lpn analyst meeting 1q16lpn.listedcompany.com/misc/presn/20160517-lpn-am-1q2016-02.pdf · 5/17/2016...
TRANSCRIPT
LPN Analyst Meeting 1Q16 (May 12, 2016)
I. Executive Summary
II. Industry Overview
III. Business Overview
IV. Financial Statement Overview
Agenda
May 12, 2016 Slide 2
I. Executive Summary L.P.N. Development Public Company Limited
May 12, 2016 Slide 3
Performance Update
• Target presale 17,600 MB 3M16 = 2,273 MB (13% of target)
• Target new projects launch 17,600 MB 3M16 = 3,900 MB (22% of target) • Target income from condo sales 17,600 MB 1Q16 = 4,213 MB (24% of target) • Backlog (as of 31 Mar 2016) 8,703 MB Secured revenue 2016 7,973 MB (69% of target) Secured revenue 2017 730 MB
II. Industry Overview Residential Condominium Sector (Bangkok and Metropolitan)
May 12, 2016 Slide 4
Launch (Unit) 15,040 17,438 39,459 59,501 32,982 24,523 68,651 45,106 62,860 85,621 78,894 60,017 15,333
LPN (Unit) 4,287 3,680 3,471 9,738 3,747 7,840 7,723 8,607 9,083 10,753 10,386 4,480 4,569
LPN’s Share 29% 21% 9% 16% 11% 32% 11% 19% 15% 13% 13% 7% 30%
Registration (Unit) 7,567 11,617 14,807 16,222 26,124 33,309 38,374 30,092 44,157 52,280 45,210 60,242 24,609
LPN (Unit) 1,176 2,389 3,333 3,050 8,009 6,281 6,144 7,888 9,613 6,976 6,107 12,236 8,048
LPN’s Share 16% 21% 23% 19% 31% 20% 16% 26% 22% 13% 14% 20% 33%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q16
-
20,000
40,000
60,000
80,000
100,000 Unit
Launch Registration LPN
III. Business Overview Summary of the Performance Update
May 12, 2016 Slide 5
Quarterly Cumulative Presales
4,863
11,000
14,767
18,741
6,730
15,500
18,620
24,395
3,188
10,133
13,022
17,069
3,450
8,979
11,866
14,518
2,273
0
4,000
8,000
12,000
16,000
20,000
24,000
28,000
3M12 6M12 9M12 12M12 3M13 6M13 9M13 12M13 3M14 6M14 9M14 12M14 3M15 6M15 9M15 12M15 3M16
MB
* As of Mar 31, 2016
32% 68%
New Project Inventory
III. Business Overview Summary of the Performance Update
May 12, 2016 Slide 6
Unsold
8,624
11,149 9,735
8,137 7,514
4,706 3,400
6,659 6,559
10,209 8,591
5,936 6,735 6,949 5,255 5,106
4,060
109
188 1,611
2,229 1,961
3,670 4,160
4,324 4,934
2,879 5,768
7,916 7,236 6,230
5,543 5,259 8,245
-
1,500
3,000
4,500
6,000
7,500
9,000
10,500
12,000
13,500
15,000
16,500
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Inventory Projects under construction
8,733
11,337 11,346 10,366
9,475
7,560 7,932
10,983 11,493 10,798
13,088 14,359 13,852 13,971
13,179
MB
12,305
10,365
* As of Mar 31, 2016
78% 22%
Bangkok Upcountry
III. Business Overview Summary of the Performance Update
May 12, 2016 Slide 7
Backlogs
9,773 9,870 7,451
5,505 7,725
8,664
12,310 11,531 7,070
4,245
2,388 3,987
5,272 8,335
9,890
8,195
7,667 9,078 7,445 3,460
6,600
8,970
13,122 12,581 16,090
16,003
13,951 13,301 8,768
2,722
1,378
1,890
4,649 5,771
9,902
11,724
11,911 7,973
377
730
-
5,000
10,000
15,000
20,000
25,000
30,000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Recognize 12 Recognize 13 Recognize 14 Recognize 15 Recognize 16 Recognize 17
15,278
19,983 20,102 17,582
19,866 21,410
