1Q15 Performance - listed companyqh.listedcompany.com/misc/presentation/20150610-qh-am-1q... ·...
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1Q15 Performance May 2015
Transcript of 1Q15 Performance - listed companyqh.listedcompany.com/misc/presentation/20150610-qh-am-1q... ·...
1Q15 Performance May 2015
Not exceeding 50% of its consolidated net income after deduction of all specified reserves.
Company
Address
Trade Date
Listed shares
Par Value
Market Capitalization
Dividend Policy
Industry/Sector
Company Profile
2
QH NAV
QH NAV per share (Baht) 3.41
Property Development Value 37,870
Market value of investment in associated companies (as of May 28, 2015) 24,798
Net Debt (26,109)
Total NAV 36,559
QH Market Capitalization (BT2.62 per share @ May 28, 2015) 28,072
Discount to NAV per share 23.2%
Number of QH shares 10,714
QH NAV per share (Baht) 3.41
As of Mar 2015
3
QH
Q. House Convent
Q. House Asoke
Q. House Sathon
QHPF
Q. House Ploenchit
Q. House Lumpini
Waveplace
Pri
ce: M
illio
n B
aht
QH
Centre Point Hotel Silom
QHHR
Centre Point Hotel Pratunam
Centre Point Hotel Sukhumvit 10
Centre Point Hotel Chidlom
LHPF
Centre Point Hotel Ploenchit
Management Contract
Centre Point Sukhumvit-Thonglor
Grande Centre Point Hotel Ratchdamri
Grande Centre Point Hotel Terminal 21
Centre Point Residence Phromphong
L&H Villa
>100
30-85
24-80
7-30
6-12
7-12
5-7
4-6
3-6
3-5
1.8-4 2-3
14-140
3-7
2-5
1.5-4
Detached House
Town Home
Condominium
Office Building
Hotel
High ended brand Mid ended brand Low ended brand
Property Development for Sale
Pre-Sale Pre-Built
Property Development for Rent
Brand & Business Model
4
<1
2-4
2015P
DH TH Condo
2015P
Hi-end Mid-end Low-end
Revenue Classification
Classify by Segmentation Classify by Product
18,477 18,477 20,147
22,100
50%
15%
35%
53%
20%
27%
23%
39%
38%
29%
41%
30%
5
20,147
23%
41%
36%
22,100
53%
24%
23%
6
2
5 1
2
3
1
1
6
1
1
Chiangmai
Chiangrai
Rayong
Petchaburi
Chonburi
Prachuap Khiri Khan
Nakhon Prathom
DH TH Condo
6
1
1
3
2
6
2
6
1
1
Chiangmai
Chiangrai
Rayong
Petchaburi
Chonburi
Prachuap Khiri Khan
Nakhon Prathom
High Mid Low
Aim to Industrial estate or tourist place (29 projects = 18% of total remaining value)
Upcountry Development
6
3
1
12
1
2
1
9
3 1
12
1
2
1
9
Proportion of total project launch
Project launch in 2014 & 2015
Project launch 2014 2015
No. of projects 27 26
Total value (bn Baht) 23.66 28.49
Proportion (%) of project launched each year
By Segmentation 2013 2014 2015
High 19% 14% 42%
Mid 24% 46% 39%
Low 57% 40% 19%
By Product Type
DH 41% 26% 39%
Townhouse 22% 40% 15%
Condo 37% 34% 46%
By Location
Bangkok 90% 79% 82%
Provinces 10% 21% 18%
7
Key Performance 2012A 2013A
2014A 1Q15 2015P % of Target
Presales (Baht) 16 bn 20.4 bn (+28%)
19.3 bn (-5%)
4.8 bn 23.6 bn (+23%)
20%
Revenue Recognition (Baht) 12 bn 18.5 bn (+55%)
20.1 bn (+9%)
3.6 bn 22.1 bn (+10%)
16%
Backlog (Baht) 7.2 bn 9.0 bn 8.0 bn 9.1 bn n.a.
Equity Income from Associated Company
804 mb 943 mb 1,060 mb 267 mb >1 bn 26%
Gross Profit Margin 31% 32% 32.5% 32% 33%
Land CAPEX 3 bn 2.8 bn 8 bn 2.7 bn 5-6 bn 45%
Construction CAPEX 8 bn 8.3 bn 10.5 bn 2.8 bn 10 bn 28%
Financial Highlight
Net Profit (Bt million) 2,386 3,307 3,329 559 n.a.
