Dream International Ltd Net Income jumped on 96.0%

27/03/2017 • About Dream International Ltd ($1126) • By InTwits

Dream International 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.

Dream International Ltd ($1126) key annual financial indicators

mln. HKD	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,353	1,353	1,637	1,814	2,151	18.6%
Gross Profit	346	394	367	427		-100.0%
SG&A	204	223	246	238		-100.0%
EBITDA	178	200	160	234		-100.0%
Net Income	133	124	123	151	296	96.0%
Balance Sheet
Cash	282	321	242	251		-100.0%
Short Term Debt	21	22	35	4		-100.0%
Long Term Debt	2	1	0	0
Cash flow
Capex	40	51	184	132		-100.0%
Ratios
Revenue growth	24.9%	-0.1%	21.0%	10.8%	18.6%
EBITDA growth	58.9%	12.4%	-19.8%	45.8%
Gross Margin	25.6%	29.1%	22.4%	23.5%		-23.5%
EBITDA Margin	13.2%	14.8%	9.8%	12.9%	0.0%	-12.9%
Net Income Margin	9.8%	9.2%	7.5%	8.3%	13.7%	5.4%
SG&A, % of revenue	15.1%	16.5%	15.0%	13.1%		-13.1%
CAPEX, % of revenue	2.9%	3.8%	11.2%	7.3%		-7.3%
ROIC	19.3%	19.4%	13.3%	19.4%		-19.4%
ROE	17.4%	14.4%	13.4%	15.2%		-15.2%
Net Debt/EBITDA	-1.5x	-1.5x	-1.3x	-1.1x		1.1x

Revenue and profitability

Dream International Ltd's Revenue jumped on 18.6%.

Net Income marign increased on 5.4 pp from 8.3% to 13.7% in FY2016.

Appendix 1: Peers in Toys/Games/Hobbies

Below we provide Dream International Ltd benchmarking against other companies in Toys/Games/Hobbies 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
Leyou Technologies Holdings Ltd ($1089)	18.8%	32.3%	17.7%	31.0%
Kin Yat Holdings Ltd ($638)		8.8%	5.0%	17.1%	6.8%
Matrix Holdings Ltd ($1005)		17.5%	12.2%	10.1%	-2.3%
Kader Holdings Co Ltd ($180)	-3.7%	-25.8%	-11.1%	8.3%
Quali-Smart Holdings Ltd ($1348)		-9.4%	-2.6%	7.2%	-7.1%
Median (9 companies)	0.4%	17.5%	12.2%	7.2%	-7.1%
Dream International Ltd ($1126)		-0.1%	21.0%	10.8%	18.6%

Top companies by Gross margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Playmates Holdings Ltd ($635)	65.7%	66.1%	64.7%	65.6%
Playmates Toys Ltd ($869)	60.3%	62.8%	61.9%	61.6%
Green International Holdings Ltd ($2700)	17.8%	1.8%	8.1%	59.2%
Matrix Holdings Ltd ($1005)	34.3%	37.1%	38.4%	36.9%	36.0%
Kiu Hung International Holdings Ltd ($381)	30.9%	29.0%	32.1%	35.7%
Median (8 companies)	24.3%	20.9%	22.4%	36.3%	12.4%
Dream International Ltd ($1126)	25.6%	29.1%	22.4%	23.5%

Top companies by EBITDA margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Playmates Holdings Ltd ($635)	22.0%	36.7%	33.5%	32.8%
Playmates Toys Ltd ($869)	15.1%	33.0%	30.2%	25.8%
Kader Holdings Co Ltd ($180)	-4.2%	-3.0%	5.8%	23.0%
Matrix Holdings Ltd ($1005)	10.2%	13.2%	15.0%	17.4%	13.8%
Kin Yat Holdings Ltd ($638)	4.8%	8.4%	8.8%	8.6%	6.3%
Median (9 companies)	6.6%	5.6%	5.8%	8.6%	6.3%
Dream International Ltd ($1126)	13.2%	14.8%	9.8%	12.9%

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Green International Holdings Ltd ($2700)	0.2%	3.2%	6.5%	29.2%
Playmates Holdings Ltd ($635)	11.5%	4.5%	2.0%	15.4%
Kin Yat Holdings Ltd ($638)	9.8%	4.6%	7.5%	4.8%	2.1%
Leyou Technologies Holdings Ltd ($1089)	15.8%	3.8%	2.6%	4.5%
Quali-Smart Holdings Ltd ($1348)	1.5%	2.2%	12.7%	3.0%	0.9%
Median (9 companies)	4.7%	3.2%	2.8%	3.0%	1.5%
Dream International Ltd ($1126)	2.9%	3.8%	11.2%	7.3%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Playmates Toys Ltd ($869)	30.7%	121.1%	73.0%	36.6%
Matrix Holdings Ltd ($1005)	5.9%	13.1%	18.6%	21.2%	13.7%
Kader Holdings Co Ltd ($180)	-5.7%	-3.9%	0.6%	7.9%
Playmates Holdings Ltd ($635)	2.4%	12.6%	12.0%	7.9%
Kin Yat Holdings Ltd ($638)	-0.7%	4.5%	4.9%	6.2%	3.4%
Median (9 companies)	2.4%	4.5%	4.9%	6.2%	3.4%
Dream International Ltd ($1126)	19.3%	19.4%	13.3%	19.4%

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Quali-Smart Holdings Ltd ($1348)	0.6x	-0.7x	0.9x	4.5x	1.3x
Kader Holdings Co Ltd ($180)			9.6x	1.5x
Leyou Technologies Holdings Ltd ($1089)	1.1x	4.4x	3.8x	1.2x
Kin Yat Holdings Ltd ($638)	1.6x	0.3x	0.4x	-0.0x	-0.1x
Matrix Holdings Ltd ($1005)	0.6x	0.0x	-0.2x	-0.6x	-0.8x
Median (7 companies)	0.6x	-0.2x	0.4x	-0.0x	-0.1x
Dream International Ltd ($1126)	-1.5x	-1.5x	-1.3x	-1.1x

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