thitikornthitikornpublic company limited public company ... · 8/21/2019 · with 7,101 mb...

ThitikornThitikornThitikornThitikorn Public Company Limited Public Company Limited Public Company Limited Public Company Limited

“Motorcycle Hire- Purchase Specialist”

Thitikorn Public Company Limited1

“Motorcycle Hire- Purchase Specialist”

August 21, 2019

I. Company Profile

II. Industry Overview

III. Operational Results

IV. Financial Highlights

Contents


I.

Company Profile


Company Development

� 1972 Established with 1MB registered capital to provide motorcycle HP in Bangkok

� 1982 No.1 in terms of market share of motorcycle HP in Bangkok

� 1991 Increased registered capital to 70 MB

� 1995 Acquired 99.99% of CVA to expand HP business in Central and Eastern area

� 2000 Initiated motorcycle insurance program to minimize risk which later become the industry

standard

� 2002 Received award from The Consumer Protection Board

� 2003 Acquired CYP to provide automobile HP

Listed on the SET and raised fund of 1,100 MB


� 2005 Issued first TK’s Thai Baht-Debenture of 745 MB

� 2008 4-Stars Corporate Governance Scoring appraised by Thai Institute of Directors Association (IOD)

� 2010 Received Company Rating A- (Stable) from TRIS

� 2011 Acquired Cetelem (Thailand) Co., Ltd and changed its name to “TK Debt Services Co., Ltd.”

� 2012 Celebrate 40th year Anniversary

TK is one of the 17 listed companies to receive an “Investors’ Choice Award” from Thai Investors

Association (TIA)

TK is one of the 9 Thai listed companies to be included in MSCI Small Cap Indices in

November 30, 2012

� 2013 Total Assets surpassed 10,000 MB for the first time

Company Development

� 2014 First overseas operation in Cambodia, “Suosdey Finance” in Phanom Phenn

Second overseas operation in Laos, “Sabaidee Leasing” in Vientiane

� 2015 Established TK NGERN TAN JAI with 50 MB registered capital to provide Nano Finance

� 2016 TK is one of the 12 listed companies to receive an “Investors’ Choice Award” from Thai

Investors Association (TIA) for the eight consecutive years from 2009 to 2016

Expanded two branches in Battambang and Siem Riep, Cambodia through Suosdey Finance.

� 2017 Issued TK’s Thai Baht-Debenture of 1,800 MB, 3 –years, Fixed Rate 2.71% per annum.

Celebrate 45th year Anniversary, launch “ บนิ กนิ เที�ยว กับ TK” Free overseas package tour for

new customers.

Expanded three branches in Kampong Cham, Svay rieng, Kampong Speu, Cambodia through


Expanded three branches in Kampong Cham, Svay rieng, Kampong Speu, Cambodia through

Suosdey Finance.

Established a subsidiary “Mingalaba Thitikorn Microfinance Co.,Ltd” in Myanmar

� 2018 Completed the process for disposal of the ordinary shares of subsidiary “TK Debt Servives Co.,Ltd”

Expand two branches in Luang Prabang and Savannakhet and plan to expand three branches in Pakse,

Xieng Khouang, Udomchai, Laos through Sabaidee Leasing.

Plan to expand six branches in Kampong Thom, Kampot, Banteay Meanchey, Takao, Pursat and

Kampong Chhnang, Cambodia through Suosdey Finance.

Issued TK’s Thai Baht-Debenture of 600 MB, 3 year, Fixed Rate 2.27% per annum.

� 2019 Recieved Microfinance Business License in Myanmar “Mingalaba Thitikorn Microfinance Co.,Ltd”

TK Group Structure

Motorcycle hire purchase provider

With 7,101 MB portfolio size

Thitikorn Plc. (TK)Thitikorn Plc. (TK)

Total net portfolio of 8,603 MB


Suosdey Finance PLC.

Debt collection servicer

C.V.A . Co., Ltd. (CVA)C.V.A . Co., Ltd. (CVA)


* As of June 30, 2019

99.99%

99.99%

99.95%

Automobile hire purchase provider

with 380 MB portfolio size

Chayapak Co., Ltd. (CYP)Chayapak Co., Ltd. (CYP)



Debt collection servicer



Sabaidee Leasing Co., Ltd.

