Greenland Hong Kong Holdings Ltd reports 405% Net Income growth
27/03/2017 • About Greenland Hong Kong Holdings Ltd (
$337) • By InTwits
Greenland Hong Kong 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. 6.2% in FY2015 vs. -19.8% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 9.8x while industry average is 3.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Greenland Hong Kong Holdings Ltd ($337) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,767 | 5,448 | 2,840 | 5,802 | 16,919 | 191.6% |
| Gross Profit | 405 | 1,446 | 779 | 1,144 | | -100.0% |
| SG&A | 411 | 417 | 693 | 829 | | -100.0% |
| EBITDA | -349 | 1,037 | 191 | 362 | | -100.0% |
| Net Income | -938 | 35 | 108 | 220 | 1,113 | 405.1% |
Balance Sheet
|
|---|
| Cash | 817 | 922 | 5,033 | 5,207 | | -100.0% |
| Short Term Debt | 3,873 | 1,725 | 1,227 | 7,795 | | -100.0% |
| Long Term Debt | 2,964 | 5,666 | 13,218 | 11,292 | | -100.0% |
Cash flow
|
|---|
| Capex | 22 | 26 | 44 | 126 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -68.9% | 208.4% | -47.9% | 104.3% | 191.6% | |
| EBITDA growth | -122.0% | -397.0% | -81.6% | 89.3% | | |
| Gross Margin | 22.9% | 26.6% | 27.4% | 19.7% | | -19.7% |
| EBITDA Margin | -19.8% | 19.0% | 6.7% | 6.2% | 0.0% | -6.2% |
| Net Income Margin | -53.1% | 0.6% | 3.8% | 3.8% | 6.6% | 2.8% |
| SG&A, % of revenue | 23.3% | 7.7% | 24.4% | 14.3% | | -14.3% |
| CAPEX, % of revenue | 1.2% | 0.5% | 1.6% | 2.2% | | -2.2% |
| ROIC | -3.2% | 7.3% | 0.5% | 1.0% | | -1.0% |
| ROE | -19.7% | 0.7% | 1.9% | 3.5% | | -3.5% |
| Net Debt/EBITDA | | 6.2x | 49.3x | 38.4x | | -38.4x |
Revenue and profitability
The company's Revenue surged on 192%.
Net Income marign increased on 2.8 pp from 3.8% to 6.6% in FY2016.
Appendix 1: Peers in Real Estate
Below you can find Greenland Hong Kong Holdings Ltd benchmarking vs. other companies in Real Estate 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 |
|---|
| 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% | 4.1% | 9.9% |
|---|
| Greenland Hong Kong Holdings Ltd ($337) | | 208.4% | -47.9% | 104.3% | 191.6% |
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) | 41.9% | 41.9% | 39.2% | 38.2% | 42.2% |
|---|
| Greenland Hong Kong Holdings Ltd ($337) | 22.9% | 26.6% | 27.4% | 19.7% | |
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) | 29.1% | 28.5% | 27.3% | 23.4% | 29.2% |
|---|
| Greenland Hong Kong Holdings Ltd ($337) | -19.8% | 19.0% | 6.7% | 6.2% | |
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% |
|---|
| Greenland Hong Kong Holdings Ltd ($337) | 1.2% | 0.5% | 1.6% | 2.2% | |
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) | 4.2% | 4.0% | 4.2% | 2.5% | 3.4% |
|---|
| Greenland Hong Kong Holdings Ltd ($337) | -3.2% | 7.3% | 0.5% | 1.0% | |
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 | 2.7x | 3.0x | 3.2x | 2.7x |
|---|
| Greenland Hong Kong Holdings Ltd ($337) | | 6.2x | 49.3x | 38.4x | |
