1 S mart People B usiness Trust G rowth Society Company Overview - - PowerPoint PPT Presentation

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1 S mart People B usiness Trust G rowth Society Company Overview - - PowerPoint PPT Presentation

Jan 27, 2024 25 likes •368 views

Strive for sustainable growth in automotive industry through advanced technology and partnership 1 S mart People B usiness Trust G rowth Society Company Overview Automotive Industry Overview Tractor Industry Overview Sale Performance Financial

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Smart People Business Trust Growth Society

1

Strive for sustainable growth in automotive industry through advanced technology and partnership

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SLIDE 2

Smart People Business Trust Growth Society

Automotive Industry Overview

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Tractor Industry Overview Sale Performance Financial Highlights Company Overview

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Smart People Business Trust Growth Society 3

SAT

Paid up 425 million Baht

ICP SBM BSK SFT

Tsuchiyoshi Somboon Coated Sand Yamada Somboon Nisshinbo Somboon Automotive Somboon Somic Manufacturing

21.25% 20.00% 2.90% 1.80%

1. Somboon Holding Co.,Ltd. 29.94% 2. Thai NVDR 17.77% 3. Nortrust Nominees Ltd-Cl Ac. 5.25% 4. BBHISL NOMINEES LIMITED 2.44% 5. AIA COMPANY LIMITED - EQ3-P 1.69%

  • 6. Others

42.91%

As of February 28, 2019

99.99% 99.99% 99.99% 99.99% Note: Somboon Holding & Kitaphanich Family

  • wns approximately 44%

Mubea Somboon Automotive

50.00%

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Smart People Business Trust Growth Society 4

Process:

Forging/ Machining

Product: Axle Shaft, Hub Customer: Process:

Casting/ Machining

Product: Disc & Drum Brake, Exhaust Manifold, Fly Wheel, Bracket, Hub Customer: Process : Bending & Coiling Product: Spring Product Customer:

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Smart People Business Trust Growth Society Smart People Business Trust Growth Society

Amata Industrial Estate 4 4 Plants + MSA 1Plant

Samutpr utprak akarn arn Rayong

  • ng

Eastern Seaboard Industrial Estate 1 1 Plant Bangna Head Office 3 Plants +MSA 2 2 Plants

5

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Smart People Business Trust Growth Society

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Smart People Business Trust Growth Society

Automotive Industry Overview

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Tractor Industry Overview Sale Performance Financial Highlights Company Overview

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Smart People Business Trust Growth Society

197 215 217 233 239 245 255 285 288 250 310 278 301 271 292 278 486 465 527 511 540 517 548 564 100 200 300 400 500 600

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Domestic Export Total

8

  • QoQ: Car production increased +3% as domestic increased +12% but export declined -5%
  • YoY : Car production increased +10% as domestic increased +22% but export not changed
  • 2018 : Car production increased +9% as domestic increased +19% and export increased +1%

87 85 84 100 102 84 96 97 99 97 96 86 183 181 183 197 197 169 50 100 150 200 250

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

Unit: Thousand cars

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Smart People Business Trust Growth Society 9

  • QoQ (+3%) : Changes in Pick up, Passenger and Eco car are +6%, -14% and +14%
  • YoY (+10%) : Changes in Pickup, Passenger and Eco car are +16%, +1% and +7%
  • 2018 (+9%) : Changes in Pickup, Passenger and Eco car are +11%, +8% and +7%

Unit: Thousand cars 276 264 302 288 310 295 313 332 113 116 114 111 125 123 130 112 87 76 100 102 95 89 95 108 9 9 11 10 9 10 10 11

100 200 300 400 500 600

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Pickup Car Passenger Car Eco Car Commercial

106 102 105 118 116 99 42 47 41 38 41 33 32 29 34 38 37 34 3 4 3 4 4 4 50 100 150 200 250

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

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Smart People Business Trust Growth Society 10

  • QoQ (+12%) : Changes in Pickup , Passenger and Eco car are +27%, -12% and +9%
  • YoY (+22%) : Changes in Pickup, Passenger and Eco car are +40%, +8% and +4%
  • 2018 (+19%) : Changes in Pickup, Passenger and Eco car are +24%, +9% and +24%

Unit: Thousand cars

96 110 104 111 122 123 123 156 61 58 56 56 60 62 69 61 31 38 45 56 47 51 54 58 9 9 11 10 9 10 10 10 50 100 150 200 250 300

