I N F O M E E T I N G 3 Q 1 9 20 November 2019 Attapol - PowerPoint PPT Presentation

I N F O M E E T I N G 3 Q 1 9 20 November 2019 Attapol Sariddipuntawat Chief Corporate Officer

9 M 1 9 P R O P E R T Y M A R K E T O V E R V I E W

9M19 NEWLY LAUNCHED (BY UNIT) : DEMAND & SUPPLY NEW NEW ABSORPTION RATE SUPPLY DEMAND 27% : 9M19 77,957 21,024 GAP: -12% = ÷ UNITS UNITS 39% : 9M18 ( 6 10%) ( 6 37%) Source : Agency for Real Estate (AREA) 3

9M19 NEWLY LAUNCHED (BY UNIT) : DEMAND & SUPPLY NEW NEW % Sold by Total Units SDH SDH 5-10 MB (64%) SUPPLY DEMAND 3-5 MB (23%) 8,334 UNITS 807 UNITS ( 6 3%) ( 6 41%) 77,957 21,024 TH TH 3-5 MB (46%) 2-3 MB (37%) 19,157 UNITS 4,343 UNITS UNITS UNITS ( 6 9%) ( 6 23%) CD CD ( 6 10%) ( 6 37%) <2 MB (51%) 3-5 MB (19%) 45,850 UNITS 15,277 UNITS ( 6 12%) ( 6 40%) Source : Agency for Real Estate (AREA) 4

9M19 NEWLY LAUNCHED (BY UNIT) : SUPPLY (BREAKDOWN BY PRODUCT) Unit : Unit NEWLY LAUNCHED : SUPPLY BY SEGMENT -3% YoY 5,338 8,587 3,263 3,037 1,954 1,888 8,334 525 517 386 <2 2-3 3-5 5-10 10-20 > 20 SDH 10,063 -9% YoY 21,100 8,772 6,192 5,859 4,141 19,157 3,186 976 761 218 TH 17,501 -12% YoY <2 2-3 14,147 3-5 5-10 10-20 > 20 13,190 11,576 52,277 10,802 10,768 9,452 45,850 5,738 2,048 1,718 673 514 CD 9M18 9M19 <2 MB 2-3 MB 3-5 MB 5-10 MB 10-20 MB >20 MB Source : Agency for Real Estate (AREA) 5

9M19 NEWLY LAUNCHED (BY UNIT) : DEMAND (BREAKDOWN BY PRODUCT) Unit : Unit NEWLY LAUNCHED : DEMAND BY SEGMENT -41% YoY 1,358 543 518 446 807 252 189 108 54 46 <2 2-3 3-5 5-10 10-20 > 20 SDH 2,358 -23% YoY 1,989 5,639 4,343 1,857 1,603 1,119 488 261 156 112 2 37 TH <2 2-3 3-5 5-10 10-20 > 20 7,768 6,832 -40% YoY 6,695 6,210 25,461 4,664 15,277 2,945 2,670 1,367 805 419 255 108 CD 9M18 9M19 <2 MB 2-3 MB 3-5 MB 5-10 MB 10-20 MB >20 MB Source : Agency for Real Estate (AREA) 6

9M19 HOUSING TRANSFER TRENDS BY VALUE (BKK – VICINITIES) Unit : MB Type 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 QoQ YoY 9M18 9M19 YTD SDH 16,876 20,670 19,647 28,150 22,483 17,492 21,677 24% 10% 57,193 61,652 8% TW 4,374 4,703 4,033 5,747 5,685 3,601 5,051 40% 25% 13,110 14,337 9% TH 15,745 18,677 17,710 22,622 20,564 16,044 18,141 13% 2% 52,132 54,749 5% CD 38,023 60,028 50,632 74,057 48,572 41,232 54,108 31% 7% 148,683 143,912 -3% Total 75,018 104,078 92,022 130,576 97,304 78,369 98,977 26% 8% 271,118 274,650 1% 1Q18 - 3Q19 9M18 VS 9M19 +1% -3% +8% +5% +9% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 9M18 9M19 SDH TW TH CD Total Source : REIC 7

