Synergetic Auto Performance Public Company Limited SET Opportunity - - PowerPoint PPT Presentation

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Synergetic Auto Performance Public Company Limited SET Opportunity - - PowerPoint PPT Presentation

Strictly Private & Confidential Strictly Private & Confidential Synergetic Auto Performance Public Company Limited SET Opportunity Day 8 March 2018 Disclaimer The information contained in this presentation is strictly confidential and is


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SLIDE 1

Strictly Private & Confidential

Synergetic Auto Performance Public Company Limited

Strictly Private & Confidential

SET Opportunity Day

8 March 2018

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SLIDE 2

Strictly Private & Confidential

Disclaimer

The information contained in this presentation is strictly confidential and is provided by Synergetic Auto Performance Public Company Limited (“asap” or the “Company”) to you solely for your information. Neither this presentation nor any part hereof 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 and its respective management team or advisors. 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 and its respective management team or advisors. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this

  • presentation. The 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 nor any of its management team or advisors assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising from or in connection with any use of this presentation or its contents. This presentation is for information purpose only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or subscription of or solicitation

  • r invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, 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 there to (“Securities”) in Thailand or any other jurisdiction. Any recipient considering a purchase of Securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in a final offering document (which may be different from the information contained in this presentation) and subject to the selling restriction set out therein. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, that are not statements of historical fact which would be treated as 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 which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company’s future results to be materially different than expected or indicated by such 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

  • r achievements of the Company may differ materially from those anticipated by the Company in the forward-looking statements. The recipient is cautioned not to place undue

reliance on these forward-looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information contained in this presentation or to correct any inaccuracies herein which may become apparent.

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AGENDA

Section 1 Update Performance & Recent Development Section 2 Industry Landscape Section 3 Our Business Section 4 Financial Performance Section 5 3-Year Strategic Roadmap Section A Appendix

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SLIDE 4

UPDATE PERFORMANCE & RECENT DEVELOPMENT

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Strictly Private & Confidential

2017 Performance

Car Rental % YoY Chg Used Car Sales % YoY Chg Number of cars

(cars)

10,559* +41% 1,172 +20%

Revenue

(THB mn)

1,682 +48% 430 +41%

Gross Profit

(THB mn)

408 +42% 43 +78%

EBITDA

(THB mn)

1,202 +47%

Net Profit

(THB mn)

151 +116%

Revenue: Strong revenue growth from car rental (+48%) from portfolio expansion to more than 10,000 cars in 2017 as well as used car sales (+41%) from higher number of end-of-contract cars and higher used car price Gross profit: Higher gross profit in car rental (+42%) from increasing in revenue however gross margin declined by 1% from insurance premium and short- term car rental cost while gross profit from used car sales increased by 78% EBITDA: Increasing EBITDA (+47%) while EBITDA margin declined by 0.7% from higher employee related expense and integration of CarPro and SAP B1 system Net profit: Higher net profit (+116%) and improving net margin by 2% from tax benefit and reclassification of accounting standards (totaling of THB 60 mn)

*Note: Number of cars excludes 574 replacement cars Page 4

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Strictly Private & Confidential

Continuing Growth with Improving Profitability

245 255 286 282 291 331 398 418 477 511 552 573 0% 5% 10% 15% 20% 25% 30% 100 200 300 400 500 600 700 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Margin (%) Total Revenue (THB mn) Revenue (LHS) GPM Car Rental (RHS) GPM Used Car Sales (RHS) NPM (RHS) % Growth QoQ Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Revenue 3% 4% 12%

  • 1%

3% 14% 20% 5% 14% 7% 8% 4% Gross Profit 87% 7% (7%) 21% 10% 7% 20% 13% 10% 4% 14% (3%) Net Profit 663% 33% (22%) 47% 5% (4%) 12% (25%) 129% 0% 6% 36%

Page 5

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Strictly Private & Confidential

“Portfolio expansion to more than 10,000 cars in Q4 2017”

Long-Term

  • Retention rate for end-of-contract customers remains high: 2.1X portfolio expansion and 22% contract extension from expired

contracts in 2017

Short-Term

  • CarPro system to go live in October 2017, now partnered with leading online booking application in China; “zuzuche” and “Ctrip”
  • On process of connecting with global online car rental booking partner
  • Utilization rate above 50% in Q4 2017

Chauffer

  • On process of acquiring new corporate customer

asap GO

  • Integrated operation with haupcar in Q4 2017
  • Available in 35 locations across the city
  • Started the new segment, individual customers, in December 2017

