OPPORTUNITY DAY27 February 2019

SABINA PUBLIC COMPANY LIMITED www.sabina.co.th

03Financial Highlight

Business Update

Performance Update 2018

0201

AGENDA

SABINA PUBLIC COMPANY LIMITED

04Appendix

Performance UpdateSabina Public Company Limited

3

Performance Update Q4 18

Q4 18 Highlights

• Delivered impressive revenue growth of 14.8 % YoY (15.8% FY) as a result of strong sales performance in core channels, particularly in NSR channel.

• Successfully launched ‘DOOMM DOOMM’ campaign (Q3-Q4) through our integrate marketing activities.

• Launched high margin products during X’ mas and New year event.

• Gross profit increased to 54.0% YoY (51.6% FY) due to the arrival of lower cost sourced products that was postponed from Q3.

• Impressive bottom line growth of 9.7% YoY (11.7% FY) primarily driven by our SG&A to sales improvement.

• NPM significantly expanded as a result of 1) more sales contribution from NSR, Export and OEM segment 2) an effective cost management and 3) adaptive marketing campaign.

1,141 1,198 1,258 1,3561,595

343 417

53.0% 52.1% 52.8% 50.9% 51.6% 51.1% 54.0%

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

Gross Profit GPM

147 166 176243

362

51 75

6.8% 7.2% 7.3%9.1%

11.7%

7.6%

9.7%

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

Net Profit NPM

THB mm

2,165 2,308 2,397 2,6793,103

675 775

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

Revenue

Gross Profit

Net Profit

11.8 % 15.8%

38.4 % 48.7%

4

2018 Performance

Sabina at a Glance (Cont’d)

G 4%

G 12%

2016 2017 2018

Sabina Revenue

51

63

78

51

79

96

110

75

Q1 Q2 Q3 Q4

2017 2018

2017 2018 % YoY

Net Profit 243 362 + 49%

Net Profit

THB mmTHB mm

2,397

3,103

2,679

*2018 employee bonus is 0.50 months higher than 2017.

G15.8%

5

Financial overview by segment

Not include other revenue and service revenue

Performance Update Q4 18 (Cont’d)

Sabina Brand Revenue NSR Revenue

THB mm

1,873 1,977 2,112 2,291 2,489

567 634

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

• During Q4 Introduced 5 new branches (Net opening of 13 branches FY 2018).

• Launched new collections i.e. a well known sticker collection and the luxury lingerie

• Launched co-promotion campaign with prominent brands of hospital and insurance company.

Sabina Export Revenue OEM Revenue

• Continued to share our knowledge and expertise to local distributors, in the area of inventory management, POS system, PC training, P&L analysis of sale channels and monthly promotion plan

• Ordering THB 1 mm lower than Q4 last year because the bigger portion have been ordered since Q3.

• Launched the exclusive products for each country to fit with the local lifestyle and fitting

• Due to the EU and UK economy slow down, some shipments are postponed to Q1, 2019.

• Our orders comprised of only high margin products such as fashion lingerie, big cup bra and swimwear

• Continued to maintain high quality and on-time delivery

• Launched corporate campaign for O2O platform in 11.11 Shopping Festival and Black Friday in order to achieve customer seamless experience strategy.

• Special media barter for big campaign with key market place channels in order to get more visibility and support.

THB mm

- - - 96

254

20 54

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

*Commenced in 2017

38 64 59 52 61

16 15

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

THB mm THB mm

242 256 212 220

287

69 69

2014 2015 2016 2017 2018 Q4 2017 Q4 2018

-0.8%

5

8.5% 8.6%

3.8% 30.3%-12.7% 17.4%

163.6%

6

2018 Overview by segmentation

Not include other revenue and service revenue

81%

2,489

SABINA BRAND

9%

61

SABINA EXPORT

8%

254

NSR

2%

287

OEMTHB mm

Sabina Brand

7

Overview by segmentation

81%

2,489

SABINA BRAND

2017Wireless BraPerfect Bra Doomm Series

2016Perfect Bra

2018Wireless BraDoomm Series

Big Cup

All Cup

All CupSmall Cup

2006-2015Doomm Series

Small CupTHB mm

Sabina Brand

8

Sabina Brand (Cont’d)

