Thitik itikorn Public ic C Comp mpany L Limite ted Motorcycle - - PowerPoint PPT Presentation

Thitikorn Public Company Limited

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Thitik itikorn Public ic C Comp mpany L Limite ted

“Motorcycle Hire- Purchase Specialist” May 21 , 2019

Thitikorn Public Company Limited

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I. Company Profile II. Industry Overview III. Operational Results IV. Financial Highlights

Contents

Thitikorn Public Company Limited

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I. Company Profile

Thitikorn Public Company Limited

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Company Development



1972 Established with 1MB registered capital to provide motorcycle HP in Bangkok



1982 No.1 in terms of market share of motorcycle HP in Bangkok



1991 Increased registered capital to 70 MB



1995 Acquired 99.99% of CVA to expand HP business in Central and Eastern area



2000 Initiated motorcycle insurance program to minimize risk which later become the industry standard



2002 Received award from The Consumer Protection Board

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2003 Acquired CYP to provide automobile HP Listed on the SET and raised fund of 1,100 MB



2005 Issued first TK’s Thai Baht-Debenture of 745 MB



2008 4-Stars Corporate Governance Scoring appraised by Thai Institute of Directors Association (IOD)

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2010 Received Company Rating A- (Stable) from TRIS

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2011 Acquired Cetelem (Thailand) Co., Ltd and changed its name to “TK Debt Services Co., Ltd.”

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2012 Celebrate 40th year Anniversary TK is one of the 17 listed companies to receive an “Investors’ Choice Award” from Thai Investors Association (TIA) TK is one of the 9 Thai listed companies to be included in MSCI Small Cap Indices in November 30, 2012

Thitikorn Public Company Limited

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Company Development



2013 Total Assets surpassed 10,000 MB for the first time

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2014 First overseas operation in Cambodia, “Suosdey Finance” in Phanom Phenn Second overseas operation in Laos, “Sabaidee Leasing” in Vientiane

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2015 Established TK NGERN TAN JAI with 50 MB registered capital to provide Nano Finance



2016 TK is one of the 12 listed companies to receive an “Investors’ Choice Award” from Thai Investors Association (TIA) for the eight consecutive years from 2009 to 2016 Expanded two branches in Battambang and Siem Riep, Cambodia through Suosdey Finance.



2017 Issued TK’s Thai Baht-Debenture of 1,800 MB, 3 –years, Fixed Rate 2.71% per annum. Celebrate 45th year Anniversary, launch “ บิน กิน เที่ยว กับ TK” Free overseas package tour for new customers. Expanded three branches in Kampong Cham, Svay rieng, Kampong Speu, Cambodia through Suosdey Finance. Established a subsidiary “Mingalaba Thitikorn Microfinance Co.,Ltd” in Myanmar

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2018 Completed the process for disposal of the ordinary shares of subsidiary “TK Debt Servives Co.,Ltd” Expand two branches in Luang Prabang and Savannakhet, Laos through Sabaidee Leasing. Plan to expand six branches in Kampong Thom, Kampot, Banteay Meanchey, Takao, Pursat and Kampong Chhnang, Cambodia through Suosdey Finance. Issued TK’s Thai Baht-Debenture of 600 MB, 3 year, Fixed Rate 2.27% per annum. Plan to expand three branches in Pakse, Xieng Khouang, Udomchai, Laos through Sabaidee Leasing.

Thitikorn Public Company Limited

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TK Group Structure

Motorcycle hire purchase provider With 7,523 MB portfolio size

Thitikorn Plc. (TK)

Total net portfolio of 9,000 MB

* As of March 31, 2019

99.99% 99.99% 99.95% Automobile hire purchase provider with 405 MB portfolio size

Chayapak Co., Ltd. (CYP)

Motorcycle hire purchase provider with 851 MB portfolio size

Suosdey Finance PLC.

Debt collection servicer

C.V.A . Co., Ltd. (CVA)

Motorcycle hire purchase provider with 221 MB portfolio size

Sabaidee Leasing Co., Ltd.

