Thitikorn itikorn Public ic Compan mpany y Limited ed “Motorcycle Hire - Purchase Specialist” March 28 , 2019 1 Thitikorn Public Company Limited
Contents I. Company Profile II. Industry Overview III. Operational Results IV. Financial Highlights 2 Thitikorn Public Company Limited
I. Company Profile 3 Thitikorn Public Company Limited
Company Development 1972 Established with 1MB registered capital to provide motorcycle HP in Bangkok No.1 in terms of market share of motorcycle HP in Bangkok 1982 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 2003 Acquired CYP to provide automobile HP Listed on the SET and raised fund of 1,100 MB Issued first TK’s Thai Baht -Debenture of 745 MB 2005 2008 4-Stars Corporate Governance Scoring appraised by Thai Institute of Directors Association (IOD) 2010 Received Company Rating A- (Stable) from TRIS Acquired Cetelem (Thailand) Co., Ltd and changed its name to “TK Debt Services Co., Ltd.” 2011 Celebrate 40 th year Anniversary 2012 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 4 Thitikorn Public Company Limited
Company Development 2013 Total Assets surpassed 10,000 MB for the first time First overseas operation in Cambodia, “ Suosdey Finance” in Phanom Phenn 2014 Second overseas operation in Laos, “ Sabaidee Leasing” in Vientiane 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. Issued TK’s Thai Baht -Debenture of 1,800 MB, 3 – years, Fixed Rate 2.71% per annum. 2017 Celebrate 45 th 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 Completed the process for disposal of the ordinary shares of subsidiary “TK Debt Servives Co.,Ltd ” 2018 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. 5 Thitikorn Public Company Limited
TK Group Structure Total net portfolio of 9,224 MB Thitikorn Plc. (TK) Motorcycle hire purchase provider With 7,900 MB portfolio size Suosdey Finance PLC. C.V.A . Co., Ltd. (CVA) Debt collection servicer Motorcycle hire purchase provider with 695 MB portfolio size 99.95% 99.99% Sabaidee Leasing Co., Ltd. Chayapak Co., Ltd. (CYP) Automobile hire purchase provider Motorcycle hire purchase provider with 433 MB portfolio size with 195 MB portfolio size 80.50% 99.99% TK NGERN TAN JAI C0., Ltd Mingalaba Thitikorn Microfinance Co., Ltd Nano Finance in Thailand Micro Finance Subsidiary with 1.0 MB portfolio size in Myanmar 99.99% 99.00% * As of December 31, 2018 6 Thitikorn Public Company Limited
Success Factors No.1 in motorcycle HP in Bangkok since 1982 Proven Track Record Most recognizable brand by motorcycle dealers & customers Reputable major shareholders - Dr.Chumpol Phornprapha & Families Proven management with market expertise more than four decades in HP industry Never been an NPL with any financial institutions since founded Large valuable database of over 3,000,000 customers Extensive & nationwide outlets with 93 branches in 57 provinces of Thailand Regional extensive 9 branches in Kingdom of Cambodia and Lao PDR Consistently provide HP service during any economic condition Solid Capital Base : 4,929.0 million baht Solid Financial Position D/E ratio of 1.1 times : average D/E of financial sector is 7.7 times Abundant credit line from the leading financial institutions with favorable terms & conditions 88.4 % of Total Assets are income generating assets High quality motorcycle HP portfolio with 3.9 % NPL Very conservative accounting policy : recognized full amount of commission on day one Stringent loan provision : reserve full amount of the whole contract value A - rating by TRIS 7 Thitikorn Public Company Limited
