Embed Size (px)
Citation preview
QH Performance 2014 February 2015
Not exceeding 50% of its consolidated net income after deduction of all specified reserves.
Company
Address
Trade Date
Listed shares
Par Value
Market Capitalization
Dividend Policy
Industry/Sector
Company Profile
2
QH NAV
QH NAV per share (Baht) 4.37
Property Development Value 34,444
Market value of investment in associated companies (as of Feb 19, 2015) 29,452
Net Debt (23,734)
Total NAV 40,162
QH Market Capitalization (BT4.18 per share @ Feb 19, 2015) 38,388
Discount to NAV per share 4.4%
Number of QH shares 9,184
QH NAV per share (Baht) 4.37
As of Dec 2014
3
QH
Q. House Convent
Q. House Asoke
Q. House Sathon
QHPF
Q. House Ploenchit
Q. House Lumpini
Waveplace
Pri
ce: M
illio
n B
aht
QH
Centre Point Hotel Silom
QHHR
Centre Point Hotel Pratunam
Centre Point Hotel Sukhumvit 10
Centre Point Hotel Chidlom
LHPF
Centre Point Hotel Ploenchit
Management Contract
Centre Point Sukhumvit-Thonglor
Grande Centre Point Hotel Ratchdamri
Grande Centre Point Hotel Terminal 21
Centre Point Residence Phromphong
L&H Villa
>100
30-85
24-80
7-30
6-12
7-12
5-7
4-6
3-6
3-5
1.8-4 2-3
14-140
3-7
2-5
1.5-4
Detached House
Town Home
Condominium
Office Building
Hotel
High ended brand Mid ended brand Low ended brand
Property Development for Sale
Pre-Sale Pre-Built
Property Development for Rent
Brand & Business Model
4
<1
2-4
2015P
DH TH Condo
2015P
Hi-end Mid-end Low-end
Revenue Classification
Classify by Segmentation Classify by Product
18,477 18,477 20,147
24,100
50%
15%
35%
53%
20%
27%
23%
39%
38%
29%
41%
30%
5
20,147
23%
41%
36%
24,100
53%
24%
23%
Proportion of total project launch
Project launch in 2014 & 2015
Project launch 2014 2015
No. of projects 27 30
Total value (bn Baht) 23.66 33.01
Proportion (%) of project launched each year
By Segmentation 2013 2014 2015
High 19% 14% 38%
Mid 24% 46% 37%
Low 57% 40% 25%
By Product Type
DH 41% 26% 34%
Townhouse 22% 40% 13%
Condo 37% 34% 53%
By Location
Bangkok 90% 79% 82%
Provinces 10% 21% 18%
6
Key Performance 2012A 2013A
2014A 2015P
Presales (Baht) 16 bn 20.4 bn (+28%)
19.3 bn (-5%)
24.1 bn (+25%)
Revenue Recognition (Baht) 12 bn 18.5 bn (+55%)
20.1 bn (+9%)
24.1 bn (+20%)
Backlog (Baht) 7.2 bn 9.0 8.0 bn n.a.
Equity Income from Associated Company
804 mb 943 mb 1,060 mb >1 bn
Gross Profit Margin 31% 32% 32.5% 34%
Land CAPEX 3 bn 2.8 bn 8 bn 5-6 bn
Construction CAPEX 8 bn 8.3 bn 10.5 bn 10 bn
Financial Highlight
Net Profit (Bt million) 2,386 3,307 3,329
EPS (Bt) 0.26 0.36 0.36
Net Interest Bearing Debt/Equity
1.3X 1.1X 1.24X 1.1X
Dividend per share (Bt) 0.12 0.16 0.07*
Dividend payout ratio 46% 44% - Up to 50%
2015 Key Performance Target
7 Note: * Interim dividend
0.2 0.30.20.3 0.4
3.3
6.8 7.3
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
7.6 8.1 9.311.0
1.62.9
4.0
3.7
6.8
8.2 4.3
-
5.0
10.0
15.0
20.0
25.0
DH TH Condo
Pre-Sales: Billion baht Backlog: Billion Baht
20.4
12.1
16.5
4.0
7.2
9.0
0.9
0.4 0.3 0.2
Pre-Sales & Backlog
8
8.5
19.3
8.0
0.7
6.1
0.6
0.7
0.0 2.0 4.0 6.0 8.0
Condo
DH+TH
Condo
TH
DH
Total
2015P
30 p/33,014 MB
12 p/11,243 MB
8 p/4,236 MB
10 p/17,535 MB
2014
27 p/23,655 MB
9 p/6,095 MB
9,947
3,772
3,815
Low-End
Medium-End
Hi-End
12 p/9,512 MB 1,707
2,530
6 p/8,048 MB
Note: # Projects/Project Value
Conclusion of new projects launched
1,024
4,491
580
9
2,580
6,710
1,952
5,962
3,550
2,404
388
5,256
PROJECTS IN PIPELINE