Recent Development : Key Updates

Car Rental Business Used Car Sales Business

9,970 410 130 49

Long-Term Short-Term Chauffer asap GO

 Expanding channels through online sales

  • Partnered with one2car.com for used

cars sales in Q4 2017

 Improving profitability

  • Online sales enhances profitability up to

20% from current channels at 10%

574

Replacement Cars

10,559

Rental Cars Page 6

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Strictly Private & Confidential

Recent Development : Update on asap Auto Park

Update photos of asap Auto Park 75% Completion 90% Occupancy

Prototype Project:

On schedule (to be opened in April 2018)

Franchise System

Under study- expect to roll out the system for potential franchises in the 2nd half of 2018

Page 7

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SLIDE 9

INDUSTRY LANDSCAPE

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Strictly Private & Confidential

“Car rental industry in Thailand is only scratching the surface of total car market”

10% 90%

Fleet Market Retail Market

Industry Landscape

60% 40% Corporate Fleet Car Rental Operator

 80,000 cars

Outstanding fleet

400,000 cars

850,000

new purchase cars in 2017

Fleet market share

 160,000

cars

 240,000

cars

X 5 years

average fleet tenor

Page 9

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Strictly Private & Confidential

Corporate Fleet Car Rental Operator

Car Rental Operator

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Long-term rental focused Short-term rental focused

Market Characteristics

  • Classified into 2 main categories, short-term and long-term service provider
  • Top 6 players occupied more than half of the market while the rest of market

is still fragmented

  • High competition but not yet stabilize
  • Car portfolio grows as customers expand

11,000

car in portfolio

4,000

new acquisition

  • f 32,000 new fleet purchased

by car rental operator in 2017

  • f outstanding car

rental market share

12.5% 6.8%

 160,000

cars

 240,000

cars

“asap is shifting from mono-line car rental to a fully integrated business model” “Higher new acquisition rate indicates future increase in market share”

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Strictly Private & Confidential

Car Rental Market

  • Car rental market has been growing

steadily at 15% CAGR from 2006 to 2017

  • About 70% of car rental market belongs to

long-term rental mainly by corporate customers while the rest 30% are short- term

  • Market for car rental in 2018 is expected to

grow at 6-8% from growth in logistics services and tourism industry

  • asap has outpaced the market growth at

the rate of 39% CAGR and increasing market share from 0.1% to 4%

2006 2017 2018

Car Rental Market Size vs asap Car Rental Revenue (THB mn)

“Car rental market has a solid track record from past to present with a favorable outlook”

2018 Car Rental Market

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42,500 10,500 45,000 – 45,900

+15% CAGR

+6% to 8%

Source: Thai car rental association, Kasikorn Research Center

46 1,682 +39% CAGR

asap’s Revenue Car Rental Market

0.1%

Market share

4%

Market share

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Strictly Private & Confidential

60% 40%

Corporate Fleet Car Rental Operator

ZZZ

  • Corporates and SMEs are shifting from financing their
  • wn fleet by cash and hire purchase to operating lease
  • Shift in consumer behavior towards e-commerce

requires much larger fleets for logistic industry Although the monetary cost is not much different but fleet rental provides numbers of advantage to minimize the

  • pportunity cost;
  • Replacement cars: Provide continuity in car usage
  • Resource allocation: Less human resource and time

spent on fleet management

  • Maintenance & Insurance: Save periodic cost and time of

maintenance and insurance

60% 40% 40% 60%

Market Trends

Long-term rental Short-term rental

  • Rising number of tourist arrivals and air travel in the

country benefits short-term rental

  • Off-airport market remains as an untapped markets for

car rental operators

  • Car sharing platform becomes a new global trend with

large brands stepping into B2C market

2012

72 million

2017

129 million

+79%

2012

480,000 flight

2017

820,000 flight

+71% Source: AOT 56-1 form, The Bureau of Registration Administration, World bank

1 2 3

On-airport Off-airport

Car rental service location in Thailand On-airport Off-airport

52 >700 98 408

Global car rental service location

Current Future

Page 12

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OUR BUSINESS

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Strictly Private & Confidential

  • Organizational efficiency delivering better yield and performance
  • Enhance fleet repair and maintenance through partnership
  • Diversify disposal channel to increase return

Key Vision: Total solution car rental service provider for corporate and individual customers

Strategy for an Evolving Landscape:

