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Presentation 2015 Q1 Results Analyst Meeting and 2015 Business Plan - - PowerPoint PPT Presentation
Presentation 2015 Q1 Results Analyst Meeting and 2015 Business Plan - - PowerPoint PPT Presentation
Presentation 2015 Q1 Results Analyst Meeting and 2015 Business Plan 1 Disclaimer The information (Confidential Information) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited
Disclaimer
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The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference. Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the
- Company. Although care has been taken to ensure that the Confidential Information in this presentation is accurate, and that the opinions expressed are fair and
reasonable, the Confidential Information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation is for information purposes only and does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock Exchange of Thailand relating to such securities. No reliance may be placed for any purposes whatsoever on the information set forth in this presentation or on its completeness. This presentation contains projections and forward‐looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company. You are cautioned not to place undue reliance on these forward looking statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements.
Agenda
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- 1. Q1/2015 Financial Results
- 2. Q1 Detail
- 1. Presales
- 2. Backlog
- 3. Launches
- 4. Revenues
- 5. Sales Rate
- 6. Cancelation Rate
- 7. Mortgage Rejection Rate
- 3. Bond Issue
- 4. Q1 Summary
- 5. Five Year Plan
- 6. Macro
- 7. Mass Transit Network Updates
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1Q/2015 Financial Statements
1Q2015 4Q2014 1Q2014 % Q-o-Q % Y-o-Y M Baht % M Baht % M Baht %
Total revenue
1,394 100% 4,247 100% 1,790 100% (67%) (22%)
Revenue from sale of real estate
1,201 86% 3,872 91% 1,714 96% (69%) (30%)
Other incomes
193 14% 375 9% 77 4% (49%) 152%
Gross Profit
546 41% 1,692 40% 600 34% (68%) (9%)
SG&A
391 28% 737 17% 422 24% (47%) (7%)
Selling expenses
180 13% 462 11% 196 11% (61%) (9%)
Administrative expenses
211 15% 275 6% 226 13% (23%) (6%)
Other expenses
0% 0% 2 0% N/A 0%
Share of Profit (Loss)
(57) (4%) (142) (3%) (9) (1%) N/A N/A
EBIT
161 12% 856 20% 181 10% (81%) (12%)
Interest expenses
61 4% 74 2% 41 2% (17%) 48%
EBT
99 7% 781 18% 140 8% (87%) (29%)
Tax
26 25% 135 17% 29 21% (81%) (13%)
Net Profit (Loss)
74 5% 647 15% 110 6% (89%) (33%)
Earnings per share (baht)
0.02 0.19 0.03 (89%) (33%)
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1Q/2015 Financial Highlight
1Q2015 4Q2014 1Q2014 % Q-o-Q % Y-o-Y
M Baht M Baht M Baht Cash balance 1,949 2,477 1,077 (21%) 81% Assets 18,467 17,088 12,911 8% 43% Interest bearing debts 8,939 7,614 4,700 17% 90% Liabilities 11,481 10,175 6,922 13% 66% Shareholders' equity 6,987 6,913 5,989 1% 17% D/E ratio (times) 1.6 1.5 1.2 12% 42% Net IBDE ratio (times) 1.0 0.7 0.6 35% 65%
2015 Business Plan – Quarterly Presales
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2015 Presales target between 25,000 and 26,000 M Baht
Quarter Condo (M Baht) Housing (M Baht) Total (M Baht) Quarter 1 1,756 296 2,053 Quarter 1 Actual 8,617 738 9,355 Quarter 2 1,468 572 2,040 Quarter 3 3,519 1,052 4,571 Quarter 4 8,699 916 9,615 Grand Total 22,302 3,279 25,581
Q1/2015 Presales above our guidance 356% Full Year guidance increased 11%
- 1,000
2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 1Q15 (F) 1Q15 (A) 2Q15 (F) 3Q15 (F) 4Q15 (F) Unit : Mil Baht Condo Housing
Ananda – No. 1 seller of condos in Thailand
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Source : ANAN from its 1Q2015 net presales / PS, LPN, AP, SC, QH, SPALI, LH, SC and SIRI from BLS Research
Condominium Net Pre-Sales Nationwide
- 1,000
