View
218
Download
4
Category
Preview:
Citation preview
Pruksa Real Estate Pcl
3Q15 Company Visit
Plum Central Station Plum condo central station The Plant Elite Plum condo central station
The Plant Elite
Plum condo central station
204,581 213,082 195,420
273,946 259,469
311,852
348,536
293,454
337,487
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 (F)
BMR market size (Bt m)
% Growth (YOY)
15% -16%
12%
20%
-5% 40%
-8%
4%
2 Source: Consumer & Marketing Intelligence division, Corporate Marketing at Pruksa Real Estate Pcl.
Flood
Political uncertainty
Political uncertainty
(Bt m)
Bangkok Metropolitan Region (BMR) Market’s
size and percentage growth
55,873 64,560
85,610 70,750
142,102 192,801
9,869
9,376
2014 2015 (F)
+15% yoy
293,454 337,487
3 Calculation base on presale Source: Marketing Intelligence and brand management division, Corporate Marketing at Pruksa Real Estate Pcl.
.
2015 BMR market outlook (Bt m)
The BMR market grew at 19% in 9M15 and
2015 is expected to grow at 15%
41,973 51,355
66,588 60,466
99,525 136,415
6,672 7,230
9M14 9M15
yoy +19%
255,466 214,758
13,900 13,205
19,022 10,284
42,577 56,385
3,197 2,147
4Q14 4Q15 (F)
yoy +4%
82,021 78,696
TH
SDH
Condo
2
1
3
Others 4
BMR : Bangkok Metropolitan Region
4
9M14 (Market Value Bt214,758m) 9M15 (Market Value Bt255,466m)
TOWNHOUSE
9M14 Bt41,973m
9M15 Bt51,355m
SDH + SEMI
9M14 Bt66,588m
9M15 Bt60,466m
CONDOMINIUM
9M14 Bt99,525m
9M15 Bt136,415 m
Pruksa’s market share maintained at above 12% in 9M15
and has the highest share of 31% in the townhouse segment
Units: Bt m
Excluding up country presale of Bt2,306m and international presale of Bt228m and Source: Marketing Intelligence and brand management division, Corporate Marketing at Pruksa Real Estate Pcl.
Pruksa’s market share (Bt m)
29,896,
14%
184,862,
86%
214,758 Overall market grew 19% (YoY)
31,921, 12%
223,545, 88%
255,466
Pruksa Others
13,734, 33%
28,239, 67%
15,905, 31%
35,450, 69%
7,258, 11%
59,330, 89%
7,099, 12%
53,367, 88%
8,904, 9%
90,621, 91%
8,916, 7%
127,499, 93% Pruksa
Others Pruksa
Others Pruksa
Others
There are a total of 176 active projects that have an unsold value of Bt80,362m Low rise: 143 projects - Bt63,872m (79.5%) High rise: 33 projects - Bt16,490m (20.5%)
5
Units (Bt m) Units (Bt m) Units (Bt m) Units (Bt m) Units (Bt m)Total 176 70,621 181,001 24,492 65,522 16,681 35,468 41,084 100,639 29,537 80,362Bann Pruksa 26 9,395 17,750 4,222 7,201 438 902 4,660 8,103 4,735 9,648IVY 1 19 387 15 271 - 0 15 271 4 116Patio 3 784 3,331 273 1,099 52 239 325 1,338 459 1,993Pruksa Lite 3 705 1,474 275 528 31 74 306 603 399 871Pruksa Town 15 3,946 9,982 2,808 6,394 268 820 3,076 7,214 870 2,768Pruksa Village 1 292 681 8 18 28 67 36 85 256 596Pruksa Ville 30 8,411 20,952 3,267 7,613 351 1,000 3,618 8,612 4,793 12,339The Connect 11 3,557 11,208 1,320 3,297 206 648 1,526 3,944 2,031 7,264The Plant 2 763 2,816 294 1,083 17 71 311 1,154 452 1,662Villette 5 1,732 5,314 883 2,626 66 233 949 2,859 783 2,455Total TH 97 29,604 73,894 13,365 30,129 1,457 4,053 14,822 34,183 14,782 39,712Passorn 10 2,797 11,789 981 4,256 113 537 1,094 4,794 1,703 6,995Pruksa Nara 3 926 3,028 622 1,983 20 74 642 2,056 284 972Pruksa Puri 1 189 804 91 378 20 94 111 472 78 332Pruksa Town 3 534 2,178 427 1,595 31 162 458 1,757 76 421Pruksa Village 14 3,642 13,266 1,961 6,639 192 867 2,153 7,507 1,489 5,759The Palm 2 299 3,344 84 991 27 367 111 1,357 188 