2017
23,560
20,789 21,659
14,446
2016
24,913
21,353 18,600 19,072
91% 9%
Bangkok Upcountry
18,670
MB
12,288
8,703
* As of Mar 31, 2016
III. Business Overview Project Update
May 12, 2016 Slide 8
* As of Mar 31, 2016
Projects Project Value (MB) No. of Units Sold Transferred Launch
(Q/Y) Realized
(Q/Y) Finish In 2013
1 Lumpini Park Beach Jomtien 4,254.00 1,846 91% 90% 4/11 2/13-3/13 2 Lumpini Ville Naklua-Wong Amat 2,914.00 2,168 81% 81% 4/11 3/13-1/14 3 Lumpini Condotown Chonburi-Sukhumvit 2,743.00 4,101 87% 85% 4/12 4/13-1/14
Total 9,911.00 8,115 Finish In 2014
1 Lumpini SeaView Jomtien 1,303.00 1,150 61% 60% 2/14 4/14 2 Lumpini Ville Onnut-Pattanakarn 1,948.00 1,594 74% 71% 1/14 4/14 3 Lumpini Place Udon-Posri 2,114.00 1,370 71% 71% 1/13 4/14
Total 10,482.00 8,609 Finish In 2015
1 Lumpini Place Suksawad-Rama 2 1,145.00 750 100% 100% 1/13 1/15 2 Lumpini Place Srinakarin-Huamark Station 3,000.00 1,613 100% 100% 2/13 2/15 3 Lumpini Park Ratanathibet-Ngamwongwan 4,000.00 2,826 93% 92% 2/12 2/15 4 Lumpini Park Rama 9-Ratchada 2,600.00 1,540 100% 100% 2/13 3/15 5 Lumpini Ville Onnut-Ladkrabang 2 1,100.00 1,043 59% 55% 4/14 3/15 6 Lumpini Township Rangsit-Klong 1 (P1) 2,400.00 3,472 55% 45% 4/13 3/15 7 Lumpini Place Borommaratchachonnani-Pinklao 1,660.00 992 100% 85% 2/14 4/15
Total 15,905.00 12,236 Finish In 2016
1 Lumpini Park Nawamin-Sriburapha 2,000.00 1,831 66% 46% 2/14 1/16 2 Lumpini Condotown Romklao-Suvarnabhumi 1,500.00 1,961 68% 36% 4/14 1/16 3 The Lumpini 24 3,100.00 426 87% 21% 4/13 1/16 4 Lumpini Township Rangsit-Klong 1 (P2) 2,600.00 3,674 50% 11% 1/16 1/16 5 Lumpini ParkBeach Chaam 1,000.00 413 100% 17% 1/15 1/16 6 Lumpini Park Petchakasem 98 (P1) 1,750.00 1,352 78% - 2/14 2/16 7 Lumpini Ville Nakhon In-Riverview 2,000.00 1,544 50% - 2/15 4/16 8 Lumpini Mixx Thepharak-Srinakharin 1,800.00 2,041 62% - 2/15 4/16
Total 15,750.00 13,242 Finish In 2017
1 Lumpini Ville Sukhumvit 76-Bearing Station 1,100.00 895 40% - 4/15 1/17 2 Lumpini Township Rangsit-Klong 1 (P3) 2,000.00 2,928 - - 4/16 2/17 3 Lumpini Ville Ratchaphruek-Bang Waek 1,300.00 1,085 26% - 1/16 2/17
Total 4,400.00 4,908
III. Business Overview Project Update
May 12, 2016 Slide 9 Finished Project
Finish in 2014 7 Projects approx. 8,609 Units 10,482.00 MB LT-RLK2 LV-OL LV-PP2 LP-UP LV-ON46 LV-OP LSV-JT
Finish in 2015 7 Projects approx. 12,236 Units 15,905.00 MB LP-SWRM2 LP-SH LPark-RB LTS-RK1(P1) LPark-RAMA9 LV-OL2 LP-BP
Finish in 2016 7 Projects approx. 13,242 Units 15,750.00 MB LPark-NS LT-RS LP24 LPark-PKS98(P1) LB-CA LV-NI LX-TS LTS-RK1(P2)
Finish in 2017 3 Projects approx. 4,908 Units 4,400.00 MB LV-SK76 LV-RPB LTS-RK1(P3)
III. Business Overview Project Update
May 12, 2016 Slide 10
Project New Launch Plan 2016 Project Units Value (MB) Launch Finish
1. Lumpini Township Rangsit-Klong 1 (P2) 3,674 2,600.00 1/16 2016 2. Lumpini Ville Ratchaphruek-Bang Waek 1,085 1,300.00 1/16 2017 3. Lumpini Park Petchakasem 98 (P2) 1,355 1,850.00 2/16 2017 4. Lumpini SeaView Chaam 1,134 1,450.00 2/16 2017 5. Lumpini ParkBeach Chaam 2 200 500.00 2/16 2017 6. Lumpini Place Huahin soi 7 339 500.00 2/16 2017