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Pickup Car Passenger Car Eco Car Commercial

42 40 41 55 54 47 23 24 22 20 23 17 19 17 18 21 21 16 3 3 3 3 3 3 20 40 60 80 100 120

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

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Smart People Business Trust Growth Society 11

  • QoQ (-5%) : Changes in Pickup, Passenger and Eco car are -7%, -15% and +21%
  • YoY (0%) : Changes in Pickup , Passenger and Eco car are 0%, -7% and +10%
  • 2018 (+1%) : Changes in Pickup , Passenger and Eco car are +3%, +6% and -8%

Unit: Thousand cars

181 154 197 177 188 172 190 176 52 58 58 55 64 60 61 52 56 38 55 46 48 39 41 50 50 100 150 200 250 300 350

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Pickup Car Passenger Car Eco Car Commercial

64 62 64 62 62 52 19 23 19 18 18 16 13 12 17 17 16 17 20 40 60 80 100 120

Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

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Smart People Business Trust Growth Society 12 Unit: Thousand Cars

  • QoQ -Car export declined -5% mainly declined from export to Australia and Central & South America
  • YoY – Car export declined -3% mainly declined from export to Europe and Middle East
  • 2018 Car export did not change from 2017. Top 3 exported region are Australia, Asia and Europe

74 69 77 75 80 83 86 79 84 84 102 85 101 88 89 79 75 66 81 76 87 72 83 84 76 71 77 80 70 75 89 87 15 12 22 18 10 29 30 31 27 17 37 25 24 21 24 31 39 36 40 31 36 38 39 36 39 31 37 37 36 27 30 30 73 32 57 68 56 36 34 31 23 25 29 35 28 24 28 28 39 25 41 26 29 24 30 22 29 19 25 21 28 21 26 19 12 9 11 7 9 6 6 5 8 5 7 7 8 11 10 8 50 100 150 200 250 300 350 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Africa Central & South America Middle East Europe North America Asia Australia

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Smart People Business Trust Growth Society

0.5 0.3 0.1 0.2 0.3 0.3 0.4 0.5 0.6 0.7 0.7 0.6 0.6 0.5 0.8 0.8 1.4 1.3 0.8 0.7 0.8 0.9 1.02

  • 0.0

0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.4 0.5 0.7 0.8 0.5 0.9 0.7 1.0 1.1 1.1 1.2 1.2 1.1 1.14 0.6 0.4 0.2 0.3 0.4 0.5 0.6 0.8 0.9 1.1 1.2 1.3 1.4 1.0 1.6 1.5 2.5 2.5 1.9 1.9 1.9 2.0 2.2 2.2 2.3 2.4

  • 0.5

1.0 1.5 2.0 2.5 3.0

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 F2019 F2020 F2021

Export Domestic Total Production

13

Asian Financial Crisis Global Financial Crisis Thailand Floods & Tsunami in Japan CAGR =3% CAGR =9% First car scheme

1.10 1.13 1.25 0.45 0.45 0.49 0.36 0.36 0.39 0.0 0.5 1.0 1.5 2.0

2016 2017 2018

Pickup&PPV Passenger Eco CV

Unit : Million cars Unit : Million cars

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Smart People Business Trust Growth Society

Automotive Industry Overview

14

Tractor Industry Overview Sale Performance Financial Highlights Company Overview

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Smart People Business Trust Growth Society 15 Source : Customer

Unit: in Thousand

  • QoQ: Declined -6%
  • YoY : Increased +30%
  • 2018 : Increased +16%

15 13 15 11 11 9 12 11 11 15 14 12 15 17 15 16 2 2 3 4 3 3 5 5 3 2 6 2 3 3 5 3

16 15 18 16 14 12 17 17 15 17 20 15 18 19 20 19

5 10 15 20 25

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Tractor Combine Total

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Smart People Business Trust Growth Society

21 17 30 52 55 59 54 44 53 63 1 3 5 6 7 12 15 14 14

21 18 33 57 61 65 66 59 66 77 83 86 10 20 30 40 50 60 70 80 90 100

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 F2019 F2020

Tractor Combine Total

Drought 16 Unit: in Thousand Flood Drought

Source : SBG’s Forecast

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Smart People Business Trust Growth Society

