Quarterly Highlight. Company Overview

Transcription

1 MBK Public Company Limited Key Performance 1H

2 Disclaimer This presentation is made, furnished and distributed for information purposes only. Nothing in this release should be construed as either an offer to sell or the solicitation of and offer to buy or sell share in any jurisdiction. This presentation may include information which is forward-looking in nature. Forward-looking involve risks, uncertainties and other factors which may impact on the actual outcomes, include economic conditions in the markets in which MBK operates and general achievement of MBK business forecasts, which will cause the actual results, performance or achievements of MBK to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. Please be advised that this presentation may contain expectations and assumptions that are subject to change at any time. Results and future performance are not guaranteed and may differ from expectations. 2

3 Content Quarterly Highlight Company Overview Profile and Key Performance - Shopping Center Business - Hotel & Tourism Business - Golf Business - Real Estate Development Business - Rice Business - Finance Business - Other Business CAPEX Financial Highlight 1H

4 Quarterly Highlight Revenue rises 7.2% YoY to 4,554 Mil for 1H 2012 Operating Profit Margin for 1H 2012 grows 4.9 % YoY to 38.4% ROE climbs 4.4% to 16.6%, and ROA rises 2.5% to 7.6% EPS rises 51.2% to 7.2 Baht per Share for 1H 2012

5 Company Overview 5

6 Corporate info Background Paid-Up Capital Established in 1974; relisted on the SET since 1994; changing its name to MBK in Bt1, Mil( million 10 baht) Market Cap. Bt17,637 Mil (93.50 Bt/share as of 30 July 2012) Dividend Policy Semi-Annually Major shareholders Patum Rice Mill and Granary Plc. (26%) Rating Thanachart Group (19.9%) State Street Bank and Trust Company For Australia (3.6%) Nortrust Nominees Ltd. (3%) A/Stable Outlook by Tris Rating. 6

7 Milestones Established 1974 Relisted on SET 1985 PPB Hotel opened 1994 Upcoming Pattaya properties 55 Market opened 2013 Paradise Park taken over 2012 formerly Seri Center 2011 Sheraton Krabi Beach Resort launched 2010 To develop first downtown condo Plan Estate acquired 2008 The Nine opened 2007 Layana acquired Invested in Maldives (Resort) Invested in ROH Mah Boon Krong Shopping Center opened Paradise Park relaunched Riverdale Golf Course opened T Leasing acquired Glas Haus Ratchada acquired Red Mountain Golf Course opened Apple Auto Auction operated Glas Haus Sukhumvit acquired Renewed lease agreement of MBK Invested In Siam Piwat Tinidee Hotel@ Ranong acquired Loch Palm Golf Course acquired 7

8 Business Structure As of June 2012 Shopping Center Hotel & Tourism Golf Real Estate Rice Finance Development Other MBK Center Paradise Park (50%) Sheraton Krabi Beach Resort 50% Siam Piwat (30.7%) Siam Center Siam Discovery Siam Tower Siam Paragon (50%) The Nine Center Glas Haus Sukhumvit Glas Haus Ratchada (34%) Pathumwan Princess Hotel Tinidee Ranong Tinidee Layana Dusit Thani Maldives, MudhdhooIsland, Baa Atoll (30%) Royal Orchid Sheraton (29.8%) Dusit Thani (11.7%) Erawan Group (6.3%) Loch Palm Golf Course (72.6%) Red Mountain Golf Course (72.6%) Riverdale Golf Course Lam LukKa Golf and Country Club (26.9%) Plan Estate (72.6%) Crystal Lake (72.6%) Riverdale Residence RatchadaSoi17 Patum Rice Mill (74.5%) MBK-G T Leasing TCAP (9.9%) Max Asset (16.6%) Apple Auto Auction (50%) X-Gen (9%) (10%) (3%) (4%) (26%) (3%) Asset allocation by business (excl. 10% allocated to pooled asset for liquidity management purpose) M Racing 8

