Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
AT A GLANCE
FROM THE EDITOR
Share InformationA Shares Outstanding Free FloatE Par Value Market Capitalisation YTD daily traded valueD Stock Identifiers Stock Exchange Symbol Bloomberg / Reuters Bond Identifiers
Dear Investment Community, 57,188.3mn shares 46.1% THB 0.64 / Share THB 36.0bn/ USD 1.17 bnB THB 177.0mn/ USD 5.75 mnB BTS BTS TB / BTS.BK ISIN XS0580087376 Gross Profit by Business UnitC
Revenue by Business Unit
Source: Company
Amidst a background of highly volatile capital market movements, escalation of the sovereign debt crisis in the Euro zone and a trend of earnings downgrades for several corporations the BTS Group has delivered record quarterly results once again demonstrating the resilience of the Group’s business. The flooding of Central Thailand and Bangkok has had a devastating effect on many parts of local industry and community. As such we expect our Media business will be adversely affected due to the delay of advertising budgets. Our full year Media revenue growth forecast is therefore adjusted downwards to 20% (from 40%) growth compared to FY 2010/11. The BTS SkyTrain however, has so far been able to maintain full operation. Whilst we anticipate that 3Q ridership will be impacted by the additional national holidays declared and reduced commuters during the flood, BTS SkyTrain ridership has a proven track record for fast reversion to normal ridership following the end of such interruptions hence we still expect to achieve our full year target of 15% ridership growth. In 2Q our Mass Transit business was buoyed by the opening of the th new On nut - Bearing extension on August 12 2011. Total quarterly ridership measured 45.1mn passengers in 2Q 11/12 representing 19.4% YoY growth. Whilst we have experienced some passenger congestion problems in relation to this growth, these have largely been alleviated through improved platform and train schedule management. Further, in order to reduce congestion during peak hours, in December 2010 BTS ordered an additional 35 single car trains which are expected to be in service towards the end of 2012.
A
BTS last 12 months Share Price Performance :
th
Equity MarketsD
3 MO
6 MO
12 MO
BTS TB SET Transport Index SET Index NIKKEI 225 HANG SENG FTSE 100 S&P 500
-4.5% -15.1% -6.8% -4.0% -0.4% 4.2% 7.2%
-16.0% -24.1% -8.8% -10.8% -16.0% -6.4% -5.5%
-22.2% -31.2% -2.9% -11.5% -19.3% -4.3% 5.4%
Currency MarketsD
3 MO
6 MO
12 MO
USD vs THB EUR vs THB THB vs JPY THB vs HKD THB vs SGD THB vs GBP
-3.02% 1.96% 2.78% 3.28% -3.60% 0.95%
-1.59% 1.40% 6.49% 1.58% -0.96% 0.64%
-2.34% -4.86% 7.75% 2.33% 2.40% 5.35%
On October 7 2011, BTSC was awarded the operation and maintenance (O&M) contract for the Silom line extension from Wongwian Yai to Bang Wa. The extension is 5.3km long with an additional 4 stations and is expected to be operational from 5th December 2012. This will generate additional recurring revenue for the Group of around THB 604mn (excluding VAT) in the first year. In anticipation of the additional ridership, BTSC has also entered into an agreement to acquire five new 4-car trains which are anticipated to be delivered by late 2013. Our Media business also had another record quarter. Media business revenue rose 51.6% YoY (12.1% QoQ) on the back of new modern trade contracts and represented 32.4% of the Group’s gross profit in 2Q 11/12. In the face of ongoing ‘flood uncertainty’, we will endeavour to maintain full service and continue to support the community through delivery of flood relief packages and donations. We look forward to updating you once again in a hopefully dry February 2012. Yours faithfully,
Daniel Ross Financial Director
Our City Our Future
