ho chi minh city infrastructure investment jsc....company overview part i 2017 63% foreign 27% local...
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HO CHI MINH CITY INFRASTRUCTURE INVESTMENT JSC.INVESTOR PRESENTATION
AUGUST 2017
TABLE OF CONTENTSTOC
PART I: 2017 SNAPSHOT Page 3
COMPANY OVERVIEW Page 4
ORGANIZATION STRUCTURE Page 5
PERFORMANCE OVERVIEW Page 6
PART II: THE 2018 - 2020 GROWTH PROSPECT Page 7
INVESTMENT PLAN Page 8
FINANCIAL PROJECTION Page 9
APPENDIX: INVESTMENT PORTFOLIO Page 10
CII BRIDGE & ROAD Page 11
CII LAND Page 14
CII WATER Page 17
CII CONSTRUCTION Page 19
2
Hanoi Highway, HCMC
PART I: 2017 SNAPSHOT
COMPANY OVERVIEWPart I
2017
63%Foreign
27%Local
10%State
VND 19,465B
17x Increase
VND 7,656B
19x Increase
280M
9x Increase
VND 11,809B
16x Increase
Achievement:
The largest and most
reputable listed private
infrastructure development
company in Vietnam
Market Recognition
VND 8,874BMarket Capital*
246MOutstanding Shares
6.2P/E*
VND 5,808EPS (2017E)
Forbes:
50 Best Listed
VN Companies
(2015 - 2017)
70%Foreign Ownership Limit
Member of the
HOSE VN30
(since 2012)
*Assuming average price of 1H2017
= 36,040 VND/share
2001
VND 1,091BTotal Asset
VND 372BTotal Equity
30MIssued Shares
100%State ownership
Establishment:
An SPV created by local
government specifically to
attract private investment in
infrastructure projects
VND 700BTotal Debt
Ownership StructureAugust 2017
10.2%
9.8%
8.8%
7.5%
6.8%
6.7%
50.2%
Vietnam Oman Investment (VOI)
HCMC Finance & Investment (HFIC)
Ayala
Goldman Sachs (GS)
Amersham Industries
PYN Elite
Others
17
1
2
3
4
5
6
7
2
3
4
5
6
4
*Source: financial figures was based
on the consolidated financial
statement as of 30 Jun3 2017
ORGANIZATION STRUCTUREPart I
CII HOLDINGS
Bridge & RoadInfrastructure
HOSE ticker: LGC
Legal Cap: VND1,929 B
Market Cap: VND4,571 B
Establishment: in 2000 as a
mechanical & lighting
equipment company. Then CII
acquired and restructured it
into CII B&R in 2014
Business: Invest in bridge and
road infrastructure projects for
toll collection right
Business model/contract:
BOT & BT
Major Shareholder:
CII - 54%
Metro Pacific - 45%
ServiceToll collection &
Maintenance
Status: Private
Legal Cap: VND10 B
Market Cap: N/A
Establishment: 2001
Business: Toll collection &
maintenance services / tree-
care services
Business model/contract:
Internal service provider
Major Shareholder:
CII - 100%
Real estateLand bank
Property
Status: to-be-established
Legal Cap: VND1,000B
Market Cap: N/A
Establishment: CII plans to
acquire an already listed
property company and
restructure it into CII Land
Business: Developing and
trading commercial and
residential real estate
Business model/contract:
BT
Major Shareholder:
CII - 100%
(CII is looking for strategic
partner)
WaterInfrastructure
HOSE ticker: SII
Legal Cap: VND645 B
Market Cap: VND1,358 B
Establishment: in 2004 as
Viet Thanh construction
company. Then CII acquired
and restructured it into CII
Water in 2013.
Business: Developing,
owning, and operating water
infrastructure projects.
Business model/contract:
BOO
Major Shareholder:
CII - 56%
Manila Water - 32%
VOI - 12%
ConstructionInfrastructure
Property
HOSE ticker: CEE
Legal Cap: VND415 B
Market Cap: VND1,104 B
Establishment: in 2000 as
565 construction company.