Strategically accelerate growth Drive efficiency throughout the chain Invest in technology and platform partnership

  • Focused customer segment and portfolio management
  • Expand footprint both organic and new markets
  • Uplift investment in IT system and capabilities
  • Partnering with potential business ventures to serve customer shift

Page 14

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Strictly Private & Confidential

Business Model – Car Rental Business

“Fleet management integrated model”

Long-term Car Rental Short-term Car Rental Chauffeur-driven Car Rental Sharing Platform

  • Corporate and SME customers
  • 1-5 year contracts
  • Mass and premium cars with tailored-made service to

business requirement

  • 9,970 rented cars + 574 replacement cars

“Main business, recurring income” “Establish brand, enhance margin” “Value-added, high margin” “Serve the unserved demand”

  • Tourists, businessmen, commuters
  • Daily to monthly contracts
  • New car, low mileage
  • 410 cars in service, counters in 7 airports
  • Corporate customers
  • 4-year contracts
  • 130 rented cars
  • asap GO – integrated operation with haupcar
  • Corporate and individual customers in urban area
  • Hourly rent, pay-per-use basis
  • 49 cars in 35 locations across the city

“Integrated business model drives profitability throughout the portfolio”

Page 15 Note: Number of cars was as of 31 Dec 2017

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Strictly Private & Confidential

Corporate – LT 72% Corporate – Chauffer 3% Government 22% Individual – ST & LT 3%

asap’s Portfoilio – Car Rental Business

Portfolio by type of cars (as of 31 December 2017) Revenue by type of Customers in 2017

Small 1,785 16% Compact 2,845 26% Mid-Size 1,872 17% Executive 151 1% Pick Up 3,453 31% Van 1,027 9% 11,133 Cars THB 1,682 mn Commerce 32% Banking & Finance 16% Food & Beverage 13% Construction Material 11% Logistics 9% Others 20%

Page 16

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Strictly Private & Confidential

Track Record – Car Rental Business

96 116 248 554 1,166 1,800 2,761 3,367 3,679 4,780 7,512 10,559 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

  • No. of rental cars in portfolio

CAGR ≈ 42% asap‘s customers

Note: The number excludes amount of replacement cars

“Key business risks are eliminated through our strong customer profile and car portfolios”

Our bad debt is < 0.02% of total

car rental revenue in the past 5 years Our customers’ retention rate “More than 10 years of experience in the industry builds a solid track record”

> 95% of our cars in portfolio are

 High marketability & liquidity brand  Good used car price  Reliable quality

22%

Contract Extension Portfolio Expansion

2.1X

in terms of number of cars

from expired contracts in 2017

Page 17

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Strictly Private & Confidential

  • Current used cars will be

directly sent to the auction houses

  • asap will receive 7-9%

margin from each car sent to them

Business Model – Used Car Sales

“Developing towards profit enhancement for the used car sales”

End-of-contract Cars Used car sales business

Auction House

  • asap

partners with

  • ne2car.com,

Thailand’s

  • no. 1 used car website with

more than 1.6 million active users to expand channels of used cars sales

  • ne2car.com

is a subsidiary of iCar Asia, the largest automotive website network in ASEAN

  • asap will pay incentive as a

percentage on value

  • f

value of car sales

Current Channel Future Channel

Online Sales

New Channel (started in Q417)

  • asap Auto Park will be the

new channel for used car sales and short-term rental services.

  • Margin from used car sales

will improve from selling directly to end users.

  • First

branch to be completed in Q1’18 and target to expand 15-20 franchises in 2020 asap Auto Park

Page 18

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Strictly Private & Confidential

Competitive Advantages

“Fleet optimization is the key to business success”

Pre-fleet In-fleet De-fleet

Effective procurement strategy:  Fast procurement

  • Customize for specific

usage, appearance and driving energy

  • Several brands & types in

large volume  Acquisition cost  Funding cost Operational cost effectiveness:  Economy of scale from resource utilization  Maintenance cost

  • 1,000 contacted

maintenance centers

  • Mobile service
  • Yokohama and Continental

dealer  Car insurance Expertise in used car management:  Better maintenance quality  Selective marketable models/brands  Online Sales - partner with

  • ne2car.com to expand used car

channel (started in Q4 2017)  asap Auto Park - used car showroom (start in early 2018)

Page 19

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FINANCIAL PERFORMANCE

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Strictly Private & Confidential

