สรุป JMART & JMT Company Visit วันที่ 12/07/13

1. Photo Album
by Songsak (ที่ปรึกษา Marcom)JAYMART PUBLIC COMPANY LIMITED
Company Presentation
June 2013
Page 1
July 02,2013

2. Company Structure
• Establish 1988
(25 Years)
• Mobile Retail
• Listed June 25, 2009
• Collection Service
• Debt Acquisition
• Listed Nov 27, 2012
• Property Rental
• Listed Q3, 2014
(Target)
• Establish 2013
• Investment in AEC
Page 2
July 02,2013

3. Share Capital Information
Major Shareholder
(as of May 31,2013 )
Price (May27 2013 : Bt 27 Miss Yuvadee Pong-acha 19%
Mr. Adisak Sukumvitaya 18%
Hi/Low(12-Month) : 30Bt/7Bt Miss Juthamas Sukumvitaya 8%
Mr. Ekachai Sukumvitaya 8%
Mrs. Waranee
Sukumvitaya
Family 53%
No. of shares : (Par Bt 1)
Mrs. Waranee
Sareviwattana 4%
Mrs. Niwes
Semvachiravarakorm 2%
Market Capitalization : 11,226 Mr. Naret Ngamapichon 1%
( 31/5/2013 )
Mrs. Bumrung
Sringam 1%
Mr. Piranart Chokwatana 1%
First trade date : June 25,2009 Free float 47%
Divident payment 2009 2010 2011 2012
Divident payment (Bt/Share) Bt 0.23 Bt 0.24 Bt 0.40 Bt 0.56
Dividends Yield (Bt/Share) 13.8% 7.6% 6.7% 4.0%
Base on financial statement (Cosolidated)
Page 3
July02,2013

4. Thailand Market Size
12 15 20 30 40
0
20
40
60
2011 2012 2013 2014 2015
Operator Mil.subscribers
35
25
20
80
Unit: Million Set
2011 2012 2013 2014 2015
Handsets and Tablet
80
Thailand market
Handset model not operator subsidy (poor credit record)
65 Million population
Penetration 120% (80 Mil.)
3G license granted 16th Oct,2012
Network expansion 80% in 2013
Today only 20% handsets can work on 3G
80% expects to migrate to 3G in 3 years.
Page 4
July 02,2013

5. Opportunity
64 62 40
16 30 60
110
0
50
100
150
Unit: Million Number
• License granted Oct 16, 2012
• Network expansion 80% in Y13
• 100% migration from 2G to 3G in 3 year
• Today operator pay profit sharing to TOT&CAT around 20-30%
• 3G license the fee to NBCT only 5-7%
• Tablet will replace PC
• Mobile phone will replace camera
0
2012 2013 2014 2015
2G 3G
Page 5
July 02,2013

6. Mobile Market Size
YEAR YEAR YEAR
2011 2012 2013*
Sales Value (Mil.B)
MB Market 50,000 60,000 72,000
Jaymart 4,840 6,776 10,000Jaymart 4,840 6,776 10,000
%Share 10% 11% 14%
Sales QTY (Mil. Sets)
QTY Market 16 16 18
Jaymart 1.0 1.1 1.5
%Share 6% 7% 8%
Page 6
July 02,2013

7. 4,523
6,323
821 854
956
994
1,097
800
1,000
1,200
5,000
6,000
7,000
Unit: Million Baht
Business Performance
3,869
3,796 3,901
4,523
1,475 1,888
271
302
0
200
400
600
800
0
1,000
2,000
3,000
4,000
5,000
2008 2009 2010 2011 2012 Q1/12 Q1/13
Mobile Phone (MB) Unit (Thousand)
28%
40%
Page 7
July 02,2013

8. Revenue by Product Segmentation
90%
64%
36%
61% 63% 64%
50%
60%
70%
80%
90%
100%
10%
0%
36%
0%
31%
8%
20% 18%
10%
26%
0%
10%
20%
30%
40%
50%
Featured Phone Smart Phone Tablet
2009 2010 2011 2012 Q1/13
Page 8
July 02,2013

9. Average Selling Price
4,542 4,481
4,869
5,578 5,824 5,727
6,192
6,873
6,250
3,556
4,000 4,1004,000
5,000
6,000
7,000
8,000
+52%
3,002 3,014 2,903 2,909 3,224 3,422 3,556
4,000 4,100
-
1,000
2,000
3,000
4,000
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Jaymart Market
52% better than market
Source : GFK Page 9
July 02,2013

10. 28 29 29 34
43 46
51
62 62
8 8 8 10 13 14 17 20 20
10
20
30
40
50
60
70
Unit in MB
Accessories
8 8 8 10
-
10
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
SALES MARGIN
43
62
13
20
-
20
40
60
80
Q1/12 Q1/13SALES MARGIN
Unit in MB
45%
YOY Performance
85% sale growth
100% margin growth
Page 10
July 02,2013

