Kai Yuan Holdings Ltd EBITDA Margin dropped on 50.2 pp from 50.2% to in 2016
27/03/2017 • About Kai Yuan Holdings Ltd (
$1215) • By InTwits
Kai Yuan Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Kai Yuan Holdings Ltd is a company in decline: FY2016 revenue growth was -16.1%, 5 years revenue CAGR was -3.5%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Kai Yuan Holdings Ltd ($1215) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 659.0 | 757.5 | 88.7 | 329.7 | 276.6 | -16.1% |
| Gross Profit | -1.3 | 71.7 | 27.6 | 110.4 | | -100.0% |
| SG&A | | | 212.7 | 55.7 | | -100.0% |
| EBITDA | 0.8 | 70.5 | -104.8 | 165.4 | | -100.0% |
| Net Income | -1,066.8 | -104.9 | 106.4 | -20.3 | -129.4 | |
Balance Sheet
|
|---|
| Cash | 530.4 | 196.8 | 400.9 | 329.4 | | -100.0% |
| Short Term Debt | 413.7 | 147.6 | 136.7 | 1,866.3 | | -100.0% |
| Long Term Debt | 0.0 | 0.0 | 3,633.6 | 1,581.2 | | -100.0% |
Cash flow
|
|---|
| Capex | 25.4 | 53.4 | 53.1 | 18.0 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 99.1% | 14.9% | -88.3% | 271.8% | -16.1% | |
| EBITDA growth | -84.8% | 8,582.8% | -248.6% | -257.9% | | |
| Gross Margin | -0.2% | 9.5% | 31.1% | 33.5% | | -33.5% |
| EBITDA Margin | 0.1% | 9.3% | -118.1% | 50.2% | 0.0% | -50.2% |
| Net Income Margin | -161.9% | -13.8% | 120.0% | -6.2% | -46.8% | -40.6% |
| SG&A, % of revenue | | | 239.8% | 16.9% | | -16.9% |
| CAPEX, % of revenue | 3.9% | 7.0% | 59.8% | 5.4% | | -5.4% |
| ROIC | -1.6% | 0.3% | -3.4% | 0.8% | | -0.8% |
| ROE | -35.1% | -4.0% | 3.9% | -0.8% | | 0.8% |
| Net Debt/EBITDA | -143.8x | -0.7x | | 18.8x | | -18.8x |
Revenue and profitability
The company's Revenue dropped on 16.1%.
Net Income marign dropped on 40.6 pp from -6.2% to -46.8% in FY2016.
Appendix 1: Peers in Commercial Services
Below we provide Kai Yuan Holdings Ltd benchmarking against other companies in Commercial Services 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 |
|---|
| China Seven Star Holdings Ltd ($245) | | -81.8% | -39.3% | 195.3% | 14.5% |
| China Smartpay Group Holdings Ltd ($8325) | | 274.7% | 75.6% | 124.5% | 79.5% |
| Celebrate International Holdings Ltd ($8212) | | 1,437.6% | -6.3% | 117.0% | -78.1% |
| Haier Healthwise Holdings Ltd ($348) | | -50.1% | -7.5% | 101.1% | -9.4% |
| CAR Inc ($699) | | 68.0% | 30.3% | 42.1% | 29.0% |
| |
|---|
| Median (68 companies) | -5.0% | 8.3% | 10.0% | 4.0% | 6.5% |
|---|
| Kai Yuan Holdings Ltd ($1215) | | 14.9% | -88.3% | 271.8% | -16.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| HC International Inc ($2280) | 87.5% | 91.9% | 92.5% | 89.6% | |
| Winto Group Holdings Ltd ($8238) | 90.2% | 93.4% | 92.0% | 88.4% | |
| Dingyi Group Investment Ltd ($508) | 75.8% | | 64.5% | 86.0% | 89.6% |
| Fu Shou Yuan International Group Ltd ($1448) | 80.5% | 80.4% | 80.0% | 77.6% | 79.1% |
| Nirvana Asia Ltd ($1438) | 68.3% | 69.6% | 70.5% | 75.7% | |
| |
|---|
| Median (61 companies) | 31.9% | 31.0% | 31.0% | 30.9% | 33.2% |
|---|
| Kai Yuan Holdings Ltd ($1215) | -0.2% | 9.5% | 31.1% | 33.5% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Zuoli Kechuang Micro-Finance Co Ltd ($6866) | 61.6% | 84.9% | 75.9% | 80.9% | |
| Shenzhen International Holdings Ltd ($152) | 60.2% | 65.8% | 97.1% | 73.6% | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 78.3% | 74.5% | 74.0% | 71.6% | 84.1% |
| CAR Inc ($699) | 43.6% | 30.1% | 43.1% | 67.4% | 62.5% |
| Jiangsu Expressway Co Ltd ($177) | 57.0% | 60.7% | 59.3% | 61.5% | 63.6% |
| |
|---|
| Median (68 companies) | 17.9% | 16.2% | 12.0% | 9.3% | 4.0% |
|---|
| Kai Yuan Holdings Ltd ($1215) | 0.1% | 9.3% | -118.1% | 50.2% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Blue Sky Power Holdings Ltd ($6828) | 21.3% | 9.0% | 13.9% | 47.4% | |
| COSCO Pacific Ltd ($1199) | 96.6% | 66.6% | 43.3% | 45.8% | |
| Shenzhen International Holdings Ltd ($152) | 23.0% | 22.1% | 20.9% | 35.0% | |
| Celebrate International Holdings Ltd ($8212) | 211.7% | 12.0% | 6.2% | 34.2% | 18.6% |
| China Maple Leaf Educational Systems Ltd ($1317) | 25.7% | 50.9% | 21.1% | 32.8% | 18.0% |
| |
|---|
| Median (68 companies) | 2.6% | 3.2% | 2.5% | 3.4% | 3.1% |
|---|
| Kai Yuan Holdings Ltd ($1215) | 3.9% | 7.0% | 59.8% | 5.4% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bamboos Health Care Holdings Ltd ($8216) | | 71.1% | 50.1% | 58.3% | 40.0% |
| Wonderful Sky Financial Group Holdings Ltd ($1260) | 51.5% | 26.6% | 30.0% | 29.5% | 19.8% |
| 1010 Printing Group Ltd ($1127) | 13.5% | 20.8% | 17.8% | 19.9% | 18.8% |
| China Packaging Holdings Development Ltd ($1439) | 52.0% | 46.6% | 34.1% | 19.8% | |
| iOne Holdings Ltd ($982) | 12.5% | 11.1% | 9.4% | 19.2% | |
| |
|---|
| Median (68 companies) | 7.5% | 7.7% | 6.3% | 3.5% | 3.8% |
|---|
| Kai Yuan Holdings Ltd ($1215) | -1.6% | 0.3% | -3.4% | 0.8% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Celebrate International Holdings Ltd ($8212) | | | | 22.2x | |
| Eagle Legend Asia Ltd ($936) | 4.0x | 4.0x | 3.3x | 6.2x | |
| Sichuan Expressway Co Ltd ($107) | 2.7x | 3.8x | 4.3x | 5.5x | |
| Yuexiu Transport Infrastructure Ltd ($1052) | 4.5x | 3.1x | 2.7x | 5.3x | 3.5x |
| Dalian Port PDA Co Ltd ($2880) | 5.7x | 4.8x | 4.7x | 4.1x | 0.6x |
| |
|---|
| Median (44 companies) | 0.0x | -0.5x | -0.8x | -0.8x | -1.7x |
|---|
| Kai Yuan Holdings Ltd ($1215) | -143.8x | -0.7x | | 18.8x | |
