สรุป jmart & jmt company visit วันที่ 12/07/13
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สรุป JMART & JMT Company Visit วันที่ 12/07/13TRANSCRIPT
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by Songsak (ทีป่รกึษา Marcom)JAYMART PUBLIC COMPANY LIMITED
Company PresentationJune 2013
Page 1 July 02,2013
Company Structure
• Establish 1988
(25 Years)
• Mobile Retail
• Listed June 25, 2009
• Collection Service
• Debt Acquisition
• Listed Nov 27, 2012
• Property Rental
• Listed Q3, 2014
(Target)
• Establish 2013
• Investment in AEC
Page 2July 02,2013
Share Capital Information
Major Shareholder
(as of May 31,2013 )
Price (May27 2013 : Bt 27 Miss Yuvadee Pong-acha 19%
Mr. Adisak Sukumvitaya 18%
Hi/Low(12-Month) : 30Bt/7Bt Miss Juthamas Sukumvitaya 8%
Mr. Ekachai Sukumvitaya 8%
Mrs. Waranee
Sukumvitaya Family 53%
No. of shares : (Par Bt 1)
Mrs. Waranee
Sareviwattana 4%
Mrs. Niwes
Semvachiravarakorm 2%
Market Capitalization : 11,226 Mr. Naret Ngamapichon 1%
( 31/5/2013 )
Mrs. Bumrung
Sringam 1%
Mr. Piranart Chokwatana 1%
First trade date : June 25,2009 Free float 47%
Divident payment 2009 2010 2011 2012
Divident payment (Bt/Share) Bt 0.23 Bt 0.24 Bt 0.40 Bt 0.56
Dividends Yield (Bt/Share) 13.8% 7.6% 6.7% 4.0%
Base on financial statement (Cosolidated)
Page 3July02,2013
Thailand Market Size
12 15 2030 40
0
20
40
60
2011 2012 2013 2014 2015
Operator Mil.subscribers
35
25
20
80
Unit: Million Set
2011 2012 2013 2014 2015
Handsets and Tablet
80
Thailand market
� Handset model not operator subsidy (poor credit record)
� 65 Million population
� Penetration 120% (80 Mil.)
� 3G license granted 16th Oct,2012
� Network expansion 80% in 2013
� Today only 20% handsets can work on 3G
80% expects to migrate to 3G in 3 years.
Page 4 July 02,2013
Opportunity
64 6240
16 30 60110
0
50
100
150
Unit: Million Number
• License granted Oct 16, 2012• Network expansion 80% in Y13• 100% migration from 2G to 3G in 3 year• Today operator pay profit sharing to TOT&CAT around 20-30%• 3G license the fee to NBCT only 5-7%
• Tablet will replace PC• Mobile phone will replace camera
0
2012 2013 2014 2015
2G 3G
Page 5 July 02,2013
Mobile Market Size
YEAR YEAR YEAR
2011 2012 2013*
Sales Value (Mil.B)
MB Market 50,000 60,000 72,000
Jaymart 4,840 6,776 10,000 Jaymart 4,840 6,776 10,000
%Share 10% 11% 14%
Sales QTY (Mil. Sets)
QTY Market 16 16 18
Jaymart 1.0 1.1 1.5
%Share 6% 7% 8%
Page 6 July 02,2013
4,523
6,323
821854
956994
1,097
800
1,000
1,200
5,000
6,000
7,000
Unit: Million Baht
Business Performance
3,8693,796 3,901
4,523
1,475 1,888
271 302
0
200
400
600
800
0
1,000
2,000
3,000
4,000
5,000
2008 2009 2010 2011 2012 Q1/12 Q1/13
Mobile Phone (MB) Unit (Thousand)
28%
40%
Page 7 July 02,2013
Revenue by Product Segmentation
90%
64%
36%
61% 63% 64%
50%60%70%80%90%
100%
10%0%
36%
0%
31%
8%
20% 18%10%
26%
0%10%20%30%40%50%
Featured Phone Smart Phone Tablet
2009 2010 2011 2012 Q1/13
Page 8 July 02,2013
Average Selling Price
4,542 4,481 4,869
5,578 5,824 5,727 6,192
6,873 6,250
3,556 4,000 4,100 4,000
5,000
6,000
7,000
8,000
+52%
3,002 3,014 2,903 2,909 3,224 3,422 3,556
4,000 4,100
-
1,000
2,000
3,000
4,000
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Jaymart Market
� 52% better than market
� Source : GFK Page 9July 02,2013
28 29 29 34
43 46 51
62 62
8 8 8 10 13 14 17 20 20
10
20
30
40
50
60
