Corporate Presentation Maybank Kim Eng Securities (Thailand) Plc. - - PowerPoint PPT Presentation
Strictly Private & Confidential Corporate Presentation Maybank Kim Eng Securities (Thailand) Plc. December 2013 September 12, 2016 Page 1 Strictly Private & Confidential Agenda 1. Maybank Kim Eng Thailand Overview 2. Maybank Group
Strictly Private & Confidential Page 1
Strictly Private & Confidential
December 2013
Maybank Kim Eng Securities (Thailand) Plc.
September 12, 2016
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Agenda
1. Maybank Kim Eng Thailand Overview 2. Maybank Group 3. Financial Highlights
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Maybank Kim Eng’s Highlights
Nithipat Capital Co., Ltd established in October 1990 Becomes Nithipat Capital and Securities Co., Ltd (NICS) Kim Eng Holdings Ltd. gains total control of NICS and renamed it as “Kim Eng Securities (Thailand)” (“KEST”) Kim Eng Securities (Thailand) merges with Yuanta; acquires 77.73% of Yuanta Securities (Thailand) Co., Ltd Kim Eng secures number 1 position in terms of brokerage market share Maybank group acquired 100% in Kim Eng Holdings Limited as our major shareholders, and as at October 31, 2011 after tender offering process, Kim Eng Holdings Limited and subsidiaries hold 83.74% of KEST paid up shares, and then Effective from 25 November, 2011, renamed KEST as Maybank Kim Eng Securities (Thailand) Plc. (“MBKET”) FinanceAsia awards Maybank Kim Eng Securities (Thailand) Plc. as “Best Broker Thailand” and Alpha Southeast Asia awards MBKET as “Best Retail Broker for Thailand”, reflecting number 1 broker in Thailand since 2002. “Best Broker in Thailand2014” from Finance Asia , Alpha Southeast Asia, the Asian Banker and Asset Triple A “Best Retail Broker in Thailand 2013” from Alpha Southest Asia, reflecting number 1 broker for 12 consecutive years. Fitch Ratings (Thailand) has upgraded Maybank Kim Eng Securities (Thailand) Plc. National Long-Term Rating to “AA(tha)” from AA-(tha) and National Short-Term Rating at “F1+(tha) as of April 30, 2014. Fitch Ratings (Thailand) has upgraded Maybank Kim Eng Securities (Thailand) Plc National Long-Term rating to ‘AA-(tha)’, 2 notches up from previous rating at ‘A(tha)’. The upgrade reflects benefits from MBKET integrating with Maybank group. Fitch Rating has affirmed Maybank Kim Eng Securities (Thailand) Plc National Long-Term rating to “AA-(tha)” 2015
“Best Broker in Thailand 2015” from Alpha Southest Asia , Finance Asia, Asset Triple A and the Asian Banker “Best Securities Company of the Year 2015” from Money & Banking Magazine
2016 2001 2013 2012 2002 2011 2014 1998 1996 1990 Certificate of Membership from CAC’s council on commitments to the CAC declaration on anti-corruption. This implements MBKET to be a full member of the CAC effective from 22 January, 2016. This project’s objective is to move forward the concrete anti-corruption and broadly in Thailand is sponsored by Center for International Private Enterprise (CIPE).
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“Number 1 brokerage services for 14 consecutive years” Awarded as “Best Broker of Thailand” consistently. Market Share for Q2/2016 (%)
4
Strong Financial Health Broadest Network
60 branches including head office – 36 branches in BKK – 23 branches in upcountry
Maybank Kim Eng Securities (Thailand) Plc.
the Asean Banker (2015)
consecutive years).
Distinguished & Repeated Awards
Assets (THB mn) Equity (THB mn)
9,034 7,166 13,973 14,684 20,612 17,989 18,216 4,637 4,420 4,517 5,275 4,884 4,818 4,807 2010 2011 2012 201 201 201 Q22016
1 2 3
As of Q1/2016 Equity
Derivatives
Market share 8.08% 4.65% Ranking
6 3 6 1
2.49 2.54 2.68 2.75 2.81 2.84 2.85 3.06 3.23 3.69 3.71 3.72 3.86 4.22 4.26 4.53 5.03 5.56 6.29
8.08
KTZ MACQ AEC PST CLSA CNS UBS DBSV ASPS KGI SCBS KS AWS TNS CS BLS PHATRA FSS CIMBS MBKET
Strictly Private & Confidential Page 6 MBKET is the only banker with highest retail client base, covering more than 70,000 accounts throughout our 57 branches around the country
New York Hong Kong Singapore London Thailand India Indonesia Malaysia Philippines Vietnam
MBKET: Broadest local distribution network with extensive global network
Branches in Bangkok Metropolitan
Office)
36 Aree * 37 Ramkamhaeng The Paseo * Branches in upcountry Central Region
Eastern Region
Northeastern Region
Northern Region
Southern Region
* Opened on 4 July, 2016
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7
Chief Executive Officer (Co-CEO)
Derivatives Investment Banking Board of Directors Audit Committee
E-Commerce 1
Retail Sales & Dealing Retail 1 Retail 3 Institutional Sales Human Resources Treasury/ Cashiers Settlement/ Custodian Accounting General Services Corporate Legal
Chief Operating Officer (COO)
TH EXCO Operation Client Service
Information and Technology
Chief Financial Officer CG Committee
Corporate Communication
Online Services Business Development
Private Wealth
Management 1
Compliance Internal Audit
MIS
Chief Information Officer
Management Accounting
TH CUC TH MRC TH CC
Chief Executive Officer (Co-CEO) E-Commerce 2 IC and Retail Clients Training
Risk Management & Credit Control
Retail 2
E-Commerce 3
Research Institutional Research Private Wealth
Management 2
Private Wealth
Management 3 Selling Agent
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Board of Directors as of 30 Jun, 2016
Chairman to the BOD & Audit Committee Member
Director
Director 4 Ms. Boonporn Boriboonsongsilp Director
Director & Chairman to Audit Committee
Director & Audit Committee Member (Joined on 1 Aug, 2016)
Director & Audit Committee Member
Chairman
Member
Member
Member
Member
Member
Member
Member
Member
The Board of Directors Thailand Executive Committee (TH EXCO)
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Rating Drivers
Institutional Support Driven Ratings: Maybank Kim Eng Securities (Thailand) Public Company Limited’s (MBKET) ratings are based on Fitch Ratings’ expectation of a very high probability of extraordinary support from its ultimate parent, Malayan Banking Berhad (Maybank, A-/Negative/F2). Our Negative Outlook on MBKET is in line with that on Maybank. Strategically Important Subsidiary: Fitch views MBKET as a strategically important subsidiary of Maybank, which holds a stake of 83.5% in the company. Thailand is one of the strategic countries for Maybank, and MBKET supports the group’s securities business in Thailand. MBKET has marketing links and business referrals from Maybank (particularly in investment banking), and is able to leverage its parent’s know-how and regional network. Clear Group Linkages: MBKET is strongly integrated within the group, as evident from operational support, name- and brand-sharing, and full management control by its parent. The group also provides ongoing funding support to MBKET, including a back-up credit line of USD800m. Intensifying Competition, Robust Franchise: MBKET represents Thailand’s largest securities company by trading volume among 37 domestic securities firms. The intensifying competition pushed MBKET’s market share down to 8.7% in 2015 from nearly 13% in 2010. However, MBKET retains a strong and sustainable retail franchise that Fitch believes will continue to support its above-average performance compared with the sector. Continuing Pressure on Profitability: MBKET’s financials remain sensitive to changes in stock-market trading volume and market sentiment, given its high reliance on brokerage business. The persisting pressure on commission rates and the lower average daily stock-trading volume contributed to the 19.4% drop in net income in 2015 and a lower ROE of 21.0% (2014: 24.9%). The stock-market trading volume continues to remain subdued in 2016, dropping by 27.3% yoy in 1Q16. Margin Lending Heightening Risk: MBKET is increasingly exposed to asset-quality risks from unexpected shocks in the stock market, due to its larger margin-loan portfolio. Margin loans had risen to 76.6% of total assets by end- 2015 (2014: 61.5%), driven by a greater risk appetite, and have expanded to cover higher-risk stocks. Nevertheless, the greater asset-quality risks are mitigated by MBKET’s acceptable record in risk management, and MBKET could also rely on parental support for additional capital if needed.