80.50% Nano Finance in Thailand with 0.5 MB portfolio size

TK NGERN TAN JAI C0., Ltd

99.99% Micro Finance Subsidiary in Myanmar

Mingalaba Thitikorn Microfinance Co., Ltd

99.00%

Thitikorn Public Company Limited

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Success Factors



Solid Capital Base : 5,049.0 million baht



D/E ratio of 1.1 times : average D/E of financial sector is 7.7 times

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Abundant credit line from the leading financial institutions with favorable terms & conditions

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85.2 % of Total Assets are income generating assets

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High quality motorcycle HP portfolio with 4.4 % NPL

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Very conservative accounting policy : recognized full amount of commission on day one

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Stringent loan provision : reserve full amount of the whole contract value

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A- rating by TRIS Proven Track Record Solid Financial Position

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No.1 in motorcycle HP in Bangkok since 1982

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Most recognizable brand by motorcycle dealers & customers

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Reputable major shareholders - Dr.Chumpol Phornprapha & Families

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Proven management with market expertise more than four decades in HP industry

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Never been an NPL with any financial institutions since founded

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Large valuable database of over 3,000,000 customers

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Extensive & nationwide outlets with 93 branches in 57 provinces of Thailand

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Regional extensive 9 branches in Kingdom of Cambodia and Lao PDR

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Consistently provide HP service during any economic condition

Thitikorn Public Company Limited

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II. Industry Overview

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Thailand Motorcycle Sales

Source : Thailand Motorcycle Hire Purchase Association, AP HONDA

79% 81% 79% 77% 77% 76% 75% 75% 74% 74% 21% 19% 21% 23% 23% 24% 25% 25% 26% 26% 1,846,005 2,001,244 2,125,646 2,004,000 1,699,218 1,671,237 1,738,254 1,810,856 1,788,459 582,662 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 2,400,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(4M)

BMA Provincial Area

(Units) Motorcycle sales reached a new record high for two consecutive years in 2011 and 2012 From 2013 to 2015 sales continue to decline for three consecutive years due to slow down in economic activities Motorcycle sales 2018 decreased by 1.2% to 1,788,459 units and continue to expand in 2018 for three consecutive years

Q1 465,098 Q2 469,649 Q3 431,447 Q4 422,265 ~1,720,000

(-3.8%)

Q1 462,205 121,646 (Apr) 120,457 (Apr)

586,714

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Monthly Motorcycle Sales

160,585 131,751 161,997 105,582 165,646 184,459 127,331 155,996 156,758 126,190 137,292 124,667 147,225 150,533 164,059 123,087 188,890 175,814 137,619 147,912 155,540 135,583 153,063 131,531 155,090 145,431 164,577 121,616 168,500 179,533 134,053 156,890 140,504 139,313 145,648 137,304 155,090 145,419 167,854 120,457 100,000 110,000 120,000 130,000 140,000 150,000 160,000 170,000 180,000 190,000 200,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 2018 2019

(Units) Motorcycle sale declined for 19 consecutive months from May 2013 to November 2014. Motorcycle sales increased for 4 consecutive months from December 2014 to March 2015 2016 Automobile monthly sales, 5 out of 12 months were higher than previous year 2019 Motorcycle monthly sales, 1 out of 4 months were higher than previous year, 4M 2018 Motorcycle sales decreased by 0.7%

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Motorcycle Hire Purchase in BMA

Source : Thailand Motorcycle Hire Purchase Association * Ratio H1 Year 2012 => Cash sale in BMA 49% , HP financing in BMA 51%

TK estimate that cash sales portion remain at 35-40% due to tighten lending policy from HP

• perators in the first half
• f 2015

51% 22% 29% 39% 46%

78% 71% 61% 54% 49%

353,149 367,779 328,749 379,565 378,645 449,643 457,782 364,969 395,190 436,815 460,676 456,367 152,121 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000

HP financing in BMA2 Cash sale in BMA (Units)