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) Income Statement (THB mn) Operating revenue Other recurring income Total revenue Operating costs Selling and Administrative expenses Income (loss) from investment in associates Operating EBIT Operating EBITDA Finance cost Non-operating gain (loss) 1 EBT Income tax Minority interests Net income attributable to equity holders of the parent EPS (THB per share)
Balance Sheet (THB mn) Cash and cash equivalents Accounts receivables Real estate development costs Other current assets Total current assets Elevated project costs Land and project under development Investment properties – net Property, plant and equipment Other non-current assets Total non-current assets Total assets Short-term loan from financial institution Account Payable Account Payable from subsidiaries' acquisition Other current liabilities Total current liabilities Long-term loan - net of current portion Long-term debentures Convertible debentures – liability component Other non-current liabilities Total non-current liabilities Total liabilities Issued and fully paid capital at Par THB 0.64 Share premium (discount) Retained earnings Other shareholders' equity Equity attributable to company's shareholders Non-controlling interest of subsidiaries Total shareholders' equity Total liabilities and shareholders' equity 1
2Q 11/12
2Q 10/11
% YoY
1Q 11/12
% QoQ
2,033.9 45.0 2,078.9 1,016.6 326.3 0.2 736.3 1,073.6 355.5 1,008.7 1,389.4 52.0 55.8
1,494.7 19.6 1,514.3 907.6 342.9 0.5 264.2 557.7 334.1 704.5 634.6 30.4 13.1
36.1% 129.4% 37.3% 12.0% -4.9% -49.6% 178.7% 92.8% 6.4% 43.2% 118.9% 71.1% 327.4%
1,692.7 45.2 1,737.9 874.9 336.2 (2.7) 524.1 887.0 353.5 28.9 199.5 42.5 20.6
20.2% -0.5% 19.6% 16.2% -3.0% N.A. 40.5% 21.0% 0.6% 3391.1% 596.4% 22.2% 170.7%
1,281.6 0.0224
591.2 0.0106
116.8% 111.9%
136.3 0.0024
839.9% 839.9%
30 Sep 2011
31 March 2011
%Change
1,052.3 645.0 3,031.9 2,302.8 7,032.1 44,205.4 2,822.8 2,322.6 5,800.8 2,717.8 57,869.4 64,901.5 200.0 159.4 5,783.3 6,142.7 2,505.6 9,432.4 8,634.6 9,165.3 21,103.2 77,219.1 350.7 (1,352.2) 367.5 35,966.5 1,689.0 37,655.5 64,901.4
2,103.1 731.4 2,856.8 936.2 6,627.5 44,283.4 2,812.9 2,327.5 5,592.5 3,020.6 58,036.9 64,664.4 500.0 413.4 3,069.9 3,983.3 2,031.1 11,914.8 8,560.5 9,063.4 23,009.3 77,219.1 350.7 (1,684.7) 363.9 35,630.4 2,041.4 37,671.8 64,664.4
-50.0% -11.8% 6.1% 146.0% 6.1% -0.2% 0.4% -0.2% 3.7% -10.0% -0.3% 0.4% -60.0% -61.5% N.A. 88.4% 54.2% 23.4% -20.8% 0.9% 1.1% -8.3% 0.0% N.A. 0.0% N.A. 1.0% 0.9% -17.3% 0.0% 0.4%
Non operating gain / (loss) for 2Q 11/12 includes non-recurring revenue of THB 1,049.4mn (reversal of a previous allowance for loss in value of civil works amounting to THB 705.2mn as well as compensation (interest charges) related to the allowance of THB 344.2mn) and THB 40.8mn loss on exchange.
Our City Our Future
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED) Cash Flow Statement (THB mn) Income (loss) before tax Adjustment to reconcile income (loss) before tax: Depreciation and amortisation Spare parts and elevated project costs amortisation Other adjustments Decrease (Increase) in operating assets Increase (Decrease) in operating liabilities Cash paid for interest expenses Cash paid for corporate income tax Cash received for interest income Net cash from (used in) operating activities Increase in elevated rail project costs Increase in advances for asset acquisitions Cash paid for purchases of property, plant and equipment Cash paid for purchases of condominiums and fixtures for lease Others Net cash used in investing activities
2Q 11/12
1Q 11/12
%QoQ
1,389.4
199.5
596.4%
71.3
69.9
2.0%
320.9 (642.6) (383.5) (128.6) (298.9) (50.8) 2.5 279.6
250.6 342.0 (288.6) 96.0 (189.4) (23.1) 4.7 471.0
28.1% -287.9% N.A. -234.0% N.A. N.A. -46.5% -40.6%
(190.8) 195.8
(36.5) (204.9)
N.A. N.A.
(271.7)
(317.6)
N.A.
