Pruksa Real Estate is a real estate developer in Thailand focusing on the low- to mid-end residential market. Founder and CEO Thongma Vijitpongpun has achieved great success and maintained a #1 Profitable Growth rank for the past five years. Learn more at: http://becomeabetterinvestor.net/blog/pruksa-real-estate/

1. Presented by: Dr. Andrew Stotz, CFA
Pruksa Real Estate
Public Co., Ltd.

2. 215 July 2016
Background: Pruksa Real Estate Public Company Limited operates
as a real estate developer in Thailand focusing on the low- to mid-
end residential market. Projects include townhouses, single-
detached houses, and condominiums. The company has seven
precast units in Bangkok.
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by type 2015
Stock information:
Name: Pruksa Real Estate
Public Co., Ltd.
Ticker: PS TB
Price (THB): 26.3
Mcap: US$1,667m
3MADTO: US$3m
Beta: 0.8x
Sector: Financials
Industry: Real Estate
Major shareholders:
66% Vijitpongpun family
4% UBS AG Singapore
30% Free float
Pruksa Real Estate Public Company Limited (PS TB)
 The company develops three types of residential housing projects namely, single
detached house (SDH), town/duplex houses (TH) and condominiums (condos) with a focus
on Bangkok and environs. The company manages its own construction by dividing work into
parts and hiring contractors to perform specific tasks
 Its precast factories produce house walls, fences, slabs and special elements for walls and
façades. Currently, it has seven precast factories and a total capacity to produce 1,120
housing units/month
 PS holds the largest market share in the TH segment at 30%. As of 2015, the company
had 173 active projects covering all its house types
 The company plans to restructure its business and expand into other recurring income
businesses, which could include hospitals or hotels
 A holding company is planned that makes a tender offer on all PS shares at a swap ratio
of 1:1 and then list the holding company on the SET. The company plans to complete this in
the end of 2016
80
100
120
140
160
180
15
20
25
30
35
40
Jul-13 Apr-14 Jan-15 Oct-15 Jul-16
PS TB (LHS)
Price relative to local index
(THB) (%)
Single Detached Houses 20%Townhouses 45% Condos 34%

3. 315 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: Pruksa Real Estate Public Company Limited
operates as a real estate developer in Thailand focusing
on the low- to mid-end residential market.
Projects include townhouses, single-detached houses,
and condominiums.
The company has seven precast units in Bangkok.
Pruksa Real Estate Public Company Limited (PS TB)

4. 415 July 2016
80
100
120
140
160
180
15
20
25
30
35
40
Jul-13 Apr-14 Jan-15 Oct-15 Jul-16
PS TB (LHS)
Price relative to local index
(THB) (%)
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Stock information:
Name: Pruksa Real Estate Public
Co., Ltd.
Ticker: PS TB
Price (THB): 26.3
Mcap: US$1,667m
3MADTO: US$3m
Beta: 0.8x
Sector: Financials
Industry: Real Estate
Major shareholders:
66% Vijitpongpun family
4% UBS AG Singapore
30% Free float
Pruksa Real Estate Public Company Limited (PS TB)

5. 515 July 2016
Background: Pruksa Real Estate Public Company Limited operates
as a real estate developer in Thailand focusing on the low- to mid-
end residential market. Projects include townhouses, single-
detached houses, and condominiums. The company has seven
precast units in Bangkok.
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by type 2015
Stock information:
Name: Pruksa Real Estate
Public Co., Ltd.
Ticker: PS TB
Price (THB): 26.3
Mcap: US$1,667m
3MADTO: US$3m
Beta: 0.8x
Sector: Financials
Industry: Real Estate
Major shareholders:
66% Vijitpongpun family
4% UBS AG Singapore
30% Free float
Pruksa Real Estate Public Company Limited (PS TB)
 The company develops three types of residential housing projects namely, single
detached house (SDH), town/duplex houses (TH) and condominiums (condos) with a focus
on Bangkok and environs. The company manages its own construction by dividing work into
parts and hiring contractors to perform specific tasks
 Its precast factories produce house walls, fences, slabs and special elements for walls and
façades. Currently, it has seven precast factories and a total capacity to produce 1,120
housing units/month
 PS holds the largest market share in the TH segment at 30%. As of 2015, the company
had 173 active projects covering all its house types
 The company plans to restructure its business and expand into other recurring income
businesses, which could include hospitals or hotels
 A holding company is planned that makes a tender offer on all PS shares at a swap ratio
of 1:1 and then list the holding company on the SET. The company plans to complete this in
the end of 2016
80
100
120
140
160
180
15
20
25
30
35
40
Jul-13 Apr-14 Jan-15 Oct-15 Jul-16
PS TB (LHS)
Price relative to local index
(THB) (%)
Single Detached Houses 20%Townhouses 45% Condos 34%