Terminal 21 Pattaya Takashimaya - Icon Siam

Introduced 5 new branches YTD

• 1 shops and 4 outlets format

• Total 580 branches

Shop Department Store

Big C Nakhonsrithammarat 2

Robinson Chaiyaphum

Big CChiangrai

Modern Trade

Store expansion Q4 2018

9

Sabina Brand (Cont’d)New Collections

Pre - Teen Product Teen Product Active wear Product Hi Fashion ProductCool Teen offers the perfect support for girls growing into gorgeous young ladies.

Collaborate with Thai’s artist cartoons that are popular in LINE Creators Market .

Sabina launched the first premium fashion sportswear products, designed with high quality material, fine details and finishing. These pieces can be paired easily with outerwear outfit

Madmoiselle Intimates ,‘Festival Collection' , the luxury brand new from Sabina.

Influencers

10

Special campaigns

Sabina Brand (Cont’d)

Special campaigns Q4 2018

Special events Q4 2018

Co-promotion with several brands, hospital, foundation and insurance company

Events at leading department store

Special campaigns

CSR

Black Friday Sabina 11.11 Buffet Panty Zone

Wholesale

11

Sabina Brand (Cont’d)Special campaigns

Gift Card TU Cheerleader

Sabina Gift Cards are the perfect gift for any occasion, especially on the valentine day, birthday and new year day.

Sponsorship for Thammasat Universiry Cheerleader to increase brand awareness.

12

Non Store Retailing

8%

254

NSR

ONLINE

TV Shopping

Catalogue

THB mm

13Note: (1) Sale will be distributed by our local partners in Vietnam and Philippines

Non Store RetailingSpecial Barter for Big Campaign 11.11 and 12.12

Regional Campaign with online marketplace across SEA(1)

Thailand Vietnam Philippines

LAZADA SHOPEE

14

Non-store Retailing

Corporate campaign on 11.11 Shopping Festival - Key visual for offline and online platform- One time promotion for all platforms

Corporate campaign for O2O strategy Special barter for big campaign 11.11

Special viral clip to create brand awareness and promote “11.11 Shopping Festival “ by using our brand ambassador “Chompoo Araya.

15

Bangladesh 8

Pakistan 9

Vietnam 41

Philippines 29

Myanmar 10

Laos 5

Cambodia 3

+1 -1

+2

OEM and Sabina Brand export

OEM

Sabina brand export

New Store/POS expansion (Q4 2018) Season Sale : Women’s day

High margin products

Total 103 outlets as of December 2018 , net addition of 11 outlets from 2017.

OPEN CLOSE TOTAL

Season Sale : Black Friday

New Store : Go Mỹ Tho PC Training

9%

61

2%

287

THB mm

THB mm

Financial HighlightSabina Public Company Limited

17

147 166 176243

362

6.8% 7.2% 7.3%

9.1%

11.7%

2014 2015 2016 2017 2018

Net Profit NPM

2,165 2,308 2,397 2,679

3,103

2014 2015 2016 2017 2018

Strong GPM and steadily expanding EBIT margins

948 953 997 1,051 1,0671,156

43.5% 44.3% 43.4% 44.1%40.1% 37.4%

2013 2014 2015 2016 2017 2018

SG&A SG&A/Sales

51.3%53.0% 52.1% 52.8%

50.9% 51.6%

7.7%8.7% 9.2% 9.2%

11.4%

14.6%

2013 2014 2015 2016 2017 2018

GPM EBIT Margin

Solid top line growth with strong margin improvement

Rapidly trending down SG&A to sales

% THB mm

% YoY Growth

-1% 7% 4% 12% 16%

THB mm THB mm

% YoY Growth

25.4% 12.7% 6.1% 38.4% 48.7%

Consistently growing top line

Significantly expanding net profit and NPM

Financial Highlights (Cont’d)