80.50%

Nano Finance in Thailand

with 0.4 MB portfolio size

TK NGERN TAN JAI Co., Ltd

99.99%

Microfinance Subsidiary

in Myanmar

Mingalaba Thitikorn Microfinance Co., Ltd

99.00%

Success Factors

Proven Track RecordProven Track Record� No.1 in motorcycle HP in Bangkok since 1982

� Most recognizable brand by motorcycle dealers & customers

� Reputable major shareholders - Dr.Chumpol Phornprapha & Families

� Proven management with market expertise more than four decades in HP industry

� Never been an NPL with any financial institutions since founded

� Large valuable database of over 3,000,000 customers

� Extensive & nationwide outlets with 93 branches in 57 provinces of Thailand

� Regional extensive 9 branches in Kingdom of Cambodia and Lao PDR

� Consistently provide HP service during any economic condition


� Solid Capital Base : 4,918.7 million baht

� D/E ratio of 1.0 times : average D/E of financial sector is 7.7 times

� Abundant credit line from the leading financial institutions with

favorable terms & conditions

� 86.5 % of Total Assets are income generating assets

� High quality motorcycle HP portfolio with 4.4 % NPL

� Very conservative accounting policy : recognized full amount of commission on

day one

� Stringent loan provision : reserve full amount of the whole contract value

� A- rating by TRIS since 2010

Solid Financial PositionSolid Financial Position

� Consistently provide HP service during any economic condition

II.

Industry Overview


Thailand Motorcycle Sales

79%

81%79%

77% 77%76%

75%

21%

19%21%

23%

23%24%

25% 25%

26%

1,846,005

2,001,2442,125,646

2,004,000

1,699,218 1,671,237

1,738,2541,810,856

1,788,459

1,042,926

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

2,200,000

2,400,000 BMA Provincial Area(Units)Motorcycle sales reached a

new record high for two

consecutive years in 2011

and 2012

From 2013 to 2015 sales

continue to decline for three

consecutive years due to

slow down in economic

activities, however, from

2016 to 2017 sale continue

~1,720,000 (-3.8%)

1,068,800


Source : Thailand Motorcycle Hire Purchase Association, AP HONDA

75% 75% 74%

74%

26%

0

200,000

400,000

600,000

800,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(7M)

to increase around 4%

annually

Motorcycle sales 2018

decreased by 1.2% to

1,788,459 units and

expected to decline around

3.8% to 1,720,000 unit in

2019

Q1

465,098

Q1

462,205

Q2

431,943

Q2

469,649

148,778(Jul)

134,053(Jul)

Monthly Motorcycle Sales

160,585

161,997

165,646

184,459

155,996

156,758

150,533

164,059

188,890

175,814

155,540 153,063155,090

145,431

164,577

168,500

179,533

156,890

140,504

145,648155,090

167,854

161,045

150,441

148,778

144,000

148,000

152,000

156,000

160,000

164,000

168,000

172,000

176,000

180,000

184,000

188,000

192,000

2016 2017 2018 2019(Units)2016 and 2017 Motorcycle

sales increased for 2

consecutive years

2018 Motorcycle monthly

sales, 6 out of 12 months

were higher than previous

year

2019 Motorcycle monthly

sales, 2 out of 7 months

were higher than previous

year


131,751

105,582

127,331

126,190

137,292

124,667

147,225

123,087

137,619

147,912

135,583

131,531

145,431

121,616

134,053

140,504

139,313137,304145,419

120,457

150,441

100,000

104,000

108,000

112,000

116,000

120,000

124,000

128,000

132,000

136,000

140,000

144,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

year

Motorcycle Hire Purchase in BMA

TK estimate that cash

sales portion around 25%

78%

54%

49%

353,149367,779

328,749

379,565378,645

449,643457,782

364,969

395,190

436,815

460,676456,367

269,960

250,000

300,000

350,000

400,000

450,000

500,000 HP financing in BMA2 Cash sale in BMA(Units)

273,520


Source : Thailand Motorcycle Hire Purchase Association

* Ratio H1 Year 2012 => Cash sale in BMA 49% , HP financing in BMA 51%

51%

22%29%

39% 46%

78%71% 61%

0

50,000

100,000

150,000

200,000

BMA : Bangkok and Metro Area

Q1

121,383

Q1

119,098

Q2

117,643

Q2

110,409

38,168(Jul)

36,779(Jul)

Category

Automatic

Family


Family

Sport

Motorcycle by Category

(Units)

