Earnings Results Thailand 19 ก 2557 : ( ). ก ก () ก CGR Scoring Rating ( ): 25.25 ( ): 31.60 ( ) http://www.maybank-ke.co.th (02) 658-6300 ( 18 ก 2557) Description : ก ก PCB Epoxy Glass ก PCB ก ก ก กก ก ก ก Ticker : ก () 480 ( ) (US$ m) 12,133 372.24 3-mth Avg Daily Turnover ( ) 82.43 SET INDEX Free float (%) 1,326.21 55.57 Major Shareholders : ก % 32.77 HSBC (SINGAPORE) NOMINEES PTE LTD 6.60 Key Indicators ROE annualised (%) 26.0 Net cash (THB m): -4,015 NTA/shr (THB): 10.3 Interest cover (x): 8.2 Historical Chart ก ก 4Q56 ก 4%: 2,493 (-2% QoQ +33% YoY) ก 2,489 9,243 43% ก 9,290 ก 4Q56 28.9% ก ก 344 345 13.8% ก 14.2% 3Q56 กก ก ก ก ก ก 4% 344 (+8% QoQ, +228% YoY) 330 ก /ก ก ก ก 33 ก 40 ก 377 (+15% QoQ, +77% YoY) ก 370 ก ก 1,052 1,759% YoY ก ก 1,174 65% YoY 1Q57 ก New high : 4Q56 ก ก ก ก ก 1Q57 ก ก ก ก กก ก QoQ YoY Association of European Carmakers (ACEA).. 5.2% YoY ก 5 PCB ก 65% 31.60 : ก 2557 1,292 25% YoY กก ก 4Q57 31.60 ก ก ก ก.. 0.60 2.4% ก ก ก : 757 ก ก ก ก PCB ก 1 ก ก 30% ก 70% 150 100 50 0-50 Feb-13 Apr-13 May-13 Jul-13 Aug-13 Oct-13 Nov-13 Jan-14 Feb-14 SET Performance 52-week High/Low THB 25.75/THB 11.90 1-mth 3-mth 6-mth 1-yrs YTD Absolute (%) 21.4 32.9 60.8 91.3 7.4 Relative (%) 18.1 41.5 64.3 119.7 5.2 Summary Earnings Table FYE: Dec 31 (THB m) 2011 2012 2013 2014F 2015F Revenue 7,201 6,478 9,294 10,145 10,460 EBITDA 751 887 1,987 2,221 2,514 Recurring Net Profit 46 57 1,052 1,292 1,376 Net profit 133 712 1,174 1,292 1,376 EPS (Bt) 0.28 1.54 2.36 2.43 2.38 EPS growth (%) -75.3 449.0 53.2 2.9-2.0 DPS (Bt) 0.20 0.55 0.85 0.97 0.95 PER 260.7 206.1 11.9 10.4 10.6 EV/EBITDA (x) 17.5 16.1 6.7 6.1 4.9 Div Yield (%) 0.8 2.2 3.4 3.9 3.8 P/BV(x) 4.8 3.9 3.0 2.7 2.5 Net Gearing (%) 212.1 179.7 121.3 104.2 90.3 ROE (%) 5.3 23.1 28.5 26.0 23.6 ROA (%) 2.1 3.9 11.8 11.5 11.8 Cons. Net Profit (THB m) - - - 1,235 1,387 Source: Company reports and MBKET. SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Figure 1 : - 4Q13 earnings results (Btmn) 4Q13 3Q13 QoQ 4Q12 Revenues 2,493 2,540-1.8% 1,868 COGs 1,774 1,816-2.3% 1,486 Gross profits 719 724-0.6% 382 Gross margin (%) 28.9% 28.5% 1.3% 20.5% SG&A 344 361-4.6% 267 Operating profit 375 363 3.4% 115 Operating margin (%) 15.06% 14.29% 5.4% 6.15% EBITDA 498 504-1.3% 283 EBITDA margin (%) 19.96% 19.85% 0.6% 15.14% Profit from associated -1 6-118.6% 2 Interest expense 43 46-5.7% 42 Normalised earning 344 317 8.4% 105 Extra ordinary gain (loss) - Forex gain (loss) 0 10 n.m. -129 - Insurance claims 33 0 n.m. 49 Net profit 377 327 15.0% 213 EPS (Bt) before extra item 0.69 0.64 8.4% 0.21 EPS (Bt) 0.76 0.66 15.0% 0.43 Source: Company report 19 ก 2557 2 ก 8