1,986The Plant 12 2,387 12,292 873 3,875 126 818 999 4,693 1,388 7,598Total SDH 45 10,774 46,701 5,039 19,718 529 2,918 5,568 22,636 5,206 24,065Chapter One 4 3,355 8,585 2,362 5,428 698 2,273 3,060 7,701 295 884Condolette 4 1,113 4,475 496 1,873 393 1,536 889 3,409 224 1,066Fuse 3 2,323 6,587 689 1,878 867 2,228 1,556 4,106 767 2,481IVY 1 289 1,828 268 1,595 5 44 273 1,639 16 189Plum Condo 9 16,522 19,301 1,097 1,211 8,891 10,547 9,988 11,758 6,534 7,543Privacy 6 981 1,914 492 942 245 467 737 1,409 244 504Stylish 2 514 3,060 238 1,271 202 1,333 440 2,604 74 456The Tree 3 4,492 11,088 102 232 3,052 7,928 3,154 8,160 1,338 2,928Urbano 1 253 2,063 - 0 216 1,625 216 1,625 37 438Total CD 33 29,842 58,901 5,744 14,430 14,569 27,981 20,313 42,411 9,529 16,490Silvana Bangalore (India) 1 401 1,505 344 1,245 37 165 381 1,409 20 95Total Inter 1 401 1,505 344 1,245 37 165 381 1,409 20 95Almost closed 89 350
No of Projects
Total project value Revenue Backlog UnsoldSold
Active projects at the end of 9M15
3) Sustainable business growth and
shorten business cycle times
(Booking to transfer)
1) Unique business model with
varieties of different segments
2) Dominant player in large
“real demand” market segment
6
Pruksa competitive strengths and technology
Technology Leader
Precast and REM
Technology
Tunnel
Technology
Being a technology leader and market leader has enabled Pruksa to have mass production capability
Implemented Prefabricated bathroom pod to shorten business cycle time and less defects
To reduce production time and number of skilled labour which leads to cost efficiency
To produce consistent and high quality products
Mass Production Capability
7
9M15 Performance (Bt m)
Note: Revenues are from real estate sales only Other real estate income was of Bt568m
9M15 revenue growth of 9.3% yoy
and generated
a net profit of Bt4,697m
9M15 9M14 9M15 9M14
TH 17,262 14,325 20.5 16,484 17,039 -3.3
SDH 7,878 7,902 -0.3 7,514 6,796 10.6
Condo 9,087 8,904 2.1 9,041 6,204 45.7
Inter 228 199 14.6 172 333 -48.3
Total 34,455 31,330 10.0 33,211 30,372 9.3
Product segmentPresale Revenue
yoy (%)yoy (%)
Performance 9M15 9M14 yoy (%)
Net profit 4,697 4,774 -1.6
14,325 17,262
20,400
7,902
7,878
11,800 8,904
9,087
14,400
199
228
400
9M14 9M15 2015 (Target)
5,166 6,759
5,106
2,804 2,659
2,202
5,317 1,698 3,116
106
62 92
3Q14 2Q15 3Q15
Presale of Bt34,445m for 9M15, up 10.0% yoy
8
13,393
yoy -21.5%
TH
SDH
Inter
Condo
1
2
3
4
47,000
+73.3% of target
(1%)
(31%)
(25%)
10,516
34,455
(43%)
31,330
+10.0%
-5.9% qoq
yoy
(26%)
(23%)
(50%)
(30%)
(21%)
(48%)
(1%)
9M15 and 2015 Presale target (Bt m)
(28%)
(25%)
(46%)
(1%)
11,178
(1%)
17,039 16,484 20,100
6,796 7,514
10,800 6,204
9,041
15,720
333 172
380
9M14 9M15 2015 (Target)
5,678 6,212 5,503
2,530 2,861 2,278
3,246 4,333
3,648
108
57
16
3Q14 2Q15 3Q15
Revenue of Bt33,211m for 9M15, an increase of 9.3% yoy
9
11,562
yoy
qoq
TH
SDH
Inter
Condo
1
2
3
4 47,000
(27%)
(23%)
(50%)
+27.2%
+70.7% of target
(1%)
(33%)
(23%)
(43%)
13,463
33,211
yoy +9.3%
(32%)
(20%)
(48%)
30,372
9M15 and 2015 Revenue target (Bt m)
(21%)
(22%)
(56%)
(1%)
11,445
-15.0%
-1.0%
10
1,838
2,168
1,638
3Q14 2Q15 3Q15
-42% qoq
yoy
9M15 net profit of Bt4,697m, down 1.6% yoy
4,774 4,697
9M14 9M15
-10.9%
-24.4%
-1.6%
Quarterly and 9M15 Net Profit (Bt m)
yoy
28
4
32
5
3
8 3
1
4
9M15 4Q15 (F) 2015 (Revised)
Total value Bt42.3bn
44 Projects
11