Then CII acquired and
restructured it into CII E&C in
2013
Business: Infrastructure and
real estate construction
Business model/contract:
EPC
Major Shareholder:
CII – 51%
*All data is updated as of 30/06/2017
5
1,200 1,400
1,600 1,850
2,150
6%7%
7%7.6% 7.4%
2013 2014 2015 2016 2017E
Cash dividend (VND/share)
Dividend yield
0.9
2.0
3.9
4.5
5.2 43.6
13.6 6.0 4.9 5.1
2013 2014 2015 2016 2017E
EBITDA/Interest
Debt/EBITDA
86 388
625
838
1,576
768
3,353 2,959
3,245
6,399
2013 2014 2015 2016 2017E
NPATMI (VND B)
EPS (VND/share)
20% 30%31%
38%38%
80%70%
69%62%
62%
8,017 9,035
15,066 15,805
19,465
2013 2014 2015 2016* 2Q2017
Equity (VND B)
Debts
Total assets
PERFORMANCE OVERVIEWPart I
Outstanding
FINANCIAL DEBTS (1H2017)
Total: VND 9,876B , Average cost: 8.6% p.a
Breakdown:
Deleveraging
CAPITAL STRUCTURE
1) The bond was issued in 2 tranches: First tranche of USD 40M
(1Q2017) and second tranche of USD 20M (3Q2017).
2) CII currently has issued a total of 279.8M shares and had bought
back 33.5M as treasury shares. These treasury shares will be used as
reserve for conversion of above CB (in a sense that they will be
cancelled as the bonds are converted into new shares). The average
cost of treasury shares is 25,581 VND/share, meaning if the bond
is converted, CII will effectively gain approx. 50%.
Convertible
Bonds (USD)
issued to
Rhinos Asset
Management (Korean)
Total USD 60M
Coupon 1%/year
Duration 2017-2022 (5Y)
Strike price VND38,500/share
Convertible 35.4M shares
Major Outstanding Equity-linked DebtImproving
DEBT REPAYMENT CAPABILITY
Growing
PROFITS & EARNINGS
Improving
CASH DIVIDEND
By lender
9%
80%
11%
Convertible bonds
Bank loan
Corporate Bonds
By Currency
10%
90%
USD
VND
By Maturity
19%
11%
50%
20%
1 year 2 year
3-5 year >5 years
(*) Pro-forma: Assuming consolidation of LGC and CEE
6
PART II: THE 2018 - 2020 GROWTH PROSPECT
Thu Thiem New Urban Township 2015, HCMC
Real Estate
Segment
1,760VND bn
EXPECTED
EQUITY
INVESTMENT
► Obtaining prime land-bank at reasonable
valuation by continuously investing in
“infrastructure exchange for land” BT projects
such as the Thu Thiem Phase 2 project.
► Fueling medium-term growth by developing
residential projects in prime areas such as the
Lakeview and Riverpark Projects in the Thu
Thiem Area.
► Creating long-term value by developing real
estate and infrastructure projects within the
same area (such as the combination of the
Thu Thiem projects & Elevated Road No.1)
1,640VND bn
EXPECTED
EQUITY
INVESTMENT
► Securing long-term growth by developing
and increasing stakes in mega projects (such
as the Trung Luong – My Thuan Expressway)
► Increasing operation effectiveness by
focusing on HCMC and Mekong Delta areas,
where CII has already established a strong
portfolio of BOT projects.
► Minimizing investment risks and quickly
generating profits & cash by investing in
brownfield projects with strong revenue base.
INVESTMENT PLANPart II
Investment Plan
Binh Trieu (Phase 2) VND 300 bn
Hanoi Highway Expansion VND 520 bn
Mergers and Acquisitions* VND 820 bn
Investment Plan
Thu Thiem Riverpark* VND 950 bn
152 Dien Bien Phu Complex VND 310 bn
Thu Thiem BT (Phase 2)** VND 500 bn
CII PARENT
3,400VND bn
CAPITAL
INVESTMENT
FOR CII
Capital Plan
New shares issuance* VND 1,850 bn
Internal cash & additional debts VND 1,550 bn
Water & Construction
Segment
(*) CII expects to raise VND 1,850 bn through new share
issuance to existing shareholders at the 2:1 ratio (1 new
share for every 2 existing shares) by year-end 2017. The
price of new share will be 15,000 VND/share.