INCOME STATEMENT (THB mn) BALANCE SHEET (THB mn) FY December 2012 2013 2014F 2015F FY December 2012 2013 2014F 2015F Revenue 6,478 9,294 10,145 10,460 Fixed Assets 5,398 5,539 6,325 5,984 EBITDA 658 1,828 2,120 2,409 Other LT Assets 163 277 105 105 Depreciation & Amortisation 488 651 707 936 Cash/ST Investments 400 405 1,155 2,722 Operating Profit (EBIT) 399 1,349 1,514 1,578 Other Current Assets 4,295 5,063 5,639 4,520 Interest (Exp)/Inc 159-171 -185-162 Total Assets 10,256 11,284 13,223 13,330 Associates (3) (13) - - One-offs 656 33 0 0 ST Debt 4,205 4,069 5,116 4,977 Pre-Tax Profit 240 1,165 1,329 1,415 Other Current Liabilities 1,580 2,206 2,426 2,153 Tax 20-16 -13-14 LT Debt 1,327 783 644 292 Minority Interest 4-8 -23-25 Other LT Liabilities 67 116 74 72 Net Profit 712 1,174 1,292 1,376 Minority Interest 13 20 0 1 Recurring Net Profit 57 1,052 1,292 1,376 Shareholders' Equity 3,064 4,091 4,963 5,835 Total Liabilities-Capital 10,256 11,284 13,223 13,330 Revenue Growth % -10.0 43.5 9.2 3.1 EBITDA Growth (%) 2.1 177.7 16.0 13.7 Share Capital (m) 462 496 531 577 EBIT Growth (%) 101.0 234.9 13.4 4.2 Gross Debt/(Cash) 5,531 4,985 5,169 5,269 Net Profit Growth (%) 436.6 64.7 10.1 6.5 Net Debt/(Cash) 5,131 4,580 4,015 2,547 Recurring Net Profit Growth (%) 23.7 1,759.2 22.9 6.5 Working Capital -1,089-807 -749 112 Tax Rate % 8.3 1.0 1.0 1.0 BVPS 6.51 8.55 9.35 10.11 CASH FLOW (THB mn) RATES & RATIOS FY December 2012 2013 2014F 2015F FY December 2012 2013 2014F 2015F Profit before taxation 240 1,165 1,329 1,415 Gross margin % 19.2 26.4 27.1 27.3 Depreciation 488 651 707 936 EBITDA Margin % 10.2 19.7 20.9 23.0 Net interest receipts/(payments) -159-171 -185-162 Op. Profit Margin % 2.6 12.7 13.9 14.1 Working capital change -685-500 -1,218 834 Net Profit Margin % 11.0 12.6 12.7 13.2 Cash tax paid -20-16 -13-14 ROE % 23.1 28.5 26.0 23.6 Others (incl'd exceptional items) 1,788 1,002 512 123 ROA % 3.9 11.8 11.5 11.8 Cash flow from operations 1,651 2,131 1,132 3,131 Net Margin Ex. El % 0.9 11.3 12.7 13.2 Capex -986-1,624-1,095-595 Dividend Cover (x) 2.8 2.8 2.5 2.5 Disposal/(purchase) 0 0 0 1 Interest Cover (x) -2.5 7.9 8.2 9.7 Others -166 8 172 0 Asset Turnover (x) 0.6 0.8 0.8 0.8 Cash flow from investing -1,152-1,616-923 -594 Asset/Debt (x) 1.4 1.6 1.6 1.8 Debt raised/(repaid) 212-188 908-490 Debtors Turn (days) 124.8 125.9 121.7 91.3 Equity raised/(repaid) 109 118 50 47 Creditors Turn (days) 88.3 73.0 73.0 60.8 Dividends (paid) -142-278 -417-526 Inventory Turn (days) 69.9 81.1 81.1 66.4 Interest payments -159-171 -185-162 Net Gearing % 180.5 121.9 104.2 90.3 Others -654 9 185 163 Debt/ EBITDA (x) 10.9 3.9 3.9 3.1 Cash flow from financing -634-509 541-968 Debt/ Market Cap (x) 0.6 0.6 0.6 0.5 Change in cash -135 5 749 1,568 Source: Company reports and MBKET 19 ก 2557 3 ก 8
APPENDIX I:TERMS FOR PROVISION OF REPORT, DISCLOSURES AND DISCLAIMERS ก ก ก กก ก ก ก ก ก ก ก ก กก ก ก กกก ก ก กก ก ก ก ก กก ก ก ก ก ก ก ก Maybank Investment Bank Berhad ) ก Maybank Kim Eng ) ก Maybank Kim Eng Maybank Kim Eng,ก ก, ก / ก ) ก Representatives ) ก ก กก, ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก กกก ก ก ก ก ก ก ก ก ก Maybank Kim Eng ก ก ก ก ก Maybank Kim Eng,ก ก ก กก ก ก ก ก ก ก กMaybank Kim Eng ก ก ก ก ก ก, / ก Maybank Kim Eng กก ก ก กก Maybank Kim Eng ก ก ก ก Maybank Kim Eng ก Maybank Kim Eng ก กก ก 3 ก ก ก ก ก ก ก ก ก กก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก Bursa Malaysia Securities Berhad ก ก ก Maybank Kim Eng Research ก ( Maybank KERPL ) ก ก ก Maybank KERPL ก กก ก ก, ก ก ( ก Section 4A ก Singapore Securities and Futures) Maybank KERPL ก ก ก กก ก ก ก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก กก ก IOD ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ( ) ก ( ) ก ก ก 19 ก 2557 4 ก 8