2015, target to launch 44 projects with total value of Bt42.3bn
Total value Bt35.6bn
36 Projects
Revise project launches
Total value Bt6.7bn
8 Projects
Type No.of projects
Units Value (Bt m)
TH 28 8,449 22,144 SDH 5 869 6,532 CD 3 3,063 6,965
Total prejects launched 36 12,381 35,641
New projects launched for 9M15 TH
SDH
Condo
1
2
3
* Wilil open Plum Central Station phase II in Nov’15 with value of Bt2bn
16,543
8,870
3,733
6,322
By year
22,862
8,172
1,476 1,714
By year
2015 Backlog Bt22,862m 2015 Backlog
Bt16,543m
2015
2018
2017
2016
2015 backlog of Bt16,543m and 9M15 revenue of Bt33,211m
CD Bt9,873m, 60%
SDH Bt2,568m, 15%
TH Bt3,937m, 24%
International Bt108m, 1%
12
End of 2014 backlog
CD Bt16,637m, 73% SDH
Bt2,725m, 12%
TH Bt3,392m, 14%
International Bt165m, 1%
34,224 35,468
End of 3Q15 backlog
Backlog at the end of 3Q15 (Bt m)
13
Business cycle time
Excluding international segment
59%
33%
8%
54%
37%
9%
0% 20% 40% 60% 80% 100%
3Q15 2014
more than Bt5m
Bt3m≤Bt5m
Less than Bt3m*
14
Pricing of active projects and average units price
More than 90% of active projects mainly focused on low – mid end segment
and housing prices above Bt3m was 46% of our portfolio up from 41%
Revenue breakdown by segment and value 9M15
TH 20,669 54% SDH
9,195 24%
CD 8,450 22%
Domestic Transfer (Bt m)
Bt33,039m
9M15 2014
TH 16,484 50%
SDH, 7,514 23%
CD, 9,041 27%
2013
Bt38,314m
TH 22,791 54%
SDH 9,776 23%
CD 9,694 23%
Bt42,261m
15 Note: Excluded International Business
TH
SDH
CD
Total
Bt1.89m/Unit
Bt4.13m/Unit
Bt2.22m/Unit
Bt2.26m/Unit
1.4%
1.9%
1.2%
= Bt2.09m/Unit
= Bt4.28m/Unit
= Bt2.55m/Unit
= Bt2.49m/Unit
13,097units 16,969 units 16,966 units
10.6%
3.6%
14.9%
10.2%
= Bt2.12m/Unit
= Bt4.36m/Unit
= Bt2.51m/Unit
= Bt2.52m/Unit
1.6%
4,259
4,532
2,843
4,517
3,893
1,838 1,881
891
2,168
1,638
36.8% 36.7%
34.1%
33.6%
34.1%
15.9%
15.2%
10.7%
16.1%
14.3%
10%
15%
20%
25%
30%
35%
40%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
3Q14 4Q14 1Q15 2Q15 3Q15
16
* Note: Excluded land sale of Bt568m in 2Q15
Gross profit margin and Net profit margin
61,648 61,033
63,490 63,398 63,673
24,135 22,295
24,208 24,044 22,795
27,878 29,706 30,718 30,658
31,215
1.21 1.05 1.07 1.07
1.04
0.87
0.75 0.79 0.78 0.73
0.10
0.30
0.50
0.70
0.90
1.10
1.30
1.50
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
3Q14 4Q14 1Q15 2Q15 3Q15
Assets Interest Bearing Debt (IBD) Equity Liabilities/Equities IBD/E
IBD ratio is well-managed to be within our internal target at 1.25x
(Bt m) (X)
17
Liability ratios
18
ROA, ROE and Asset turnover
75.7% 73.4%
70.6% 74.6% 74.0%
15.9% 15.1% 13.9% 14.3% 13.7%
27.9% 24.4%
22.8% 23.9%
22.3%
61,648 61,033 63,490 63,398 63,673
0
10,000
20,000
30,000
40,000
50,000
60,000
0%
20%
40%
60%
80%
100%
3Q14 4Q14 1Q15 2Q15 3Q15
Avg. Asset T / O Avg. ROA Avg. ROE Total Asset
(Bt m)
19
40,375 41,457 40,822
39,369 36,694
9,046 8,926 11,189 11,248 13,955
2,763 2,066 2,055
2,078 3,631
53,888 53,970 55,580
54,149 55,822
0
10,000
20,000
30,000
40,000
50,000
60,000
3Q14 4Q14 1Q15 2Q15 3Q15
Construct. Materials Sample houses Projects under development
Land,House for sale Land under dev. Grand total
-6.8%
Real estate projects under development (Bt m)
+3.1%
20
25,391 25,181 24,571 23,006 21,248
8,160 9,486 9,460 9,652
9,082
40,375 41,457 40,822 39,369
36,694
-
10,000
20,000
30,000
40,000
50,000
3Q14 4Q14 1Q15 2Q15 3Q15Land Land dev. ConstructionInfrastructure Overhead : construction InterestProjects under dev.