70
Unit in MB
Accessories
8 8 8 10
-
10
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
SALES MARGIN
43
62
13 20
-
20
40
60
80
Q1/12 Q1/13SALES MARGIN
Unit in MB
45%YOY Performance
� 85% sale growth
� 100% margin growth
Page 10 July 02,2013
Channel Distribution (Q1-2013)
48%
52% 66%
34%
Contribution RatioDistribution Ratio
Expansion plan in 3Y Y 2012 Y 2013 Y 2014
Total Stores 220 280
(June 240)
300
52%
Greater BKK Upcountry Greater BKK Upcountry
Page 11 July 02,2013
Revenue by Sales Channel
67% 65% 67% 73% 70% 73% 75% 79%60%
80%
100%
120%
33% 35% 33% 27% 30% 27% 25% 21%
67% 65% 67% 73% 70% 73% 75% 79%
0%
20%
40%
60%
2006 2007 2008 2009 2010 2011 2012 Q1/13
Retails Wholesales
Page 12 July 02,2013
Inventory Turnover
50.13
38.39
73.46
39.61 36.74
39.60 44.59 40
50607080
38.39 36.74 44.59
010203040
Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Q1/2013
Days
Page 13July 02,2013
Our Partners
Mobiles
Accessories
Operators
Note : The only one retail shop in thailand , multi brands and multi operators
Page 14 July 02,2013
Our Stores
Retail Stores: 160
Jaymart Smartphone&Tablet 10Jaymart 134
Consignment: The Mall/BigC
Samsung Brand Shop 6
Consignment: 80
Franchise: 4 Page 15 July 02,2013
Accessories Shop / Corner
Page 16 July 02,2013
Jaymart Quality Service
Page 17 July 02,2013
Jaymart Quality Service
Standardization – Service Blueprint
Page 18 July 02,2013
JaymartMobile Show2013
Mobile Festival2013
Mobile Showin upcountry2013
Seacon Square
ThailandMobile2013
Jaymart Mobile Show
Seacon SquareCentral LadpraoThe Mall BangkapiFashion Island
Korat Chiangmai
Central The MallFashion
QSNCC
Mobile Gadget2013 NewNew
Page 19 July 02,2013
Jaymart Mobile Show
Page 20 July 02,2013
Contest
Jaymart Mobile Show
Seacon SquareSeacon SquareSeacon SquareSeacon SquareSrinakarin
CentralCentralCentralCentralLadprao
The MallThe MallThe MallThe MallBangkapi
FashionFashionFashionFashionIsland
Page 21 July 02,2013
Jaymart Mobile Show
Page 22 July 02,2013
Jaymart Mobile Show
Page 23 July 02,2013
Jaymart Mobile Show
Page 24 July 02,2013
Strength
� Over 20 years experience
� Company listed in Thailand stock exchange (SET) 2009
� Rank Number1 mobile retail in Thailand
� Leader in mobile retail store and mobile show� Leader in mobile retail store and mobile show
� Leader in mobile market place (IT Junction)
� The only one multi operators / multi brands in Thailand market
Page 25 July 02,2013
Company Structure
Page 26 July 02,2013
JAS Asset Company Limited
• Start in year 2003
• Today 34 IT Junction and target total 45 by end 2013 (2014 expect
to reach 50 IT Junction)to reach 50 IT Junction)
• Rent to 1,200 mobile phone dealers, 11,000 sq.m
• JAS Asset Company Limited spin off in year 2012 (Plan to IPO in year
2014)
Page 27July 02,2013
IT Junction Locations
34 Branches ~1,200 Units / 11,000 Sq.m.
Page 28 July 02,2013
Our Stores: IT Junction
:
Page 29 July 02,2013
Our Stores: IT Junction
Page 30 July 02,2013
Our Stores: IT Junction
Page 31July 02,2013
MKT& CRM Activity
Page 32 July 02,2013
6%J MARKET @ AMORNPAN
Concept: Neighborhood market
Investment: 30 mb
Opening: June 2012
Page 33July 02,2013
6%J MARKET @ WANGHIN
Concept: Neighborhood market
Investment: 370 mb
Opening: Sep 2014
Page 34 July 02,2013
Strength
� Strong teamwork , experience more than 15 years.
� High growth business (Telecom).