50% 52% 50%

46%48% 48% 49%

40%51%

15%

3%

3%

4%

3%

3%

4%

7%

11%19%

17%13%1,595,305

1,741,749

1,553,561

1,846,005

2,001,244

2,125,646

2,004,000

1,699,2181,671,237

1,738,254

1,810,8561,788,459

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

2,200,000

2,400,000

Scooter Family Sport


Source : Thailand Motorcycle Hire Purchase Association, AP HONDA

35%

47% 45%

46% 51%49%

48% 44% 39%35% 35% 36%

38%

50%

50% 52% 50%

46%48%

51%

53%

9%

894,148

0

200,000

400,000

600,000

800,000

1,000,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(6M)

Thailand Automobile Sales

In 2012, Thai domestic auto sales reached a new recorded high over 1.4 million units propelled by government first time car buyer scheme

From 2013 to 2016 automobile sales continue to decline for four consecutive years from the First time car buyer scheme in 2012, however, from 2017 to 2018

45.4% 46.5%

38.4%800,357 794,081

1,434,669

1,330,678

881,832

799,632768,788

871,650

1,041,739

800,000

900,000

1,000,000

1,100,000

1,200,000

1,300,000

1,400,000

1,500,000

Passenger car Commercial vehicle(Units)

~1,000,000(-4.0%)


however, from 2017 to 2018 sales continue to increase 13.4% in 2017 and 19.5% in 2018

Thai Automotive industry latest forecast in 2019 expected to decline by 4.0%

Source : Toyota Motor Thailand Co.,Ltd.

58.1%56.7%

54.6%

53.5%

52.6%58.1%

62.6%

63.6%

61.6%

60.6%

41.9%43.3%

47.4%

41.9% 37.4%36.4%

38.4%

39.4%

523,770

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(6M)

Q1

263,549Q1

237,093

489,118

Q2

260,221

Q2

252,025

Monthly Automobile Sales

86,858

84,801

77,59276,426

104,302

75,466

95,082

84,965

87,85486,814

88,706

86,931

94,643

113,581

82,324

103,164

86,07688,097

86,04880,000

90,000

100,000

110,000

120,000

2016 2017 2018 2019(Units)2017 and 2018 Automobile sale continue to increase for 2 conservative years

2018 Automobile monthly sales, 12 out of 12 months were higher than previous year

2019 Automobile monthly sales, 5 out of 6 months


51,821

57,093

72,646

54,986

66,035 66,049

60,635

63,619 63,641

60,634

64,771

57,254

68,435

63,267

66,42569,798

65,178 67,965

77,592

68,551

76,426

66,545

75,46679,206

84,96581,946

66,545

30,000

40,000

50,000

60,000

70,000

80,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

sales, 5 out of 6 months were higher than previous year.

Popular Vehicle SUV, MPV & PPV

Car by Category


III.

Operational Results


Hire Purchase Business

Business

Policy

Business

Policy

Hire purchase provider for all brandsHire purchase provider for all brands

Focus on new motorcycle hire purchaseFocus on new motorcycle hire purchase

Hire purchase term of 24 - 36 monthsHire purchase term of 24 - 36 months

All brands such as Honda, Yamaha,

Suzuki, Kawasaki, etc.

All brands such as Honda, Yamaha,

Suzuki, Kawasaki, etc.Product

Brands

Product

Brands

Hire purchase provider mainly

Brand new cars

(95% new cars and 5% second hand cars)

Hire purchase provider mainly

Brand new cars

(95% new cars and 5% second hand cars)

Hire purchase term of 48 - 60 monthsHire purchase term of 48 - 60 months

All brands mainly Toyota, Isuzu,

Honda, Nissan, Ford, Mitsubishi etc.

All brands mainly Toyota, Isuzu,

Honda, Nissan, Ford, Mitsubishi etc.