Property under development boosted from
land & construction (Bt m)
-7.6.%
+10.0%
-6.8%
Appendix
22
9M15 Condo transferred (Bt m)
** The Seed Mingle, Plum Bangkae, Ivy Pinkao, Fuse Mobius and Condolette Ize have already completed transferred in 2015
Condolette Midst Rma 9
The Tree Interchange Pracharaj
1 Urbano Absolute Jun-10 2,638 97% 98% 3Q13
2 Condolette Light Convent Oct-10 596 79% 90% 4Q13
3 The Privacy Ngamwongwan Jul-13 325 68% 87% 2Q14
4 Chapter One Modern Dutch Feb-10 4,147 85% 90% 2Q14
5 The Privacy Rewadee Soi 16 Oct-13 258 58% 75% 2Q14
6 The Privacy Rewadee - Soi 18 Oct-13 270 29% 55% 3Q14
7 Ivy ampio Mar-11 1,828 87% 90% 3Q14
8 Plum Condo Ladprao 101 Feb-12 672 63% 67% 3Q14
9 The Tree Privata Feb-13 742 99% 100% 4Q14
10 Condolette Dwell Nov-11 972 66% 67% 4Q14
11 The Privacy Ratchada Mar-14 520 65% 81% 4Q14
12 The Privacy Tiwanon Nov-13 268 29% 44% 4Q14
13 The Privacy Pracha-Uthit Fev-14 397 51% 92% 4Q14
14 The Editor May-13 1,188 76% 94% 2Q15
15 Plum Condo Bangyai Station Nov-13 2,327 34% 83% 2Q15
16 Chaptern One Campus Kaset Aug-13 2,060 77% 87% 2Q15
17 Fuse Chan Sathorn Mar-13 3,858 49% 70% 2Q15
18 Condolette pixel Sathorn Oct-13 1,038 58% 78% 2Q15
19 Chapter one Campus Ladprao Mar-14 487 61% 93% 3Q15
20 The Reserve Sep-13 1,871 20% 79% 3Q15
21 The Tree Interchange Sep-11 4,537 5% 92% 3Q15
22 Condolette Midst Rama 9 Jun-13 1,870 9% 76% 3Q15
Total 22 Condo transferred 32,869
Condo transferred in 9M15
TransferredRevenue transferred (%)
Presale (%)Condo transferred in 9M15
Project launched
Project value (Bt m)
Project to date
23 * Open as phases
New condo transfer in 4Q15 and 2016-2018
The Tree Rio Bang-Aor
Fuse Sense Bangkae
Presale (%)
1 Fuse Sense Bangkae Nov-12 1,815 54% 4Q15
2 Plum Condo Phaholyothin 89 Mar-13 4,713 64% 4Q15
3 Plum Condo Park Rangsit* Aug-14 3,100 55% 4Q15
4 Plum Condo Leam Chabang* Nov-14 1,061 45% 4Q15Expected new condo transfer in 4Q15 10,688
Presale(%)
1 Plum Condo Extra Rama II* Mar-14 3,018 23% 2016
2 Plum Condo Samakkhi Aug-14 983 23% 2016
3 The Signature by Urbano (N7) Jul-14 2,063 79% 2016
4 Fuse Miti Ratchada May-14 914 46% 2016
Expected new condo transfer in 2016 6,978
1 Plum Condo Premium Paholyothin 89 Mar-14 1,067 88% 2017
2 Chapter One Midtown Jan-15 1,894 92% 2017
3 The Tree Rio Bang-Aor Station Sep-14 3,841 89% 2017
4 Plum Condo Central Station Aug-15 2,362 99% 2017
Expected new condo transfer in 2017 9,164
1 The Tree Elegance Tiwanon Jun-15 2,710 21% 2018
Expected new condo transfer in 2018 2,710
18,851Total project value
Expected new condo transfer in 2016-2018
New condo transferProject
LaunchesProject value
(Bt m)
Project to date Expected Transfer
Expected new condo transfer in 4Q15
New condo transferProject
LaunchesProject value
(Bt m)
Project to date Expected Transfer
24
9M15 project launched
Units (Bt m) Units (Bt m)
1 Prukas Ville 55/2 TH 353 652 Jan-15 1 Baan Passorn 57 SDH 259 1,632 Jan-15
2 The Connect 31 (Don Muang) TH 381 1,140 Jan-15 2 The Palm - Phuket SDH 120 1,238 Mar-15
3 Baan Pruksa 74/3 TH 490 750 Feb-15 3 Pruksa Village 42 SDH 291 1,624 Mar-15