2,000 3,000 4,000 5,000 6,000 7,000 8,000 ANAN PS LPN AP SC QH SPALI LH SIRI Unit:M Baht
Current Projects >> 1Q 2015 Sales
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Updated: Mar 31, 2015
Project Launched Value (M Baht) %Net Sold Net Sales (M Baht) Backlog (M Baht) Unsold Inventory (M Baht) %Transfer AD3: Ideo Mobi Phayathai Feb-12 1,466 99.1% 24 8 13 98.6% AD3: Ideo Mobi Sathorn Feb-12 1,887 98.8% (3)
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98.8% AD3: Ideo Mobi Rama 9 Feb-12 2,885 98.1% 44 60 54 98.1% ADO: Atoll (Housing) Feb-13 8,520 43.6% 517 592 4,805 36.7% AD 14: Elio Sukhumvit 64 Mar-13 1,472 86.4% 143 196 200 73.2% AD14: Ideo Sathorn – Tha Phra Jul-13 3,834 57.9% 117 1,002 1,612 31.8% AD14: Elio Del Ray Aug-13 3,294 72.7% 269 580 900 55.1% AD 15: Ideo Wutthakat Aug-13 2,158 48.7% 23 1,051 1,108
- AD15: Ideo Mobi Charun-
Interchange Oct-13 3,695 74.8% 90 2,764 931
- AD16: Ideo Q Ratchatewi Oct-13
2,020 99.3%
- 2,005
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- AD16: Ideo Q Chula-
Samyan Oct-13 6,773 96.8%
- 6,553
220
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Updated: Mar 31, 2015
Project Launched Value (M Baht) %Net Sold
Net Sales (M Baht) Backlog (M Baht) Unsold Inventory (M Baht) %Transfer AD17: Ashton Asoke1 Sep-14 6,705 97.7% 18 6,555 151
- AD17: Ideo Q Siam-
Ratchathewi Sep-14 3,801 77.0% (563) 2,926 875
- AD16: Ideo Mobi
Wongsawang-Interchange Sep-14 1,816 62.0% 19 1,127 690
- AD16: Ideo Mobi Sukhumvit
Eastgate Sep-14 2,628 50.4% 85 1,324 1,304
- Sub total (Existing)
52,956 783 26,741 12,899
- Note: 1 Increased selling price by 6% from initial plan
Current Projects >> 1Q 2015 Sales
2015 New Launched Projects
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Updated: Mar 31, 2015
Project Launched Value (M Baht) % Net Sold
Net Sales (M Baht) Backlog (M Baht) Unsold Inventory (M Baht) AD18: Ashton Chula-Silom1 Mar-15 8,674 64.7% 5,609 5,609 3,065 AD17: Ashton Residence 41 Mar-15 1,822 99.1% 1,805 1,805 17
Sub total (2015 Launched) 10,496 70.6% 7,414 7,414 3,082
AD16 : Arden (Pre-register) To be launched in Q2 2,940 118 118 2,822
Grand total 66,392 8,315 34,273 18,803
Note: 1 20% of units held back for future sales events
2 Arden, new urban home to be launched in Q2
Total Gross Presales Value (M Baht) New Launches 7,414 Existing Projects 1,824 Pre-register for Arden2 118
Total Gross Presales 9,355
- 41% of initial annual
presales target of 23 Bn Baht already achieved
- 10 out of 12 new
launches this year still to come
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Ananda Member Club Event
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Launch Event
5,343 8,114 6,640 2,861 3,211 4,646 2,749 710
- 2,000
4,000 6,000 8,000 10,000 12,000 2015 2016 2017 2018 Unit: Mil Baht Ananda's Backlog - Condo Mitsui's Share Ananda's Backlog - Housing
Record Backlog
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34.3 Bn Baht in Backlog 28.5% increase in backlog since Q4 2014
65% of the Next 9M 2015 Revenue Secured by Backlog
Updated: Mar 31, 2015
6,053 11,325 5,609 11,286
2015 Business Plan – Quarterly Launches
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2015 Launches target between 32,000 and 33,000 M Baht
Quarter Condo (M Baht) Housing (M Baht) Total (M Baht) Quarter 1 8,267
- 8,267
Quarter 1 Actual 10,496
- 10,496
Quarter 2 1,935 2,940 4,875 Quarter 3 5,741
- 5,741
Quarter 4 11,310
- 11,310
Grand Total 29,482 2,940 32,422
Q1/2015 Launches above our guidance 27% Full Year Guidance increased 3%
- 2,000
4,000 6,000 8,000 10,000 12,000 1Q15 (F) 1Q15 (A) 2Q15 (F) 3Q15 (F) 4Q15 (F) Unit:Mil Baht Condo Housing
2015 : New Products
Urban Home : ARDEN
INSPIRED URBANITES
The new context of living in the city center, connecting all lifestyle endlessly. Rama 3 Ladprao 71 Patthanakarn 20
2015 : New Products
Urban Home : ARDEN
Ladprao 71
Link to Ladprao 71, Kaset-Nawamin Road, Chokechai 4 Road and Phaholyothin Road.
