ASSET WORLD CORP PUBLIC COMPANY LIMITED FY2019 ANALYST MEETING PRESENTATION 28 February 2020
AG E ND A AWC STRATEGY 2019 FINANCIAL HIGHLIGHTS 2019 PERFORMANCE RESULTS ALIGNING WITH AWC STRATEGIES 2019 MAJOR MILESTONES 2020 AWC TRANSFORMATION APPENDIX
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Asset World Corp Public Company Limited (“ AWC ”) is Thailand’s leading integrated lifestyle real estate group, a pure-play Thailand-focused real estate owner and developer, with a sustainable diversified development pipeline for future growth as well as the potential for long-term capital appreciation.
AWC STRATEGY 5 B U I L D I N G A B E T T E R F U T U R E
AW C ST RATE GY 5 - Y R S T R A T E G I C Maximize Shareholders’ Return T A R G E T (ROE > 15%) Robust & Sustainable Growth Most Admired Real Estate Group (EBITDA CAGR > 15%) (World Class Standard) S T R A T E G Y C O R E GROWTH-LED GLOBAL AND UNIQUE SYNERGY & MIDDLE TO HIGH INCOME NEW BENCHMARK STRATEGY CUSTOMER SEGMENT PARTNER SUSTAINABILITY B U S I N E S S M O D E L Real Estate Investor/Developer/Manager F U N D A M E N T A L / Scalable Frontier Projects Focus (Mixed-Used Development ) International customers base diversification and portfolio diversification throughout key cities Outstanding Return on Investment Strong Development Capabilities 6
2019 FINANCIAL HIGHLIGHTS 7 B U I L D I N G A B E T T E R F U T U R E
2 01 9 FIN ANC IA L HI G HL IG H T F I N AN C I AL R E C AP Remarks: 1/ Revenue from Operating Assets 8
REVENUE OVERVIEW REVENUE GROWTH DESPITE MARKET SLOWDOWN F/S : Financial Statement OA : Operating Assets of the Company 9
REVENUE : HOSPITALITY ROBUST GROWTH DRIVE FROM MICE SEGMENT 10
REVENUE : RETAIL & COMMERCIAL LEAPING GROWTH THROUGH THE SUCCESS OF RAMP UP ASSETS 11
EXPENSES OF OPERATION CENTRALISED ON COST EFFICIENCY, CONTINUOUS IMPROVEMENT AND MAXIMIZE ECONOMIES OF SCALE. F/S : Financial Statement OA : Operating Assets of the Company 12
NE T O P ER ATIN G PR O FIT O VE RV IE W EXHIBIT SOLID COMPETENCY ACCORDANCE WITH THE STRATEGY FOR RAPID AND CONTINUOUS GROWTH FY2019 NET OPERATING PROFIT (GROUP 1&2 ASSET) 51% F/S : Financial Statement OA : Operating Assets of the Company 13
NET OPERATING PROFIT FOR HOSPITALITY DRIVEN BY THE MICE GROUP, LED BY THE BANGKOK MARRIOTT MARQUIS QUEEN'S PARK 14
NET OPERATING PROFIT FOR RETAIL & COMMERCIAL SIGNIFICANT GROWTH THROUGH THE SUCCESS OF RAMP UP ASSETS 15
CORPORATE EXPENSE & CORPORATE EBITDA 16
NET PROFIT IPO BOLSTER IN LOWERING FINANCIAL COST 17
FINANCIAL POSITION 18
PORTFOLIO ANAYLSIS (BEFORE ACQUISITION OF GROUP 3) STRONG GROWTH POTENTIAL WITH 71% OF FIXED ASSET VALUE CONTRIBUTION. • Bangkok Marriott Marquis Queen’s • DoubleTree by Hilton Sukhumvit Bangkok Park Hotel • Hilton Sukhumvit Bangkok • Gateway Bangsue • Banyan Tree Samui • Lasalle's Avenue • The Athenee Hotel Bangkok, The Luxury Collection • Empire Tower • The Okura Prestige Bangkok Hotel • Sheraton Samui Resort • Asiatique • Vana Belle, A Luxury Collection • Tawanna Bangkapi Resort, Koh Samui • 208 Wireless • Athenee Tower • Le Meridien Bangkok • Melia Koh Samui,Thailand • Le Meridien Chiang Mai • The Metropole Hotel Phuket • Pantip Ngamwongwan • Banyan Tree Krabi • Pantip Pratunam • Inside Bangkok • Pantip Chiangmai • Tawanna Markets • OP Place • Interlink 19
PORTFOLIO ANAYLSIS (AFTER ACQUISITION OF GROUP 3) STRONG GROWTH POTENTIAL WITH 77% OF FIXED ASSET VALUE CONTRIBUTION. 20 20
2019 PERFORMANCE RESULTS ALIGNING WITH AWC STRATEGIES 21 B U I L D I N G A B E T T E R F U T U R E
G RO W TH STR ATEG Y FRO M R AMP UP AS SE TS STRONG SEGMENT WITH RAMP UP HIGH GROWTH Hospitality RevPAR (THB/night) HOSPITALITY 2,566 MICE 2,248 +110% SEGMENT 1,484 1,275 1,031 41% 2013 2014 2015 2016 2017 2018 2019 59% 31% 69% Retail and Commercial MQP OTHERS MICE OTHERS REVENUE GROWTH 1037% REVENUE GROWTH 1037% BU EBITDA GROWTH 225% BU EBITDA GROWTH 225% 59% 59% MICE contribute 59% of the MICE contribute 59% of the hospitality Revenue hospitality Revenue REVENUE GROWTH 175% REVENUE GROWTH 175% 31% 31% BU EBITDA GROWTH 9245% BU EBITDA GROWTH 9245% MQP contribute 31% of the MQP contribute 31% of the MICE segment Revenue MICE segment Revenue 22