11. Channel Distribution (Q1-2013)
48%
52% 66%
34%
Contribution RatioDistribution Ratio
Expansion plan in 3Y Y 2012 Y 2013 Y 2014
Total Stores 220 280
(June 240)
300
52%
Greater BKK Upcountry Greater BKK Upcountry
Page 11
July 02,2013

12. Revenue by Sales Channel
67% 65% 67% 73% 70% 73% 75% 79%60%
80%
100%
120%
33% 35% 33% 27% 30% 27% 25% 21%
67% 65% 67% 73% 70% 73% 75% 79%
0%
20%
40%
60%
2006 2007 2008 2009 2010 2011 2012 Q1/13
Retails Wholesales
Page 12
July 02,2013

13. Inventory Turnover
50.13
38.39
73.46
39.61
36.74 39.60
44.5940
50
60
70
80
38.39 36.74 44.59
0
10
20
30
40
Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Q1/2013
Days
Page 13
July 02,2013

14. Our Partners
Mobiles
Accessories
Operators
Note : The only one retail shop in thailand , multi brands and multi operators
Page 14
July 02,2013

15. Our Stores
Retail Stores: 160
Jaymart Smartphone&Tablet 10Jaymart 134
Consignment: The Mall/BigC
Samsung Brand Shop 6
Consignment: 80
Franchise: 4 Page 15
July 02,2013

16. Accessories Shop / Corner
Page 16
July 02,2013

17. Jaymart Quality Service
Page 17
July 02,2013

18. Jaymart Quality Service
Standardization – Service Blueprint
Page 18
July 02,2013

19. Jaymart
Mobile Show
2013
Mobile
Festival
2013
Mobile Show
in upcountry
2013
Seacon Square
Thailand
Mobile
2013
Jaymart Mobile Show
Seacon Square
Central Ladprao
The Mall Bangkapi
Fashion Island
Korat
Chiangmai
Central
The Mall
Fashion
QSNCC
Mobile Gadget
2013 NewNew
Page 19
July 02,2013

20. Jaymart Mobile Show
Page 20
July 02,2013

21. Contest
Jaymart Mobile Show
Seacon SquareSeacon SquareSeacon SquareSeacon Square
Srinakarin
CentralCentralCentralCentral
Ladprao
The MallThe MallThe MallThe Mall
Bangkapi
FashionFashionFashionFashion
Island
Page 21
July 02,2013

22. Jaymart Mobile Show
Page 22
July 02,2013

23. Jaymart Mobile Show
Page 23
July 02,2013

24. Jaymart Mobile Show
Page 24
July 02,2013

25. Strength
Over 20 years experience
Company listed in Thailand stock exchange (SET) 2009
Rank Number1 mobile retail in Thailand
Leader in mobile retail store and mobile showLeader in mobile retail store and mobile show
Leader in mobile market place (IT Junction)
The only one multi operators / multi brands in Thailand market
Page 25
July 02,2013

26. Company Structure
Page 26
July 02,2013

27. JAS Asset Company Limited
• Start in year 2003
• Today 34 IT Junction and target total 45 by end 2013 (2014 expect
to reach 50 IT Junction)to reach 50 IT Junction)
• Rent to 1,200 mobile phone dealers, 11,000 sq.m
• JAS Asset Company Limited spin off in year 2012 (Plan to IPO in year
2014)
Page 27
July 02,2013

28. IT Junction Locations
34 Branches ~1,200 Units / 11,000 Sq.m.
Page 28
July 02,2013

29. Our Stores: IT Junction
:
Page 29
July 02,2013

30. Our Stores: IT Junction
Page 30
July 02,2013

31. Our Stores: IT Junction
Page 31
July 02,2013

32. MKT& CRM Activity
Page 32
July 02,2013

33. 6%
J MARKET @ AMORNPAN
Concept: Neighborhood market
Investment: 30 mb
Opening: June 2012
Page 33
July 02,2013

34. 6%
J MARKET @ WANGHIN
Concept: Neighborhood market
Investment: 370 mb
Opening: Sep 2014
Page 34
July 02,2013

35. Strength
Strong teamwork , experience more than 15 years.
High growth business (Telecom).
Economy of scale, low cost – High margin
Strong Brand “IT Junction”
Good business modelGood business model
Strong growth both profit and revenue
Page 35
July 02,2013

36. Company Structure
• Collection Service • Debt Acquisition • Insurance Broker
Page 36
July 02,2013

37. Total personal loan vs NPL
2.28%
2.10%
2.20%
2.30%
2,500,000
3,000,000
3,500,000
Unit: Million of Baht Unit: % NPL
2,069,693 2,396,633 2,916,64947,189 46,974 56,583
1.96% 1.94%
1.60%
1.70%
1.80%
1.90%
2.00%
2.10%
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Q4/2010 Q4/2011 Q4/2012
Total loans NPL-Personal Consumptions % to Total loans
Source of data : Bank of thailand
Page 37
July 02,2013

