Frasers Property Thailand Industrial Freehold & Leasehold REIT 4QFY19 and FY2019 Results Presentation 13 November 2019 Laemchabang 2, Chonburi, Thailand (FPIT’s properties) FPIT Bangplee 1, Samutprakarn
Important notice This presentation is for information purposes only and does not constitute or form part of an offer, solicitation, recommendation or invitation for the sale or purchase or subscription of securities, including units in Frasers Property Thailand Industrial Freehold & Leasehold REIT (“ FTREIT ”, and the units in FTREIT, the “ Units ”) or any other securities of FTREIT. No part of it nor the fact of its presentation shall form the basis of or be relied upon connection with any investment decision, contract or commitment whatsoever. The past performance of FTREIT and Frasers Property Industrial REIT Management (Thailand) Company Limited, as the REIT manger of FTREIT (the “ Manager ”), is not necessarily indicative of the future performance of FTREIT and the Manager. This presentation may contains “forward -looking statements”, including forward-looking financial information, that involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance, outcomes or achievements of FTREIT or the Manger, or industry results, to be materially different from those expressed in such forward-looking statements and financial information. Such forward-looking statements and financial information are based on certain assumptions and expectations of future events regarding FTREIT’s present and future business strategies and the environment in which FTREIT will operate. The Manager does not guarantee that these assumptions and expectations are accurate or will be realized. The Manager does not assume any responsibilities to amend, modify or revise any forward-looking statement, on the basis of any subsequent developments, information or events, or otherwise, subject to compliance with all applicable laws and regulations and/or the rules of the Securities and Exchange Commission, Thailand (“ SEC ”) and the Stock Exchange of Thailand (“ SET ”) and/or any other regulatory or supervisory body or agency The information and opinions in this presentation are subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning FTREIT. None of FPT, FTREIT, the Manager, or any of their respective holding companies, subsidiaries, affiliates, associated undertaking or controlling persons, or any of their respective directors, officers, partners, employees, agents, representatives, advisers or legal advisers makes any representation or warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this presentation or otherwise made available or as to the reasonableness of any assumption contained herein or therein, and any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation is expressly disclaimed. Further, nothing in this presentation should be construed as constitution legal, business, tax or financial advice. The value of Units and the income derived from them, if any, may fall or rise. Unit are not obligations of deposits of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they have no right to request the Manager to redeem their Units are listed. It is intended that holders of Units may only deal in their Units through trading on SET. Listing of the Units on the SET does not guarantee a liquid market for the Units. Please study relevant information carefully before making any investment decision. Investors are encouraged to make an investment only when such decision correspond with their own objective and only after they have acknowledged all risks and have been informed that the returns may be more or less than initial sum. 2
Content ▪ 4QFY19 Highlight and FY2019 ▪ Financial Review ▪ Portfolio Overview ▪ REIT Strategy and Key Objectives 3
4QFY19 and FY2019 Highlights FPT Properties Chonburi FPIT Bangna
4QFY19 Highlights Distributable • 4QFY19 Distribution Per Unit (“DPU”) of THB 0.1670 per unit, up 4.4% from 3QFY18 (6) , maintain Income DPU compared to 3QFY19. • Higher Occupancy rate at 83.1%, up from 79.2% at 3QFY2018 (Sep’18). Portfolio • Weighted average lease expiry at around 2.33 years (3) • 155,058 sq m of forward renewals, representing 9.2% of portfolio net leasable area, renewal Metrics rate is around 92% Acquired 18,354 sq.m (7) (1 properties) of cold storage from CT Distribution Center in August 2019 • Acquisition • Acquired 29,850 sq.m (2 properties) of warehouses from FPIT in September 2019 • Total investment value of 3 properties is THB 1,294 Million (5) • Gearing of 25.3% Capital • 86.6% of borrowings at fixed interest rate • Weighted average cost of debt is around 3.2% p.a Management • Weighted average debt maturity is around 3.8 years (1) Gearing ratio = IBD/TAV as of 30 September 2019 (2) Only Debentures cost = 3.3% WAM is around 4.2 Years (3) By Gross Rental income (4) Retention and reversion that incurred in 4QFY2019 (5) FPIT properties value is THB 637 Million (Exclude acquisition expenses and Tax) and CTD cold storage value is THB 657 Million (Exclude acquisition expenses and Tax) (Value of CTD property including VAT is THB 661 Million), CTD will transfer remaining equipment after CTD clearing VAT and documents with Customs, transfer schedule will not late than 31 January 2020 (Value of properties including VAT is THB 1,298 Million) (6) 3QFY18 was period from 1 July 2018 to 30 September 2018 5 (7) Based leased area that CTD have lease agreement with FTREIT
Growth continues in FY2019 ❖ Earnings and DPU • FY2019 DPU of THB 0.6680, up 4.7% year-on-year THB 0.6680 FY2019 DPU (5) ❖ Portfolio value increased to THB 37 Billion • THB 3,201 Million (3) acquisition properties from sponsor and third-party • Completed asset enhancement plan (extend building area by 1,700 sq.m) of a factory at Amata City Rayong, increased asset value by THB 41 Million. THB 3.2 • Divested 2 properties at Amata City Chonburi province and Rojana Industrial THB 0.1670 Park Prachinburi at attractive premium to book values Billion Asset Acquisition ❖ Portfolio Management FY2019 • FY2019 Occupancy rate end at 83.1%, up from 79.2% at end of FY2018 (+3.9% y-o-y) • Renewal Rate is around 86% (2) / Rental rate reversion is around 1.6% (2) 83.1% ❖ Capital Management Occupancy Rate as • LTV ratio at 25.3% as of 30 September 2019, maintained weighted of 30 September average cost of debt at around 3.2% (4) and average weighted debt 2019 maturity 3.8 years (4) . (1) Reference from loan agreement and debentures at the end of Sep 19. (2) Retention rate and rental rate reversion that incurred in FY2019 (Oct’18 – Sep’19) (3) FPIT properties value is THB 2,544 Million (Exclude acquisition expenses) and CTD cold storage value is THB 657 Million (Exclude acquisition expenses and Tax) (Value of CTD property included VAT is THB 661 Million), CTD will transfer remaining equipment after CTD clearing VAT and documents with Customs, transfer schedule will not late than 31 January 2020 (Value of properties including VAT is THB 3,205 Million) (4) Only Debentures cost = 3.3% WAM is around 4.2 Years 6 (5) DPU of 4QFY19 at THB 0.1670
Financial review FPT Properties Chonburi
Distribution 4QFY19 and FY2019 ▪ The higher DPU of THB 0.6680 by 4.7% year-on-year was mainly to contribution from new assets acquisition and better performance of existing assets. ▪ Distribution date is on 11 December 2019 Distribution per Units (2) Unit : THB per Unit 0.6680 0.6381 0.1670 0.1600 (1)(3) (1) 3QFY18 4QFY19 Oct'17-Sep'18 Oct'18-Sep'19 (Jul’18 – Sep’18) (Jul’19 – Sep’19) 4QFY17 to 3QFY18 FY2019 12 Months 12 Months 1. Distribution = Dividend + Capital Reduction 2. FY2019 period start from 1 October 2018 to 30 September 2019, FY2018 start from 1 January 2018 to 30 September 2018. 8 DPU of performance 1 Month Oct’17 was THB 0.0481. 3.
Recommend
More recommend
