Asian Property Development
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1 Asian Property Development 18 June 2007
2 House Registration Numbers 180, , , , , , , , ,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, ,419176, , , , , ,001 78,096 67,054 69,050 72,072 56,085 29,029 33,074 33,980 37, New registered residential units O w ner built D eveloper built Jan - Dec 2005 Jan - Dec 2006 Growth (% ) Total 72,072 78, % Owner-Built 25,244 28, % Developer-built 46,828 49, % Source: Real Estate Information Center (REIC), Government Housing Bank 1
3 New Registered Residential Units during Jan Dec 2006 Jan - Dec 2005 Jan - Dec 2006 Growth (%) Single Detached Houses 46,643 42, % Owner-Built 22,754 26, % Developer-built 23,889 16, % Jan - Dec 2005 Jan - Dec 2006 Growth (%) Townhouses & Shophouses 14,536 18, % Owner-Built 2,490 2, % Developer-built 12,046 15, % Jan - Dec 2005 Jan - Dec 2006 Growth (%) Condominiums 10,893 16, % Owner-Built Developer-built 10,893 16, % Source: Real Estate Information Center 2
4 Catalyst for Urbanization (1) Year Oil price Transportation cost (Ba ht/litre ) a s % of incom e % % > 20% ? Source: Energy Policy&Planning Office, Kasikorn Research, AP 3
5 Catalyst for Urbanization (2) Thailand s Demographics % 60+ 9% % Age Band Potential home buyers Current target group % Source: National Statistics Office, Department of Provincial Administration 4
6 Market Situation Relies on Economy 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% 13.3% 15.0% 12.3% 11.2% 50.84% 9.5% 8.1% 27.85% 8.3% 9.0% 9.2% 10.0% 26.75% 18.65% 8.6% 24.15% 5.9% 6.3% 13.93% 23.12% 26.42% 27.72% 5.3% 5.0% 0.68% 9.42% 6.1% 4.5% 1.9% 4.6% 4.38% 8.36% 5.0% 4.4% % % % 2.74% -1.4% % -5.0% -60.0% -10.5% % % -10.0% -80.0% Housing Registration (Growth) GDP Correlation: % Source: BOT, Real Estate Information Center, Asian Property Development 5
7 Unemployment Rate vs House Registration 200, , , % 172, , , , % 6.0% 140, % 129, , % 120, ,000 80,000 60,000 40,000 20, % 102,320 80, % 67,451 53, % 2.8% 108, % 2.6% 1.7% 4.4% 4.2% 1.5% 1.5% 67, % 33,074 29, % 33, % 69,050 72,072 78, % 2.2% 56,0852.0% 2.0% 2.0% 1.7% 37, % 1.0% Correlation: Housing Registration (Unit) Unemployment Rate 0.0% Source: BOT, GHB, Asian Property Development 6
8 Short term Indicator Oil Price (1) Consumer confidence vs. Oil price in 2005 Consumer confidence vs.oil price in Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec Consumer Confidence Oil Price (RHS) Consumer Confidence Oil Price(Baht/litre) (RHS) Source: UTCC, Energy Policy&Planning Office, Asian Property Development 7
9 Short term Indicator Oil Price (2) Consumer confidence vs.oil price in Jan-Apr Jan-07 Feb-07 Mar-07 Apr Consumer Confidence Oil Price(Baht/litre) (RHS) Source: UTCC, Energy Policy&Planning Office, Asian Property Development 8
10 Less Impact by Interest Rate 60.0% 40.0% 40.0% 30.0% 20.0% 20.0% 0.0% -20.0% % 0.0% -10.0% -40.0% -20.0% -60.0% -30.0% -80.0% -40.0% Housing Registration (Growth) Interest Rate (%change) Correlation: Source: BOT, Real Estate Information Center, Asian Property Development 9
