Company Presentation Analyst Meeting 1/2020 TTW Public...
Transcript of Company Presentation Analyst Meeting 1/2020 TTW Public...
Company Presentation
TTW Public Company Limited
Analyst Meeting 1/2020
27 February 2020
Krathumban Water Treatment Plant
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Disclaimer
This presentation includes some forward-looking statements relevant to future events such as plans,
business strategies, expectations, etc. Thus, actual situations may differ from what is projected in this
presentation due to the unexpected environment which might be better or worse than anticipated.
Investors or material users should be meticulous on any herein information.
This presentation, which is prepared by the company, is only used for investment information. Also, the
information included in this forward-looking statement may be changed by TTW Public Company Limited
without notice and then the company does not take any duty to update any relevant information.
2
Agenda
Highlights
3
Operating and Financial Performance
Company Overview
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Highlights
4
TTW’s proposed issue of up to Bt1 billion in senior unsecured
debentures. The proceeds from the new debenture issuance are
intended for refinancing existing debts, support for investments,
and /or reserve for working capital.
Symbol PlacementAmount
(MB.)
Coupon
(%)
Tenor
(Yrs.)
Issue
Date
Maturity
Date
TTW272A PP (II) 1,000 2.41%7 years
2 Months20 Dec 2019 20 Feb 2027
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Com
pany Company/Issue
Rating
CGR
2019
ESG100
2019
AGM
Checklist
THSI
2019
SET THSI
Index
SET50
Index
SET100
Index
SETHD
Index
Sustainability
Disclosure Award
By
AA- / Stable100
scored
Reserved
list(Excellent)
TTW’s Achievement 2019
Highlights
5To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
HRH Princess Maha Chakri Sirindhorn
Thailand Corporate Excellence Awards 2019
The “Corporate Management Excellence” is given to an
organization with less than 10 billion baht in annual
revenue for its overall performance excellence, organized
by the Thailand Management Association (TMA) and
Sasin Graduate Institute of Business Administration of
Chulalongkorn University.
Corporate Management Excellence
Agenda
Highlights
6
Operating and Financial Performance
Company Overview
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Company Overview – Key Milestone
7
Sep’00 :
Company established & Entered into WPSA with PWA
Jan’04 :
First Day of Sale (Design Cap. = 320K / Day)
Feb’06 :
Acquired Water Flow Co., Ltd.
Jul’04 :
Official COD
Jul’06 :
Converted to Plc.
Feb’07 :
Acquired 98% PTW Shares)
As at Dec 30, 2019
-
500
1,000
1,500
2,000
2,500
3,000
3,500
(IPO)
May’08 : Listed in SET
Aug’ 09 : Acquired BIE Rights
Dec’08 : Second WPSA with PWA
Unit: Baht Unit: MB
Sep’10 : First Expansion Completed
(Design Cap. = 320K / Day 440K / Day)
Sep’11 : Acquired 30% CKP Shares
Mar’14 : Changed the
Company’s Name to “TTW”
May’15 : Increased CKP Shares &
oversubscribed to 25.31% CKP Shares
Jun’17 : The Construction of 2nd
Water
Treatment Plant has been Completed
(Design Cap. = 440K / Day 540K / Day)
Sep’19 : Increased
CKP Shares to 24.98%
Net Profit
IPO vs 2019 Price = + 228.6%To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
-0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
TTW’s Net Profit vs Price
Price
3,000
Company Overview – Our Business
8
Produces and
Distributes
Tap water
Operates
Waste water
Tap water and Investment in
Other business
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Company Overview – Shareholder Structure
Pathum Thani Water Company Limited
Produces and distributes tap water
1,200 MB. Registered Capital
* 2% is owned by PWA
CK Power Public Company Limited
Power Holding company
9,240 MB. Registered Capital
8,129 MB. Paid-up capital
Thai Water Operations Company Limited
Operates tap water and waste water
treatment systems 60 MB.
Registered Capital
MITSUI, 25.98% BEM, 18.47%CK, 19.40% Free Floated, 36.15%
PTW
98%*
TWO
68%32%
9
As of Dec 30, 2019
CKP
24.98%
TTW Public Company Limited
Produces and distributes tap water
3,990 MB. Registered Capital
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Company Overview – Current Project
10
Company TTW PTW TTW
Business Service Tap water Supply Tap water Supply Tap Water & Waste Water Management
Contract Type BOO BOT Rights (Operating Lease)
Contract Period 2004 – 2034 (30 yrs.) 1998 – 2023 (25 yrs.) 2009 – 2039 (30 yrs.)
