CH. Karnchang Public Company Limited. Presentation 3Q16

Transcription

1 CH. Karnchang Public Company Limited Presentation 3Q16

2 CONTENTS At a Glance Strong Construction Future Outlook Strong Investment Strong Performance Appendix About CK CK Business Model Strong Backlog Infrastructure Outlook Strong Recurring Incomes Contribution to CK Construction works Financial Performance Appendix Investment Outlook

3 ABOUT CK First expressway concession : BECL CK Listed on the SET on Aug 3. - BECL Listed on the SET on Aug First underground mass transit : BMCL 2006 BMCL listed on the SET 2008 TTW listed on the SET 2011 Founded CKP as a holding company 2013 CKP listed on the SET 2016 BEM traded under new name Founded CK with initial registered capital of 1.40 MB on November 27, Converted into public company - Increased registered capital to 700 MB Increased registered capital to 1,050 MB -Founded SEAN. -BMCL & TTW began commercial operations Gained total amount of 877 MB from CK Warrant Expanded into other energy businesses NN2 COD, Signed Xayaburi project, the biggest value in CK history Amalgamation of BEM with registered capital to 15,285 MB Industry Sector Market Cap. (As of 16/01/17) No. of Share Property & Construction Construction Services Million USD 1,693,899,970 shares First Trade Date 03 Aug 1995 Par Value Dividend Policy About CK 1.00 Baht 40 % of Net Profit Major Shareholder (As of 13/09/16) 1 Mahasiri Siam Co.,Ltd % 2 CH. Karnchang Holding Co., Ltd % 3 CK Office Tower Co., Ltd. 5.51% 4 Thai NDVR Co., Ltd. 4.26% 5 Bangkok Bank PCL. 2.30% 6 State Street Bank Europe Limited 1.14% 7 K Equity LTF 1.12% 8 K Equity 70:30 LTF 1.12% 9 K Equity Dividend LTF 0.94% Shareholder Structure As of 09/11/2016 Others 33.41% Trivisvavet Family 37.54% Local Funds 22.47% Foreign Investors 6.58%

4 CK BUSINESS MODEL 3 To be the comprehensive contractor - infrastructure developer - concession investor to create synergy and complementary business. Concession Operation Construction Investment Transportation Water 30.62% 19.40% Construction Revenues Investment Revenues Power 30.25% Dividend Capital Gain Construction Dividend Work

5 Strong Backlog - Current Projects (As of Sep 30, 2016) Period Contract Value * K-Factor projects (Million USD) Remaining Value (Million USD) 4 Progress 1. MRT Purple Line - Elevated Structure, Contract 1 - Supply and Installation of M&E System in the MRT, Contract 4 * % 61.9% 2. MRT Blue Line (Extension) - Underground Civil (Sanam Chai-Tha Phra), Contract 2 - Trackwork, Contract 5 3. MRT Green Line - Elevated Structure and Depot, Contract 1 - Trackwork, Contract Xayaburi : A Run-off-river Hydropower Project , % 5. Si Rat (Sector B+) Expressway % 6. The Cogeneration Power Project No.2 (BIC-2) % 7. 2nd Tap Water Treatment Plant in Samut Sakhon Nakhon Pathom % 8. Capacity Expansion Project in Pathum Thani Rangsit % 9. The Medical Center Building and Facilities Mae Fah Luang University % 10. Underground Manholes and Ductbanks Project with the MRT Green Line % 11. The Diagnosis and Treatment Building and Mae Fah Luang University % 12. MRT Blue Line (Extension) : M&E - E&M and MRT Blue Line : communication systems % 13. MRT Blue Line : Maintenance Services and E&M Systems % 14. MRT Purple Line Bang Pai Tao Poon : Maintenance Services and E&M Systems % 15. The raw water intake relocation project for Bang Pa-in % 16. SRT Double Track Railroad : Chira Junction - Khon Kaen Section % 17. Motorway No.4, Pattaya-Map Ta Phut Section, Phase % 18. The Construction of the 230/500 kv Nabong Substation % 19. Motorway, Bang Pa-in Nakhon Ratchasima Section % 20. Repair of Si Rat Expressway : Period 3 Phase 5, Sector D (Asoke-Srinagarindra) % 21. Other Projects % * * * * * * * * * * % 76.5% 90.0% 73.5% Total 6, ,013.8

6 STRONG BACKLOG 5 Signed Projects in 2016 Signed Project Value (Million USD) Upcoming Projects Status Project Value (Million USD) 1. Motorway, Bang Pa-in Nakhon Ratchasima Section Aug Motorway, Bang Pa-in Nakhon Ratchasima contract 4 To be signed in 1H Xayaburi : A Run-of-river Hydropower Project (Variation Order) 3. The Construction of the 230/500 kv Nabong Substation 4. The Construction of Highway No.7, Pattaya Map Ta Phut Section, Phase 5 Jul Apr Mar MRT Blue Line Extension M&E To be signed in 1H MRT Orange Line : Contract 1 To be signed in 1H MRT Orange Line : Contract 2 To be signed in 1H MRT Orange Line : Contract 5 To be signed in 1H ,809 Total Signed Project (Million USD) 647 3,343 3, Backlog (Million USD) 2, , ,014 2, Motorway & Expressway 4% Total 2,095.5 Backlog breakdown by Type of work Building 3% Water System 2% Double Track 20% Oversea MRT 21% Power 48% Other Project 2% Domestic & Oversea Backlog Domestic 54% 43% 44% 39% 47% 46% 56% 56% 61% 53% Q3/ Q3/2016

