1 Company Overview Pipeline Projectsall.listedcompany.com/misc/presentation/20200918-all... ·...

Company Overview1

Business Plan 20202

Pipeline Projects3

2H/2020 Key Highlights4

5 Financial Performance Q2/2020

Company Overview

Corporate Strategy – Total Real Estate Solutions

Property ManagementReal Estate International Brokerage

Recurring IncomeInvestment in Completed Units

Property Development

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

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 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

Summary of Project Launched

2014 2015 2016

The Excel Bearing

The Excel Hideaway

Project Value : THB 273.47 mm

The Excel Hybrid


The Excel Parc


The Excel Udomsuk


The Excel Groove

Project Value : THB 1,276 mm

The Excel Khukhot

Project Value : THB 718 mm

RISE Rama 9


2017


Project Value : THB 1,863 mm Project Value : THB 1,566 mm

2018

The Excel Hideaway Ratchada – Huai Khwang


Impression Phuket


RISE Phahon - Inthamara


The Excel Lasalle 17


The Excel Ratchada 18

Project Value : THB 870 mm



Impression Ekkamai


2019

Projects18The Excel Ladprao - Sutthisan





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

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

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

Initiative

Speed up sales / absorption rate Enhance return on investment

Focus on Low - Rise Condominiums

01

More expansion into low - rise projects

Detached House Single House

More product diversification to weather all circumstance

Initiative

Townhome Project

01

Medium to small with low payback period Retail, office, hotel / mixed - use projects

More expansion into Recurring – Income Business

Initiative 02

Proactive in strategic collaboration with strategic partners

Initiative

Strategic partner with contractor Looking for partner in highly

investment project

03

Expanding sales channels to respondto the new normal trend

Initiative

Hot deal units available for sales on the company’s website

Online booking

04

Initiative 04

Business Plan 2020

Business Target Plan 2020

5,000

4,000

600

TARGET PRE - SALE TARGET REVENUE TARGET NET PROFIT

(Unit: Million Baht)

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

Target VS Actual Revenue*

Business Target Plan 2020 – Revenue

4,000

1,284



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

Target VS Actual Profit

Business Target Plan 2020 – Profit

600

214



386 MB

Pipeline Projects

Pipeline Projects

Total Units: 772 UnitsProject Value: 1,863 MBSales Status: 72%Transfer Status: 28%



Pipeline Projects




Pipeline Projects


Impression Phuket


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%



Pipeline Projects


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

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

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

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

2H/2020 Key Highlights

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

Financial Performance Q2/2020

Financial Performance Summary

715

2,303

2,918

605

1,284

Y2017 Y2018 Y2019 Q2/2020 6M/2020


Total Revenue 2017 – Q2/2020

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%

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: %

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)

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

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

Debt Profile (Cont.’ d)


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

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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