9 Key Properties by Geographic Location Bangkok Phuket Krabi 9

10 Key Properties in Bangkok Area 10

11 Key Properties in Phuket and Krabi 11

12 Profile and Key Performance 12

13 Shopping Center Business 13

14 Shopping Center Portfolio Property MBK's Net Stake (%) Retail (sq.m.) Office (sq.m.) MBK Center 100.0% 92,000 - MBK Tower 100.0% - 18,000 Paradise Park 65.4% 91,000 - The Nine Neighborhood Center 100.0% 12,000 9,000 Properties of Siam Piwat Siam Center 30.7% 19,000 - Siam Discovery & Tower 30.7% 23,200 30,700 Siam Paragon 15.4% 186,010 - Glas Haus Sukhumvit 100.0% - 13,500 Glas Haus Ratchada 100.0% - 8,200 Total 423,210 79,400 MBK's Net Stake 205,010 58,128 14

15 Shopping Center Portfolio As of June 2012 Properties MBK Paradise Park The nine Type Shopping Center Shopping Center Community Mall Location Pathumwan Intersection Srinakarin Road Rama IX Road Tenure Leasehold ended 2033 Leasehold ended 2023 Freehold Lettable area (sq.m.) 92,000 (Retail) 91,000 12,000 (Retail) 18,000 (Office) 9,000 (Office) Storey MBK's Stake 100% 50% 100% Investment Size (Bt Mil) 8,159 1,365 1,200 Avg. OR (%) (@ 1H 2012) 100% 89% 99% Target Customer B and C A and B B 15

16 MBK Center The lease contracts of MBK Center tenants : to be expired in July-Dec 2012^ = ~6%* to be expired in 2013^ = ~55%* Note : ^ calendar year and * of total lettable space MBK's traffic (Visitors per day) H H 2012 Weekdays 84,516 85,715 87,562 84,883 Weekend 94,394 97,030 98,379 95,529 All days 87,453 89,273 90,973 88,258 Foreign visitors accounting for 42%. (1H 2012) 16

17 Related Investment Portfolio in Shopping Business MBK has a 31% investment in SPW which has a retail property portfolio as follows SPW's Stake (%) Business Retail (sq.m) Office (sq.m.) Branches Siam Center 100% Shopping center 19, Siam Discovery 100% Shopping center 23, Siam Tower 100% Office Building - 30,700 - Siam Paragon 50% Shopping center 186, Paradise Park 50% Shopping center 91, Loft 100% Gift shop

18 Contribution of SPW Bt Mil / / /11 2H H H 2012 Profit Sharing Dividend Book Value : Bt1,334.2 Mil (under equity method as of June 2012) 18

19 Office Buildings Properties Glas Haus Building Glas Has Ratchada Location Sukhumvit Rd. Ratchada Rd. Tenure Leasehold ended August 2020 Leasehold ended February 2024 Anchor Tenants TBANK, UOB, GHB and PST TBANK Lettable area (sq.m.) 13,500 8,200 Acquired June 2007 June 2010 Investment Size (Bt Mil) Avg. OR (%) 1H 2012) 62.4% 100.0% 19

20 Shopping Center Performance Average Occupancy Rate (Percent) 2009/ /11 2H H H 2012 Shopping center MBK Center (92,000 sq.m.) 99.9% 99.5% 100.0% 99.8% 99.9% Paradise Park (91,000 sq.m.) N/A 89.2% 90.6% 91.4% 88.5% The nine-retail (12,000 sq.m.) N/A N/A 99.6% N/A 98.6% Office buildings Total Group 99.9% 94.4% 95.6% 95.6% 94.5% MBK Tower (18,000 sq.m.) 100.0% 100.0% 100.0% 100.0% 100.0% The nine-office (9,000 sq.m.) N/A N/A 100.0% N/A 100.0% Gaus Haus Sukhumvit (13,500 sq.m.) 98.2% 97.9% 80.0% 98.1% 62.4% Glas Haus Ratchada (8,200 sq.m.) N/A 100.0% 100.0% 100.0% 100.0% Total Group 99.2% 99.3% 94.5% 99.4% 89.6% 20