38. NPL Market
Debt Collection Service Debt Acquisition
NPL Market
JMT is the bigest
collection
company
Small
collection
company
JMT is the only
one in market
Page 38
July 02,2013

39. JMT Portfolio
13,609
21,286
23,701
13,707
12,238
15,000
20,000
25,000
Unit in MB
6,493
9,256
10,140
12,238
-
5,000
10,000
2009 2011 2012 2013(Q1)
Debt Acquisition Debt Collection service
Page 39
July 02,2013

40. Portfolio Debt Acquisition
40,000
50,00050,000
60,000
Unit in MB
13,609
21,286
23,701
30,000
40,000
-
10,000
20,000
30,000
40,000
2011 2012 2013(Q1) 2013(F) 2014(F) 2015(F)
Page 40
July 02,2013

41. 381
494
400
500
600
Cash in of Debt Acquisition (Million Baht)
Unit in MB
39
81
153
108 125
-
100
200
300
2008 2009 2010 2011 2012 2012(Q1) 2013(Q1)
Page 41
July 02,2013

42. Debt Acquisition Performance
Cash collect Cash collect Revenue Port Size
No. Year Port Size Investment Cash Collect Of Investment Of OS IRR Method Remaining Aging
(MB) (MB) (MB) (%) (%) (MB) (MB) (Year)
1 Y 2006 1,031 39 133 340% 13% 94 858 4 – 11
2 Y 2007 166 16 27 168% 16% 11 133 2 – 4
3 Y 2008 1,041 49 117 239% 11% 69 893 1 – 7
4 Y 2009 1,745 74 219 296% 13% 146 1,476 0 – 11
5 Y 2010 2,446 122 156 128% 6% 81 2,248 0 – 6
6 Y 2011 7,114 384 485 126% 7% 230 6,567 0 – 5
7 Y 2012 8,474 399 186 47% 2% 94 8,267 0 – 5
8 Y 2013 1,637 110 3 3% 0% 1 1,633 0 – 5
Total 23,654 1,193 1,326 111% 6% 725 22,075
Page 42
July 02,2013

43. Revenue and Net Profit Development
93
81 83
67
85
101 103 106 94
16 17 18
16
20 30
28
32
28
0
10
20
30
40
-
20
40
60
80
100
120
RevenueQ1/2013
Hire purchase
3%
Collection Service
26%
Acquisition
71%
Gross profit margin Q1/2013
Acquisition
83%
Collection Service
12%
Hire purchase
5%
0-
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
TOTAL REV. NET PL
Page 43
July 02,2013

44. Financial Ratio
24
39
44
27 27
19 19 18
Page 43
July 02,2013
14
19 19 18
15
0.66 1.25 1.10 0.14 0.07
2009 2010 2011 2012 Q1 /13
% ROE % ROA D/E

45. Financial Statement
Jaymart Group
Page 44
July 02,2013

46. Margin
1,723
2,187
11%
13%
11%
11%
12%
12%
13%
13%
14%
500
1,000
1,500
2,000
2,500
85
93
50%
51%
50%
50%
51%
51%
52%
80
82
84
86
88
90
92
94
Mobile Business JMT Business
10%
11%
-
Q1/12 Q1/13
Rev. (MB)
61
77
20% 20%
0%
5%
10%
15%
20%
25%
0
20
40
60
80
100
Q1/12 Q1/13
Rev. (MB)
50%80
Q1/12 Q1/13
Rev. (MB)
Rental Business
Page 45
July 02,2013

47. Jaymart Group Performance
53%
1,868
2,357
78 60
70
80
90
2,000
2,500
Unit: MB
26%51
78
-
10
20
30
40
50
60
-
500
1,000
1,500
Q1/12 Q1/13
TOTAL REV. NET PL
Page 46
July 02,2013

48. Unit: MB
Jaymart Performance
1,329 1,437
1,612 1,677
1,868 1,851
2,036
2,354 2,357
148
78 100
120
140
160
1,500
2,000
2,500
104
1,329 1,437
25
38
50 58 51
68
81 78
0
20
40
60
80
100
-
500
1,000
1,500
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
TOTAL REV. NET PL • Q4/12 have 44mb gain for fair value
of the property
104
Page 47
July 02,2013

49. ROEROE
Financial Ratio
23
16
27 29
26
ROAROA
D/ED/E
16 15
7 5 7
11 13 13
1.50 1.31 0.92 1.05 0.75 0.71
2008 2009 2010 2011 2012 Q1 /13
% ROE % ROA D/E
Page 48
July 02,2013