7 Development Direction : Transport Infrastructure Development Master Plan 6 Expected disbursement on infra projects New Ongoing (Million USD) Upcoming Projects Total inv. (Million USD) 1 MW : Pattaya Maptaput MW : Bang Pa In Nakorn Ratchasrima 2,401 3 MW : Bang Yai - Karnchanaburi 1,582 4 Sawannabhumi Airport 1,469 Progress 5,141 5 Leam Chabang Seaport (SRTO & A0 Port) 113 1,610 2,175 4,067 3,503 6 UR : Orange Line (Thailand cultural center Min Buri) 3,107 7 UR : Pink line (Kae Rai Min Buri) 1,610 1,045 1, (Million USD) 8 UR : Yellow line Lad Prao Sam Rong 1,554 9 UR : Blue line (Bang Sue Tha Phra & Hua Lampong Bang Kae) 10 UR : Red Line (Bang Sue Hua Mark & Hua Lampong) 1, UR : Airport Rail Link (Bang Sue Phayathai) DT : Prachuap Khiri Khan - Chumpon DT : Map Kabao Jira Junction DT : Lop Buri Pak Nampo 1, DT : Nakorn Phrathom Hua Hin HSR : Bangkok Hua Hin 2, HSR : Bangkok - Rayong 4, HSR : Bangkok Nong Kai 4, HSR : Bangkok Chiang Rai 14,972 Source: EIC Analysis Already bid On bidding process Need cabinet approval Under FS Study

8 CK TARGETS IN 1H Projects Construction Value (Million USD) Project Owner Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Double Track : Prachuap Khiri Khan - Chumphon Bidding Signing Construction Double Track : Nakhon Pathom Hua Hin Bidding Signing Construction Double Track : Mab Krabao - Chira Junction SRT Bidding Signing Construction Double Track : Lop Buri Pak Nam Po Bidding Signing Construction Double Track : Hua Hin Prachuap Keeree Kan Bidding Signing Construction Sainoi - Ratchaburi Transmission Pipeline Project PTT Bidding Signing Construction Total 2,999.94

9 CK TARGETS IN 2017 ONWARD 8 Projects Construction Value (Million USD) Owner Projects Construction Value (Million USD) Owner MRT Purple Line : Tao Poon - Ratboorana 1,840.4 MRT Orange Line : Taling Chan -Thailand Cultural Centre MRT Blue Line (Extension) : Bang Khae - Phuttamonthon 4 2, MRT Green Line : Samut Prakan - Bangpu MRT Green Line : Khu Khot - Lam Luk Ka Airport Rail Link (Extension) Don Muang - Bang Sue - Phaya Thai Red Line : Rangsit - Thammasat University (Rangsit Campus) Red Line (Missing Link) 1,247.4 Double Track : Paknam Po Den Chai 1,584.7 Double Track : Chira Junction Ubon Ratchathani 1,012.4 Double Track : Khon Kaen - Nong Khai Double Track : Chumphon - Surat Thani 661 MRTA SRT Double Track : Surat Thani - Hat Yai - Songkhla 1,466 SRT 3 rd Runway, Suvarnabhumi Airport AOT Motorway : Pattaya - Map Ta Phut 70.6 Motorway : Bang Pa-In - Nakhon Ratchasima Motorway : Bang Yai - Kanchanaburi Rama III - Dao Kanong Expressway Third Stage Expressway (North) Total 15,628 Project Breakdown By Type of work 35% 4% 8% 2% 51% Mass Transit 7,890 Million USD DOH EXAT Express Way 1,288.2 Million USD Road Million USD Double track train 5,461.4 Million USD Airport Million USD

10 STRONG INVESTMENTS 9 1 CK 29.73% 2 MRTA 8.22% 3 KTB 6.85% 4 Others 54.31% 1 Mitsui 25.98% 2 BEM 19.45% 3 CK 19.40% 4 Others 35.17% 1 CK 30.25% 2 TTW 25.31% 3 BEM 19.40% 4 Others 25.04% As of 16/01/2017 Bangkok Expressway and Metro PLC. TTW PLC. CK Power PLC. Stock Quote BEM TTW CKP Shareholding (%) 30.62% 19.40% 30.25% Concession Registered Capital (Million USD) Expressway : EXAT (2 nd Stage Sector A B C) (2 nd Stage Sector D) (Bang Pa-In Pak Kret) (Sirat Outer Ring Road) (29.73 % - Separate Balance Sheet) Metro: MRTA (Blue Line) (Purple Line) TTW: PWA PTW TTW: MNRE PTW: MOI EGAT (NN2 ) (BIC) (XPCL) Market Cap. (Million USD) 3, , PEA (BKC) (NRS) (CRS) Par Value (Baht / share) Dividend Policy 40% of net profit 50% of net profit 40% of net profit Revenue (Million USD) (As of 30 Sep 2016) D/E (As of 30 Sep 2016)