21 Shopping Center Business Revenue Breakdown 1,731 million baht 1,868 million baht GLAS HAUS OFFICE 3.24% 1H 2011 SPW 6.56% THE NINE 5.27% GLAS HAUS OFFICE 2.87% 1H 2012 SPW 7.89% PDP 28.26% MBK 61.95% PDP 25.44% MBK 58.53% 21

22 Hotel & Tourism Business 22

23 Hotel Portfolio Properties Location Room Operate/ Tenure Capacity (Keys) Acquire Pathumwan Princess Hotel (PPB) Pathumwan intersection, Bangkok 455 Leasehold ended Sheraton Krabi Beach Resorts (SKBR) Krabi Province 246 Freehold 2003 Tinidee Ranong (TNDR) Ranong Province 138 Freehold 2002 Tinidee Phuket (TNDP) Loch Palm Golf Course, Phuket 45 Freehold 2010 Layana Resort & Spa (LAYANA) Koh Lanta Yai Island, Krabi 50 Freehold

24 Related Investment Portfolio in Hotel Business Property Location Investment size : Room Capacity : : Dusit Thani Maldives, Mudhdhoo island, Baa Atoll : Located on Mudhdhoo Island in Baa Atoll. Only 35 minutes from the capital Male by seaplane and 10 minutes by speedboat from the new domestic airport in Baa Atoll 348 Bt Mil. 100 keys Tenure : 35 Years Leasehold ended 2044 Operate : March 2012 Stake : 30% 24

25 Related Investment Portfolio in Hotel Business 25

26 Related Investment Portfolio in Hotel Business 26

27 Related Investment Portfolio in Hotel Business 27

28 Other Investment Portfolio in Hotel Business As of June 2012 Properties MBK's Stake Market value Room Capacity (%) (Bt Mil) Dividend Proceeds ROH 29.8% Own 726 Keys Hotel for n.a. Property in Bangkok DTC 11.6% Own and operate 4,636 Keys in 19 properties in Thailand and Asia 337 n.a. ERW 6.3% Own 3,512 Keys in 14 properties nationwide 365 n.a. 28

29 Hotel Operating Performance Average Occupancy Rate (Percent) 2008/ / /11 2H H/2011 1H/2012 Patumwan Princess Bangkok (455 keys) 74.97% 57.09% 65.11% 77.53% 73.37% 75.67% Sheraton Krabi Beach Resort (246 keys) 43.32% 45.21% 53.40% 50.50% 53.11% 62.18% Tinidee Hotel Ranong (138 keys) 57.88% 62.30% 64.56% 48.76% 65.59% 52.24% Tinidee Hotel Phuket (45 keys) N/A N/A 8.05% 14.02% 10.16% 41.06% Layana Resort & Spa (50 keys) N/A N/A N/A 58.90% 66.77% 69.71% Total Group 60.98% 54.33% 58.86% 62.10% 63.48% 66.67% Average Room Rate (Baht/Room/Night) Patumwan Princess Bangkok 3,201 2,923 2,825 2,748 2,872 3,032 Sheraton Krabi Beach Resort 4,217 4,274 4,229 3,382 4,229 3,745 Tinidee Hotel Ranong Tinidee Hotel Phuket N/A N/A 1, , Layana Resort & Spa N/A N/A N/A 4,961 5,947 6,127 Total Group 3,004 2,837 2,798 2,737 2,999 3,044 Average RevPAR (Baht/Room/Night) Patumwan Princess Bangkok 2,399 1,669 1,839 2,131 2,107 2,295 Sheraton Krabi Beach Resort 1,827 1,933 2,258 1,708 2,246 2,329 Tinidee Hotel Ranong Tinidee Hotel Phuket N/A N/A Layana Resort & Spa N/A N/A N/A 2,922 3,971 4,271 Total Group 1,832 1,541 1,647 1,700 1,904 2,030 29