0.0 (46.6) (313.3)
0.0 (19.5) (578.5)
N.A. N.A. N.A.
Dividend paid Increase in long-term loans Cash paid for long-term loans Cash received from issuance of convertible debentures Others Net cash from (used in) financial activities
(1,286.7) 622.1 (3.8)
0.0 389.9 0.0
(1,286.7) 622.1 (3.8)
0.0 (354.4) (1,022.8)
0.0 0.0 389.9
0.0 (354.4) (1,022.8)
Net increase (decrease) in cash Cash at beginning of the period Cash at the end of the period
(1,050.8) 2,103.1 1,052.3
277.6 1,825.4 2,103.1
Key financial ratios
2Q 11/12
2Q 10/11
1Q 11/12
1H 11/12
1H 10/11
Profitability ratios Gross operational profit margin (%) Overhead expenses to sales ratio (%) EBITDA margin (%) Operating EBIT margin (%) Net profit margin (%) ROA (%) ROE (%)
50.0% 15.7% 68.3% 35.4% 41.0% 2.11% 3.64%
39.3% 22.6% 57.2% 17.4% 26.6% 1.53% 2.53%
48.3% 19.3% 49.4% 30.2% 7.7% 1.05% 1.81%
49.2% 17.8% 61.5% 33.8% 29.0% 2.11% 3.64%
42.3% 22.2% 50.0% 21.7% 9.5% 1.53% 2.53%
Leverage ratios Total liability to total asset (times) Total liability to total equity (times) Net debt to equity (times) Interest coverage (times)
0.42x 0.72x 0.60x 4.91x
0.39x 0.65x 0.52x 2.90x
0.42x 0.72x 0.56x 1.56x
0.42x 0.72x 0.60x 3.24x
0.39x 0.65x 0.52x 1.51x
Per share ratios Earnings per share (THB) Operating cash flow per share (THB) Free cash flow per share (THB) Enterprise value per share (THB) Book value per share (THB)
0.022 0.005 0.000 1.02 0.66
0.011 0.006 -0.007 1.24 0.67
0.002 0.008 -0.002 1.09 0.66
0.025 0.013 -0.002 1.02 0.66
0.006 0.009 -0.023 1.24 0.67
Our City Our Future
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
FINANCIAL HIGHLIGHTS • • • • • • •
New historic record for revenue of both Mass Transit and Media business divisions Total quarterly ridership reaches 45.1mn passengers in 2Q 11/12 representing 19.4% YoY growth Weekday average ridership for 2Q 11/12 of 541,275 passengers representing a 16.6% YoY growth Media business revenue rises 51.6% YoY (12.1% QoQ) to THB 523.3mn Total operating revenue of THB 2.033.9mn in 2Q 11/12, representing growth of 36.1% YoY 5 Operating EBITDA margin increased to 52.8% in 2Q 11/12, compared to 52.4% in 1Q 11/12 and 37.2% in 2Q 10/11 Profit attributable to the equity holders of the Company of THB 1,281.6mn (an increase of 116.8% YoY)
Quarterly Performance – 2Q 11/12 BTS Group Holdings Public Company Limited (“BTSG” or the “Company”) and subsidiaries (together, the “Group”) recorded consolidated total revenue of THB 3,128.4mn in 2Q 11/12, an increase of 40.7% (or THB 905.6mn) from THB 2,222.8mn in 2Q 10/11. Operating revenue also rose 36.1% to THB 2,033.9mn. The increase in operating revenues was on account of the improved revenue performance in all our business sectors. The Group also realised non-recurring revenues totaling THB 1,049.4mn related to the favourable verdict by the Supreme Administrative Court in relation to construction costs of the BTSC depot. Revenues from the Mass Transit, Media, Property and Services businesses accounted for 65.2%, 25.7%, 7.5% and 1.7% of total operating revenues respectively. Operating Revenue (THB mn) Mass Transit
3
1
Media Property Services TOTAL
2
2
2
3
2Q 11/12
% of Total
2Q 10/11
% Change (YoY)
2Q 11/12 4 margin
2Q 10/11 4 margin
1,325.7
65.2%
989.9
33.9%
48.7%
42.3%
523.3
25.7%
345.2
51.6%
63.0%
65.6%
152.2
7.5%
137.0
11.1%
16.8%
-50.1%
32.8
1.7%
22.6
45.1%
48.2%
45.1%
2,033.9
100.0%
1,494.7
36.1%
50.0%
39.3%
2 Mass Transit revenues include Fare box revenue as well as Service Income from Train Operation Management. Property includes Sales from Real Estate, Rental and Service Income, and Construction & Services Businesses, but excludes Service income related to Thana City Sports & Golf Co. Ltd., which is classified as Services Business 3
Total operating revenue for 2Q 11/12 excludes other income of THB 45.0mn (2Q 10/11 THB 19.6mn) from management income, interest income and others and loss on exchange of THB 40.8mn (2Q 11/12 THB 4.0mn) and non-recurring revenue of THB 1,049.4mn 4
