Your SlideShare is downloading. ×
0
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
SNC : Opp day Feb 18, 2013
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

SNC : Opp day Feb 18, 2013

980

Published on

SNC : Opp day Feb 18, 2013

SNC : Opp day Feb 18, 2013

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
980
On Slideshare
0
From Embeds
0
Number of Embeds
7
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Opportunity day 18Feb13Page 1
  • 2. Agenda Overall Home Appliance Segment Automotive Segment RatiosPage 2
  • 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. Home appliance segmentPage 4
  • 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. 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. Automotive SegmentPage 7
  • 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. 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. Page 10
  • 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. 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. 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.  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. Thank youPage 15

×