EPS (Bt) 0.26 0.36 0.36 0.06 n.a.
Net Interest Bearing Debt/Equity
1.3X 1.1X 1.24X 1.3X 1.1X
Dividend per share (Bt) 0.12 0.16 0.185* n.a. n.a.
Dividend payout ratio 46% 44% 70% Up to 50%
2015 Key Performance Target
8 *Note: Including cash interim dividend of 0.07 per share and stock dividend ratio of 6:1
0.3 0.50.30.4 0.3
6.8
8.4 8.2
1Q15
-
2.0
4.0
6.0
8.0
10.0
12.0
8.1 9.311.0
2.7
2.9
4.0
0.9
6.8
8.2 4.3
1.3
-
5.0
10.0
15.0
20.0
25.0
1Q15
DH TH Condo
Pre-Sales: Billion baht Backlog: Billion Baht
19.3
16.5
20.4
7.2
8.9
8.0
1.6
0.2 0.2 0.2
Pre-Sales & Backlog
9
7.3
4.9
9.0
0.85.8
0.9
0.8
0.7
0.0 2.0 4.0 6.0 8.0
Condo
DH+TH
Condo
TH
DH
Total
2015P
26 p/28,498 MB
12 p/11,249 MB
8 p/4,236 MB
6 p/13,013 MB
2014
27 p/23,655 MB
9 p/6,095 MB
9,400
2,212
1,401
Low-End
Medium-End
Hi-End
12 p/9,512 MB 1,707
2,530
6 p/8,048 MB
Note: # Projects/Project Value
Conclusion of new projects launched
1,024
4,491
580
10
2,580
7,125
1,543
5,962
3,550
2,404
388
5,256
New Projects in 2015
11
No. of Project Value Total
TYPE project (MB) (Units)
1 Casa Bangkok DH 2 1,984 331
2 The Trust Townhome Bangkok TH 1 236 129
3 Gusto Bangkok TH 1 590 274
Total projects to be launched in Q1 4 2,810 734
4 Casa Bangkok DH 1 1,863 247
5 The Trust Townhome Bangkok TH 1 739 268
6 Gusto Bangkok TH 1 637 203
Total projects to be launched in Q2 3 3,238 718
7 Vararom Chiangmai DH 1 1,352 300
8 Casa Bangkok DH 2 1,283 373
9 Casa Chonburi DH 3 1,995 647
10 Casa City Bangkok TH 2 1,290 451
11 Casa City Nakorn Prathom TH 1 417 105
12 The Trust Ville Bangkok DH 1 804 212
Total projects to be launched in Q3 10 7,141 2,088
13 Laddarom Bangkok DH 1 1,228 99
14 The Trust Ville Bangkok DH 1 739 224
15 The Trust City Bangkok TH 1 328 89
Total projects to be launched in Q4 3 2,296 412
20 15,485 3,952
Project Value Total Target
No (MB) (Units) launch
1 Q Sukhumvit Bangkok Condo 9,400 273 1Q15
2 The Point Condo Rangsit Klong 6 Bangkok Condo 766 821 1Q15
3 The Point Condo Laem Chabang 1 Chonburi Condo 635 683 1Q15
4 Casa Condo @MRT Samyak Bangyai Bangkok Condo 1,600 847 2Q15
5 Casa Condo Sriracha Chonburi Condo 461 140 2Q15
6 Casa Condo @Suandok Chiangmai Condo 151 78 4Q15
13,013 2,842
28,498 6,794
High-rise Projects Location TYPE
Total (6 Projects: High-rise)
Grand Total (26 projects: Low-rise&High-rise)
No Low-rise Projects Location
Total (20 Projects: Low-rise: DH = 12 projects, TH= 8 projects)
PROJECTS IN PIPELINE
12
# Projects/Remaining Value
Note 1. Remaining Value = Total Project Value – Accumulated Sales 2. For Pre-built, Accumulated Sales = Accumulated Transfer