30 Hotel and Tourism Business Revenue Breakdown 484 million baht 565 million baht 1H H 2012 TNDR &TNDI 6.39% TNDP 0.25% LAYANA 8.91% TNDR &TNDI 5.33% TNDP 0.54% LAYANA 12.21% SKBR 28.89% PPB 49.95% SKBR 27.15% PPB 54.77% 30

31 Golf Business 31

32 Golf Business Profile As of June 2012 Properties Location Business Land (Rai) MBK's Stake (%) Loch Palm Golf Course (LPGC) Kratu District, Phuket 18-Hole Golf Course % Red Mountain Golf Course (RMGC) Kratu District, Phuket 18-Hole Golf Course % Riverdale Golf Course (RDGC) Muang Pathum Thani District, Pathum Thani 18-Hole Golf Course % Lam Luk Ka Golf Course (LLK) Lam Luk Ka Klong 11, Pathum Thani 36-Hole Golf Course 1, % 32

33 Golf Operating Performance No. of Golfer (Rounds) 2009/ /11 2H H H 2012 LPGC 44,432 39,271 17,040 22,416 20,953 RMGC 16,624 18,697 8,784 10,192 11,305 RDGC - 32,232 15,695 17,650 24,193 LLK N/A N/A 16,368 N/A 34,668 Avg. Green Fee per Golfer (Baht) 2009/ /11 2H H H 2012 LPGC 1,303 1,541 1,496 1,557 1,674 RMGC 2,922 2,934 2,957 3,057 3,081 RDGC - 1,149 1,292 1,389 1,371 LLK N/A N/A 917 N/A 1,047

34 Golf Business Revenue Breakdown 166 million baht 199 million baht 1H H2012 LLK 2.38% RDGC 29.18% LPGC LPGC RDGC 32.50% 38.84% 39.89% RMGC 31.98% RMGC 30.40%

35 Real Estate Development Business 35

36 Existing Residential Project Performance As of June 2012 Y ear Total Total Average % Remaining Remaining Projec t Name Launc hed Project Value Units Unit Pric e of Sold Unsold Unsold (Bt Mt) (Bt Mil) (Units) (Bt Mt) PST Baan Suan Loch Palm % 4 49 The Creek % 5 49 The Indy II % Pano % Sabai Village I % - - Planery Zone 2 (Land) % - - Planery Zone 6 (Land) % 5 51 Little Lake Front (Land) % 2 25 MBK-R Total 1, % Sabai Village II % RM 18A (Land) % Total % Grand Total 2, % 241 1,464 36

37 Existing Residential Project Performance As of June 2012 Project Name Presales 2008/ / /11 2H H H 2012 Baan Suan Loch Palm (Units) Indy I (Units) Indy II (Units) Sabai Village (Units) Sabai Village II (Units) Little Lake Front (Units) Total (Units) Baan Suan Loch Palm (Bt Mil) Indy I (Bt Mil) Indy II (Bt Mil) Sabai Village (Bt Mil) Sabai Village II (Bt Mil) Little Lake Front (Bt Mil) Total (Bt Mil) Transfers Project Name 2008/ / /11 2H H H 2012 Baan Suan Loch Palm (Units) Indy I (Units) Indy II (Units) Sabai Village (Units) Sabai Village II (Units) Little Lake Front (Units) Total (Units) Baan Suan Loch Palm (Bt Mil) Indy I (Bt Mil) Indy II (Bt Mil) Sabai Village (Bt Mil) Sabai Village II (Bt Mil) Little Lake Front (Bt Mil) Total (Bt Mil)

