2015 BUSINESS PLAN 2015 BUSINESS PLAN

Transcription

1 215 BUSINESS PLAN 215 BUSINESS PLAN Analyst Meeting Jan 14, 215

2 Summary of major achievement in year Performance Booking Revenue recognition Rental income = 31.5 Bn. : + 4% y.o.y (-2% under budget) = 2x.x Bn. : + x% y.o.y (with slightly better G.P. margin) = 2.2 Bn. : + 5% y.o.y (-9% under budget) 2. Divested a rental property (shopping mall) into REIT with the fund size of 6.1 bn.in Dec 14 producing profit after tax of 1.5 bn. 3. Launching of 21 projects with total project value of 41.3 Bn. (+6% VS. 213) (SH:TH:CD = 6%:7%:33%) 4. Secured 4.5 Bn. of raw land for Housing Development 2

3 Executive Summary for 215 Business Plan 1. Revenue growth target Bookings (Presales) Revenue recognition Rental income = 34. Bn. : +8% y.o.y = 28. Bn. : +x% y.o.y = 1.5 Bn. : -32% y.o.y (+2% like for like) Share of profit from associated co.= 2.6 Bn. : +18% y.o.y 2. Try to maintain the level of Gross Profit Margin to be same as last year 3. More aggressive on land acquisition both for housing and rental business 8 Bn. for Housing Development Business 4 Bn. for Rental Business 4. Potential to divest certain apartments/hotels into a newly set up REIT 3

4 Booking (Presales) & 215 s Target M.B. 6, Bookings Amount & Proportions M.B. 6, Bookings Amount by Product Types 5, 5, 4, 31,514 34, 4, 3, 3,19 35% 35% 3% 3, (+16%) 2, 5% 5% 5% 2, 21,95 18,861 18,196 1, 6% 6% 65% 1, (+2%) 1,416 (-6%) 11,13 1, (F) 1,641 1,67 1, SH+L 215(F) TH 215(F) 213 Condo (F) SH+Land TH Condo 4

5 Transfer (Revenue Recognition) & 215 s Target M.B. 6, Transfer Amount & Proportions M.B. 6, Transfer Amount by Product Types 5, 5, 4, 4, 28, 3, 2, 22,939 13% 7% x,xxx 2% 7% 2% 6% 3, 2, 18,33 2,78 1, 8% 73% 74% 1, 5,6 1,727 1,62 2, (F) SH+L 215(F) TH 215(F) 213 Condo (F) SH+Land TH Condo 5

6 Backlog and Revenue Recognition 25, M.B. Back log Revenue Recognition 2,23 2, 15, 14,822 18,794 1, 7,584 13,111 5,222 7,634 7,167 5, 5,59 4,13 7,614 7, ,742 1,68 1,141 1,121 Dec'12 Dec'13 Dec'14 Recognise'15 Recognise'16 Recognise'17 SH+Land TH Condo 6

7 Condominiums schedule (as at Dec.14) No Project Prj. % Value Transfer 1 The Room - Suk. 21 1,58 19% 2 North 8 - Chiang Mai 4 18% 3 The Key - Sathorn Rajapruk 1,79 14% 4 The Room - BTS wongwienyai 1,58 79% 5 Wan-Way-La - Kao Tao 2,7 49% 6 The Bangkok - Sathorn 7,5 7 The Key - Wutthakat 1,2 8 The Room - Rama IV 2,2 9 The Room - Pan Road 1,65 1 The Room - Suk. 69 2,63 11 The Key- Udomsuk 3 87% 12 North 1 - Chiang Mai 16 81% 13 North 2 - Chiang Mai 16 75% 14 North 3 - Chiang Mai 16 67% 15 North 4 - Chiang Mai % 16 North 5 - Chiang Mai 16 41% 17 Ease - Rama II Riverside 7, 19 The Key - Charoen Rat 3, Develop & EIA 2 The Room - Charoen Krung 2, Develop & EIA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 217 Q4 Q1 Q2 Q3 Q4 21 The Room - Sathorn 11 1,88 Develop & EIA 22 North 6 - Chiang Mai North 7 - Chiang Mai 15 Develop & EIA Construction period Transfer 7

8 Booking by Segmentation Remark : The mode of Selling Price per unit is 4-6 Mn.Baht in 215 Segment (Mn Baht.) (F) <= 2. 3% % 1% % >2. <=4. 13% % % 17% >4. <=6. >6. <=1. >1. <=25. >=25. 9% % % % 24% 24% 27% 1% 29% % 2% % 23% % Average price (Mn.Baht.)

