1 company overview pipeline projectsall.listedcompany.com/misc/presentation/20200918-all... ·...
TRANSCRIPT
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Company Overview1
Business Plan 20202
Pipeline Projects3
2H/2020 Key Highlights4
5 Financial Performance Q2/2020
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Company Overview
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Corporate Strategy – Total Real Estate Solutions
Property ManagementReal Estate International Brokerage
Recurring IncomeInvestment in Completed Units
Property Development
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Product Segmentation
An Entry to Mid-end Level• Salary 25,000 – 50,000 baht/month
• Dual Income, No Kids (DINKs)
A Luxury & Super Luxury Level• Salary more than 150,000 baht/month
A Medium to Upper medium Level• Salary 40,000 – 80,000 baht/month
A Medium to Upper medium Level• Salary 40,000 – 100,000 baht/month
Separate brands to cover all group of customers with different value proposition
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Project Location: Cluster-Growth Strategy
7
The Excel Khukhot
The Vision Ladprao - Nawamin
RISE Rama 9
The Excel Hideaway Sukhumvit 71
RISE Phahon - Inthamara
The Excel Ratchada 18The Excel Hideaway Ratchada Huai - Khwang
The Excel Hideaway Sukhumvit 50
The Excel BearingThe Excel HideawayThe Excel HybridThe Excel ParcThe Excel UdomsukThe Excel GrooveThe Excel Lasalle 17
ProjectsTotal Project Value of
23,500 MB
Impression Phuket
PHUKETพระโขนง
บางนา
ห้วยขวาง
วัฒนา
พญาไท
บางกะปิ
บึงกุ่ม
ดอนเมือง
BANGKOK 18
Impression Ekkamai
The Excel Ladprao - Sutthisan
ลาดพร้าว
Remark: *As of June 2020
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Summary of Project Launched
2014 2015 2016
The Excel Bearing
The Excel Hideaway
Project Value : THB 273.47 mm
The Excel Hybrid
Project Value : THB 159.49 mm
The Excel Parc
Project Value : THB 188.21 mm
The Excel Udomsuk
Project Value : THB 429.40 mm
The Excel Groove
Project Value : THB 1,276 mm
The Excel Khukhot
Project Value : THB 718 mm
RISE Rama 9
Project Value : THB 1,631 mm
2017
The Excel Hideaway Sukhumvit 50
Project Value : THB 1,863 mm Project Value : THB 1,566 mm
2018
The Excel Hideaway Ratchada – Huai Khwang
Project Value : THB 1,561 mm
Impression Phuket
Project Value : THB 2,074 mm
RISE Phahon - Inthamara
Project Value : THB 1,745 mm
The Excel Lasalle 17
Project Value : THB 1,515 mm
The Excel Ratchada 18
Project Value : THB 870 mm
The Vision Ladprao - Nawamin
Project Value : THB 1,391 mm
Impression Ekkamai
Project Value : THB 4,967 mm
2019
Projects18The Excel Ladprao - Sutthisan
Project Value : THB 1,136 mm
Project Value : THB 105.72 mm
The Excel Hideaway Sukhumvit 71
Remark: *As of June 2020
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Corporate Strategy : Three -Year Goal
Interest Bearing Debt to Equity
Return on Equity (%)
Net Profit Margin (%)
Annual Revenue (MB)
3 – Year Target
2x – 3x Growth from 2019
15 - 20%
30 - 35%
1.5x – 1.8x
6M/2020
1,284 MB (0.4x)
16.7%
25.83%
1.84x
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Corporate Strategy – Target Revenue Proportion in Next 3 Years
10%
20%
70%
20%
70%Property Development
10%
Recurring Income
Service & Brokerage
0%
1%
99%
3 – Year Target 6M/2020
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Key Strategy Initiatives for 2H/2020
Focus on low - rise condominiums(avg. # of units 200 - 300 / project)
More expansion into low - rise projects(TH, SH, SDH projects)
More expansion into recurring – income business
Proactive in strategic collaboration with strategic partners
INITIATIVE
01
02
03
Expanding sales channels to respond to thenew normal trend04
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Initiative
Speed up sales / absorption rate Enhance return on investment
Focus on Low - Rise Condominiums
01
