MBK Public Company Limited Key performance 1H/2015

Transcription

1 MBK Public Company Limited Key performance 1H/2015 1

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 Agenda Company overview Operating Performance 1H/2015 Operating Performance by segment - Shopping Center Business - Hotel & Tourism Business - Golf Business - Real Estate Business - Finance Business - Food Solution Business - Other Business Skywalk Financial Information 1H/2015 Paradise Tokyo 3

4 Company Overview 4

5 MBK Group Background : Established in 1974; relisted on the SET since 1994; changing its name to MBK in 2003 Paid-Up capital : 1, million Baht (1,886.2 million shares@ par 1 Baht) Market capital : 29,615 million Baht (15.7 Baht/share as of 30 June 2015) Dividend policy : Not less than the previous period* Major shareholder : Pathum Rice Mill and Granary Plc. (26.47%) Thanachart Group (19.9%) Credit rating : A/Stable By TRIS Rating Co., Ltd. *Unless there are any unexpected situations 5

6 Associated companies Group s businesses History of MBK Group Present 1974 Established MBK Group Rice Business Mah Boon Krong Shopping Center Pathumwan Princess Hotel 2002 Tinidee Ranong Real Estate Business - Sheraton Krabi Beach Resort - Loch Palm Golf Course Red Mountain Golf Course - Automobile Auction (Apple) - Glas Haus Sukhumvit Paradise Park - Hire purchase (T Leasing) and Lending Business (MBK Guarantee) - Riverdale Golf Course - Glas Haus Ratchada The Nine Center - Layana Hotel (Lanta Island) A La Art (formerly 29 Plaza) - Ha Ha - Life Insurance Business - Bangkok Golf Course 2015 Bangkok Tokyo Paradise Park Department Store Royal Orchid Sheraton Hotel Siam Piwat Group (Siam Paragon, Siam Center, Siam Discovery) Dusit Thani Maldives

7 MBK Group s structure Shopping Center Hotel & Tourism Golf Real Estate Food Solution Finance Other MBK Center Paradise Park (50%) Siam Piwat (30.7%) 50% Siam Center Siam Discovery Siam Tower Siam Paragon (15.4%) The Nine Center Glas Haus Sukhumvit Glas Haus Ratchada Siam Delice (50%) Patumwan Princess Hotel Sheraton Krabi Beach Resort Hotel Tinidee Tinidee Golf Layana Resort & Spa Hotel Dusit Thani Maldives (30%) Royal Orchid Sheraton Hotel (29.9%) Dusit Thani Hotel (11.7%) Loch Palm Golf Course (72.6%) Red Mountain Golf Course (72.6%) Riverdale Golf Course Bangkok Golf Course Lam Luk Ka Golf Course (44.6%) Indy 2 (72.6%) Quinn Condo Sabai 2 (72.6%) Baan Rom Mai 1 & 2 (55%) Patum Rice Mill (74.5%) MBK Food Island (74.5%) The Fifth Avenue (62.1%) Tsurumaru Udon Honpo, Fujio Shokudo (44.7%) Suki Number One (62.1%) MBK MBK-G Guarantee T Leasing TCAP (10.2%) Max Asset (16.6%) SCI Life (49%) Apple Auto Auction (50%) As at 30 June

8 Operating Performance 1H/2015 8

9 Operating Performance MBK Group Million Baht For the three-month period ended 30 June Increase/decrease Operating Revenue 4,659 4, % Operating Profit % Share of profit from investments in associates % Other income (51) (17%) Finance costs (242) (225) (17) (8%) Income Tax expense (146) (131) (15) (11%) Non - controlling interests of subsidiaries 25 (8) % Net profit - attributable to equity of the Company % Earning per shares (Baht) % 9

10 Million Baht Operating Revenue MBK Group 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ,417 4,659 1H/2014 1H/2015 QoQ +5% Shopping Center Hotel & Tourism Golf Food solution Real Estate Finance Others 10

11 Million baht EBIT MBK Group H/2014 1H/2015 QoQ +14% Shopping Center Hotel & Tourism Golf Food solution Real Estate Finance Others 11

12 Key Operations by Geographic Locations Bangkok and Surrounding areas Krabi Province Shopping Mall Hotel Phuket Province Bangkok Golf Hotel Golf Krabi Phuket Hotel 12