Gross profit margin
Total expenses rose by 10.3% to THB 1,383.7mn (and less than the increase in operating revenue) hence the Group saw a strong improvement in its operating gross margin to 50.0% compared with 39.3% in the previous year. Selling and service expenses fell 47.6% or by THB 44.3mn to THB 48.8mn largely as there was no repeat of the marketing expenses associated with the launch of Abstracts condominium brand in 2Q 10/11. 5
This led to the improvement of operating EBITDA by 92.8% YoY (and 21.0% QoQ) to THB 1,073.6mn. Finance costs were stable at THB 355.5mn compared to THB 353.5mn in 1Q 11/12. Besides operating items, the Group also benefited from non-recurring revenue in 2Q 10/11 of THB 1,049.4mn. This was due to the reversal of a previous allowance for loss in value of civil works amounting to THB 705.2mn as well as compensation (interest charges) related to the allowance of THB 344.2mn. Further there was a loss on exchange (THB 40.8mn) in relation to an accounting policy for the Euro component of the advance payment for new rolling stock (35 middle cars). All these taken into account, the Group reported consolidated profit for the 3 month period of THB 1,337.4mn (a 121.3% increase to net profit of THB 604.2mn in 2Q 10/11) and profit attributable to the equity holders of the Company at THB 1,281.6mn (an increase of 116.8% compared to THB 591.2mn in 2Q 10/11). Total assets at 30 September 2011 stood at THB 64,901.5mn, a 1.7% increase from 31 March 2011. In June, the Company increased capital by the issuance of 1,299.0mn common shares (as consideration for the shares of a group of specific investors in our subsidiary BTSC). This resulted in an increase in issued and fully paid-up capital to THB 36,600.5mn and share premium account of THB 350.7mn. Long term debt also increased by THB 1,012.0mn as the Group drew down for the development of its Property projects. 5
operating EBITDA excludes non-recurring items
Our City Our Future
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
KEY BUSINESS UNIT UPDATES
MASS TRANSIT Ridership grew apace in 2Q 11/12 reaching 45.1mn passengers, surpassing the previous quarterly record (39.7mn passengers achieved in 3Q 10/11) by some way. In 2Q 11/12, YoY growth was 19.4% with QoQ growth also reaching 14.4%. Average ridership per weekday also followed the same trend rising 16.6% YoY (or 7.3% QoQ) to 541,275 passengers. The key growth factor aside from organic growth was the opening of the On nut – Bearing extension midway through 2Q on 12th August 2011.
Total Ridership Average weekday ridership Average Fare (THB / trip)
2Q 11/12
2Q 10/11
YoY
1Q 11/12
QoQ
45,112,312
37,782,486
19.4%
39,431,221
14.4%
541,275
464,259
16.6%
504,263
7.3%
24.1
24.1
0.2%
24.2
-0.4%
Historical Monthly Ridership (last 2 years)
Historical Average Weekday Ridership (last 2 years)
Overall Mass Transit revenue increased in excess of ridership due to the increased contribution of operation and maintenance (O&M) revenue from new extensions. Mass Transit revenue increased by 33.9% or THB 335.8mn YoY (or 27.7% or THB 287.8mn QoQ) to THB 1,325.7mn. Farebox revenue grew 19.6% and in line with the YoY ridership trend to THB 1,088.1mn as the average fare was stable at THB 24.1 per trip (2Q 10/11 THB 24.1/trip). O&M income however, grew significantly, rising 197.4% or THB 157.7mn YoY (189.8% or THB 155.6mn QoQ) to THB 237.5mn as the Group recognised revenue relating to the operation and pre-operation of the On nut – Bearing extension which began commercial operations on 12 August 2011. Cost of revenues rose 19.0% or THB 108.5mn YoY to THB 679.5mn and SG&A expenses rose 15.4% or THB 20.2mn, with the latter increase related to the aforementioned loss on currency in relation to the purchase of rolling stock. As a result we have seen the Mass Transit operating EBITDA margin improve strongly to 67.0% compared to 57.8% (2Q 10/11).
