Tiande Chemical Holdings Ltd EBITDA Margin dropped on 27.8 pp from 27.8% to in 2016
27/03/2017 • About Tiande Chemical Holdings Ltd (
$609) • By InTwits
Tiande Chemical 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.
Tiande Chemical Holdings Ltd ($609) key annual financial indicators
| mln. CNY | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,004 | 1,195 | 1,121 | 1,123 | 1,265 | 12.6% |
| Gross Profit | 262 | 343 | 284 | 317 | | -100.0% |
| SG&A | 56 | 75 | 81 | 80 | | -100.0% |
| EBITDA | 256 | 326 | 281 | 312 | | -100.0% |
| Net Income | 159 | 188 | 155 | 172 | 220 | 27.4% |
Balance Sheet
|
|---|
| Cash | 50 | 50 | 63 | 118 | | -100.0% |
| Short Term Debt | 57 | 33 | 31 | 32 | | -100.0% |
| Long Term Debt | 17 | 0 | 0 | 0 | | |
Cash flow
|
|---|
| Capex | 133 | 103 | 85 | 99 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 3.3% | 19.1% | -6.2% | 0.2% | 12.6% | |
| EBITDA growth | 21.8% | 27.2% | -13.9% | 11.2% | | |
| Gross Margin | 26.1% | 28.7% | 25.3% | 28.2% | | -28.2% |
| EBITDA Margin | 25.5% | 27.3% | 25.1% | 27.8% | 0.0% | -27.8% |
| Net Income Margin | 15.9% | 15.7% | 13.8% | 15.3% | 17.4% | 2.0% |
| SG&A, % of revenue | 5.6% | 6.3% | 7.2% | 7.1% | | -7.1% |
| CAPEX, % of revenue | 13.3% | 8.7% | 7.6% | 8.8% | | -8.8% |
| ROIC | 26.2% | 29.4% | 20.7% | 20.6% | | -20.6% |
| ROE | 22.8% | 22.2% | 15.6% | 15.4% | | -15.4% |
| Net Debt/EBITDA | 0.1x | -0.0x | -0.1x | -0.3x | | 0.3x |
Revenue and profitability
The company's Revenue surged on 12.6%.
Net Income marign increased on 2.0 pp from 15.3% to 17.4% in FY2016.
Appendix 1: Peers in Chemicals
Below you can find Tiande Chemical Holdings Ltd benchmarking vs. other companies in Chemicals 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 |
|---|
| Bestway International Holdings Ltd ($718) | | -62.1% | 330.3% | 238.4% | 14,591.4% |
| China First Chemical Holdings Ltd ($2121) | | -6.8% | -18.0% | 72.5% | 5.3% |
| Strong Petrochemical Holdings Ltd ($852) | | 87.9% | -60.8% | 42.3% | -26.0% |
| Ko Yo Chemical Group Ltd ($827) | -5.6% | -0.6% | 2.3% | 40.8% | |
| China Sanjiang Fine Chemicals Co Ltd ($2198) | | 63.5% | -7.7% | 36.6% | 33.8% |
| |
|---|
| Median (32 companies) | -1.6% | 9.2% | 2.3% | -4.7% | 5.2% |
|---|
| Tiande Chemical Holdings Ltd ($609) | | 19.1% | -6.2% | 0.2% | 12.6% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huabao International Holdings Ltd ($336) | 70.5% | 69.1% | 70.8% | 69.9% | 68.9% |
| Zhejiang Changan Renheng Technology Co Ltd ($8139) | 50.4% | 50.1% | 46.9% | 49.9% | |
| China Flavors & Fragrances Co Ltd ($3318) | 46.8% | 48.6% | 47.8% | 48.9% | |
| Bestway International Holdings Ltd ($718) | 5.1% | 4.6% | 8.6% | 40.4% | 7.1% |
| Bracell Ltd ($1768) | 30.5% | 37.3% | 37.3% | 38.4% | |
| |
|---|
| Median (32 companies) | 19.5% | 18.5% | 17.7% | 18.7% | 18.9% |
|---|
| Tiande Chemical Holdings Ltd ($609) | 26.1% | 28.7% | 25.3% | 28.2% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huabao International Holdings Ltd ($336) | 63.8% | 59.1% | 60.0% | 58.3% | 51.2% |
| Bracell Ltd ($1768) | 22.3% | 30.8% | 38.2% | 35.9% | |
| Yingde Gases Group Co Ltd ($2168) | 29.4% | 29.8% | 32.3% | 33.4% | |
| Century Sunshine Group Holdings Ltd ($509) | 24.2% | 28.1% | 27.6% | 26.1% | |
| Jilin Qifeng Chemical Fiber Co Ltd ($549) | 8.2% | 18.3% | 18.0% | 22.2% | |
| |
|---|
| Median (32 companies) | 13.2% | 12.7% | 11.1% | 11.8% | 11.5% |
|---|
| Tiande Chemical Holdings Ltd ($609) | 25.5% | 27.3% | 25.1% | 27.8% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Landing International Development Ltd ($582) | 7.2% | 29.6% | 419.5% | 247.4% | |
| China Zenith Chemical Group Ltd ($362) | 147.3% | 55.7% | 67.4% | 152.2% | 191.4% |
| Smartac Group China Holdings Ltd ($395) | 14.0% | 4.7% | 49.3% | 52.4% | |
| China Flavors & Fragrances Co Ltd ($3318) | 15.8% | 20.1% | 42.4% | 35.8% | |
| Zhejiang Changan Renheng Technology Co Ltd ($8139) | 13.6% | 21.1% | 13.5% | 29.7% | |
| |
|---|
| Median (32 companies) | 7.2% | 9.2% | 5.6% | 7.2% | 2.4% |
|---|
| Tiande Chemical Holdings Ltd ($609) | 13.3% | 8.7% | 7.6% | 8.8% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Huabao International Holdings Ltd ($336) | 28.7% | 25.2% | 26.2% | 23.3% | 17.1% |
| Sinopec Shanghai Petrochemical Co Ltd ($338) | -6.9% | 8.1% | -2.4% | 16.5% | 26.3% |
| Century Sunshine Group Holdings Ltd ($509) | 11.3% | 15.9% | 16.4% | 13.3% | |
| Infinity Chemical Holdings Co Ltd ($640) | 11.1% | 10.2% | 8.8% | 12.7% | 7.4% |
| Jilin Qifeng Chemical Fiber Co Ltd ($549) | -1.3% | 2.6% | 5.9% | 11.6% | |
| |
|---|
| Median (32 companies) | 6.9% | 8.1% | 5.9% | 4.9% | 6.6% |
|---|
| Tiande Chemical Holdings Ltd ($609) | 26.2% | 29.4% | 20.7% | 20.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ko Yo Chemical Group Ltd ($827) | 8.8x | 22.0x | | 141.5x | |
| China Sanjiang Fine Chemicals Co Ltd ($2198) | 2.2x | 4.6x | 18.1x | 13.5x | |
| Sinofert Holdings Ltd ($297) | 2.9x | 32.4x | 5.0x | 8.4x | |
| Ngai Hing Hong Co Ltd ($1047) | 11.7x | 5.3x | 5.4x | 5.3x | 7.1x |
| China XLX Fertiliser Ltd ($1866) | 2.6x | 5.1x | 5.8x | 5.1x | |
| |
|---|
| Median (27 companies) | 1.9x | 2.5x | 1.5x | 2.3x | 0.7x |
|---|
| Tiande Chemical Holdings Ltd ($609) | 0.1x | -0.0x | -0.1x | -0.3x | |
