2Q19 2Q18 YoY% 1Q19 QoQ% Net Profit Margin 33.27% 35.96% ... · Loan Receivables classified by...
Transcript of 2Q19 2Q18 YoY% 1Q19 QoQ% Net Profit Margin 33.27% 35.96% ... · Loan Receivables classified by...
PerformanceUnit: MB
2Q19 2Q18 YoY% 1Q19 QoQ%
Loan Receivables 54,421 41,469 31.23% 50,592 7.57%
Total Revenue 3,071 2,536 21.09% 2,857 7.49%
Net Profit 1,021 912 11.95% 1,005 1.59%
Net Profit Margin 33.27% 35.96% 35.17%
2015 2016 2017 2018 1H18 1H19 HoH%
Loan Receivables 12,630 23,541 35,622 48,047 41,469 54,421 31.23%
Total Revenue 2,559 4,471 7,470 10,417 4,884 5,928 21.37%
Net Profit 825 1,464 2,501 3,713 1,746 2,026 16.04%
Net Profit Margin 32.24% 32.74% 33.47% 35.64% 35.75% 34.19%
MTC.BK on Stock Exchange of Thailand
Muangthai Capital PLCwww.muangthaicap.com
52-wk Hi/Lo 57.75/32.25
Share Outstanding (mil.) 2,210
Market Cap (mil.) 119,780THB
P/E Ratio 30.83
P/BV Ratio 9.00
Dividend 15%
Key Statistics
About CompanyMuangthai Capital PLC operates as a
microfinance service company, providing retail
loan products such as vehicle title loan, land
title loan, personal loan under BOT’s licenses
and regulations.
Address
32/1 Charansanitwong Road, Bangor, Bangplad,
Bangkok, 10700 Thailand
Phone
66-2-0881033
Chuchat Petaumpai
CEO
Daonapa Petampai
Managing Director
Executives
Apichart PengsritongChairman of the Board/
Independent Director
Chuchat Petaumpai Director
Daonapa Petampai Director
Suksit Petampai Director
Kongkeaw Piamduaytham Independent Director
Nongnuch Dawasuwan Independent Director
Kampol Tatiyakavee Independent Director
Yodhin Anavil Independent Director
Boards
Loan Receivables classified by collateral of Loan
Personal Loan10.62%
Nano
9.76%
Motorcycle33.71%
Car31.98%
Tractor4.40%
Land9.53%
Proportion of Loan Receivables as of Jun, 30 2019
0
20,000
40,000
60,000
2015 2016 2017 2018 1Q19 2Q19
7,526 10,555
13,440 16,800 17,156 18,345 3,862
7,779
11,671
15,394 16,105 17,404
538 1,136
1,733
2,081 2,170 2,391
340 1,037
2,844
4,925 5,296 5,780
252 2,583
4,921
6,631 4,898 5,187
111
451
1,013
2,216 4,967
5,314
Motorcycle Car Agricultural Vehicle Personal Loan Land Nano
Loan Receivables per Branch
13.43 13.65 14.24 14.38 14.41 14.35 14.09 14.6514.69 14.56
0
10
20
2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Loan receivable per branch
12,630
23,541
35,62248,047
50,592
54,421
940
1,664
2,424
3,2793,444
3,739
-
1,000
2,000
3,000
4,000
0
10,000
20,000
30,000
40,000
50,000
60,000
2015 2016 2017 2018 1Q19 2Q19
Loan receivable Number of branch
Loan Receivables and No. of Branches
Remark: Calculated by averaging four quarters.