Water SegmentCII will focus on managing existing portfolio,
especially major projects (such as the Tan Hiep 2
and the Cu Chi Projects) just starting operation in
2017.
Construction SegmentCII E&C will focus on constructing current CII’s
project and thus does not need to raise equity at
the moment.
Investment Rationale Investment Rationale
Bridges & Roads
Segment
(*) CII will establish a JV with Hongkong Land to develop
the Riverpark project, a luxurious residential project.
(**) Under the Thu Thiem BT (Phase 2) Project, CII will
construct the central lake in the Thu Thiem Area and will
thus receive more land in the Thu Thiem area in return.
(*) M&A includes (i) purchasing shares of brownfield
projects and (ii) increasing stakes in projects that CII has
not yet had major shares.
8
5,900
7,200
8,200
3,500
4,300 4,900
2018 2019 2020
Adjusted EPS
Adjusted EPS (fully diluted)
3,724
2,626 3,017 2,788
(3,137)(2,790) (2,767)
(770)
2H2017 2018 2019 2020
Cash in
Cash out
FINANCIAL PROJECTION 9
Part II
EARNINGS& DILUTION
Notes
(i) Adjusted EPS was calculated based on adjusted
NPAT and current outstanding shares of 246.2 M.
(ii) Adjusted EPS (fully diluted) takes into account of
the expected issuance of 123 M new shares and
the conversion of USD 60M convertible bonds.
FINANCIAL TARGETS
1,4591,761
2,019
5.85
10.3913.24
2,018 2019 2020
Th
ou
sa
nd
s
Adjusted NPAT
EBITDA/Interest
Notes
(i) Adjusted NPAT means net consolidated profit to
CII after deducting for minority interest and omitting
non-cash transactions.
(ii) EBITDA is calculated based on the adjusted NPAT.
(iii) Average profit contribution: Land segment (67%),
bridge & road and other segments (33%).
NET PROFITS& INTEREST COVERAGE
654 490 740
2,757
CASH FLOWSOF CII PARENT
Ending cash
Unit: VND billion Unit: VND / share Unit: VND billion
1) The projection was based only on CII’s existing
portfolio excluding the water segment.
2) Upside potential includes:
► The water segment
► Pipeline projects such as the Urban Elevated
Roads, Co Chien Bridge, and other brownfield
projects
ASSUMPTION
CAGR (2018-2020) 18%
DILUTION EFFECT
1) CII expects to issue 123 M new shares to existing
shareholder by Dec 2017. This is a projected figure
and subject to change based on the actual of shares
subscribed by shareholders.
2) Conversion of the outstanding USD 60M convertible
bonds issued in 2017 will be made available by 2018.
After the new share issuance to existing shareholders,
the CB can be converted into approx. 43.7 M shares.