Thailand
Credit Analysis as of 3rd May, 2016
Ratings Maybank Kim Eng Securities (Thailand) Plc National Long-Term Rating AA(+tha) Short-Term Rating F1+(tha) Outlook National Long-Term Rating Negative Financial Data Maybank Kim Eng Securities (Thailand) Plc (Consolidated) 31 Dec 15 31 Dec 14 Total Assets (USDm) 498.1 625.3 Total Assets (THBm) 17,989.2 20,612.9 Total Equity (THBm) 4,818.9 4,884.2 Net Income (THBm) 1,019.2 1,264.2 ROA (%) 5.3 7.2 ROE (%) 21.0 24.9 Equity/Assets (%) 26.8 23.7 Analysts Jackerin Jeeradit +66 2108 0163 jackerin.jeeradit@fitchratings.com Jindarat Laotaveerungsawat +66 2108 0153 jindarat.laotaveerungsawat@fitchratings.com
Fitch Ratings : AA(tha)
AA+ (tha)
(Updated on 2 Aug ,2016)
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Long-Term Ratings Bank / Securities
AAA
Bank of Ayudyha (MUFG Group)
AA+
Krung Thai Bank Bangkok Bank Kasikorn Bank Siam Commercial Bank Maybank Kim Eng
AA
Kasikorn Securities SCB Securities CIMB Thai CIMB Securities
AA-
None of bank nor securities company
A+
TMB Thanachart Bank
A
TCAP
A-
Bualuang Securities TISCO Financial Group Asia Plus Securities Phatra Securities
Fitch Ratings : MBKET is same rating level as BBL, KBANK, KTB and SCB
AA+(tha)
Updated on 2 Aug,16
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Best Retail Broker 2015 for the Fifth consecutive years since 2011 Alpha Southeast Asia
Best Thailand Broker and Equity House 2015
Best Retail Broker 2015 Finance Asia Best Retail Broker 2015 The Asian Banker
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Best Thailand Broker
Best Broker in Thailand 2011 -2012 Finance Asia Best Broker age House 2012 Asset Triple A Award Best Broker age House 2013 Asset Triple A Award Best Institutional Broker 2013 Alpha Southeast Asia Broker of the Year 2014 The Asian Banker Best Retail Broker 2014 Alpha Southeast Asia Best Retail Broker 2013 - 2014 Finance Asia Best Broker age House 2014 Asset Triple A Award
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Activities - Maybank Global CSR Day
Maybank Kim Eng Global CR Day 2016 : Enabling Communications with solutions on 20 August, 2016
a welcome speech of the opening ceremony of Maybank Kim Eng Global CSR Day opened the ceremony at the Stock Exchange of Thailand on 20 Aug which made the day special for communities across 19 countries Thailand theme of CR Day is “Recognizing the Value of saving money” to educate the acknowlegement of saving to students of Baan Srang School in Amphur Wangnoi, Ayudhya Province. Our volunteer staff took a bus and brought about 80 students and teachers to visit the SET’s Investment Discovery Meseum (SET’s Learning Center) in order to create awareness and attitudes about saving during their childhood and also delivered the textbooks named “Recognizing the value of money” . We raised fund by selling piggy banks to MBKET’s staff and used the proceeds to buy text books and medical packages for
activity. Thank you to the management, the organization team ,related parties and all staff who helped this activity went through successful.
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Activities
18-21 July, 2016 : Investors SET US Roadshow We co-host with the SET to co-organize SET US Roadshow : Thailand Conference 2016 during July 18-21 to New York, Boston and San Francisco to meet with 53 key institutional investors /fund managers for total 198 meetings with AUM of USD 8.14 Trillion, There 11 Thai corporate including BCP, BEM, CK, CPN, DTAC, ERW (The Erawan Group), KTB, MAJOR, PTTGC, TOP, TRUE, and TOP with total market capitalization of TH 1.6 Trillion or USD 46 Billion. They are the companies in DJSI and THIS of which has potential growth and the business covers environment, social and good governance in compliance with the SET guideline. We hope that we can do more business with these clients in the near future. Feedbacks from participating corporate are positive and they appreciated. They found that meetings are very productive with their key shareholders and new potential investors. Although is our first outbound roadshow with SET to USA, we have done well and they are very impressive on our good intention trying to solve problem quickly. They are definitely willing to join MBKET’s roadshow again in the future.