- Only 3.5 km. to expressway Artnarong-
Ramintra, 6.7 km. to MRT Ladprao and 4.1 km. to MRT Chokechai 4 (2022)
- Paolo Hospital / Satthiwit 2 School,
Badindecha School, Kasetsart University Laboratory School
- Lifestyle shopping
- Only 3.8 km. to Central Festival East Ville, CDC,
Chic Republic ,The Walk, The Festival Walk, Nawamin City Avenue, Crystal Park, Tesco Lotus, Homepro, Major RYT, CPN Ladprao
67 units with a project value of 579 mil baht
2015 : New Products Rama 3
Sophisticated Privacy, Differentiated-Club house, 5 km. to Sathorn Rd.)
Urban Home : ARDEN
- Only 5 minutes to Silom Road and 5 km. to Sathorn Road
- Only 2.2 km. to expressway Chalermmahanakorn,
1.5 km. to Bhumibol Bridge
- St. Joseph Convent School,
Assumption School, International School St. Andrews Sathorn
- Among shopping centers such as Central Rama 3,
Lotus Rama 3 and Asiatique
ด 68 units with a project value of 1,074 mil baht
2015 : New Products
Urban Home : ARDEN
- Only 5 minutes to Thonglor
- Only 1.5 km. to expressway Pathanakarn,
5 km. to BTS Onnut
- Among shopping centers such as
Emporium and Siam Paragon
Pathanakarn 20
Creative Society, Greenery, 5KM. To Thonglor
159 units with a project value of 1,287 mil baht
Live Imagination.
A N e w U r ban H o me C o nc ept
C r e a t i v i t y : D e s i g n : I m a g i n a t i o n
ENVIRONMENT FOR INSPIRATION
- UNDERGROUND WIRING (สายไฟใต้ดินทั้งโครงการ)
- ECO FUNCTION (ระบบรักษาสิ่งแวดล้อมภายในโครงการ)
IMAGINATION IDENTITY
- FAÇADE DESIGN
- SPACE DESIGN
- CREATIVE COMMUNITY
- PERSONAL EXPERINCE (PRIVACY, LOW-DENDITY, MAIN GAET, DESIGN)
- FAMILY HUB (PARK, FITNESS, POOL, JOGGING TRACK )
2015 : New Products
Super Value Condominium 1,936 units with a project value of 1,935 mil baht Value Condominium ( Below 1 MB. ) Near Mass Transit (BTS) Low-Rise building New Condo Town / Sizing 28 Sq.m.
