Opportunity day         18Feb13Page 1
Agenda         Overall         Home Appliance Segment         Automotive Segment         RatiosPage 2
SNC                                                              unit: MB                                                 ...
Home appliance segmentPage 4
Production in Thailand                                                           Unit: 1,000,000 units                    ...
Home appliance                                                                      unit: MB                              ...
Automotive SegmentPage 7
%         Thailand Car Assembly                                                                                       CAR ...
Automotive                                                          unit: MB                                              ...
Page 10
Cash cycle                   Y11                                             Y12                                          ...
times                      ROA        ROE                                    D/E          Net Debt  40%                   ...
Baht                                                      Baht                       BVPS         SPS                     ...
 International Techno pipe Co., Ltd: manufacturer of home            appliance parts which made from copper pipe.        ...
Thank youPage 15
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SNC : Opp day Feb 18, 2013

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Transcript of "SNC : Opp day Feb 18, 2013 "

  1. 1. Opportunity day 18Feb13Page 1
  2. 2. Agenda Overall Home Appliance Segment Automotive Segment RatiosPage 2
  3. 3. SNC unit: MB Y11 Y12 change Sale 8,324 7,648 -8% Sale reduced due to OEM. EAT reduced due to factory relocation, EAT 520 494 -5% floods impact, minimum wages, 4000 800 Sale preparation for new project , new factory %EAT 6.2% 6.5% cost and OEM. 3105 3000 2714 600 +76% yoy 2248 2000 1888 1801 1710 400 1434 EAT 1070 209 +357% yoy 1000 200 177 176 111 134 105 79 23 0 0 6.5% 6.7% 7.7% 2.1% 7.4% 7.8% 4.6% 5.6% 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 Y07 Y08 Y09 Y10 Y11 Y12 Sale 2712 4021 4901 8248 8324 7648 EAT 206 99 139 381 520 494 % 7.6% 2.5% 2.8% 4.6% 6.2% 6.5%Page 3
  4. 4. Home appliance segmentPage 4
  5. 5. Production in Thailand Unit: 1,000,000 units Q4’11 Q4’12 Change Q4’11 Q4’12 Change Q4 1.80 3.75 108% Q4 2.21 2.68 21% Year 15.0 18.1 21% Year 13.1 12.5 -5% 20 18.1 19.0 20 15.7 15.0 14.3 13.1 15 15 12.5 13.1 10.7 11.8 10 10 5 5 47% -4% 21% 5% 21% -8% -5% 5% 0 0 Y2009 Y2010 Y2011 Y2012 Y2013-F Y2009 Y2010 Y2011 Y2012 Y2013-F Air conditioner Compressor Q4’11 Q4’12 Change Q4’11 Q4’12 Change 20 20 Q4 1.19 1.92 61% Q4 1.47 1.67 14% 15 Year 6.2 7.4 19% 15 Year 6.6 6.9 5% 10 7.4 8.4 10 7.4 6.2 6.6 6.9 4.7 5.7 4.8 5.4 5 5 21% 9% 19% 14% 12% 22% 5% 8% 0 0 Y2009 Y2010 Y2011 Y2012 Y2013-F Y2009 Y2010 Y2011 Y2012 Y2013-F Refrigerator Washing machinePage 5 Source: EEI
  6. 6. Home appliance unit: MB Y11 Y12 change Sale 7,650 6,694 -12% EAT 425 419 -1% Sale & EAT reduced due to OEM. %EAT 5.5% 6.3% 4000 Sale 1,000 EAT 2942 800 3000 2530 600 2023 +71% yoy 2000 1586 1623 1462 400 1227 951 1000 185 +230% yoy 200 140 160 107 77 76 76 23 0 - 5.5% 6.3% 6.3% 2.4% 6.7% 7.9% 5.2% 4.7% 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12Page 6
  7. 7. Automotive SegmentPage 7
  8. 8. % Thailand Car Assembly CAR Q4’11 Q4’12 Increase Assembly 173 730 322% Domestic 124 436 252% Sales Unit: 1,000 Cars 2,428 2,500 2,500 Domestic Export 67% 2,000 50% 1,645 -11% 59% 1,250 1,458 1,435 1,500 999 65% 49% 800 55% 1,000 795 55% 548 50% 51% 41% 1,250 500 845 45% 993 45% 663 451 0 Y2009 Y2010 Y2011 Y2012 Y2013-FPage 8 Source: The Federation of Thai Industries & Thailand Automotive Institute
  9. 9. Automotive unit: MB Y11 Y12 change Sale 674 954 +42% EAT 93 95 +2% EAT reduced due to price reduction and factory relocation in 3q12. %EAT 14% 10% 500 100 Sale EAT 400 80 +121% yoy 60 300 266 248 +2,900% yoy 208 215 225 40 37 184 34 200 28 29 162 23 120 19 19 20 100 0 (1) 20% 14% 16% -0.4% 13% 8% 7.7% 11% - 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 -20Page 9
  10. 10. Page 10
  11. 11. Cash cycle Y11 Y12 INV, INV 12 , 12 AP, AP, AR , AR , (64) (56) 46 40 CCC CCC, , (3) (6) Y07-Y11 : +20 +13 +6 +1 -3Page 11
  12. 12. times ROA ROE D/E Net Debt 40% 2.0 Debt was mainly from Trade AP. 4q12 production volume 30% 28% 1.5 was higher than 4q11. 25% 20% 18% 1.0 0.9 14% 0.6 0.6 10% 0.5 0.2 0% - 2011 2012 2011 2012 ROA : Y07-Y11 : 12%, 5%, 6%, 16%, 18% D/E : Y07-Y11 : 0.6, 0.6, 0.5, 0.9, 0.6 ROFA: Y07-Y11 : 37%, 17%, 17%, 45%, 50% Net debt : Y07-Y11 : 0.0, 0.2, 0.1, 0.4, 0.2 ROE : Y07-Y11 : 17%, 5%, 8%, 22%, 28%Page 12
  13. 13. Baht Baht BVPS SPS EPS DPS Policy ≥ 50% of EAT 40 3 3.5 times 30 3.2 times 88% 93% 24.5 2 1.81 1.72 1.60 21.9 1.60 20 (1.00+0.60) (1.00+0.60) 1 10 6.7 7.0 - - 2011 2012 Y11 Y12 BVPS : Y07-Y11 : 6.1, 5.9, 5.9, 6.3, 6.7 EPS : Y07-Y11 : 0.99, 0.33, 0.48, 1.33, 1.81 SPS : Y07-Y11 : 13.0, 4.0, 6.4, 18.6, 21.9 DPS : Y07-Y11 : 0.55, 0.45, 0.70, 1.00, 1.60 DPS : Y07-Y11 : 66%, 136%, 145%, 75%, 88%Page 13
  14. 14.  International Techno pipe Co., Ltd: manufacturer of home appliance parts which made from copper pipe.  Investment 50 MB  1q13: income recognition  SNC Creativity Anthology Co., Ltd: manufacturer of aluminum forging and aluminum condenser.  Investment 500 MB  1q-3q13: factory construction  4q13: prototype  1q14: income recognition.  Funding: bank loan.Page 14
  15. 15. Thank youPage 15
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