Automotive Industry Overview

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Tractor Industry Overview Sale Performance Financial Highlights Company Overview

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Smart People Business Trust Growth Society

70% 25% 11% 72% 24% 11% 0% 20% 40% 60% 80% 24% 22% 18% 16% 4% 16% 28% 24% 25% 18% 5% 0% 0% 5% 10% 15% 20% 25% 30%

Axle Shaft Disc Brake & Drum Brake Casting/Machining (Automotive) Casting/Machining (Kubota) Hub/Big Hub Others*

2017 2018

18

Market Share Sales Contribution

Note : * Sales in Y2017 included sales of spring business while sale in Y2018 does not include. This is because spring business was sold to JV company in Dec Y2017.

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Smart People Business Trust Growth Society 19

31% 29% 17% 6% 4% 3% 1% 1% 8% 35% 26% 19% 6% 4% 3% 2% 2% 3%

0% 5% 10% 15% 20% 25% 30% 35% 40% Mitsubishi Toyota/Hino Kubota Isuzu Honda Nissan GM Ford & Mazda Others*

2018 2017

Note : 1. 2017 Sale Data included sales from spring business, which was transferred at the end of 2017.

  • 2. Other customers: Direct export and REM customer.
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Smart People Business Trust Growth Society 2017 4Q2017 3Q2018 4Q2018 2018

Production line

Capacity pcs /month Utilization (%) Capacity pcs /month Utilization (%) Capacity pcs /month Utilization (%) Capacity pcs /month Utilization (%) Capacity pcs /month Utilization (%)

Axle Shaft

365,500 57% 365,500 60% 365,500 65% 365,500 68% 365,500 64%

Machining (Auto)

418,400 66% 418,400 64% 437,000 69% 437,000 73% 437,000 70%

Machining (non-Auto)

229,000 66% 229,000 63% 229,000 76% 229,000 81% 229,000 76%

General Forging

280,500 41% 280,500 47% 280,500 43% 280,500 42% 280,500 42%

Total (SBG)

60% 61% 67% 70% 67%

20

Note : 1. Capacity is calculated based on 500 hours per month (20 hours x 25 days) except Axle Shaft & General Forging: 550 hours per month

  • 2. Total SBG’s Y2017 capacity and utilization did not include the spring business’s capacity.
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Smart People Business Trust Growth Society

Automotive Industry Overview

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Tractor Industry Overview Sale Performance Financial Highlights Company Overview

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Smart People Business Trust Growth Society 22 304 280 327 326 333 285 385 328 362 327 391 430

1,890 1,690 1,703 1,779 1,760 1,651 1,870 1,981 1,629 1,593 1,698 1,764

2,194 1,970 2,030 2,105 2,093 1,936 2,255 2,309 1,991 1,920 2,089 2,194

500 1,000 1,500 2,000 2,500 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Gross Profit COGs Sales

Unit: Million Baht

1,331 1,510

7,262 6,684

8,593 8,194

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2017 2018 Unit: Million Baht

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Smart People Business Trust Growth Society 23

391 430 1,698 1,764 18.7% 19.6%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

500 1,000 1,500 2,000 2,500 3Q18 4Q18

Gross Profit COGs %GP

 QoQ Comparison

  • Sale

5.0%

  • COGS

3.9%

  • GP (amount) 10.0%
  • %GP

0.9%

  • Sale increased 105 mb or 5.0%

mainly driven by the automotive industry and a new order started at 4Q18

Unit: Million Baht %GP

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Smart People Business Trust Growth Society 24

328 430 1,981 1,764 14.2% 19.6%

0% 5% 10% 15% 20% 25%

500 1,000 1,500 2,000 2,500 4Q17 4Q18

Gross Profit COGs %GP

 YoY Comparison

  • Sale

5.0%

  • COGS

11.0%

  • GP (amount) 31.1%
  • %GP

5.4%

  • Sales declined by 5% as 2018 sale

did not include spring business.

  • Change in %GP can be

explained by the same reason

Unit: Million Baht %GP

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Smart People Business Trust Growth Society 25

1,331 1,510 7,262 6,684 15.5% 18.4%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

2017 2018

Gross Profit COGs %GP

 YoY Comparison

  • Sale

4.6%

  • COGS

8.0%

  • GP (amount) 13.4%
  • %GP

2.9%

  • Sales declined by 4.6% as 2018

sale did not include spring business.

