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TRANSCRIPT
SPALI Presentation
August 2010
Supalai Public Company Limited
1
Executive Summary
� Corporate rating upgraded from �BBB+! to �A-! by TRIS
� Strong sales momentum and 2H10 project launches
� Increasing contribution from subsidiaries in major provinces
� 93% of FY10 revenue target secured & solid backlog for 2010-2013
� Largest land bank for visible future growth
Supalai Place
3-6 MB per Unit
Supalai Park
2-4 MB per Unit
City Home
1-3 MB per Unit
Supalai Orchid Park
3 7 6 MB per Unit
Supalai Parkville
3 7 4 MB per Unit
Supalai Ville
2 - 3 MB per Unit
Condominium (Pre-sale) Detached House/Townhouse (Pre-Built)
Supalai=s Products
SPALI=s Efficient Design
In-house Professionals (Architect, Sales & Marketing)
Internal Project Management
Proactive Land Purchase
Continuous Value Engineering
Direct Major Material Procurement
Cost-conscious Culture
Superior Economy of Scale
SPALI=sMargin
GPM = 42%
avg. (2004-2009)
Gross Profit Margin
SPALI=sValue Creation
Supalai=s Value Creation
Other Developer=s M
argin
GPM = 32%
avg. (2004-2009)
Other Developer=s M
argin
3
4
Supalai Expansion Strategy
Current Platform
Geographical Expansion
Vertical Expansion
Middle Income CD in BMR
Middle Income
DH and TH in BMR
Customer Segmentation
Low Mid High
Middle Income
CD in Phuket and Hadyai
Middle Income DH and TH
in Phuket, Hadyai, Khonkaen and Chiangmai
BOI Condo
in BMR
BOI DH and TH
in BMR
Higher income
CD in BKK
High Rise Low Rise
CD = Condominium
DH = Detached House
TH = Townhouse
5
4,804 5,358 5,9607,285
5,066
2,1642,122
3,341
4,881
3,07315,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2006 2007 2008 2009 7M10 2010 (T)
High Rise Low Rise Target
Sales Contract Performance & Target
12,166
Million Baht
8,139
7M09 = 4,063 MB
6
5,925
9,368
4,876
11,000
5,408
6,537
3,8002,966
0
2,000
4,000
6,000
8,000
10,000
12,000
2008 2009 2010 (T) 2010 2011 2012 2013
Revenue Recognized Revenue Target Backlog
Revenue & Backlog (The Company Only)
10,284 = 93% secured
Total Backlog = 18,711 Million Baht
Million Baht
Remark : Numbers as of 30Jun10
Supalai Premier
Ratchada-Sathorn-Narathiwas
City Home @ Thaphra Supalai Park @ Kaset
7
Condominium to be Delivered in 2H10
8
Condominium to be Delivered in 2011
Supalai Park @ TiwanonCity Resort Ramkhamhaeng City Home Rattanathibeth
9
For 6-month period ended
(Million Baht) 30Jun10 30Jun09 Change
MB. %
Total Revenues 5,335 4,660 675 14%
Revenues from Sale on Real Estate 5,188 4,541 648 14%
Gross Margin (%) 44% 45% - -
Selling and Administrative Expenses 410 268 141 53%
% S&A to Total Revenues 8% 6% - -
Earning before Tax 1,898 1,779 119 7%
% EBT to Total Revenues 36% 37% - -
Corporate Tax 573 535 38 7%
% Effective Corporate Income Tax Rate 30% 30% - -
Net Profit 1,277 1,228 50 4%
Net Profit Margin (%) 24% 26% - -
Basic Earnings Per Share (Baht) 0.75 0.77 (0.02) (3%)
Consolidated Income Statement
10
(Million Baht)
30Jun10 31Dec09 Change
MB. %
Total Assets 16,514 15,190 1,325 9%
Loan from Financial Institutions 3,522 3,360 162 5%
- Project Loan 1,282 2,129 (847) (40%)
- Debenture 2,195 997 1,198 120%
- Other 45 234 (190) (81%)
Deposits & Advances Received From Customers 2,228 1,822 406 22%
Total Liabilities 7,973 7,368 604 8%
Total Shareholder's Equity 8,542 7,821 720 9%
Issued and Paid-up Share Capital 1,717 1,717 - 0%
Consolidated Balance Sheet
11
Increasing Contribution from Subsidiaries
4,876
4,528