13 Operating Performance by Segment 13

14 Shopping Center Portfolio Shopping Center MBK Center Paradise Park The Nine Center Ha Ha Location Pathumwan Intersection Srinakarin Road Ownership Leasehold ended year 2033 Leasehold ended year 2023 Lettable Area (Sq.m.) Storey MBK s stake Avg. OR (%) * 85, % 91.0% 91, % 94.7% Rama 9 Road Freehold 15, % 94.8% Srinakarin Road Leasehold ended year , % 50.6% *Average Occupancy Rate of 1H

15 Office Building Portfolio Office Building Location Ownership Lettable Area (Sqm) Avg. OR (%) * Pathumwan Leasehold MBK Tower 15, % Intersection ended year 2033 Glas Haus Leasehold Sukhumvit Road 12, % Sukhumvit ended year 2030 The Nine Office Rama 9 Road Freehold 8, % Glas Haus Ratchadapisek Leasehold 7, % Ratchada Road ended year 2024 * Average Occupancy Rate as of 1H

16 Shopping Center Business Property Shopping Center MBK s stake MBK Center 100% The Nine Center 100% Paradise Park 65.4%* HaHa 65.4%* Office Building MBK Tower 100% Glas Haus Sukhumvit 100% Glas Haus Ratchada 100% The Nine Office 100% Siam Piwat Group Siam Center Siam Discovery Siam Paragon 30.7% 30.7% 15.4% Total MBK's Net Stake HaHa MBK Center Siam Paragon Siam Discovery Siam Center The Nine Paradise Park Total MBK's Net Stake MBK Tower Glas Haus Ratchada Glas Haus The Nine Siam Discovery 17,468 23,200 19,000 15,689 7,509 8,979 85,342 91,109 15,588 12, , , ,316 Retail Area (Sqm.) Office Building Area (Sqm.) 30,700 54,502 75,775 * Including indirect investment through Siam Piwat (SPW) 15.4% 16

17 Shopping Center Business- Average Occupancy Rate Avg. OR (%) * 1H 15 1H MBK Center (85,342 sq.m.) 91.0% 98.1% 97.8% 98.9% Paradise Park (91,109 sq.m.) 94.7% 92.4% 93.0% 93.0% The Nine Center (15,689 sq.m.) 94.8% 89.8% 89.9% 90.8% Ha Ha (17,468 sq.m.) 50.6% 38.9% 52.7% - Total Group 89.5% 94.7% 92.7% 95.6% MBK Tower (15,588 sq.m.) 100.0% 100.0% 100.0% 99.6% Glas Haus Sukhumvit (12,999 sq.m.) 99.0% 98.8% 98.8% 84.3% The Nine office (8,979 sq.m.) 100.0% 100.0% 100.0% 100.0% Glas Haus Ratchada (7,509 sq.m.) 100.0% 100.0% 100.0% 100.0% Total Group 99.7% 99.7% 99.7% 95.3% *Average Occupancy Rate 17

18 Million Baht Operating Revenue - Shopping Center Business 2,500 2,000 1,911 1,971 YoY +3% 1,500 1, H' 14 1H' 15 MBK THE NINE PDP GLAS HAUS Others 18

19 Million Baht EBIT Shopping Center Business YoY -2% (100) 1H' 14 1H' 15 MBK PDP THE NINE GLAS HAUS Others 19

20 Million Baht Contribution of SPW MBK holds 30.7% stakes in SPW H' 14 1H' 15 Profit Sharing Dividend Book Value : 1,640 Million Baht (equity method as of 30 June 2015) 20

21 Hotel & Tourism Business Portfolio Hotel Location Room Capacity (Keys) Ownership Operate/ Acquire MBK s Stake Pathumwan Princess Hotel (PPB) Sheraton Krabi Beach Resorts (SKBR) Tinidee Ranong (TNDR) Tinidee Hotel Inn (TNDI) Layana Resort & Spa (LAYANA) Tinidee Golf Phuket (TNDP) Dusit Thani Maldives (DMS) Royal Orchid Sheraton (ROH) Patumwan Intersection, Bangkok 455 Leasehold ended year % Krabi 240 Freehold % Ranong 136 Freehold % Ranong 46 Freehold % Koh Lanta, Krabi 51 Freehold % Loch Palm Golf Course, Phuket Maldives Island Freehold % Leasehold ended year % Bangkok 726 Freehold % 21