10
# Projects/Remaining Value
Note 1. Remaining Value = Total Project Value – Accumulated Sales 2. For Pre-built, Accumulated Sales = Accumulated Transfer
Products Pre-built Pre-sales Total
DH 42 projects/31,819 MB 42 projects/31,819 MB
TH 20 projects/9,471 MB 20 projects/9,471 MB
Condo 13 projects/10,072 MB 13 projects/10,072 MB
Total 62 projects/37,647 MB 13 projects/10,072 MB 75 projects/51,362 MB
Conclusion of projects in pipeline
11
As of Dec 2014
1) Remaining Value = Project Value - Accumulated Sales
Projects in pipeline
12
As of Dec 2014 No. of projects Project Value
Bangkok & Greater Bangkok (MB) (MB) %
Low-rise
Q 1 1,470 872 59%
QH 2 6,972 3,740 54%
Prukpirom 2 5,229 2,588 49%
Laddarom 5 12,303 4,398 36%
Vararom 1 1,761 907 51%
CASA 26 33,422 19,413 58%
The Trust 6 5,184 2,909 56%
Gusto 8 6,579 2,638 40%
Total of low-rise projects in BKK and greater BKK 51 72,920 37,465 51%
High-rise
Q 1 3,580 336 9%
The Trust 2 6,053 4,272 71%
Total of high-rise in BKK and greater BKK 3 9,633 4,608 48%
Total projects in BKK and greater BKK 54 82,553 42,074 51%
Provinces
Low-rise (Chiang Mai, Rayong, Petchaburi: Cha Am, Chonburi : Sriracha, Nakhon Prathom)
QH 1 382 321 84%
Laddarom 1 1,451 464 32%
Vararom 3 2,059 1,017 49%
CASA 5 2,983 1,669 56%
The Trust 1 441 354 80%
Total of low-rise projects in upcountries 11 7,315 3,825 52%
High-rise (Chiang Mai, Chiang Rai, Chonburi: Pattaya, Prachuab Kirikan: Hua Hin,Nakhon Prathom)
Q 1 1,927 1,483 77%
QH 1 547 399 73%
CASA 2 820 387 47%
The Trust 6 6,142 3,195 52%
Total of high-rise projects in provinces 10 9,437 5,464 58%
Total projects in provinces 21 16,752 9,289 55%
Grand Total 75 99,305 51,362 52%
Remaining Value
Projects completed in 2014
13
Total
Year Total Salable Area
(MB) (Units) (Sq.W) Units Value (MB) %
Low-rise 7,502 1,724 90,581 1,724 7,502 100%
1 Casa Grand Chaiyapruk-Chaengwattana Bangkok 1Q14 1,137 147 12,963 147 1,137 100%
2 Casa Seaside Cha-Am Petchaburi 1Q14 519 104 8,458 104 519 100%
3 The Trust City Ngamwongwan 25 Bangkok 2Q14 1,087 263 6,239 263 1,087 100%
4 Gusto Pinklao Bangkok 2Q14 566 202 4,467 202 566 100%
5 Casa Ville Watcharapol - Sukhaphiban 5 Bangkok 3Q14 2,129 418 25,707 418 2,129 100%
6 Gusto Sathorn Bangkok 3Q14 626 205 4,809 205 626 100%
7 Vararom Kaewnawarat Chiangmai 3Q14 930 247 21,593 247 930 100%
8 Casa Ville Sriracha Chonburi 4Q14 509 138 6,345 138 509 100%
High-rise 10,813 5,124 209,139 5,124 10,813 100%
1 The Trust Residence Pinklao Bangkok 2Q14 2,425 1,408 41,549 1,408 2,425 100%
2 Casa Condo Ratchada-Ratchapruk Bangkok 3Q14 1,509 627 19,710 627 1,509 100%
3 Casa Condo Asoke Dindang Bangkok 3Q14 1,907 920 26,248 920 1,907 100%
4 Q.House Sukhumvit 79 Bangkok 4Q14 1,962 484 32,762 484 1,962 100%
5 The Trust Residence Ratchada-Phraram 3 Bangkok 4Q14 3,010 1,685 88,870 1,685 3,010 100%
18,316 6,848 299,720 6,848 18,316 100%
Total
Year Salable Area
(MB) (Units) (Sq.W) Units Value (MB) %
Low-rise
1 Laddarom Pinklao Bangkok 2014 3,910 476 54,752 475 3,905 100%
2 Casa Grand Rattanathibet-Ratchaphruk Bangkok 2014 1,005 124 11,314 121 976 97%
3 Casa Presto Phraram 2 Bangkok 2014 872 171 9,475 170 868 100%
5,787 771 75,541 766 5,749 99%
Accum. Transfer
(As of Dec 2014)
Project
Value
Accum. Transfer
(As of Dec 2014)
Project
Value Total
Total (8 Low-rise, 5 High-rise projects )
Total (3 Low-rise projects)
No Completed Projects Location
