Financial Analysis of Enlight And Huayi Brothers.docx
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Financial Analysis of Enlight And Huayi Brothers.docx
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FinancialAnalysisofEnlightAndHuayiBrothers
ComprehensiveCapacityAnalysis
1)SolvencyAnalysis
1.Short-term Solvency
WorkingCapital
EnlightMedia
2011
2012
2013
totalcurrentassets
1,793,707,331.87
1,850,478,732.11
1,343,283,419.63
totalcurrentliability
103,293,813.06
167,219,877.84
371,263,845.48
workingcapital
1,690,413,518.81
1,683,258,854.27
972,019,574.15
workingcapitalratio
94%
91%
72%
HuayiBrothersMedia
2011
2012
2013
totalcurrentassets
1,902,280,894.49
2,793,869,519.36
3,393,148,079.26
totalcurrentliability
755,809,539.90
1,620,686,942.83
2,243,326,962.73
workingcapital
1,146,471,354.59
1,173,182,576.53
1,149,821,116.53
workingcapitalratio
60%
42%
34%
Workingcapitalisaabsolutevalueindicatorofshort-termsolvencytotheenterprise.Inthepastthreeyears,WorkingcapitalofEnlightMediaandHuayiBrothersMediaarebothpositivenumberandremainshugeamount,whichshowsthattwocompanymaintainfinanciallystable.Relativelyspeaking,EnlightMediahaslowerworkingcapitalratio,soit’sshort-termsolvencyisstronger.
LiquidityRatio,QuickRatio,CashRatio
EnlightMedia
2011
2012
2013
liquidityratio
17.37
11.07
3.62
quickratio
13.28
7.70
2.56
cashratio
10.48
3.90
1.68
HuayiBrothersMedia
2011
2012
2013
liquidityratio
2.52
1.72
1.51
quickratio
1.80
1.29
1.05
cashratio
0.70
0.40
0.51
Analysisingfromtheliquidityratio,quickratioandcashratio,short-termsolvencyofEnlightMediaisobviouslystrongerthanthatofHuayiBrothers.Butin2011and2012,theliquidityratio,quickratioandcashratioofEnlightMediaistoohigh,whichmeansthatthere’slotsofidlecash,theenterprisedidn’tmakefulluseofcashresource.Thiswouldraisetheopportunitycostandreducetheprofitability.Butitcanbeseenfromthechartthatinrecent2years,themanagementhadrecogonizedtheproblemanddosomeadjust,theratioarefallingeachyear,tendtobemorereasonable.Althoughtheshort-termsolvencymayslightlydecrease,butstill,ithasastrongshorttermsolvency,anditwouldalsohasastrongerprofitabilityability,soithinkit’sagoodphenomenon
ForHuayiBrothers,it’sliquidityratio,quickratioandcashratioareallatalowlevelin2012and2013,whichmeansithasaweakershort-termsolvency.Butliquidityratio,quickratioandcashratioareinfluencedbyanumberoffactors,includingindustry,operatingcycle,bankloansindicatorthatenterprisecanuse,creditofdebtrepaymentandsoon
2.Long-termSolvency
Asset-liabilityRatio,EquityRatio,EquityMultiplier
EnlightMedia
2011
2012
2013
asset-liabilityratio
6%
8%
14%
equityratio
6%
19%
8%
equitymultiplier
1.06
1.08
1.17
HuayiBrothersMedia
2011
2012
2013
asset-liabilityratio
31%
49%
45%
equityratio
31%
95%
82%
equitymultiplier
1.46
1.95
1.82
Inrecent3years,theasset-liabilityratio,equityratio,equitymultiplierofEnlightMediamaintaininalowlevel,whichshowsasteadyfinancialstructurewithlowriskandlowprofit.EnlightMediahaslessrelyonliability.Long-termsolvencyisextremelystrong.It’sverysafeforit’screditorissuealoan.ButEnlightMediamayseenTooconservative,andlackofconfidenceforenterprise’sfuture.Theprofitabilitymaybealittleweak.WesuggestthatitshouldraisetheAsset-liabilityRatiotoImproveenterprise’sprofitabilityandraisethestockprice,increaseshareholderwealth.Especiallyinboomyears,moreliabilitycanmakeextraprofit.
Theasset-liabilityratio,equityratioandequitymultiplierofHuayiBrothersMediaareonthehighside,especiallyin2012and2013.ComparedtoEnlightMedia,it’sfinancialstructureshowshighriskandhighprofit.Enterprisehasstrongrelyonliabilityandit’slong-termsolvencyisabitweak.Oncetherecessioncomes,thechancesforenterprisemakinghighprofitwoulddepletewhichmeansthattheenterprisemayhavemassivedebt.Butasthemarketisprosperousnowadays,theprofitabilityofHuayiBrothersMediaisstrongerwhichcreateslotsofchanceforearninghighprofits.
