Biostime International Holdings Ltd Net Income surged on 280% in 2016
27/03/2017 • About Biostime International Holdings Ltd (
$1112) • By InTwits
Biostime International Holdings 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. 14.8% in FY2015 vs. 30.4% in FY2012
- It operates with high leverage: Net Debt/EBITDA is -1.1x while industry average is -2.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Biostime International Holdings Ltd ($1112) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,382 | 4,561 | 4,732 | 4,819 | 6,506 | 35.0% |
| Gross Profit | 2,229 | 2,975 | 2,927 | 2,985 | | -100.0% |
| SG&A | 1,195 | 1,690 | 1,763 | 2,256 | | -100.0% |
| EBITDA | 1,026 | 1,261 | 1,150 | 715 | | -100.0% |
| Net Income | 743 | 821 | 807 | 251 | 954 | 279.5% |
Balance Sheet
|
|---|
| Cash | 727 | 808 | 2,447 | 1,115 | | -100.0% |
| Short Term Debt | 271 | 751 | 0 | 4,740 | | -100.0% |
| Long Term Debt | 0 | 0 | 2,411 | 2,659 | | -100.0% |
Cash flow
|
|---|
| Capex | 39 | 136 | 135 | 109 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 54.5% | 34.9% | 3.7% | 1.8% | 35.0% | |
| EBITDA growth | 56.3% | 22.8% | -8.8% | -37.8% | | |
| Gross Margin | 65.9% | 65.2% | 61.9% | 61.9% | | -61.9% |
| EBITDA Margin | 30.4% | 27.6% | 24.3% | 14.8% | 0.0% | -14.8% |
| Net Income Margin | 22.0% | 18.0% | 17.1% | 5.2% | 14.7% | 9.5% |
| SG&A, % of revenue | 35.3% | 37.1% | 37.3% | 46.8% | | -46.8% |
| CAPEX, % of revenue | 1.2% | 3.0% | 2.8% | 2.3% | | -2.3% |
| ROIC | 41.7% | 39.9% | 24.7% | 7.3% | | -7.3% |
| ROE | 34.6% | 33.9% | 29.7% | 8.1% | | -8.1% |
| Net Debt/EBITDA | -0.4x | -0.0x | -0.0x | 8.8x | | -8.8x |
Revenue and profitability
The company's Revenue jumped on 35.0%.
Net Income marign increased on 9.5 pp from 5.2% to 14.7% in FY2016.
Management team
Biostime International Holdings Ltd's CEO Luo Fei has spent 8 years at the company. The company's CFO Wang Yidong has spent 2 years at the company.
Appendix 1: Peers in Household Products/Wares
Below you can find Biostime International Holdings Ltd benchmarking vs. other companies in Household Products/Wares 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 |
|---|
| Lisi Group Holdings Ltd ($526) | | -23.5% | 160.0% | 47.9% | -6.2% |
| Tempus Holdings Ltd ($6880) | 17.3% | 5.5% | 31.1% | 14.7% | |
| Lerado Group Holding Co Ltd ($1225) | 4.1% | -91.1% | 4.8% | 14.3% | |
| Goodbaby International Holdings Ltd ($1086) | 15.5% | -8.0% | 46.0% | 13.7% | |
| Samsonite International SA ($1910) | | 15.0% | 15.4% | 3.5% | 15.5% |
| |
|---|
| Median (9 companies) | 11.3% | 3.6% | 11.3% | 3.5% | -6.2% |
|---|
| Biostime International Holdings Ltd ($1112) | | 34.9% | 3.7% | 1.8% | 35.0% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tempus Holdings Ltd ($6880) | 68.4% | 64.8% | 64.6% | 65.5% | |
| Carpenter Tan Holdings Ltd ($837) | 66.9% | 67.0% | 65.8% | 64.5% | |
| Samsonite International SA ($1910) | 53.7% | 53.4% | 52.9% | 52.6% | 54.1% |
| Goodbaby International Holdings Ltd ($1086) | 19.1% | 22.9% | 25.0% | 29.5% | |
| eForce Holdings Ltd ($943) | 21.2% | 24.3% | 25.6% | 28.5% | |
| |
|---|
| Median (9 companies) | 21.7% | 22.9% | 25.0% | 28.5% | 23.3% |
|---|
| Biostime International Holdings Ltd ($1112) | 65.9% | 65.2% | 61.9% | 61.9% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Carpenter Tan Holdings Ltd ($837) | 49.0% | 48.1% | 48.6% | 46.7% | |
| eForce Holdings Ltd ($943) | -16.9% | -13.0% | -5.8% | 21.9% | |
| Samsonite International SA ($1910) | 15.9% | 16.0% | 14.9% | 15.1% | 15.0% |
| King's Flair International Holdings Ltd ($6822) | 8.3% | 7.9% | 9.7% | 14.6% | |
| Lisi Group Holdings Ltd ($526) | 11.8% | -0.3% | 4.4% | 10.0% | -2.7% |
| |
|---|
| Median (9 companies) | 9.9% | 7.4% | 4.9% | 10.0% | 1.9% |
|---|
| Biostime International Holdings Ltd ($1112) | 30.4% | 27.6% | 24.3% | 14.8% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lerado Group Holding Co Ltd ($1225) | 3.0% | 75.4% | 18.8% | 60.0% | |
| Lisi Group Holdings Ltd ($526) | 7.1% | 11.3% | 6.1% | 13.1% | 4.0% |
| Samsonite International SA ($1910) | 2.1% | 2.8% | 3.0% | 2.8% | 2.5% |
| Goodbaby International Holdings Ltd ($1086) | 2.9% | 2.8% | 2.6% | 2.6% | |
| Tempus Holdings Ltd ($6880) | 0.9% | 4.0% | 2.8% | 2.4% | |
| |
|---|
| Median (9 companies) | 2.1% | 2.8% | 2.6% | 2.4% | 2.5% |
|---|
| Biostime International Holdings Ltd ($1112) | 1.2% | 3.0% | 2.8% | 2.3% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| King's Flair International Holdings Ltd ($6822) | 39.4% | 41.9% | 49.5% | 46.7% | |
| Samsonite International SA ($1910) | 20.8% | 21.8% | 21.1% | 20.3% | 12.2% |
| Carpenter Tan Holdings Ltd ($837) | 30.3% | 24.6% | 20.7% | 17.6% | |
| eForce Holdings Ltd ($943) | -6.4% | -7.0% | -5.1% | 7.0% | |
| Goodbaby International Holdings Ltd ($1086) | 10.7% | 8.8% | 3.9% | 6.1% | |
| |
|---|
| Median (9 companies) | 10.7% | 6.7% | 2.5% | 6.1% | -1.6% |
|---|
| Biostime International Holdings Ltd ($1112) | 41.7% | 39.9% | 24.7% | 7.3% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lisi Group Holdings Ltd ($526) | 3.4x | | 36.8x | 9.6x | |
| Goodbaby International Holdings Ltd ($1086) | -1.3x | -0.5x | 5.9x | 2.1x | |
| Samsonite International SA ($1910) | -0.4x | -0.6x | -0.2x | -0.3x | 3.6x |
| eForce Holdings Ltd ($943) | | | | -1.2x | |
| Carpenter Tan Holdings Ltd ($837) | -2.5x | -2.1x | -0.9x | -1.5x | |
| |
|---|
| Median (8 companies) | -1.0x | -1.2x | -0.9x | -1.3x | -1.1x |
|---|
| Biostime International Holdings Ltd ($1112) | -0.4x | -0.0x | -0.0x | 8.8x | |