50. Jaymart Group
JAYMART GROUP
Revenue Structure Y2012 Y2013* Y2014 Y2015
JAYMART 93% 93% 94% 94%
JMT 4% 4% 3% 3%
JASASSET 3% 3% 3% 3%
100% 100% 100% 100%
Page 48
July 02,2013
100% 100% 100% 100%
Profit Structure Y2012 Y2013* Y2014 Y2015
JAYMART 60% 60% 70% 70%
JMT 35% 33% 18% 18%
JASASSET 5% 7% 12% 12%
100% 100% 100% 100%
Remark : Year 2013 update Q1

51. “Jmart” Historical stock market price
Page 49
July 02,2013

52. PE Compare Sector
SECTOR
COMMERCE
Name Last MCap (M) P/E P/BV D/E
Average 85.86 70,876.31 35.88 5.89 0.97
CPALL 40.25 361,570 32.09 12.16 1.43
MAKRO 772 185,280 50.06 15.61 1.89
BIGC 197.5 162,938 28.41 4.86 1.74
HMPRO 14 115,075 41.18 10.85 1.56
BJC 55.5 88,257 35.46 6.06 1.62
ROBINS 69 76,636 37.57 7.08 0.56
SECTOR
ICT
Name Last MCap (M) P/E P/BV D/E
Average 30.12 64,911.40 27.98 5.4 3.47
ADVANC 255 758,139 21.13 19.74 2.02
DTAC 115 272,298 23.74 7.92 2.05
INTUCH 82.25 263,728 18.43 12.79 1.08
JAS 8 57,099 23.68 5.88 0.91
THCOM 33.5 36,714 79.17 2.59 0.73
SAMART 26.25 26,128 22.41 4.41 2.47
ROBINS 69 76,636 37.57 7.08 0.56
GLOBAL 23.9 62,456 81.72 5.41 0.38
OFM 61.75 19,760 54.2 4.51 0.47
SPC 43.5 13,851 12.95 1.44 0.71
LOXLEY 6.3 13,230 18.43 2.56 1.74
SPI 25 12,351 9.84 0.81 0.31
BEAUTY 27.5 8,250 45.9 8.07 0.11
SINGER 24.4 6,588 25.42 5.14 1.31
KAMART 8 4,800 25.81 7.92 0.35
SAMART 26.25 26,128 22.41 4.41 2.47
SIM 4.08 17,703 58.29 6.28 0.77
SAMTEL 24 14,665 15.76 4.83 3.39
JMART 23 9,563 25.56 5.74 1.1
CSL 12.2 7,253 16.67 6.45 0.95
FORTH 6.85 6,576 32.5 3.87 1.74
AIT 88 6,052 13.96 3.68 2.01
SYMC 18.8 5,640 24.8 4.48 0.29
MFEC 9.55 4,206 17.55 2.34 1.23
SYNEX 4.36 3,341 8.23 1.59 1.4
IEC 0.04 2,761 16.09
MLINK 4.76 2,570 0.91 14.79 6.82
MSC 5.05 1,818 7.66 1.44 1.34
SVOA 2.14 1,513 26.5 1.17 2.39
PT 10.6 1,505 14.19 4.15 2.68
Page 50
July 02,2013

53. Jaymart in Myanmar
Page 51
July 02,2013

54. Summary Population VS Mobile Sub
NO. Country MB Penetration
1 Vietnam 140%
2 Thailand 128%
Page 52
July 02,2013
2 Thailand 128%
3 Cambodia 94%
4 Loas 93%
5 Myanmar 5%

55. Business Direction in Myanmar
Page 53
July 02,2013
Mobile phone and accessories Home electronic appliance & IT Products

56. 1. Jaymart Mobile
Retail shop of Mobile phone, accessories and gadgets
2013 : 20 shops
2014 : 30 shops
“Aim to be leader in Mobile business in 2015”
Page 54
July 02,2013

57. 2. Jaymart
All-in-one place offering a wide variety of electric appliances, IT Products and mobile phones.
2013 / Q4 : 1 shop
2014 : 2 shops
“Aim to be leader in 2017”
Page 55
July 02,2013

58. Alternative : Mobile Junction
Opportunity for - Mobile Junction – area developer for Mobile zone in department store
where facilitate tenants with mobile cabinet.
Mobile Junction need huge space and more investment therefore we need time to explore Myanmar market
for consideration. Once the market is ready we will be able to move forward.
Page 56
July 02,2013

59. Jaymart in Myanmar
Page 57
July 02,2013
Junction Square Dagon Center
Yankin Center

60. Shareholders in J&P (Thailand)
J&P Thailand
40% 25% 25% 10%
Page 58
July 02,2013
40% 25% 25% 10%

61. Project Investment
Page 59
July 02,2013
**Source of fund : increase capital from existing shareholders

62. Q&AQ&A
Page 58
July 02,2013