9 Brand & Product Segment (Dec 14) PRICE RANGE SINGLE HOUSE TOWNHOUSE CONDO (1 brands) (4 brands) (6 brands) No. of project >25 M.B. 2 (2) 1 25 M.B. Nantawan 5 (3) (1) (1) 6-1 M.B. Mantana Seewalee 26 (1) (8) (-) (4) (1) (3) 4-6 M.B. Chaiyapruk Chollada v 14 (3) (1) Pruklada Parichart (8) (-) 2-4 M.B. 18 (6) (1) (1) (2) <2 M.B. 1 No. of project (1) (-) (1) (3) (1) (5) Remark : Excluding L&H Park 1 project. 9

10 Expansion in Provincial Markets Chiang Rai Udonthani 215 No. of Active Provinces 9 Maha Sarakham Chiang Mai Khon Khaen 5 1 Hua Hin Korat No. of Active Projects in the Provinces Ayuttaya Phuket Already have active projects in 214 Plan to have new projects in SH Condo 1

11 Contribution from provincial market & 215 s Target % of Booking % of Total Booking % of Revenue 3% 3% % of Transfer 25% 25% 2% 2% 15% 15% 1% 5% 15% 1% 15% 1% 5% 12% 17% 17% % % (F) (F) 11

12 Booking from Existing projects vs. from Newly launch projects % of Booking % of Total Booking 1% 8% 19,2 25,79 3,19 31,514 34, 1% 21% 32% 44% 4% 6% 4% 2% 79% 68% 56% 6% 9% % (F) Existing project Newly launch 12

13 Growing existing projects Projects No. of existing projects M.B. Value (Million Baht) 16 12, 14 1, , 7,33 73, prj. 57 prj prj ~ 63 prj. 6, 4, 2, 56,638 46,565 1, ,261 4,331 43,615 41,694 14,496 4,844 5,989 Dec'12 Dec'13 Dec'14 Dec 15(F) Dec'15(F) Dec'12 Dec'13 Dec'14 Dec'15(F) Dec 15(F) SH+Land TH Condo 13

14 Existing Project as of Dec. 214 TYPE BRAND NO. OF SIZE (Rai) UNIT PROJECT % AVAILABLE FOR SALES UNIT PRICE REMAINING PRJ. VALUE SH 1. Inizio ,719 63% 3.7 3, Villaggio % Pruklada ,819 55% 4.3 8,99 4. Chaiyapruk ,33 64% 4.8 3,22 5. Chollada % Mantana 1 1,123. 4,65 36% 7.5 1, Seewalee ,313 6% 5.4 7,49 8. Nantawan % , Ladawan % , Land&Houses % 8.7 1, Land&Houses Park % TH 12. Indy % Villaggio % 2.8 2, Baan Mai % The Landmark % 8.2 1,796 Condo 16. Ease % North % The Key % 3.4 2, % 7.4 1, The Room % 7. 5, Wan Vayla % The Bangkok % ,783 TOTAL 67 4, ,669 48% 6.4 7,33 14

15 Growing new projects launches Project No. of existing projects M.B. Value (Million Baht) 5 8, 4 6, prj prj prj prj , 2, 38,74 25,68 19,76 4, ,58 2,38 15,4 41,3 13,88 (33%) 2,8 (7%) 37, 2,2 (5%) 1,47 (4%) 24,62 (6%) 33,51 (91%) (F) (F) SH+Land TH Condo 15

16 New projects planned to launch 215 No. PROJECT NAME LOCATION TYPE SIZE (Rai) UNIT UNIT PRICE PRJ. VALUE LAUNCH DATE 1 Seewalee Maha Sarakham SH ,68 Q1 2 Chaiyapruk Ram Intra - Praya Surain SH ,3 Q1 3 Seewalee Ayuthaya SH Q2 4 The Key Wutthakat 2 CD ,7 Q3 5 North 6 Chiang Mai CD Q3 6 Nantawan Bangna SH , Q4 7 Ladawan Rama II SH , Q4 8 Nantawan Udonthani SH ,65 Q4 9 North 7 Chiang Mai CD Q4 1 Chaiyapruk Chatuchot Ramindra SH ,4 Q4 11 Chaiyapruk Bangna SH Q4 12 Pruklada Srinakarin SH ,6 Q4 13 Inizio Pinklao Salaya 2 SH ,7 Q4 14 Mantana Bangna SH Q4 15 Mantana Ekkachai - Wong Whan SH ,35 Q4 16 Indy Bangna TH Q4 17 Indy Pracha-u-tid3 TH Q4 Total , , 214 Q.1 Q.2 Q.3 Q.4 No. of prj. Prj. Value % No. of prj. Prj. Value % SH ,51 91% Bangkok 12 32,97 89% TH ,47 4% Provincial 5 4,3 11% CD ,2 5% 17 37, No. of prj Prj. Value 2, ,87 31,77 37, 1% % 8% 1% 5% 86% 1% 16