38 Finance Business 38

39 Finance Business Operating Company Company Business As of June 2012 MBK's Stake Portfolio size (Bt Mil) (%) MBK Guarantee (MBK-G) Offering financing against 100.0% 2,381 collateral in Bangkok and key tourist provinces with acceptable LTV T leasing (TLS) Operating motorcycle hire 100.0% 1,225 purchase in Bangkok and suburban area 39

40 MBK-G Interest Revenue Interest Revenue Bt Mil /11 1H H H /11 1H H H

41 T Leasing Hire Purchase Revenue Hire Purchase Revenue Bt Mil / /11 1H H H / /11 1H H H

42 Related Investment Portfolio in Finance Business Company Business Thanachart Capital Plc. (TCAP) Holding Company of Tbank and other related financial institutions Max Asset Management (Max Asset) Acquiring NPA and NPL from financial institutions to manage restructure the collection and foreclose mortgage As of June 2012 MBK's Stake Book Value (Bt Mil) (%) 9.9% 3,637 (at market value) 16.6% 254 (under equity method) 42

43 TCAP Dividend Dividend Bt Mi il / / /11 1H H H / / /11 1H H H

44 Contribution of Max Asset Bt Mil Profit Sharin ng Dividend / / /11 1H H H 2012 Profit Sharing Dividend 44

45 Other Business 45

46 Other Business Profile Company Location Business Investment size MBK's Stake (Bt Mil) (%) Apple Auto Auction (AAA) Bangna-Trad Km.4 Rd Car and motorcycle auction company with genuine on-line auction service 45 50% X-Gen Premium (X-GP) Bangkae Motorcycles dealer % M Racing (MRC) 8th floor MBK Center Motorcycle dealer, its parts sales and motorcycle repairing % 46

47 CAPEX Bt mil Business Total Shopping ,591 Hotel Golf Real estate 422 1,186 1,222 2,830 Others ,040 2,186 1,798 5,024 47

48 Future Projects A community mall next to PDP (50% JV) due to open in late 2013 To launch first downtown condo in late 2012 More Residential Projects in Phuket To launch Pattaya Property in mid

49 Financial Highlights 49

50 Ratio Analysis for Shareholders Financial Ratios Unit 2008/ /09 (Adj) 2009/ /11 2H H H 2012 Operating Profit Margin % 40.05% 40.05% 33.27% 32.82% 34.72% 33.47% 38.33%^^ ROE % 12.64% 14.64% 26.32%* 11.30% 10.98%** 12.14%** 16.53%** ROA % 5.75% 6.34% 10.82%* 4.70% 4.80%** 5.14**% 7.58%** Dividend Yield % 7.73% 7.73% 6.94% 5.11% 2.72%^ N/A N/A Price to book value Times Price to earnings Times ** 10.25** 6.94** Note: * Including gain on marketable securities sale ** Annualized ^ Interim payment only ^^ Excluding gain on asset sale

51 Summary: Balance Sheet Bt Mil 30,000 25,000 20,000 15,000 10,000 5, ,430 26,682 24,654 27,070 27,198 20,413 12,456 14,605 15,790 12,198 14,210 11,181 12,077 12,640 13,074 12,860 14,124 9,232 Jun-09 Jun-09 (Adj)* Jun-10 Jun-11 Dec-11 Jun-12 Asset Liabilities Shareholders'Equity Note: *For comparison purpose with previously reported only adjusted real estate investment from fair value to historical cost. ** 1H 2011/12 ended Dec 11, 1H 2012 ended June 12

52 Income Statement 9,000 8,000 7,000 6,000 6,434 8,573 2,233 8,337 Revenue 7% YoY EBITDA 32% YoY Net Profit 51% YoY 5,000 4,000 3,000 2,577 6,340 4,434 2,233 2,547 2,736 4,292 4,246 4, ,000 1, , /09 1,582 2, /10 1, /11 1, H , H ,869 4, , , H 2012 EBITDA Net Profit Gain on asset sale Gain on asset sale

