Asia Cement Corp Net Income dropped on 18.8% in 2016
29 Mar 2017 • About Asia Cement Corp (
$ASCD) • By InTwits
Asia Cement Corp reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Asia Cement Corp is a company in decline: FY2016 revenue growth was -8.1%, 5 years revenue CAGR was -2.4%
- It operates with high leverage: Net Debt/EBITDA is 1.4x while industry average is 0.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Asia Cement Corp ($ASCD) key annual financial indicators
| mln. TWD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 63,793 | 70,173 | 77,683 | 66,287 | 60,946 | -8.1% |
| Gross Profit | 6,141 | 9,043 | 11,130 | 7,059 | | -100.0% |
| SG&A | 2,034 | 2,370 | 2,881 | 3,019 | | -100.0% |
| EBITDA | 8,621 | 11,445 | 14,190 | 9,780 | | -100.0% |
| Net Income | 5,082 | 10,517 | 9,362 | 4,860 | 3,946 | -18.8% |
Balance Sheet
|
|---|
| Cash | 8,309 | 19,185 | 12,740 | 11,024 | | -100.0% |
| Short Term Debt | 32,767 | 59,022 | 62,231 | 54,842 | | -100.0% |
| Long Term Debt | 42,908 | 39,699 | 47,138 | 40,165 | | -100.0% |
Cash flow
|
|---|
| Capex | 3,821 | 8,523 | 4,167 | 3,480 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -7.3% | 10.0% | 10.7% | -14.7% | -8.1% | |
| EBITDA growth | -37.9% | 32.8% | 24.0% | -31.1% | | |
| Gross Margin | 9.6% | 12.9% | 14.3% | 10.6% | | -10.6% |
| EBITDA Margin | 13.5% | 16.3% | 18.3% | 14.8% | 0.0% | -14.8% |
| Net Income Margin | 8.0% | 15.0% | 12.1% | 7.3% | 6.5% | -0.9% |
| SG&A, % of revenue | 3.2% | 3.4% | 3.7% | 4.6% | | -4.6% |
| CAPEX, % of revenue | 6.0% | 12.1% | 5.4% | 5.2% | | -5.2% |
| ROIC | 2.3% | 3.0% | 3.1% | 1.5% | | -1.5% |
| ROE | 5.9% | 9.5% | 6.8% | 3.5% | | -3.5% |
| Net Debt/EBITDA | 7.8x | 6.9x | 6.8x | 8.6x | | -8.6x |
Revenue and profitability
Asia Cement Corp's Revenue decreased on 8.1% in FY2016.
Net Income marign decreased slightly on 0.86 pp from 7.3% to 6.5% in FY2016.
Appendix 1: Peers in Construction & Materials
Below you can find Asia Cement Corp benchmarking vs. other companies in Construction & Materials 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 |
|---|
| Smart(J.)& Co(Contractors) ($SMJ) | | -25.5% | 24.1% | -8.7% | 39.4% |
| Clarke(T.) ($CTO) | | 12.0% | -4.2% | 16.6% | 14.9% |
| Crh ($CRH) | | -0.3% | 4.9% | 25.0% | 14.7% |
| Accsys Technologies ($AXS) | | 25.5% | 78.0% | 37.5% | 14.5% |
| LSR Group OJSC ($LSRG) | | -1.4% | 54.1% | -6.0% | 12.4% |
| |
|---|
| Median (20 companies) | 1.0% | 5.5% | 8.8% | 1.7% | 9.0% |
|---|
| Asia Cement Corp ($ASCD) | | 10.0% | 10.7% | -14.7% | -8.1% |