� Economy of scale, low cost – High margin
� Strong Brand “IT Junction”
� Good business model � Good business model
� Strong growth both profit and revenue
Page 35 July 02,2013
Company Structure
• Collection Service • Debt Acquisition • Insurance Broker
Page 36 July 02,2013
Total personal loan vs NPL
2.28%
2.10%
2.20%
2.30%
2,500,000
3,000,000
3,500,000
Unit: Million of Baht Unit: % NPL
2,069,693 2,396,633 2,916,649 47,189 46,974 56,583
1.96% 1.94%
1.60%
1.70%
1.80%
1.90%
2.00%
2.10%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Q4/2010 Q4/2011 Q4/2012
Total loans NPL-Personal Consumptions % to Total loans
Source of data : Bank of thailand
Page 37 July 02,2013
NPL Market
Debt Collection Service Debt Acquisition
NPL Market
JMT is the bigestcollection company
Small collection company
JMT is the only one in market
Page 38 July 02,2013
JMT Portfolio
13,609
21,286
23,701
13,707 12,238
15,000
20,000
25,000
Unit in MB
6,493
9,256 10,140
12,238
-
5,000
10,000
2009 2011 2012 2013(Q1)Debt Acquisition Debt Collection service
Page 39 July 02,2013
Portfolio Debt Acquisition
40,000
50,000 50,000
60,000
Unit in MB
13,609
21,286
23,701 30,000
40,000
-
10,000
20,000
30,000
40,000
2011 2012 2013(Q1) 2013(F) 2014(F) 2015(F)
Page 40 July 02,2013
381
494
400
500
600
Cash in of Debt Acquisition (Million Baht)
Unit in MB
39 81
153 108 125
-
100
200
300
2008 2009 2010 2011 2012 2012(Q1) 2013(Q1)
Page 41 July 02,2013
Debt Acquisition Performance
Cash collect Cash collect Revenue Port Size
No. Year Port Size Investment Cash Collect Of Investment Of OS IRR Method Remaining Aging
(MB) (MB) (MB) (%) (%) (MB) (MB) (Year)
1 Y 2006 1,031 39 133 340% 13% 94 858 4 – 11
2 Y 2007 166 16 27 168% 16% 11 133 2 – 4
3 Y 2008 1,041 49 117 239% 11% 69 893 1 – 7
4 Y 2009 1,745 74 219 296% 13% 146 1,476 0 – 11
5 Y 2010 2,446 122 156 128% 6% 81 2,248 0 – 6
6 Y 2011 7,114 384 485 126% 7% 230 6,567 0 – 5
7 Y 2012 8,474 399 186 47% 2% 94 8,267 0 – 5
8 Y 2013 1,637 110 3 3% 0% 1 1,633 0 – 5
Total 23,654 1,193 1,326 111% 6% 725 22,075
Page 42 July 02,2013
Revenue and Net Profit Development
93 81 83
67 85
101 103 106 94
16 17 18 16
20 30
28 32
28
0
10
20
30
40
-
20
40
60
80
100
120
Revenue Q1/2013
Hire purchase
3%
Collection Service
26%
Acquisition
71%
Gross profit margin Q1/2013
Acquisition
83%
Collection Service
12%Hire purchase
5%
0 -Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
TOTAL REV. NET PL
Page 43 July 02,2013
Financial Ratio
24
3944
27 27
19 19 18
Page 43 July 02,2013
1419 19 18
15
0.66 1.25 1.10 0.14 0.07
2009 2010 2011 2012 Q1 /13
% ROE % ROA D/E
Financial Statement
Jaymart Group
Page 44 July 02,2013
Margin
1,723
2,187
11%
13%
11%
11%
12%
12%
13%
13%
14%
500
1,000
1,500
2,000
2,500
85
93
50%
51%
50%
50%
51%
51%
52%
80
82
84
86
88
90
92
94
Mobile Business JMT Business
10%
11%
-
Q1/12 Q1/13
Rev. (MB)
61 77
20% 20%
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
Q1/12 Q1/13
Rev. (MB)
50%80
Q1/12 Q1/13
Rev. (MB)
Rental Business
Page 45 July 02,2013
Jaymart Group Performance
53%1,868
2,357
78 60 70 80 90
2,000
2,500
Unit: MB
26%51
78
-10 20 30 40 50 60
-
500
1,000
1,500
Q1/12 Q1/13
TOTAL REV. NET PL
Page 46 July 02,2013
Unit: MB
Jaymart Performance
1,329 1,437
1,612 1,677
1,868 1,851 2,036
2,354 2,357
148
78 100
120
140
160
1,500
2,000
2,500
1041,329
1,437
25 38
50 58 51 68
81 78
0
20
40
60
80
100
-
500
1,000
1,500
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