53 Revenue breakdown 9,000 8,573 8,337 Gain on marketable securities sale Bt mil 8,000 7,000 6,000 5,000 4,000 3,000 6, , , , , Others Finance Real Estate Rice Golf Hotel & Tourism 4,292 4,246 4,554 Shopping Center ,000 1,000 2,520 2,323 3, / / /11 2H H H 2012

54 Revenue breakdown 1H H 2012 Real Estate 2% Finance 7% Others 3% Real Estate 5% Finance 9% Others 5% Golf 4% Rice 29% Hotel & Tourism 12% Shopping Center 43% Golf 5% Rice 20% Hotel & Tourism 13% Shopping Center 43% Total revenue = Bt4,246 million Total revenue = Bt4,554 Million

55 EBITDA Breakdown 4,500 4,434 Gain on marketable securities sale Others Finance 4,000 Real Estate Bt mil 3,500 3,000 2,500 2,000 1,500 1, , ,594 2, , , ,000 1, ,421 Rice Golf Hotel & Tourism Shopping Center 1, / / /11 2H H H 2012

56 EBITDA Breakdown 1H H 2012 Golf 5% Rice 3% Real Estate -1% Finance 7% Others 4% Golf 5% Hotel & Tourism Hotel & 12% Tourism Shopping 12% Shopping Center 70% Rice 1% Real Estate 2% Finance 11% Others 11% Center 58% Total EBITDA = Bt1,421 million Total EBITDA = Bt1,869 Million

57 Operating Profit Margin Operating Profit Margin (%) 60.00% 4.9% YoY 50.00% 40.00% 30.00% 40.05% 33.26% 32.82% 34.72% 33.47% 38.33% 20.00% 10.00% 0.00% 2008/ / /11 2H H H 2012

58 Return on Assets and Equity 30.00% Bt mil 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 12.64% 5.75% 6.34% 14.64% 6.72% 4.10% 17.27% 9.05% 11.30% 4.70% 4.80% 10.98% 12.14% 5.14% ROA 2.4% YoY ROE 4.4% YoY 7.58% 16.53% 2008/ /09 (adj)* 2009/ /11 2H 2011* 1H 2011* 1H 2012* ROA (%) ROE (%) Gain on marketable securities sale Note: * For comparison purpose with previously reported only adjusted real estate investment from fair value to historical cost. ** Annualized

59 EPS % YoY Baht / / /11 2H H H 2012 EPS Gain on sales (Marketable securities)

60 2008/ / /11 2H 2011 Dividend Baht H H 2012 DPS : interim DPS : final 60

61 Major shareholders As of March 16, 2012 Name Number of shares % 1. PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED GROUP 49,924, % PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED 47,424, % PRG. GRANARY COMPANY LIMITED 2,500, % 2. THANACHART CAPITAL PUBLIC COMPANY LIMITED GROUP 37,537, % THANACHART CAPITAL PUBLIC COMPANY LIMITED 18,856, % THANACHART LIFE INSURANCE CO.,LTD. 7,684, % THANACHART SECURITIES PUBLIC COMPANY LIMITED 7,560, % THANACHART INSURANCE CO.,LTD. 3,436, % 3. STATE STREET BANK AND TRUST COMPANY FOR AUSTRALIA 6,808, % 4. NORTRUST NOMINEES LTD. 5,686, % 5. MR.YONGSAK KANATHANAVANICH 4,421, % 6. THAI NVDR CO.,LTD 3,965, % 7. DBS BANK A/C DBS NOMINEES-PB Clients 3,598, % 8. AMERICAN INTERNATIONAL ASSURANCE COMPANY, LIMITED-APEX 3,086, % 9. THANACHART EMPLOYEE SAVINGS AND CREDIT COOPERATIVES.,LTD 2,700, % 10. MS. SINEE THIENPRASIDDHI 2,550, % 61

62 Thank You For further enquiries, Contact MBK Investor Relations : inv@mbk-center.co.th Tel : (66 66) Website : 62