2% | 59.0% | 57.8% | 56.4% | |
| Yashili International Holdings Ltd ($1230) | 53.7% | 53.5% | 51.2% | 50.8% | |
| Natural Dairy NZ Holdings Ltd ($462) | -13.7% | 27.5% | 48.8% | 49.6% | |
| China Shengmu Organic Milk Ltd ($1432) | 33.4% | 42.9% | 50.2% | 47.7% | 48.3% |
| |
|---|
| Median (41 companies) | 16.5% | 20.0% | 20.1% | 22.8% | 19.7% |
|---|
| Christine International Holdings Ltd ($1210) | 50.2% | 49.7% | 47.2% | 47.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shenguan Holdings Group Ltd ($829) | 58.7% | 59.2% | 54.5% | 43.6% | |
| Honworld Group Ltd ($2226) | 44.4% | 42.1% | 42.0% | 42.9% | |
| China Shengmu Organic Milk Ltd ($1432) | 31.5% | 38.3% | 47.1% | 41.9% | 35.7% |
| China Huishan Dairy Holdings Co Ltd ($6863) | 45.1% | 47.9% | 47.1% | 37.2% | 36.0% |
| YuanShengTai Dairy Farm Ltd ($1431) | 40.3% | 48.4% | 47.1% | 35.4% | 36.5% |
| |
|---|
| Median (41 companies) | 8.1% | 7.1% | 7.9% | 8.5% | 4.9% |
|---|
| Christine International Holdings Ltd ($1210) | 6.5% | 4.3% | -0.8% | -2.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Huishan Dairy Holdings Co Ltd ($6863) | 98.2% | 29.8% | 132.0% | 109.8% | 37.5% |
| Imperial Pacific International Holdings Ltd ($1076) | 0.0% | 0.0% | 15.6% | 88.5% | |
| China Modern Dairy Holdings Ltd ($1117) | 50.6% | | 18.7% | 42.4% | |
| Labixiaoxin Snacks Group Ltd ($1262) | 13.3% | 10.3% | 14.6% | 32.0% | |
| YuanShengTai Dairy Farm Ltd ($1431) | 26.1% | 18.3% | 43.4% | 30.1% | |
| |
|---|
| Median (40 companies) | 5.1% | 5.3% | 5.1% | 4.9% | 0.7% |
|---|
| Christine International Holdings Ltd ($1210) | 7.8% | 10.1% | 5.1% | 3.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Major Holdings Ltd ($8209) | | 23.1% | 13.8% | 22.3% | 7.8% |
| Jiashili Group Ltd ($1285) | 45.6% | 51.8% | 27.8% | 22.2% | |
| Want Want China Holdings Ltd ($151) | 27.9% | 29.4% | 22.8% | 21.8% | 22.2% |
| China Shengmu Organic Milk Ltd ($1432) | 16.4% | 19.6% | 22.5% | 17.3% | 12.7% |
| Honworld Group Ltd ($2226) | 50.4% | 44.5% | 23.6% | 16.5% | |
| |
|---|
| Median (43 companies) | 8.4% | 7.3% | 7.4% | 5.6% | 6.3% |
|---|
| Christine International Holdings Ltd ($1210) | -0.4% | -3.8% | -11.6% | -13.7% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ausnutria Dairy Corp Ltd ($1717) | -1.4x | 0.8x | 1.7x | 27.9x | |
| Beijing Jingkelong Co Ltd ($814) | 5.0x | 4.8x | 5.3x | 9.3x | |
| First Pacific Co Ltd/Hong Kong ($142) | 1.8x | 3.8x | 4.5x | 5.6x | |
| China Kangda Food Co Ltd ($834) | 2.8x | 2.5x | 2.3x | 5.4x | |
| China Modern Dairy Holdings Ltd ($1117) | 3.7x | 5.2x | 4.1x | 5.3x | |
| |
|---|
| Median (33 companies) | 0.1x | 0.8x | 0.7x | 1.2x | 0.8x |
|---|