11 No Impact on Consumer Confidence (1) Consumer confidence vs. Interest rate in 2005 Consumer confidence vs. Interest rate in % % % % % % % Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec % 75 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec % Condumer confidence Interest Rate Condumer confidence Interest Rate (MLR) Source: UTCC, BOT, Asian Property Development 10
12 No Impact on Consumer Confidence (2) Consumer confidence vs. Interest rate in Jan-Apr % % % % % 75 Jan-07 Feb-07 Mar-07 Apr % Condumer confidence Interest Rate (MLR) Source: UTCC, BOT, Asian Property Development 11
13 Current Market Situation HIGHLY DYNAMIC MARKET MARKET FOCUS BY LEADING DEVELOPERS SEGMENT SPECIALIST NO SIGN OF INDUSTRY COLLAPSE LOW GEARING FINANCIAL ADVANTAGES (Pre & Post Financing) TO BIG COMPANIES NEGATIVE GROWTH ON NEW DEVELOPER LOANS / DIRECTOR LOAN BIG COMPANIES GAIN MORE MARKET SHARE INTENSE COMPETITION MAINLY FROM LARGE COMPANIES AIM TO BE NO.1 / HIGH ANNUAL GROWTH TARGET NO NICHE MARKET SEGMENT SHOPPING MALL MARKETING STRATEGIES LOWER GROSS MARGIN AND HIGH SG&A (INDUSTRY) SUPPLY HANDOVER AND ALARMING IN SOME MARKET SEGMENTS 12
14 INVENTORY HANGOVER IN HIGH-END SDH H06 9M Financing : Capital increase MB 11,508 6,699 3, ,897 New property development credit MB N/A 46,146 28,587 16,081 22,440 29,404 Outstanding property development credit MB 150, , , , , ,864 Supply Outlook : Inventory growth % 24.9% 34.7% 7.7% 2.3% 3.8% 2.5% Land subdivision permit (Bangkok and Greater Bangkok) % 108.9% -14.7% 12.5% -6.0% 8.2% 9.8% Construction permit (Growth) % Low rise 48.2% 30.9% -24.6% 13.5% n/a n/a High rise 72.4% 140.1% -50.9% 87.2% n/a n/a Dominant Players : Market share of listed company % 52% 43% 48% 48% 41% 45% Source: Bank of Thailand, Real Estate Information Center, AP 13
15 AP s Definition of Condo 1. SUPER HIGH END LARGE SIZE / CBD / MASS TRANSIT / >B 10 MM 2. HIGH END SMALLER SIZE / CBD / MASS TRANSIT 3. MID END SMALLER SIZE / GOOD LOCATION / MASS TRANSIT 4. MID-TO-LOW END SMALLER SIZE / GOOD LOCATION / NO MASS TRANSIT 5. LOWEST END SMALLEST SIZE / FAIR TO POOR LOCATION / NO MASS TRANSIT / THOUSAND NUMBER OF UNIT PER PROJECT 14
16 POTENTIAL OVER SUPPLY IN LOW-END CONDO (MARKET SITUATION - 1 st QUARTER) UNIT PORTION GROWTH (%) (%) SDH 1, (62.1) TH 2, (19.4) CONDO 11, OTHER 1, TOTAL 16,
17 MAJOR SEGMENTS OF LAUNCHED CONDO ARE LOW-END UNIT PORTION GROWTH < 1 MM 3, MM 4, TOTAL 8, TOTAL CONDO 11,
18 Housing Demand per Year National Economic and Social Development (Government, issued 2002) 123,075 units/year - Low income 64,985 units - Medium to High income 58,090 units Kasikorn Research Center (Kasikorn Bank, issued 2004) 92,700 units/year - Low income 40,000 units - Medium to High income 52,700 units Fiscal Policy Research Institute Foundation (Government Agency, issued 2004) - Total Demand 113, ,000 units/year - Development Built 71,000 81,000 units Source: Asian Property Development 17