2)AnalysisOfEnterprises'OperatingCapacity
1.Operationalcapacityofcurrentassets
CurrentAssetTurnover,InventoryTurnover,AccountsReceivableTurnover
EnlightMedia
2011
2012
2013
currentassetturnover
0.66
0.57
0.57
inventoryturnover
5.67
4.49
3.05
accountsreceivableturnover
3.48
2.32
1.93
HuayiBrothersMedia
2011
2012
2013
currentassetturnover
0.15
0.14
0.12
inventoryturnover
0.98
1.10
1.43
accountsreceivableturnover
1.98
1.97
1.88
Seenfromcurrentassetsturnover,thenumberofEnlightMediafornearlythreeyearsmaintainatahighvalue,andHuayiBrothersMedia’scurrentassetsturnoverremainsinarelativelylowervalue,soclearly,inrecent3years,EnlightMedia’scurrentassetsturnoverandefficiencyismuchbetterthanHuayiBrothersMedia.Underfastvelocityofturnover,thecurrentassetsseemstobesaved,thustosomeextent,increaseenterprise'sprofitability.Bycontrast,theratioofHuayiBrothersMediaislower,tomaintainnormaloperating,theenterprisemustconstantlysupplementcirculatingfund,whichleadstolowefficiencyoffunds,thusreducetheenterprise'sprofitability,however,thismaybecausethatHuayiBrothersMediaareexpandingtheirproductionscaleandtheinvestmenthasincreased.
Seenfrominventoryturnover,EnlightMediahasmaintainahighlevelinrecent3years,however,it’scomedowneveryyear.AlthoughtheinventoryturnoverofHuayiBrothersMediaatalowlevel,butithasbeenimprovedeveryyear.TheratioofHuayiBrothersMediaisextremelylow,it’sbecausethatHuayiBrothersMediaareexpandingtheirproductionscale,theinvestmentofmovieandTVplayhasbeenincreased,thecloseinventoryhasbeenincreased.Inrecent2years,it’sratiohasbeenimproved,sowecaninferthatthere’snoseriousproblemofit’smarketingcapacity,butit’sinventoryisstilllowerthanEnlightMedia,whichtheyshouldstilltakeefforttoimprove.
Seenfromaccountsreceivableturnover,theratioofEnlightMediain2011,2012isquitehigh,whichmeansthatthespeedofaccountsreceivableturnintocashisreallyfast,thetimethatfundoccupiedbyotherenterpriseisshort,theefficiencyofmanagementishigh,buttheratioseemstoohigh,whichresultsthelimitationoftheexpansionofbussinessandprofitability.Themanagementhasobviouslyseentheproblems,theratioin2yearsshowsarapiddecrease.However,theaccountsreceivableturnoverofHuayiBrothersMediaisnotfast,andit’smainlybecausethepublishmentofmovieandTVplaysisincreasingwhendoingthefinancialreport,andthemoviewhichhasbeensaledarestillatpaybackperiod.
2.Operationalcapacityofalltheassets
totalassetsturnover
2011
2012
2013
EnlightMedia
0.61
0.51
0.38
HuayiBtothersMedia
0.40
0.42
0.35
Totalassetturnoverisacomprehensiveevaluationoftotalassets’operationalcapacityandefficiencyindicators.Theintuitivemeansishowmanyprimeoperatingrevenuearemadeperunitoftotalassets.Fromtheabovedatawecandrawaconclusionthat,theEnlightMediahasastrongerabilitytomakerevenuebyusingasset,theefficiencyofmanagingassetsisstronger,managementriskisrelativelysmall.Relatively,theresultofbusinessoperationofassetsofHuayiBrothersMediaisnotsogoodasEnlightMedia.Theefficiencyislow,mainlybecauseoftheannualreportdisclosurethatcompanyexpandsthebusiness,ontheonehand,expandinvestmentintelevision,theaterprojectconstructionscale.Becauseoftheneedforfurtherperfectindustrychainlayoutatthesametime,foreigninvestmentscaleexpandinggradually,causingahugeincreaseintotalassetsfromayearearlier.
3)ProfitabilityAnalysis
1.ProfitabilityOfEnterprise’sInvestment
ProfitabilityOnAssets
returnontotalassets
2011
2012
2013
EnlightMedia
19%
18%
16%
HuayiBtothersMedia
12%
10%
16%
EnlightMedia’sreturnontotalassetsprofitmaintainsrelativelyhightothenormallevelduring2011to2013,,butthereisaslightdownwardtrendyearbyyear,showsthatthecompanyhaveastablebusinessstructure,stabilityofsteadygrowthofincome,strongstabilityanddurabilityofprofitability,butitsprofitabilityhasalsoaslightdownwardtrendinrecentyears.
HuayiBrothersMedia’sreturnontotalassetsprofitislowin2011and2012,buttheratioincreasedsharplyin2013,nearlythesameasEnlightMediaatthatyear,atagoodlevel,thestabilityofprofitabilityisnotverywill,there’snoguaranteethatthecompanycanmaintainsuchhighreturnonassets,managementmusttakeintoaccountmorerationaluseoffunds,reducethecost.
ProfitabilityOfCapital
EnlightMedia
2011
2012
2013
returnonequity
17%
16%
16%
capitalprofitmargin
183%
177%
88%
HuayiBrothersMedia
2011
2012
2013
returnonequity
13%
13%
22%
capitalprofitmargin
43%
40%
73%
ROEisoneofthemostcomprehensiveandrepresentativeindicatorthatshowsenterprisetheirowncapitalanditsprofitabilitylevelofaccumulatedfund,EnlightMediain2011-2012andHuayiBrothersMediain2012-2013’sROWhasabigimprovement,shareholderwealthhasalargeincrease.Inrecentyears,ROEofEnlightshowsslightlydownwardtendyearbyyear,efficiencyofcapitaloperationseemsdecrease.However,thesitationofHuayiBrothersMediaisontheopposite,capitaloperationefficiencyseemstobebetter.
Capitalprofitmargincanreflecttheprofitabilityofshareholders’investedcapital,obviously,Enl
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