2017-2023 OFFICE MARKET FORECAST Office Supply (Sq.m.) Office Supply (Sq.m.) Occupancy rate Occupancy rate 93.0% 93.1% 93.0% 92.5% 93.0% 92.8% 92.6% 92.5% 12,000,000 100% 91.4% 92.4% 11,000,000 8,975,378 sq.m. 10,000,000 80% 201,000 9,000,000 246,500 232,500 234,500 210,959 89,643 83,349 48,000 8,000,000 221,000 60% 7,000,000 8,927,378 9,784,766 9,538,266 9,305,766 9,071,266 8,949,950 8,860,307 8,860,307 8,776,958 8,555,958 6,000,000 40% 5,000,000 4,000,000 20% 3,000,000 2,000,000 0% 2017 2018 1Q19 2Q19 3Q19 2019F 2020F 2021F 2022F 2023F Net supply change Existing (from Last quarter) Occupancy rate Source : CBRE 8

OFFICE MARKET Rental rate (Baht) 1,055 QoQ YoY 1,036 1,025 1,057 1,009 CBD Grade A 0.2% 4.8% 876 868 868 860 876 CBD Grade B 0.8% 3.9% Non CBD Grade A 0.0% 1.9% 790 780 784 767 760 720 Non CBD Grade B 0.0% 3.6% 716 706 702 695 Total 0.3% 3.5% 3Q18 4Q18 1Q19 2Q19 3Q19 CBD Grade A CBD Grade B Non-CBD Grade A Non-CBD Grade B Future supply 2019F-2023F 1,016,700 sq.m. 246,500 sq.m 232,500 sq.m 201,000 sq.m 234,500 sq.m 102,200 sq.m 53,000 94,900 152,500 65,400 201,000 193,500 137,600 82,000 36,800 2019F 2020F 2021F 2022F 2023F Source : CBRE CBD Non CBD 9

3 Q 1 9 & 9 M 1 9 B U S I N E S S R E V I E W F O R G O O D M O R N I N G S

3Q19 & 9M19 HIGHLIGHTS Revenue from Sales 2,870 MB WELL-PERFORMED (+13% YoY, +8% QoQ ) 4,020 MB IN 3Q19 1,150 MB (+16% YoY, +23% QoQ ) (+24% YoY, +84% QoQ ) Operating Revenue Gross Profit Margin PERFORMANCE GROWTH 3,600 MB 
 10,922 MB IN 9M19 (+4% YoY ) (+6% YoY ) SUCCESSFULLY LAUNCHED IN 3Q19 CONDO TRANSFERRED IN 3Q19 B A N G N A B A N G N A R A M A 5 8 % Value Transferred 17 % sold 6 % sold 8 % sold 20 % sold *unit sold as of 30 Sep 19 Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 11

OPERATING REVENUE Unit : MB 3Q 2019 = 4,244 MB 9M 2019 = 10,922 MB (+16% YoY, +21% QoQ) (+6% YoY) 10,922 10,257 +6% YoY 666 4,244 628 3,670 3,496 10,256 +7% YoY +8% YoY 9,629 224 +1% QoQ 209 221 4,020 +16% YoY 3,461 +23% QoQ 3,275 (95%) (94%) (94%) (94%) (94%) 9M18 9M19 3Q18 2Q19 3Q19 (Restated) (Restated) Revenue from Sales Revenue from Rental and Services Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 12

GROSS PROFIT MARGIN GP 3Q 2019 = 1,397 MB GP 9M 2019 = 3,600 MB (+13% YoY, +25% QoQ) (+4% YoY) 33.8% 33.7% 33.0% 32.9% 32.0% 75% 68% 61% 61% 61% 59% 56% 55% 32% 32% 31% 31% 30% 18% 18% 3Q18 2Q19 3Q19 9M18 9M19 (Restated) (Restated) GP (%) GP Property For Sales (%) GP Rental and Rendering Services (%) GP Consulting and Management Services (%) Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 13