4 Baan Pruksa 95/1 TH 299 777 Feb-15 4 The Plant Elite (Pattanakarn) SDH 87 914 Jun-15
5 The Connect 32 TH 194 1,010 Feb-15 5 The Plant Exclusique (Pattanakarn) SDH 112 1,124 Aug-15
6 Villette lite (Rattanatibet) TH 390 1,126 Feb-15 SDH Total 5 Projects 869 6,5327 Baan Pruksa 93 TH 323 601 Mar-15
8 Pruksa Ville 73 TH 470 1,577 Mar-15
9 Pruksa Ville 79 TH 239 486 Mar-15 1 Chapter one Mid Town Ladprao 24 CD 517 1,894 Jan-15
10 Pruksa Village 43/1 TH 292 681 Mar-15 2 The Tree Elegance Tiwanon CD 1,338 2,710 Jun-15
11 Pruksa Ville 59/2 (Kathu - Patong) TH 224 617 Apr-15 3 Plum Condo Central station CD 1,208 2,362 Aug-1512 Pruksa Ville 75 (Chiang Mai) TH 196 617 Apr-15 CD Total 3 Projects 3,063 6,96513 Baan Pruksa 98 (Bangyai) TH 180 387 May-1514 Baan Pruksa 28/3 TH 18 44 May-15 Total 9 months : 36 Projects 12,381 35,64115 Pruksa Ville 60/1-5 TH 91 354 May-1516 Pruksa Ville 62/1 TH 257 537 May-1517 Baan Pruksa 84/1 TH 462 1,056 Jun-1518 Baan Pruksa 97 Chonburi TH 305 712 Jun-1519 Baan Pruksa 99 TH 495 987 Jun-1520 Baan Pruksa 86/2 TH 341 591 Jun-1521 Pruksa Ville 71/2 TH 237 542 Jun-1522 The Connect 35 (Pattanakarn) TH 366 1,272 Jul-1523 Pruksa Ville 66/3 TH 30 108 Aug-1524 Pruksa Ville 80 TH 232 714 Aug-1525 Baan Pruksa 95/2 TH 446 974 Sep-15
26 Baan Pruksa 100 TH 250 612 Sep-15
27 The Connect 33 TH 393 1,281 Sep-15
28 The Connect 37 TH 495 1,940 Sep-15
TH Total 28 Projects 8,449 22,144
Launched
Condominium (CD)
Single Detached House (SDH)
New projects as of 9M15
No. Project name TypeProject value
Townhouse (TH)
No. Project name TypeProject value
Launched
New projects as of 9M15
The Plant Exclusique Pattanakarn
Thank you
Pruksa real estate Public Company Limited (“Pruksa”) provides this presentation for the purpose of publishing company’s performance and material financial information. Some statements made in this presentation are forward-looking statements with subject to change due to the market’s condition and various uncertainties. These also include statements with respect to our management strategies, beliefs and expectations. Pruksa, therefore, makes no representation or warranty as to the accuracy, completeness or appropriateness of the information contained in this presentation. This presentation does not constitute any advice, offer or solicitation for any investment or otherwise. The readers or recipients should consider the information carefully and are requested to use their own discretion to review the information relating to Pruksa from the presentation and the other sources before making a decision in any transaction. Any unauthorized use, reproduction or distribution in whole or in part of the information contained in this report without Pruksa’s permission is strictly prohibited. However, Pruksa reserves the right with its own discretion to amend or modify the information contained in this presentation without any prior notice. Pruksa shall not endorse or accept any responsibility for the content or use of any such opinion or statement.
Recommended