Products Pre-built Pre-sales Total
DH 42 projects/31,190 MB 42 projects/31,190 MB
TH 18 projects/9,113 MB 18 projects/9,113 MB
Condo 16 projects/19,684 MB 16 projects/19,684 MB
Total 60 projects/40,323 MB 16 projects/19,684 MB 76 projects/60,008 MB
Conclusion of projects in pipeline
13
As of Mar 2015
Projects completed in 2015
14
Total
Year Total Salable Area
(MB) (Units) (Sq.W) Units Value (MB) %
Low-rise 11,261 2,349 129,334 2,349 11,261 100%
1 Casa Grand Rattanathibet-Ratchaphruk Bangkok 1Q15 1,004 124 11,314 124 1,004 100%
2 Casa Presto Phraram 2 Bangkok 1Q15 873 171 9,475 171 873 100%
3 Casa Ville Ramintra-Outer Ring Road Bangkok 1Q15 722 139 8,920 139 722 100%
4 The Trust Town Kaset-Nawamintr Bangkok 1Q15 485 104 2,244 104 485 100%
5 Casa Legend Sriracha Chonburi 1Q15 675 87 6,799 87 675 100%
11,261 2,349 129,334 2,349 11,261 100%
Total
Year Salable Area
(MB) (Units) (Sq.W) Units Value (MB) %
Low-rise
1 Laddarom Pinklao Bangkok 2015 3,910 476 54,752 475 3,905 100%
2 Casa City Bangkhuntian-Phraram 2 Bangkok 1Q15 463 173 4,513 172 457 99%
3 Gusto Phahon Yothin - Ramintra Bangkok 1Q15 477 163 3,574 162 473 99%
4,850 812 62,839 809 4,835 100%
Accum. Transfer
(As of Mar 2015)
Project
Value
Accum. Transfer
(As of Mar 2015)
Project
Value Total
Total (5 Low-rise projects )
Total (3 Low-rise projects)
No Completed Projects Location
No To be going to completed Projects Location
INVESTMENT & RENTAL BUSINESSES
15
Associated Companies
Note: 1) First Day Trade on 10 May 2011, with IPO price =1.40 baht/share 2) First Day Trade on 31 July 2012 with IPO price = 10.00 baht/share
16
Investments in Associates
(Unit: Million Baht)
Consolidated Consolidated Carrying amount
Registered % % Share of income (loss)Share of income (loss) based on Market Cap.
shares capital ShareholdingShareholding from investment from investment Cost Equity Method as at
Company Name (mil. Shares) 31-Mar-15 31-Dec-14 Diff 31-Mar-15 31-Mar-14 Diff 31-Mar-15 31-Mar-15 28-May-15
Home Product Center Plc. Trading 13,151 20% 20% 0.0% 147 144 3 760 3,471 17,377
LH Financial Group Plc.1) Investment
Holding in LH
Bank
13,639 21% 21% 0.0% 70 48 22 2,850 3,556 4,656
Quality Houses Property Fund Property Fund 797 26% 26% 0.0% 37 35 2 2,018 1,280 1,892
Quality Houses Hotel and
Residence Property Fund 2) Property Fund336 31% 31% 0.0% 13 5 8 1,053 418 874
267 232 35 6,680 8,725 24,798
Nature of
business
Hotel Business
As of Mar 2015
* H = Hotel, S = Service Apartment, A= Apartment
*
17
TypeNo. of
Floors
Gross
Area
(Sq.M.)
Rentable
Area
(Sq.M.)