17 Market Shares (Calculated from No. of unit transferred) 3% % Market Share (If measured by value of transfer, our market share should be higher than this) 25% 23.3% 2% 15% 13.3% 15.3% 17.% 17.1% 2.4% 19.6% 17.% 17.6% 18.5% 1% 5% % 4.2%.%.6%.2% 2.% 2.4% 2.%.6% 4.% 4.4% 4.2% 2.2% 1.6%.7% 5.8% 1.7% 2.9%.6% 4.4% 1.7% -5% M14 SH CONDO TH 17

18 Revenue from Rental Property M.B. - Rental revenue is expected to 3,5 decline by 32% due to the disappearance of revenue from 3, Terminal 21 shopping mall (which created 43% of rental revenue in 2,5 2,25 214). Disregarding T21, rental revenue is expected to grow by 2, 97 (-32%) 1,532 2% 1, Revenue from 3 Hotels in Bangkok (under L&H property Co.,Ltd) is expected to show 23% increase because of improvement in both room rate (+11%) and occupancy rate (+9%) 28 1, 5 1, 214(F) L&H Property Co.,Ltd. (6% holding) L&H U.S.A.,Inc. (1% holding) +2% 1, (F) Terminal 21 Shopping Mall 18

19 Contribution from associated co. M.B. 4, 21% 28% 33% 3, XX% xx% 2, 688 1, 1,156 1,594 2,19 2,219 2, (F) 215(F) Contribution from Associated Co. Extra gain from divest assets to LHPF, QHHR % of LH's net profit Associated Co. % holding (F) 215(F) Mkt.Value (: Million Baht) Profit from divestment of 3 buildings to LHPF = Dec Dec. 14 * LH Property Fund I, II 49.9% ,126 1,14 LH Bank 34.1% ,339 8,791 Home Pro 3.2% ,177 27,16 27,334 Quality Houses 25.% ,55 8,395 Quality Construction 21.2% Starmalls 9.6% ** ,126 4,229 Bangkok Chain Hospital 3 Divested end - of Q Others Total 1,156 2,285 2,19 2,219 2,632 42,557 5,629 ** Transferred to other L/T investments in Q

20 Debt Level & Average cost of Debts 7, 6, M.B. Ratio %.71 Net debts/equity % Average Cost of Debts 5, 43,765 8% 7.25% 7.% 6.75% 6.75% 4, 3, 2, 2,187 28,551 3,472 25,54 26,19 32,63 34,843 33,396 29,816 6% 4% 6.% 4.8% 4.37% 4.7% 4.% 3.89% 1, (F) 2% (F) Net Debt Equity D/E Avg. Cost of Debt MLR 2

21 Bond Issuance 213 7, M.B. 3. Yrs 3.81% 214 8, M.B. 3. Yrs. 3.55% 1,5 M.B. 2. Yrs. 3.25% 1, M.B. 3.5 Yrs. 3.3% Total 1,5 M.B. 3.48% 215 Q.2 5, M.B. 3. Yrs. 3.xx% Q.4 5, M.B. 3. Yrs. 3.xx% Total 1, M.B. 3.xx% 21

22 Share capital & Dividend Information No. of Shares (31/12/14) : 1,996 million Price per share (31/12/14) LH : Baht 9.5 (Par 1 Bt) LH-F : Baht 9.1(Par 1 Bt) Market Cap. (31/12/14) : Baht 15,169 million (USD 3,26 million) Major Shareholder : Asavabhokin Family 27.82% LH-W3 - No. of warrants outstanding : 1,28 million - Conversion price : Baht Price per warrant (31/12/14) : Baht Term : 3 years, expire on May 5 th, 217 9M Net profit (Bt million) 5,137 6,478 5,682 5,69 3,971 3,98 EPS (Diluted : Bt) Dividend per share (Bt) Dividend paid (Bt million) 2,7 4,1 4,51 4,1 3,49 3,49 Dividend Payout Ratio 79% 62% 8% 71% 86% 87% 22