Supalai Public Company Limited Opportunity...
Transcript of Supalai Public Company Limited Opportunity...
Opportunity DayMay 2011
Supalai Public Company Limited
Executive Summary
• Successful condominium launch adds to strong pre-sales numbers
• Continued revenue momentum from backlog carried forward
• Further expansion in provincial residential markets
• Favorable gearing position to spur further growth
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For the 3-Month Period Ended(Million Baht) 31Mar11 31Mar10
(Restated)Change
MB. %
Total Revenues 3,310 3,194 116 4%
Revenues from Sale on Real Estate 3,221 3,111 110 4%
Gross Margin (%) 44% 44% - -
Selling and Administrative Expenses 303 176 127 72%
% S&A to Total Revenues 9% 6% - -
Earning before Tax 1,129 1,239 (110) (9%)
% EBT to Total Revenues 34% 39% - -
Corporate Tax 348 358 (10) (3%)
% Effective Corporate Income Tax Rate 31% 30% - -
Net Profit 733 846 (113) (13%)
Net Profit Margin (%) 22% 26% - -
Basic Earnings Per Share (Baht) 0.43 0.49 (0.06) (12%)
Consolidated Income Statement
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(Million Baht)31Mar11 31Dec10
(Restated)Change
MB. %
Total Assets 19,327 18,586 741 4%
Loan from Financial Institutions 4,360 4,393 (33) (1%)
- Project Loan 211 253 (42) (17%)
- Debenture 4,137 4,137 - 0%
- Other 12 3 9 300%
Deposits & Advances Received From Customers 1,933 2,166 (233) (11%)
Total Liabilities 8,950 8,962 (12) 0%
Total Shareholder's Equity 10,376 9,624 752 8%
Issued and Paid-up Share Capital 1,717 1,717 - 0%
Consolidated Statement of Financial Position
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Remark : Net Gearing = (Interest Bearing Debt – Cash) / Equities
31Mar11 31Dec10
Net Gearing (%) 32% 42%
Net BV Per Share (Baht) 6.04 5.61
Interest Coverage Ratio (Times) 33 53
Annualized ROE (%) 28% 28%
Annualized ROA (%) 15% 14%
Financial Ratios (Consolidated)
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Year Interim DPS
(Baht)
Final DPS
(Baht)
Total DPS
(Baht)
Payout Ratio Yield
2006 0.15 0.12 0.27 49% 7.71%
2007 0.12 0.13 0.25 48% 6.94%
2008 0.15 0.15 0.30 44% 14.42%
2009 0.25 0.35 0.60 40% 7.69%
2010 0.30 0.30 0.60 41% 5.22%
Remark : Dividend payment policy is to pay approximately 45% of net income
Dividend Payout
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Expansion in Provincial Markets
L M H
DH
TH
CD
Chiangmai Khonkaen (Subsidiary)
Bangkok Metropolis
Phuket
Hadyai (Subsidiary)L M H
DH
TH
CD
L M H
DH
TH
CD
L M H
DH
TH
CD
L M H
DH
TH
CD
Remark : DH = Detached House, TH = Townhouse, CD = Condominium, L = Low income, M = Middle income, H = High income
+ 2 Additional Provinces
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5,613 6,216 5,5247,676
9,771
3,772
2,158 2,064 3,487
5,128
4,777
1,759
17,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2006 2007 2008 2009 2010 4M11 2011 (T)
High Rise Low Rise Target
Pre-sales Performance & TargetMillion Baht
14,548
Remark : Sales contract shown are value of total pre-sales minus all cancellations
5,531
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New Project Launch : Supalai Prima Riva
Launch Date : 29-31 April 2011Project Value : 5,500 Million BahtSold : 3,171 Million Baht (58%) Sales number as of 08May11
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Revenue & Backlog (The Company Only)
Total Backlog = 17,644 Million BahtMillion Baht
Remark : Numbers as of 31Mar11
9,36810,529
2,828
6,399
4,9703,581 2,694
13,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2009 2010 2011 (T) 2011 2012 2013 2014
Revenue Recognized Backlog Revenue Target
9,227
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Condominium to be Delivered in 2011
Supalai Park@ Kaset
City ResortRamkhamhaeng
City HomeRattanathibeth
Supalai Park@ Tiwanon
Project value1,700 MB (82% sold)
Project value1,780 MB (89% sold)
Project value1,245 MB (100% sold)
Project value3,109 MB (100% sold)
41% transferred as of 31Dec10
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Project TypeProject Value Backlog
RemainingProject Value
Units Million Baht Million Baht Million Baht
Condominium - Completed 13,407 31,121 667 2,808
Condominium - Under Construction 8,297 19,270 14,653 4,617
Detached House 8,088 27,984 1,209 10,272
Townhouse 4,195 11,257 1,115 1,197
Grand Total 33,987 89,632 17,644 18,894