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Activities
July 8, 2016 : Official Opening of Ramkhamhaeng Branch, The Paseo Town On 8 July 2016, Mrs. Boonporn Boriboonsongsilp ,CEO of Maybank Kim Eng (Thailand), celebrated first opening day for the new MBKET branch, Ramkhamhaeng Branch, The Paseo Town in Bangkok. Singapore Corporate Day in Bangkok : 30 September, 2016 Singapore Stock Exchange (SGX) incorporated with Maybank to co-organize an
“Singapore : Diversification, Done” at Anantara Siam Hotel on 30 September. There are 10 Singapore companies attending the conference with asset under management
companies. Thai fund management can penetrate their invest more cross the border to China, Malaysia, India, Japan and Singapore which can help Thai funds management in asset
ASEAN which is indicative that Maybank group has strong network in this region.
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professional fund managers and retail investors.
analysis.
Samples of Our innovations
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Maybank Kim Eng Offshore Markets
Online Markets Offline Markets
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UK CANADA SWITZERLAND USA FRANCE GERMANY NORWAY JAPAN VIETNAM SOUTH KOREA MALAYSIA INDONESIA SINGAPORE AUSTRALIA HONGKONG
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Customer Breakdown – as of Q2/2016
Retail, foreign and local institutional accounted for 87.5%, 6.0% and 6.5% of MBKET’s brokerage business respectively during the period of H1/2016.
0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 1 1 2007 1 4 2007 1 7 2007 1 10 2007 1 1 2008 1 4 2008 1 7 2008 1 10 2008 1 1 200 1 4 200 1 7 200 1 10 200 1 1 2010 1 4 2010 1 7 2010 1 10 2010 1 1 2011 1 4 2011 1 7 2011 1 10 2011 1 1 2012 1 4 2012 1 7 2012 1 10 2012 1 1 2013 1 4 2013 1 7 2013 1 10 2013 1 1 2014 1 4 2014 1 7 2014 1 10 2014 1 1 2015 1 4 2015 1 7 2015 1 10 2015 1 1 2016 1 4 2016 1 7 2016
MBKET Customer breakdown
Retail Foreign Local Institutions
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Number of Accounts Dec 2013 Dec 2014 % Change Jun 2016
% Change
Total Equity Account
166,946 168,303 0.81% 173,406 3.03%
Internet Account
75,091 75,448 0.48% 78,101 3.52%
Credit Balance Account
3,127 3,386 8.28% 3,494 3.19%
Cash Account
88,728 89,469 0.84% 91,811 2.62%
Futures Account
11,001 11,922 8.37% 12,254 2.78%
Number of Active Account Dec 2013 Dec 2014 % Change Jun 2016
% Change
Total Equity Account
84,876 86,841 2.32% 76,308 (12.13%)
Internet Account
40,054 42,335 5.69% 36,492 (13.80%)
Credit Balance Account
1690 1615
1515 (6.19%)
Cash Account
43,132 42,891
38,301 (10.70%)
Futures Account
2,834 2,778 (1.98%) 2,620 (5.69%)
173,406 equity accounts and 12,254 futures accounts.
were margin accounts and the rest 52.95% were cash accounts.
accounts.
at the end of Jun 2016 totaled Baht 12,045.19 million.
totaled Baht 57.62 million.
margin accounts.
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ranked #6 by derivatives trading volume in
come from servicing retail clients, foreign institutions, local institutions and from proprietary trading.
MBKET has earned the customers’ derivatives account 12,253 accounts. Trading channels cover both sending orders through marketing
marketing officers – 576 derivatives sales persons - spreading across 59 branches (excluding Head Office) throughout the country.
Derivatives Brokerage Business
0.16 0.21 0.33 0.38 0.56 0.56 0.67 0.91 0.99 1.04 1.04 1.28 1.29 1.33 1.4 1.66 1.82 1.99 2.01 2.09 2.15 2.3 2.31 2.38 2.59 2.82 3.08 3.31 3.95 4.19 4.26 4.44 4.65 4.79 4.81 5.45 7.85 12.76 IVG UOBFT TISCO UBS YLG KSS DBSV KKTRD APPLE UOBKH CLSAT CGS AIRA CNS MTSGF TNITY AWS ASPS SCBS CGF AFC FSS CS AEC KTZ GBS CIMBS KTBST HGF PST RHBS JPM MBKET KSS BLS TNS PHATR KGI
TFEX Market Share in 1H2016 (%Share Of Trading Volume)
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Derivatives Brokerage Business
In 1H2016, MBKET’s Brokerage fee from Derivatives Business was 82.72 million Baht compared to 82.56 million Baht in 1H2015, representing the revenue increase of 0.19%. MBKET’s average daily volume increased from 19,926 contracts in 1H2015 to 20,561 contracts in 1H2016, representing an increase by 3.19%. In 1H2016, MBKET ranked No.6 in term of market shares that accounted for 4.65% of the total volume in derivatives market.
1,404,256 1,555,434 1,040,483 5.71% 5.51% 3.76%
0% 2% 4% 6% 8%
400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 4Q2015 1Q2016 2Q2016
Market Share (%) Volume (Contracts)
MBKET's Derivatives Volume and Market Share (%) 4Q2015 - 2Q2016
Volume
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IB’s Mandated & Potential Deals
Product Type Deals
2 - 3
2 - 3
3 - 4
Added on Public Offering 7 - 10
2 - 3
1 - 2
Deals by Products in pipeline
