STA2Q20 Analyst Presentation

Agenda

2. STA Business Highlights

1. Financial Performance

3. Natural Rubber Market Situation

2

FINANCIAL PERFORMANCE1

3

0

10

20

30

40

50

60

70

80

Ja

n-1

9

Feb

-19

Mar-

19

Ap

r-1

9

May

-19

Ju

n-1

9

Ju

l-19

Au

g-1

9

Sep

-19

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Ap

r-20

May

-20

Ju

n-2

0

Ju

l-20

Au

g-2

0

Sep

-20

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

100

120

140

160

180

200

Ja

n-1

9

Feb

-19

Mar-

19

Ap

r-19

May

-19

Ju

n-1

9

Ju

l-19

Au

g-1

9

Sep

-19

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Ap

r-20

May

-20

Ju

n-2

0

Ju

l-20

Au

g-2

0

Sep

-20

RSS3

TSR20

SICO

M Pr

ice(U

S ce

nt :

Kg.)

SICOM – Oil PricesCr

ude O

il Pric

es(U

SD :

Bbl.)

ABBREVIATIONSRSS : Ribbed smoked sheet LTX: Concentrated LatexTSR : Technically specified rubber, which includes STR and SIR

139.4 (+10.0%)

63.9 (-6.1%)

151.3 (+8.6%)

69.0 (+7.9%)

134.7 (-11.0%)

61.9 (-10.4%)

137.0 (+1.7%)

63.0 (+1.9%) 50.7 (-19.6%)

133.5 (-2.5%) 110.8 (-17.0%)AVG. of TSR20

AVG. of Crude Oil 33.3 (-34.2%)

4

43.5 (+30.6%)

122.0 (+10.2%)

25

30

35

40

45

50

55

60

65

Ja

n-1

8

Feb

-18

Mar-

18

Ap

r-18

May

-18

Ju

n-1

8

Ju

l-18

Au

g-1

8

Sep

-18

Oc

t-18

No

v-1

8

De

c-1

8

Ja

n-1

9

Feb

-19

Mar-

19

Ap

r-19

May

-19

Ju

n-1

9

Ju

l-19

Au

g-1

9

Sep

-19

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Ap

r-20

May

-20

Ju

n-2

0

Ju

l-20

Au

g-2

0

RSS3

FRESHLATEXCUP LUMP

Raw Material Prices in Thailand [Baht/Kg.]

Temporaily Structural Change in Raw Material Prices in Thailand

5Source: Rubber Authority of Thailand [RAOT], IRSG --Monthly Rubber Bulletin, July 2020

WinteringSeason

WinteringSeason

WinteringSeason

Physical Market Prices

Unit (US cent : Kg.) 2019 APR-20 MAY-20 JUN-20 %MoM

Bangkok, RSS 3 1.67 1.37 1.39 1.51 9%

Bangkok, TSR20 1.47 1.14 1.16 1.26 8%

Bangkok, LTX 1.15 0.99 1.05 1.16 10%

Malaysia, LTX 1.09 0.95 0.99 1.12 13% 30

35

40

45

50

55

1-Jul-20 6-Jul-20 11-Jul-20 16-Jul-20 21-Jul-20 26-Jul-20 31-Jul-20 5-Aug-20

RSS3

FRESHLATEX

CUPLUMP

29

30

31

32

33

Ja

n-1

9

Feb

-19

Mar-

19

Ap

r-19

May

-19

Ju

n-1

9

Ju

l-19

Au

g-1

9

Sep

-19

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Ap

r-20

May

-20

Ju

n-2

0

Ju

l-20

USD/THB

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

20

60

100

140

180

220

Ja

n-1

9

Feb

-19

Mar-

19

Ap

r-19

May

-19

Ju

n-1

9

Ju

l-19

Au

g-1

9

Sep

-19

Oc

t-19

No

v-1

9

De

c-1

9

Ja

n-2

0

Feb

-20

Mar-

20

Ap

r-20

May

-20

Ju

n-2

0

Ju

l-20

LTX BD-China ACN

Latex – Butadiene – Acrylonitrile - ForexCu

rrenc

y

ABBREVIATIONSLTX: Concentrated Latex BD: Butadiene ACN: Acrylonitrile

LTX

& BD

& A

CNPr

ice(U

S ce

nt :

Kg.)

