Sunplus Technology Co Ltd Net Income dropped on 79.6% in 2016
15 Mar 2017 • About Sunplus Technology Co Ltd (
$SUPD) • By InTwits
Sunplus Technology Co Ltd reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Sunplus Technology Co Ltd is a company in decline: FY2016 revenue growth was -10.7%, 5 years revenue CAGR was -4.0%
- It operates with high leverage: Net Debt/EBITDA is 1.2x while industry average is 0.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Sunplus Technology Co Ltd ($SUPD) key annual financial indicators
| mln. TWD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 8,615 | 8,522 | 7,872 | 8,466 | 7,556 | -10.7% |
| Gross Profit | 3,269 | 3,398 | 3,314 | 3,523 | | -100.0% |
| SG&A | 3,705 | 3,413 | 2,761 | 2,955 | | -100.0% |
| EBITDA | -29 | 457 | 994 | 932 | | -100.0% |
| Net Income | -934 | 53 | 423 | 589 | 120 | -79.6% |
Balance Sheet
|
|---|
| Cash | 4,493 | 4,331 | 3,577 | 4,443 | | -100.0% |
| Short Term Debt | 983 | 1,104 | 1,209 | 1,266 | | -100.0% |
| Long Term Debt | 1,368 | 705 | 657 | 1,256 | | -100.0% |
Cash flow
|
|---|
| Capex | 410 | 540 | 1,184 | 381 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -6.9% | -1.1% | -7.6% | 7.6% | -10.7% | |
| EBITDA growth | -78.5% | -1,700.8% | 117.4% | -6.2% | | |
| Gross Margin | 37.9% | 39.9% | 42.1% | 41.6% | | -41.6% |
| EBITDA Margin | -0.3% | 5.4% | 12.6% | 11.0% | 0.0% | -11.0% |
| Net Income Margin | -10.8% | 0.6% | 5.4% | 7.0% | 1.6% | -5.4% |
| SG&A, % of revenue | 43.0% | 40.0% | 35.1% | 34.9% | | -34.9% |
| CAPEX, % of revenue | 4.8% | 6.3% | 15.0% | 4.5% | | -4.5% |
| ROIC | -3.5% | -0.1% | 4.4% | 4.3% | | -4.3% |
| ROE | -10.6% | 0.6% | 4.7% | 6.3% | | -6.3% |
| Net Debt/EBITDA | | -5.5x | -1.7x | -2.1x | | 2.1x |
Revenue and profitability
The company's Revenue dropped on 10.7% in FY2016.
Net Income marign decreased on 5.4 pp from 7.0% to 1.6% in FY2016.
Appendix 1: Peers in Technology Hardware & Equipment
Below we provide Sunplus Technology Co Ltd benchmarking against other companies in Technology Hardware & Equipment 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 |
|---|
| Trakm8 Holdings ($TRAK) | | -8.9% | 93.5% | 94.2% | 43.7% |
| Mti Wireless Edge ($MWE) | | 5.6% | 6.8% | 36.5% | 18.9% |
| Concurrent Technologies ($CNC) | -7.3% | -7.3% | 8.0% | 33.3% | |
| Toumaz Ld ($TMZ) | 279.7% | 150.3% | 19.5% | 22.1% | |
| Seeing Machines ($SEE) | | 66.3% | 43.3% | 13.3% | 76.8% |
| |
|---|
| Median (19 companies) | 6.2% | 3.4% | 3.4% | 0.2% | 0.6% |
|---|
| Sunplus Technology Co Ltd ($SUPD) | | -1.1% | -7.6% | 7.6% | -10.7% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cml Microsystems ($CML) | 69.3% | 70.3% | 73.3% | 70.9% | 71.2% |