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Italian Thai Development 2005 FA / Lead Underwriter Issue Size: 4,600 MB Bangsaphan Barmill 2005 FA / Lead Underwriter Issue Size: 860.7 MB Salee Industry 2005 FA / Lead Underwriter Issue Size: 99.7 MB Shin Satellite 2005 Lead Underwriter Issue Size: 3,182 MB Phatra Securities 2005 FA / Lead Underwriter Issue Size: 1,752 MB M.C.S. Steel 2005 FA / Lead Underwriter Issue Size: 336 MB Indorama Polymers 2005 Co-Lead Underwriter Issue Size: 1,200 MB UOB KayHian 2005 Lead Underwriter Issue Size: 465 MB Interhides 2005 FA / Lead Underwriter Issue Size: 273.75 MB Bangkok Metro 2006 FA / Lead Underwriter Issue Size: 3,661.24 MB Sena Development 2009 FA / Lead Underwriter Issue Size: 396 MB SIS Distribution (Thailand) Plc. 2004 FA / Lead Underwriter Issue Size: 178.45 MB C.M. Organizer 2004 FA / Lead Underwriter Issue Size: 125.92 MB DCON Products 2004 FA / Lead Underwriter Issue Size: 370 MB Hwa Fong Rubber (Thailand) 2003 FA / Lead Underwriter Issue Size: 412 MB Chonburi Concrete Product 2003 FA / Lead Underwriter Issue Size: 550 MB Tycoons Worldwide Group(Thailand) 2003 FA / Lead Underwriter Issue Size: 2,435 MB TPI Polene 2004 Underwriter Issue Size: 1,850 MB Syrus Securities 2004 Lead Underwriter Issue Size: 660 MB Globlex Holding Management 2004 Lead Underwriter Issue Size: 494.50 MB Krungthai Bank 2003 Co-lead Underwriter Issue Size: 25,500 MB Polyplex (Thailand) 2004 Co-lead Underwriter Issue Size: 1,656 MB Thainox Stainless 2004 Co-Lead Manager Issue Size: 5,250 MB Siam City Bank 2003 FA / Lead Underwriter Issue Size: 8,400 MB Siam Global House 2009 Lead Underwriter Issue Size: 663 MB Somboon Advance Technology 2010 FA / Lead Underwriter Issue Size: 1,113 MB BTS Groups Holding 2010 Lead Underwriter Issue Size: 751 MB Dusit Thani Property Fund 2010 FA / Lead Underwriter Issue Size: 4,094 MB UAC 2010 Lead Underwriter Issue Size: 120 MB Vichaivej International Hospital Group 2012 FA / Lead Underwriter Issue Size: 169 MB UAC 2013 Lead Underwriter Issue Size: 192 MB Interlink Communication 2013 Lead Underwriter Issue Size: 395 MB CPNRF Retail Growth Leasehold Property Fund (CPNRF) 2014 FA / Lead Underwriter Issue Size: 6,238 MB Kaset Thai International Sugar Corporation 2014 Lead Underwriter Issue Size: 9,578 MB Aira Capital Public Company Limited 2014 Lead Underwriter Issue Size: 475 MB Prodigy Public Company Limited 2014 Lead Underwriter Issue Size: 196 MB Impact Growth Reit 2014 FA / Lead Underwriter Issue Size: 15,715 MB Loxley Public Company Limited 2014 FA / Lead Underwriter Issue Size: 668.25 MB CPN Commercial Growth Leasehold Property Fund (CPNCG) 2012 FA / Lead Underwriter Issue Size: 4,394 MB Italian-Thai Development PLC. 2014 FA / Lead Underwriter Issue Size: 2,035.15 MB Singha Estate PLC. 2014 FA / Lead Underwriter Issue Size: 1,767 MB Vichitbhan Palmoil PLC. 2014 FA / Lead Underwriter Issue Size: 637.2 MB The Platinum Group PLC. 2015 FA / Lead Underwriter Issue Size: 5,180 MB
MBKET : Reputed Equity Capital Market Track Record Since 2003
Global Power Synergy PLC. 2015 Co -Lead Underwriter Issue Size: 621 MB Daii Group PLC. 2015 FA/Lead Underwriter Issue Size: 120 MB Netbay PLC. 2016 FA/Lead Underwriter Issue Size: 160 MB
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AYCAL 2010 FA on Debenture Issuance Issue Size: 5,000 MB LPN Development 2004 FA for share valuation on one of its subsidiary CS Loxinfo 2005 FA for Valuation of Teleinfo Media Bangchak Pertroleum 2005 IFA for Connected Transaction and Whitewash3 Industrial Estate Authority of Thailand 2005 Co-FA for Study on Potential Privatization IAG Group 2006 Tender Offer Preparer & Tender Agent for Acquisition of Safety Insurance Shares Bank of Ayudhya 2006 IFA on Whitewash, PP at low price to GE and asset acquisition from GE Ocean Life Insurance 2008 Financial Advisor on Joint Venture with Dai-ichi Life Insurance Golden Land Property Development 2008 FA on Issuance of ESOP Warrant PTT 2008 FA on Acquisition Strategy of a listed company Siam Cement Group 2009 FA on Share Valuation
Non-listed Company TSFC Securities 2009 FA on Debt & Capital Restructuring Loan Arranger Thai Credit Bank 2009 FA on Acquiring of a Leasing Company Charernkit Enterprise 2009 FA on Acquisition & Backdoor listing of MEDIAS Tender Offer Preparer & Tender Agent HitashiTransport System (Asia) 2011 Tender Offer Preparer and Tender Offer Agent Grand Canal Land 2011 IFA on Acquisition of 2 land plots & Disposal of Golf Business Tapaco 2010 FA on Right Warrants Issuance National Power Supply 2007 FA for Independent Power Producer bidding Ayudhya Insurance 2011 FA on Share Valuation
Ayudhya Allianz C.P. Siam Commercial Bank 2010 FA on Share Valuation
Non-listed Company Mayban IB Holdings Sdn Bhd 2011 Tender Offer Agent of Kim Eng Securities (Thailand) PLC Bangkok Dusit Medical Services PLC. 2011 FA for Delisting of Prasit Patana PLC. GMM Media 2005 IFA on Connected Transaction for Share Acquisition in MATI and POST Manecomp Precision Technologies 2005 Tender Offer Preparer and Tender Offer Agent Thai Military Bank 2008 IFA on Connected Transaction and T/O Waiver for ING Bank Thai–German Ceramic Industry 2008 IFA on Tender Offer by Ceramic Cementhai Bangchak Petroleum 2009 FA on Enhancing Liquidity & Firm Value Kasikorn Thai Bank 2009 IFA on Acquiring Muang Thai Insurance PTTCH 2011 IFA on amalgamation of PTTCH and PTTAR Royals food 2011 FA on valuation of its group Central Pattana PLC. 2012 IFA for Land Leasing from Connected Party Officemate PLC. 2012 IFA for the Acquisition of Assets and Connected Transactions
CP All PLC. 2013 IFA for the Acquisition of Siam Makro PLC. Singha Estate PCL. 2014 FA on Acquisition & Backdoor listing of Singha Estate Tender Offer Preparer & Tender Agent Millennium Steel 2006 IFA on Tender Offer by Tata Steel and NatSteel JMT Network Services PLC.
2015
FA for Private Placement and Selling Agent of Right Singha Estate PLC.
2015
FA and Selling Agent of Right Offering S Hotels and Resorts Inter
2015
FA on Acquisition of Jupiter Holding Management of 26 Mercure hotels in in U.K. Berli Jucker
2016
IFA on Acquisition of BIG C Super Center Plc.