BMA : Bangkok and Metro Area

Q1 121,383 Q1 119,098 Q2 117,643 Q3 113,439 Q4 106,187

28,544 (Apr) 30,738 (Apr) 147,642

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Category : Automatic

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Category : Family

Spark LX

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Category : Sport/ F-Sport

Legend 200

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Motorcycle by Category

Source : Thailand Motorcycle Hire Purchase Association, AP HONDA

35% 47% 45% 46% 51% 49% 48% 44% 39% 35% 35% 36% 37% 50% 50% 52% 50% 46% 48% 48% 49% 40% 46% 48% 51% 53% 15% 3% 3% 4% 3% 3% 4% 7% 11% 19% 17% 13% 10% 1,595,305 1,741,749 1,553,561 1,846,005 2,001,244 2,125,646 2,004,000 1,699,218 1,671,237 1,738,254 1,810,856 1,788,459 294,351 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 2,400,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(2M)

Scooter Family Sport

(Units)

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Thailand Automobile Sales

In 2012, Thai domestic auto sales reached a new recorded high over 1.4 million units propelled by government first time car buyer scheme From 2013 to 2016 automobile sales continue to decline for four consecutive years The Automotive industry latest forecast 2019 sales decreased by 4.0%

Source : Toyota Motor Thailand Co.,Ltd. 58.1% 56.7% 54.6% 53.5% 52.6% 58.1% 62.6% 63.6% 61.6% 61.1% 41.9% 43.3% 45.4% 46.5% 47.4% 41.9% 37.4% 36.4% 38.4% 38.9% 800,357 794,081 1,434,669 1,330,678 881,832 799,632 768,788 871,650 1,041,739 263,549 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 1,200,000 1,300,000 1,400,000 1,500,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(3M)

Passenger car Commercial vehicle (Units) Q1 210,490 Q1 237,093 Q2 252,025 Q3 257,466 ~1,000,000 Q2 199,490 Q3 210,735 Q4 250,935 Q4 295,155

(-4.0%)

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Monthly Automobile Sales

51,821 57,093 72,646 54,986 66,035 66,049 60,635 63,619 63,641 60,634 64,771 86,858 57,254 68,435 84,801 63,267 66,425 69,798 65,178 67,965 77,592 68,551 76,426 104,302 66,545 75,466 95,082 79,206 84,965 87,854 81,946 86,814 88,706 86,931 94,643 113,581 66,545 82,324 103,164 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017 2018 2019

(Units) Automobile sale declined for 30 consecutive months from May 2013 to October 2015 November and December sales were higher due to tax increase in 2016 2016 Automobile monthly sales, 5 out of 12 months were higher than previous year 2019 Automobile monthly sales, 3 out of 3 months were higher than previous year, 3M 2018 Automobile sales increased by 11.2%

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Popular car

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SUV CAR

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III. Operational Results

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Hire Purchase Business

Business Policy

Hire purchase provider for all brands Focus on new motorcycle hire purchase Hire purchase term of 24 - 30 months All brands such as Honda, Yamaha, Suzuki, Kawasaki, etc.

Product Brands

Categorized by Outstanding Duration Hire purchase provider mainly Brand new cars (95% new cars and 5% second hand cars) Hire purchase term of 36 - 60 months All brands mainly Toyota, Isuzu, Honda, Nissan, Ford, Mitsubishi etc.

Motorcycle Automobile

Categorized by Outstanding Duration

Hire Purchase Account Receivables Balance as of March 19

<=12 month 10.28% >12 month 89.72% 13-36 month 51.14% <=12 month 5.81% >36 month 43.05%

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Credit Policy

Customer Profile Secured source of income and occupation Clear hire purchase objective Customize Terms and Conditions Acceptable Guarantor Not Recorded in TK’s Black List Customer Residence in TK’s Coverage Area Monitor Motorcycle and Automobile Model as Per Standard Procedure Proprietary credit approval policy and customize terms and conditions for each customers

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Credit Approval & Control

Preliminary Credit Checking Record & Documentation Checking Credit Approval Debt Settlement Debt Collection Potential customers apply for credit approval; review customers’ profile Verify accuracy of customers’ profile and collect required documents