CASH PLAN
15%
13%
72%
New share issuance
New borrowing
Internal cash
36%
23%
41%
Investment needs
Dividend payment
Debt repayment
Cash
in
Cash
out
APPENDIX: INVESTMENT PORTFOLIO
Construction on Saigon 2 Bridge, HCMC
HCM City Area:
1. Rach Chiec bridge
CAPEX: VND 1,050B
Ownership: CII B&R (100%)
2. Saigon 2 bridge (BT project)
CAPEX: VND 1,259B
Ownership: CII B&R (90%), CII (10%)
HCM City area
1. Hanoi Highway Expansion
CAPEX: VND 5,900B
Ownership: CII B&R (51%), CII (49%)
2. Binh Trieu Phase 2
CAPEX: VND 2,118B
Ownership: CII B&R (100%)
HCM City area
1. Urban Elevated Road No.1
(BOT & BT combined project)
CAPEX: VND 20,800B
CII BRIDGE & ROAD (LGC)OVERVIEW
APX
VND 1,929BLegal Capital
VND 4,571BMarket Capital(June 2017)
193MOutstanding Shares (June 2017)
12.03%ROE12M Trailing (1H2017)
4.14%ROA
1.9xD/E(1H2017)
VND 8,935BTotal Assets(1H2017)
Forbes Asia:
One of Asia’s
200 Best Under
A Billion
6 projectsOperating
VND 5,766B
Total CAPEX
VND 19,914B
Total CAPEX
VND 26,190B
Total CAPEX
4 projectsBeing developed
4 projectsPipeline
Key economic regions:
3. DT741
Location: Binh Duong (Satellite City)
CAPEX: VND 700B
Ownership: CII B&R (100%)
4. Rach Mieu bridge, Phase 1
Location: Mekong Delta (Ben Tre)
CAPEX: VND 476B
Ownership: CII B&R (51%)
5. Phan Rang, Phase 1 & 2
Location: Central VN (Ninh Thuan)
CAPEX: VND 2,281B
Ownership: CII B&R (100%)
Key economic regions:
3. Trung Luong–My Thuan Ex.
Mekong Delta (Tien Giang)
CAPEX:VND 10,000B
Ownership: CII B&R (10% current,
60% by 2019)
4. Rach Mieu bridge, Phase 2
Mekong Delta (Ben Tre)
CAPEX: VND 1,758B
Ownership: CII B&R (51%)
Key economic regions:
2. National Highway 1 Expansion
Mekong Delta (Can Tho, Phung Hiep)
CAPEX: VND 1,900B
3. Co Chien Bridge
Mekong Delta (Ben Tre, Tra Vinh)
CAPEX: VND 790B
4. National Highway 1 Expansion
Central Vietnam (Khanh Hoa)
CAPEX: VND 2,700B
VND 5,860BTotal Debt(1H2017)
11
CII BRIDGE & ROAD (LGC)REGIONS OF INVESTMENT
APX
1
2
HO CHI MINH CITY & IMPORTANT SATELLITE AREA1
3
Invested
area
Binh Trieu
Phase 2
4 lanes
2.9km long
Status: pre-
investment
Located at the
North of HCMC,
the project is
one of the main
entrance that
leads to other
important
satellite areas.
Rach Chiec
Bridge
10 lanes
735m long
Status:
Operating
The project is
located at the
North-East
entrance of
HCMC, one of
the most
congested areas
in Vietnam
Hanoi Highway
Expansion
16 lanes
15.7km long
Status: Under
construction
The project expands
the existing Hanoi
Highway to cater for
the increasing traffic
flow in/out of HCMC
Saigon 2
Bridge
5 lanes
987m long
Status:
Operating
The project,
parallel to the
existing Saigon
Bridge, helps
ease traffic jam/
congestion at
the North-East
entrance.
Urban Elevated
Road No.1
4 lanes, 2 levels
10 km long
Status: pipeline
The project connects
the current CBD to
other important
areas of HCMC (incl.
the Tan Son Nhat
airport)
DT 741
6 lanes
40km long
Status:
Operating
The project is
located in Binh
Duong Province
(an important
economic hub
with a number of
large industrial
parks)
6 lanes
37 km long
Status: Operating
The project
expands the NH1A
going through Ninh
Thuan province,
and connects to the
Phan Rang Phase
1 project.
Rach Mieu
Phase 1
4 lanes
2.9 km long
Status: Operating
The project builds
the arterial bridge
that connects
HCMC and the Ben
Tre Province.
Rach Mieu
Phase 2
6 lanes
22.4km long
Status: Under
construction
The project
expands the NH60
that connects Rach
Mieu bridge (Rach
Mieu Phase 1),
Ham Luong Bridge,
and Co Chien
Bridge in Ben Tre
province
Trung Luong
- My Thuan
Expressway
4 lanes
55.6km long
Status: Under
construction
The project is part
of the HCMC-Can
Tho expressway
project, the only
expressway
connects HCMC
and the Mekong
Delta Area
Phan Rang
Phase 1
6 lanes
8.4 km long
Status: Operating
The project
expands the
existing bypass of
Phan Rang – Thap
Cham city (in Ninh
Thuan province).