Contract Customer Whole sale to PWA Whole sale to PWA BIE
Investment Scheme Production, Transmission and Distribution Production and Transmission N/A
Distribution Area West Bangkok (Nakhon Pathom – Samut Sakhon) North Bangkok (Pathum Thani – Rangsit) BIE (Bang Pa-In Industial Estate, Ayutthaya)
Design Capacity *540,000 m3/day 488,000 m
3/day TW: 48,000 m
3/day, WW: 18,000 m
3/day
Pathum Thani Water Treatment Plant Bangpa-in Industrial EstateBanglen Water Treatment Plant
TTW
PTW
BIE
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
*Design Cap. 440,000 m3/Day
Krathumban Water Treatment Plant
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Nakhon Pathom
(TTW)
Samut Sakhon
(Krathumban)
Bangkok
Company Overview - Location
11
Pathum Thani
(PTW)
Pathum Thani Water
Treatment Plant
(PTW, Pathum Thani)
Bangpa-in
Industrial Estate
(BIE, Ayutthaya)
Banglen Water Treatment
Plant (TTW, Nakhon Pathom)
Krathumban
Water Treatment Plant
(TTW, Samut Sakhon)
Amata City Industrial Estate
(Chonburi, Rayong)
3 Companies
5 Locations in Water Business
1 Company in Energy Business
Phra Nakhon
Sri Ayutthaya
(BIE)
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
43
16
41
Samut Sakhon – Nakhon Pathom (%)
(West BKK)
Industrial Commercial Household
Company Overview – Portion of Water Users
12
21
62
17
Pathum Thani - Rangsit (%)
(North BKK)
Industrial Household Commercial
Serving over
500,000 Water Users
or
Millions of Lives
• Thai Union Group
• Pataya Food Industries
• Pakfood
• Unicord
• Better Foods
• etc.
• Mahidol University (Salaya)
• Nadee Municipality (Waterworks)
• etc.
• Klongluang Utilities
• Thainamthip Manufacturing
• Greensport
• Elec & Eltek (Thailand)
• Pathumthani Brewery
• etc.
• Thammasat University (Rangsit)
• Future Park Rangsit
• Asian Institute of Technology
• Rangsit University
• Zeer Rangsit
• NSTDA
• etc.
• Pinehurst golf club & Hotel
• Pruksa Real Estate
• Summit Starhome
etc.
*As of Dec 2019
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
440,000
100,000
488,000
400,310
43,200 30,000 28,000 30,000 28,000
0
100,000
200,000
300,000
400,000
500,000
600,000
TTWTTW 2nd PlantPTW UU BW CW ET IWR REQ
Capacity of Private Tap Water Companies
Company Overview – The Leading Position of Water Business in Thailand
Unit: m3/day
1,076,000 m3/day UU Universal Utilities Group (Subsidiary of East Water Group)
BW Bangpakong Water Supply
CW Chachoengsao Water Supply
ET EGCOM TARA
NW Nakornsawan Water Supply
IWR Industrial Water Resource Management
REQ R.E.Q Water Service
Source : PWA, Q3’19 Company Presentation of East Water, www.uu.co.th
400,000
13
IWR REQ
+100,000
+100,000
+100,000
Starting at 100,000 m3/Day
BIE
48,000
Plant
The Krathumban Water Treatment Plant (TTW 2nd)
can be expanded the design capacity up to
400,000 m3/day
Hybrid Technology: Conventional +
Ultrafiltration (Membrane Technology)
Cleaner: Because the membrane pore size is
only 0.01 micron so it can effectively
contaminants viruses and bacteria
Safer: Less chemical usage
Krathumban Water Treatment Plant
TTW TTW 2nd
BW
CW
ET
NW
Others
East Water & UU
Group
400,310
PTW
30,000 28,000
At present In the future Peers
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Company Overview - Water Production Procedures
14
Tha Chin River
(Nakhon Pathom Province)
Chao Phraya River
(Pathum Thani Province)
End Users
Household + Industrial + Commercial
Raw Water Intake
Rapid Mixing
Tank
Clarifier
TankFilter
Sludge Dewatering
Treated WaterWater Distribution
Land fill
Chemical Dosing
Whole Sale
Provincial Waterworks
Authority (PWA)
Banglen
Pathum Thani
Rai Khing
The water from sludge dewatering will be
re-claim into the processed again.