• Analyze customers’ credibility through credit scoring system and customize

net financing

• Transfer customer profile to company’s database for future reference

Provide multiple payment channels through bill collectors, banks, counter service and internet

• unpaid debt <3 months
• ->

payment warnings

• unpaid debt 4-6 months
• ->

agreement termination

• unpaid debt >6 months
• ->

bad debt write off

• ->

repossess and appraisal after verdict

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TK Branches & Networks

Suosdey Finance 6+6 branches

Phnom Penh Kampong Cham Battambang Kampong Speu Siem Reap Svayrieng Kampong Thom* Kampot* Banteay Meanchey* Takao* Kampong Chhnang* Pursat*

* Plan to expand Branches 

Extensive 93 branches in 57 provinces out of 77 provinces in Thailand



Three subsidiaries * Suosdey Finance, the head office locates in Phnom Penh, Kingdom of Cambodia * Sabaidee Leasing, the head office locates in Vientiane, Laos People’s Democratic Republic * Mingalaba Thitikorn Microfinance, the head office locates in Baco, Republic of the Union of Myanmar Branch

Networks 

Servicing over 1,095 motorcycle strategic alliances



Servicing over 45 automobile strategic alliances

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Multiple payment channels nationwide Network

As of April 30, 2019

Mingalaba Thitikorn Microfinance 1 branch Bago* TK Branch

North = 13 North-East = 21 Central = 24 East = 24 South = 11

Sabaidee Leasing 3+3 branches

Vientiane Luang Prabang Savannakhet Pakse* Xiang Khoang* Udomchai

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IV. Financial Highlights

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Revenue, Expense and Net Profit

Slow down in economic activities since Q2 of 2013 together with negative growth in export and tourism sector as well as the Ex-government inability to function properly due to prolonged political demonstration greatly reduced our customers payment ability in 2013 and 2014 “Since 2015, TK operation has continued to improve from our stringent credit approval policy, branch network expansion both locally and regionally.”

3,370.0 3,662.0 3,883.0 3,679.1 3,394.1 3,371.3 3,653.6 3,878.1 957.7 979.7 2,745.0 2,950.0 3,455.0 3,481.4 2,986.4 2,940.9 3,181.4 3,470.2 845.8 866.1 625.0 712.0 429.0 198.1 408.3 429.7 467.0 407.4 111.8 112.8

• 100

100 300 500 700 900 1,100 1,300 1,500 0.0 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 4,500.0

2011 2012 2013 2014 2015 2016 2017 2018 Q1/2018 Q1/2019

Total Income (LHS) Total Expense (LHS) Net Profit (RHS)

Unit : Mb Unit : Mb

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Revenue Breakdown

Q1/2019 Total Revenues = 980 MB

Motorcycle Hire Purchase Income 800 MB (81.7%) Other Income 174 MB (17.7%) Automobile Purchase Income 6 MB (0.6%)

2017 Total Revenues = 3,654 MB

Motorcycle Hire Purchase Income 2,856 MB (78.2%) Other Income 763 MB (20.9%) Automobile Purchase Income 35 MB (1.0%)

99.4% of Total Revenues contributed by Motorcycle HP Interest and Other Incomes 2018 Total Revenues = 3,878 MB

Motorcycle Hire Purchase Income 3,148 MB (81.2%) Other Income 701 MB (18.1%) Automobile Purchase Income 29 MB (0.6%)

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Total Assets vs. Hire Purchase Account Receivables

85.2% of TK Total assets are HP portfolio which generate stable monthly cash inflow from monthly installment from diversify customers over 246,000 accounts

9,059 7,768 7,252 7,724 9,032 9,224 9,000 1,208 999 1,032 887 986 1,206 1,560 10,267 8,767 8,284 8,611 10,018 10,430 10,560 2,000 4,000 6,000 8,000 10,000 12,000 2013 2014 2015 2016 2017 2018 Q1/2019