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As at 20 May, 2016
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Maybank is the largest financial services group in Malaysia
■ S&P : A- ■ Moody’s: A3 ■ 393 branches, 2,568 ATMs with more than 12 million customers 1 ■ No.1 Internet banking with 43% market share 2 ■
■ One of the Top 5 banks in ASEAN ■
■ Most Valuable Company on Bursa Malaysia ■ Presence in 10 ASEAN countries (including Maybank Kim Eng) ■ 5 International Financial Centres ■ Over 2,400 branches and offices in 20 countries ■ Diversified across all financial products and services ■
Unit Trust Loans
Leadership Position Strong Financial Position Emerging Regional Leader Largest banking network in Malaysia Strong shareholders and credit ratings Leading domestic market position
■ Fitch : A- ■ 48% owned by PNB and its funds, and 16% by EPF 2 ■ Foreign shareholding 18.73% 4 ■ Strong credit ratings, on par with sovereign:
1 As at 1 January 2016 2 As at 31 December 2015 3 For 4 quarters ended 31 December 2015
■ Total Assets 2 : USD 165 billion ■ Total Equity 2 : USD 14.3 billion ■ Net Profit 3 : USD 1.76 billion ■ Market Cap 4 : USD 21.2 billion
4 As at 6 May 2015
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Strong Financial Position: Top 5 Bank in ASEAN
Maybank is a Top 5 ASEAN banking group in terms of assets, loans and deposits, net profit and market cap
27.4 25.2 24.2 21.2 21.0 19.1 18.3 17.0 12.8 10.2
DBS OCBC Bank Central Asia Maybank UOB Bank Rakyat Indonesia Public Bank Bank Mandiri Siam Commercial CIMB 43 63 66 77 84 107 165 223 275 323 Bank Central Asia Bank Rakyat Indonesia Bank Mandiri Siam Commercial Public Bank CIMB Maybank UOB OCBC DBS
34.4 48.3 48.8 52.5 70.0 73.8 111.1 169.7 173.8 225.9 28.9 42.5 43.9 51.0 63.5 69.2 106.8 146.3 148.7 202.4
Bank Central Asia Bank Rakyat Indonesia Bank Mandiri Siam Commercial Public Bank CIMB Maybank UOB OCBC DBS Loans Deposits
727 1,297 1,345 1,386 1,520 1,759 1,896 2,335 2,843 3,246
CIMB Public Bank Bank Central Asia Siam Commercial Bank Mandiri Maybank Bank Rakyat Indonesia UOB OCBC DBS
No.4 No.4 No.4 No.5
Source: Bloomberg
Total Assets (USD bil): 31 Dec 2015 Loans and Deposits (USD bil): 31 Dec 2015 PATAMI (USD mil): 12 months ended 31 Dec 2015 Market Capitalisation (USD bil): 6 May 2016
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Expanding ASEAN footprint
Maybank’s presence in all ten ASEAN countries makes it a truly ASEAN franchise
Universal Banking Retail & Commercial Banking Investment Banking Affiliate/Representative Office * Wholesale Banking license only
BANK MARKET CAP @ 6 May 16 (USD Bil) TOTAL ASSETS @ 31 Dec 15 (USD Bil) MALAYSIA SINGAPORE INDONESIA THAILAND PHILIPPINES BRUNEI VIETNAM CAMBODIA LAOS MYANMAR 1 DBS 27.4 323 2 OCBC 25.2 276 3 BCA 24.2 43 4 Maybank 21.2 165 * 5 UOB 21.0 223 6 Public 18.3 84 7 Mandiri 17.0 66 8 SCB 12.8 77 9 CIMB 10.2 107 10 Bangkok 9.1 79 11 BDO 7.7 43 12 Metrobank 5.3 38 * * *
Source: Bloomberg (for market cap & total assets data)
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369 485 1,511 1,541 1,981 2,850 5,062 6,836 Affin Alliance RHB Cap AMMB HL Bank CIMB Public Maybank
Largest Banking Group in Malaysia
54 67 136 188 231 364 462 708 Alliance Affin AMMB HL Bank RHB Cap Public CIMB Maybank 39 44 87 118 151 273 298 460 44 51 91 145 158 301 318 478 Alliance Affin AMMB HL Bank RHB Cap Public CIMB Maybank Loans Deposits
Source: Bloomberg
4.4 5.7 13.6 18.1 27.4 40.7 73.2 84.7 Affin Alliance AMMB RHB Cap HL Bank CIMB Public Maybank
Total Assets (RM bil): 31 Dec 2015 Loans and Deposits (RM bil): 31 Dec 2015 PATAMI (RM mil): 12 months ended 31 Dec 2015 Market Capitalisation (RM bil): 6 May 2016
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Our Vision To be a Regional Financial Services Leader
Strategic Objectives
1. Undisputed #1 Retail Financial Services provider in Malaysia by 2015 2. Leading ASEAN wholesale bank eventually expanding to Middle East, China & India 3. Undisputed Insurance & Takaful leader in Malaysia & Emerging Regional Player 4. Truly regional organisation, with ~40% of pre-tax profits derived from international operations by 2015 5. Global Leader in Islamic Finance
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Maybank Kim Eng’s Vision Our Vision To be a Regional Financial Powerhouse
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Investment Banking and Advisory
To be a regional financial powerhouse
Build out investment banking services across the region
Equities
Structured Products
Strengthen leadership position by leveraging Maybank’s distribution and clients
We now have 2 core businesses in various markets
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Maybank Kim Eng has operations in 11 countries
Notes: 1. Maybank Group also has presence in Vietnam through its 20% owned associate An Binh Bank 2. Via 97.5% owned PT Bank Internasional Indonesia Tbk & 1 branch via Maybank Syariah Indonesia 3. Maybank has a 96.83% stake in BMI with PT Perusahaan Pengelola Aset holding the remaining equity Source: * Number of branches and services provided are from company websites, annual reports and management presentations. Information is correct as of 16 Jun 2014.
Maybank Kim Eng maintains distribution presence in Hong Kong, India, London and New York and has presence in the Middle East through its investment in Anfaal Capital, which is an Islamic Investment Bank located in Saudi Arabia.