(Figure is annualized)
Million Baht
Remark: 1Q2019 Loan Receivable Classified by Collateral of Loan Restatement
0
500
1,000
1,500
2,000
2,500
2015 2016 2017 2018 1Q19 2Q19
216.0419.3
690.2
924.0
926.2 1,011.4
119.6
226.4
480.8
575.2 624.1 629.7
117251
441 540 527 595
50%
60%
70%
80%
90%
100%
2015 2016 2017 2018 1Q19 2Q19
91.89%91.49% 90.77% 92.00% 91.49% 91.14%
7.18%7.44% 7.99% 6.88% 7.47% 7.77%
0.92% 1.07% 1.24% 1.12% 1.04% 1.09%
Overdue less than 30 days Overdue 31-90 days Overdue more than 90 days
Asset Quality Ratio
Loan Receivables Classified by Aging
0.25%
1.83%
2.30%
1.40%
0.95%
1.44%
0%
2%
4%
2015 2016 2017 2018 1Q19 2Q19
Credit cost = Bad debts and doubtful account / Loan receivables
Aging Rate of allowance for
doubtful accounts
Current and past due for not more than
30 days
1%
Past due for 31 - 90 days 2%
Past due for more than 90 days 100%
Receivables transferred to litigation 100%
1. Allowance for Doubtful Account by Aging
2. Additional provision for potential uncollectible receivables (General Reserve) : calculated by PD x LGD
Allowance for Doubtful Account
Million Baht
Allowance for doubtful account by Aging
Additional provision for uncollectible receivables Non performing loans
coverage ratio = allowance for doubtful / NPL
645.7
335.6
Loan Receivables Classified by Aging calculated from Net Loan / Total Net Loan Net Loan = Loan receivables – unearned interest income
1,171.0
287.61%
257.35%265.41%
277.71%294.32%
275.84%
1,499.21,550.3
1,641.1
0
4,000
8,000
12,000
2015 2016 2017 2018 2019
2,559
8651,563 2,348
2,8571,003
1,765
2,5373,071
1,201
1,968
2,711
1,402
2,174
2,821
Q1 Q2 Q3 Q4
Total Revenues Revenues Structure
Million Baht
Interest Incomes
Million Baht
0
4,000
8,000
12,000
2015 2016 2017 2018 2019
2,225
769 1,415 2,140 2,665 897
1,600
2,314 2,862
1,083
1,796
2,478
1,270
1,984
2,612
Q1 Q2 Q3 Q4
+21.04% YoY
+7.49% QoQ
0%
20%
40%
60%
80%
100%
2015 2016 2017 2018 1Q19 2Q19
87.0% 90.6% 91.0% 91.6% 93.3% 93.2%
12.4%9.1% 8.6% 7.6% 6.2% 5.8%
0.7% 0.3% 0.5% 0.7% 0.5% 0.9%
Interest Income & Management fee Fee and Service Income Other income
+23.68% YoY
+7.39% QoQ
4,019
4,471
7,470
6,795
10,417
9,544
1,275
2,000
3,012
4,103
920 986 1,060 1,139 1,154 1,232
54.68%
48.42%
44.28%
44.01%
43.44%
43.26% 43.84%45.50% 45.67% 45.50%
0%
20%
40%
60%
0
1,000
2,000
3,000
4,000
5,000
2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Operational Expense % Cost to Income
Million Baht
Cost to income = (S&A + Loss on disposal of asset foreclosed) / (Total revenue – FC)
SG&A Expenses
5,527
5,928
23.97% 23.48% 23.91% 23.79% 24.05% 24.10% 23.77% 23.26% 22.31% 22.49%
4.96%
2.83% 3.06% 3.53% 3.35% 3.48% 3.62% 3.70%3.64% 3.72%
19.01%20.65% 20.85% 20.26%
20.70% 20.62%20.15%
19.56% 18.67% 18.77%
0%
10%
20%
30%
2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Interest Income Ratio Interest Expense Ratio Interest Spread
Net Profit
Million Baht
Net Profit Margin and Return on EquityInterest Income Ratio, Interest Expense Ratio
and Interest Spread
32.24% 32.74% 33.47%
35.65%35.50% 35.96%
35.61%35.52% 35.19%
33.24%
15.34%
23.72%
31.99%
34.96% 35.62%36.31%
35.74%34.00%
31.41%30.15%
0%
10%
20%
30%
40%
2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19
Net Profit Margin Return on Equity
0
1,000
2,000
3,000
4,000
5,000
2015 2016 2017 2018 2019
825
280 536834 1,005300
571
9121,021
401
650
965
483
743
1,002
Q1 Q2 Q3 Q4
+11.95% YoY
+1.59% QoQ
Remark: Annualized by averaging over four quarters.