Motorcycle Automobile


Categorized by Outstanding Duration Categorized by Outstanding Duration

Hire Purchase

Account

Receivables

Balance as of

Jun 19

<=12 month

11.78%

>12 month

88.22%13-36 month

51.91%

<=12 month

5.39%

>36 month

42.70%

Credit Policy

Customer Profile

Secured source of income and occupation

Clear hire purchase objective

Customer Profile

Secured source of income and occupation

Clear hire purchase objective

Acceptable Guarantor

Not Recorded in TK’s Black List

Proprietary credit approval policy and customize terms and conditions for each customers


Customize Terms and Conditions

Customer Residence in TK’s Coverage Area

Monitor Motorcycle and Automobile Model

as Per Standard Procedure

Credit Approval & Control

Preliminary Credit

Checking

Record & Documentation

Checking

Credit Approval

Potential customers apply for credit approval; review customers’ profile

Verify accuracy of customers’ profile and collect required documents

- Analyze customers’ credibility through credit scoring system and customize

net financing


Debt Settlement

Debt Collection

net financing

- Transfer customer profile to company’s database for future reference

Provide multiple payment channels through bill collectors, banks, counter

service and internet

- unpaid debt <3 months --> payment warnings

- unpaid debt 4-6 months --> agreement termination

- unpaid debt >6 months --> bad debt write off

--> repossess and appraisal after verdict

TK Branches & Networks

Branches

� Extensive 93 branches in 57 provinces out of 77 provinces in Thailand

� Three subsidiaries* Suosdey Finance, the head office locates in Phnom Penh, Kingdom of Cambodia* Sabaidee Leasing, the head office locates in Vientiane, Laos People’s Democratic Republic* Mingalaba Thitikorn Microfinance,the head office locates in Baco, Republic of the Union of Myanmar

Branch

Sabaidee Leasing

3+3 branchesVientiane

Luang Prabang

Savannakhet

Pakse*

Xiang Khoang*

Udomchai


Suosdey Finance

6+6 branchesPhnom Penh Kampong Cham

Battambang Kampong Speu

Siem Reap Svayrieng

Kampong Thom* Kampot*

Banteay Meanchey* Takao*Kampong Chhnang* Pursat** Plan to expand

Networks

� Servicing over 1,095 motorcycle strategic alliances

� Servicing over 45 automobile strategic alliances

� Multiple payment channels nationwide

Network

As of July 31, 2019

Mingalaba Thitikorn

Microfinance

1 branchBago*

TK BranchNorth = 13

North-East = 21

Central = 24

East = 24South = 11

IV.

Financial Highlights


Revenue, Expense and Net Profit

“From 2015 to 2017, TK operation has continued to improve from our stringent credit approval policy, branch network expansion both locally and regionally.”

2018 Thai Economy started to slowdown from second half, TK tighten terms& conditions and accelerate write off for some group of

3,370.0

3,662.0

3,883.03,679.1

3,394.13,371.3

3,653.6

3,878.1

1,924 1,942

2,745.0

2,950.0

3,455.03,481.4

2,986.42,940.9

3,181.4

3,470.2

1,866

625.0712.0

700

900

1,100

1,300

1,500

2,000.0

2,500.0

3,000.0

3,500.0

4,000.0

4,500.0Total Income (LHS) Total Expense (LHS) Net Profit (RHS)

Unit : Mb Unit : Mb


write off for some group of customers

965.9 962.5

1,924

863.2 844.3

1,866 1,710

429.0

198.1

408.3429.7

467.0

407.4

102.0 117.1213.8

230.0

-100

100

300

500

0.0

500.0

1,000.0

1,500.0

2,000.0

2011 2012 2013 2014 2015 2016 2017 2018 Q2/2018Q2/2019 6M/20186M/2019

Revenue Breakdown

99.4% of Total Revenues contributed by Motorcycle HP Interest and Other Incomes

2018 Total Revenues = 3,878 MB

Motorcycle Hire Purchase Income

3,148 MB (81.2%)

Other Income

701 MB (18.1%)Automobile Purchase Income

29 MB (0.6%)


Q1/2019 Total Revenues = 980 MB


800 MB (81.7%)

Other Income


6 MB (0.6%)

Q2/2019 Total Revenues = 963 MB


773 MB (80.3%)

Other Income


5 MB (0.6%)

Total Assets vs. Hire Purchase Account Receivables

86.5% of TK Total assets are HP portfolio which generate stable monthly cash inflow from monthly installment from diversify customers over 268,000 accounts

