SNC : Opp day Nov 5, 2012

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SNC : Opp day Nov 5, 2012

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SNC : Opp day Nov 5, 2012

  1. 1. Opportunity day 5 Nov 2012Page 1
  2. 2. Agenda Home Appliance Segment Automotive Segment RatiosPage 2
  3. 3. Home appliance segmentPage 3
  4. 4. Air Conditioner Production in Thailand during 2010-2012 Air conditioner production in Thailand Qty (unit) Major air conditioner makers 20000000 +12.7% 17,966,264 +6.4% in Thailand 18000000 15,961,205 16000000 15,006,426 1% 13,512,427 7% 14000000 12% 24% 12000000 75% 10000000 12% 8000000 19% 6000000 12% 4000000 13% 2000000 0 2010 (actual) 2011 (actual) 2012 (Plan) 3Q 2012 (Actual)Page 4 Source : Collected by Mini MD of SNC from 8 Major A/C manufacturers in Thailand
  5. 5. Production in Thailand Unit: 1,000,000 units Q3’11 Q3’12 Change Q3’11 Q3’12 Change Q3 3.40 4.17 23% Q3 3.21 3.24 1% 9mth 13.2 14.4 9% 9mth 10.9 9.7 -11% 20 18.0 20 15.7 15.0 14.3 13.1 15 15 11.8 12.7 10.7 10 10 47% -4% 20% 21% -8% -3% 5 5 0 0 Y2009 Y2010 Y2011 Y2012-F Y2009 Y2010 Y2011 Y2012-F Air conditioner Compressor Q3’11 Q3’12 Change Q3’11 Q3’12 Change 20 20 Q3 1.73 1.94 12% Q3 1.77 1.73 -2% 15 9mth 5.0 5.5 10% 15 9mth 5.1 5.2 2% 10 7.0 10 7.2 5.7 6.2 5.4 6.6 4.7 4.8 5 5 21% 9% 13% 12% 22% 9% 0 0 Y2009 Y2010 Y2011 Y2012-F Y2009 Y2010 Y2011 Y2012-F Refrigerator Washing machinePage 5 Source: EEI
  6. 6. Home appliance unit: MB Sale OEM 3q11 508 3q12 649 +23% EAT OEM 3q11 2 3q12 7 +150% Parts 719 813 +13% Parts 75 69 -8% 4000 1,000 Total 1,227 1,462 +19% Total 77 76 -2% • OEM 3q12 mainly from Japanese • OEM profit 7MB came from FZ 5MB 2943 customers. 800 and upstream parts 2MB. 3000 • Parts increase 94 MB mainly form • Parts profit decreased 6 MB due to 2530 Plastic 49 MB and Toptech 47 MB. non BOI corp tax 6 MB. However, we got more profit from Plastic and 600 Toptech. 2023 2000 1586 1462 400 1227 951 1000 185 200 140 147 77 106 76 23 0 - 5.5% 6.3% 6.3% 2.4% 6.7% 7.3% 5.2% 1q11 2q11 3q11 4q11 1q12 2q12 3q12 1q11 2q11 3q11 4q11 1q12 2q12 3q12Page 6
  7. 7. Automotive SegmentPage 7
  8. 8. % Thailand Car Assembly CAR Q3’11 Q3’12 Increase Assembly 475 649 37% Domestic 239 393 64% Sales Unit: 1,000 Cars 2,500 2,300 Domestic Export 57% 2,000 1,645 -11% 1,698 1,300 1,458 1,500 57% 65% 800 999 999 49% 795 59% 1,000 55% 548 55% 500 845 1,000 51% 663 699 43% 451 45% 41% 45% 0 Y2009 Y2010 Y2011 Q1-Q312 Y2012-FPage 8 Source: The Federation of Thai Industries & Thailand Automotive Institute
  9. 9. Automotive unit: MB Sale EAT 3q11 3q12 3q11 3q12 400 Pipe 171 186 +9% 100 Pipe 30 13 -57% Plas 37 62 +67% Plas 4 6 +50% Total 208 248 +19% Total 34 19 -44% 80 300 • Pipe profit decreased from last year due to CR 5% 4 MB, 248 Inventory 5.2 MB, fixed cost 60 215 225 4.0 MB. 208 200 184 162 40 37 34 28 120 23 19 19 100 20 0 (1) 20% 14% 16% -0.4% 13% 8% 7.7% - 1q11 2q11 3q11 4q11 1q12 2q12 3q12 1q11 2q11 3q11 4q11 1q12 2q12 3q12 -20 floodsPage 9
  10. 10. SNC 3Q12 unit: MB 9mth12 : Sale 5,759, EAT 389, 6.8% 9mth11 : Sale 7,253, EAT 497, 6.9% 4000 800 Sale EAT 3105 EAT 3q12 (before) 116 6.8% 3000 2714 600 W/O factory (12) JV SSMA (4) 2248 Minimum wages (7) W/O Inventory (5) 2000 1801 1710 400 New mgt (3) 1434 Tax non BOI (6) EAT 3q12 (after) 79 4.6% 1070 209 1000 200 177 173 111 134 79 23 0 0 6.5% 6.7% 7.7% 2.1% 7.4% 7.7% 4.6% 1q11 2q11 3q11 4q11 1q12 2q12 3q12 1q11 2q11 3q11 4q11 1q12 2q12 3q12 Q3 Sale Y07-Y11 : 2712 4021 4901 8248 8324 Auto 19 EAT Y07-Y11 : 206 99 139 381 520 HA 76 W/O (12) JV (4) EAT 3q12 79Page 10
  11. 11. Page 11
  12. 12. Cash cycle 2012 Y07-Y11 : +20 +13 +6 +1 -3Page 12
  13. 13. ROA ROE 40% 40% 30% 30% 28% 27% 20% 18% 20% 16% 10% 10% 0% 0% 2011 Sep 2011 Sep ROA : Y07-Y11 : 12%, 5%, 6%, 16%, 18% Y07-Y11 : 17%, 5%, 8%, 22%, 28% ROFA: Y07-Y11 : 37%, 17%, 17%, 45%, 50%Page 13
  14. 14. times times D/E Net debt 2.0 2.0 1.5 1.5 1.0 0.9 1.0 0.6 0.6 0.5 0.5 0.2 - - 2011 Sep 2011 Sep Y07-Y11 : 0.6, 0.6, 0.5, 0.9, 0.6 Y07-Y11 : 0.0, 0.2, 0.1, 0.4, 0.2Page 14
  15. 15. Baht Baht BVPS SPS 40 40 30 30 27.3 21.9 20 20 10 6.7 6.7 10 - - 2011 Sep 2011 Sep Y07-Y11 : 6.1, 5.9, 5.9, 6.3, 6.7 Y07-Y11 : 13.0, 4.0, 6.4, 18.6, 21.9Page 15
  16. 16. Baht Baht EPS DPS Policy ≥ 50% of EAT 3 3 2 1.81 2 1.60 1.35 (1.00+0.60) 1.00 1 1 - - Y11 9mth12 Y11 9mth12 Y07-Y11 : 0.99, 0.33, 0.48, 1.33, 1.81 Y07-Y11 : 0.55, 0.45, 0.70, 1.00, 1.60 Y07-Y11 : 66%,136%,145%,75%,89%Page 16
  17. 17. Thank youPage 17

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