TOTAL REV. NET PL • Q4/12 have 44mb gain for fair value of the property
104
Page 47 July 02,2013
ROEROE
Financial Ratio
23
16
2729
26
ROAROA
D/ED/E
16 15
7 5 711
13 13
1.50 1.31 0.92 1.05 0.75 0.712008 2009 2010 2011 2012 Q1 /13
% ROE % ROA D/E
Page 48 July 02,2013
Jaymart Group
JAYMART GROUP
Revenue Structure Y2012 Y2013* Y2014 Y2015
JAYMART 93% 93% 94% 94%
JMT 4% 4% 3% 3%
JASASSET 3% 3% 3% 3%
100% 100% 100% 100%
Page 48 July 02,2013
100% 100% 100% 100%
Profit Structure Y2012 Y2013* Y2014 Y2015
JAYMART 60% 60% 70% 70%
JMT 35% 33% 18% 18%
JASASSET 5% 7% 12% 12%
100% 100% 100% 100%
Remark : Year 2013 update Q1
“Jmart” Historical stock market price
Page 49 July 02,2013
PE Compare Sector
SECTOR
COMMERCE
Name Last MCap (M) P/E P/BV D/E
Average 85.86 70,876.31 35.88 5.89 0.97
CPALL 40.25 361,570 32.09 12.16 1.43
MAKRO 772 185,280 50.06 15.61 1.89
BIGC 197.5 162,938 28.41 4.86 1.74
HMPRO 14 115,075 41.18 10.85 1.56
BJC 55.5 88,257 35.46 6.06 1.62
ROBINS 69 76,636 37.57 7.08 0.56
SECTOR
ICT
Name Last MCap (M) P/E P/BV D/E
Average 30.12 64,911.40 27.98 5.4 3.47
ADVANC 255 758,139 21.13 19.74 2.02
DTAC 115 272,298 23.74 7.92 2.05
INTUCH 82.25 263,728 18.43 12.79 1.08
JAS 8 57,099 23.68 5.88 0.91
THCOM 33.5 36,714 79.17 2.59 0.73
SAMART 26.25 26,128 22.41 4.41 2.47ROBINS 69 76,636 37.57 7.08 0.56
GLOBAL 23.9 62,456 81.72 5.41 0.38
OFM 61.75 19,760 54.2 4.51 0.47
SPC 43.5 13,851 12.95 1.44 0.71
LOXLEY 6.3 13,230 18.43 2.56 1.74
SPI 25 12,351 9.84 0.81 0.31
BEAUTY 27.5 8,250 45.9 8.07 0.11
SINGER 24.4 6,588 25.42 5.14 1.31
KAMART 8 4,800 25.81 7.92 0.35
SAMART 26.25 26,128 22.41 4.41 2.47
SIM 4.08 17,703 58.29 6.28 0.77
SAMTEL 24 14,665 15.76 4.83 3.39
JMART 23 9,563 25.56 5.74 1.1
CSL 12.2 7,253 16.67 6.45 0.95
FORTH 6.85 6,576 32.5 3.87 1.74
AIT 88 6,052 13.96 3.68 2.01
SYMC 18.8 5,640 24.8 4.48 0.29
MFEC 9.55 4,206 17.55 2.34 1.23
SYNEX 4.36 3,341 8.23 1.59 1.4
IEC 0.04 2,761 16.09
MLINK 4.76 2,570 0.91 14.79 6.82
MSC 5.05 1,818 7.66 1.44 1.34
SVOA 2.14 1,513 26.5 1.17 2.39
PT 10.6 1,505 14.19 4.15 2.68
Page 50 July 02,2013
Jaymart in Myanmar
Page 51 July 02,2013
Summary Population VS Mobile Sub
NO. Country MB Penetration
1 Vietnam 140%
2 Thailand 128%
Page 52 July 02,2013
2 Thailand 128%
3 Cambodia 94%
4 Loas 93%
5 Myanmar 5%
Business Direction in Myanmar
Page 53 July 02,2013
Mobile phone and accessories Home electronic appliance & IT Products
1. Jaymart Mobile
Retail shop of Mobile phone, accessories and gadgets
2013 : 20 shops
2014 : 30 shops
“Aim to be leader in Mobile business in 2015”
Page 54 July 02,2013
2. Jaymart
All-in-one place offering a wide variety of electric appliances, IT Products and mobile phones. 2013 / Q4 : 1 shop2014 : 2 shops
“Aim to be leader in 2017”
Page 55 July 02,2013
Alternative : Mobile Junction
Opportunity for - Mobile Junction – area developer for Mobile zone in department store
where facilitate tenants with mobile cabinet.
Mobile Junction need huge space and more investment therefore we need time to explore Myanmar market
for consideration. Once the market is ready we will be able to move forward.
Page 56 July 02,2013
Jaymart in Myanmar
Page 57 July 02,2013
Junction Square Dagon Center
Yankin Center
Shareholders in J&P (Thailand)
J&P Thailand
40% 25% 25% 10%
Page 58 July 02,2013
40% 25% 25% 10%
Project Investment
Page 59 July 02,2013
**Source of fund : increase capital from existing shareholders
Q&AQ&A
Page 58July 02,2013