  • If the numbers were to exclude

spring business for both years, Sales would have been increased driven by 1) growth from automotive and agricultural machinery industries and 2) new

  • rders.

Unit: Million Baht %GP

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Smart People Business Trust Growth Society 26

151 118 168 171 171 135 225 280 235 183 243 255 6.9% 6.0% 8.3% 8.1% 8.2% 7.0% 10.0% 12.1% 11.9% 9.5% 11.6% 11.6%

0% 2% 4% 6% 8% 10% 12% 14% 50 100 150 200 250 300 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Net Profit % Net Profit

%NP Unit: Million Baht

811 916

9.4% 11.2%

0% 2% 4% 6% 8% 10% 12% 100 200 300 400 500 600 700 800 900 1,000

2017 2018

%NP Unit: Million Baht

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Smart People Business Trust Growth Society 27

Note: 1 Others include gain/loss on fx , other incomes, and other expenses

1

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Smart People Business Trust Growth Society 28

Note: 1 Others include gain/loss on fx , other incomes, and other expenses

1

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Smart People Business Trust Growth Society 29

Note: 1 Others include gain/loss on fx , other incomes, and other expenses

1

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Smart People Business Trust Growth Society 30

394 352 409 394 397 362 462 519 435 371 439 449

17.9% 17.9% 20.1% 18.7% 19.0% 18.7% 20.5% 22.5% 21.8% 19.3% 21.0% 20.5%

0% 5% 10% 15% 20% 25% 100 200 300 400 500 600 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

EBITDA % EBITDA

Unit: Million Baht %EBITDA 1,741 1,694

20.3% 20.7% 0% 5% 10% 15% 20% 25% 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

2017 2018

%EBITDA Unit: Million Baht

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Smart People Business Trust Growth Society

1.48 1.48 1.97 2.12 1.05 2.27 1.19 2.40 2.00 1.53 1.51 1.43 1.91 2.15 0.45 0.50 0.70 0.30 0.00 0.90 0.45 0.97 0.75 0.60 0.60 0.60 0.90 1.35

30% 34% 36% 14% 0% 40% 38% 40% 38% 39% 40% 42% 47% 63%

0% 10% 20% 30% 40% 50% 60% 70%

0.00 0.50 1.00 1.50 2.00 2.50 3.00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 EPS DPS %Dividend Payout

31 Unit: Baht per Share Unit: % Payout

Note: Dividend policy at a minimum rate of 30% of net profit after tax and legal reserve

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Smart People Business Trust Growth Society 32

Awards from customer

 TCC HRD Activity 2017 from Toyota  The Winner TPS Award 2017 from Toyota  MCC QCC Activity 2017 from Mitsubishi  Quality Award and Delivery 2017 from Kubota  SKC Delivery Skill Contest 2017 from Kubota  RUNNER UP SKC Delivery Kaizen Award 2017 from Kubota  Gold Award QCD 2017 from Kubota  Quality Award and Delivery 2017 from Isuzu

Awards from various agencies

 Sustainability Awards of Honor 2018 from SET  Thailand Sustainability Investment 2018 (THIS) from SET  Best Investor Relations Awards 2017-2018 from SET  Best IR Awards 2015-2016 from IAA  Gold Level Thailand HR Innovation Award 2017, the highest award from the National Institute for Productivity in collaboration with the PMAT & NIDA  CSR-DIW Continuous Award 2017 from DIW

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Smart People Business Trust Growth Society 33

Unit : Million Baht 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 QoQ YoY Y2017 Y2018 YoY Sales 2,093 1,936 2,255 2,309 1,991 1,920 2,089 2,194 5.0%

  • 5.0%

8,593 8,194

  • 4.6%

Total Revenue 2,109 1,959 2,275 2,459 2,020 1,952 2,118 2,218 4.7%

  • 9.8%

8,802 8,308

  • 5.6%

Gross Margin 333 285 385 328 362 327 391 430 10.0% 31.1% 1,331 1,510 13.4% SG&A 167 164 167 182 152 170 168 192 14.6% 5.5% 680 682 0.2% FOREX Gain (Loss) 2 2 2 2 2 1 2