Brokerage / Investment Banking
Commercial Banking Retail Banking Other Services
Thailand
58 branches
Malaysia
branches
branches
Singapore
branches
branches
Vietnam
branches
branches
Philippines
branches
branches
Indonesia
branches
branches
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Maybank Kim Eng since acquisition by Maybank
6 Jan, Singapore: Execution and Announcement of SPAs with Yuanta and Kim Eng Chairman, Ronald Ooi 10 May, Singapore: Completion of SPAs 23 May, Singapore: Despatch of Offer Document/Launch of Singapore MGO (Offer period of minimum 28 days) 24 May, Thailand: Launch of Thai
29 Jun, Philippines: Entered into SPA for Kim Eng Philippines 18 Jul, Thailand: Closing of Thai Offer 29 Jul, Singapore: Exercise of right
the remaining Kim Eng Holdings shares not already owned by Maybank Investment Bank Holdings 4 Aug, Singapore: Kim Eng Holdings is a wholly owned subsidiary of Maybank and delisted from SGX 17 Aug, Philippines: Completion of Kim Eng Philippines cSPA 27 Oct, Philippines: Launch of mandatory tender offer for Kim Eng Philippines 29 Nov, Philippines: Closing of Kim Eng Philippines offer 9 Dec, Philippines: Ownership in Kim Eng Philippines rises to 99.1% upon crossing the tendered shares
11 May, Vietnam: Acquisition of call
Kim Eng Securities Vietnam (KEVS) 16 Jul, Malaysia: Maybank Investment Bank tops the board in Bloomberg's Malaysia League Tables for the first half of 2012 26 Aug, Malaysia: Maybank Investment Bank opens branch at Mutiara Damansara 28 Aug, Vietnam: Maybank Kim Eng and State Securities Commission sign agreement to strengthen collaboration in the development of Vietnam’s securities market 3 Jan, Vietnam: Maybank Kim Eng Vietnam becomes the first 100% foreign owned securities company in Vietnam 5 Feb, Singapore: Maybank Kim Eng appointed by People’s Bank of China as an official market maker of RMB against SGD 11 Mar, Philippines: Maybank ATR Kim Eng launches MakeTrade 27 Mar, Malaysia: Maybank Investment Bank launches EzyInvest 5 May, Vietnam: Maybank Kim Eng doubles its charter capital to VND615 billion 8 May, Malaysia: Maybank Investment Bank opens branch in Penang and launches Market Insight 3 Dec, Malaysia: Maybank Kim Eng and Cathay Securities Ink Alliance to Expand Equities Footprint 15 Jan, Vietnam: Maybank Kim Eng increased its charter capital to VND829 billion
Strictly Private & Confidential Page 36
36
Mar 2015 Malaysia
Rights Issue
Joint Managing Underwriter Joint Underwriter
MYR 629 Million
Mar 2015 Thailand
Platinum Group Initial Public Offering (IPO)
Sole Financial Adviser Sole Bookrunner Joint Underwriter
THB 5.18 billion
Mar 2015 Turkey
KT Kira Sertifikalari Varlik Kiralama A.Ş. Sukuk Wakalah
Joint Principal Adviser Joint Lead Arranger Joint Lead Manager Joint Bookrunner Joint Shariah Advisor Sukuk Trustee
MYR 300 million
Mar 2015 Hong Kong
Samson Paper Company Ltd Syndicated Term Financing
Joint Mandated Lead Arranger Bookrunner Joint Under Writer
HKD 728 million
Jan 2015 Malaysia
Sapurakencana TMC Sdn Bhd Syndicated Term Financing
Coordinating Bank Joint Mandated Lead Arranger Investment Agent Security Agent
USD 2.32 Billion
Jan 2015 Singapore
Pacific Andes Resources Dev’t Initial Public Offering
Sole Financial Adviser Sole Bookrunner Joint Underwriter
SGD 195.5 Million
Feb 2015 Singapore
Hap Seng Consolidated Berhad Partial Offer on 51%
Limited
Sole Financial Adviser
UP TO SGD52.5 Million
Feb 2015 Malaysia
Weststar Aviation Services Sdn Bhd Syndicated Murabahah Term Financing & Islamic Working Capital Facilities
Mandated Lead Arranger Lender
MYR 1.9 Billion Mah Sing Group Berhad
Jun 2015 UAE
Sukuk Wakalah
Joint Lead Manager Joint Bookrunner Dubai Islamic Bank
USD750 Million
May 2015 Malaysia
Eco World – Ballymore Holding Company Limited
Syndicated Loan
Joint Mandated Lead Arranger Joint Bookrunner
UP TO GBP 1.1 Billion
May 2015 Malaysia
Malakoff Corporation Berhad
Initial Public Offering
Transaction Manager Joint Principal Advisor Joint Global Coordinator Joint Bookrunner Joint Underwriter
UP TO MYR 1.5 Billion
Apr 2015 Singapore
Pacificlight Power Pte Ltd / Pacificlight Energy Pte Ltd
Syndicated Credit Facilities
Financial Advisor Mandated Lead Arranger Underwriter SBLC Issuing Bank Facility/Security Agent
SGD 1.1 Billion Syndicated Term Loan
Mandated Lead Arranger and Bookrunner
May 2015 Hong Kong
Fosun International Limited
USD 800 Million
Jun 2015 Indonesia
PT Buana Finance
Syndicated Loan
Lender
USD50 Million
Jun 2015 Philippines
San Miguel Consolidated Power Corporation
7-Year Syndicated Term Loan Facility
Lead Arranger
USD60 Million Syndicated Term Loan
Mandated Lead Arranger and Bookrunner
HKD 2 Billion July 2015 Hong Kong
Zhuhai Holdings Investment Group Limited
RM550.2 Million July 2015 Malaysia
Sunway Construction
Initial Public Offering (IPO)
Joint Global Coordinator Joint Bookrunner Joint Underwriter
RM252.4 Million Sept 2015 Malaysia
Al-Salam REIT
Initial Public Offering (IPO)
Joint Placement Agent
USD550 Million July 2015
Petron Corporation
Syndicated Term Loan Facility
Mandated Lead Arranger and Bookrunner
Philippines RM1.6 Billion Aug 2015 Multi-Currency Islamic Medium Term Notes Programme
Joint Principal Adviser, Joint Lead Arranger, Joint Lead Manager Kuala Lumpur Kepong Berhad
Malaysia
Malaysia Apr 2015
IJM Corporation Berhad Privatisation of IJM Land Berhad
Principal Adviser
MYR 1.98 Billion Sept 2015
Projek SMART Holdings Sdn Bhd
RM330 Million Islamic Medium Term Notes Programme
Principal Adviser, Lead Arranger, Lead Manager
Malaysia Term Loan Facility
Mandated Lead Arranger and Bookrunner
USD780 Million Sept 2015
Yinson Production (West Africa) Pte Ltd
Singapore RM 182 Million Sept2015
Wing Tai Malaysia Berhad
