Heng Xin China Holdings Ltd reports 134% revenue growth in FY2016
26/03/2017 • About Heng Xin China Holdings Ltd (
$8046) • By InTwits
Heng Xin China Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Heng Xin China Holdings Ltd spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -29.8%0.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Heng Xin China Holdings Ltd ($8046) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 612.5 | 227.5 | 47.3 | 34.7 | 81.2 | 134.2% |
| Gross Profit | 257.8 | 131.1 | 35.5 | 12.2 | | -100.0% |
| SG&A | | | -1.6 | 57.6 | | -100.0% |
| EBITDA | 147.3 | 13.1 | -271.8 | -187.3 | | |
| Net Income | 152.9 | -1,039.6 | -768.3 | -452.1 | -49.4 | |
Balance Sheet
|
|---|
| Cash | 149.0 | 130.7 | 7.1 | 88.9 | | -100.0% |
| Short Term Debt | 198.3 | 162.4 | 112.8 | 82.6 | | -100.0% |
| Long Term Debt | 0.1 | 0.0 | 0.0 | 0.0 | | |
Cash flow
|
|---|
| Capex | 98.8 | 9.4 | 5.6 | 38.4 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -9.5% | -62.8% | -79.2% | -26.7% | 134.2% | |
| EBITDA growth | -37.5% | -91.1% | -2,175.8% | -31.1% | | |
| Gross Margin | 42.1% | 57.6% | 75.0% | 35.1% | | -35.1% |
| EBITDA Margin | 24.0% | 5.8% | -574.2% | -540.1% | 0.0% | 540.1% |
| Net Income Margin | 25.0% | -456.9% | -1,623.1% | -1,303.7% | -60.9% | 1,242.8% |
| SG&A, % of revenue | | | -3.4% | 166.1% | | -166.1% |
| CAPEX, % of revenue | 16.1% | 4.1% | 11.9% | 110.8% | | -110.8% |
| ROIC | 6.3% | -0.4% | -26.5% | -31.7% | | 31.7% |
| ROE | 8.4% | -68.1% | -106.1% | -223.8% | | 223.8% |
| Net Debt/EBITDA | 0.3x | 2.4x | | | | 0.0x |
Revenue and profitability
The company's Revenue surged on 134%.
Net Income marign jumped on 1,243 pp from -1,304% to -60.9% in FY2016.
Management team
The company's CEO is Chen Rongbin. Chen Rongbin has 2 years tenure at the company.
Appendix 1: Peers in Semiconductors
Below you can find Heng Xin China Holdings Ltd benchmarking vs. other companies in Semiconductors 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 |
|---|
| Phoenitron Holdings Ltd ($8066) | | 4.0% | 243.8% | 405.3% | 2.8% |
| Jun Yang Solar Power Investments Ltd ($397) | -81.0% | 256.8% | 1.1% | 168.9% | |
| Honbridge Holdings Ltd ($8137) | | -97.5% | 608.9% | 57.0% | -70.5% |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 15.5% | 16.0% | 3.3% | 23.2% | |
| Shunfeng International Clean Energy Ltd ($1165) | -46.3% | 44.4% | 275.6% | 22.4% | |
| |
|---|
| Median (22 companies) | -22.7% | 3.8% | 11.7% | 0.5% | 8.6% |
|---|
| Heng Xin China Holdings Ltd ($8046) | | -62.8% | -79.2% | -26.7% | 134.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 87.3% | 79.3% | 53.8% | 73.8% | |
| Intel Corp ($4335) | 62.1% | 59.8% | 63.7% | 62.6% | 60.9% |
| PacMOS Technologies Holdings Ltd ($1010) | 68.8% | 65.7% | 65.7% | 57.5% | |
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 47.7% | 48.7% | 47.5% | 52.9% | |
| Shenzhen Mingwah Aohan High Technology Corp Ltd ($8301) | 26.1% | 26.7% | 16.3% | 52.8% | |
| |
|---|
| Median (22 companies) | 22.1% | 23.7% | 29.5% | 31.3% | 34.4% |
|---|
| Heng Xin China Holdings Ltd ($8046) | 42.1% | 57.6% | 75.0% | 35.1% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 9.1% | 37.2% | 88.0% | 78.3% | |
| Intel Corp ($4335) | 41.5% | 38.6% | 42.8% | 41.0% | 34.8% |
| Jun Yang Solar Power Investments Ltd ($397) | -218.5% | -16.7% | -9.9% | 35.0% | |
| Semiconductor Manufacturing International Corp ($981) | 34.3% | 35.5% | 34.5% | 33.3% | |
| Hua Hong Semiconductor Ltd ($1347) | 38.5% | 29.7% | 31.5% | 30.0% | 32.6% |
| |
|---|
| Median (22 companies) | 7.4% | 9.5% | 7.1% | 9.1% | 17.1% |
|---|
| Heng Xin China Holdings Ltd ($8046) | 24.0% | 5.8% | -574.2% | -540.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 671.1% | 25.9% | 78.9% | 104.2% | |
| China Ruifeng Renewable Energy Ltd ($527) | 5.5% | 35.9% | 10.6% | 60.9% | |
| Semiconductor Manufacturing International Corp ($981) | 23.5% | 35.1% | 33.2% | 55.0% | |
| Hanergy Thin Film Power Group Ltd ($566) | 1.3% | 2.8% | 4.8% | 32.0% | |
| Hua Hong Semiconductor Ltd ($1347) | 9.0% | 5.5% | 11.4% | 28.0% | 23.9% |
| |
|---|
| Median (22 companies) | 4.4% | 5.5% | 5.7% | 5.2% | 9.3% |
|---|
| Heng Xin China Holdings Ltd ($8046) | 16.1% | 4.1% | 11.9% | 110.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 25.5% | 22.7% | 21.1% | 20.9% | |
| Intel Corp ($4335) | 23.7% | 17.1% | 20.6% | 17.7% | 14.5% |
| Applied Materials Inc ($4336) | 4.0% | 4.6% | 15.9% | 15.2% | 19.1% |
| ASM Pacific Technology Ltd ($522) | 12.3% | 9.2% | 21.9% | 13.7% | 18.0% |
| Hua Hong Semiconductor Ltd ($1347) | 5.3% | 4.8% | 7.8% | 6.7% | 9.1% |
| |
|---|
| Median (22 companies) | -2.2% | 0.6% | 3.1% | 0.8% | 5.1% |
|---|
| Heng Xin China Holdings Ltd ($8046) | 6.3% | -0.4% | -26.5% | -31.7% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Solargiga Energy Holdings Ltd ($757) | | 13.8x | 4.4x | 9.0x | |
| China Ruifeng Renewable Energy Ltd ($527) | 16.4x | 6.9x | 4.9x | 7.3x | |
| Shunfeng International Clean Energy Ltd ($1165) | | 25.8x | 3.4x | 5.7x | |
| Semiconductor Manufacturing International Corp ($981) | 1.3x | 1.0x | 1.0x | 0.5x | |
| Intel Corp ($4335) | 0.2x | 0.4x | 0.5x | 0.3x | 1.0x |
| |
|---|
| Median (12 companies) | 0.1x | 0.3x | 0.2x | 0.1x | -0.0x |
|---|
