Trending stocks
$327  
$1  
$5  
$2  
$3  

TAI Ping Carpet International Ltd revenue jumped on 34.8% while EBITDA Margin decreased on 2.8 pp from 9.9% to 7.1%

15/10/2020 • About TAI Ping Carpet International Ltd ($146) • By InTwits

TAI Ping Carpet International Ltd reported FY2020 financial results today. Here are the key drivers of the company's long term financial model:
  • TAI Ping Carpet International Ltd motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 was 0.0% while average EBITDA Margin was -1.1% for the sames years
  • The company has unprofitable business model: ROIC is -7.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


The company's Revenue surged on 34.8%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 2.8 pp from 9.9% to 7.1% in FY2020.

Gross Margin decreased slightly on 0.66 pp from 54.6% to 53.9% in FY2020. SG&A as a % of Revenue increased on 3.0 pp from 57.9% to 61.0% in FY2020.

Net Income margin decreased on 3.5 pp from -1.5% to -5.0% in FY2020.

Investments (CAPEX, working capital and M&A)


In FY2020 TAI Ping Carpet International Ltd had CAPEX/Revenue of 2.5%. The company showed big decline in CAPEX/Revenue of 20.7 pp from 23.2% in FY2017 to 2.5% in FY2020. It's average level of CAPEX/Revenue for the last three years was 5.0%.

Return on investment


The company operates at negative ROIC (-7.1%) and ROE (-9.6%). ROIC decreased on 5.8 pp from -1.3% to -7.1% in FY2020. ROE decreased on 7.6 pp from -2.0% to -9.6% in FY2020.

Leverage (Debt)


Company's Net Debt / EBITDA is 0.2x and Debt / EBITDA is 2.8x. Net Debt / EBITDA surged on 0.8x from -0.6x to 0.2x in FY2020. Debt surged on 86.2% while cash jumped on 23.7%.

TAI Ping Carpet International Ltd has no short term refinancing risk: cash is higher than short term debt (241.2%).

Financial and operational results


FY ended 30/06/2020

TAI Ping Carpet International Ltd ($146) key annual financial indicators

mln. HKD201620172018201920202020/2019
P&L
Revenue1,32044754154873834.8%
Gross Profit21329429939833.2%
SG&A37934531745041.9%
EBITDA-131-175452-3.3%
Net Income-33194-34-8-37
Balance Sheet
Cash2649311013623.7%
Short Term Debt620295693.0%
Long Term Debt00509282.3%
Cash flow
Capex10453151826.2%
Ratios
Revenue growth0.6%-66.2%21.1%1.3%34.8%
EBITDA growth-86.8%-414.7%-3.3%

Gross Margin47.6%54.3%54.6%53.9%-0.7%
EBITDA Margin-29.2%-3.2%9.9%7.1%-2.8%
SG&A, % of revenue84.9%63.8%57.9%61.0%3.0%
Net Income Margin-2.5%43.5%-6.3%-1.5%-5.0%-3.5%
CAPEX, % of revenue23.2%9.8%2.7%2.5%-0.2%

ROIC-22.8%-8.1%-1.3%-7.1%-5.8%
ROE33.3%-7.4%-2.0%-9.6%-7.6%
Net Debt/EBITDA-0.6x0.2x0.8x

Peers in Textiles


Below you can find TAI Ping Carpet International Ltd benchmarking vs. other companies in Textiles 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  FY2016 FY2017 FY2018 FY2019 FY2020
Art Textile Technology International Co Ltd ($565)-32.4%7.4%6.3%-24.7%
 
Median (1 company)-0.4%32.4%7.4%6.3%-24.7%
TAI Ping Carpet International Ltd ($146)--66.2%21.1%1.3%34.8%


Top companies by Gross margin, %

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Art Textile Technology International Co Ltd ($565)65.1%67.8%69.3%69.9%60.1%
 
Median (1 company)24.7%67.8%69.3%69.9%60.1%
TAI Ping Carpet International Ltd ($146)-47.6%54.3%54.6%53.9%


Top companies by EBITDA margin, %

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Art Textile Technology International Co Ltd ($565)67.2%101.8%91.3%59.5%3.7%
 
Median (1 company)15.8%101.8%91.3%59.5%3.7%
TAI Ping Carpet International Ltd ($146)--29.2%-3.2%9.9%7.1%


Top companies by CAPEX/Revenue, %

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Art Textile Technology International Co Ltd ($565)8.3%4.3%0.8%0.6%4.1%
 
Median (1 company)5.1%4.3%0.8%0.6%4.1%
TAI Ping Carpet International Ltd ($146)-23.2%9.8%2.7%2.5%


Top companies by ROIC, %

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Art Textile Technology International Co Ltd ($565)2.7%6.4%5.9%3.8%0.1%
 
Median (1 company)4.2%6.4%5.9%3.8%0.1%
TAI Ping Carpet International Ltd ($146)--22.8%-8.1%-1.3%-7.1%


Top companies by Net Debt / EBITDA

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Art Textile Technology International Co Ltd ($565)10.7x3.4x3.4x3.9x86.8x
 
Median (1 company)1.4x3.4x3.4x3.9x86.8x
TAI Ping Carpet International Ltd ($146)----0.6x0.2x