Opportunity Day: Asia Sermkij Leasing Public Co., Ltd March 5, 2013 Prepared by Investor Relations Department Asia Sermkij Leasing Public Company Limited
Opportunity Day: Asia Sermkij Leasing Public Co., Ltd March 5, 2013 Prepared by Investor Relations Department Asia Sermkij Leasing Public Company Limited
Content 1. Company Profile 2. Industry and Business Overview 3. Financial Performance 2
1. Company Profile
Company Profile Inception Date August 17, 1984 1st Trading Day August 25, 2005 Core Businesses Automobile Hire Purchase Personal Loan Floor Plan Financing Machinery & Vehicle Hire Purchase Machinery & Vehicle Leasing Domestic and International Factoring Paid-Up Capital 1,725 Million Baht Paid-Up Share 345 Million Shares Par Value 5 Baht per share Company Rating BBB+ with Stable Outlook, by TRIS Rating as at March 29, 2012 (start Rating since year 2008) 4
ASK Shareholding Structure Others 25.84% Directors and Management 0.91% BBL 7.35% BBL Group = 11.60% Chailease Group 65.90% Free Float : 25.84% Remark : As of Dec 31, 2012 5
Group Structure Asia Sermkij Leasing Plc. ( ASK ) Automobile Hire Purchase Personal Loan Floor Plan Financing Other Businesses and Services 3 branches Rayong Samutsakorn Pitsanulok 99.99% Bangkok Grand Pacific Lease Plc. ( BGPL ) Paid-Up Capital 438.50 Mil. Baht Machinery & Vehicle Hire Purchase Machinery & Vehicle Leasing Domestic and International Factoring 6
Corporate Mission and Vision Corporate Mission To identify and satisfy the financial needs of customers for their success and well-being แสวงหาและสร างความพ งพอใจ เพ อตอบสนองความต องการทางการเง น เพ อความสาเร จและความเป นอย ท ด ของล กค า To seek steady profitable growth only from areas where we have the competencies to create sustainable competitive advantages เพ อเต บโตอย างม กาไรท ม นคงในส วนธ รก จท บร ษ ทม ความเช ยวชาญ เพ อสร างความได เปร ยบทางการแข งข นอย างย งย น To pursue the best interests of all stakeholders ม งก อให เก ดผลประโยชน ส งส ด ก บผ ถ อห น ค ค า ล กค า ผ สน บสน นทางการเง น พน กงาน ตลอดจนท กฝ ายท เก ยวข อง Corporate Vision Specialized financial provider of consumer and trade finance solution to individuals and SMEs ผ ให บร การทางการเง น สาหร บส นเช อเพ อการอ ปโภคบร โภคและส นเช อเพ อการค า สาหร บล กค าบ คคลธรรมดาและธ รก จ ขนาดกลางและขนาดย อม Leader in non-pickup commercial vehicle niche market in 3 years ผ นาในตลาดเฉพาะท เป นรถยนต เพ อการพาณ ชย ท ไม ใช รถ pickup ภายใน 3 ป 7
Strategic Positioning Passenger car TOYOTA New Old HONDA NISSAN MAZDA MITSUBISHI New Old New Old New Old New Old Commercial Vehicles, trucks, Van, Taxi, Bus 1 ton pick up Toyota ISUZU HINO MITSUBISHI & Other Taxi Van Truck Truck Truck New Old New Old New Old New Old New Old TOYOTA ISUZU NISSAN MITSUBISHI MAZDA New Old New Old New Old New Old New Old 8
2. Industry and Business Overview
Automobile Sales Volume UNITS (x 1,000) 1600 ALL CATEGORIES 1994-2013 11% 1400 1200 81% 1000 800 17% 12% -3% -7% 46% -3% -11% -1% 600 18% 3% -38% 30% 38% 13% 400-60% 20% 52% 200 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total Sale Volume 485 572 589 363 144 218 262 297 409 533 626 703 682 631 615 549 800 794 1,436 1,600 Source: The Federation of Thai Industries 10
ASK Hire Purchase Portfolio % Outstanding Value by Car Type as at Dec 31, 2012 Used Car, 22.23% Van, 24.93% Pick-up, 9.92% Taxi, 6.85% Passenger, 24.36% Truck, 33.61% New Car, 77.77% Others, 0.33% New Car Used Car Truck Taxi Van Pick-up Passenger Others 11
ASK Hire Purchase Portfolio % Outstanding Value by Brand as at Dec 31, 2012 Others, 13.57% Isuzu, 20.85% Benz, 9.37% Hino, 16.18% Toyota, 40.03% Isuzu Toyota Hino Benz Others 12
Leasing Market in Thailand Disbursement (MB) Million Baht 50,000 45,000 Y 2013, Leasing Market this year is estimated at 50,548 MB 43,955 50.548 15.00% 40,000 35,000 30,000 30,349 20.69% 36,629 20.00% 25,000 20,000 15,000 10,000 7,504 7,490 14,389 11,285 11,622 11,927 2.99% 23.81% -17.11% 46.06% 17,420 20,557 18,443 19,142 3.79% 5.87% 7.39% 47.63% 5,000-0.19% 50.67% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 13