Rights Issue
Principal Adviser
Malaysia RM1.4 Billion Aug 2015 Malaysia Acquisition
Principal Adviser Dayang Enterprise Holdings Bhd
RM5 Billion Aug 2015 Medium Term Notes Programme
Joint Principal Adviser, Joint Lead Arranger, Joint Lead
Malaysia
Genting Malaysia Berhad
Apr 2015
Cititower Sdn Bhd JV KLCC (Holdings) Sdn Bhd & QD Asia Pacific Ltd
Syndicated Islamic Term Financing
Joint Mandated Lead Arranger Bookrunner Joint Underwriter
Malaysia
UP TO MYR 3.2 Billion
FY2015 Notable Deals
Strictly Private & Confidential Page 37
MULTI-CURRENCY SUKUK
Joint Principal Adviser Joint Lead Arranger Joint Lead Manager Joint Bookrunner & Listing Agent Shariah Adviser
USD1 billion
Feb 2014
Malaysia
Export-Import Bank of Malaysia Berhad
RETAIL SUKUK SR-006
Selling Agent
RP19.3 trillion
Mar 2014
Indonesia
Government of Indonesia
SYNDICATED TERM LOAN
Sole Mandated Lead Arranger Bookrunner
Feb 2014
Malaysia
Media Chinese International Limited
USD 500 million
Mar 2014
SUKUK
Joint Principal Adviser Joint Lead Arranger Joint Lead Manager Joint Bookrunner
Singapore
Bumitama Agri Ltd
Up to RM2 billion SUKUK MURABAHAH
Principal Advisor Lead Arranger Lead Manager Facility Agent
RM I0 billion
Apr 2014
Malaysia
Maybank Islamic Berhad
RM 945 million
May 2014
Malaysia
INITIAL PUBLIC OFFERING (“IPO”) Joint Principal Adviser Joint Global Coordinator Joint Bookrunner Joint Managing Underwriter Joint Underwriter Icon Offshore Berhad PT Garuda Indonesia
INITIAL PUBLIC OFFERING (“IPO”) Joint Global Coordinator Joint Bookrunners Joint Underwriter USD100 million
June 2014
Malaysia
Boustead Plantation Berhad
CLUB DEAL
Mandated Lead Arranger USD 500 million
May 2014
Hong Kong
Poly Property Group Co. Ltd
SYNDICATED REVOLVING LOAN
Mandated Lead Arranger Bookrunner
USD 200 million
July 2014
Hong Kong
GDH Limited
Sukuk Murabahah
Joint Lead Manager
RM 1.5 billion
August 2014
Khazanah Nasional Berhad
Malaysia
Mar 2014
Hong Kong
Yue Xiu Enterprises Holdings Ltd
SYNDICATED TERM LOAN
Sole Mandated Lead Arranger
USD150 million
Apr 2014
Midciti Sukuk Berhad
ISLAMIC COMMERCIAL & ISLAMIC MEDIUM TERM NOTE
Joint Principal Adviser Joint Lead Arranger Joint Lead Manager Joint Bookrunner & Facility Agent
Malaysia
Up to RM3 billion
International Container Terminal Services, Inc.
Syndicated Term Loan
Lender
USD350.0 Million
July 2014
Philippines
JK Tech Holdings Ltd
Share Placement
Joint Placement Agent
SGD 60 million
August 2014
Singapore
Cagamas Global P.L.C.
Multi Currency Medium Term Notes
Joint Lead Manager Joint Bookrunner
USD 2.5 billion
Sept 2014
Malaysia
Syndicated Term Loan
Mandated Lead Arranger
USD 1 billion
Sept 2014
Hong Kong
Xiaomi H.K. Limited Cordlife Group Limited
Bond
Sole Lead Manager and Bookrunner
SGD 120 million
Oct 2014
Singapore
First Resources Ltd
Sukuk
Sole Lead Manager
RM 2 billion
Oct 2014
Singapore
FY2014 Notable Deals
Strictly Private & Confidential Page 38
Thailand
Southeast Asia)
Best Overall Sales Service, Top 3 Best for Roadshows & Company Visits (Asiamoney Brokers Poll Awards)
Malaysia
Best Sales Trading 2014 & 2015, Best Sales Person 2014 & 2015, Top 2 Best Sales Person 2014 & 2015, Top 2 Most Independent Research Brokerage in Malaysia 2015, Best Research Coverage and Best Analyst for Banks, Real Estate, Technology, Hardware & Equipment, and Utilities 2014 & 2015. (Asiamoney Brokers Poll Awards)
Finance Review)
Southeast Asia)
MYR1 billion sukuk ; Battersea Phase 3 Financing)
Awards)
Commended, Best REIT Sukuk, Best Bank Capital Sukuk – Highly Commended, Best Corporate Hybrid Sukuk / Best Local Currency Sukuk, Best Corporate Sukuk, Best Quasi-Sovereign Sukuk, Best Islamic Deal (The Asset Triple A Islamic Finance Awards 2015)
Best Local Currency Sukuk, Best Project Finance Deal, Best Loan Syndication (The Asset Triple A Islamic Awards 2016)
Singapore
2015, Top 3 Best Sales Trader, Top 2 Most Improved Brokerage (Asiamoney Brokers Poll Awards)
Review)
Philippines
Sales Service, Top 3 Most Improved Brokerage (Asiamoney Brokers Poll Awards)
2015 (Alpha Southeast Asia)
Vietnam
Asia)
Brands 2012-2015 (TIN&DUNG)
& Finance Review)
Economic Times)
Region
Asia)
Access ASEAN 2015 (Global Banking & Finance Review)
Improved Brokerage Over The Last 12 Months in Asia (Asiamoney Brokers Poll Awards)
Banking and Finance Wholesale Banking Awards)
Indonesia
2015 (Alpha Southeast Asia)
Best Deal, Best Local Currency Sukuk - Highly commended (The Asset Triple A Islamic Awards 2016)
Strictly Private & Confidential Page 39
Strictly Private & Confidential Page 40
2013 Jan-Dec 2014 Jan-Dec 2015 Jan-Dec 2015 Jan-June 2016 Jan-June Total Asset 14,684,972 20,612,852 17,989,158 19,263,979 18,216,980 Total Liabilities 9,409,288 15,728,620 13,170,242 14,297,089 13,409,228 Total Shareholders' Equity 5,275,684 4,884,232 4,818,916 4,996,890 4,807,752 Total Securities and Derivatives Business Receivables and accrued interest receivables 12,903,150 16,006,386 16,036,298 16,751,356 15,407,455 Total Income 4,756,403 4,434,653 3,969,184 2,173,137 1,689,006 Net Income (Loss) 1,420,536 1,264,224 1,019,231 596,391 439,780 Net Income (Loss) per share 2.49 2.21 1.79 1.04 0.77 The Weighted Average Number of Ordinary Share (Thousand Share) 570,814 570,814 570,814 570,814 570,814 Unit: Thousand Baht
Financial Statement
Strictly Private & Confidential Page 41
(Million Baht) (Million Baht)
Statement of Financial Position
Assets Liabilities & Equities
5,276 4,884 4,819 4,967 4,808 9,409 15,729 13,170 14,297 13,409
10,000 15,000 20,000 25,000 Dec.13 Dec.14 Dec.15 Jun.15 Jun.16 Shareholders' Equity Liabilities
14,685 20,613 17,989 19,264 18,217
12,962 18,902 16,482 17,050 16,344
