snc : opp day nov 5, 2012
DESCRIPTION
SNC : Opp day Nov 5, 2012TRANSCRIPT
Page 1
Opportunity day
5 Nov 2012
Page 2
Agenda
Automotive Segment
Home Appliance Segment
Ratios
Page 3
Home appliance segment
Page 4 Source : Collected by Mini MD of SNC from 8 Major A/C manufacturers in Thailand
Air Conditioner Production in Thailand during 2010-2012
24%
19%
13% 12%
12%
12% 7%
1%
Major air conditioner makers
in Thailand
Air conditioner production
in Thailand
15,006,426 15,961,205
17,966,264
13,512,427
0
2000000
4000000
6000000
8000000
10000000
12000000
14000000
16000000
18000000
20000000
2010 (actual) 2011 (actual) 2012 (Plan) 3Q 2012 (Actual)
Q'ty (unit)
75%
+12.7% +6.4%
Page 5
Production in Thailand
10.7
15.7 15.0
18.0
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012-F
11.8 14.3 13.1 12.7
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012-F
4.7 5.7 6.2 7.0
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012-F
4.8 5.4 6.6 7.2
0
5
10
15
20
Y2009 Y2010 Y2011 Y2012-F
Unit: 1,000,000 units
Air conditioner Compressor
Refrigerator Washing machine
Source: EEI
47% -4% 20% 21% -8%
21% 9% 13% 12% 22% 9%
-3%
Q3’11 Q3’12 Change
Q3 3.40 4.17 23%
9mth 13.2 14.4 9%
Q3’11 Q3’12 Change
Q3 3.21 3.24 1%
9mth 10.9 9.7 -11%
Q3’11 Q3’12 Change
Q3 1.73 1.94 12%
9mth 5.0 5.5 10%
Q3’11 Q3’12 Change
Q3 1.77 1.73 -2%
9mth 5.1 5.2 2%
Page 6
Home appliance
2530
2943
1227
951
1586
2023
1462
0
1000
2000
3000
4000
1q11 2q11 3q11 4q11 1q12 2q12 3q12
140 185
77 23
106 147
76
-
200
400
600
800
1,000
1q11 2q11 3q11 4q11 1q12 2q12 3q12
5.5% 6.3% 6.3% 2.4% 6.7% 7.3%
Sale EAT
5.2%
unit: MB
3q11 3q12
OEM 508 649 +23%
Parts 719 813 +13%
Total 1,227 1,462 +19%
3q11 3q12
OEM 2 7 +150%
Parts 75 69 -8%
Total 77 76 -2%
• OEM 3q12 mainly from Japanese customers.
• Parts increase 94 MB mainly form Plastic 49 MB and Toptech 47 MB.
• OEM profit 7MB came from FZ 5MB and upstream parts 2MB.
• Parts profit decreased 6 MB due to non BOI corp tax 6 MB. However, we got more profit from Plastic and Toptech.
Page 7
Automotive Segment
Page 8
Thailand Car Assembly
451
845 663 699
1,000
548
800
795 999
1,300
0
500
1,000
1,500
2,000
2,500
Y2009 Y2010 Y2011 Q1-Q3'12 Y2012-F
Domestic
Export
Unit: 1,000 Cars
999
1,645
1,458
45%
55%
51%
49%
45%
55%
41%
59%
2,300
65%
-11%
57%
1,698
43%
57%
Source: The Federation of Thai Industries & Thailand Automotive Institute
CAR Q3’11 Q3’12 %
Increase
Assembly 475 649 37%
Domestic Sales
239 393 64%
Page 9
Automotive
184 162
208
120
215 225 248
-
100
200
300
400
1q11 2q11 3q11 4q11 1q12 2q12 3q12
37
23
34
(1)
28
19 19
-20
0
20
40
60
80
100
1q11 2q11 3q11 4q11 1q12 2q12 3q12
20% 14% 8% 13% -0.4% 16%
Sale EAT
7.7%
floods
unit: MB
• Pipe profit decreased from last year due to CR 5% 4 MB, Inventory 5.2 MB, fixed cost 4.0 MB.
3q11 3q12
Pipe 171 186 +9%
Plas 37 62 +67%
Total 208 248 +19%
3q11 3q12
Pipe 30 13 -57%
Plas 4 6 +50%
Total 34 19 -44%
Page 10
177 209
111
23
134 173
79
0
200
400
600
800
1q11 2q11 3q11 4q11 1q12 2q12 3q12
SNC 3Q12
2714
3105
1434
1070
1801
2248
1710
0
1000
2000
3000
4000
1q11 2q11 3q11 4q11 1q12 2q12 3q12
unit: MB
Sale Y07-Y11 : 2712 4021 4901 8248 8324 EAT Y07-Y11 : 206 99 139 381 520
9mth12 : Sale 5,759, EAT 389, 6.8% 9mth11 : Sale 7,253, EAT 497, 6.9%
6.5% 6.7% 7.7% 2.1% 7.4% 7.7%
Sale EAT
4.6%
Q3 Auto 19 HA 76 W/O (12) JV (4) EAT 3q12 79
EAT 3q12 (before) 116 6.8% W/O factory (12) JV SSMA (4) Minimum wages (7) W/O Inventory (5) New mgt (3) Tax non BOI (6) EAT 3q12 (after) 79 4.6%
Page 11
Page 12
Cash cycle
Y07-Y11 : +20 +13 +6 +1 -3
2012
Page 13
18% 16%
0%
10%
20%
30%
40%
2011 Sep
ROA
28% 27%
0%
10%
20%
30%
40%
2011 Sep
ROE
ROA : Y07-Y11 : 12%, 5%, 6%, 16%, 18% ROFA: Y07-Y11 : 37%, 17%, 17%, 45%, 50%
Y07-Y11 : 17%, 5%, 8%, 22%, 28%
Page 14
0.2
0.6
-
0.5
1.0
1.5
2.0
2011 Sep
Net debt
0.6
0.9
-
0.5
1.0
1.5
2.0
2011 Sep
D/E
Y07-Y11 : 0.6, 0.6, 0.5, 0.9, 0.6 Y07-Y11 : 0.0, 0.2, 0.1, 0.4, 0.2
times times
Page 15
6.7 6.7
-
10
20
30
40
2011 Sep
BVPS
Y07-Y11 : 6.1, 5.9, 5.9, 6.3, 6.7 Y07-Y11 : 13.0, 4.0, 6.4, 18.6, 21.9
Baht
21.9
27.3
-
10
20
30
40
2011 Sep
SPS Baht
Page 16
1.60
1.00
-
1
2
3
Y11 9mth12
DPS
1.81
1.35
-
1
2
3
Y11 9mth12
EPS
Y07-Y11 : 0.99, 0.33, 0.48, 1.33, 1.81 Y07-Y11 : 0.55, 0.45, 0.70, 1.00, 1.60 Y07-Y11 : 66%,136%,145%,75%,89%
(1.00+0.60)
Baht Baht
Policy ≥ 50% of EAT
Page 17
Thank you