Our City Our Future
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
MEDIA The Group’s Media business showed a continued improvement on last quarter’s record performance, with revenue rising by THB 56.3mn or 12.1% QoQ (THB 178.1mn or 51.6% YoY) to THB 523.3mn. Revenue contribution from BTS-related media was THB 288.7mn, representing growth of 0.3% QoQ (or THB 0.8mn) or 32.3% growth YoY (or THB 70.6mn), with the pricing increase in on-train LCDs and increased occupancy rates being the main contributor to the YoY growth. Revenue contribution from the non-BTS media was THB 234.6mn, representing growth of 31.0% QoQ (or THB 55.5mn) and 84.7% YoY (or THB 107.5mn). Growth in non-BTS media revenue is attributable to new contracts signed for Tesco Lotus and BigC which began to derive revenue in 3Q 10/11 and 2Q 11/12 respectively. Cost of revenues rose at a similar rate to revenues QoQ, reaching THB 193.6mn (a 11.4% increase QoQ or 63.1% increase YoY). SG&A expenses rose 23.1% YoY (or THB 13.0mn) to THB 69.0mn. The YoY rate of increase in Cost of revenues was more than corresponding revenue increase due to the lower media utilisation rate experienced during the initial period of new modern trade contracts. In spite of this and the higher proportion of non BTS media business, the operating EBITDA margin of the Media business remained stable at 55.8% compared to 56.2% in 2Q 10/11.
Contribution of Revenue (Media business)
Gross Profit Margin (Media business)
Quarterly
2Q 11/12 Gross profit margin (overall)
6
Gross profit margin (BTS-related)
6
Gross profit margin (non BTS-related)
6
2Q 10/11
1Q 11/12
63.0%
65.6%
62.8%
87.0%
88.3%
86.6%
33.4%
26.7%
24.4%
Gross profit margin (overall and BTS-related) excludes the cost of concession payable to BTSC
Our City Our Future
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
PROPERTY Property revenue for the Group increased by 11.1% YoY to THB 152.2mn. However, this represented a slight fall (1.5%) QoQ as the company transferred 14 units of Abstracts Sukhumvit 66/1 (compared to 18 units in 1Q 11/12) contributing THB 49.4mn of revenues to the Property division. Elsewhere, revenue from commercial property (serviced apartment, office and hotel business) increased 17.8% QoQ or 24.3% YoY to THB 41.9mn. This improved performance was on the back of improved occupancy of the Group’s hotel business. Cost of revenues for the Property division fell 38.4% or THB 79.0mn YoY to THB 126.6mn. Recall that in 2Q 10/11 the Company recognised an impairment of real estate inventory of Thana City of THB 81.6mn. Property gross profit reached THB 25.6mn (compared with loss of THB 68.6mn in 2Q 10/11 and profit of 29.5mn in 1Q 11/12). SG&A expenses fell 17.5% YoY (but was flat QoQ) to THB 76.1mn. The YoY reduction is due to the marketing expenses incurred in 2Q 10/11 from the Abstracts condominium brand launch.