11 STRONG RECURRING INCOMES 10 * as of 30/09/ DPS (baht) Dividend Yield (%) 4.32 % 4.72 % 4.30 % 5.52 % - DPS (baht) Dividend Yield (%) %* DPS (baht) Dividend Yield (%) 4.35 % 5.20 % 5.17 % 6.13 % 5.56 %* DPS (baht) Dividend Yield (%) Total Dividend (Million Baht) Total Dividend (Million USD) % 0.70 % * ,

12 CONTRIBUTION TO CK CONSTRUCTION WORKS 11 Construction Projects within CK Group by % CK Group Government & Private 36% 36% 47% 16% 20% 15% 31% 38% 64% 64% 53% 92% 83% 84% 84% 80% 85% 69% 62% 8% 17% 16% Q3/2016 Signed Projects From CK Group by Contract Values (Million USD) CK Group Government Private 2, Q3/2016 7

13 POTENTIAL PROJECTS FROM CK GROUP 12 The key projects of BEM to achieve during TTW is taking the first step in Myanmar Mawlamyine Project Joint Venture Concession Raw river Investment TTW 70% Z Corperation CO., LTD 30% BOT 30 years (Option +10 years 2 times) Attran river 12 Million USD (Source : Bangkok Post) Capacity 33,000 M 3 Expandable up to 40,000 M 3 CKP Solid Project Pipeline and Strong Growth Plan during Y Operating : 755 MW Hydro : NN2 615 MW Thermal : BIC MW Solar : BKC 8 MW, CRS 8 MW, NRS 6 MW Y Operating : 875 MW New Capacity : 120 MW from BIC 2 (June 2017) Y Operating : 2,280 MW New Capacity : 1,285 MW from Xayaburi (Oct 2019) Y Onward Target : 5,000 MW Potentials : Hydropower Projects from Cross-Border Domestic Power Projects

14 STRONG PERFORMANCE 13 (Million USD) Q16 2Q16 3Q16 9M16 Construction Revenue , Total Revenue , , , , , Gross Profit Net Profit Gross Profit Margin 11.37% 10.54% 9.26% 8.22% 8.71% 6.02% 8.12% 7.12% Net Profit Margin 2.57% 18.28% 6.48% 5.77% 3.35% 4.9% 3.67% 4.26% Net D/E Ratio

15 Construction Project Progress Update

16 Construction Project Progress Update 15 MRT Purple Line Project Project Value : 984 Million USD Completed in 2016 Sirat Expressway Project Value : 636 Million USD Completed in 2016

17 Construction Project Progress Update 16 MRT Blue Line Extension Project Project Value : 282 Million USD Construction Progress : 9.0 %

18 Construction Project Progress Update 17 MRT Green Line (Extension) Project Project Value : 984 Million USD Construction Progress : 90.0 % Double Track : Chira Junction - Khon Kaen Project Value : 619 Million USD Construction Progress : 9.0 % Motorway, Bang Pa-in Nakhon Ratchasima Project Value : 21 Million USD Construction Progress : 5.5 %

19 Construction Project Progress Update 18 Xayaburi : Hydropower Project Project Value : 2,665 Million USD Construction Progress : 66.3 %

20 Construction Project Progress Update 19 Xayaburi : Hydropower Project Project Value : 2,665 Million USD Construction Progress : 66.3 %

21 Appendix

22 21 (Source : Bangkok Post), Bangkok Post

23 Metro Map 22 Existing Metro Lines 6 more Lines under construction Projects Distance kms. Stations Trains Cars Status Operated (Year) Operator Blue Line (Bang Sue-Hua Lamphong) Operating 2004 BEM Purple Line (Bang Yai-Tao Poon) Operating Aug 6, 2016 BEM Airport Rail Link (Phaya Thai-Suvarnabhumi Airport) Operating 2010 SRT Green Line - Mochit - Baring LightGreen Line - National Stadium-Saphan Taksin-Bang Wa Operating 1999 BTS Total (kms.) Project Blue Line (Extension) Bang Sue-Tha Pra Hua Lamphong-Bang Khae Distance Stations Trains Cars Status kms. Operated (Year) Constructing 2020 Operator BEM (to be negotiated) Red Line (Bang Sue-Rang Sit) Constructing 2021 SRT Green Line (Khu Khot Samut Prakan) Constructing 2021 BTS Pink Line (Kae Rai Min Buri) Constructing 2020 BTS Yellow Line (Lat Phrao Samrong) Constructing 2020 BTS Orange Line (TCC - Minburi) Constructing Total (kms.) 187.4

24 CKP : Lao PDR in Focus 23 Abundant water resource on the mainstream Mekong River

25 THANK YOU Please visit CK More Information : ck-ir@ch-karnchang.co.th Tel : 66 (0) Ext. 2317, 2318 & 2319