31.44 (-3.7%)

112.7 (-1.6%)152.5 (-15.2%)112.7 (+14.7%)

31.45 (+0.02%)

104.6 (-7.2%))214.0 (+40.3%)128.4 (+14.0%)

118.6 (+13.5%)139.0 (-35.0%)111.6 (-13.1%)

30.60 (-2.7%) 30.28 (-1.0%)

101.0 (-14.9%)146.3 (-9.3%)105.0 (-5.9%)

83.9 (-8.9%)87.5 (-40.2%)100.8 (-4.0%)

31.2 (+2.9%)

AVG. of BD

ACN LTX

AVG. of USD/THB

31.9 (+1.5%)

64.8 (-22.7%)37.3 (-55.0%)105.9 (+5.1%)

6

Financial Highlight

*Adjusting for (reversal) allowance of inventory and realized gains /(losses) from hedging activities**Reclassified according to TFRS 7-- Just only FX gains/ (losses) related to AP, AR, loans can be shown in this item***Reclassified according to TFRS related to financial instruments of currency and commodities

7

(Unit : THB million) 2Q20 2Q19 %YoY 1Q20 %QoQ 6M20 6M19 %YoY

Revenue 15,256 15,151 0.7% 17,481 -12.7% 32,737 30,022 9.0%

Sales volume (tons) 239,387 285,334 -16.1% 304,721 -21.4% 544,109 546,117 -0.4%

Avg. selling price (Baht per ton) 42,989 47,000 -8.5% 41,404 3.8% 43,964 44,076 -0.3%

Avg. selling price (USD per ton) 1,346 1,488 -9.6% 1,430 -5.9% 1,391 1,395 -0.3%

Gross profit 2,470 1,453 70.0% 2,466 0.2% 4,936 2,506 97.0%

Adj. gross profit** 2,433 1,313 85.3% 2,861 -15.0% 5,294 1,935 173.6%

SG&A (1,180) (1,120) 5.3% (1,258) -6.2% (2,437) (2,285) 6.7%

Gains (loss) on exchange rate, net** (31) 14 N/A (37) -15.8% (68) 145 -146.9%

Other gains (loss)* 225 96.9 132.4% (92) -343.9% 133 (386) -134.4%

Operating profit (loss) 1,526 552 176.5% 1,109 37.6% 2,635 118 2133%

Share of profit (loss) from investments in JV 22 36 -38.5% 99 -77.5% 122 74 65.6%

EBITDA 2,245 1,239 81.1% 1,871 20.0% 4,116 1,419 190.0%

EBIT 1,548 588 N/A 1,208 28.2% 2,756 192 1338.4%

Finance costs, net (174) (235) -26.2% (200) -13.4% (374) (463) -19.2%

Tax Income (expense) (85) (54) N/A (80) 5.9% (166) (44) 280.9%

Net profit 1,094 270 305.0% 854 28.0% 1,948 (358) N/A

GP margin 16.2% 9.6% 702.45 14.1% 208.86 15.1% 8.3% 673.08

Adj. GP margin* 15.9% 8.7% 1218.62 16.6% -67.15 16.2% 6.4% 972.66

Operating profit margin 10.0% 3.6% 925.87 6.3% 366.07 8.0% 0.4% 765.45

EBITDA margin 14.7% 8.2% 949.16 10.7% 401.41 12.6% 4.7% 784.44

Net profit margin 7.2% 1.8% 910.70 4.9% 228.29 5.9% -1.2% 714.12

4,546 6,277

7,414

9,403

13,692

2Q19 1Q20 2Q20 6M19 6M20

260,783 304,721

239,387 546,117

544,109

2Q19 1Q20 2Q20 6M19 6M20

Natural Rubber Products (tons)

Sales Volume

-8.2% -21.4%

8

-0.4%

Glove Products (million pieces)

+18.1% +63.1%

+45.6%

10%

10,386 11,607 9,082

19,760 20,690 1,561

1,302

959

3,176 2,261

310

720

250

1,134 970

2,885

3,837

4,954

5,929 8,791

9

14

11

22

25

15,151

17,481

15,256

30,022 32,737

2Q19 1Q20 2Q20 6M19 6M20

Others

Gloves

LTX

RSS

TSR

Sales Revenue – Higher contribution from GlovesSales Revenue by Product (THB million)

+0.7%-12.7%

TSR60%

RSS6%

LTX2%

Gloves33%

Sales Breakdown by Product

Sales Breakdown by Region

ABBREVIATIONSRSS : Ribbed smoked sheet LTX: Concentrated LatexTSR : Technically specified rubber, which includes STR and SIR

Domestic11%

China43%

Asia (Exculding China&Thailand)