Top companies by Gross margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Inch Kenneth Kajang Rubber ($IKK) | 46.5% | 24.5% | 21.7% | 51.7% | |
| Swp Group ($SWP) | 43.0% | 48.1% | 39.2% | 49.7% | |
| Heath(Samuel)& Sons ($HSM) | 49.5% | 47.3% | 48.6% | 47.6% | 48.1% |
| James Halstead ($JHD) | 41.2% | 41.6% | 41.0% | 41.7% | 42.4% |
| Michelmersh Brick Hldgs ($MBH) | 35.3% | 28.4% | 31.1% | 38.2% | 34.4% |
| |
|---|
| Median (23 companies) | 25.4% | 25.2% | 27.0% | 29.3% | 33.0% |
|---|
| Asia Cement Corp ($ASCD) | 9.6% | 12.9% | 14.3% | 10.6% | |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Lucky Cement Ltd ($LKCS) | 31.5% | 26.8% | 24.4% | 26.5% | 30.4% |
| Steppe Cement ($STCM) | 20.8% | 23.2% | 14.3% | 24.7% | |
| James Halstead ($JHD) | 20.2% | 19.8% | 20.1% | 20.9% | 21.6% |
| Michelmersh Brick Hldgs ($MBH) | 10.6% | 7.9% | 14.1% | 20.3% | 18.7% |
| LSR Group OJSC ($LSRG) | 20.2% | 19.5% | 22.9% | 19.3% | |
| |
|---|
| Median (25 companies) | 8.5% | 7.3% | 9.5% | 9.5% | 10.6% |
|---|
| Asia Cement Corp ($ASCD) | 13.5% | 16.3% | 18.3% | 14.8% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Inch Kenneth Kajang Rubber ($IKK) | 74.2% | 5.4% | 12.8% | 54.9% | 754.9% |
| Lucky Cement Ltd ($LKCS) | 3.2% | 5.2% | 6.9% | 12.0% | 8.9% |
| Billington Hldgs ($BILN) | 1.0% | 1.1% | 2.9% | 10.8% | 2.0% |
| Low & Bonar ($BD46) | 3.5% | 2.8% | 4.6% | 9.1% | 4.7% |
| Superglass Hldgs ($SPGH) | 12.9% | 14.2% | 3.4% | 7.9% | |
| |
|---|
| Median (25 companies) | 2.1% | 2.4% | 2.4% | 2.2% | 3.1% |
|---|
| Asia Cement Corp ($ASCD) | 6.0% | 12.1% | 5.4% | 5.2% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Heath(Samuel)& Sons ($HSM) | 9.7% | 8.7% | 19.7% | 32.0% | 89.2% |
| Alumasc Group ($ALU) | 6.5% | 17.5% | 22.6% | 36.0% | 47.8% |
| James Halstead ($JHD) | 49.3% | 46.2% | 46.7% | 45.3% | 47.1% |
| Lucky Cement Ltd ($LKCS) | 23.8% | 22.9% | 20.3% | 20.0% | 20.8% |
| Billington Hldgs ($BILN) | -1.2% | 7.7% | 14.1% | 17.4% | 18.9% |
| |
|---|
| Median (20 companies) | 4.8% | 7.5% | 7.4% | 8.0% | 9.6% |
|---|
| Asia Cement Corp ($ASCD) | 2.3% | 3.0% | 3.1% | 1.5% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mountfield Group ($MOGP) | 26.3x | 4.8x | 52.0x | 18.8x | |
| Crh ($CRH) | 2.0x | 3.6x | 1.6x | 3.1x | 1.7x |
| Low & Bonar ($BD46) | 2.7x | 2.1x | 2.1x | 2.4x | 2.1x |
| Saint-Gobain(Compagnie De) ($COD) | 2.1x | 2.0x | 2.1x | 1.4x | 1.5x |
| Steppe Cement ($STCM) | 1.6x | 1.2x | 2.9x | 1.2x | |
| |
|---|
| Median (21 companies) | 1.4x | 0.6x | 0.4x | -0.1x | -0.8x |
|---|
| Asia Cement Corp ($ASCD) | 7.8x | 6.9x | 6.8x | 8.6x | |
