Allied Properties HK Ltd reports 20.0 pp EBITDA Margin decline from 20.0% to in 2016
27/03/2017 • About Allied Properties HK Ltd (
$56) • By InTwits
Allied Properties HK Ltd reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Allied Properties HK Ltd ($56) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 4,079 | 4,949 | 4,572 | 4,595 | 3,975 | -13.5% |
| Gross Profit | 3,873 | 4,666 | 4,273 | 4,226 | | -100.0% |
| SG&A | 1,459 | 1,646 | 1,414 | 1,518 | | -100.0% |
| EBITDA | 1,854 | 2,191 | 2,054 | 917 | | -100.0% |
| Net Income | 1,710 | 1,594 | 2,024 | 4,123 | 4,353 | 5.6% |
Balance Sheet
|
|---|
| Cash | 5,551 | 4,383 | 3,399 | 4,887 | | -100.0% |
| Short Term Debt | 4,788 | 3,345 | 4,600 | 2,658 | | -100.0% |
| Long Term Debt | 4,729 | 6,652 | 6,923 | 7,757 | | -100.0% |
Cash flow
|
|---|
| Capex | 90 | 156 | 195 | 94 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 0.8% | 21.4% | -7.6% | 0.5% | -13.5% | |
| EBITDA growth | -5.4% | 18.2% | -6.3% | -55.3% | | |
| Gross Margin | 95.0% | 94.3% | 93.5% | 92.0% | | -92.0% |
| EBITDA Margin | 45.5% | 44.3% | 44.9% | 20.0% | 0.0% | -20.0% |
| Net Income Margin | 41.9% | 32.2% | 44.3% | 89.7% | 109.5% | 19.8% |
| SG&A, % of revenue | 35.8% | 33.2% | 30.9% | 33.0% | | -33.0% |
| CAPEX, % of revenue | 2.2% | 3.1% | 4.3% | 2.1% | | -2.1% |
| ROIC | 4.6% | 5.0% | 4.3% | 1.7% | | -1.7% |
| ROE | 8.4% | 7.3% | 8.6% | 15.9% | | -15.9% |
| Net Debt/EBITDA | 2.1x | 2.6x | 4.0x | 6.0x | | -6.0x |
Revenue and profitability
Allied Properties HK Ltd's Revenue dropped on 13.5%.
Net Income marign surged on 19.8 pp from 89.7% to 110% in FY2016.
Appendix 1: Peers in Real Estate
Below we provide Allied Properties HK Ltd benchmarking against other companies in Real Estate 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 |
|---|
| Guangdong Land Holdings Ltd ($124) | | | | 24,971.2% | 27.3% |
| GR Properties Ltd ($108) | 21.6% | -82.9% | 14.6% | 1,203.6% | |
| Wanda Hotel Development Co Ltd ($169) | | -51.4% | -86.2% | 1,071.2% | -82.8% |
| Henderson Investment Ltd ($97) | | | | 737.1% | -0.9% |
| ITC Properties Group Ltd ($199) | | -95.2% | 75.7% | 678.6% | 206.4% |
| |
|---|
| Median (180 companies) | 17.5% | 13.1% | 5.2% | 4.3% | 10.3% |
|---|
| Allied Properties HK Ltd ($56) | | 21.4% | -7.6% | 0.5% | -13.5% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Renhe Commercial Holdings Co Ltd ($1387) | 79.0% | 95.2% | 97.9% | 99.9% | |
| Tern Properties Co Ltd ($277) | 96.7% | 98.4% | 98.4% | 98.7% | 98.8% |
| YT Realty Group Ltd ($75) | 94.4% | 96.6% | 96.7% | 97.6% | |
| Wah Ha Realty Co Ltd ($278) | 96.3% | 96.0% | 93.2% | 95.9% | 92.9% |
| Soundwill Holdings Ltd ($878) | 53.1% | 74.5% | 46.9% | 95.7% | |
| |
|---|
| Median (161 companies) | 41.8% | 41.1% | 38.9% | 38.2% | 42.2% |
|---|
| Allied Properties HK Ltd ($56) | 95.0% | 94.3% | 93.5% | 92.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Chinese Estates Holdings Ltd ($127) | 356.2% | 91.6% | 195.5% | 397.4% | 56.8% |
| Zall Development Group Ltd ($2098) | 105.3% | 133.1% | 143.2% | 213.9% | |
| SOHO China Ltd ($410) | 113.6% | 80.8% | 104.0% | 201.9% | 175.0% |
| Beijing Properties Holdings Ltd ($925) | -606.3% | 2,162.6% | 224.3% | 186.5% | |
| Swire Properties Ltd ($1972) | 154.5% | 114.6% | 73.2% | 100.3% | 105.1% |
| |
|---|
| Median (180 companies) | 28.9% | 28.4% | 26.4% | 23.4% | 29.2% |
|---|
| Allied Properties HK Ltd ($56) | 45.5% | 44.3% | 44.9% | 20.0% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| LT Commercial Real Estate Ltd ($112) | 0.0% | 18.0% | 27,965.5% | 4,834.8% | |
| China Oceanwide Holdings Ltd ($715) | 0.8% | 0.3% | 2.0% | 880.6% | |
| Madex International Holdings Ltd ($231) | 174.5% | 519.7% | 205.3% | 350.6% | |
| Pacific Century Premium Developments Ltd ($432) | 2.9% | 323.1% | 351.2% | 340.6% | 570.7% |
| Hon Kwok Land Investment Co Ltd ($160) | 20.6% | 157.3% | 144.5% | 296.3% | 28.1% |
| |
|---|
| Median (179 companies) | 5.7% | 6.1% | 4.8% | 3.3% | 3.8% |
|---|
| Allied Properties HK Ltd ($56) | 2.2% | 3.1% | 4.3% | 2.1% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hydoo International Holding Ltd ($1396) | 44.3% | 62.0% | 12.9% | 16.6% | |
| Gemdale Properties & Investment Corp Ltd ($535) | 15.3% | 19.6% | 10.8% | 15.9% | 17.9% |
| China Overseas Land & Investment Ltd ($688) | | 15.1% | 18.5% | 15.4% | 13.0% |
| Colour Life Services Group Co Ltd ($1778) | 44.2% | 47.9% | 29.3% | 14.5% | 13.1% |
| Dalian Wanda Commercial Properties Co Ltd ($3699) | 26.8% | 19.6% | 12.3% | 14.4% | |
| |
|---|
| Median (182 companies) | 4.1% | 4.0% | 4.0% | 2.5% | 3.4% |
|---|
| Allied Properties HK Ltd ($56) | 4.6% | 5.0% | 4.3% | 1.7% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shui On Land Ltd ($272) | 22.1x | 13.2x | 17.1x | 54.2x | 7.3x |
| Beijing Capital Land Ltd ($2868) | 7.1x | 4.6x | 11.7x | 49.1x | 37.0x |
| Talent Property Group Ltd ($760) | | | | 43.0x | |
| Mingfa Group International Co Ltd ($846) | 2.5x | 3.0x | 6.3x | 42.9x | |
| Sunshine 100 China Holdings Ltd ($2608) | 9.9x | 12.4x | 12.9x | 42.3x | |
| |
|---|
| Median (137 companies) | 2.4x | 2.8x | 3.0x | 3.2x | 2.7x |
|---|
| Allied Properties HK Ltd ($56) | 2.1x | 2.6x | 4.0x | 6.0x | |