79%

Revenue by Business Segments

Car Rental Business

2017 Total Revenue : THB 2,142 mn

Used Car Sales Business Other Revenue

20% 1%

Long-term Short-term Chauffer-driven asap Go Auction House Online Sales

  • Revenue from insurance
  • Commission
  • Fees from early termination
  • Other Revenue

asap Auto Park (future channel)

Page 21

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Strictly Private & Confidential

Car Rental Business

298 347 379 404 437 462

24.4% 25.3% 25.1% 23.9% 25.3% 22.8% 71.9% 70.7% 74.2% 71.7% 72.7% 68.0% 0% 25% 50% 75% 100% 100 200 300 400 500 600 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Margin (%) Revenue (THB mn)

Revenue by Products in Q4/17

Car rental revenue was THB 462 mn in Q4 2017 +5.8% QoQ and +33.3% YoY with 93% contribution from long-term car rental

  • Revenue from long-term car rental was at THB 430 mn +5.4%

QoQ primarily from portfolio expansion

  • Short-term car rental revenue was at THB 18 mn +24.7% QoQ

from higher occupancy and rental rate during the peak season

  • Chauffer driven car rental revenue remained stable at THB 14

mn

  • asap GO started in Q3 and started to generate revenue to

company in Q4 2017 Gross profit was at THB 106 mn with gross margin of 22.8%, dropped from 25.3% in Q3 2017, due to insurance renewal of cars purchased in Q4 2016 and cost associated to sharing platform EBITDA for car rental was at THB 314 mn with margin of 68.0% declined from 72.7% in Q3 2017 from increasing number of staffs, cost of system integration with SAP and CarPro to support expansion of the company and off-items totaling of THB 7.1 mn

Gross Profit Margin EBITDA Margin

Long-Term 93% Short-Term 4% Chauffer 3% asap GO 0%

Page 22

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Strictly Private & Confidential

Revenue of used car sales by channel in Q4/17

Used Car Sales Business

100 71 99 107 115 111

10.4% 8.1% 8.2% 10.0% 10.1% 11.9% 0% 5% 10% 15% 20 40 60 80 100 120 140 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Margin (%) Revenue (THB mn)

Number of cars sold by channel in Q4/17

Gross Profit Margin

Auction 92% Online 8%

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Auction 95% Online 5%

Used cars sales revenue was THB 111 mn in Q4 2017 -3.4% QoQ but +56.1% YoY

  • 99% of used car sales in 2017 was through auction while
  • nline sales started in Q4 with 14 cars sold (5% of number of

cars sold in Q4)

  • Revenue from used car auction of THB 101.93 mn -11.0%

QoQ from introduction of online channel

  • Online used car sales has total sales of THB 8.64 mn (8% of

revenue from used car sales) Gross profit margin was at 11.9% improved 1.8% QoQ and 3.8% YoY from recovery of used car market and partly higher margin from online sales Used car sales through asap Auto Park will start in Q2 2018 would enhance the profit margin of used car sales for the company

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THREE-YEAR STRATEGIC ROADMAP

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Strictly Private & Confidential

Three-Year Strategic Roadmap

HOW TO GROW

Rental Revenue Proportion : Long-Term vs Others ≈ 80 : 20 % Net Profit Margin ≈ 8 - 10% 2020 GOALs

LONG-TERM RENTAL BUSINESS SHORT-TERM RENTAL BUSINESS USED CARS SALES BUSINESS

“Expanding portfolio to both corporate and SME to achieve scale and profitability” LONG-TERM : CHAUFFER :

  • Acquire new customers including large

corporates and SME

  • Retain existing customers
  • Acquire new corporate customers
  • Retain existing customers

“Expanding short-term portfolio towards more

  • ff-airport channels and increasing occupancy”

SHORT-TERM :

  • Expand branches to cover major cities in

Thailand through civil aviation airports and asap Auto Park

  • Connect with leading online car rental booking

website to reach more foreign customers

asap GO :

  • Collaborate with more office buildings

“Expanding new channels closer to end users enhance margin from used car sales” Auction House : Online Sales :

  • Expand Auto Park franchises to increase

portion of used car sales from this channel

  • Partner with oner2car.com to boost up online

used cars sales and enhance the margin

asap Auto Park :

  • Reduce portion of used car sales through

auction house

KEY MEASUREMENTS LONG-TERM : CHAUFFER : SHORT-TERM : asap GO : asap Auto Park :

