Tak Sing Alliance Holdings Limited (126) : Company Profile and SWOT Analysis by WMIntelligence

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									Tak Sing Alliance Holdings Limited

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Tak Sing Alliance Holdings Limited                                                       Financial Snapshot

                                                                                         Operating Performance
Fast Facts
                                          26/F Phase II Wyler Centre, New Territories,   The company reported revenue of US$89.17 million
Headquarters Address
                                          ,Hong Kong                                     during the fiscal year 2011 (2011). The company's
                                                                                         revenue grew at a CAGR of 15.18% during 2007–
Telephone                                 + 852 2426 1021
                                                                                         2011, with an annual growth of 12.99% over 2010. In
                                                                                         2011, the company recorded an operating margin of
Fax                                       + 852 2480 5644                                32.37%, as against 71.19% in 2010.

Website                                   N/A
                                                                                         Revenue and Margins
Ticker Symbol, Stock Exchange             126, Hong Kong Stock Exchange

Number of Employees                       2,300

Fiscal Year End                           March

Revenue (in US$ million)                  89.17

Revenue (in HKD million)                  692.84




SWOT Analysis                                                                            Return on Equity

Strengths                                 Weaknesses                                     The company recorded a return on equity (ROE) of
                                                                                         5.16% for 2011, as compared to its peers, New
Strong local presence                     Overdependence on limited customers            Century Group Hong Kong Ltd. (Ticker: 0234), Sino
                                                                                         Hotels (Holdings) Limited (Ticker: TAL1T) and Xpress
                                                                                         Group Limited (Ticker: 185), which recorded ROEs of
Strong operating performance              Weak balance sheet position                    15.09%, 5.55% and 5.22% respectively. The
                                                                                         company reported an operating margin of 32.37% in
                                                                                         2011.


Opportunities                             Threats                                        Return on Equity

Positive outlook for travel and tourism   Labor and wage problems in Chinese
industry in Asia-Pacific                  market

Rapid urbanization in China               Rising food inflation

                                          Risks related to unforeseen
Shift towards online booking system
                                          circumstances




                                                                                         Liquidity Position

                                                                                         The company reported a current ratio of 1.02 in 2011,
                                                                                         as compared to its peers, New Century Group Hong
                                                                                         Kong Ltd., Sino Hotels (Holdings) Limited and Xpress
                                                                                         Group Limited, which recorded current ratios of 7.78,
                                                                                         3.24 and 1.48 respectively. As of March 2011, the
                                                                                         company recorded cash and short-term investments
                                                                                         of worth US$28.52 million, against US$69.64 million
                                                                                         current debt. The company reported a debt to equity
                                                                                         ratio of 0.29 in 2011 as compared to its peers, New
                                                                                         Century Group Hong Kong Ltd., Sino Hotels
                                                                                         (Holdings) Limited and Xpress Group Limited, which
                                                                                         recorded debt to equity ratios of 0.21, 0.06 and 0.85
                                                                                         respectively.




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Tak Sing Alliance Holdings Limited - SWOT Profile                                                                               Page 1
Tak Sing Alliance Holdings Limited

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TABLE OF CONTENTS

1     Business Analysis ................................................................................................................................... 5
    1.1       Company Overview ................................................................................................................................................5
    1.2       Business Description ..............................................................................................................................................5
    1.3       Major Products and Services .................................................................................................................................6
2     Analysis of Key Performance Indicators ............................................................................................... 7
    2.1       Five Year Snapshot: Overview of Financial and Operational Performance Indicators ..........................................7
    2.2       Key Financial Performance Indicators .................................................................................................................10
      2.2.1       Revenue and Operating Profit .........................................................................................................................10
      2.2.2       Asset, Liabilities and Capex .............................................................................................................................11
      2.2.3       Net Debt vs. Gearing Ratio ..............................................................................................................................12
      2.2.4       Solvency ..........................................................................................................................................................13
    2.3       Competitive Benchmarking ..................................................................................................................................14
      2.3.1       Efficiency ..........................................................................................................................................................14
      2.3.2       Capital Expenditure ..........................................................................................................................................15
      2.3.3       Turnover – Inventory and Asset .......................................................................................................................16
      2.3.4       Liquidity ............................................................................................................................................................17
3     SWOT Analysis ...................................................................................................................................... 18
    3.1       SWOT Analysis - Overview ..................................................................................................................................18
    3.2       Strengths ..............................................................................................................................................................18
    3.3       Weaknesses .........................................................................................................................................................18
    3.4       Opportunities ........................................................................................................................................................18
    3.5       Threats .................................................................................................................................................................19
4     Company Statement .............................................................................................................................. 20
5     History .................................................................................................................................................... 22
6     Key Employees ...................................................................................................................................... 23
7     Key Employee Biographies................................................................................................................... 24
8     Locations and Subsidiaries .................................................................................................................. 25
    8.1       Head Office ..........................................................................................................................................................25
    8.2       Other Locations and Subsidiaries ........................................................................................................................25
9     Appendix ................................................................................................................................................ 27
    9.1       Methodology .........................................................................................................................................................27
    9.2       Ratio Definitions ...................................................................................................................................................27
    9.3       
								
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