19 Company Overview
20 Shareholding Structure Management 36% Khun Anuphong Assavabhokin 24% Khun Pichet Vipavasuphakorn 12% Others (free float) 64% 18
21 Board of Directors Management 3 directors Khun Anuphong Assavabhokin Khun Pichet Vipavasuphakorn Khun Jaroonsak Buntoonginda Related companies 3 directors Khun Chaiyarat Thampeera - Pre-Built Khun Vilas Pilakasiri - Pre-Built Khun Payont Sakdejyont - Q-CON Independent directors 7 directors Khun Pong Sarasin Khun Chatchaval Bhanalaph Dr. Naris Chaiyasoot Khun Siripong Sombutsiri Khun Shaw Sinhaseni Khun Kosol Suriyaporn Khun Nontachit Tulayanonda 19
22 AP s Business Structure AP Group Asian Property Development and subsidiaries (Property Development) Citismart Service Co., Ltd,. (Customer Service and Property Management) Bangkok CitiSmart Co., Ltd. (Property Broker) 20
23 AP Projects Update
24 Product Strategy Old New SDH 25% CONDO 15% TH 60% CONDO 40-50% TH 50-55% SDH 5-10% Source: Asian Property Development Plc. 21
25 Sales & Backlog Q Q Q Q Q Apr-31 May 2007 Beginning backlog 4,940 5,087 4,954 6,084 6,781 8,908 Booking 1,693 1,490 2,142 2,747 3,541 4,730 Income recognition (1,546) (1,623) (1,012) (2,050) (1,415) 0 Ending backlog 5,087 4,954 6,084 6,781 8,908 13,638 - from townhouses and single detached houses 2,255 1,403 1,749 1,377 1,444 2,345 - from condominium 2,832 3,551 4,335 5,405 7,463 11,293 Source: Asian Property Development Plc. 22
26 Ongoing Projects (as of May 31, 2007) Project value (Btm) Completion (last unit transferred) % sold (in unit) (as of 31 May 07) Available for sales (Btm) Type Rai No of units Launch year Place & Park SDH N/A The City (Rama 5 - Pinklao) SDH ,700 Q Q % 463 The City (Pinklao) SDH Q Q % 111 The City (Pinklao) Phase II SDH ,600 Q Q % 1,339 Baan Klang Muang (British Town Srinakarin) TH ,630 Q Q % 332 Baan Klang Krung (Siam - Patumwan) Condo ,900 Q Q % 0 Baan Klang Muang (The Paris Ratchavibha) TH Q Q % 5 Sydney Office Park (Ladprao 71) TH Q Q % 0 Baan Klang Muang (Grand De Paris Ratchada) TH Q Q % 4 Baan Klang Krung (Grande Vienna Rama III) TH ,420 Q Q % 14 Baan Klang Krung (Grande Vienna Rama III) SDH Q Q % 250 Baan Klang Muang (Luzern On-nut 46) TH Q Q % 424 Baan Klang Muang (Monte-carlo Ratchavibha) TH ,273 Q Q % 502 Klang Krung Office Park (San Francisco Bangna) TH ,100 Q Q % 20 The Siam Condo ,100 Q Q % 167 Baan Klang Krung (The Nice Ratchavibha) SDH Q Q % 456 BTS Tapra Condo ,100 Q Q % 303 Baan Klang Krung (The Royal Vienna Ratchavibha) TH ,400 Q Q % 1,192 Baan Klang Muang (The Royal Monaco Srinakarin-Pattanakarn) TH Q Q % 469 Baan Klang Muang (Swiss Town Kaset Navamin) TH Q Q % 504 Baan Klang Muang (The Paris Rama 9-Ramkhamhaeng) TH Q Q % 394 The Sukhumvit 42 Condo Q Q % 213 Ratchada Condo Q Q % 8 The Chidlom Condo ,000 Q Q % 1,322 Sathorn 10 Condo Q Q % 66 Paholyothin-Aree Condo ,000 Q Q % 17 Ratchada-Suthisan Condo ,100 Q Q % 34 8,607 Source: Asian Property Development Plc. 23