7. Lumpini Ville Sukhumvit 113 1,500 1,500.00 3/16 2017 8. Lumpini Ville Ratanathibet-Saimah 900 1,000.00 4/16 2017 9. Lumpini Township Rangsit-Klong 1 (P3) 2,928 2,000.00 4/16 2017
10-12. 3 additional projects ** 4,900.00 4/16 2017 Total 13,115 17,600.00
IV. Financial Statement Overview Comparison of Profit and Loss Statement between 1Q15 and 1Q16
May 12, 2016 Slide 11
Sales (Mb) EPS (Baht)
Item 1Q15 1Q16 1Q15 1Q16
Income 2,036.47 4,252.02 0.198 0.477
Cost 1,385.40 2,947.72
G/P 651.07 1,304.30
32.0% 30.7%
Revenues (Mb) Rental & Service (Mb) Gross Profit (Mb) Net Profit (Mb)
1Q15 1Q16 Item 1Q15 1Q16 1Q15 1Q16 1Q15 1Q16
2,197.63 4,428.61 Income 12.13 17.07 709.65 1,360.18 292.06 704.20
Cost 6.20 6.83 32.3% 30.7% 13.3% 15.9%
G/P 5.93 10.24
(Mb) 48.9% 60.0%
Management Fee (Mb) Expenses (Mb)
Item 1Q15 1Q16 1Q15 1Q16
Income 133.90 154.98 342.19 469.07
Cost 96.38 113.88 15.6% 10.6%
G/P 37.52 41.10
28.0% 26.5%
Other Income (Mb)
Item 1Q15 1Q16
Income 15.30 4.55
0.7% 0.1%
IV. Financial Statement Overview Highlight of Group Balance Sheet 1Q16
May 12, 2016 Slide 12
Net Debt = 2,641.00 MB = 0.23 : 1 (Less Cash)
Liability & Equity Asset Total Asset 19,392.19 MB
Liabilities (41.21%) 7,990.73 MB
Equities (58.79 %) 11,401.45 MB
Cash 1,171.97 MB
Equities
Interest Debt
3,812.97 MB 47.72 %
Non interest Debt
4,177.76 MB 52.28 %
D/E Ratio 0.701 : 1, Interest Bearing Debt 0.334 : 1
Current Asset 17,002.30 MB
Non–Current Asset
2,389.88 MB
May 12, 2016 Slide 13
Appendix
Low Rise Residential Development By PST Current Projects Project Value
(MB) No. of Units Sold Transferred Launch
(Quarter / Year) Realized
(Quarter / Year)
Baan Lumpini Town Residence Bangna-Srinakarin 220.00 27 55% 52% 3/14 1/15
Baan Lumpini Chaloem Phra Kiat Ratchakan Thi 9 (P1) 380.00 38 79% 71% 3/14 2/15
Baan Lumpini Town Ville Suksawat-Rama2 430.00 143 73% - 2/15 2/16
Baan Lumpini Town Ville Changwatana-Tiwanon 320.00 122 16% - 4/15 2/16
Baan Lumpini Town Ville Wacharapon-Permsin 680.00 255 11% - 4/15 2/16
Baan Lumpini Town Ville Ratchaphruek- Nakhon In 390.00 142 45% - 4/15 2/16
Total 2,420.00 727
1Q16 Presales was 484 MB 1Q16 Income From Sales was 40 MB
* As of Mar 31, 2016
May 12, 2016 Slide 14
Appendix
Rank Names of Top 10 Shareholders February 25, 2016 Total Shares %
1 NVDR 179,951,611 12.19% 2 Chase Nominees Ltd. 138,322,102 9.37% 3 Krungsri Dividend Stock LTF 70,132,600 4.75% 4 Mr. Sumet Techakraisri 65,142,793 4.41% 5 Social Security Fund 45,928,000 3.11% 6 Krungsri Dividend Stock Fund 36,031,600 2.44% 7 Mrs. Yupa Techakraisri 26,040,499 1.76% 8 Aberdeen Growth 23,871,100 1.62% 9 Aberdeen LTF 23,849,600 1.62% 10 Aberdeen Small Cap 23,422,400 1.59%
Total 632,692,305 42.87%
Shareholder Type February 25, 2016 Total Shares %
NVDR 179,951,611 12.19% Local Institute 467,579,569 31.69% Local Retail 472,826,881 32.04% Foreign Institute 344,728,538 23.36% Foreign Retail 10,612,169 0.72%
Total 1,475,698,768 100.00%
May 12, 2016 Slide 15
Appendix