Studio room 11.04%
Two bedroom 6.31%
Presold units 53%
Available units 47%
One bedroom 82.66%
% of total presold units Presold units as of Sep 2011 (Tower A) Average Selling Price/Sq.m. (THB) between Jul – Sep 2011
73,776
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Type: Mid-High End Condominium Location: Phahonyothin Road, North Bangkok. 250m from new BTS station
Tower A Tower B Tower C Total
Presold by unit type (Tower A) # Units 1,012 1,012 1,012 3,036
GFA (sqm) NFA (sqm) 62,091 42,818 62,091 42,818 62,091 42,818 189,273 128,455
Site area : 33,420 sqm (20-3-55 rai) Project summary
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
% of total presold units
Available units 37%
Presold units 63%
Two bedroom 28%
One bedroom 72%
Presold units as of Sep 2011 Average Selling Price/Sq.m. (THB) between Jul – Sep 2011
78,779
Presold by unit type
Type: Mid-High End Condominium Bldg A Bldg B Location : Sukhumvit Soi 66/1, East Bldg C Bangkok. 250m from new BTS Udomsuk Bldg D Site area : 3,160 sqm. (1-3-90 rai) Total Project summary
# Units 28 28 28 28 112
GFA (sqm) NFA (sqm) 2,270 1,247 2,270 1,247 2,270 1,247 2,270 1,247 9,082 4,989
HOTELS: Construction of the hotel adjacent to BTS Surasak station reached 88.0% by the end of 2Q 11/12. Soft opening is scheduled for Q1 2012 however, this may be subject to delay in light of the flooding situation in Central Thailand
Hotel at BTS-Surasak Station Construction Progress
88.0% Model Room
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Type: Four Star Hotel
Location : Sathorn Road, Direct access to BTS Surasak Site area : 3,928 sqm (2-1-57 rai) Expected Completion : Construction: Dec 2011 Soft Opening: Q1 2012 Project summary
Construction model
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
SERVICES Our Services business saw another stable quarter, with revenue of THB 32.8mn. However this represented a 45.3% increase YoY as in 2Q 10/11, Thana City Golf course was partly under renovation. The division’s gross profit margin was 48.2% and EBITDA margin 2.4%. Absolute Hotel Services Co. Ltd (AHS) continued with the acquisition of 11 new management contracts under the Eastin and U Hotels & Resorts brand regionally during the period. U Hotels & Resorts
Eastin Hotels / Residence and Eastin Easy
India
India
U Candolim Goa - 58 rooms opening 2012
Eastin Easy Tarapur – 32 rooms opening 2012
U Navi Mumbai -35 rooms opening 2012
Eastin Easy Kohlapur – 70 rooms opening 2013
U Umargam – 60 rooms opening 2013
Eastin Easy Citizen Ahmedabad – 50 rooms opening 2012
U Hotels & Resorts
Eastin Easy Sun Mapusa Goa – 75 rooms opening 2014 Vietnam Eastin Easy LTT Hanoi – 56 rooms opening 2011 Eastin Easy GTC Hanoi – 70 rooms opening 2011 Eastin Hotel Nha Trang -200 rooms opening 2014 Eastin Hotel Westlake Hanoi – 150 room opening 2014
Hip Hing Construction (Thailand) continues to make good progress with its construction management work at the BTS Group’s hotel project at Surasak (88% completed), Abstracts Sukhumvit 66/1 (“The Moon” phase 100% completed and “The Sun” 98% completed) and Abstracts Phahonyothin Park (31% completed) as of 30 Sep 2011.
Our City Our Future
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Investor Relations Quarterly Review: Issue 6 2Q 11/12
BTS Group Holdings Plc th
3 months ending 30 Sep 2011
BTS GROUP IN THE COMMUNITY The BTS Group is committed to improving the lives of people, through its vision of being a leading provider of mass transit services. The Group has also initiated many special Corporate Social Responsibility (CSR) projects in both Bangkok and other provinces of Thailand. Activities cover a broad spectrum of social concerns, with a focus on environmental impact. The Group continuously participates in community development in areas including religion, education, sport, public health and encourages staff involvement in all these efforts. 18 October 2011 BTS Group continues to support flood relief efforts
The BTS Group continues its 2011 Flood relief efforts with the provision of relief packages to those affected by the flood. Mr. Keeree Kanjanapas, Chairman of the BTS Group together with management and staff prepared relief packages consisting of rice, canned fish, drinking water and other necessities, to be distributed to people suffering from flooding. The completed packages were packed for distribution at the Sports Hall of the BTS SkyTrain Head Office, Phaholyothin Road.
28-30 September 2011 BTS Group organised the 5th Vegetarian Food Festival with Nuduan
Over 4,000 persons attended the Vegetarian Food Festival with Nuduan organised by the BTS Group and the BTS SkyTrain at the walkway, National Stadium Station. The event provided many kinds of healthy vegetarian food and beverages served free of charge. The festival was officially opened by Dr. Theerachon Manomaipibul, Deputy Governor of BMA and Mr. Keeree Kanjanapas, Chairman of the BTS Group, together with the management of the company.