No. of Units
1. Hotel belonging to QH
Centre Point Hotel Silom 4-3-20 Rai Leasehold H 27 26,000 13,933 214 84% 1,154 378 538
Total (1) 26,000 13,933 214 84% 1,154 378 538
2. Hotel leased from
QHHR
Centre Point Hotel Pratunam 1-2-25.4 Rai Rent H 28 25,390 13,009 266 89% 638 208 823
Centre Point Hotel Sukhumvit 10
- Main Tower 1-2-85.5 Rai Rent H 28 33,556 16,723 189 86%
- Garden Wing 1-2-85.5 Rai Rent H 5 3,709 2,372 45
Centre Point Hotel Chidlom 1-1-33.9 Rai Rent H 24 22,000 11,744 200 90% 918 521 610
Total (2) 84,655 43,848 700 88% 2,917 1,322 2,816
Total (1)+(2) 110,655 57,781 914 87% 6,867
3. Management Contract
Centre Point Sukhumvit-Thonglor 2-3-19 Rai S 11 24,723 13,875 156 90% 1,219
Grande Centre Point Hotel Ratchadamri 2-3-19 Rai H 50 66,628 34,686 526 89% 2,761
Grande Centre Point Hotel Terminal 21 9-1-44 Rai H 22 21,166 21,166 498 86%
Grande Centre Point Hotel Ploenchit 2-2-67 Rai H 29 44,183 19,298 277 67% 1,780
Centre Point Residence Phromphong 3-1-14 Rai A 24 42,150 24,396 76 82%
L&H Villa 8-9-47 Rai
House for
rent - 18,882 13,742 37 100%
Total (3) 217,732 127,163 1,570 88% 2,761
Grand Total (1)+(2)+(3) 328,387 184,945 2,484 88%
Projects Land Area Owner
Average
Occupancy
Rate as of
Mar 15
Bldg. DetailsTotal
Investment
(MB)
Book
Value as
of Mar 15
(MB)
Appraisal
Value
(MB)
1,361 1,384592
Office Building for Rent
As of Mar 2015
18
Project Land Area Owner
1. QH Projects
Q. Houses convent 2-3-17 Rai QH-Leasehold 14 26,917 13,542 80% 357 70 246
Q. Houses Asoke 2-2-54 Rai QH-Leasehold 22 48,300 20,762 99% 666 175 704
Q. Houses Sathorn 2-3-56 Rai QH-Leasehold 19 27,000 13,493 97% 512 145 502
Total (1) 102,217 47,797 93% 1,535 390 1,452
2. QH Property Fund
Q. Houses Ploenchit 1-1-63 Rai QH-Freehold 18 22,520 10,855 100% 895 584 1,188
Q. Houses Lumpini - Office space 7-3-93.6 Rai QHPF-Leasehold 38 120,520 57,215 96%
- Ratail space 4 9,360 99%
Total - Lumpini 42 120,520 66,575 97%
Waveplace - Office space 2-3-99 Rai QHPF-Leasehold 15 45,671 19,063 97%
- Ratail space 5 5,857 95%
Total - Waveplace 20 45,671 24,920 96%
Total (2) 188,711 102,350 97% 895 584 1,188
Grand Total (1)+(2) 290,928 150,147 96% 2,430 974 2,640
Gross Area
(Sq.M.)
Rentable
Area
(Sq.M.)
Building Details Average
Occupancy
rate as of
Mar 15
Total
Investment
(MB)
Book
Value as
of Mar 15
(MB)
Appraisal
Value
(MB)No.of
Floors
FINANCIAL PERFORMANCE
19
Corporate Performance
Corporate Performance 2010-2015
20
13,241
9,849
13,077
19,699
21,220
3,936
5,048 4,069
10,581
10,671
15,211
20,942
22,437
4,244
5,391
4,336
221 274 254 186 226
66 60 49
2,003
853
2,450
3,307 3,329
559 649 632
3,119
1,553
3,648 4,305 4,363
762 855 835
-
5,000
10,000
15,000
20,000
25,000
Q1-15 Q4-14 Q1-14
MB
Sales&Rental Total Revenue Interest Exp. Net Profit After Tax EBITDA
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
Q1-15 Q4-14 Q1-14
9,364
7,637 8,640
11,926
14,725
1,925
4,003 2,903
1,176
3,345
6,552
5,427
-
754
-
310
331
347
359
366
70
94
72
696
704
746
863
700
218
196
199
543
639
802
943
1,060
97
303
118
85
1,184
140
-
-
-
-
389
98
149
160
158
20
41
25
MB
Others Extra Gain Income from investments Serviced Apartments Office buildings Condominium Land and houses
Revenue Structure
Revenue Structure 2010-2015
14,174
3,318 2,330
10,671
5,391
15,211
20,942
21
22,437
Statement of comprehensive income
22
FOR THE PERIOD ENDED
2015 and 2014 1Q15 4Q14 1Q14 QoQ YoY
(Unit : Thousand baht)
Revenues
Sales of land and houses 3,254,735 4,002,883 3,192,543 -19% 2%
Sales of residential condominium units 389,466 754,467 606,777 -48% -36%
Rental of units in office buildings and related service income 93,918 93,925 85,326 0% 10%
Rental of units in residential buildings and related service income 197,584 196,447 183,908 1% 7%
Other income 308,047 343,736 267,218 -10% 15%
Share of income from investments 267,253 302,698 232,222 -12% 15%
Interest income 1,305 5,001 4,707 -74% -72%