7,768 7,724

9,0329,224 9,000 8,603

9991,032

887

9861,206 1,560

1,343

8,767

8,284 8,611

10,01810,430 10,560

9,946

6,000

8,000

10,000

12,000

Receivables* OtherUnit : Mb

-4.4%

-6.6% 6.5%

2.1%

16.9%

-2.4%


7,768 7,2527,724

0

2,000

4,000

2014 2015 2016 2017 2018 Q1/2019 Q2/2019

*Included Loan Receivables

> 6 mth0.04%

<3 mth95.57%

Aging of Motorcycle Q2/2019* Aging of Motorcycle Q2/2019*

4-6 mth4.39%

6,266

6,993

8,400 8,748 8,566 8,202

0

1,500

3,000

4,500

6,000

7,500

9,000

2015 2016 2017 2018 Q1/2019 Q2/2019

Motorcycle HP portfolio Q2/2019 Unit : Mb

-4.3%20.1%

-2.1%

11.6%

High Quality HP Portfolio

4.1%

Thitikorn Public Company Limited

810

627

545

395360 333

0

200

400

600

800

1,000

2015 2016 2017 2018 Q1/2019 Q2/2019

Automobile HP portfolio Q2/2019Unit : Mb

Note:Net HP recievable (less allowance for doubtful a/c)included SSD & SBD

>6 mth4.89%

<3 mth90.97%

4-6 mth4.14%

Aging of Automobile Q2/2019* Aging of Automobile Q2/2019*

* HP recievable

26

-8.9% -7.5%

-22.6%-13.1%

-27.5%

High Quality HP Portfolio

Current -3 mth

9,416 MB (95.9%)

> 6 mth

20 MB (0.2%)

4-6 mth

384 MB (3.9%)

2018 : Aging of Total HP Portfolio (9,820 MB)

Prudent expansion policy with strict credit approval process and strong collection team create sustainable HP portfolio


Q2/2019 : Aging of Total HP Portfolio (9,236 MB)

Current -3 mth

8,811 MB (95.4%)

> 6 mth

20 MB (0.2%)

4-6 mth

405 MB (4.4%)

Current -3 mth

9,179 MB (95.4%)

> 6 mth

31 MB (0.3%)

4-6 mth

409 MB (4.3%)

Q1/2019 : Aging of Total HP Portfolio (9,619 MB)

Stringent Accounting Policy

� Past due over 3 months will be charged off

� One time commission charged at the beginning of the contract

� Motorcycle with past due over 6 months will be written off (without verdict process)

� Automobile with past due over 6 months that had gone through verdict will be written off

Income Recognition and

Charge-Off Policy

Write-Off Policy

Provision for Doubtful

Account Policy

TK does not deduct the

collateral value before

Provision for Doubtful Account of Motorcycle Hire Purchase

Net Account Receivables

Current portion < 1 Months

1 < Overdue < 3 Months


Overdue > 6 Months

1

20

50

100

Provision for Doubtful Account (%)


collateral value before

setting provision for

motorcycle HP

Provision for Doubtful Account of Automobile Hire Purchase

Provision for Doubtful Account (%)Net Account Receivables

Current portion < 1 Months




Overdue > 12 Months

1

2

20

50

100

In 2018, we have allocated an amount which is equal to 1% of motorcycle hire purchase

receivables as “General Allowance” in addition to our Accounting Policy on Provision to

prepare for any future circumstances.

High Coverage Ratio

Robust reserve for loan loss with 149.1% coverage ratio or 6.9% of total HP portfolio

8,252

9,5869,820

9,6199,236

5,000

6,000

7,000

8,000

9,000

10,000

Unit : Mb


135 11 20 31 20395 455 404 440 424528 554 597 619 633502 527 544

0

1,000

2,000

3,000

4,000

2016 2017 2018 Q1/2019 Q2/2019

Net HP A/R NPL (>6 mth) NPL (>3 mth) Loan provision Before-GR

395

455471

404

440424

528554

578597

619633

133.7

121.8 122.7

147.8140.8

149.1

80

100

120

140

160

400

500

600

700

%Coverage ratio

(*6.4%)(*5.8%)

(*5.9%)(*6.1%)

(*6.4%)

92

527 (*5.5%)120.1

General Reserve

94

502 (*5.1%)

124.3128.1 544 (*5.9%)

(*6.9%)

89

Unit : Mb

High Coverage Ratio


135

1129 20

3120

0

20

40

60

0

100

200

300

2016 2017 2018 (9M) 2018 Q1/2019 Q2/2019

NPL (>6 mth) NPL (>3 mth) Loan provision %coverage ratio

Suosdey Finance PLC-Phnom Penh


Suosdey Finance PLC-Battambang Branch


Suosdey Finance PLC- Siem Reap Branch


Suosdey Finance PLC- Kampong Cham Branch


Suosdey Finance PLC- Svay rieng Branch


Suosdey Finance PLC- Kampong Speu Branch


Branches Expansion Plan of Suosdey Finance PLC

Suosdey Finance PLC plan to expand its branches into 6 provinces with

objectives of branch expansion and facilitate customers’ demand to access

company service.