Receivables* Other

Unit : Mb

• 14.3%
• 6.6%

6.5% 2.1% *Included Loan Receivables 16.9%

• 2.4%

Thitikorn Public Company Limited 999 810 627 545 395 360 200 400 600 800 1,000 1,200 2014 2015 2016 2017 2018 Q1/2019 > 6 mth 0.08% <3 mth 95.64%

Aging of Motorcycle Q1/2019*

4-6 mth 4.28% 6,768 6,266 6,993 8,400 8,748 8,566 1,500 3,000 4,500 6,000 7,500 9,000 2014 2015 2016 2017 2018 Q1/2019

Motorcycle HP portfolio Q1/2019

Unit : Mb

Automobile HP portfolio Q1/2019

Unit : Mb

• 7.4%

20.1%

• 2.1%

11.6%

Note:Net HP recievable (less allowance for doubtful a/c)

>6 mth 6.24% <3 mth 89.90% 4-6 mth 3.86%

Aging of Automobile Q1/2019*

High Quality HP Portfolio

* HP recievable

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4.1%

• 8.9%
• 18.9%
• 22.6%
• 13.1%
• 27.5%

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High Quality HP Portfolio

2017 : Aging of Total HP Portfolio (9,586 MB)

Current -3 mth 9,131 MB (95.3%) > 6 mth 11 MB (0.1%) 4-6 mth 444 MB (4.6%) Current -3 mth 9,179 MB (95.4%) > 6 mth 31 MB (0.3%) 4-6 mth 409 MB (4.3%)

Q1/2019 : Aging of Total HP Portfolio (9,619 MB)

Current -3 mth 9,416 MB (95.9%) > 6 mth 20 MB (0.2%) 4-6 mth 384 MB (3.9%)

2018 : Aging of Total HP Portfolio (9,820 MB) Prudent expansion policy with strict credit approval process and strong collection team create sustainable HP portfolio

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Stringent Accounting Policy

 Past due over 3 months will be charged off  One time commission charged at the beginning of the contract  Motorcycle with past due over 6 months will be written off (without verdict process)  Automobile with past due over 6 months that had gone through verdict will be written off

Income Recognition and Charge-Off Policy Write-Off Policy Provision for Doubtful Account Policy TK does not deduct the collateral value before setting provision for motorcycle HP Provision for Doubtful Account of Motorcycle Hire Purchase

Net Account Receivables Current portion < 1 Months 1 < Overdue < 3 Months 3 < Overdue < 6 Months Overdue > 6 Months 1 20 50 100

Provision for Doubtful Account of Automobile Hire Purchase

Provision for Doubtful Account (%) Provision for Doubtful Account (%) Net Account Receivables Current portion < 1 Months 1 < Overdue < 3 Months 3 < Overdue < 6 Months 6 < Overdue < 12 Months Overdue > 12 Months 1 2 20 50 100

In 2018, we have allocated an amount which is equal to 1% of motorcycle hire purchase receivables as “General Allowance” in addition to our Accounting Policy on Provision to prepare for any future circumstances.

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High Coverage Ratio

Robust reserve for loan loss with 140.8% coverage ratio or 6.4% of total HP portfolio

7,771 8,252 9,586 9,820 9,619 131 135 11 20 31 404 395 455 404 440 518 528 554 597 619 502 527 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2015 2016 2017 2018 Q1/2019 Net HP A/R NPL (>6 mth) NPL (>3 mth) Loan provision Before-GR Unit : Mb

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Suosdey Finance PLC-Phnom Penh

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Suosdey Finance PLC-Phnom Penh

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Suosdey Finance PLC-Battambang Branch

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Suosdey Finance PLC- Siem Reap Branch

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Suosdey Finance PLC- Kampong Cham Branch

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Suosdey Finance PLC- Svay rieng Branch

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Suosdey Finance PLC- Kampong Speu Branch