II. Industry Overview 8 Thitikorn Public Company Limited
Thailand Motorcycle Sales Motorcycle sales reached a (Units) BMA Provincial Area 2,400,000 new record high for two consecutive years in 2011 2,200,000 2,125,646 2,001,244 2,004,000 and 2012 2,000,000 1,846,005 1,810,856 1,788,459 21% 1,738,254 ~1,720,000 (-3.8%) 19% 1,800,000 23% 1,699,218 1,671,237 Q4 Q4 21% From 2013 to 2015 sales 1,600,000 420,177 422,265 25% 23% 25% continue to decline for three 24% 26% 1,400,000 consecutive years due to 81% Q3 1,200,000 slow down in economic Q3 79% 441,071 79% 431,447 77% 77% activities 76% 1,000,000 75% 800,000 Q2 Q2 487,791 469,649 600,000 Motorcycle sales 2018 75% 74% decreased by 1.2% to 400,000 294,351 Q1 1,788,459 units and continue Q1 27% 200,000 465,098 461,817 73% to expand in 2018 for three 0 consecutive years 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(2M) Source : Thailand Motorcycle Hire Purchase Association, AP HONDA 9 Thitikorn Public Company Limited
Monthly Motorcycle Sales Motorcycle sale declined for (Units) 2015 2016 2017 2018 2019 19 consecutive months from 200,000 May 2013 to November 2014. 188,890 190,000 Motorcycle sales increased 183,525 184,459 179,533 for 4 consecutive months 180,000 177,649 from December 2014 to 175,814 168,500 170,000 164,577 March 2015 160,585 164,059 156,890 165,646 161,997 156,758 160,000 155,996 155,090 153,063 155,540 151,723 148,932 2016 Automobile monthly 147,912 150,000 150,533 145,648 140,504 139,313 sales, 5 out of 12 months 144,522 147,225 145,431 140,259 were higher than previous 137,292 137,304 145,419 140,000 142,686 year 137,619 135,583 131,531 134,053 130,000 131,751 127,548 130,598 123,087 127,331 126,190 126,735 124,667 120,000 2018 Motorcycle monthly 123,489 121,616 118,330 sales, 6 out of 12 months 110,000 were higher than previous 105,582 104,173 100,000 year, 12M 2018 Motorcycle Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec sales decreased by 1.2% 10 Thitikorn Public Company Limited
Motorcycle Hire Purchase in BMA TK estimate that cash (Units) sales portion remain at HP financing in BMA2 Cash sale in BMA 500,000 460,676 35-40% due to tighten 456,367 449,643 457,782 436,815 450,000 lending policy from HP operators in the first half 395,190 Q4 Q4 400,000 379,565 367,779 378,645 108,974 106,187 364,969 of 2015 353,149 350,000 328,749 Q3 114,718 Q3 300,000 113,439 49% 54% 250,000 78% 71% 61% Q2 200,000 119,390 Q2 117,643 150,000 51% 78,063 100,000 Q1 46% 119,098 Q1 39% 29% 50,000 117,594 22% 0 Source : Thailand Motorcycle Hire Purchase Association * Ratio H1 Year 2012 => Cash sale in BMA 49% , HP financing in BMA 51% BMA : Bangkok and Metro Area 11 Thitikorn Public Company Limited
Category : Automatic 12 Thitikorn Public Company Limited
Category : Family Spark LX 13 Thitikorn Public Company Limited
Category : Sport/ F-Sport Legend 200 14 Thitikorn Public Company Limited
Motorcycle by Category (Units) Scooter Family Sport 2,400,000 2,125,646 2,200,000 2,001,244 2,004,000 4% 2,000,000 1,810,856 3% 1,846,005 7% 1,788,459 1,741,749 1,699,218 1,738,254 1,800,000 3% 1,671,237 3% 15% 13% 1,595,305 1,553,561 11% 1,600,000 17% 3% 4% 19% 1,400,000 48% 48% 49% 46% 40% 1,200,000 51% 52% 50% 50% 48% 46% 1,000,000 50% 800,000 600,000 51% 46% 49% 294,351 48% 400,000 45% 47% 39% 44% 35% 36% 35% 35% 10% 200,000 53% 37% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(2M) Source : Thailand Motorcycle Hire Purchase Association, AP HONDA 15 Thitikorn Public Company Limited
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