SPA F Y 1 8 S U M M A R Y
Disclaimer: The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Siam Wellness Group Public Company Limited (“SPA” and shares in SPA, “shares”) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which SPA operates and general achievement of SPA business forecasts, which will cause the actual results, performance or achievements of SPA to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the SPA. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the SPA or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes. This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. 2
Agenda 1. Company Overview 2. Company Performance 3. Future Outlook 3
Executive Summary 4Q18 Revenue grows +19.4% Y-Y and 4Q18 Strong demand from foreign & domestic Net profit grows 7.7% Y-Y, whereas FY18 customer with average FY18 Utilitization Rate Revenue grows +19.8% Y-Y and FY18 Net of 82% despite some negative tourism news. Profit grows +17.4% Y-Y. Key Development: Future: 4 Growth Pillars • 3 new domestic branches opened • Organic Growth • 2 new business models plan launched • Spa Operating in Hotel (Stretch me by Let’s Relax and Face Care by Let’s Relax) • Spa Products • Spa Expansion Overseas. 4
Company Overview 5
SPA is the first full-scale spa company to listed on mai with the most comprehensive services and most number of branches. Spa SWR (hotel & food) SWL Let’s Relax (spa products) Onsen Stretch Me SWE (massage school) Face care 6
TOTAL 55 BRANCHES : 5-Stars Spa 4-Stars Spa 3-Stars Spa Innovative Wellness Spa Boutique Day Spa Neighborhood Massage & Spa Avg. Spend = 2,000 THB/pax Avg. Spend = 1,050 THB/pax Avg. Spend = 500 THB/pax CAPEX 25 million THB/branch CAPEX 15-20 million THB/branch CAPEX 10million THB/branch 33 Branches Thailand 10 Branches Thailand 3 Branches Thailand 6 Branches Overseas 7
Stretching Studio Sophisticated by Physical Therapists FACIAL SPA Avg. Spend = 1,200 THB/pax Avg. Spend = 1000 THB/pax CAPEX 5-7 million THB/branch CAPEX 5-7 million THB/branch 2 Branches Thailand 1 Branch Thailand 8
SPA ’s branches are located in most strategic locations QINGDAO 55 50 3 45 42 41 3 3 31 3 3 3 3 21 3 36 39 31 28 12 27 19 10 14 2 8 6 2 5 2 4 1 2 10 2 1 8 11 11 11 11 1o 6 8 4 4 4 4 2 1 1998 2003 2004 2006 2008 2011 2013 2014 2015 2016 2017 1Q18 2Q18 3Q18 4Q18 BRANDS BANGKOK UPCOUNTRY OVERSEAS RarinJinda 2 1 Let’s Relax 14 19 6 Baan Suan 7 3 Other 2 1 Total 25 24 6 9
Company Performance 10
Great Tourism Year Tourist Arrivals to Thailand Tourist Arrivals in FY18 grows 7.54% YoY and Tourism Receipts in FY18 grows 10% China 10.5 m (+7%) | Hong Kong 1.0 m (+24%) | Taiwan 0.69 m (+20%) | Korea 1.8 m (+5%) | Japan 1.7 m (+7%) | Asean 10.28 m (+10%) 38.28 40 35.59 35 9.79 4Q18 32.6 29.8 9.49 30 4Q17 26.5 24.8 25 9.01 3Q18 22.3 8.78 20 19.1 3Q17 15.9 14.6 14.5 15 8.85 14.1 13.8 2Q18 8.13 11.6 2Q17 10 9.19 10.63 5 1Q17 1Q18 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Coup Airport H1N1 Flood Political Coup Bomb King’s Sink Closure Spread Protest Death Ship Zero-Tours Attack Crackdown Source: Department of Tourism, Ministry of Tourism and Sports. Tourist 11
New Domestic Branches Let’s Relax: Let’s Relax: Let’s Relax: Terminal 21 Pattaya The Allez Sukhumvit 13 Ace of Hua Hin 12
New Stores Central World Terminal 21 Pattaya Iconsiam 13
Awards Outstanding Brands 2018 Forbes Best Under Best Investor Relations Awards Asia CEO Summit & a Billion for Listed Company in mai SET Awards 2018 Influential Brands Award Ceremony 14