22 Hotel & Tourism Business Avg. OR% Average Occupancy Rate (%) 1H' 15 1H' Patumwan Princess Bangkok 81% 53% 66% 80% Sheraton Krabi Beach Resort 82% 80% 76% 72% Tinidee Hotel Ranong 58% 56% 53% 59% Tinidee Inn Ranong 78% 80% 73% 80% Layana Resort & Spa 73% 77% 71% 70% Tinidee Hotel Phuket 75% 60% 61% 49% Dusit Maldives 56% 64% 66% 60% Royal Orchid Sheraton 71% 49% 53% 69% Total Group 74% 58% 61% 71% 22

23 Million Baht Operating Revenue- Hotel & Tourism Business YoY +19% H' 14 1H' 15 PPB SKBR LAYANA TNDR &TNDI TNDP Others 23

24 Million Baht EBIT Hotel & Tourism Business YoY +169% (20) (40) (60) (64) (80) (100) 1H' 14 1H' 15 PPB SKBR LAYANA TNDR &TNDI TNDP Others 24

25 Golf Business Portfolio Golf Course Location Capacity MBK s stake Loch Palm Golf Course (LPGC) Red Mountain Golf Course (RMGC) Riverdale Golf Course (RDGC) Lam Luk Ka Golf Course (LLKGC) Bangkok Golf Club (BKGC) Kathu District, Phuket 18 Holes 72.6% Kathu District, Phuket 18 Holes 72.6% Bang Kadi District, Pathum Thani 18 Holes 100.0% Lam Luk Ka District, Pathum Thani 36 Holes 44.6% Bang Kadi District, Pathum Thani 18 Holes 100.0% 25

26 Golf Business Number of Golfer Number of Golfers (Rounds) 1H' 15 1H' LPGC 15,632 18,166 31,017 34,208 RMGC 10,228 11,868 21,172 20,472 RDGC 23,458 22,297 47,373 50,505 LLKGC 32,271 31,942 64,240 65,150 BKGC 40,

27 Million Baht Operating Revenue Golf Business 300 YoY +22% H' 14 1H' 15 RDGC RMGC/LPGC Others 27

28 Million Baht EBIT Golf Business YoY +18% (5) (10) 1H' 14 1H' 15 RDGC RMGC/LPGC Others 28

29 Real Estate Business Portfolio Project Name Year Launched Total Number Sold Project Total of sold Amount Units % of Sold Unsold Backlog (To be transfer) (Million Baht) (Units) (Million Baht) (Units) (Million Baht) (Unit) (Million Baht) Housing Development (Phuket) The Indy II % Sabai Village II % Total % Housing Development (Chonburi) Baan Rom Mai % Baan Rom Mai % Total % Land for sale (Phuket) Planery Zone % Total % Condominium (Bangkok) QUINN , ,603 79% ,603 Grand Total 4, ,360 80% ,736 29

30 Million Baht Operating Revenue Real Estate Business YoY -37% H' 14 1H' 15 PST MBK-R Baan Rom Mai Others 30

31 Million Baht EBIT Real Estate Business (10) (20) (30) (40) 33 (15) 1H' 14 1H' 15 YoY -144% PST MBK-R Baan Rom Mai Quinn Others 31

32 Finance Business Company Business MBK s stake Portfolio Size (Million Baht) 30 June December 2014 MBK Guarantee (MBK-G) Offer assets financing against collateral in Bangkok and key tourist provinces 100% 2,800 3,732 T Leasing (TLS) Operate motorcycle hire purchase business in Bangkok and suburban area 100% 2,166 2,001 Total 4,966 5,733 32

33 Million Baht Operating Revenue Finance Business YoY -3% H' 14 1H' 15 Lending Hire purchase Others 33

34 Million Baht EBT Finance Business YoY +11% H' 14 1H' 15 Lending Hire purchase Others 34

35 Finance Business - Investment Company Business MBK s stake Assets size (Million Baht) Thanachart Capital Plc. (TCAP) Holding company of Tbank and other related financial institutions 10.2% 4,320* Max Asset Management (Max Asset) Providing asset management service of NPL and NPA acquiring from financial institutions 16.6% 120** * Market value as at 30 June 2015 **Equity method 35

36 Mllion Baht Million Baht Contribution Finance Business H' 14 1H' H' 14 1H' 15 Dividend Profit Sharing Dividend 36

37 Food Solution Business Business type Brand Location MBK s stake Manufacture and trade rice Mah Boonkrong Rice Glas Haus Building, Sukhumvit 74.5% International Food court The Fifth Food Avenue MBK 5th Floor 62.1% Food court MBK Food Island MBK 6th Floor 74.5% Japanese Restaurant Fujio Shokudo, Tsurumaru Honpo Udon MBK Center, Seacon Square, Ha Ha, Lotus AMATA 44.7% Traditional Suki Suki Number One The Nine 1st Floor 62.1% 37

