Professional Documents
Culture Documents
Margins
Gross Margin 46.108 47.901 48.782
Growth (YoY) 2.189 3.888 1.839
EBITDA Margin 25.302 28.905 27.753
Growth (YoY) -0.045 14.240 -3.985
Operating Margin 22.146 25.680 24.366
Growth (YoY) 0.684 15.955 -5.116
Incremental Operating Margin 23.351
Growth (YoY) 328.954
Pretax Margin 22.420 24.373 23.650
Growth (YoY) -5.293 8.712 -2.969
Income before XO Margin 16.677 17.412 18.050
Growth (YoY) -6.296 4.408 3.666
Net Income Margin 16.432 17.467 18.658
Growth (YoY) -6.443 6.303 6.818
Net Income to Common Margin 16.432 17.467 18.658
Growth (YoY) -6.443 6.303 6.818
Additional
Effective Tax Rate 25.618 28.562 23.677
Growth (YoY) 3.209 11.495 -17.104
Dvd Payout Ratio 62.588 66.069 71.086
Growth (YoY) 2.232 5.562 7.594
Sustainable Growth Rate 8.574 7.673 7.066
Growth (YoY) -9.049 -10.512 -7.917
Source: Bloomberg
Hengan International Group Co Ltd (1044 HK) - Growth
In Millions of CNY except Per Share FY 2014 FY 2015 FY 2016
12 Months Ending 12/31/2014 12/31/2015 12/31/2016
1 Year Growth
Revenue 12.482 -1.433 3.294
EBITDA 12.431 12.603 -0.822
Operating Income 13.251 14.293 -1.990
Net Income to Common 5.235 4.779 10.337
EPS Diluted 5.396 5.268 11.416
EPS Diluted before XO 5.396 4.398 3.370
EPS Diluted before Abnormal 5.359 3.569 5.065
Dividend per Share 8.199 9.409 12.399
5 Year Growth
Revenue 17.077 9.784 6.367
EBITDA 15.366 13.300 12.662
Operating Income 15.139 13.412 12.735
Net Income to Common 13.084 8.941 10.336
EPS Diluted 12.524 8.984 10.632
EPS Diluted before XO 12.524 8.803 8.805
EPS Diluted before Abnormal 12.592 8.709 9.083
Dividend per Share 12.720 8.966 11.774
Sequential Growth
Revenue 12.482 -1.433 3.294
EBITDA 12.431 12.603 -0.822
Operating Income 13.251 14.293 -1.990
Net Income to Common 5.235 4.779 10.337
EPS Diluted 5.396 5.268 11.416
EPS Diluted before XO 5.396 4.398 3.370
EPS Diluted before Abnormal 5.359 3.569 5.065
Dividend per Share 8.199 9.409 12.399
4,195.322
13.474
-901.113
-3.859
3,294.209
16.422
61,413.092
-17.719
5.331
41.125
-2,197.136
6.212
-718.251
-86.854
778.377
-239.441
-2,376.451
50.302
61,413.092
-17.719
3.870
-39.600
-2,197.136
6.212
-718.251
-86.854
2,915.387
18.848
61,413.092
-17.719
4.747
44.442
4,195.322
13.474
-901.113
-3.859
263.094
-1.619
3,557.303
14.864
64,248.260
-14.741
5.537
34.723
-2,197.136
6.212
-718.251
-86.854
778.377
-239.441
-2,376.451
50.302
64,248.260
-14.741
3.699
-41.710
Hengan International Group Co Ltd (1044 HK) - DuPont Analysis
In Millions of CNY except Per Share FY 2014 FY 2015 FY 2016
12 Months Ending 12/31/2014 12/31/2015 12/31/2016
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 73.290 71.666 78.895
Growth (YoY) -1.214 -2.216 10.086
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.005 0.988 0.933
Growth (YoY) -0.035 -1.748 -5.565
Interest Burden
Pre-Tax Profit/EBIT % 91.562 92.396 92.970
Growth (YoY) -2.234 0.911 0.622
Operating Margin
EBIT/Revenue % 24.486 26.379 25.438
Growth (YoY) -3.129 7.730 -3.569
Asset Turnover
Revenue/Avg Assets 0.576 0.557 0.575
Growth (YoY) -5.691 -3.329 3.202
Leverage Ratio
Avg Assets/Avg Equity 2.422 2.326 2.280
Growth (YoY) 6.845 -3.985 -1.974