Tristate Holdings Ltd revenue decline decelerated from 29.7% in FY2015 to 10.4% in FY2016
27/03/2017 • About Tristate Holdings Ltd (
$458) • By InTwits
Tristate Holdings Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Tristate Holdings Ltd is a company in decline: FY2016 revenue growth was -10.4%, 5 years revenue CAGR was -7.2%
- It operates with high leverage: Net Debt/EBITDA is 5.8x while industry average is -4.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Tristate Holdings Ltd ($458) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,388 | 3,600 | 3,580 | 2,516 | 2,254 | -10.4% |
| Gross Profit | 1,014 | 1,107 | 1,091 | 581 | | -100.0% |
| SG&A | 520 | 574 | 1,004 | 769 | | -100.0% |
| EBITDA | 233 | 200 | 92 | 155 | | -100.0% |
| Net Income | 109 | 43 | 148 | -46 | -84 | |
Balance Sheet
|
|---|
| Cash | 495 | 624 | 658 | 637 | | -100.0% |
| Short Term Debt | 294 | 404 | 444 | 325 | | -100.0% |
| Long Term Debt | 146 | 94 | 24 | 0 | | |
Cash flow
|
|---|
| Capex | 73 | 75 | 54 | 188 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 3.5% | 6.3% | -0.6% | -29.7% | -10.4% | |
| EBITDA growth | -32.0% | -14.2% | -53.8% | 67.9% | | |
| Gross Margin | 29.9% | 30.8% | 30.5% | 23.1% | | -23.1% |
| EBITDA Margin | 6.9% | 5.5% | 2.6% | 6.1% | 0.0% | -6.1% |
| Net Income Margin | 3.2% | 1.2% | 4.1% | -1.8% | -3.7% | -1.9% |
| SG&A, % of revenue | 15.3% | 15.9% | 28.1% | 30.6% | | -30.6% |
| CAPEX, % of revenue | 2.1% | 2.1% | 1.5% | 7.5% | | -7.5% |
| ROIC | 7.6% | 3.6% | -2.6% | -0.0% | | 0.0% |
| ROE | 7.9% | 3.0% | 9.9% | -3.1% | | 3.1% |
| Net Debt/EBITDA | -0.2x | -0.6x | -2.1x | -2.0x | | 2.0x |
Revenue and profitability
The company's Revenue dropped on 10.4%.
Net Income marign decreased slightly on 1.9 pp from -1.8% to -3.7% in FY2016.
Appendix 1: Peers in Apparel
Below we provide Tristate Holdings Ltd benchmarking against other companies in Apparel 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 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | | 46.8% | 20.4% | 33.1% | 3.6% |
| Highlight China IoT International Ltd ($1682) | | 17.7% | -73.7% | 29.6% | -55.0% |
| Koradior Holdings Ltd ($3709) | | 44.7% | 47.7% | 23.9% | 24.5% |
| Kingmaker Footwear Holdings Ltd ($1170) | | 9.3% | 6.3% | 23.7% | -1.5% |
| Cosmo Lady China Holdings Co Ltd ($2298) | | 29.2% | 37.4% | 23.6% | -8.9% |
| |
|---|
| Median (52 companies) | 12.3% | 5.4% | 5.5% | -1.5% | -1.5% |
|---|
| Tristate Holdings Ltd ($458) | | 6.3% | -0.6% | -29.7% | -10.4% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 38.5% | 42.3% | 59.6% | 75.6% | |
| Koradior Holdings Ltd ($3709) | 62.8% | 69.3% | 73.3% | 73.7% | |
| Prada SpA ($1913) | 71.5% | 72.1% | 73.8% | 71.8% | 72.4% |
| China Outfitters Holdings Ltd ($1146) | 74.9% | 74.3% | 70.0% | 65.7% | |
| Crocodile Garments ($122) | 64.7% | 60.7% | 60.4% | 62.1% | 59.7% |
| |
|---|
| Median (51 companies) | 24.8% | 23.5% | 24.9% | 25.0% | 19.1% |
|---|
| Tristate Holdings Ltd ($458) | 29.9% | 30.8% | 30.5% | 23.1% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| China Lilang Ltd ($1234) | 26.3% | 26.9% | 29.4% | 30.6% | 28.6% |
| Cabbeen Fashion Ltd ($2030) | 25.0% | 29.7% | 28.4% | 29.0% | 22.9% |
| Fuguiniao Co Ltd ($1819) | 24.5% | 26.1% | 26.7% | 27.9% | |
| Prada SpA ($1913) | 29.6% | 31.7% | 31.7% | 26.8% | 22.4% |
| Shenzhou International Group Holdings Ltd ($2313) | 26.4% | 26.2% | 26.1% | 26.7% | 29.1% |
| |
|---|
| Median (52 companies) | 11.1% | 10.9% | 7.5% | 7.2% | 4.0% |
|---|
| Tristate Holdings Ltd ($458) | 6.9% | 5.5% | 2.6% | 6.1% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Symphony Holdings Ltd/Hong Kong ($1223) | 136.9% | 70.3% | 13.5% | 28.5% | |
| Shenzhou International Group Holdings Ltd ($2313) | 7.3% | 7.9% | 10.2% | 16.1% | |
| Crocodile Garments ($122) | 20.1% | 22.1% | 1.8% | 13.5% | 1.8% |
| Texhong Textile Group Ltd ($2678) | 8.9% | 11.8% | 5.8% | 10.5% | |
| Prada SpA ($1913) | 9.7% | 10.6% | 15.3% | 10.2% | 11.1% |
| |
|---|
| Median (51 companies) | 2.3% | 3.0% | 2.5% | 2.3% | 2.1% |
|---|
| Tristate Holdings Ltd ($458) | 2.1% | 2.1% | 1.5% | 7.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Koradior Holdings Ltd ($3709) | 45.2% | 69.5% | 36.5% | 31.0% | |
| Cosmo Lady China Holdings Co Ltd ($2298) | 41.7% | 56.0% | 38.6% | 27.8% | |
| Cabbeen Fashion Ltd ($2030) | 32.3% | 32.9% | 26.5% | 27.0% | 16.1% |
| Sitoy Group Holdings Ltd ($1023) | 39.3% | 28.7% | 31.8% | 22.0% | 16.4% |
| Prada SpA ($1913) | 32.1% | 37.4% | 34.0% | 21.9% | 14.0% |
| |
|---|
| Median (52 companies) | 12.4% | 7.3% | 5.3% | 5.7% | 1.4% |
|---|
| Tristate Holdings Ltd ($458) | 7.6% | 3.6% | -2.6% | -0.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| S Culture International Holdings Ltd ($1255) | 1.4x | 0.7x | 2.4x | 158.1x | |
| High Fashion International Ltd ($608) | 16.7x | 27.7x | 11.2x | 5.2x | |
| Global Brands Group Holding Ltd ($787) | -0.4x | -0.3x | 1.3x | 2.1x | |
| Fuguiniao Co Ltd ($1819) | -0.0x | -0.7x | 0.3x | 1.9x | |
| Texhong Textile Group Ltd ($2678) | 1.4x | 1.3x | 2.3x | 1.4x | 1.7x |
| |
|---|
| Median (38 companies) | -0.3x | -0.7x | -0.2x | -1.0x | -0.6x |
|---|
| Tristate Holdings Ltd ($458) | -0.2x | -0.6x | -2.1x | -2.0x | |