1. Kampong Thom

2. Banteay Meanchey

3. Kampong Chhnang


3. Kampong Chhnang

4. Kampot

5. Takao

6. Pursat

The expected period of opening for these Branches is Q4/2019

Suosdey Finance PLC- Kampong Chhnang Branch


Suosdey Finance PLC- Banteay Meanchey Branch


Suosdey Finance PLC- Kampong Thom Branch


Suosdey Finance PLC- Kampot Branch


Suosdey Finance PLC- Takao Branch


Suosdey Finance PLC- Pursat Branch


Suosdey Finance PLC

64.8

194.1

45.2

89.8 89.8

78.3

165.5 165.5

43.7

117.9

25.6

50.153.3

42.8

90.7 92.8

21.1

76.2

19.6

39.7

36.5 35.5

74.8 72.7

0

20

40

60

80

100

120

140

160

180

200

2017 2018 Q2/18 Q2/19 Q2/19* 6M/18 6M/19 6M/19*

Income Expense Net Profit

Unit : Mb

297.81

721.04

875.70936.40

0.380.66

0.56

1.50 3.95 7.59 9.854.28

18.25 23.66 28.1011.04 14.9018.74

0

100

200

300

400

500

600

700

800

900

1,000

2017 2018 Q1/2019 Q2/2019

Net HP A/R NPL (>6mth) NPL (>3mth) Loan provision Before-GR

Unit : Mb

Thitikorn Public Company Limited45 * Q2/2019 ไม่รวมขาดทุน (กาํไร) จากอตัราแลกเปลี!ยน ซึ!ง Q2 กาํไร (3,243,457.61) บาท

< 3 mth99.13%

>6 mth0.08%

Motorcycle Q1/2019 Motorcycle Q1/2019

4-6 mth0.79%

< 3 mth98.95%

>6 mth0.06%


4-6 mth0.95%

Sabaidee Leasing Compamny Limited


Sabaidee Leasing – Luang prabang


Sabaidee Leasing – Savanakhet


Sabaidee Leasing

35.9

58.9

13.1

24.9 24.924.4

49.6 49.6

22.2

56.4

10.9

19.0 19.1 20.7

40.0 36.7

13.7

2.6 2.3

5.9 5.83.7

9.6

12.9

0

10

20

30

40

50

60

70

2017 2018 Q2/18 Q2/19 Q2/19* 6M/18 6M/19 6M/19*

Income Expense Net Profit

Unit : Mb

107.93

199.52

228.13

256.89

0.23

0.17 0.28

0.00 2.06 2.01 3.792.65 6.387.09 9.334.39

4.81 6.770

50

100

150

200

250

300

2017 2018 Q1/2019 Q2/2019

Net HP A/R NPL (>6mth) NPL (>3mth) Loan provision Before-GR

Unit : Mb

50 * Q2/2019 ไม่รวมขาดทุน (กําไร) จากอตัราแลกเปลี!ยน ซึ!ง Q2 กาํไร (58,436.56) บาท

< 3 mth98.53%

>6 mth0.11%


4-6 mth1.37%

< 3 mth99.12%

>6 mth0.08%


4-6 mth0.81%

Branches Expansion Plan of Sabaidee Leasing Co.,Ltd

Sabaidee Leasing Co.,Ltd plan to expand its branches into 3 provinces with

objectives of branch expansion and facilitate customers’ demand to access

company service.

1. Pakse Province

2. Xieng Khouang Province

3. Udomchai Province


The expected period of opening for these

Branches is Q1/2019

Mingalaba Thitikorn Mircrofinance Co., Ltd


� 29th April 2019, Recieved Microfinance Business License in Myanmar “Mingalaba Thitikorn Microfinance Co.,Ltd”

Bago


Strictly Private & Confidential


Thitikorn Public Company Limited

69 Ramkamhaeng Rd., Huamark, Bangkapi, Bangkok 10240

Tel: 662-310-7000 Fax: 662-318-3339

e-mail: [email protected]

thitikornthitikornpublic company limited public company ... · 8/21/2019 · with 7,101 mb...

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