No To be going to completed Projects Location
INVESTMENT & RENTAL BUSINESSES
14
Associated Companies
Note: 1) First Day Trade on 10 May 2011, with IPO price =1.40 baht/share 2) First Day Trade on 31 July 2012 with IPO price = 10.00 baht/share
15
Investments in Associates
(Unit: Million Baht)
Consolidated Consolidated Carrying amount
Registered % % Share of income (loss)Share of income (loss) based on Market Cap.
shares capital ShareholdingShareholding from investment from investment Cost Equity Method as at
Company Name (mil. Shares) 31-Dec-14 31-Dec-13 Diff 31-Dec-14 31-Dec-13 Diff 31-Dec-14 31-Dec-14 19-Feb-15
Home Product Center Plc. Trading 12,329 20% 20% 0.1% 649 606 42 760 3,335 20,945
LH Financial Group Plc.1) Investment
Holding in LH
Bank
13,199 21% 21% -0.1% 254 183 71 2,850 3,475 5,689
Quality Houses Property Fund REIT 797 26% 26% 0.0% 129 122 7 2,018 1,280 1,902
Quality Houses Hotel and
Residence Property Fund 2)
REIT 336 31% 31% 0.0% 29 32 (3) 1,053 444 916
1,060 943 117 6,680 8,534 29,452
Nature of
business
Hotel Business
As of Dec 2014
* H = Hotel, S = Service Apartment, A= Apartment
*
16
TypeNo. of
Floors
Gross
Area
(Sq.M.)
Rentable
Area
(Sq.M.)
No. of Units
1. Hotel belonging to QH
Centre Point Hotel Silom 4-3-20 Rai Leasehold H 27 26,000 13,933 214 85% 1,154 388 538
Total (1) 26,000 13,933 214 85% 1,154 388 538
2. Hotel leased from
QHHR
Centre Point Hotel Pratunam 1-2-25.4 Rai Rent H 28 25,390 13,009 266 93% 638 208 823
Centre Point Hotel Sukhumvit 10
- Main Tower 1-2-85.5 Rai Rent H 28 33,556 16,723 189 90%
- Garden Wing 1-2-85.5 Rai Rent H 5 3,709 2,372 45
Centre Point Hotel Chidlom 1-1-33.9 Rai Rent H 24 22,000 11,744 200 97% 918 521 610
Total (2) 84,655 43,848 700 92% 2,917 1,322 2,816
Total (1)+(2) 110,655 57,781 914 91% 6,867
3. Management Contract
Centre Point Sukhumvit-Thonglor 2-3-19 Rai S 11 24,723 13,875 156 90% 1,219
Grande Centre Point Hotel Ratchadamri 2-3-19 Rai H 50 66,628 34,686 526 84% 2,761
Grande Centre Point Hotel Terminal 21 9-1-44 Rai H 22 21,166 21,166 498 88%
Grande Centre Point Hotel Ploenchit 2-2-67 Rai H 29 44,183 19,298 277
Close to
renovate from
May-Oct 14 1,780
Centre Point Residence Phromphong 3-1-14 Rai A 24 42,150 24,396 76 97%
L&H Villa 8-9-47 Rai
House for
rent - 18,882 13,742 37 100%
Total (3) 217,732 127,163 1,570 91% 2,761
Grand Total (1)+(2)+(3) 328,387 184,945 2,484 91%
Total
Investment
(MB)
Book
Value as
of Dec 14
(MB)
Appraisal
Value
(MB)
1,361 1,384592
Projects Land Area Owner
Average
Occupancy
Rate as of Dec
14
Bldg. Details
Office Building for Rent
As of Dec 2014
17
Project Land Area Owner
1. QH Projects
Q. Houses convent 2-3-17 Rai QH-Leasehold 14 26,917 12,744 82% 357 72 246
Q. Houses Asoke 2-2-54 Rai QH-Leasehold 22 48,300 20,762 97% 666 180 704
Q. Houses Sathorn 2-3-56 Rai QH-Leasehold 19 27,000 13,493 94% 512 145 502
Total (1) 102,217 46,999 92% 1,535 397 1,452
2. QH Property Fund
Q. Houses Ploenchit 1-1-63 Rai QH-Freehold 18 22,520 10,855 100% 895 588 1,188
Q. Houses Lumpini - Office space 7-3-93.6 Rai QHPF-Leasehold 38 120,520 57,134 98%
- Ratail space 4 9,360 97%
Total - Lumpini 42 120,520 66,494 98%
Waveplace - Office space 2-3-99 Rai QHPF-Leasehold 15 45,671 19,063 98%
- Ratail space 5 5,857 97%
Total - Waveplace 20 45,671 24,920 98%
Total (2) 188,711 102,269 98% 895 588 1,188
Grand Total (1)+(2) 290,928 149,268 96% 2,430 985 2,640
Gross Area
(Sq.M.)