Gain on sales of properties and transfer of leasehold rights
to building- - -
Others 39,489 36,037 30,289 10% 30%
Total revenues 4,243,750 5,391,459 4,335,772 -21% -2%
Expenses
Cost of land and houses sold 2,206,217 2,707,612 2,191,772 -19% 1%
Cost of residential condominium sold 270,247 470,525 398,235 -43% -32%
Cost of rental and related services - office buildings 44,057 48,799 45,841 -10% -4%
Cost of rental and related services - residential buildings 138,518 144,331 129,899 -4% 7%
Selling expenses 381,001 545,050 376,514 -30% 1%
Administrative expenses 486,217 636,379 393,010 -24% 24%
Financial expenses 65,589 56,840 56,419 15% 16%
Provision for loss arising from guarantee of minimum rental
income of projects- 30,900 - -100% na
Total expenses 3,591,846 4,640,437 3,591,690 -23% 0%
Income before corporate income tax 651,904 751,022 744,082 -13% -12%
Corporate income tax 92,615 102,399 112,221 -10% -17%
Net income for the period 559,289 648,623 631,861 -14% -11%
Basic earnings per share
Net income 0.06 0.07 0.07
% Change
Capital Structure
23
D/E RATIO AS OF Mar 31,2015
(Unit : Million Baht)
Outstanding Loan as of Mar 31, 2015 28,396
Project Loan 0
Working Capital 3,497
Debenture 24,898
Other Liabilities - Rental income received in advance (Q.Houses Ploenchit) 589
Other Liabilities 3,821 4,410
Total Liabilities 32,806
Equity as of Mar 31, 2015 19,708
Net D/E (Mar 31, 2015) 1.32
D/E Bank Loan Ratio (Mar 31, 2015) 1.44
D/E Ratio (Mar 31, 2015) 1.66
Statement of Financial Position
24
Balance sheet
Consolidated financial statements 31 Mar 2015 31 Dec 2014 % Change
Assets
Current assets
Cash and cash equivalents 2,286,797 1,458,191 57%
Trade and other receivables 73,972 73,976 0%
Land and construction in progress - net 28,632,512 24,949,321 15%
Other current assets 1,155,833 1,227,027 -6%
Total current assets 32,149,114 27,708,515 16%
Non-current assets
Investments in associates 8,724,597 8,534,266 2%
Other long-term investments 27,633 27,575 0%
Long-term loans to related parties - 37,951 -100%
Investment properties-net 497,480 499,509 0%
Property, plant and equipment - net 586,303 574,934 2%
Leasehold rights - net 749,747 768,730 -2%
Land and project development costs - net 9,237,116 9,495,042 -3%
Other non-current assets 541,579 987,212 -45%
Total non-current assets 20,364,455 20,925,220 -3%
Total assets 52,513,569 48,633,734 8%
Statement of Financial Position (Cont’)
25
Balance sheet (Cont')
Consolidated financial statements 31 Mar 2015 31 Dec 2014 % Change
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions 2,000,000 1,000,000 100%
Short-term loans 1,497,215 991,859 51%
Trade accounts payable 1,095,687 1,049,826 4%
Current portion of long-term loans - -
Current portion of unsecured debentures 3,800,000 4,600,000 -17%
Short-term provisions 413,725 394,145 5%
Other current liabilities 2,151,026 2,088,042 3%
Total current liabilities 10,957,653 10,123,871 8%
Non-current liabilities
Long-term loans, net of current portion - 697,000 -100%
Unsecured debentures, net of current portion 21,098,426 17,903,166 18%
Provision for long term employee benefits 106,342 103,110 3%
Long-term provisions 81,209 88,709 -8%
Other non-current liabilities 562,393 569,190 -1%
Total non-current liabilities 21,848,370 19,361,175 13%
Total liabilities 32,806,023 29,485,046 11%
Shareholders' equity
Share capital
Share Capital-Registered
9,183,784,692 ordinary shares of Baht 1 each 9,183,785 9,183,785 0%
Share Capital-Issued and paid up
9,183,767,553 ordinary shares of Baht 1 each 9,183,768 9,183,768 0%
Share premium 379,246 379,246 0%
Retained earnings
Appropriated - statutory reserve 729,292 729,292 0%
Unappropriated 9,429,174 8,869,885 6%
Other components of shareholders' equity (13,934) (13,502) 3%
Total shareholders' equity 19,707,546 19,148,688 3%
Total liabilities and shareholders' equity 52,513,569 48,633,734 8%
26
Map of Residential Projects