Domestic Factoring Market in Thailand Advance (MB) Million Baht 140,000 120,000 Y 2013, Domestic Factoring Market this year is estimated at 126,567 MB 110,048 126,567 100,000 91,707 15.00% 80,000 60,000 44,148 61,297 55,129 11.82% 11.19% 79,385 68,541 72,026 75,750 10.22% 5.08% 62,934-20.7% 20.36% 21.07% 20.00% 40,000 20,000 24,234 24,295 27,806 0.25% 14.45% 58.77% 24.87% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Remark: In 2011, GSB, KTB, TMB and TCR entered into Factoring Business with competitive pricing conditions to SME customer (bank base customer) 14
3. Financial Performance
Total Disbursement Million Baht 20,000 18,000 29% 19,286 8,075 16,000 14% 14,959 14% 14,000 12,000 10,000 10,090 5,260 12% 19% 11,343 6,237 (12%) (24%) 9,944 4,746 32% 18% 13,140 5,585 26% 7,058 42% 11,211 8,000 7,555 5% 7,901 6,000 45% 4,000 4,830 6% 5,106 2% 5,198 2,000 0 2007 2008 2009 2010 2011 2012 BGPL ASK Consolidated 16
Total Revenues Million Baht 2,100 24% 2,051 321 1,800 21% 1,657 262 23% 1,772 1,500 1,200 900 1,046 255 811 10% 10% 9% 1,148 281 887 4% (16%) 10% 1,194 236 973 14% (7%) 19% 1,364 219 1,156 20% 23% 1,421 25% 600 300 0 2007 2008 2009 2010 2011 2012 BGPL ASK Consolidated 17
Total Expenses Million Baht 1,400 20% 1,405 1,405 233 1,170 18% 1,200 1,000 800 600 831 194 657 8% 13% 6% 898 1% 906 220 (6%) 206 699 2% 716 7% (12%) 11% 967 967 181 797 21% 9% 25% 198 999 22% 1,214 400 200 0 2007 2008 2009 2010 2011 2012 BGPL ASK Consolidated 18
Total Assets Million Baht 23,096 24,000 27% 3,496 20,000 15% 18,215 30% 21,216 16,000 12,000 8,000 10,866 2,441 8,872 10% 1% 12% 11,938 2,458 9,927 5% (17%) 11% 12,569 2,043 10,973 26% 13% 23% 15,842 2,318 13,524 16% 24% 2,699 16,808 26% 4,000 0 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 BGPL ASK Consolidated 19
Total Equity Million Baht 4,000 3,500 69% 3,454 551 5% 3,349 3,000 2,500 2,000 1,500 4% 1,662 1,726 505 (3%) 490 1,605 5% 1,684 4% 1% 4% 1,796 497 1,745 9% 2% 8% 1,952 509 1,890 5% 4% 4% 2,046 527 1,966 70% 1,000 500 0 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 BGPL ASK Consolidated 20
Total Portfolio Million Baht 24,000 22,786 29% 3,387 20,000 17% 17,686 27% 19,399 16,000 12,000 8,000 10,850 2,480 8,370 10% 1% 12% 11,915 2,509 9,406 4% (16%) 10% 12,429 2,106 10,323 22% 6% 25% 15,153 2,222 12,930 20% 16% 2,659 15,027 29% 4,000 0 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 BGPL ASK Consolidated 21
Profitability 10.00% 9.00% 8.00% 9.15% 8.87% Interest Rate Income 8.72% 8.68% 8.61% 8.74% 7.00% 6.00% Interest Rate Spread 5.00% 5.27% 4.74% 4.62% 4.76% 4.41% 4.52% 4.00% 3.00% 3.88% 4.13% 4.10% 3.92% Interest Rate Expense 4.20% 4.22% 2.00% Dec 07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 22
Profitability (%) 30 25 Net Profit Margin 21.27 20.01 23.81 20 15 10 16.22 15.82 15.60 10.27 10.56 11.00 15.48 ROE 16.58 17.35 5 1.64 1.57 1.58 ROA 2.07 1.95 1.94 2.38 0 7 23
Asset Quality ADA to A/R and NPL to A/R (%) ADA to NPL (%) 1.60 1.40 1.20 1.00 0.80 1.49 195.52 0.77 15.60 ADA to A/R 0.92 1.40 156.62 1.19 204.46 ADA to NPL 252.52 1.07 192.98 0.97 300.00 250.00 200.00 150.00 0.60 0.40 146.57 0.75 0.58 NPL to A/R 0.42 0.50 100.00 0.20 50.00 0.00 7 0.00 24
Compound Annual Growth Rates Y2001-Y2012 : THB million Y2001 Y2002 Y2003 Y2004 Y2005 Y2006 Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 CAGR (%) Total Disbursement 2,968 3,364 4,120 5,846 7,191 8,176 10,090 11,342 9,944 13,141 14,959 19,286 18.55% Total Revenues 435 456 516 599 742 897 1,051 1,147 1,194 1,364 1,657 2,051 15.14% Total Expenses 362 358 388 420 555 742 836 898 906 967 1,170 1,405 13.12% Net Profit Before Tax 73 98 128 179 187 155 215 249 288 397 487 646 21.92% Net Profit After Tax 73 98 128 150 146 119 166 179 194 290 332 488 18.85% Total Assets 3,591 4,008 4,560 6,028 7,898 9,444 10,866 11,938 12,569 15,395 18,215 23,096 18.44% Total Equity 224 312 440 607 895 1,576 1,662 1,726 1,796 1,952 2,046 3,454 28.24% Total Portfolio 3,375 3,860 4,402 5,935 7,756 9,291 10,776 11,820 12,267 15,153 17,686 22,786 18.96% Total NPL 61 42 27 19 34 51 82 108 92 89 75 114 5.85% Allowance for Doubtful Account 101 93 51 62 83 124 161 159 172 181 190 221 7.38% Total NPL / Total Portfolio (%) 1.81% 1.09% 0.61% 0.32% 0.44% 0.55% 0.76% 0.91% 0.75% 0.59% 0.42% 0.50% (11.03%) 25
Thank you 26