Phan Rang
Phase 2
MEKONG DELTA REGION2 CENTRAL REGION3
12
71
6
75
2
95
1
1,4
20
3,1
75
3,3
80
3,5
49
4,0
63
4,3
34
4,9
38
5,5
91
5,9
63
6,2
71
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
CII BRIDGE & ROAD (LGC)TOLL REVENUE PROJECTION
APX
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
9. Binh Trieu (P2)
8. Rach Mieu (P2)
7. Rach Mieu (P1)
6. Phan Rang (P2)
5. Phan Rang (P1)
4. DT741
3. Trung Luong-My Thuan
2. Hanoi Highway
1. Rach Chiec
1 2 3
4
5
6
7 8
9
CAGR(2017-2027) 21%
Traffic
growth
5% p.a
Concession Period
Growth on toll revenue
2019-2032
2019-2032
2009-2022
2017-2033
2013-2024
2009-2034
2019-2032
2018-2029
2013-2017
Total project revenue
2017-202745,100
VND B
Total project net profits
2017-202711,700
VND B
Underlying growth factors
Tariff
Increase
5% p.a
Tariff increases
by either 18%/3
years or 25%/5
years (depends
on BOT contract)
New
projects
11% p.a
Major projects are
under construction
and will start toll
collection by 2019
13
CII LAND OVERVIEW
APX
Current portfolio / land bank
DIAMOND RIVERSIDE APARTMENT Location: Dist.8, HCMC
Land area: 41,497m2
GFA: 199,258m2 / NFA: 157,700m2
Total CAPEX: VND 1,980B
Product type: Mid-end apartment
Status: Under construction
to-be-established
CII Land is expected to be
established in 2017. Currently, CII
Group has 3 real estate projects,
among which Thu Thiem project is
the main development focus for the
next 5 years.
152 DIEN BIEN PHU Location: Binh Thanh Dist., HCMC
Land area: 2,870m2
GFA: 20,700m2 / NFA: 17,800m2
Total CAPEX: VND 400B
Product type: Mid-end apartment
Status: investment stage
THU THIEM NEW URBAN TOWNSHIP
Location: Dist.2, HCMC
Developable land area: 96,132m2
GFA: 403,000m2 / NFA: 299,068m2
Total CAPEX: VND 10,000B
Product type: High-end apartment
Status: Under construction & development
14
CII LANDTHU THIEM NEW URBAN TOWNSHIP
APX
Zone 1 & 2
Developable
63 ha
Financial, cultural
center, service
apartments &
commercial projects
Zone 7 Zone 8
Developable
27.8 ha
Urban resort &
marina complex
Developable
17.9 ha
Aquatic &
recreational
parks
Zone 3 & 4 Zone 5 & 6
Developable
42.4 ha
Low-rise
residential area
& commercial –
cultural mixed
use
Developable
64.8 ha
Low-rise
residential area
& high-tech
civilian and
medical utilities
MASTERPLAN
Total Land
657 ha
Developable
215.9 ha
Total GFA / NFA
9.8M / 5.1M sqm
Thu Thiem Masterplan
Thu Thiem’s development (2016)
Thu Thiem 3D perspective (1/2000 Masterplan design)
CII’s current land bank in Thu Thiem
The Masterplan - “Pudong” of Ho Chi Minh city
CII’s infrastructure investment in Thu Thiem
Operating
• Thu Thiem Tunnel
• Thu Thiem Bridge 1
Under construction
• Thu Thiem Bridge 2
(operational by 2018)
Planning stage
(operational by 2020)
• Thu Thiem Bridge 3
• Thu Thiem Bridge 4
5BUSD
Current approved
investment in
Thu Thiem NUA05
Connection with
the CBD & other
important districts
Given the robust economic growth of HCM city in recent
years, the government has a strategy to expand the city
eastward with Thu Thiem New Urban Township being the
heart of the expansion.