26%

America10%

Europe8%

Others2%

15,256Mil.Baht

15,256Mil.Baht

9

+9.0%

33%

2%6%

60%

27%

3%7%

63%

20%

11%

66%

4%

22%

4%8%

66%

19%2%

69%

Gross Profit (THB million) – 6M20 Gross Profit (THB million) – 2Q20

Gross Profit - Historical high of GPM

10

1,453

970

1,379 2,466

2,470

9.6%

6.3%

9.3%

14.1%

16.2%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

-

500

1,000

1,500

2,000

2,500

3,000

2Q19 3Q19 4Q19 1Q20 2Q20

Gross profit Gross profit margin (%)

2,506

4,936

8.3%

15.1%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

-

1,000

2,000

3,000

4,000

5,000

6,000

6M19 6M20

Gross profit Gross profit margin (%)

552 352

185

1,109

1,526

36

22

37

99

22

588

374 222

1,208

3.9%

2.4%1.5%

6.9%

10.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

-

500

1,000

1,500

2,000

2Q19 3Q19 4Q19 1Q20 2Q20

Share of profit (loss) from investments in associates & JV

EBIT margin (%)

1,548

EBIT (THB million) – 2Q20

EBIT – Keeping good momentum

EBIT

11

EBIT (THB million) – 6M20

118

2,635

73

122

0.6%

8.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-

500

1,000

1,500

2,000

2,500

3,000

6M19 6M20

Share of profit (loss) from investments in associates & JV

Operating profit (loss)

EBIT margin (%)

192

2,756

EBIT

Net Profit – Continue to Break the New Record

12

Net Profit (THB million) – 2Q20 Net Profit (THB million) – 6M20

270 135 74

854

1,094

1.8%

0.9%0.5%

4.9%

7.2%

0.0%

2.0%

4.0%

6.0%

8.0%

0

500

1,000

1,500

2Q19 3Q19 4Q19 1Q20 2Q20

Net profit (loss) Net profit margin (%)

(358)

1,948

-1.2%

5.9%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

-500

0

500

1,000

1,500

2,000

6M19 6M20

Net profit (loss) Net profit margin (%)

Balance Sheet – Very Strong Financial Status

27,802 27,231

3,175 3,175

2,247 2,330

1,196 1,090 1,369 1,7051,689 2,008

13,494 8,998

4,978

4,705

2,382 16,533

31-Dec-19 30-Jun-20

Cash and cash equivalent

AR

Inventories

Other current assets

Other non-current assets

Investments

Rubber and Palm plantations

Goodwills

PPE

Asset (THB million)

58,331

Liability & Equity (THB million)

25,488

41,949

9,345

4,596

992

1,280

352

474

16,949

12,289 2,529

2,998

31-Dec-19 31-Mar-20

AP

ST-Debt

Other Current Liability

Other Non-Current Liability

LT-Debt

Equity

ROA ROE D/E Net Interest Bearing Debt/ Equity

6M20 6.18X 11.55X 0.62X 0.11X

67,773

FY19 -0.25X --0.57X 1.29X 1.20X

58,331

13

67,773

STA Business Highlights2

14

Infrastructure13%

Immature NR Area65%

Tapping Area20%

Approx.45,000 rai7,200 HA

Upstream Operations – Rubber Plantations

LampangSukothaiPichitPhitsanulokPetchaboonChiang RaiChiang MaiSakon NakhornUtaraditSakaeo

PhraeKalasinPhayaoNanSongkhlaSurat ThaniKrabiChumpornBungkan

Provinces in Thailand

19

Area of Rubber Plantations (2020F)

Estimated Mature Plantations

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

20

17

20

18

20

19

20

20

F

20

21

F

20

22

F

20

23

F

20

24

F

20

25

F

20

26

F

20

27

F

Production (tons) Tapping, trees (RHS)

Note: The green provinces are where our factories located in.

Note: Information as of 30 June 2020

Other Crops 2%

Increase number of tapping area from 4,400 rai in 2019 to 9,300 rai in 2020 [+193%]

~1,40

0 Ton

s

15

Technically Specified

Rubber [TSR]

Ribbed Smoked Sheet

[RSS]

Midstream Operations – NR Processing

processing facilities36 Production Capacity (mil. tons)

0.00

3.00

6.00

9.00

12.00

15.00

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2007 2011 2015 2016 2017 2018 2019F 2020F

Global NR Consumption (RHS)

Engineering capacity (LHS)

Sales volume (LHS)

