Ka Shui International Holdings Ltd revenue surged on 13.2%
27/03/2017 • About Ka Shui International Holdings Ltd (
$822) • By InTwits
Ka Shui International Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with high leverage: Net Debt/EBITDA is 9.6x while industry average is 2.9x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ka Shui International Holdings Ltd ($822) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,569 | 1,807 | 1,582 | 1,539 | 1,742 | 13.2% |
| Gross Profit | 354 | 398 | 310 | 292 | | -100.0% |
| SG&A | 172 | 239 | 281 | 263 | | -100.0% |
| EBITDA | 225 | 171 | 190 | 94 | | -100.0% |
| Net Income | 126 | 61 | 77 | -63 | 59 | |
Balance Sheet
|
|---|
| Cash | 135 | 280 | 237 | 261 | | -100.0% |
| Short Term Debt | 330 | 498 | 522 | 423 | | -100.0% |
| Long Term Debt | 1 | 0 | 28 | 181 | | -100.0% |
Cash flow
|
|---|
| Capex | 145 | 134 | 176 | 101 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 31.7% | 15.1% | -12.4% | -2.7% | 13.2% | |
| EBITDA growth | 49.2% | -24.0% | 11.0% | -50.3% | | |
| Gross Margin | 22.5% | 22.1% | 19.6% | 19.0% | | -19.0% |
| EBITDA Margin | 14.3% | 9.5% | 12.0% | 6.1% | 0.0% | -6.1% |
| Net Income Margin | 8.0% | 3.4% | 4.9% | -4.1% | 3.4% | 7.5% |
| SG&A, % of revenue | 11.0% | 13.2% | 17.7% | 17.1% | | -17.1% |
| CAPEX, % of revenue | 9.3% | 7.4% | 11.1% | 6.5% | | -6.5% |
| ROIC | 14.6% | 7.1% | 7.6% | 0.5% | | -0.5% |
| ROE | 16.3% | 7.5% | 9.5% | -8.2% | | 8.2% |
| Net Debt/EBITDA | 0.9x | 1.3x | 1.7x | 3.6x | | -3.6x |
Revenue and profitability
Ka Shui International Holdings Ltd's Revenue jumped on 13.2%.
Net Income marign increased on 7.5 pp from -4.1% to 3.4% in FY2016.
Appendix 1: Peers in Metal Fabricate/Hardware
Below you can find Ka Shui International Holdings Ltd benchmarking vs. other companies in Metal Fabricate/Hardware 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 |
|---|
| EVA Precision Industrial Holdings Ltd ($838) | | 12.2% | 30.1% | 2.3% | -9.2% |
| China Zhongwang Holdings Ltd ($1333) | | 6.0% | 11.6% | 1.3% | 3.2% |
| Shengli Oil & Gas Pipe Holdings Ltd ($1080) | | 33.1% | -21.4% | -2.7% | 59.9% |
| Lung Kee Bermuda Holdings ($255) | | -7.5% | 8.2% | -5.2% | -2.9% |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 16.3% | -48.4% | 32.2% | -5.2% | |
| |
|---|
| Median (8 companies) | 0.1% | 8.0% | 9.9% | -5.2% | 3.2% |
|---|
| Ka Shui International Holdings Ltd ($822) | | 15.1% | -12.4% | -2.7% | 13.2% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Zhongwang Holdings Ltd ($1333) | 24.2% | 26.8% | 28.0% | 32.9% | |
| EVA Precision Industrial Holdings Ltd ($838) | 21.6% | 24.1% | 26.2% | 26.5% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 17.0% | 15.4% | 11.6% | 16.0% | |
| New Times Energy Corp Ltd ($166) | -2.7% | 0.8% | 22.6% | 4.6% | |
| Shengli Oil & Gas Pipe Holdings Ltd ($1080) | 3.7% | 3.4% | 1.3% | 2.0% | |
| |
|---|
| Median (7 companies) | 3.7% | 11.5% | 11.6% | 4.6% | 12.6% |
|---|
| Ka Shui International Holdings Ltd ($822) | 22.5% | 22.1% | 19.6% | 19.0% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Zhongwang Holdings Ltd ($1333) | 22.3% | 24.3% | 24.2% | 29.1% | |
| Lung Kee Bermuda Holdings ($255) | 15.3% | 14.8% | 11.7% | 15.2% | |
| EVA Precision Industrial Holdings Ltd ($838) | 10.4% | 9.9% | 16.7% | 14.9% | |
| Burwill Holdings Ltd ($24) | -0.8% | -0.6% | -0.4% | -1.4% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 13.1% | 5.8% | -2.4% | -1.7% | |
| |
|---|
| Median (8 companies) | 8.9% | 8.0% | 2.4% | -1.5% | 12.0% |
|---|
| Ka Shui International Holdings Ltd ($822) | 14.3% | 9.5% | 12.0% | 6.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Zhongwang Holdings Ltd ($1333) | 56.3% | 41.6% | 54.8% | 63.1% | |
| New Times Energy Corp Ltd ($166) | 11.4% | 1.7% | 52.1% | 61.1% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 25.9% | 71.7% | 31.4% | 17.1% | |
| EVA Precision Industrial Holdings Ltd ($838) | 9.2% | 6.3% | 6.3% | 8.0% | |
| Lung Kee Bermuda Holdings ($255) | 11.6% | 9.6% | 11.0% | 4.5% | |
| |
|---|
| Median (8 companies) | 11.5% | 7.5% | 8.6% | 6.2% | |
|---|
| Ka Shui International Holdings Ltd ($822) | 9.3% | 7.4% | 11.1% | 6.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Zhongwang Holdings Ltd ($1333) | 9.5% | 8.8% | 7.4% | 6.9% | |
| EVA Precision Industrial Holdings Ltd ($838) | 3.3% | 1.9% | 9.1% | 6.4% | |
| Lung Kee Bermuda Holdings ($255) | 6.7% | 4.9% | 3.2% | 4.8% | |
| Chu Kong Petroleum & Natural Gas Steel Pipe Holdings Ltd ($1938) | 8.3% | 0.1% | -2.0% | -2.0% | |
| New Times Energy Corp Ltd ($166) | -1.7% | -1.8% | -2.6% | -2.1% | |
| |
|---|
| Median (8 companies) | 2.9% | 1.8% | -1.7% | -2.1% | 3.3% |
|---|
| Ka Shui International Holdings Ltd ($822) | 14.6% | 7.1% | 7.6% | 0.5% | |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Zhongwang Holdings Ltd ($1333) | 1.3x | 2.6x | 4.1x | 6.2x | |
| EVA Precision Industrial Holdings Ltd ($838) | 1.1x | 1.8x | 1.2x | 0.7x | |
| Lung Kee Bermuda Holdings ($255) | -1.5x | -1.6x | -0.9x | -1.4x | |
| |
|---|
| Median (3 companies) | 1.3x | 4.4x | 2.7x | 0.7x | 2.9x |
|---|
| Ka Shui International Holdings Ltd ($822) | 0.9x | 1.3x | 1.7x | 3.6x | |