Thu Thiem, without proper infrastructure connection, was
previously an isolated peninsula with little development.
However, according to the masterplan, Thu Thiem will
become the new center of finance, commerce, high-class
services, providing all that the current CBD lacks.
Land bank location
Zone 1,3,&4 (river view
and lake view)
Developable GFA/NFA
403,000 / 299,068 sqm
Land Status
Fully compensated and
ready to be developed
9.6hecta
Total Acquired
/ Exchanged
Land Area
120MUSD
Estimated CAPEX
for infrastructure
investment
Investment Scheme:Build-Transfer (BT) -
CII constructs bridge & road
infrastructure in Zone 3&4,
which then can be exchanged
for lands in Thu Thiem (on
which CII can develop
residential projects.)
Infra. Timeline: 2015-2017
Highlighted Projects
of foreign investors
Eco Smart City (Zone 2a)
• Developers: Lotte,
Toshiba, Mitsubishi JV.
• CAPEX: USD 1.8B
Empire City (Zone 2b)
• Developers: Denver
Power (Gaw Capital)
• CAPEX: USD 1.2B
Thu Thiem
Bridge 1
15
CII LANDRESIDENTIAL PROJECTS
APX
Lakeview 1100% Presold,
Delivery by 3Q2017
Units 105
Floors 4
Basement 1
Site area (sqm) 14,060
GFA 18,000
NFA 14,800
DEVELOPING PROJECTS
Lakeview 22017-2018
River Park2018-2020
Note: These project designs are
preliminary and subject to change
16
CII WATER (SII)OVERVIEW
APX
8 projectsOperating
3 projectsBeing developed
2 projectsPipeline
HCM City Area
1. BOO Thu Duc – Water Plant
Ownership: SII (7.3%)
2. Tan Hiep 2 – Water plant*
Ownership: SII (49%)
3. Enviro – Service company
Ownership: SII (85%)
4. Asia Water – Service company
Ownership: SII (51%)
Key economic regions:
5. Can Tho 1 – Water Plant &
Distribution Network
Location: Mekong Delta
Ownership: SII (100%)
6. Saigon Pleiku – Water Plant*
Location: Highland area
Ownership: SII (55%)
7. Gia Lai – Distribution Network
Location: Highland Area
Ownership: SII (51%)
8. Saigon Dankia – Water Plant
Location: Highland area
Ownership: SII (90%)
HCM City Area
1. Cu Chi – Distribution
Network**
Ownership: SII (51%)
Key economic regions:
2. Can Tho 2 – Water Plant
Location: Mekong Delta
Ownership: SII (77%)
3. An Khe – Distribution
Location: Highland area
Ownership: SII (51%)
HCM City Area
1. West Saigon– Waste water
Key economic regions:
2. Lam Dong – Distribution
Location: Highland area
Note: (*) Saigon – Pleiku and Tan Hiep 2 has just started operating in 2016
(**) Cu Chi project is invested in 2 phases. Phase 1 is operating while Phase 2 is being constructed (fully operational by 2018)
VND 645BLegal Capital
VND 1,358BMarket Capital(June 2017)
64.5MOutstanding Shares (June 2017)
1.4xD/E(1H2017)
VND 3,443B Total Assets(1H2017)
VND 1,979BTotal Debt(1H2017)
A member of CII Group
VND 1,464BTotal equity(1H2017)
17
CII WATER (SII)REGIONS OF INVESTMENT
APX
HO CHI MINH CITY1
Cu Chi, Phase 2
Distribution
Servicing 30,000
households
Status:
Under construction
Distributing clean
water for Cu Chi
District and
surrounding areas.
BOO Thu Duc
Production
Max Capacity:
300MLD
Status:
Operating
Producing and
wholesaling clean
water to SAWACO,
the SOE company
that provides clean
water for HCMC.
Service Area:
Districts 2,7,9, Thu
Duc, and Nha Be.
Tan Hiep 2
Production
Max. Capacity:
300MLD
Status:
Recently operating
Producing and
wholesaling clean
water to SAWACO,
the SOE company
that provides clean
water for HCMC.