“ STYLE IS NOT ABOUT THE MONEY” UNIQUE + UNO
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2015 : New Products (UNiO)
2015 : New Products
Super Value Condominium
- 1. Near BTS and MRT Interchange Station of Bangsue-Thrapra and
Hualumpong-Bangkae
- 2. 900 meters from the station
2015 Business Plan – Quarterly Revenues
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2015 Revenue target between 10,000 and 11,000 M Baht
Quarter Condo (M Baht) Housing (M Baht) Total (M Baht) Quarter 1 1,048 318 1,366 Quarter 1 Actual 869 332 1,201 Quarter 2 599 515 1,113 Quarter 3 1,704 1,066 2,770 Quarter 4 4,255 1,208 5,463 Grand Total 7,427 3,120 10,547
Q1/2015 Revenue below our guidance 12% Full year Revenue unchanged
- 1,000
2,000 3,000 4,000 5,000 6,000 1Q15 (F) 1Q15 (A) 2Q15 (F) 3Q15 (F) 4Q15 (F) Unit : Mil Baht Condo Housing
Revenue Recognition
28 Source Total Project Value Begins Revenue in 1Q2015 Revenue to achieve in the Q2-Q4/15 Revenue to be transferred after year 2015 Backlog (As of Mar 15) M Baht % M Baht % M Baht % M Baht % M Baht 6,239 4Q2013 3% 177 2% 99 0%
- 1%
68 1,472 2Q2014 5% 74 11% 168 15% 227 13% 196 3,294 4Q2014 12% 387 28% 922 17% 558 18% 580 3,834 4Q2014 6% 231 40% 1,529 28% 1,085 26% 1,002 2,158 3Q2015 0%
- 63%
1,364 37% 794 49% 1,051 3,695 4Q2015 0%
- 67%
2,476 33% 1,219 75% 2,764 8,520 1Q2013 4% 332 18% 1,552 45% 3,836 7% 592 2,940 3Q2015 0%
- 42%
1,236 58% 1,704 4% 118
Total
32,152 1,201 9,346 9,423 6,368
Updated: Mar 31, 2015
Sales Rate Required for Revenue Recognition
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Project Total Project Value Revenue to achieve in 2015 Revenue to achieve in the Q2-Q4/15 Backlog (As of Mar 15) Sales required in Q2-Q4 Sales required/ quarter Sales rate in Q1
M Baht % Project Value M Baht % 2015 Revenue M Baht % Revenue in Q2-Q4 M Baht % Revenue in Q2-Q4 M Baht
M Baht
M Baht % Required rate
Condo 20,692 36% 7,426 88% 6,558 86% 5,659 19% 1,214 405 708 175% Housing 8,520 22% 1,885 82% 1,552 38% 592 62% 969 323 517 160% Subtotal for condo and housing already launched
29,212 32% 9,311 87% 8,110 77% 6,250 27% 2,183 728 1,225 168%
Still to be launched 2,940 42% 1,236 100% 1,236 10% 118 90% 1,118 373 118 32%
Total
32,152 27% 10,547 89% 9,346 68% 6,368 35% 3,301 1,100 1,343 122%
Updated: Mar 31, 2015
Condo Housing
Cancellations
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Updated: Mar 31, 2015
Note: % Cancellation Rates are calculated by cancelled value divided by total presales
% Cancellation Rate (Q1/2015)
2.1%
Condo
2.7%
Housing
2.2%
Total
Cancelled Value: 937 M Baht Cancelled Value: 103 M Baht
% Cancellation Rate (Q4/2014)
2.2% 8.7% 2.6%
Cancelled Value: 1,040 M Baht Cancelled Value: 980 M Baht Cancelled Value: 279 M Baht Cancelled Value: 1,258 M Baht
Mortgage Rejection Rate
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Updated: Mar 31, 2015
Note: % Mortgage Rejection Rates are shown by units
% Mortgage Rejection Rate (Q1/2015)
2.6%
Condo
19.8%
Housing
6.6%
Total
% Mortgage Rejection Rate (Q4/2014)
1.1% 28.0% 5.1%
Transferred: 342 units/ No. of customers rejected for mortgage: 9 Transferred: 1,246 units/ No. of customers rejected for mortgage: 14 Transferred: 85 units/ No. of customers rejected for mortgage: 21 Transferred: 157 units/ No. of customers rejected for mortgage: 61 Transferred: 427 units/ No. of customers rejected for mortgage: 30 Transferred: 1,403 units/ No. of customers rejected for mortgage: 75
Bond issue
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Fact sheet Detail
1. Debentures’ name Debentures of Ananda Development Public Company Limited No. 1/2015 Due 2018
- 2. Type of Debentures
Unsubordinated and Unsecured Debentures with a Debentures holder ‘Representative in the Name-Registered Debentures
- 3. Offering Method
Private Placement to 13 types of institutional investors plus high net worth investors
- 4. Offering Amount
2,000,000 Units
- 5. Face Value
1,000 Baht/Unit
- 6. Offering Price
1,000 Baht/Unit
- 7. Total Amount
2,000,000,000 Baht
- 8. Issuing Date
14 May 2015
- 9. Maturity Date
14 May 2018
- 10. Interest Rate
Fixed Rate at 4.80% per annum
- 11. Tenor
3 Years
Summary of Q1
- Cancellation rates remain low
- Construction of condos on
schedule
- Launches very successful
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Ananda – Achieving Leadership with Discipline!
