Jinmao Investments and Jinmao China Investments Holdings Ltd reports 41.5 pp EBITDA Margin decline from 41.5% to in 2016 in 2016
27/03/2017 • About Jinmao Investments and Jinmao China Investments Holdings Ltd (
$6139) • By InTwits
Jinmao Investments and Jinmao China Investments Holdings 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.
Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,649 | 2,634 | 2,761 | 2,974 | 2,451 | -17.6% |
| Gross Profit | 1,576 | 1,527 | 1,553 | 1,667 | | -100.0% |
| SG&A | 777 | 750 | 1,164 | 978 | | -100.0% |
| EBITDA | 1,090 | 1,066 | 712 | 1,234 | | -100.0% |
| Net Income | 639 | 1,013 | 907 | 543 | 375 | -31.0% |
Balance Sheet
|
|---|
| Cash | 1,360 | 1,183 | 886 | 575 | | -100.0% |
| Short Term Debt | 5,059 | 3,470 | 2,183 | 2,304 | | -100.0% |
| Long Term Debt | 1,193 | 2,099 | 6,139 | 5,994 | | -100.0% |
Cash flow
|
|---|
| Capex | 215 | 755 | 1,529 | 671 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -1.4% | -0.6% | 4.8% | 7.7% | -17.6% | |
| EBITDA growth | -0.9% | -2.2% | -33.2% | 73.3% | | |
| Gross Margin | 59.5% | 58.0% | 56.3% | 56.0% | | -56.0% |
| EBITDA Margin | 41.2% | 40.5% | 25.8% | 41.5% | 0.0% | -41.5% |
| Net Income Margin | 24.1% | 38.5% | 32.9% | 18.2% | 15.3% | -3.0% |
| SG&A, % of revenue | 29.3% | 28.5% | 42.1% | 32.9% | | -32.9% |
| CAPEX, % of revenue | 8.1% | 28.7% | 55.4% | 22.6% | | -22.6% |
| ROIC | 4.4% | 4.3% | 2.1% | 4.5% | | -4.5% |
| ROE | 6.6% | 9.2% | 8.6% | 6.2% | | -6.2% |
| Net Debt/EBITDA | 4.5x | 4.1x | 10.4x | 6.3x | | -6.3x |
Revenue and profitability
The company's Revenue dropped on 17.6%.
Net Income marign decreased on 3.0 pp from 18.2% to 15.3% in FY2016.
Appendix 1: Peers in Lodging
Below you can find Jinmao Investments and Jinmao China Investments Holdings Ltd benchmarking vs. other companies in Lodging 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 |
|---|
| China New City Commercial Development Ltd ($1321) | | 433.0% | -76.2% | 141.3% | 70.3% |
| Zhuhai Holdings Investment Group Ltd ($908) | 229.8% | 14.5% | 57.0% | 76.3% | |
| Shanghai Jin Jiang International Hotels Group Co Ltd ($2006) | -28.8% | 3.2% | 0.8% | 29.9% | |
| Century City International Holdings Ltd ($355) | 283.6% | 108.7% | -35.8% | 25.9% | |
| Far East Consortium International Ltd/HK ($35) | | 111.9% | 9.0% | 25.7% | -21.8% |
| |
|---|
| Median (23 companies) | 11.5% | 13.8% | 0.7% | -10.2% | -2.8% |
|---|
| Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) | | -0.6% | 4.8% | 7.7% | -17.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| SJM Holdings Ltd ($880) | 99.7% | 99.7% | 99.7% | 99.5% | 99.4% |
| Wynn Macau Ltd ($1128) | 97.9% | 98.3% | 98.5% | 98.4% | |
| Emperor Entertainment Hotel Ltd ($296) | 77.1% | 75.6% | 76.8% | 70.9% | 65.5% |
| Asia Standard Hotel Group Ltd ($292) | 60.7% | 73.4% | 72.1% | 67.6% | 65.8% |
| Sino Hotels Holdings Ltd ($1221) | 71.3% | 70.4% | 68.9% | 65.8% | 62.0% |
| |
|---|
| Median (17 companies) | 55.7% | 46.3% | 51.3% | 45.4% | 62.0% |
|---|
| Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) | 59.5% | 58.0% | 56.3% | 56.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| NagaCorp Ltd ($3918) | 49.8% | 50.1% | 42.8% | 45.3% | 48.1% |
| Emperor Entertainment Hotel Ltd ($296) | 44.9% | 46.4% | 46.9% | 43.1% | 36.2% |
| Asia Standard Hotel Group Ltd ($292) | -23.9% | 65.2% | 49.9% | 40.4% | 17.8% |
| Sino Hotels Holdings Ltd ($1221) | 46.5% | 45.9% | 43.1% | 39.6% | 33.1% |
| Far East Consortium International Ltd/HK ($35) | 57.2% | 34.5% | 43.0% | 36.4% | 37.3% |
| |
|---|
| Median (23 companies) | 26.7% | 26.4% | 25.8% | 22.6% | 23.7% |
|---|
| Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) | 41.2% | 40.5% | 25.8% | 41.5% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Macau Legend Development Ltd ($1680) | 5.0% | 24.2% | 73.0% | 68.5% | |
| Wynn Macau Ltd ($1128) | 5.2% | 11.0% | 28.2% | 66.6% | |
| Legend Strategy International Holdings Group Co Ltd ($1355) | 17.0% | 38.0% | 1.2% | 62.6% | |
| Century City International Holdings Ltd ($355) | 21.2% | 32.9% | 13.4% | 35.8% | |
| Shangri-La Asia Ltd ($69) | 48.5% | 33.1% | 41.2% | 34.3% | |
| |
|---|
| Median (23 companies) | 6.3% | 8.9% | 10.8% | 12.8% | 10.3% |
|---|
| Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) | 8.1% | 28.7% | 55.4% | 22.6% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| NagaCorp Ltd ($3918) | 30.6% | 28.9% | 22.6% | 28.6% | 21.3% |
| MGM China Holdings Ltd ($2282) | 46.2% | 53.8% | 54.5% | 24.0% | 16.0% |
| Sands China Ltd ($1928) | 14.2% | 24.4% | 26.7% | 15.8% | 14.3% |
| Emperor Entertainment Hotel Ltd ($296) | 22.2% | 21.1% | 18.4% | 12.0% | 7.5% |
| Galaxy Entertainment Group Ltd ($27) | 25.2% | 30.0% | 27.5% | 10.2% | 12.7% |
| |
|---|
| Median (23 companies) | 7.6% | 5.7% | 3.9% | 2.7% | 4.8% |
|---|
| Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) | 4.4% | 4.3% | 2.1% | 4.5% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China New City Commercial Development Ltd ($1321) | 26.0x | 7.9x | | 100.1x | |
| Century City International Holdings Ltd ($355) | 6.5x | 9.3x | 11.2x | 12.3x | |
| Regal Hotels International Holdings Ltd ($78) | 5.0x | 8.7x | 11.8x | 11.1x | |
| Shangri-La Asia Ltd ($69) | 6.0x | 6.8x | 6.9x | 9.8x | 14.7x |
| Macau Legend Development Ltd ($1680) | 2.2x | 0.6x | 0.2x | 7.1x | |
| |
|---|
| Median (21 companies) | 0.5x | 0.6x | 0.5x | 4.0x | 1.9x |
|---|
| Jinmao Investments and Jinmao China Investments Holdings Ltd ($6139) | 4.5x | 4.1x | 10.4x | 6.3x | |