Remark : The company has combined finished inventory for detached house and townhouse of 830 MB as at 31Mar11
Ongoing Project Status (31Mar11)
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Remark : No. of project launch in 2011 may increase upon new land acquisition4.2 billion Baht was spent for land acquisition in 2010
The company has land acquisition budget of 4.5 billion Baht in 2011
Project Type New Project Launch 2Q11-4Q11
Land Bank for 2012 Onwards as of 30Apr11
# Value # Value
Low Rise 9 6,980 11 7,400
High Rise 4 10,400 3 3,540
Total 13 17,380 14 10,940
Project Launch Plan & Land Bank
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Location Type Rai Unit Value Launch
1.) Supalai Montara Pinklao-Bhuddhamondhol Sai 1 DH 55 146 1,360 1Q11
2.) Novo Ville Ringroad-Lamlukka Klong 3 TH 10 116 150 2Q11
3.) Supalai Ville Ringroad-Lamlukka Klong 3 DH 38 265 630 2Q11
4.) Supalai Park Ville Romklao-Suvarnabhumi DH 83 384 1,540 2Q11
5.) Supalai Ville Phaholyothin 52 TH 8 77 250 3Q11
6.) Supalai Ville Ringroad-Rama II DH 62 341 880 3Q11
7.) Supalai Suanluang DH 32 211 1,000 3Q11
8.) Supalai Ville Ringroad-Lamlukka Klong 5 DH 90 491 1,350 3Q11
9.) Supalai Ville Bangbuathong-Ratchapruek TH 25 143 400 3Q11
10.) Phatumthani DH 52 273 780 4Q11
Total 455 2,447 8,340
Project Launch 2011 (Low Rise)
Remark : DH = Detached House, TH = Townhouse, CD = Condominium
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Location Type Rai Unit Value Launch
1.) Supalai Prima Riva CD 14 931 5,500 2Q11
2.) Supalai Park Kaerai-Ngamwongwan CD 4 759 1,400 3Q11
3.) Supalai Premier Asoke CD 5 670 2,600 3Q11
4.) Phuket CD 7 588 900 4Q11
Total 30 2,948 10,400
Project Launch 2011 (High Rise)
Remark : DH = Detached House, TH = Townhouse, CD = Condominium
Transfers Made in 2010 by Type & Value
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2,313 units,
55%
731 units, 17%
642 units, 15%
533 units, 13%
High Rise 0-3MB
Low Rise 0-3MB
High Rise > 3MB
Low Rise > 3MB
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Disclaimer: This presentation material has been prepared solely for informational purpose. Supalai Public Company Limited makes no guaranty on accuracy or completeness of the information provided. By accepting this material recipient agrees that the company shall not
have any liability for any information contained in or for any omission from this presentation.
Find SPALI IR Website at
OD_11May11
Number of Condominium Launched
& Sold in Bangkok Metropolis
Source: Agency for Real Estate Affairs
No. of CD Unit Launched & of Units Sold in The BMR, 1994-
H1/2010
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2005 2006 2007 2008 2009 2010
Launched Sold Outstanding Supply
Bangkok Metropolis Property Type
Sold
Source: Agency for Real Estate Affairs
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Detched house Townhouse Condominium
34%
49%51%
17%
6%
16%
49%
45%
33%
0%
10%
20%
30%
40%
50%
60%
2008 2009 2010
Top 8 Developer Other Listed Developer Non -Listed Developer
Market Share by Value
Source: Agency for Real Estate Affairs
Key Ratio Comparison FY10
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to revenue from real estate
1 SPALI 43% 1 SPALI 9% 1 SPALI 28% 1 SPALI 23% 1 LPN 16% 1 LPN 11% 1 LPN 558.50
2 PS 38% 2 LPN 11% 2 LPN 27% 2 LH 23% 2 SPALI 14% 2 SPALI 43% 2 PS 68.62
3 AP 37% 3 LH 13% 3 AP 23% 3 LPN 16% 3 PS 10% 3 LH 71% 3 SPALI 53.43
4 LPN 34% 4 QH 14% 4 PS 23% 4 AP 16% 4 AP 9% 4 PS 76% 4 AP 32.25
5 LH 34% 5 AP 15% 5 SIRI 20% 5 PS 15% 5 LH 7% 5 QH 102% 5 LH 20.66
6 SIRI 33% 6 SIRI 18% 6 QH 15% 6 QH 15% 6 QH 7% 6 AP 109% 6 SIRI 11.61
7 PF 33% 7 PS 18% 7 LH 14% 7 SIRI 10% 7 SIRI 6% 7 PF 128% 7 QH 11.10
8 QH 29% 8 PF 21% 8 PF 8% 8 PF 6% 8 PF 3% 8 SIRI 133% 8 PF 2.52
Return on Assets Gearing
( Times )( % )
%GP
( % )
Interest Coverage Ratio
( % ) ( % )
S&A to Total Revenues Return on Equity
( % )
Net Profit Margin
(Unit : Million Baht)31 March 2010
Consolidated financial statement
Separate financial statement
Increase (Decrease) Increase (Decrease)Net Profit 14.8 21.3Basic earnings per share (Baht) 0.009 0.012
(Unit : Million Baht)31 December 2010
Consolidated financial statement
Separate financial statement
Increase (Decrease) Increase (Decrease)Retained earnings 295.2 258.4
The Effect From Change in Accounting Policies
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