“Zero Discharge”
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
100%
30%
30%
61.3%
75%
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Company Overview - Investment in Other Business
15
• Southeast Asia Energy Co., Ltd. (SEAN)
• Bangkhenchai Co., Ltd. (BKC)
• Chiangrai Solar Co., Ltd. (CRS)
• Nakhon Ratchasima Solar Co., Ltd. (NRS)
24.98%
1,900 MW 238 MW 29 MW
• Nam Ngum 2 Power Company (NN2)
• Xayaburi Power Co., Ltd. (XPCL)
37.5%
615 MW
1,285 MW
• Bang Pa-In Co-Generation Co., Ltd. (65%)
- Phase 1 (BIC 1)
- Phase 2 (BIC 2)
118 MW
120 MW
8 MW
15 MW
6 MW
Source : www.ckpower.co.th
As of Dec 2019To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Company Overview - Investment in Other Business
16
*Xayaburi Dam has already COD on 29th
October 2019
• Contract period with EGAT for 29 years (2019 - 2048)
• Design Capacity: 1,285 MW
- Supply Electricity to EGAT at 1,220 MW
- Supply Electricity to Électricité du Laos at 60 MW
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Profit sharing from investment in CK Power
238 MW
151.6
280.3
0
50
100
150
200
250
300
2018 2019
Unit : MB
+84.9%
(YoY)
2018 2019Change
Amount %
151.6 280.3 +128.7 +84.9
215.3
56.2
Q4’19Q4’18
Source: www.ckpower.co.th
Agenda
Highlights
17
Operating and Financial Performance
Company Overview
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance – Portion of Revenue
18
60
30
5
5
TTW Group (%)
TTW
PTW
BIE
Others
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance
TTW Sales Volume
44.8 44.6
50.953.6
55.0
0
10
20
30
40
50
60
Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019
mil.m3
Year
Q4’2019 vs Q4’2018
+2.5%
Year
136.1 138.5 137.7 138.4145.9
158.3166.1
0
40
80
120
160
200
2013 2014 2015 2016 2017 2018 2019
mil.m3
2019 vs 2018
+4.9%
Q4’ Daily Average (Thousand m3)
Year 2015 2016 2017 2018 2019
Daily Avg. 367 363 414 440 451
Full Year Daily Average (Thousand m3)
Year 2013 2014 2015 2016 2017 2018 2019
Daily Avg. 373 379 377 377 395 434 455
Location TTW %
ChangePeriod 2019 2018
Utilization (%) 84 80 +4%
19To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Year
137.2133.6 133.0 131.4
135.8
145.9 148.9
0
40
80
120
160
2013 2014 2015 2016 2017 2018 2019
mil.m3
Operating & Financial Performance
PTW Sales Volume
Location PTW %
ChangePeriod 2019 2018
Utilization (%) 84 82 +2%
20
Year
44.8 42.946.5
48.9 49.8
0
20
40
60
Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019
mil.m32019 vs 2018
+2.1%
Full Year Daily Average (Thousand m3)
Year 2013 2014 2015 2016 2017 2018 2019
Daily Avg. 375 366 366 358 369 400 408
Q4’ Daily Average (Thousand m3)
Year 2015 2016 2017 2018 2019
Daily Avg. 360 349 378 401 409
Q4’2019 vs Q4’2018
+2%
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance
BIE Sales Volume
21
Year
6.90
7.73 7.73 7.67
8.278.51
8.84
0
1
2
3
4
5
6
7
8
9
10
2013 2014 2015 2016 2017 2018 2019
mil.m3
Year
2.69 2.742.91 2.91
3.00
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019
mil.m3
Location BIE %
ChangePeriod 2019 2018
Utilization (%) 51 49 +2%
Full Year Daily Average (Thousand m3)
Year 2013 2014 2015 2016 2017 2018 2019
Daily Avg. 18.9 21.2 21.8 20.9 22.7 23.3 24.2
Q4’ Daily Average (Thousand m3)
Year 2015 2016 2017 2018 2019
Daily Avg. 22.0 22.4 23.9 23.9 24.6
2019 vs 2018
+3.9% Q4’2019 vs Q4’2018
+3%
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance
How much room to grow?