24 processing facilitiesCapacity*: 2.10 mil. tons/annumTSR

RSS

LTX

5 processing facilitiesCapacity*: 0.21 mil. tons/annum

7 processing facilitiesCapacity*: 0.55 mil. tons/annum

Capacity*: 2.86 mil. tons/annum

Note: *Total engineering capacity

60%of total sales

revenue in 1Q20

6%of total sales

revenue in 1Q20

Concentrated Latex [LTX]

2%of total sales

revenue in 1Q20

16Note: Information as of 30 June 2020

Major Customers in Midstream Business

Global Brands

17

Strategy for Midstream Operations – NR Processing

Objective: To buy raw materials from rubber farmers and dealers in Thailand anywhere and anytime

No. of Members: > 4,500 rubber farmers & dealers in STA network

Launch mobile application “SRITRANG FRIENDS”

Enhance production efficiency

Acquire higher market share

Implement automation & censoring system in production process

Reduce energy consumption e.g. adapting production process to be shorter & smarter, using more biomass and reducing the use of LPG etc.

Keep our position as the reliable supplier for rubber users all over the world

Gain more market share among ambiguous market environment

market share~22%

of Thailand production in 2019

market share ~25-30% of Thailand production in 2020

STA

STA

18

STA ≠ Industry

33bn. pcs.installed

capacity per annum

Downstream Operations – Finished Products

13.7bn. pcs.

sold in 6M20

19.9bn. pcs.

sold in 2019

7%Global market share

in 2019

3locations of glove

factories in Thailand

19

STGT, is a Flagship Company of Sri Trang Group with 56% shares owned by STA

Established in 1989

STU

ABBREVIATIONSSTU : Sri Trang USASDME : Shi Dong Shanghai Medical Equipment

SDME

STGT

Our Gloves Products

- Heavy 6.2 g- Balance 4.8 g- Comfort 3.5 g- Comfort Plus 3.0 g- Sense 2.5 g

Examination/ Non-Examination Gloves

Latex

Powdered Powder-Free

Nitrile

Powder-Free

- Comfort 4.8 g - Balance 5.0 g- Premium 5.8 g

- Comfort 5.0 g - Balance Comfort 5.5 g- Balanced Plus 5.6 g - Balance 5.8 g- Premium 6.2 g

Product Range

Our Brands

20

Various distribution channels to reach all target customers

Exhibition

Selling Agent

Retail Business

Online

Sales Volume Breakdown by Region

Information as at 30 June 2020

Maintain our market share in developed markets & Aggressively expand to high growth countries

Sales Volumein 2Q20

+18.1% QoQ+63.1% YoY

7.4bn. pcs.

sold in 2Q20North

America15%

Africa4%

EU20%

South America

12%

MiddleEast5%

Oceania1%

Asia43%

11%

12%

8%

5%

21

Product Mix by Volume

67% 69%

33% 31%

FY19 6M20

Nitrile

Latex89% 88%

11% 12%

FY19 6M20

OBM

OEM

13.7bn.pcs.

sold in 6M20

Sales Volumein 6M20

+45.6% YoY

Accumulated 6M2020 sales data

150 148160

171 180194

210233

268

300

360

0

50

100

150

200

250

300

350

400

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F

Global Glove Market Outlook

Average growth at 10-12% per annum

Global Glove Demand

Source: MARGMA & Company’s Forecast

22

[bn. pcs.]

Demand Keeps Growing & Hidden Consumption in Emerging Markets

Increasing Usage of Hygienic Products in Developing Countries

150

100

10 6 40

20

40

60

80

100

120

140

160

United States Europe China India Africa

Pcs. per Capita

Forecasted Rubber Glove Consumption per Capita in Developed and Developing Countries in 2019

Developed Countries

Developing Countries

+20%

23

New Normal & New Customers SOLID DEMAND

Glove Capacity Expansion Plan– Increasing speed of expansion to capture market demand

Source: MARGMA Industry Brief 2019 on the Rubber Glove Industry and Company

Installed Capacity [bn.pcs.]

3 phases of capacity expansion to achieve an annual capacity at 100 bn.pcs. by 2032

32.6 32.6 35.745.8

54.461.0

65.9 70.2

100.0

3.1

10.1

8.6

6.64.9

4.3 0.5

32.635.7

45.8

54.461.0

65.970.2 70.7

100.0

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

203

224

CAPEX[Bn.Baht]

1.8 7.4 5.2 4.1 2.1 2.4 0.6 0.4

Phase I Phase II Phase III

Surat Thani III

Existing

Had Yai, Songkhla

Surat Thani I

Trang I

17 bn. pcs. per annum

6 bn. pcs. per annum

10 bn. pcs. per annum

1

3

3 ExistingProduction Facilities

2

Total Installed Capacity of

33bn. pcs. per year

Chumporn

Sadao, Songkhla

Expansion plan

Surat Thani II

Trang II

Excluding land acquisition cost

: Our production facilities are run by woodchip.