02 September 2011 BTS Group organises CSR Report Training Course
Mr. Rangsin Kritalug Executive Director & Chief Operating Officer of BTSG presided over the opening seminar of the CSR Report Training Course, held for staff members. The seminar conducted by Mr. Chansith Yodpruedtikarn, an instructor from the Thaipat Institute, and was aimed at developing staff participation in the organisation and planning of CSR Report production of the company. Certificates of course completion were presented to the company after the training session.
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Investor Relations Quarterly Review: Issue 6
BTS Group Holdings Plc th
2Q 11/12
3 months ending 30 Sep 2011
SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS Company Name Bualuang Securities KGI Securities Asia Plus Securities Finansia Syrus Phatra Securities Phillips Securities Kim Eng Securities DBS Vickers KTZMICO Securities CIMB Securities Sicco Securities Thanachart Securities Capital Nomura Summary
Recommendation
Target Price
Report Date
Sales
Buy Outperform Buy Buy Buy Buy Buy Buy Buy Neutral Buy Hold Buy
0.90 0.82 1.07 0.98 0.98 0.90 0.80 0.84 0.98 0.75 0.98 0.60 1.00 Target Price
14-Nov-11 14-Nov-11 26-Oct-11 13-Oct-11 19-Sep-11 19-Sep-11 18-Aug-11 18-Aug-11 15-Aug-11 15-Aug-11 1-Aug-11 9-Jun-11 2-Jun-11
7,392 7,606 7,637 7,254 8,221 7,578 7,018 6,909 7,577 7,941 7,606 7,100 7,200 Sales
Average Max Min Source: Broker reports, Bloomberg, SETTrade
0.89 1.07 0.60
7,465 8,221 6,909
EBITDA Net Profit 2011/12E (THB mn) 3,606 654 3,419 415 3,259 538 3,228 478 3,813 636 3,481 590 3,555 577 3,262 646 3,171 493 3,723 1,128 3,795 481 3,430 957 3,305 702 EBITDA Net Profit 2011/12E (THB mn) 3,465 638 3,813 1,128 3,171 415
Analyst Name Suppata Srisuk Suchot Tirawannarat Suwat Wattanapornprom Amnart Ngosawang Paveena Chewananth Siam Tiyanont Jaroonpan Wattanawong Sombat Agekavanpattana Terapatr Mathanukraw Monchai Jaturanpinyo Pathompol Laowirayasak Saksid Phadthananarak Raenoo Bhandasukdi
SHAREHOLDER CONTACT AND REFERENCE INFORMATION Shareholder Services:
Investor Relations
For any matters relating to your shareholding such as transfer of shares, change of name and address and loss of share certificates should be addressed in writing to the Registrar:
For enquiries from Institutional investors and securities analysts, please contact: Investor Relations Department, BTS Group Holdings Plc., 15F TST Tower, 21 Viphavadi-Rangsit Rd, Jompol, Jatujak, Bangkok 10900
The Thailand Securities Depository Co., Ltd. (TSD)
Telephone: Email:
62 The Stock Exchange of Thailand Building, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand Website: http://www.tsd.co.th Telephone: Facsimile: E-mail:
+66 (02) 229 2888 +66 (02) 654 5426 tsdcallcenter@set.or.th
+66 2 2738525-6 ir@btsgroup.co.th
Financial Calendar: The Quarter Ahead Event End of 2Q 2011/12 2Q 2011/12 Earnings Released 2Q Earnings Review Meeting End of 3Q 2011/12 3Q 2011/12 Earnings Released 3Q Earnings Review Meeting
Date 30 September2011 11 November 2011 16 November 2011 31 December 2011 13 February 2012 15 February 2012
Notes: A
Data as of 14th November 2011. Source: Company and Bloomberg Based on exchange rate of 30.77 as of 14th November 2011 C Assumes no cost of concession payable by VGI to BTSC D Source: Bloomberg, data as of 14th November 2011 B
E
Source: BTS Group Holding Public Co.Ltd. as of 5 Oct 2011
This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Plc. (“BTSG�) solely for information purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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