18

Financial Highlights (Cont’d)Steadily improving working capital management

449402 382

296258

2014 2015 2016 2017 2018

56 50 49 45 44

6.57.3 7.5

8.1 8.3

2014 2015 2016 2017 2018

DSO (Days) A/R Turnover (Times)

41 42 41 46 41

8.8 8.7 8.98.0

8.9

2014 2015 2016 2017 2018

A/P Turnover Days (Days) A/P Turnover (Times)

Days inventory outstanding and inventory turnoverDays sales outstanding and account receivable turnover

Improving cash conversion cycleAccount payable turnover days and account payable turnover

434 394 374297

255

0.8 0.9 1.0

1.21.4

2014 2015 2016 2017 2018

DIO (Days) Inventory Turnover (Times)

Days

19

D/E

Key Financial RatioHealthy balance sheet with ample debt room to raise fund whenever it is needed

1,566 1,664 1,754 1,895 1,835

741 552 484 492

767

0.47

0.33 0.28 0.26

0.42

2014 2015 2016 2017 2018

Total Equity Total Liabilities D/E

9.7 10.3 10.3

13.3

19.4

2014 2015 2016 2017 2018

6.47.3 7.9

10.5

14.5

2014 2015 2016 2017 2018

ROA ROE

EPS

0.420.48 0.51

0.70

1.04

2014 2015 2016 2017 2018

Percent Percent

THB/Share

20

Stock Information and DividendsDividend policy is not less than 40% of normal net profit

0.42 0.48 0.51

0.70

1.04

0.07 0.08 0.10 0.14

0.50

0.10 0.11 0.14

0.68

0.54

-

0.20

0.40

0.60

0.80

1.00

1.20

-

0.20

0.40

0.60

0.80

1.00

1.20

2014 2015 2016 2017 2018

EPS (THB/Share) 1st Half 2nd Half

2014 2015 2016 2017 2018

40% 40% 47% 117% 100%

THB

Business UpdateSabina Public Company Limited

22

FACTORY

Output 2018 2019 %G

Ys 4.7 4.9 4%

Cn 2.7 2.9 7%

Bn 1.4 1.9 34%

Tp 2.0 2.0 1%

S5 1.4 1.6 14%

Capacity 12.2 13.3 9%

2,400 1,400 1,550 1,851

1,900

1,400 1,450 1,622

800

1,100 1,200 1,162

2011 2013 2017 2018

PC

Nonsewing+PC

Sewing

390434

394 374297

255

0.90.8

0.9 1.0

1.21.4

2013 2014 2015 2016 2017 2018

DIO (Days)

InventoryTurnover(Times)

2017 2018 2019E

Sourcing GPM 59%

Produce GPM 50%

GPM 51.6%

Output (million pcs.)

Manpower Production : Sourcing

96% : 4%

Working capital and inventory management

Inventory turn over at 1.4 time despite the increase in unit production of 20% and sourcing of 18%

- Sourcing gains 9% higher margin than production.

4,6354,200

3,900

5,100

- 410 employees have been increased from the expansion of sewing line and the moulding line.

64% : 36%82% : 18%

23

Sabina Brand Launching new collection for kids product

SABINIE SABINIE SWIMCOOL TEEN SWIMWEARMAGGIE MAE

24

Sabina Brand (Cont’d)Our integrated marketing strategy in both offline and online channels

Our Highlight in Q12019

We boosted our ads in prominent Thai TV series

“Greatmen academy and Thai Movie “Friend Zone”

Online Marketing

For the first time of the Sabina’s presenter, BaifernPimchanok becomes sabina product consultantfor one day.

25

Sabina Brand (Cont’d)Our integrated marketing strategy in both offline and online channels

SABINA@HOMEOffline Delivery Service

Sabina is a Thai lingeries brand leader in OD Service. Delivery to your home when an item at Sabina shop is out-of-stock.

SERVICE DEVELOPMENT

Improve service with online examine the performance evaluation of product consultant

Valentine Promotion -Love Delivery

Take photos with your beloved one and post on your social media to get THB 200 discount and win the lucky draw of surprisingly face to face greeting your loved one by Sabina&HITZ955 team.