Our Competitive Edges

26

The US’s Tariff Schedule for Gloves

Product Country of Origin

Latex & Nitrile Thailand Malaysia China

Medical Free Free 7.5%

Non-Medical-SeamedGSP

14% 39%

Non-Medical-Seamless 3% 25%

Raw Material / Latex SupplyClosed to the biggest source of latex which is the main raw material for “Latex Gloves”

No export tax charged [No CESS expense]This makes our latex cost 1.2 Baht/Kg. cheaper than other players outside Thailand.

No concern over gas price

No labor issue as most of our workers are local people & we complying with BSCI standard rating A.

Tariff benefits

Note: GSP, Generalized System of Preferences, is a tariff system that allows exemptions or more favorable customs duties for certain products and countries.

Lower cost for capacity expansionThai Government introduced an interest subsidy program to anyone who consumes more rubber domestically. The Government will subsidy the interest rate not over than 3% for the expansion.

NATURAL RUBBER MARKET SITUATION

3

26

11.412.2

12.1

12.7 13.213.8 13.6

12.113.1

13.914.5 15.0 15.3 15.7 16.0 16.4 16.8

12.3 12.1

12.3

12.6 13.5

13.9 13.7

13.013.4 14.2

14.715.0 15.4

15.7 16.0 16.1 16.4

840

(52)

122

(82)

331

123 72

861

321 287

136 82

25 7 (38)

(241)

(374) -400

-200

0

200

400

600

800

1,000

0

3

6

9

12

15

18

2013

2014

2015

2016

2017

2018

2019

2020F

2021F

2022F

2023F

2024F

2025F

2026F

2027F

2028F

2029F

Demand (LHS)

Global NR Situation (Unit : million tons) Supply (LHS) Supply Surplus / (Deficit) (RHS)

Natural Rubber Demand & Supply(Unit : ‘000 tons)

27Source : IRSG, July 2020

IRSG’s forecastBefore COVID

[mil.tons]After COVID

[mil.tons]Change

[mil.tons]% Change

Demand 14.01 12.12 ▼1.89 ▼13.4%Supply 14.05 12.98 ▼1.07 ▼7.6%Oversupply 0.04 0.86 0.82 2,050%

NR Supply

Indonesia 20%

Thailand 33%

Vietnam 8%

China 5%

Cote d'Ivorie 6%

India 5%

CAMAL 5%

Malaysia 4%

Others 14%

12.98mil. tons

2020F global production growth = -5.2% YoY

2020F Major Producers

28

NR Productions from Top 10 Producers

0100200300400500600700

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

(Unit: ‘000 H.A.) • Increasing in new planting was in 2010-2013 where TSR20 was ~$3.39/Kg., and 76% of hat were in Thailand & Mekong region.

•During 2020-2029, 30%-35% of new planting area will be driven by Thailand.

0

50

100

150

200

25020

10

2012

2014

2016

2018

2020

2022

2024

2026

2028

10,000 10,500 11,000 11,500 12,000 12,500 13,000

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

New Planting Area Re-Planting Area(Unit: ‘000 H.A.)

• Replanting area in Thailand is forecasted to be constant at 30K-32K H.A., during 2020-2029.

• Indonesia is forecasted to be more aggressive since 2022 onwards, moving around 52K-54K H.A from 16K H.A.in 2019, due to ages of old trees with 35 years or above.

Total Area(Unit: ‘000 H.A.)

• Total rubber area is expected to shrink by 6.8% in 2029 over 2019 level, or down by 874K H.A.