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More expansion into low - rise projects
Detached House Single House
More product diversification to weather all circumstance
Initiative
Townhome Project
01
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Medium to small with low payback period Retail, office, hotel / mixed - use projects
More expansion into Recurring – Income Business
Initiative 02
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Proactive in strategic collaboration with strategic partners
Initiative
Strategic partner with contractor Looking for partner in highly
investment project
03
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Expanding sales channels to respondto the new normal trend
Initiative
Hot deal units available for sales on the company’s website
Online booking
04
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Initiative 04
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Business Plan 2020
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Business Target Plan 2020
5,000
4,000
600
TARGET PRE - SALE TARGET REVENUE TARGET NET PROFIT
(Unit: Million Baht)
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Target VS Actual Pre-sale*
Business Target Plan 2020 – Pre-sale
5,000
2,200
Annual Target Actual as of Q2/20
(Unit: Million baht)
Value for existing project and new project
Existing project 6,550 MB (63%)
New project 3,800 MB (37%)
Total 10,350 MB
3,200 MB
Remark: *Include JV project
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Target VS Actual Revenue*
Business Target Plan 2020 – Revenue
4,000
1,284
Annual Target Actual as of Q2/20
(Unit: Million baht)
Backlog and unsold value**
Backlog 3,570 MB (65%)
Unsold 1,920 MB (35%)
Total 5,490 MB
2,716 MB
Remark: *Not include JV project**project which target to complete in 2020
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Target VS Actual Profit
Business Target Plan 2020 – Profit
600
214
Annual Target Actual as of Q2/20
(Unit: Million baht)
386 MB
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Pipeline Projects
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Pipeline Projects
Total Units: 772 UnitsProject Value: 1,863 MBSales Status: 72%Transfer Status: 28%
The Excel Hideaway Sukhumvit 50
Remark: *As of June 2020
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Pipeline Projects
Total Units: 672 UnitsProject Value: 1,567 MBSales Status: 94%Transfer Status: 40%
The Excel Hideaway Sukhumvit 71
Remark: *As of June 2020
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Pipeline Projects
Total Units: 42 UnitsProject Value: 2,074 MBSales Status: 71%Transfer Status: 10%
Impression Phuket
Remark: *As of June 2020
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Pipeline Projects
Total Units: 308 UnitsProject Value: 1,391 MBSales Status: Phase 1 – 100% Phase 2 – 89% Phase 3 – To be launchedConstruction Progress: 76%Transfer Status: Phase 1 – 100% Phase 2 – 76%
The Vision Ladprao - Nawamin
Remark: *As of June 2020
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Pipeline Projects
Remark: *As of June 2020
The Excel Hideaway Ratchada - Huai KhwangTotal Units: 592Project Value: 1,561 MBSales Status: 71%Construction Progress: 14%Expected Transfer: Q2/2021
The Excel Lasalle 17Total Units: 1,335Project Value: 1,515 MBSales Status: 80%Construction Progress: 1%Expected Transfer: Q3/2021
The Excel Ratchada 18Total Units: 270Project Value: 870 MBSales Status: 66%Construction Progress: 59%Expected Transfer: Q4/2020
Rise Phahon - InthamaraTotal Units: 383Project Value: 1,745 MBSales Status: 84%Construction Progress: 3%Expected Transfer: Q3/2022
The Excel Ladprao - SutthisanTotal Units: 420Project Value: 1,136 MBSales Status: 88%Construction Progress: 48%Expected Transfer: Q4/2020
Impression EkkamaiTotal Units: 378Project Value: 4,967 MBSales Status: 46%Construction Progress: EIA ProcessExpected Transfer: Q2/2023