ก MKE ( US ) ก ( Rule 15a-6 ก Securities Exchange Act of 1934) Maybank Kim Eng Securities USA Inc ( Maybank KESUSA ) Broker-Dealer ( ก Section 15 Securities Exchange Act of 1934) ก Maybank KESUSA ก MKE ก ก ก ก Maybank KESUSA ก ก ก ก ก ก ก ก ก ก ก ก ก ก Maybank Kim Eng Securities (London) ก ( Maybank KESL ) ก ก ก The Financial Services Authority Informational Purposes ก ก ก ก ก (Retail Client) The Financial Services and Markets Act 2000 ก ก ก 3 ก ก ก ก ก ก ก ก ก ก กกก กก ก ก ก ก, ก DISCLOSURES Legal Entities Disclosures : ก Maybank Investment Bank Berhad (15938-H) ก ก Bursa Malaysia Berhad Capital Market and Services ก The Securities Commission : ก Maybank KERPL ( 197201256N) ก ก ก Monetary Authority of Singapore : PT Kim Eng Securities ( PTKES ) ( KEP-251/PM/1992) ก Indonesia Stock Exchange ก ก ก BAPEPAM LK : MBKET ( 0107545000314) ก The Stock Exchange of Thailand ก ก ก ก ก ก. : MATRKES ( 01-2004-00019) ก The Philippines Stock Exchange ก ก ก The Securities and Exchange Commission : Kim Eng Vietnam Securities ก ( KEVS ) ( 71/UBCK-GP) The State Securities Commission of Vietnam ก : KESHK (Central Entity No: AAD284) ก ก The Securities and Futures Commission : Kim Eng Securities India Private ก ( KESI ) The National Stock Exchange of India Limited ( : INF/INB 231 452435) Bombay Stock Exchange ( INF/INB 011452431) ก ก ก Securities and Exchange Board of India KESI ก SEBI 1 Merchant Broker ( INM 000011708) : Maybank KESUSA ก ก ก ก FINRA Broker ID 27861 ก : Maybank KESL ( 2377538) ก ก ก ก The Financial Services Authority Disclosure of Interest : MKE ก กก ก ก กก market maker ก ก กก ก ก ก, ก ก กก ก : 19 ก 2557, Maybank KERPL กก ก ก ก ก : MBKET ก ก ก ก Derivatives Warrants ก ก ก ก MBKET ก ก ก / ก ก / ก ก ก ก ก ก : KESHK ก กก ก ก Paragraph 16.5 (a) Hong Kong Code of Conduct for Persons Licenses ก ก ก The Securities and Futures Commission 19 ก 2557 5 ก 8
19 ก 2557, KESHK ก ก ก ก 3 MKE ก ก ก ก ก ก ก ก ก ก ก ก ก ก 12 ก ก ก ก ก ก ก OTHERS Analyst Certification of Independence ก ก ก ก ก ก ก ก ก ก Structure Securities ก ก ก ก ( ก Spot / ก ), Time to Maturity, / ก ก ก ก ก ก กกก ก ก,, ก ก ก ก MKE Definition of Ratings (For MayBank Kim Eng Thailand) Maybank Kim Eng Research uses the following rating system: BUY TRADING BUY/TAKE PROFIT SELL Applicability of Ratings Return is expected to be above 10% in the next 12 months (excluding dividends) Return is expected to be between - 10% to +10% in the next 12 months (excluding dividends). Return is expected to be below -10% in the next 12 months (excluding dividends) The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies. Some common terms abbreviated in this report (where they appear): Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings BV = Book Value FV = Fair Value PEG = PE Ratio To Growth CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter CY = Calendar Year MoM = Month-On-Month ROA = Return On Asset DCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On Equity DPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders Funds EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date EV = Enterprise Value PBT = Profit Before Tax 19 ก 2557 6 ก 8