6. 615 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The company develops three types of residential
housing projects namely, single detached house
(SDH), town/duplex houses (TH) and
condominiums (condos) with a focus on Bangkok
and environs
 The company manages its own construction by
dividing work into parts and hiring contractors to
perform specific tasks
Pruksa Real Estate Public Company Limited (PS TB)

7. 715 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Its precast factories produce house walls, fences,
slabs and special elements for walls and façades
 Currently, it has seven precast factories and a
total capacity to produce 1,120 housing
units/month
Pruksa Real Estate Public Company Limited (PS TB)

8. 815 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 PS holds the largest market share in the
Townhouses segment at 30%
 As of 2015, the company had 173 active projects
covering all its house types
Pruksa Real Estate Public Company Limited (PS TB)

9. 915 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The company plans to restructure its business
and expand into other recurring income
businesses, which could include hospitals or
hotels
Pruksa Real Estate Public Company Limited (PS TB)

10. 1015 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 A holding company is planned that makes a
tender offer on all PS shares at a swap ratio of
1:1 and then list the holding company on the SET
 The company plans to complete this in the end of
2016
Pruksa Real Estate Public Company Limited (PS TB)

11. 1115 July 2016
Background: Pruksa Real Estate Public Company Limited operates
as a real estate developer in Thailand focusing on the low- to mid-
end residential market. Projects include townhouses, single-
detached houses, and condominiums. The company has seven
precast units in Bangkok.
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by type 2015
Stock information:
Name: Pruksa Real Estate
Public Co., Ltd.
Ticker: PS TB
Price (THB): 26.3
Mcap: US$1,667m
3MADTO: US$3m
Beta: 0.8x
Sector: Financials
Industry: Real Estate
Major shareholders:
66% Vijitpongpun family
4% UBS AG Singapore
30% Free float
Pruksa Real Estate Public Company Limited (PS TB)
 The company develops three types of residential housing projects namely, single
detached house (SDH), town/duplex houses (TH) and condominiums (condos) with a focus
on Bangkok and environs. The company manages its own construction by dividing work into
parts and hiring contractors to perform specific tasks
 Its precast factories produce house walls, fences, slabs and special elements for walls and
façades. Currently, it has seven precast factories and a total capacity to produce 1,120
housing units/month
 PS holds the largest market share in the TH segment at 30%. As of 2015, the company
had 173 active projects covering all its house types
 The company plans to restructure its business and expand into other recurring income
businesses, which could include hospitals or hotels
 A holding company is planned that makes a tender offer on all PS shares at a swap ratio
of 1:1 and then list the holding company on the SET. The company plans to complete this in
the end of 2016
80
100
120
140
160
180
15
20
25
30
35
40
Jul-13 Apr-14 Jan-15 Oct-15 Jul-16
PS TB (LHS)
Price relative to local index
(THB) (%)
Single Detached Houses 20%Townhouses 45% Condos 34%

12. 1215 July 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by type 2015
Single Detached Houses 20%
Townhouses 45%
Condos 34%

14. 1415 July 2016
PS: Leadership
Sources: A. Stotz Investment Research, company data, FactSet
Dr. Pisit Leeahtam (Independent)
Jan 2004 – Present
Thongma Vijitpongpun
Apr 1993 – Present
ChairmanCEO
2012 2013 2014 2015 Past 12 months

15. 1515 July 2016
'12 '13 '14 '15 PTM
1 1 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 1 1 1 3 2 4 4 3
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 2 2 1 2 6 5 4 4 4 5 4 6 4 4 3 4 4 5 4
Benchmarked against 180 large Real Estate companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitble Growth has
maintained its #1 rank
since 2012
This means PS ranks
better than 162 of 180
large Real Estate
companies globally
PS: A. Stotz Profitable Growth
CEO, 1993 – Present
Thongma Vijitpongpun

16. 1615 July 2016
'12 '13 '14 '15 PTM
1 1 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 1 1 1 3 2 4 4 3
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 2 2 1 2 6 5 4 4 4 5 4 6 4 4 3 4 4 5 4
Benchmarked against 180 large Real Estate companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitability maintained
its #1 rank
This means PS ranks
among the best 18 large
Real Estate companies
globally on ROA
Growth improved to #3
from #4
PS: A. Stotz Profitable Growth
CEO, 1993 – Present
Thongma Vijitpongpun

17. 1715 July 2016
'12 '13 '14 '15 PTM
1 1 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 1 1 1 1 3 2 4 4 3
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 2 2 1 2 6 5 4 4 4 5 4 6 4 4 3 4 4 5 4
Benchmarked against 180 large Real Estate companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Asset utilization fell to #2
from #1, but it didn’t
impact the Profitability
rank
Margin change improved
to #4 from #5 and drove up
the Growth rank one step
PS: A. Stotz Profitable Growth
CEO, 1993 – Present
Thongma Vijitpongpun

18. 1815 July 2016
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for a company in YOUR portfolio?
 Go to becomeabetterinvestor.net and leave a
comment, and I’ll post it if I have it.