27 Future Projects to be launched in 2007 Project value (Btm) Completion (last unit transferred) Type Rai No of units Land acquisition Launch year Klang Krung Office Park (Chokchai 4 - Sena) TH Q Q Q Baan Klang Muang (Krungthep Kreeta) TH Q Q Q Baan Klang Muang (Latpraklao) TH Q Q Q Life@Paholyothin 18 Condo Q Q Q Total planned-to-be-launched projects ,050.0 Note: 1 rai = 0.4 acre = 0.16 hectare = 400 sq.w. = 1,600 sq.m., 1 sq.feet = 0.09 sq.m., 1 sq.m. = sq. feet SDH = Single Detached Houses, TH = Townhouses Source: Asian Property Development Plc. 24
28 % Estimated Transferred Condo (million Baht) % Estimated transferred Existing Condo of AP Project value Total units % unit sold * 2007F 2008F 2009F 2010F 2011F Estimated last unit transferred Baan Klang Krung (Siam - Patumwan) 2, % 80% 10% Q The Siam 1, % 100% Q BTS Tapra 1, % 60% 40% Q The Address (Sukhumvit 42) % 100% Q Ratchada - Ladprao % 100% Q The Address (Chidlom) 3, % 70% 30% Q Sathorn Soi % 90% 10% Q Paholyothin-Aree 1, % 60% 40% Q Suthisan 1, % 60% 40% Q ,750 * % sold as of May 20, 2007 How do we manage any potential risk for condo projects? Reducing the financial risk, we finance each new condo project by cash inflow from prior condo projects. Reducing the operational risk, we monitor the number of unit sold reaching the confident level before acquiring new plots of land for new condo development. Source: Asian Property Development Plc. 25
29 Financial Summary Q Q Q Q Q Revenues from Property Development (Btm) 1,415 6,344 2,050 1,012 1,736 1,546 4,490 4,793 4,312 2,408 YoY Chg (%) -8.5% 41.3% 36.8% -13.8% 59.0% 113.2% -6.3% 11.2% 79.0% 128.9% Consolidated Revenues (Btm) 1,415 6,344 2,050 1,012 1,736 1,546 5,258 5,740 4,757 2,701 YoY Chg (%) -8.5% 20.7% 36.8% -25.7% 28.3% 48.3% -8.4% 20.7% 76.1% 110.8% QoQ Chg (%) -31.0% 103% -41.7% 12.3% 3.1% Gross profit from Property Development (Btm) 456 1, ,551 1,821 1, Gross margin from Property (%) 32.2% 31.5% 31.5% 30.5% 30.9% 32.7% 34.5% 38.0% 38.8% 37.3% Overall Gross profit (Btm) 456 1, ,683 2,004 1, Gross margin (%) 32.2% 31.5% 31.5% 30.5% 30.9% 32.7% 32.0% 34.9% 37.2% 36.8% Operating profit (Btm) 232 1, ,369 1, Operating margin (%) 16.4% 16.4% 15.4% 8.0% 18.7% 21.0% 18.6% 23.9% 30.3% 27.6% Net profit from normal operations (Btm) ,010 1, YoY Chg (%) -32.2% 23.2% 13.2% -49.9% 40.4% 148.8% -36.2% -15.2% 73.6% 161.9% Net profit (Btm) 158 1, ,097 1, YoY Chg (%) -32.2% 75.7% -1.0% 207.5% 40.4% 57.2% -30.3% -7.9% 73.2% 160.0% QoQ Chg (%) -34.1% -62.3% 171.5% 0.4% -3.7% EPS (Bt) Total assets (Btm) 10,465 10,418 10,418 10,851 10,804 10,565 10,291 9,247 6,620 3,586 Equity (Btm) 5,213 5,048 5,048 4,736 4,099 4,213 3,983 4,266 3,325 1,706 Outstanding debt (Btm) 3,902 4,031 4,031 4,785 5,502 5,156 5,303 4,030 2,471 1,464 Net debt (Btm) 3,264 3,124 3,124 3,554 4,782 4,593 4,787 3,322 1,507 1,108 Net debt to equity (x) ROE (%) (average equity) N/A 29.8% N/A N/A N/A N/A 18.5% 28.9% 47.4% 52.2% Source: Asian Property Development Plc. 26
30 Interest rate (MLR) Source: BOT, Asian Property Development 27
31 THANK YOU
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