Rentable
Area
(Sq.M.)
Building Details Average
Occupancy
rate as of
Dec 14
Total
Investment
(MB)
Book
Value as
of Dec 14
(MB)
Appraisal
Value
(MB)No.of
Floors
FINANCIAL PERFORMANCE
18
Corporate Performance
Corporate Performance 2009-2014
19
11,355
13,241
9,849
13,077
19,699
21,220
5,048
6,429
4,979
10,581
14,174
10,671
15,211
20,942 22,437
5,391 6,739
5,295
236 221 274 254 186 226 60 66 49
1,716 2,003 853
2,450 3,307 3,329
649 1,070 727
2,870 3,119
1,553
3,648 4,305 4,363
855 1,394 940
-
5,000
10,000
15,000
20,000
25,000
Q4-14 Q3-14 Q4-13
MB
Sales&Rental Total Revenue Interest Exp. Net Profit After Tax EBITDA
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
Q4-14 Q3-14 Q4-13
10,245 9,364
7,637 8,640
11,926
14,725
4,003 4,037 3,375
2,870
1,176
3,345
6,552
5,427
754
2,127
1,286
285
310
331
347
359
366
94
93
89
825
696
704
746
863
700
196
173
229
453
543
639
802
943
1,060
303
267
270
85
1,184
140
-
-
-
-
192
389
98
149
160
158
41
43
45
MB
Others Extra Gain Income from investments Serviced Apartments Office buildings Condominium Land and houses
Revenue Structure
Revenue Structure 2009-2014
12,000
14,174
5,295
6,739
10,671
5,391
15,211
20,942
20
22,437
Statement of comprehensive income
21
FOR THE PERIOD ENDED %
2014 and 2013 4Q14 3Q14 4Q13 QoQ YoY 2014 2013 Change
(Unit : Thousand baht)
Revenues
Sales of land and houses 4,002,883 4,036,517 3,375,443 -1% 19% 14,725,211 11,925,826 23%
Sales of residential condominium units 754,467 2,126,788 1,285,825 -65% -41% 5,427,404 6,551,582 -17%
Rental of units in office buildings and related service income 93,925 93,248 88,798 1% 6% 366,468 358,837 2%
Rental of units in residential buildings and related service income 196,447 172,919 229,201 14% -14% 700,465 862,678 -19%
Other income 343,736 309,681 315,715 11% 9% 1,217,481 1,242,852 -2%
Share of income from investments 302,698 267,169 270,359 13% 12% 1,059,885 943,152 12%
Interest income 5,001 4,247 6,961 18% -28% 20,833 16,359 27%
Gain on sales of properties and transfer of leasehold rights
to building- - - - 139,879 -100%
Others 36,037 38,265 38,395 -6% -6% 136,763 143,462 -5%
Total revenues 5,391,459 6,739,153 5,294,981 -20% 2% 22,437,030 20,941,775 7%
Expenses
Cost of land and houses sold 2,707,612 2,786,072 2,358,371 -3% 15% 10,074,732 8,262,445 22%
Cost of residential condominium sold 470,525 1,422,262 751,013 -67% -37% 3,530,780 4,226,400 -16%
Cost of rental and related services - office buildings 48,799 48,663 46,326 0% 5% 192,106 184,988 4%
Cost of rental and related services - residential buildings 144,331 123,329 166,085 17% -13% 515,040 637,851 -19%
Selling expenses 545,050 557,484 482,377 -2% 13% 1,999,040 1,759,686 14%
Administrative expenses 636,379 435,358 525,407 46% 21% 1,882,093 1,634,137 15%
Financial expenses 56,840 80,901 60,601 -30% -6% 254,772 228,062 12%
Provision for loss arising from guarantee of minimum rental
income of projects30,900 - 65,034 -52% 30,900 65,034 -52%
Total expenses 4,640,437 5,454,070 4,455,214 -15% 4% 18,479,463 16,998,603 9%
Income before corporate income tax 751,022 1,285,083 839,767 -42% -11% 3,957,566 3,943,172 0%