Portfolio of 20,000 cars Portfolio of 500 cars Portfolio of 2,000 cars with 70% occupancy Portfolio of 300 cars (150 Office Buildings) 15-20 Outlets, 10-15%

  • f total used car sales

Online Sales :

20-25 % of total used car sales

Page 25

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Strictly Private & Confidential

2018 - 2020 Target

Auto Park 1% asap GO 1% Chauffeur Driven 5% ST Car Rental 10%

1,133 1,682 2016A 2017A 2018F 2019F 2020F Long Term Car Rental Short Term Car Rental Chauffer Driven Car asap Auto Park asap GO 3,419 3,464 4,400 4,800 6,400 2016A 2017A 2018F 2019F 2020F

TOTAL CAPEX (THB MN)

LT Car Rental 83% THB 4,000 - 4,500 mn

33% CAGR

99% of CAPEX is allocated to acquisition of new cars in the fleet

(Unit: THB mn)

ASAP ESTIMATED TARGET RENTAL REVENUE 2020 EXPECTED RENTAL REVENUE CONTRIBUTION

THB 4,000 - 4,500 mn Key Financial Ratios Unit 2016A 2017A 2020F Service Revenue THB mn 1,133.00 1,681.83 4,000 - 4,500 Service and used car sale revenue THB mn 1,437.33 2,112.32 5,000 - 5,500 Gross Profit Margin % 21.61% 21.36% 22 - 25% Net Profit Margin % 4.86% 7.14% 8 - 10% Return on Assets % 1.39% 1.99% 3 - 4% Return on Equity % 11.10% 14.60% 20 - 30% Page 26

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APPENDIX

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Strictly Private & Confidential

100 200 300 3 6 9 12 15

  • Vol. (mn shares)

Share price (THB)

Volume (RHS) Price (LHS)

ASAP Stock Information

Stock Information

Bloomberg/ Reuters ASAP TB/ ASAP BK Share Price (2 March 2018) THB 11.60 52-week high THB 12.50 52-week low THB 3.84

  • No. of paid-up shares*

660 mn Market Capitalization THB 7,656 mn

Share Price Movement Major Shareholders

As of 1 February 2018

IPO : THB 3.03 THB 11.60 Page 28 Note:* No. of paid-up shares after dividend will increase to 726 mn shares Free Float 35.1% Strategic Shareholder 64.9% Toyota @ United 25.0% @ Holding 25.0% K.Songvit & K.Parinda 14.9% Local Institution 13.5% Foreign Institution 8.6% Others 13.0%

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Strictly Private & Confidential

2017 Income Statement

(unit THB mn) 2017 % of revenue 2016 % of revenue % change YoY Revenue 2,112 1,437 46.9% Cost of goods sold and services (1,661) (78.6%) (1,127) (78.4%) 47.4% Gross Profit 451 21.4% 311 21.6% 45.2% Selling Expense (34) (1.6%) (19) (1.3%) 74.9% Administrative Expense (110) (5.2%) (66) (4.6%) 66.9% Other income 30 1.4% 22 1.5% 34.7% EBIT 337 15.9% 247 17.2% 36.1% Finance Cost (246) (11.7%) (158) (11.0%) 56.0% EBT 91 4.3% 90 6.2% 1.1% Tax 60 2.9% (20) (1.4%) 305.9% Net Income 151 7.1% 70 4.9% 115.9% Earnings per share (at par of THB 0.50) 0.23 0.16

Page 29

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Strictly Private & Confidential

Statement of Financial Position as of 31 December 2017

(unit THB ’000) 2017 % of total assets 2016 % of total assets % change YoY Cash & cash equivalents 40 0.5% 7 0.1% 499.7% Accounts receivables 202 2.3% 185 2.9% 8.8% Cars 7,883 90.0% 5,806 91.1% 35.8% Other PPE 27 0.3% 123 1.9% (78%.1) Other assets 605 6.9% 253 4.0% 139.1% Total assets 8,757 100.0% 6,375 100.0% 37% Short & long-term loan 2,794 31.9% 1,539 24.1% 81.6% Accounts payables 132 1.5% 250 3.9% (47.2%) Finance lease liabilities 4,401 50.3% 3,817 59.9% 15.3% Other liabilities 25 0.3% 105 1.7% (76.5%) Total liabilities 7,352 84.0% 5,711 89.6% 28.7% Paid-up capital 330 3.8% 225 3.5% 46.7% Share premium 511 5.8% 0.0% N/A Retained earnings 564 6.4% 439 6.9% 28.6% Total Equity 1,405 16.0% 664 10.4% 111.7%