10,000 15,000 20,000 25,000 Dec.13 Dec.14 Dec.15 Jun.15 Jun.16 Others Securities Business Receivable - Net Investment in Securities - Net Cash and Deposit with Financial Institution
14,685 20,613 17,989 19,264 18,217
Strictly Private & Confidential Page 42
Common size 2013 (Jan-Dec) 2014 (Jan-Dec) 2015 (Jan-Dec) 2015 (Jan-June) 2016 (Jan-June) Total Income 100% 100% 100% 100% 100% Brokerage fees 76.08% 71.14% 66.11% 66.93% 68.09% Fees and services income 1.52% 5.70% 4.25% 6.04% 1.84% Gain(loss) on trading in securities 0.42% 0.78% 1.97% 0.57% 1.15% Interest and Dividend Income 20.30% 20.87% 26.26% 24.73% 27.26% Other income 1.68% 1.51% 1.41% 1.73% 1.66% Total Cost 100% 100% 100% 100% 100% Variable Cost 67.13% 62.94% 58.86% 60.22% 51.80% Fixed Cost 32.87% 37.06% 41.14% 39.78% 48.20% Total Assets 100% 100% 100% 100% 100% Cash 5.97% 1.23% 2.16% 5.51% 2.98% Investment 0.24% 1.97% 1.08% 0.42% 1.30% Account Receivable 90.29% 93.21% 93.39% 90.14% 91.55% Other Assets 3.51% 3.59% 3.37% 3.93% 4.17% Total Liabilities 100% 100% 100% 100% 100% Account Payable 32.74% 31.73% 18.10% 33.42% 30.99% Accrued Expense 2.84% 5.15% 4.06% 3.75% 3.33% Other Liabilities 64.42% 63.12% 77.84% 62.83% 65.68%
Common Size Financial Statements
Strictly Private & Confidential Page 43
Financial Ratios
Return on Equity (Annualized) Return on Assets (Annualized) Gross/Net Margin Variable/Fixed Cost to Revenue
4.49% 5.98% 4.86% June 2014 June 2015 June 2016 70.33% 71.81% 66.39%
20.76% 27.36% 25.93%
June 2014 June 2015 June 2016 Gross Margin Net Margin
14.22% 24.22% 18.27%
43.24% 39.58% 34.99% 30.70% 26.15% 32.55%
Variable Fixed Cost 61.89% 73.94% 64.73%
Strictly Private & Confidential Page 44
4,756 4,435 3,969 2,173 1,689 2,970 2,845 2,688 1,426 1,138 1,421 1,264 1,019 596 440 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2013(Jan-Dec) 2014(Jan-Dec) 2015(Jan-Dec) 2015(Jan-June) 2016(Jan-June) Total Revenues Total Expenses (excl. corporate tax) Net Profit (Loss)
Unit: Million Baht
Profit and Loss Statements
Strictly Private & Confidential Page 45
2013 December 2014 December 2015 December 2015 June 2016 June Detail of Doubtful Account Receivable Account receivable (Old Margin Loan) – NPL before 1999
240,486 240,486 240,486 240,486 240,486
Account receivable ( New Margin Loan) – NPL after 199
cash a/c before 1999
807 807 807 807 807
Account receivable - overdue cash a/c after 1999
4,608 4,951 4,839 4,560 4,839
Accrued interest receivables - margin loans
14,185 14,185 14,185 14,185 14,185
Allowance for doubtful accounts
2013 December 2014 December 2015 December 2015 June 2016 June NCR
47.99 32.73 38.51 37.53 39.91
Credit Outlook & NCR
Unit: Thousand Baht
Strictly Private & Confidential Page 46
Allowance for doubtful accounts and Bad Debt
Allowance for doubtful accounts 2013 2014 2015 2015 2016 December December December June June Beginning balance of period 261,533 259,801 260,099 260,099 248,281 Add Doubtful accounts 2,914 442 347 36
259,801 260,099 248,281 259,568 248,281 Bad Debt and Doubtful Accounts 2013 2014 2015 2015 2016 December December December June June Provision for new Doubtful Debt 2,914 442 347 36
298
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Maybank Kim Eng Securities (Thailand) Plc.
HEAD OFFICE : The Offices at Central World, 19th-21st and 25th Fl., 999/9 Rama I Road, Pathumwan Bangkok 10330, Thailand Telephone : 66 (2) 658-6300 Fax : 66 (2) 658-6301 Customer Service Hotline : Telephone: 66(2) 658-5050 Email: clientservice@maybank-ke.co.th Website: www.maybank-ke.co.th
Strictly Private & Confidential Page 48
This presentation was prepared exclusively for the benefit and internal use of the recipient and does not carry any rights of reproducing any part of this discussion paper to any party. This presentation is preliminary in nature, and is incomplete without any proper reference to, and should be viewed solely in conjunction with, the oral briefing provided by The Maybank Group. No part of this document may be reproduced or copied in any form or by any means without prior written permission or consent of The Maybank Group. In preparing this presentation, we have assumed that all the information in all publicly available sources and those provided by the management and promoters are accurate and reasonable. Accordingly, the information has not been independently verified. No warranty or representation, express or implied, is made with respect to the information set out in this presentation, nor will The Maybank Group be responsible for the consequence of reliance on any opinion or statement set out herein. Please note that this presentation is an outline on an indicative basis and does not represent a commitment from The Maybank Group to finance on behalf of the recipient of this presentation in any form. This presentation would include but are not limited to those summarised herein and are subject to market conditions at the time of documentation. This presentation was prepared based on regulations and guidelines currently in force which are subject to changes from time to time. If the time for the implementation of our recommendation extends into the future, our findings and recommendations may not necessarily apply due to changing business and regulation conditions. Accordingly, we suggest continual discussions, especially prior to any implementation of our recommendation to confirm its appropriateness. Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon The Maybank Group, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and accounting characterisations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on The Maybank Group for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organisation as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters.
Disclaimer