Source : IRSG, July 20205,2

84

3,2

44

1,2

57

720

824

766

736

676

189

109

4,7

04

2,8

19

1,1

19

824

725

700

691

538

186

98

Th

ail

an

d

Ind

on

es

ia

Vie

tna

m

Co

ted

'Iv

ori

e

Ch

ina

Ind

ia

CA

MA

L

Mala

ys

ia

Bra

zil

Gu

ate

ma

la

2020 Before COVID2020 After COVID

-11.0%

-13.1%

-11.0%+14.4% -12.0% -8.6% -6.1% -20.4%

-1.6% -10.1%

Note: 1 H.A. = 6.25 Rai

China 42%

EU 12%India 7%

USA 7%

Thailand 6%

Japan 5%

Indonesia 4%

Malaysia 4%

Others 12%

2020F Major NR Consumers2020F global growth in consumption = -11.0% YoY

NR Demand NR Consumption from Top 10 Customers

29Source : IRSG, July 2020

(Unit: ‘000 tons)

NR Consumption in Non-Tire IndustryNR Consumption in Tire Industry

-0.5%

-11.6%

6.6% 6.2%

4.7%

-12%

-8%

-4%

0%

4%

8%

12%

0

2,000

4,000

6,000

8,000

10,000

12,000

2019 2020 2021 2022 2023

America

EU

ASEAN

OtherAsia

China

% Growth

(Unit: ‘000 tons) (%) (%)

-2.1%

-9.6%

10.7%

6.5%4.1%

-12%

-8%

-4%

0%

4%

8%

12%

0

1,000

2,000

3,000

4,000

2019 2020 2021 2022 2023

America

EU

ASEAN

Other Asia

China

% Growth

12.12mil. tons

5,4

35

1,2

10

1,1

90

1,0

16

852

720

648

599

5,0

80

1,4

15

900

855

754

644

520

536

China EU&UK India USA Thailand Japan Indonesia Malaysia

2020 Before COVID

2020 After COVID

-6.5%

+16.9%

-24.4% -15.8% -11.5% -10.6% -19.8% -10.5%

2020F NR Consumption in Tire Industry = 8.66 mil.tons [71% of global consumption] 2020F NR Consumption in Non-Tire Industry = 3.46 mil.tons [29% of global consumption]

80

100

120

140

160

180

200

220

240

Jan

-16

Ap

r-1

6

Ju

l-16

Oct-

16

Jan

-17

Ap

r-1

7

Ju

l-17

Oct-

17

Jan

-18

Ap

r-1

8

Ju

l-18

Oct-

18

Jan

-19

Ap

r-1

9

Ju

l-19

Oct-

19

Jan

-20

Ap

r-2

0

170 cent/kg.

110 cent/kg.

Source : Bloomberg

157 cent/kg.

TSR20 Price Movement [2016– May 2020] (US cent : Kg.)

104 cent/kg.

120 cent/kg.

The Difficult Times

30

230 cent/kg.

150 cent/kg.160 cent/kg.

123 cent/kg.

135 cent/kg.

124 cent/kg.

+45%

+87%

+26%

+31%

+21%-30%

-41%

-29% -21%

-69%

~490,000T

Commodity Price Movement & SHFE Stocks Commodity Price Movement

Source : IRSG, July 2020 and Bloomberg

Shanghai Futures Exchange [SHFE] Stocks, China [tons]

-

100,000

200,000

300,000

400,000

500,000

600,000

Jan

-14

Ap

r-14

Ju

l-14

Oc

t-1

4

Jan

-15

Ap

r-15

Ju

l-15

Oc

t-1

5

Jan

-16

Ap

r-16

Ju

l-16

Oc

t-1

6

Jan

-17

Ap

r-17

Ju

l-17

Oc

t-1

7

Jan

-18

Ap

r-18

Ju

l-18

Oc

t-1

8

Jan

-19

Ap

r-19

Ju

l-19

Oct-

19

Jan

-20

Ap

r-20

Ju

l-20

-70%

-50%

-30%

-10%

10%

03

-Jan

-20

10

-Jan

-20

17

-Jan

-20

24

-Jan

-20

31

-Jan

-20

07

-Feb

-20

14

-Feb

-20

21

-Feb

-20

28

-Feb

-20

06

-Mar-

20

13

-Mar-

20

20

-Mar-

20

27

-Mar-

20

03

-Ap

r-2

0

10

-Ap

r-2

0

17

-Ap

r-2

0

24

-Ap

r-2

0

01

-May

-20

08

-May

-20

15

-May

-20

22

-May

-20

29

-May

-20

05

-Ju

n-2

0

12

-Ju

n-2

0

19

-Ju

n-2

0

26

-Ju

n-2

0

03

-Ju

l-2

0

10

-Ju

l-2

0

17

-Ju

l-2

0

24

-Ju

l-2

0

31

-Ju

l-2

0

SICOM - TSR20 Brent Crude Oil Price Bloomberg Commodity Index

~240,000T

31

32

Contact Investor Relations Tel: (+66)2-207-4500 Ext. 1402 E-Mail: IR@sritranggroup.com