PR O VE N R AM P-U P AS SE TS: BA NG K OK M ARR IO TT MA RQ UI S Q UE EN ’S PARK Bangkok Marriott Marquis Queen’s Park ramping up with Revenue growth 13.9% FY2019 BU EBITDA growth at 26.1% YoY One of only 10 Marriott Marquis hotels One of only 10 Marriott Marquis hotels globally, and the only one in Asia globally, and the only one in Asia One of the largest MICE hotel in Bangkok (1) , One of the largest MICE hotel in Bangkok (1) , total of 1,388 rooms total of 1,388 rooms 28 meeting rooms, including 1 grand 28 meeting rooms, including 1 grand ballroom and 1 great hall ballroom and 1 great hall Walking distance from well-known shopping Walking distance from well-known shopping area in Bangkok e.g. District Em area in Bangkok e.g. District Em +26.1% YoY RevPAR (THB/night) BU EBITDA (THB mm) 735.6 583.2 +5.8% YoY +14.2% YoY +23% YoY 2,676 2,566 2,529 2,247 211.1 171.6 4Q18 4Q19 FY2018 FY2019 4Q18 4Q19 FY2018 FY2019 Notes: 1. Source: JLL report, based on number of rooms and meeting space capacity 2. EBITDA adjusted for internal charges 3. Exclusive of depreciation, amortization and the asset management fees charged to each of the properties of the Company 23
PR O VE N R AM P-U P AS SE TS: G ATE WAY AT BA NG S UE Ramping up to achieve FY2019 Revenue growth 1037%, strong FY2019 BU EBITDA growth +>225% Contemporary urban malls offering compact “one-stop” shopping Contemporary urban malls offering compact “one-stop” shopping with lifestyle experience emphasis with lifestyle experience emphasis Cater to daily needs of local middle-income residents Cater to daily needs of local middle-income residents Closely located to key transportation network Closely located to key transportation network Anchor tenants include supermarkets / hypermarkets, cinemas, Anchor tenants include supermarkets / hypermarkets, cinemas, fitness centers etc. fitness centers etc. BU Revenue (THB mm) +> 225% YoY 210 +> 188.9% YoY 52.6 Key Metrics (FY2019) 18.2 Total NLA (sq. m) 36,526 18.5 Occupancy Rate (%) 71 BU EBITDA Growth (%YoY) +>225% 4Q18 4Q19 FY2018 FY2019 Notes: 1. EBITDA adjusted for internal charges 2. Exclusive of depreciation, amortization and the asset management fees charged to each of the properties of the Company 24
PR O VE N R AM P-U P AS SE TS: L AS AL LE ’S AV EN UE Ramping up in less than 1 year to achieved strong FY2019 BU Revenue growth +>175% Ramping up in less than 1 year to achieved strong FY2019 BU Revenue growth +>175% and FY2019 BU EBITDA growth +9245% an open-air suburban, family-friendly community retail an open-air suburban, family-friendly community retail outlet located with high population density. outlet located with high population density. Targeting students, working adults and residents , Targeting students, working adults and residents , Lasalle’s Avenue features retail shops like Uniqlo, Lasalle’s Avenue features retail shops like Uniqlo, Starbucks, Villa Market. Starbucks, Villa Market. Easily accessible as it is located near to the Bangna BTS Easily accessible as it is located near to the Bangna BTS Skytrain station, the Bearing BTS Skytrain station and the Skytrain station, the Bearing BTS Skytrain station and the Samrong BTS Skytrain station. Samrong BTS Skytrain station. BU Revenue (THB mm) +>175% YoY 6.9% YoY 52.0 Key Metrics (FY2019) Total NLA (sq. m) 5832 18.9 Occupancy Rate (%) 87 12.2 13.1 BU EBITDA Growth (%YoY) +>9245% 4Q18 4Q19 FY2018 FY2019 Notes: 1. EBITDA adjusted for internal charges 2. Exclusive of depreciation, amortization and the asset management fees charged to each of the properties of the Company 25
EFF ICI EN CY ST RATE GY SH O WI NG H IG H ER MA RG I N PROVEN RESULT Revenue Growth of 3.4% Revenue 3.4% New Project and Ramp up with strong growth ; MQP (13.9%) OPRATING EXPENSE Cost EFFICIENCY 5% -16% 16% reduction 6877 6565 1929 1615 4 Q20 1 8 4 Q2 01 9 F Y 2 01 8 F Y 2 01 9 Performing with EBITDA Margin 51% Margin at 51% 26
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