  • 1
  • 131.6%
  • 126.5%

8 4

  • 49.5%

Interest Expense 17 15 14 12 10 6 4 3

  • 28.8%
  • 75.2%

57 23

  • 60.2%

Net Profit 171 135 225 280 235 183 243 255 4.9%

  • 8.9%

811 916 12.9% Net Profit excluding fx 169 133 223 278 233 182 241 256 5.8%

  • 8.1%

803 912 13.5% EBITDA 397 362 462 519 435 371 439 449 2.2%

  • 13.5%

1,741 1,694

  • 2.7%

Cash Flow from Operating 298 421 521 385 165 410 509 369

  • 27.5%
  • 4.2%

1,625 1,453

  • 10.6%

Depreciation 192 198 199 200 166 165 167 165

  • 1.2%
  • 17.5%

789 663

  • 16.0%

CAPEX 46 71 57 121 56 105 87 109 25.3%

  • 9.9%

295 357 21.0% Effective Tax Rate 9% 10% 10% 9% 9% 9% 9% 9%

  • 0.1%

0.4% 9% 9% 0.0% Total Assets 9,439 9,217 9,328 9,572 9,128 8,787 8,953 9,065 1.3%

  • 5.3%

9,572 9,065

  • 5.3%

Interest Bearing Debt 1,574 1,386 1,199 1,207 747 422 390 309

  • 20.8%
  • 74.4%

1,207 309

  • 74.4%

Total Liabilities 3,382 3,200 3,191 3,152 2,473 2,225 2,299 2,178

  • 5.3%
  • 30.9%

3,152 2,178

  • 30.9%

Equity 6,058 6,017 6,137 6,420 6,656 6,562 6,654 6,887 3.5% 7.3% 6,420 6,887 7.3% Key Financial Ratios 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 QoQ YoY Y2017 Y2018 YoY %GP 15.9% 14.7% 17.1% 14.2% 18.2% 17.0% 18.7% 19.6% 0.9% 5.4% 15.5% 18.4% 2.9% %SG&A 8.0% 8.5% 7.4% 7.9% 7.6% 8.9% 8.0% 8.8% 0.7% 0.9% 7.9% 8.3% 0.4% %NP 8.2% 7.0% 10.0% 12.1% 11.8% 9.5% 11.6% 11.6% 0.0%

  • 0.5%

9.2% 11.0% 1.8% %NP excluding fx 8.1% 6.9% 9.9% 12.0% 11.7% 9.5% 11.6% 11.6% 0.1%

  • 0.4%

9.1% 11.0% 1.9% %EBITDA 19.0% 18.7% 20.5% 22.5% 21.8% 19.3% 21.0% 20.5%

  • 0.6%
  • 2.0%

19.8% 20.4% 0.6% %ROA 7.1% 5.8% 9.7% 11.8% 10.1% 8.1% 10.6% 10.9% 0.3%

  • 0.8%

8.5% 10.1% 1.6% EBITDA/CAPEX 8.63 5.10 8.11 4.29 7.76 3.53 5.05 4.12

  • 0.93
  • 0.17

5.90 4.74

  • 1.2

%ROE 11.7% 9.3% 15.2% 18.2% 14.8% 11.6% 15.2% 15.3% 0.1%

  • 2.9%

12.6% 13.3% 0.7% %ROIC 9.8% 8.1% 12.9% 16.6% 15.3% 10.5% 13.7% 13.9% 0.2%

  • 2.7%

9.1% 10.4% 1.3% Interest bearing Debt/Equity 0.26 0.23 0.20 0.19 0.11 0.06 0.06 0.04

  • 0.01
  • 0.14

0.19 0.04

  • 0.14

D/E 0.56 0.53 0.52 0.49 0.37 0.34 0.35 0.32

  • 0.03
  • 0.17

0.49 0.32

  • 0.17

EPS (Baht) 0.40 0.32 0.53 0.66 0.55 0.43 0.57 0.60 4.9%

  • 8.9%

1.91 2.15 12.7% BVPS (Baht) 14.25 14.16 14.44 15.11 15.66 15.44 15.66 16.20 3.5% 7.3% 15.11 16.20 7.3%

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SLIDE 34

Smart People Business Trust Growth Society 34 Somboon Advance Technology Public Company Limited – Investor Relations Department

  • Tel. +66 2 080 8197, Fax. +66 2 080 8198 , Email : ir@somboon.co.th, Website : http://www.satpcl.co.th