Thitikorn Public Company Limited

Suosdey Finance PLC

5.1 16.6 64.8 194.1 33.1 75.7 75.7 7.6 14.9 43.7 117.9 17.3 40.6 39.5

• 2.5

1.7 21.1 76.2 15.8 35.0 36.2

• 20

20 40 60 80 100 120 140 160 180 200 2015 2016 2017 2018 Q1/2018 Q1/2019 Q1/2019*

Income Expense Net Profit

Unit : Mb

< 3 mth 99.13% >6 mth 0.08%

Motorcycle Q1/2019

4-6 mth 0.79% < 3 mth 99.45% >6 mth 0.05%

Motorcycle 2018

4-6 mth 0.50%

84.50 297.81 721.04 875.70 0.38 0.66 1.00 1.50 3.95 7.59 1.70 4.28 18.25 23.66 11.04 14.90 100 200 300 400 500 600 700 800 900 1,000 2016 2017 2018 Q1/2019 Net HP A/R NPL (>6mth) NPL (>3mth) Loan provision Before-GR

Unit : Mb

* Q1/2019 ไม่รวมขาดทุน (กําไร) จากอัตราแลกเปลี่ยน ซึ่ง Q1 ขาดทุน 1,146,175.13 บาท

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Branches Expansion Plan of Suosdey Finance PLC

Suosdey Finance PLC plan to expand its branches into 6 provinces with

• bjectives of branch expansion and facilitate customers’ demand to access

company service. 1. Kampong Thom 2. Banteay Meanchey 3. Kampong Chhnang 4. Kampot 5. Takao 6. Pursat The expected period of opening for these Branches is Q2/2019

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Sabaidee Leasing Compamny Limited

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Sabaidee Leasing Compamny Limited

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Sabaidee Leasing – Luang prabang

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Sabaidee Leasing – Luang prabang

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Sabaidee Leasing – Savanakhet

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Sabaidee Leasing – Savanakhet

Sabaidee Leasing

0.0 1.4 9.6 35.9 58.9 11.3 24.7 24.7 1.0 3.0 8.0 22.2 56.4 9.9 21.0 17.6

• 1.0
• 1.6

1.6 13.7 2.6 1.5 3.7 7.1

• 10

10 20 30 40 50 60 70 2014 2015 2016 2017 2018 Q1/2018 Q1/2019 Q1/2019*

Income Expense Net Profit

Unit : Mb

< 3 mth 98.12% >6 mth 0.08%

Motorcycle Q1/2019

4-6 mth 0.81% < 3 mth 98.97% >6 mth 0.04%

Motorcycle 2018

4-6mth 0.99%

52.76 107.93 199.52 228.13 0.23 0.17 0.00 1.40 2.06 2.01 0.65 2.65 6.38 7.09 4.39 4.81

• 10

40 90 140 190 240 2016 2017 2018 Q1/2019 Net HP A/R NPL (>6mth) NPL (>3mth) Loan provision Before-GR

Unit : Mb

* Q1/2019 ไม่รวมขาดทุน (กําไร) จากอัตราแลกเปลี่ยน ซึ่ง Q1 ขาดทุน 3,375,430.02 บาท

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Branches Expansion Plan of Sabaidee Leasing Co.,Ltd

Sabaidee Leasing Co.,Ltd plan to expand its branches into 3 provinces with

• bjectives of branch expansion and facilitate customers’ demand to access

company service. 1. Pakse Province 2. Xieng Khouang Province 3. Udomchai Province The expected period of opening for these Branches is Q1/2019

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Mingalaba Thitikorn Mircrofinance Co., Ltd ซึ่งได้รับใบอนุญาตประกอบธุรกิจ Microfinance เป็นที่เรียบร้อยแล้ว เมื่อวันจันทร์ที่ 29 เมษายน 2562

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Bago

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Celebrate 45th year Anniversary

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Celebrate 45th year Anniversary

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Investors’ Choice Award 8 consecutive years(Year 2016)

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Investors’ Choice Award 6 consecutive years(Year 2014)

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Investors’ Choice Award 4 consecutive years(Year 2012)

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Strictly Private & Confidential

Thitikorn Public Company Limited 69 Ramkamhaeng Rd., Huamark, Bangkapi, Bangkok 10240 Tel: 662-310-7000 Fax: 662-318-3339 e-mail: investor@tk.co.th