| Concurrent Technologies ($CNC) | 51.7% | 50.6% | 51.2% | 50.6% | |
| Trakm8 Holdings ($TRAK) | 63.8% | 71.9% | 57.2% | 45.2% | 48.3% |
| Vislink ($VLK) | 39.4% | 40.7% | 45.9% | 45.0% | |
| Seeing Machines ($SEE) | 61.4% | 64.1% | 59.8% | 44.9% | 81.3% |
| |
|---|
| Median (18 companies) | 33.2% | 34.1% | 36.0% | 36.6% | 34.0% |
|---|
| Sunplus Technology Co Ltd ($SUPD) | 37.9% | 39.9% | 42.1% | 41.6% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Cml Microsystems ($CML) | 28.7% | 33.1% | 35.1% | 29.9% | 30.0% |
| Concurrent Technologies ($CNC) | 29.3% | 23.3% | 27.1% | 28.6% | |
| Pure Wafer ($PUR) | 16.3% | 17.0% | 31.5% | 27.4% | |
| Samsung Electronics Co ($SMSN) | 22.2% | 23.3% | 20.9% | 23.6% | 24.7% |
| Trakm8 Holdings ($TRAK) | 7.1% | 6.8% | 12.9% | 14.0% | 15.8% |
| |
|---|
| Median (19 companies) | 4.5% | 8.0% | 5.6% | 5.3% | 6.8% |
|---|
| Sunplus Technology Co Ltd ($SUPD) | -0.3% | 5.4% | 12.6% | 11.0% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Samsung Electronics Co ($SMSN) | 11.4% | 10.1% | 10.7% | 12.9% | 12.0% |
| Pure Wafer ($PUR) | 0.5% | 3.5% | 23.3% | 8.5% | |
| Tatung Co ($TAT) | 6.1% | 4.3% | 4.3% | 6.7% | |
| Seeing Machines ($SEE) | 0.3% | 2.2% | 1.0% | 3.9% | 1.6% |
| Telefonaktiebolaget Lm Ericsson ($0O87) | 2.4% | 2.0% | 2.3% | 3.4% | 2.8% |
| |
|---|
| Median (19 companies) | 2.1% | 2.0% | 1.9% | 1.8% | 1.6% |
|---|
| Sunplus Technology Co Ltd ($SUPD) | 4.8% | 6.3% | 15.0% | 4.5% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Trakm8 Holdings ($TRAK) | 3.8% | 1.9% | 18.7% | 22.5% | 20.8% |
| Concurrent Technologies ($CNC) | 14.6% | 8.2% | 14.1% | 20.9% | |
| Samsung Electronics Co ($SMSN) | 22.4% | 24.0% | 14.4% | 14.0% | 14.3% |
| Telefonaktiebolaget Lm Ericsson ($0O87) | 13.7% | 11.1% | 10.3% | 13.5% | 3.9% |
| Hon Hai Precision Industry ($HHPD) | 9.9% | 8.7% | 10.3% | 11.7% | |
| |
|---|
| Median (19 companies) | 0.7% | 6.0% | 6.7% | 3.4% | 3.9% |
|---|
| Sunplus Technology Co Ltd ($SUPD) | -3.5% | -0.1% | 4.4% | 4.3% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tatung Co ($TAT) | 41.1x | 6.1x | 6.7x | 40.1x | |
| Vislink ($VLK) | -1.2x | -0.5x | -0.0x | 1.8x | |
| Mti Wireless Edge ($MWE) | -21.9x | 1.9x | -1.6x | 0.2x | -0.9x |
| Telefonaktiebolaget Lm Ericsson ($0O87) | -0.1x | 0.0x | -0.2x | 0.1x | 0.1x |
| Samsung Electronics Co ($SMSN) | -0.1x | -0.1x | -0.1x | -0.2x | -0.3x |
| |
|---|
| Median (15 companies) | -0.9x | -0.5x | -1.3x | -1.0x | -0.9x |
|---|
| Sunplus Technology Co Ltd ($SUPD) | | -5.5x | -1.7x | -2.1x | |