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Pipeline Projects
The New Forum Plaza
Secured Anchor Tenants
Ownership 29 - year leasehold rights
GFA/GLA 34,500 sq.m / 16,135 sq.m
Est. Total Revenue 5,800 MB over 29 years
Expected Completion Q4/2020
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Backlog Breakdown
Remark: *Data as of June 2020
Total Backlog*
Total 2,692 Units 64%
35%
1% Townhome: 60 MB
High Rise: 3,750 MB
Low Rise: 6,960 MB
Total Backlog 10,770 MBProjects
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Y202045% (4,820 MB)
Y202321% (2,285 MB)
Y202214% (1,465 MB)
Y202120% (2,200 MB)
Total Backlog 10,770 MB
Backlog Recognition ScheduleSecured Backlog for 2020 - 2023
Remark: *Data as of June 2020
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2H/2020 Key Highlights
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2H/2020 Key Highlights
The Vision Ladprao - NawaminCharoennakhon The New Forum Plaza Lasalle 831 2 3 4
Target Launch within Q4/2020
Launch Phase 3Q4/2020
Grand Opening within Q4/2020
Target Launch within Q4/2020
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Financial Performance Q2/2020
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Financial Performance Summary
715
2,303
2,918
605
1,284
Y2017 Y2018 Y2019 Q2/2020 6M/2020
(Unit: Million Baht)
Total Revenue 2017 – Q2/2020
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Financial Highlights Q2/2020Gross Profits and Margins Net Profits and Margins
Net Profit (MB)Net Profit Margins (%)
Gross Profit (MB)Gross Profit Margins (%)
1 : Not Including revenue from services and revenue from trading in completed units
330
9121,255
279543
47.4%40.4%
44.2%47.7% 44.9%
Y2017 Y2018 Y2019 Q2/2020 6M/202081
343501
101214
11.3%
14.9%17.2% 16.7% 16.7%
Y2017 Y2018 Y2019 Q2/2020 6M/2020
Gross Profit Margin1 2017 2018 2019 6M/2020
Sale of residential units 45% 35% 34% 39%
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Key Financial Ratio
5.9%
11.1%10.2% 10.1%
Y2017 Y2018 Y2019 Q2/2020
Return on Asset (ROA)
Remark : Industry average = 5.35% (Source : Setsmart)
Unit: %
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Key Financial Ratio
18.0%
54.5%
36.4%
25.8%
Y2017 Y2018 Y2019 Q2/2020
Return on Equity (ROE)
Unit: %
Remark : Industry average = 8.20% (Source : Setsmart)
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Financial Position
Total Equity (THB mm) Debt to Equity Ratio
Total Liabilities (THB mm)Total Asset (THB mm)
2,546
6,0107,632 8,027
2017 2018 2019 Q2/2020
2,058
5,238 5,652 5,833
2017 2018 2019 Q2/2020
488772
1,980 2,194
2017 2018 2019 Q2/2020
4.22
6.78
2.85 2.662.33
4.66
1.90 1.84
2017 2018 2019 Q2/2020D/E ratio IBD/E ratio
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Debt ProfileDebt Breakdown
Credit Facilities and Utilization* Weighted Average Cost of Debt
Term Loans + Financial Lease, 2,718 THB mm
Bonds, 1,320THB mm 4,038
THB mm Floating, 2,237THB mm
Fixed, 1,801THB mm
4,038 THB mm
Undrawn Facilities, 1,905
THB mmDrawn
Facilities, 4,614 THB
mm
6,519THB mm
Remark: *Including debt portion at joint venture companies
6.09% 6.06% 6.09%
5.76%
Q3/2019 Q4/2019 Q1/2020 Q2/2020
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Debt Profile (Cont.’ d)
(Unit: Million Baht)
120
268
200
497
413
105
2020 2021 2022
ALL226A
ALL222A
ALL21OA
ALL216A
ALL214A
ALL20OA120
518
965
Bond Maturity Profile
Remark: *Data as of July 2020
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Financial Covenant
2.33x
4.66x
1.90x 1.84x
Y2017 Y2018 Y2019 Q2/2020
Leverage Ratio : IBD/E Leverage Ratio : (IBD – Cash)/E
Leverage ratio (IBD/E and Net IBD/E) is lower than Financial Institutions’ and Bond’s covenants
1.48x
4.28x
1.70x 1.75x
Y2017 Y2018 Y2019 Q2/2020
Financial Institution Covenants:IBD/E <= 2.5x
Bond Covenants:(IBD – Cash)/E <= 5.0x
Unit: (x) Unit: (x)
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Q&As