458
132
- 1,000 2,000 3,000 4,000 5,000 6,000
1H10
1H09
The Company Subsidiaries
1,226
1,258
51
(31)
(100) 400 900 1,400
1H10
1H09
The Company Subsidiaries
Impact of Subsidiaries on Revenue Impact of Subsidiaries on Net Profit
3% Contribution in 1H09
9% Contribution in 1H10
-3% Contribution in 1H09
4% Contribution in 1H10
12
Remark : Net Gearing = (Interest Bearing Debt 7 Cash) / Equities
30Jun10 31Dec09
Net Gearing (%) 38% 37%
Net BV Per Share (Baht) 4.98 4.56
Interest Coverage Ratio (Times) 39 40
Annualized ROE (%) 30% 32%
Annualized ROA (%) 15% 16%
Financial Ratios (Consolidated)
13
7.69%40%0.600.350.252009
N/AN/AN/AN/A0.302010
0.30
0.25
0.27
Total DPS
(Baht)
0.15
0.12
0.15
Interim DPS
(Baht)
0.15
0.13
0.12
Final DPS
(Baht)
Year Payout Ratio Yield
2006 49% 7.71%
2007 48% 6.94%
2008 44% 14.42%
Remark : Dividend payment policy is to pay approximately 45% of net income
Interim dividend for 2010 will be listed �XD! on 23Aug10
Dividend Payout
14
Project TypeProject Value Backlog
Remaining
Project Value
Units Million Baht Million Baht Million Baht
Condominium - Completed 10,677 24,723 112 2,824
Condominium - Under Construction 8,280 19,553 16,708 2,845
Detached House 6,324 20,987 621 5,317
Townhouse 3,805 10,173 1,270 957
Grand Total 29,086 75,436 18,711 11,943
Remark : The company has combined finished inventory for detached house and townhouse of 850 MB as at 30Jun10
Ongoing Project Status (30Jun10)
15
Remark : - The company has revised land acquisition budget to be 4.5 billion Baht for 2010 (3.6 billion Baht spent
as of 10Aug10)
- The company spent 1.9 billion Baht on land acquisition in 2009
Project Type New Project Launch 2H10 Land Bank as of 10Aug10
# Value # Value
High Rise 3 5,630 7 13,330
Low Rise 10 7,400 20 18,730
Total 13 13,030 27 32,060
Project Launch Plan
Project Launch & Land Bank Location
16
CBD
Low Rise Project
High Rise Project
Existing Mass Transit Line
Upcoming Mass Transit Line
Outer Ring Road
17
2011400-24DH12.) Lumlukka
2011780-52DH14.) Phatumthani
2011720-37DH13.) Phaholyothin 50
Dec1020016113TH9.) Novo Ville Tiwanon-Phathumthani
2011400-25TH11.) Nonthaburi
Nov101,540447100DH8.) Supalai Park Ville Ringroad-Ratchapruek
Nov1093027555DH7.) Supalai Garden Ville Ringroad-Lamlukka Klong 3
Nov1085025062DH6.) Supalai Ville Chiangmai
Dec101,36014655DH10.) Supalai Monthala Pinklao-Bhuddhamondhol Sai 1
157
173
184
137
85
Unit
Oct1060037DH3.) Supalai Garden Ville Phuket
Nov1045015TH5.) Supalai Ville Srinakarin-Kingkaeo
Location Type Rai Value Launch
1.) Supalai Ville Saimai-Watcharapol DH 15 200 Sep10
2.) Supalai Park Ville Ramindra 5 DH 29 630 Sep10
4.) Supalai Garden Ville Chaengwattana-Laksi DH 34 640 Oct10
Land Bank (1)
18
20111,000-32DH16.) Chalermphrakiat Rama 9
2011900-7CD25.) Phuket
20112,090-169DH18.) Rama II
20121,060-69DH20.) Ringroad-Ratchapruek
20112,550-208DH19.) Lamlukka Klong 5
2011790-48TH15.) Lamlukka Klong 3
20114,000-14CD27.) Narathiwas-Rama 3
32,060-1,213Total
-
-
-
845
1,320
-
Unit
Nov102,8005CD23.) Petchburi
20112,2004CD26.) Asoke
Oct101,5806CD22.) Supalai Park Ratchapruek-Petchkasem
Location Type Rai Value Launch
17.) Romklao DH 83 1,540 2011
21.) City Home @ Srinakarin CD 12 1,250 Aug10
24.) Rama 3 CD 3 600 2011
Land Bank (2)
19
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have any liability for any information contained in or for any omission from this presentation.
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