Ananda Number One Condo Seller Presales 356% of target Cost of pre-sales down – from 9% to 2% Record Backlog – 34 Bn Baht Revenue – down 22% YoY Net IBDE on target – 1 times
- 2,000
4,000 6,000 8,000 ANAN PS LPN AP SC QH SPALI LH SIRI Unit:M Baht
Condo Presales Nationwide
Source : ANAN from its 1Q2015 net presales / PS, LPN, AP, SC, QH, SPALI, LH, SC and SIRI from BLS Research
10,547 13,543 14,000 15,000 18,000 3,457 8,000 15,000 17,000 6,053 8,114 6,640 2,861 10,547 17,000 18,501 14,070 960
- 5,000
10,000 15,000 20,000 25,000 30,000 35,000 40,000 2015 2016 2017 2018 2019 Ananda's revenue Ananda's 51% share in JVs Ananda's share of backlog Land secured
94% 45%
5-Year Business Plan
Acquiring land in order to triple revenue in 3 years after this one 65% of 9m 2015 and 48% of 2016 revenue secured by backlog
87% 46%
Unit: Mil Baht 10,547 100% 17,000 100% 22,000 84% 30,000 35,000 47% 3%
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The 5-year plan has assumption of no new capital and keeping net IDE ratio at 1:1
87% 46% 94% 45%
Company View
Economic situation not strong GDP growth projections revised down Land price increases slowing Construction costs constrained Consumer confidence weakening Banks remain strongly supportive Our customer group remains “cashed up” and with good credit Mass Transit Supply/Demand still stable Mass Transit market more robust than general market
Source: AREA Research
Source : University of Thai Chamber
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Initial Sales Rate <300m Mass Transit Station >1000m Mass Transit Station 2013 59% 47% 2014 58% 36%
Updated 22-Apr-15 Under Construction
- Purple Line: Bangsue -
Bangyai (2016)
- Blue Line: Bangsue –
Bangkae – Hua Lampong (2019)
- Dark Green Line: Bearing
Samutprakarn (2020)
- Red Line: Bang Sue –
Talingchan (2016)
- Red Line: Bangsue - Rangsit
(2019)
- Dark Green Line: Mor Chit -
Kukod (2020)
Awarding within 2015
- Light Red Line : Bangsue –
Huamark (2018)
- Red Line : Rangsit –
Thammasat (2018)
- Orange Line: Thai Cultural
Center - Minburi (2020)
- Pink Line: Kalai - Minburi
(2020)
- Yellow Line: Ladprao –
Klong ton (2021)
- Airport Link: Phayathai -
Donmuang (2019) Current Line Under Construction Awarding in 2015
Mass Transit Network Expansion
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Mass Transit Network Progress
Updated : 22 April 2015
Line Value (M Baht)
- No. of
Stations Approval Status 2015 2016 2017 2018 2019 2020 2021 Purple (Bang Yai-Bang Sue) 60,020 16 Under Construction Blue (Bang Sue-Tha Pra) and (Hua Lamphong-Bang Kae) 82,387 20 Under Construction Green (Bearing-Samut Prakarn) 24,549 9 Under Construction Light Red (Bangsue-Talingchan) 13,000 6 Under Construction Light Red (Bangsue-Huamark) 39,176 7 To be approved by 2015 Red (Bangsue-Rangsit) 80,375 10 Under Construction Red (Rangsit-Thammasat) 5,412 3 To be approved by 2015 Green (Mochit-Sapanmai-kukot) 58,862 13 Under Construction Pink (Karai-Pakkred-Minburi) 58,303 30 To be approved by 2015 Yellow (Ladprao-Pattanakarn-Samrong) 56,110 21 To be approved by 2015 Orange (Cultural Center-Bangkapi- Minburi) 110,326 14 To be approved by 2015 Airport Rail Link (Phayathai-Don Muang Airport) 29,000 5 To be approved by 2015
Thank you
Ananda Development PLC 2015
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Contact:
- Dr. John Millar
Head of Financial Strategy and Investor Relations Ananda Development Public Company Limited john@ananda.co.th +662 697 3300 Mobile: +66 877 99 1946
- Mr. Komsan Atthaphonphithak
Investor Relations Manager Ananda Development Public Company Limited komsan@ananda.co.th +662 697 3300 Mobile: +66 819 16 3755