Spa’s Strong Operational Performance SPA Customer SPA Revenue SPA Revenue FY18 FY18 FY18 by Nationality by Brand by Business 2 % 3 % 2 % Asian M.East Other 5 % 5 % Western 87 % Products 6 % 10 % Let’s Relax Korean | Jap 87 % 55 % Hotel& Food 6 % China | HK | 25 % Taiwan spa RarinJinda Thai | Ex-pat 7 % BaanSuan SPA Customer FY18 Source SPA Staff Utilization Rate 10 % 90% Agent 75% 30 % 70% Online Booking Average FY18 Staff Utilization Rate is 82% 60 % 50% 30% Assumption: Walk-in and Staff works 8 hours a day / Phone Booking 6 days a week 10% 12M2013 12M2014 12M2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 source: Company’s Estimate 15
Solid Total Revenue Growth 1,152.49 MB. 4Q18 GROWS 19.4% YOY AND FY18 grows 19.8% YoY 309.37 291.04 300 (THB millions) 280.84 962.39 MB 271.24 275 259.06 250 246.74 229.22 227.37 225 739.12 MB 200 195.24 193.53 176.02 174.33 175 150 125 100 75 50 25 0 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 16
Solid Gross Profit Growth 4Q18 Gross Profit Margin is 30.8% and FY18 Gross Profit Margin is 33.9% (THB millions) 250 37.0% 37.5% 34.0% 34.0% 33.6% 33.7% 33.6% 36.1% 35.1% 200 30.8% 31.8% 29.8% 150 384.12 328.09 104.71 97.07 93.34 100 89.00 83.55 82.70 85.97 75.87 240.51 67.56 61.81 56.75 54.39 50 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 17
Solid Net Profit Growth 4Q18 Grows 7.7% YoY AND FY18 Grows 17.4% 21.0% 120 18.1% 20.1% 18.1% 18.2% 18.3% 17.9% 18.1% 16.2% 20.0% 20.6% 17.9% 100 80 205.60 MB 175.17 MB 60 140.97 MB 56.15 45.15 51.96 49.11 48.38 45.60 40.33 44.09 40.39 35.24 34.67 40 30.66 20 20 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 18
TSS - SSG/Expansion, Brand, Location Classification SSG(+15.5%) SSG Expansion Expansion(+3.5%) SPA Let’s Relax (+17%) (+20%) Brand RarinJinda (0%) TSS SWR Baan Suan (+1.5%) (+0.5%) YoY+20% (12mths) New Project (+0.5%) Location SWL BKK (+11%) (-1%) UPC (+8%) Other (+0.5%) Franchise Franchise (+1%) Key: BKK - Bangkok Branches UPC - Upcountry Branches 19
TSS - SSG/Expansion, Brand, Location Classification SSG(+0.5%) SSG Expansion Expansion(+3.5%) SPA Let’s Relax (+3.5%) (+4%) Brand TSS RarinJinda (-0%) Q o Q+6% Baan Suan (-0.5%) (3mths) SWR (+1%) New Project (+1%) Location BKK (+2%) Other (+1%) UPC (+2%) Franchise Key: BKK - Bangkok Branches UPC - Upcountry Branches 20
Key Financial Ratio D/E Ratio Remains Strong 4.00 D/E Ratio 3.37 Liquidity Ratio 3.00 3.07 2.44 2.00 1.51 1.44 1.22 1.23 1.0 0.98 0.97 0.73 1.00 0.93 0.86 0.75 0.78 0.62 0.34 0.23 0.25 0.19 0.19 0.16 0.18 0.60 0.59 0.56 0.42 0.47 0.35 0.39 0.43 0.41 9M2016 12M2016 3M2017 6M2017 9M2017 12M2017 3M2018 6M2018 9M2018 12M2018 3M2015 6M2015 9M2015 12M2015 3M2016 6M2016 21
Key Financial Ratio ROE RoA 30% 25.1% 26.1% 25.7% 25.5% 24.9% 23.9% 23.6% 23.8% 22.6% 25% 21.6% 20.52% 25.6% 24.8% 19% 18.55% 22% 20% 17.4% 17% 17.2% 19% 14.8% 19% 18.8% 18.1% 17.7% 16.2% 17% 18.1% 16.9% 15.1% 10% 10.7% 3M2015 6M2015 9M2015 12M2015 3M2016 6M2016 9M2016 12M2016 3M2017 6M2017 9M2017 12M2017 3M2018 6M2018 9M2018 12M2018 22
Dividend History Financial Payment Dividend Total Eps per Share Dividend Payout Year Date (Thb/Share) Payout Consolid/Separate Ratio Consolid/Separate 2014 30/04/15 0.025 14.25M 0.08 0.05 31% 50% Annual 2015 25/12/15 0.05 28.50M Interim 2015 24/04/16 0.05 28.50M Annual 2015 0.1 57M 0.19 0.16 53% 63% Total 2016 20/10/16 0.05 28.50M interim 2016 28/04/17 0.05 28.50M Annual 2016 0.1 57M 0.25 0.21 40% 47.6% Total 2017 08/09/17 0.05 28.50 M Interim 2017 25/04/18 0.07 39.9 M Annual 2017 0.12 68.4 M 0.31 0.28 39% 43% Total 2018 26/04/19 0.15 85.5 M 0.36 0.36 42% 42% Annual 23
OUTLOOK 24
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