CCT Land Holdings Ltd reports 9.3% revenue decline in FY2016
27/03/2017 • About CCT Land Holdings Ltd (
$261) • By InTwits
CCT Land Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- CCT Land Holdings Ltd is a company in decline: FY2016 revenue growth was -9.3%, 5 years revenue CAGR was -13.9%
- EBITDA Margin is declining: in FY2016 vs. 0.5% in FY2015 vs. 2.1% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 36.3x while industry average is 4.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
CCT Land Holdings Ltd ($261) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,342 | 1,193 | 1,034 | 810 | 735 | -9.3% |
| Gross Profit | 45 | 66 | 43 | 69 | | -100.0% |
| SG&A | 91 | 98 | 114 | 109 | | -100.0% |
| EBITDA | 28 | 51 | 27 | 4 | | -100.0% |
| Net Income | -58 | -31 | -53 | -74 | -150 | |
Balance Sheet
|
|---|
| Cash | 263 | 346 | 208 | 185 | | -100.0% |
| Short Term Debt | 397 | 507 | 475 | 296 | | -100.0% |
| Long Term Debt | 149 | 1,055 | 1,040 | 68 | | -100.0% |
Cash flow
|
|---|
| Capex | 7 | 2 | 8 | 8 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -13.6% | -11.1% | -13.3% | -21.7% | -9.3% | |
| EBITDA growth | -126.9% | 82.1% | -47.1% | -85.2% | | |
| Gross Margin | 3.4% | 5.5% | 4.2% | 8.5% | | -8.5% |
| EBITDA Margin | 2.1% | 4.3% | 2.6% | 0.5% | 0.0% | -0.5% |
| Net Income Margin | -4.3% | -2.6% | -5.1% | -9.1% | -20.4% | -11.3% |
| SG&A, % of revenue | 6.8% | 8.2% | 11.0% | 13.5% | | -13.5% |
| CAPEX, % of revenue | 0.5% | 0.2% | 0.8% | 1.0% | | -1.0% |
| ROIC | -1.6% | 0.4% | -0.7% | -1.4% | | 1.4% |
| ROE | -11.2% | -6.4% | -11.9% | -7.4% | | 7.4% |
| Net Debt/EBITDA | 10.1x | 23.8x | 48.4x | 44.8x | | -44.8x |
Revenue and profitability
CCT Land Holdings Ltd's Revenue decreased on 9.3%.
Net Income marign dropped on 11.3 pp from -9.1% to -20.4% in FY2016.
Appendix 1: Peers in Telecommunications
Below we provide CCT Land Holdings Ltd benchmarking against other companies in Telecommunications 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 |
|---|
| Hong Kong Television Network Ltd ($1137) | | 107.4% | -82.2% | 8,010.0% | 65.8% |
| Hanny Holdings Ltd ($275) | | 131.2% | -85.2% | 349.3% | -78.5% |
| CCT Fortis Holdings Ltd ($138) | | -55.3% | -71.3% | 207.1% | 47.2% |
| Xi'an Haitian Antenna Technologies Co Ltd ($8227) | | -45.9% | -56.2% | 111.6% | 55.3% |
| China Trends Holdings Ltd ($8171) | | -70.2% | -16.7% | 106.0% | -22.7% |
| |
|---|
| Median (53 companies) | 13.1% | 11.3% | 9.7% | 7.9% | -2.4% |
|---|
| CCT Land Holdings Ltd ($261) | | -11.1% | -13.3% | -21.7% | -9.3% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HKBN Ltd ($1310) | | 84.3% | 86.5% | 86.9% | 83.8% |
| Netel Technology Holdings Ltd ($8256) | 27.9% | 42.1% | 54.9% | 72.3% | 73.1% |
| Great World Co Holdings Ltd ($8003) | -11.0% | 43.0% | 45.5% | 67.9% | 42.0% |
| APT Satellite Holdings Ltd ($1045) | 58.7% | 64.1% | 62.5% | 61.0% | |
| Cisco Systems Inc ($4333) | 61.2% | 60.6% | 58.9% | 60.4% | 62.9% |
| |
|---|
| Median (50 companies) | 25.5% | 24.4% | 26.1% | 23.1% | 35.6% |
|---|
| CCT Land Holdings Ltd ($261) | 3.4% | 5.5% | 4.2% | 8.5% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Asia Satellite Telecommunications Holdings Ltd ($1135) | 86.5% | 85.8% | 81.6% | 82.4% | 81.5% |
| APT Satellite Holdings Ltd ($1045) | 81.0% | 78.9% | 77.5% | 78.8% | |
| Synertone Communication Corp ($1613) | 44.9% | 48.5% | 49.4% | 51.5% | -77.6% |
| HKBN Ltd ($1310) | | 39.2% | 40.1% | 39.0% | 35.2% |
| HKT Trust & HKT Ltd ($6823) | 36.3% | 35.0% | 35.9% | 34.9% | 37.2% |
| |
|---|
| Median (53 companies) | 7.6% | 5.5% | 5.9% | 9.1% | 8.9% |
|---|
| CCT Land Holdings Ltd ($261) | 2.1% | 4.3% | 2.6% | 0.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| APT Satellite Holdings Ltd ($1045) | 74.3% | 2.5% | 27.2% | 115.8% | |
| Hong Kong Television Network Ltd ($1137) | 12,435.9% | 504.9% | 1,283.5% | 79.4% | |
| Asia Satellite Telecommunications Holdings Ltd ($1135) | 93.8% | 71.7% | 75.0% | 52.8% | |
| China Fiber Optic Network System Group Ltd ($3777) | 4.8% | 16.3% | 13.1% | 31.9% | |
| Directel Holdings Ltd ($8337) | 2.1% | 0.1% | 0.6% | 30.2% | |
| |
|---|
| Median (53 companies) | 2.2% | 2.9% | 3.1% | 2.6% | 8.4% |
|---|
| CCT Land Holdings Ltd ($261) | 0.5% | 0.2% | 0.8% | 1.0% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Telecom Service One Holdings Ltd ($8145) | 95.0% | 5.4% | 26.7% | 39.8% | 37.4% |
| VTech Holdings Ltd ($303) | 37.6% | 39.5% | 40.0% | 39.8% | 37.9% |
| Coolpad Group Ltd ($2369) | 8.1% | 6.0% | 9.6% | 29.1% | |
| Telecom Digital Holdings Ltd ($8336) | | 13.3% | 20.2% | 18.9% | 16.7% |
| SmarTone Telecommunications Holdings Ltd ($315) | 37.2% | 23.1% | 12.8% | 17.7% | 14.5% |
| |
|---|
| Median (54 companies) | 7.7% | 6.0% | 6.2% | 5.9% | 5.2% |
|---|
| CCT Land Holdings Ltd ($261) | -1.6% | 0.4% | -0.7% | -1.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Energine International Holdings Ltd ($1185) | | | 13.3x | 31.7x | |
| China Ground Source Energy Industry Group Ltd ($8128) | -1.6x | 3.5x | 14.3x | 11.3x | |
| China Electronics Corp Holdings Co Ltd ($85) | -2.0x | -1.3x | 12.5x | 7.6x | |
| China All Access Holdings Ltd ($633) | 0.9x | 1.8x | 5.2x | 5.6x | |
| Beijing Digital Telecom Co Ltd ($6188) | 2.4x | 3.5x | 2.9x | 4.1x | |
| |
|---|
| Median (38 companies) | -0.3x | 0.6x | 0.4x | 0.5x | 1.7x |
|---|
| CCT Land Holdings Ltd ($261) | 10.1x | 23.8x | 48.4x | 44.8x | |