ก ก ก ก (IOD) ก ก ก ก ก (Corporate Governance) ก ก ก ก ก ก ก กก ก IOD ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก ก ( ) ก ( ) ก ก ก 19 ก 2557 7 ก 8
ก ก ก 20-21, 24 999/9 1 ก 10330 0-2658-6300 0-2658-6301 ก 159 25 21 ก ก 10110 0-2665-7000 0-2665-7050 56 5 ก ก 10500 0-2632-8341 0-2632-8395 55 G 1005 ก 10260 0-2320-3600 0-2320-3610 125 3 ก 10200 0-2225-0242 0-2225-0523 1145 5 ก 3 ก 10270 0-2758-7003 0-2758-7248 30/39-50 ก 14 11000 0-2550-0577 0-2550-0566 1693 กก 11 ก ก 10900 0-2541-1411 0-2541-1108 622 14 ก 10110 0-2664-9800 0-2664-9811 215 ก 5 ก 10100 0-2622-9412 0-2622-9383 94.2 ก 091-92 G F.... 12130 1. 0-2958-0592. 0-2958-0420 2.02-958-0992 02-958-0590 400 52 20 ก ก 10500 0-2231-2700 0-2231-2130 99 ก 12 ก- ก 10600 0-2876-6500 0-2876-6531 ก 7/129 ก 3 302 ก ก ก 10700 0-2884-9847 0-2884-6920 275 1 8 ก ก 10160 0-2804-4235 0-2804-4251 10 /92 2 7 ก ก 10500.0-2636-7550-5.0-2636-7565 ก 3105 3 ก ก 10240.0-2378-1144. 0-2378-1323 553 14 กก ก 10400 0-2250-6192 0-2250-6199 587, 589 ก B001 A ก 10230.0-2947-5800-5.0-2519-5040 496-502 8 6 ก 10330.0-2256-9373.0-2256-9374 62 4 ก ก 10500 0-2231-2700 0-2231-2418 5 ก ก 10400 0-2641-0977 0-2641-0966 999 / 3 ก 3 9 ก 10250.02-716-7816 02-716-7815 323 17 ก ก 10500 0-2680-4340 0-2680-4355 ก 50 1 ก ก ก ก 50 ก ก 10900 0-2579-9880 0-2579-9840 ก 154 3 C ) 55 ( ก 10110 0-2714- 9222 0-2726- 3901 ก 110/1-4 10 1 110/1-4 ก ก 10210 0-2831-4600 0-2580- 3643 All Seasons Place Retail Center 3 311 87/2 ก 10330. 0-2654-0084.0-2654-0094 99/9 2 14 1401 ก ก 11120 02-835- 3283 02-835- 3280 ก 4 ก 10400. 0-2251-4099.0-2251-4098 735/5 E 2 ( ) ก 10260. 0-2108-6300, 0-2108-6301 15 1501 4,4/5 ก 10330 0-2658-6300 1 244 ก 2-3 50100 (053) 284-000 (053) 284-019 2 201/3 50100 (053) 284-138-47 (053) 202-695 1242/2 ก 3 7 30000. (044) 288-455 ).044) 288-466 55/60 1 ก 20000 (038) 053-950 (038) 053-966 319 ก 3 - ก 52100 (054) 817-811 (054) 816-811 137/5-6 32000 (044) 531-600-3 (044) 519-378 G3 G 311 7 34000 (045) 265-633 (045) 265-639 322/91 ก 74000 (034) 837-190 (034) 837-610 180/1-2 2 21000 (038) 862-022-9 (038) 862-043 2 ก TSK PARK 1 351-351/1 21000 (038) 807-459 (038) 807-841 351/8 22000 (039) 332-111 (039) 332-444 ก 1, 1/1 ก 83000 (076) 355-730 (076) 355-730 119 74/27-28. ก 4 2. ก.. 75000 (034) 724-062-4 (034)-724-068 1,3,5 3 90110 (074) 346-400-5 (074) 239-509 216/3 4 ก 84000 (077) 205-460 (077) 205-475 ก 2 559 1 ก (037) 226-347-8 (037) 226-346 18 95000 (073) 255-494-6 (073) 255-498 16/11 ก 77110 (032) 531-193 (032) 531-221 ก 163/1-2 ก 1 ก 40000. (043) 225-355 ).043) 225-356 1/15-16 ก 60000 (056) 314-150 (056) 314-151 : ก ก. ก ก ก ( ) ก ก ก ก ก ก ก ก ก ก ก กก ก ก ก ก ก ก ก ก ก. ก ก ก ( ) ก ก ก 19 ก 2557 8 ก 8