Page 30

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Strictly Private & Confidential

2017 Statement of Cash Flow

(unit THB mn) 2017 2016 % change YoY Earnings before income tax 91 90 1.1% Adjustment for depreciation and amortization 915 596 53.5% Other adjustment 195 120 62.5% Change in operating assets and liabilities 107 38 181.6% Cash flows from operating activities 1,307 844 54.8% Cash flows from investing activities (1,525) (292) (422.2%) Cash flows from financing activities 251 (561) 144.7% Net increase (decrease) in cash & cash equivalent 33 (9) 455.4% Beginning cash & cash equivalent 7 16 (58.4%) Ending cash & cash equivalent 40 7 499.7%

Page 31

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Strictly Private & Confidential

Key Financial Ratios

2017 2016 2015 2014 Liquidity Ratios Collection Period (days) 33.00 32.94 30.99 36.58 Days Payable (days) 41.33 38.33 17.45 16.51 Efficiency Ratios Return on Assets (%) 1.99 1.39 1.77 1.40 Return on Equity (%) 14.60 11.10 11.71 10.00 Leverage Ratios Debt to Equity (times) 5.23 8.60 5.17 6.34 Interest Coverage Ratio (times) 6.07 6.63 8.97 8.36

Page 32

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Strictly Private & Confidential

Our Achievement Stories

“asap has been continuously developing its business and providing service as superior and satisfied as possible”

1995

  • K.Songvit & K.Parinda opened Siam Nissan P2M Co., Ltd. as

Nissan’s car dealer (3 branches at present)

2004

  • K.Songvit & K.Parinda expanded their car dealer business by

establishing Toyota @ United Co., Ltd. as Toyota’s car dealer (6 branches at present)

2008

  • Toyota @ United Co., Ltd. ranked in top 5 cars sales in Thailand

2015

  • Toyota @ United Co., Ltd. ranked top 3 in cars sales in Thailand

2006

  • Established Synergetic Auto Performance Co., Ltd. with

registered and paid-up capital of THB 5.00 mn

  • Started providing self-driven long-term car rental service

under “sap” to the world leading logistic company

2009

  • Increased registered and paid-up capital to THB 50.00 mn and
  • No. of self-driven long-term rental cars reached 554 cars
  • Increased registered and paid-up capital to THB 225.00 mn and

expanded business to provide self-driven short-term car

rental service under “asap”

  • 1st asap counter is located at Phuket International Airport
  • No. of total rental cars reached 4,770 cars

2016

  • Increased registered to THB 330.00 mn for IPO & Converted to Plc.
  • Opened additional 5 counters for self-driven short-term car rental

service at 5 international airports (Chiang Mai, Chiang Rai, Don Mueang, Hat Yai, and Suvarnabhumi)

  • Expanded business to provide chauffeur-driven car rental

service and rebranding to use single “asap” brand

  • No. of total rental cars reached 7,512 cars

2011

  • No. of self-driven long-term rental cars reached 1,800 cars

2017

  • Change par from THB 1.00 per share to be THB 0.50 per share
  • Start the construction of asap Auto Park in the beginning of Mar
  • Listed in the SET and started trading on 30 March 2017
  • Launch asap GO in July at Column Tower

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SLIDE 35

Strictly Private & Confidential

Public Long-term/ Chauffeur-driven car rental Return cars when contract expired Short-term car rental service

Financial institutions

Good CG Practice for Car Procurement

At Holding Co., Ltd. 34.85% 15.15% 25.00% 25.00%

  • Mr. Songvit &
  • Mrs. Parinda

Toyota @ United Co., Ltd.

Shareholding Structure

Used car buyers

Main channels of selling used cars are:

  • Send to the auction houses
  • Sell to car users
  • asap Auto Park (Start in 2018)

Provide source of fund for cars purchase Sell used cars

Corporate Customers Individual Customers

Return cars

Car dealers

Purchase cars from dealer Provide new cars

Benefits of having Toyota @ United as a major shareholder

  • Fast procurement for fleet acquisition
  • Competitive price with fixed operating fees
  • Channel for service and maintenance

Other car dealers

Business Flow

Strict internal policy for car procurement

  • Procurement policy set up and approved by the board of directors
  • Clear pricing structure specified in the policy having MSRP as reference price list
  • Keep all records of information and documents and report to Audit Committee every quarter

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