1,464
* *
2,501
*
3,713
• Interest Income is calculated using Effective Interest Rate method.
• Non-Interest Income is collection fee + brokerage fee income.
• Other Income is consisted of Deposit Interest Income + Revenue from Asset Depositions
2,026
Interest Bearing Debts Total Liabilities
Times
Debt to Equity RatioShareholders’ Equity
Million Baht
0
9,000
18,000
27,000
36,000
45,000
2015 2016 2017 2018 1Q19 2Q19
7,431
17,733
28,009
36,84738,640
42,037Million Baht Million Baht
-
4,000
8,000
12,000
16,000
2015 2016 2017 2018 1Q19 2Q19
5,652
6,692
8,943
12,299
13,306 13,776
1.31
2.65
3.13
3.00 2.903.05
0.00
1.00
2.00
3.00
4.00
2015 2016 2017 2018 1Q19 2Q19
40,75037,127
35,459
0
10,000
20,000
30,000
40,000
50,000
2015 2016 2017 2018 1Q19 2Q19
47.02% 26.58%
61.32%
68.92% 64.02% 58.28%
7.83%13.64%
13.83%
17.61% 29.17% 24.72%
45.15%
59.78%
24.84%
13.47%6.80% 16.99%
Long-term Loans Current of Long-term Loans Short-term Loans
7,125
17,211
27,058
Fundamental
No. Financial Status Ratio 2Q19 2Q18 % 1Q19 %
1. Net loan receivables 54,420.56 41,468.72 31.23 50,592.39 7.57
2. Allowance for doubtful account 1,641.05 1,380.79 18.85 1,550.29 5.85
3. NPL 594.93 558.87 6.45 526.74 12.95
4. Allowance/NPL (2/3) 275.84% 247.07% 294.32%
5. NPL/ Net AR (3/1) 1.09% 1.35% 1.04%
6. Write off 0.05 - 0.25
7. NPL+Write off (3+6) 594.98 558.87 6.46 526.99 12.90
8. NPL+Write off / Net AR (7/1) 1.09% 1.35% 1.04%
9. Total asset 55,813.10 42,632.26 30.92 51,946.46 7.44
10. Total liabilities 42,036.94 32,315.22 30.08 38,640.03 8.79
11. Total equity 13,776.15 10,317.03 33.53 13,306.43 3.53
12. D/E ratio (10/11) 3.05 3.13 2.90
Growth
Efficiency
No. Performance Ratio 2Q19 2Q18 % 1Q19 %
13. Net loan receivables 54,420.56 41,468.72 31.23 50,592.39 7.57
14. Total revenue 3,070.86 2,536.49 21.07 2,857.97 7.45
15. Interest and fee income 2,862.25 2,314.06 23.69 2,665.32 7.39
16. Fee and service income 178.60 206.26 -13.41 177.62 0.55
17. Net profit 1,020.78 912.18 11.91 1,005.36 1.53
18. % Net profit / Total revenue (17/14) 33.24 35.96 35.18
No. Efficiency Ratio 2Q19 1Q18 % 1Q19 %
19. Doubtful account 189.12 157.99 19.70 116.45 62.40
20. Doubtful account & write off (6+19) 189.17 157.99 19.74 116.70 62.10
21. Total employees 8,777 6,916 26.91 8,114 8.17
22. Total branches 3,739 2,889 29.42 3,444 8.57
23. Net loan receivables per employee (1/21) 6.20 6.00 6.24
24. Net loan receivables per branch (1/22) 14.55 14.35 14.69
Thai Government infrastructure investment
20
Thailand’s Eastern Economic Corridor (EEC)
21