38 Million Baht Operating Revenue Food Solution Business 1,200 1, ,050 YoY +23% H' 14 1H' 15 Restaurant Food Center Rice 38

39 Number of cars Company Apple Auto Auction (AAA) Other Business Business type Provide car and motorcycle auction service with genuine on-line auction service Capital (Million Baht) MBK s Stake 86 50% 70,000 60,000 60,758 50,000 40,000 30,000 20,000 39,115 21,362 29,236 25,435 34,136 14,412 13,854 10, H'14 1H'15 All auction cars Success auction cars 39

40 Million Baht Contribution Apple Auto Auction H' 14 1H' 15 Profit sharing Dividend 40

41 New Projects in year

42 New Projects Shopping Center Business Skywalk MBK Center renovation* Location MBK Center Area (sq.m.) 5,250 6,992 MBK s stake 100% 100% Investment (Million Baht) *On 5 th floor (zone D) and 6 th floor (zone A) 42

43 Skywalk - Overview 43

44 Skywalk - Overview 44

45 Skywalk (Phayathai Road view) 45

46 Skywalk (Chula Soi 12 view) 46

47 New Projects Real Estate Business Loch Palm Residence The Riverdale Residence Park Riverdale Baan Rom Mai 3 Type Residence Residence Residence Residence Location Loch Palm Golf Course, Phuket Riverdale Golf Course Pathum Thani Riverdale Golf Course Pathum Thani Bowin, Chonburi Units MBK s stake 72.60% 100% 100% 54.98% Project cost (Million Baht)

48 Loch Palm Residence 48

49 Future projects Food Solution Business - Expand 2 branches of Suki Number One 49

50 Financial Information of 1H/

51 ROA and ROE 14.0% 12.0% 12.5% 11.7% 11.3% 12.1% 10.0% 8.0% 6.0% 8.0% 6.2% 6.0% 6.7% 4.0% 2.0% 0.0% H' 14 1H' 15 ROE ROA 51

52 Baht per share EPS H' 14 1H' 15 52

53 Times P/E Ratio * H' 15 * Annualized 53

54 Million Baht Balance Sheet 45,000 40,000 35,000 37,921 37,909 40,535 30,000 25,000 20,000 15,000 10,000 5,000 21,970 15,951 21,032 23,172 16,877 17, H' 15 Asset Liability Equity 54

55 Million Baht Profit and Loss Statement 14,000 13,131 12,000 10,000 10,080 8,000 6,000 4,000 2, ,108 4,844 5,070 1, H' 14 1H' 15 Total Revenue Net profit 55

56 Major Shareholders Name Number of shares % 1. PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED GROUP 499,249, % PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED 474,249, % PRG. GRANARY COMPANY LIMITED 25,000, % 2. THANACHART CAPITAL PUBLIC COMPANY LIMITED GROUP 375,372, % THANACHART CAPITAL PUBLIC COMPANY LIMITED 188,562, % THANACHART BANK PUBLIC COMPANY LIMITED 76,842, % THANACHART SECURITIES PUBLIC COMPANY LIMITED 75,603, % THANACHART INSURANCE PUBLIC COMPANY LIMITED 34,365, % 3. MR.YONGSAK KANATHANAVANICH 48,264, % 4. THAI NVDR 40,347, % 5. KRUNGSRI DIVIDEND STOCK LONGTERM FUND 40,251, % KRUNGSRI DIVIDEND STOCK 23,910, % 6. DBS BANK A/C DBS NOMINEES-PB Clients 35,984, % 7. NORTRUST NOMINEES LIMITED-THE NORTHERN TRUST COMPANY RE IEDP AIF CLIENTS NORTRUST NOMINEES 10 PERCENT ACCOUNT 33,691, % 8. MORGAN STANLEY&CO. INTERNATIONAL PLC 23,050, % 9. Mr. Parinya Tieanworn 23,000, % 10. FOUNDATION OF THAILAND 20,182, % Source: SET (as of June 2015) 56

57 Thank You For further enquiries, Contact MBK Investor Relations : inv@mbk-center.co.th Tel : (66) Website : 57