Corporate income tax 102,399 215,315 112,335 -52% -9% 628,367 635,843 -1%
Net income for the period 648,623 1,069,768 727,432 -39% -11% 3,329,199 3,307,329 1%
Basic earnings per share
Net income 0.07 0.12 0.08 0.36 0.36
% Change
Capital Structure
22
D/E RATIO AS OF Dec 31,2014
(Unit : Million Baht)
Outstanding Loan as of Dec 31, 2014 25,192
Project Loan 697
Working Capital 1,992
Debenture 22,503
Other Liabilities - Rental income received in advance (Q.Houses Ploenchit) 596
Other Liabilities 3,697 4,293
Total Liabilities 29,485
Equity as of Dec 31, 2014 19,149
Net D/E (Dec 31, 2014) 1.24
D/E Bank Loan Ratio (Dec 31, 2014) 1.32
D/E Ratio (Dec 31, 2014) 1.54
Statement of Financial Position
23
Balance sheet
Consolidated financial statements 31 Dec 2014 31 Dec 2013 % Change
Assets
Current assets
Cash and cash equivalents 1,458,191 1,630,327 -11%
Trade and other receivables 73,976 91,178 -19%
Land and construction in progress - net 24,949,321 22,557,805 11%
Other current assets 1,227,027 622,181 97%
Total current assets 27,708,515 24,901,491 11%
Non-current assets
Investments in associates 8,534,266 7,638,221 12%
Other long-term investments 27,575 30,698 -10%
Long-term loans to related parties 37,951 35,931 6%
Investment properties-net 499,509 514,437 -3%
Property, plant and equipment - net 574,934 339,123 70%
Leasehold rights - net 768,730 848,411 -9%
Land and project development costs - net 9,495,042 6,580,694 44%
Other non-current assets 987,212 762,770 29%
Total non-current assets 20,925,220 16,750,285 25%
Total assets 48,633,734 41,651,777 17%
Statement of Financial Position (Cont’)
24
Balance sheet (Cont')
Consolidated financial statements 31 Dec 2014 31 Dec 2013 % Change
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions 1,000,000 - na
Short-term loans 991,859 323,358 207%
Trade accounts payable 1,049,826 882,392 19%
Current portion of long-term loans - -
Current portion of unsecured debentures 4,600,000 3,985,000 15%
Short-term provisions 394,145 232,171 70%
Other current liabilities 2,088,042 2,057,939 1%
Total current liabilities 10,123,871 7,480,860 35%
Non-current liabilities
Long-term loans, net of current portion 697,000 - na
Unsecured debentures, net of current portion 17,903,166 16,012,000 12%
Provision for long term employee benefits 103,110 110,831 -7%
Long-term provisions 88,709 174,570 -49%
Other non-current liabilities 569,190 596,220 -5%
Total non-current liabilities 19,361,175 16,893,621 15%
Total liabilities 29,485,046 24,374,481 21%
Shareholders' equity
Share capital
Share Capital-Registered
9,183,784,692 ordinary shares of Baht 1 each 9,183,785 9,183,785 0%
Share Capital-Issued and paid up
9,183,767,553 ordinary shares of Baht 1 each 9,183,768 9,183,768 0%
Share premium 379,246 379,246 0%
Retained earnings
Appropriated - statutory reserve 729,292 611,866 19%
Unappropriated 8,869,885 7,117,007 25%
Other components of shareholders' equity (13,502) (14,590) -7%
Total shareholders' equity 19,148,688 17,277,296 11%
Total liabilities and shareholders' equity 48,633,734 41,651,777 17%
25
Map of Residential Projects