SG&A Unit : % to Operating Revenue 3Q 2019 = 787 MB 9M 2019 = 2,168 MB (+9% YoY, +8% QoQ) (+7% YoY) 18.5% 20.8% 19.8% 19.7% Admin Expenses 19.7% Specific Business Tax & 10.4% 12.9% 11.1% 11.8% 10.0% Transfer Fee 3.7% 3.8% 3.7% 3.7% 3.7% Selling Expenses 4.7% 4.9% 5.7% 4.4% 4.1% 3Q18 2Q19 3Q19 9M18 9M19 (Restated) (Restated) SG&A (MB) 2,168 724 726 787 2,019 % of Presales 15.9% 17.2% 17.1% 17.8% 18.9% 4,564 4,218 4,421 11,800 11,444 Presales (MB) 10,257 10,922 Operating Rev. (MB) 3,670 3,496 4,244 Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 14

NET PROFIT 3Q 2019 = 441 MB 9M 2019 = 1,039 MB (+13% YoY, +56% QoQ) (-6% YoY) 10.7% 10.6% 10.4% Net Profit 9.5% 8.1% Margin 1,103 (%) 1,039 441 390 283 Net Profit (MB) 3Q18 2Q19 3Q19 9M18 9M19 (Restated) (Restated) Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 15

FINANCIAL POSITION 30 Sep 19 31 Dec 18 Diff from % Diff (Restated) 31 Dec 18 3,988 9% Total Assets (MB) 42,620 46,608 3,624 14% Total Liabilities (MB) 26,381 30,005 362 2% Total Equities (MB) 16,239 16,603 3.86% ROA (%) 4.39% Net Profit / Avg. Total Asset 10.74% ROE (%) 11.44% D/E ( Time) 1.62 1.81 1.47 IBD/E ( Time) 1.22 0.2485 EPS (Baht) 0.4263 Book Value (Baht) 3.89 3.97 Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 16

3 Q 1 9 & 9 M 1 9 P R O P E R T Y F O R S A L E S F O R G O O D M O R N I N G S

PRESALES Unit : MB 3Q 2019 = 4,421 MB 9M 2019 = 11,444 MB ( -3% YoY, +5% QoQ) (-3% YoY) 11,800 11,444 -3% YoY 3,177 3,282 +3% YoY 4,421 4,564 4,218 3,662 3,573 858 +58% YoY 3,222 1,359 2,805 -15% QoQ 8,623 1,595 8,162 -5% YoY Condominium -17% YoY 3,707 3,062 +17% QoQ 2,622 Landed Property (73%) (54%) (82%) (81%) (84%) (88%) (69%) (71%) (62%) 9M18 9M19 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 Projects Launched Projects Launched 2 1 10 5 1 4 13 5 # of Project - 3,835 2,250 260 10,080 5,545 - 8,300 12,590 12,135 Value (MB) Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 18

REVENUE FROM SALES Unit : MB 3Q 2019 = 4,020 MB 9M 2019 = 10,256 MB ( +16% YoY, +23% QoQ) (+7% YoY) 10,256 +7% YoY 9,629 2,184 -16% YoY 5,060 2,606 4,020 3,708 3,461 +15% YoY 8,072 3,275 2,961 +24% YoY 1,150 7,024 +84% QoQ 2,461 924 625 Condominium +13% YoY 2,870 2,650 +8% QoQ 2,537 Landed Property (73%) (79%) (89%) (62%) (73%) (76%) (86%) (81%) (71%) 9M18 9M19 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 (Restated) (Restated) (Restated) (Restated) Top Condo Transferred Top Condo Transferred SLD-1 SLD-1 28-CL (NEW) SLD-1 (NEW) SLD-1 BNQ (NEW) CB-CH BNQ BNQ 28-CL (NEW) CB-CR SLD-1 BNQ CB-CR CB-CR Note: The company has adopted the new TFRS 15, Revenue from contracts with customers from 1 Jan 19 by applying the new standard retrospectively and have restated comparatives for the prior period presented. 19