Service Area:
Western region of
HCMC.
Enviro
Service
Technologies
Solutions
Status:
Operating
Providing water
equipment for water
projects of SII and
other developers.
Cu Chi, Phase 1
Distribution
Servicing 35,000
households
Status:
Operating
Distributing clean
water for Cu Chi
District and
surrounding areas.
Asia Water
Service
Non revenue Water
(NRW)
Status
Operating
Providing NRW
service to reduce
water losses both
(physical and
apparent) during
distribution.
Service Area: District
Thu Duc, Nha Be,
and Can Gio of
HCMC.
MEKONG DELTA2 HIGHLAND3
Production
Max Capacity:
30MLD
Status:
Operating
Producing and
distributing clean
water for Da Lat
city and Lac
Duong town.
Production
Max Capacity:
30MLD
Status:
Operating
Producing and
distributing clean
water for Gia Lai
Province and its
surrounding
areas.
Can Tho 2
Production
Max Capacity:
50MLD
Status:
Under
Construction
Producing and
wholesaling clean
water to
distribution
company that
provides clean
water for Can Tho
Can Tho 1
Production &
Distribution
Max Capacity:
85MLD
Status:
Operating
Producing and
distributing clean
water for Can Tho
city and its
surrounding
areas.
An Khe
Production &
Distribution
Max Capacity:
9.5MLD
Status:
Being
Upgraded
Producing and
distributing clean
water for An Khe
town of Gia Lai
Province
Gia Lai
Production &
Distribution
Servicing 14,000
households
Status:
Recently
Acquired
Distributing clean
water for Gia Lai
Province and
surrounding
areas.
Lam DongSaigon
Dankia
Production&
Distribution
Servicing 175,000
households.
Status:
Pipeline
Producing and
distributing water
for the Lam Dong
Province and
surrounding
areas.
Saigon
Pleiku
1
2
3
18
Including projects:
• Hanoi Highway Expansion (until 2020)
• Trung Luong – My Thuan Expressway (until 2019)
• National Highway 60 Expansion (until 2019)
• Binh Trieu 2 Bridge (until 2019)
• Infrastructure in Thu Thiem Area (until 2017)
• CII’s property projects at Thu Thiem New Urban Township (until
2020)
TOTAL CONSTRUCTION VALUE
8,665BCURRENT
FOCUS
ENGINEERING & CONSTRUCTIONOVERVIEW
APX
VND 415BLegal Capital
0.49Asset turnover12M Trailing (1H2017)
2.47xD/E(1H2017)
VND 1,843BTotal Assets(1H2017)
VND 1,312BTotal Debt(1H2017)
A member of
CII Group
19.91%ROE12M Trailing (1H2017)
CAPABILITY PROFILE
Main BusinessInfrastructure (bridges, roads, water infra)
Construction materials trading
Property, civil construction
Business ModelThe company provides construction services
and earns a net profit margin of at least 6%
Number of past major projects: 12
Past construction value: VND2,182B
HIGHLIGHTED PAST PROJECTS
DEVELOPMENT FOCUS & STRATEGY
SAIGON 2 BRIDGE (HCMC)
NINH THUAN 2 (NATIONAL HIGHWAY 1)
DEVELOPMENT
STRATEGY
5 year horizon
• Focus on current projects
• Explore opportunities to construct mega
projects with CAPEX of over VND 10,000B
• Focus on property/civil construction (such as
apartment projects in Thu Thiem Area)
THU THIEM INFRASTRUCTURE
THU THIEM - LAKEVIEW 1
HANOI HIGHWAY EXPANSION
TRUNG LUONG – MY THUAN
5.74%ROA12M Trailing (1H2017)
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THANK YOU
HO CHI MINH CITY INFRASTRUCTURE INVESTMENT JOINT STOCK COMPANYAddress: 50 Ton That Dam, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City
Tel: (+84 8) 3914 1904, (+84 8) 3914 1905
Fax: (+84 8) 3914 1910
Email: [email protected]
Website: www.cii.com.vn
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