22
2019 Daily Average
TTW = 455K / Day
PTW = 408K / Day
BIE = 24K / Day
887K / Day
Total Design Capacity
1,076K / Day
(At Present)
Unit: m3
189K / Day
300K / DayIn the Future, The Krathumban Water
Treatment Plant (TTW 2nd
) can be expanded
the design capacity by 300K / Day
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance
Financial Performance
23
2019 vs 2018 Q4’2019 vs Same period last year
The increase in sales volume of TTW and PTW, adjustment of selling price by CPI of TTW and PTW
Profit-sharing from investment in associated company increased
The decrease in finance cost by the redemption of debentures of 1,500 MB, loan repayment 435 MB and issue debentures of 1,000 MB
5,574.5 5,499.1 5,747.4
5,948.5 6,165.6
2,680.5 2,475.6 2,663.2
2,841.9 3,128.0
4,514.7 4,429.4 4,699.9
4,901.5
5,269.8
2015 2016 2017 2018 2019
Total Revenue Net Profit EBITDA
Unit : MB
+3.6%
+10.1%
+7.5%
1,421.0
1,303.9
1,483.5 1,500.5 1,548.9
620.5 568.4
677.1 674.2
934.4
1,126.5
1,034.8
1,194.5 1,199.5
1,446.8
Q4'2015 Q4'2016 Q4'2017 Q4'2018 Q4'2019
Total Revenue Net Profit EBITDAUnit : MB
+38.6%
+3.2%
+20.6%
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance
Historical Dividend Payment & Payout Ratio
24
(Bt./share)
0.62
0.60
0.680.67
0.72
0.60 0.60 0.60 0.60 0.60
2015 2016 2017 2018 2019
EPS DPS
Dividend Yield 4.88%
(@12.30 baht per share / as of Sep 14,
2018)
Dividend policy: Dividend payment is not less than 50%
of its net profit after deduction of corporate income tax,
statutory reserve, and other reserves required by terms of
relevant agreements.
Year
Particular 2019 2018 2017 2016
Net profit
- Amount (MB) 2,855 2,667 2,699 2,391
- EPS (Bt./share) 0.72 0.67 0.68 0.60
DPS (Bt./share)
- Dividend #1 (Interim) 0.30 0.30 0.30 0.30
- Dividend #2 *0.30 0.30 0.30 0.30
Total DPS 0.60 0.60 0.60 0.60
Dividend amount (MB) 2,394 2,394 2,394 2,394
Dividend / Net profit 83.9% 89.8% 88.7% 100.0%
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
*Dividend #2 must be approved by AGM 2020 (9th
April 2020)
Operating & Financial Performance
Financial Ratios
25
As at 30 Dec 2019
26.7
23.621.6
22.6 23.1 23.4
12.110.1 9.7
11.5 12.313.6
2014 2015 2016 2017 2018 2019
ROE ROA
1.16
1.331.23
0.960.89
0.76
0.51
0.670.77
0.67
0.530.47
2014 2015 2016 2017 2018 2019
D/E Net D/E
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
Operating & Financial Performance
26
(Unit : MB)
12,364.9 13,124.8
10,965.5 10,033.3
23,330.4 23,158.1
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
31 Dec 2018 31 Dec 2019
Consolidated Financial Position
Total shareholders’ equity Total liabilities Total assets
-0.7%
-8.5%
+6.2%
Consolidated Financial Position
To be Thailand’s Leading Company in Water, Energy and Eco-Friendly Businesses
The depreciation and amortization recording and the
redemption of debenture in February 2019 by cash and
current investment.
The debentures redemption of 1,500 MB, loan repayment of
435 MB and issue debentures of 1,000 MB.
The net profit 2019 of 3,128.0 MB and dividend payment of
2,393.7 MB.
Credit : Arek Socha, from Pixabay
Q & A
Keep in touch with TTW.
Website : www.ttwplc.com
Facebook : TTW Plc
Instagram : TTW Plc
LinkedIn : TTW Public Company Limited
32
บริษัท ทีทีดับบลิว จ ำกัด (มหำชน)
TTW Public Company Limited
30/130 Moo 12, Buddha Monthon 5 Rd,
Rai Khing, Sam Pran, Nakhon Pathom,
Thailand 73210
Tel : +66 2019 9490 – 3 Ext. 1100, 1108
Fax : +66 2420 6064
Web Site : www.ttwplc.com
E-mail : [email protected]
Website : www.ttwplc.com
Facebook : TTW Plc
Instagram : TTW Plc
Linkedin : TTW Public Company Limited