Nam Tai Property, Inc. :NTP-US: Earnings Analysis: Q4, 2016 By the Numbers : January 25, 2017

Nam Tai Property, Inc. reports financial results for the quarter ended December 31, 2016.


  • Summary numbers: Revenues of USD 2.01 million, Net Earnings of USD -5.24 million.
  • Change in operating cash flow of -279.44% compared to same period last year is about the same as change in earnings, likely no significant movement in accruals or reserves.
  • Earnings declined although operating margins improved from -169.39% to -0.60%.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31
Relevant Numbers (Quarterly)
Revenues (mil) 2.01 1.88 1.93 2.5 1.99
Revenue Growth (%YOY) 0.65 -28.87 -37.21 -25.61 -38.83
Earnings (mil) -5.24 -1.32 -2.64 -0.17 -4.78
Earnings Growth (%YOY) -9.59 84.97 -387.28 -318.18 18.1
Net Margin (%) -260.97 -70.13 -136.8 -6.71 -239.69
EPS -0.14 -0.04 -0.07 -0.01 -0.14
Return on Equity (%) -8.52 -2.04 -4.03 -0.25 -7.05
Return on Assets (%) -8.27 -2.02 -3.96 -0.25 -6.94

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Market Share Versus Profits

Revenues History
Earnings History

Compared to the same period last year, NTP-US‘s change in revenue was close to the amount of its change in earnings. It remains to be seen how the rest of its peer group’s results will turn out and if NTP-US‘s performance is a sign of any major shift in the composition of market share in this sector. Also, for comparison purposes, revenues changed by 6.99% and earnings by -298.10% compared to the previous period.

Cash Versus Earnings – Sustainable Performance?

NTP-US‘s year-on-year change in operating cash flow of -279.44% is around its change in earnings. This suggests that there are likely no significant movement in accruals or reserves for managing earnings this period.


Despite an overall improvement in operating (EBIT) margins, the company’s earnings fell. EBIT margins went from -169.39% to -0.60%. The decline in earnings appears to be largely because of one-time items. Pretax margins declined from -239.69% to -260.97%.

EBIT Margin History
PreTax Margin History

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Company Profile

Nam Tai Property, Inc. is a holding company, which engages in property development and management. Its activities include the re-development of two parcels of land in Gushu and Guangming, Shenzhen, China, by converting those two parcels of land that formally housed its manufacturing facilities into commercial complexes. The company was founded by Ming Kown Koo in 1975 and is headquartered in Shenzhen, China.

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