CSR Promotion

Donation for disabilities children to Bann NontapumFoundation

26

Sabina Brand (Cont’d)Launching new product

27

Sabina Brand (Cont’d)TVC : Seamless

NSR

28

Partnership

วางไว้ก่อนยงัไม่ final ได้แล้ว เดยีวเอามาให้ มี Maybelline / Laneige / DSG

29

Growth Strategy in 2018-2023

Customer centric product development

Consistently introduce new products / collection that meet customers needs

Backed by state-of-the-art marketing activities (plan to invest 5-6% of sales in marketing activities)

Store expansion

Price optimization

Increase B2B Business

Wider and Exclusive assortment in online and TV channels

Joint business plan with key partners to align sales & marketing plan

Provide customer seamless Experience

Personalized marketing campaign

Sabina brand building

Strengthen distributors

Stores expansion

Online and TV channels expansion oversea

Product innovation Maintain superb quality and

on-time delivery

Now Looking Forward

Key Drivers

Sales will be supported by both Sabina manufacturing capacity together with an increase in product sourcing from trusted sub-contractors

Sabina

Brand

NSR

Export

OEM

SABINA PUBLIC COMPANY LIMITED www.sabina.co.th

AppendixSabina Public Company Limited

32

0%

BRAND EXPORT

2%

BRAND EXPORT

8%

NSR

9%

OEM

10%

BRAND

90%

OEM

81%

BRAND

From OEM manufacturer to brand developer

2005: No pricing ability with nominated supplier 2018: Ability to command retail price with variety supplier

Sale Report Brand and OEM (2006 - 2017)

60%55%

50%

35%30%

25%

10% 9% 11% 11% 9% 9%9%

40%45% 50%

65% 70%75%

90% 91% 89% 89%97% 91% 91%

1,3461,163

959

551556

441

185 200 242 250 216 220 287

848903

994

1,0991,310

1,459

1,824 1,978 1,911 2,0442,108

0

500

1,000

1,500

2,000

0%

20%

40%

60%

80%

100%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

OEM Sabina

% Gross Profit

27% 26% 37% 37% 35% 44% 50% 51% 53% 52% 53% 51% 52%

% Net Profit Margin

8% 6% 9% 4% 3% 3% 6% 5% 7% 7% 7% 9% 12%

2011: Thailand Great flood / Euro-zone crisis

2012: Minimum Wages hike to THB 3002007-2008:Subprime 2010:UK Financial Crisis

2,439 2,803

33

Sabina at a GlanceWide product offering with ability to capture broad group of customers

Budget (<THB350) Medium (THB350-700) Medium-High (THB700-1,000) High (>THB1,000)

Children(6-15 years)

Teens(15-25 years)

Young women(25-45 years)

Women( > 45 years)

Sabina at a Glance (Cont’d)

34

Highly penetrated and robust distribution network

ShopDepartment stores and

others

Modern Trade

Special Event

Distributors2018

Strengths

Key channel for high valueproducts

Advertising channels

Channels to gather customer behavior data for R&D

Key channel for mid-end products

Key channel for low price products

Key channel to manage obsoleteinventory

Domestic International

Vietnam 41

Philippines 29

Myanmar 10

Laos 5

Cambodia 3

Bangladesh 8

Pakistan 9

83 Shops 2-3 Events per quarter80 Department stores110 other channels

307 Modern trade

Traditional Store Retailing Channels

Non-stores Retailing Channels (NSR)

2 TV channels, 9 online, 2 direct catalog distribution channels

New growth drivers with minimal cost

Consistently ranked the Best selling products in TV channels since 2019

Sabina Export and POS 2018 OEM Customers

Manufacture only high margin OEM products for selected brands

Purely distributed by local partnerswith no direct investment on the stores

TV Shopping

Online

Direct Catalogue

2018 Store Total

Department store Central 23

Robinson 48

The mall 9 80

Modern trade Big C 130

Lotus 176

Makro 1 307

Shops 83

Other 110

Total 580