Our City Our Future 1
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
AT A GLANCE
SHARE INFORMATIONi
Shares Outstanding 11,929.3mn sharesvii Free Floatv 57.3% Par Value THB 4.0 / Sharevi Market Capitalisation THB 108.6bn / USD 3.0bnii YTD daily traded valueiv THB 256.4mn / USD 7.2mnii Stock Identifiers
Stock Exchange Symbol BTS Bloomberg / Reuters BTS TB / BTS.BK
REVENUE BY BUSINESS UNIT GROSS PROFIT BY BUSINESS UNITiii
BTS LAST 12 MONTHS SHARE PRICE PERFORMANCEi:
EQUITY MARKETSviii 3 MO 6 MO 12 MO
BTS TB 9.64% -4.71% -5.21% SET Transport Index 4.40% 19.59% 19.78% SET Index 6.89% 4.74% -4.81% NIKKEI 225 6.50% -13.57% -17.00% HANG SENG 7.94% -6.21% -24.78% FTSE 100 2.85% -1.34% -10.22% S&P 500 8.63% 0.90% -0.40%
CURRENCY MARKETSviii 3 MO 6 MO 12 MO
USD vs THB -0.27% 0.23% 0.84% EUR vs THB -2.68% -4.96% -1.74% THB vs JPY 1.69% 10.53% 7.29% THB vs HKD 0.41% -0.41% -1.06% THB vs SGD 2.33% 2.07% 2.07% THB vs GBP 5.40% -3.06% -1.56%
FROM THE EDITOR
Dear Investment Community,
Yet again, ridership on the core network exceeded previous historic highs with a record 232.5mn trips during the year. We exceeded our targets for ridership growth of 4-6% and average fare growth of 2% comfortably at
6.3% and 2.4%, respectively. Our mass transit business continues to benefit from strong tailwinds of urbanisation and real estate developments along mass transit lines. The anticipated transfer of the green line extensions from the MRTA back to the BMA was successfully
completed. On the 23rd of May, the company signed an agreement for the largest single order of trains in Thai history: 46 4-carriage trains at a contract value of EUR 270mn. These new trains are earmarked for bolstering capacity on our existing lines and for future operations on the
green line North and South extensions. We are committed to expanding our mass transit business to meet expected demand.
In our media business revenue declined 29.3% YoY, led mainly by the
prudent discontinuation of the modern trade media business. When
excluding this effect, revenues grew 3.1% YoY. This is in spite of the
industry being characteristically sensitive to macroeconomic headwinds
and subsequently, heightened competition for tapered overall ad spend,
which declined 1.2% YoY. BTS-related media segment revenues held
steadfastly, while Office Building-related media grew solidly – fortifying
our leadership in this segment. Following a challenging 2 years, VGI is now
well-positioned for growth and has set a target to become a nationwide
integrated media platform within 2 years; using smart data to enhance its
media revenue across both traditional offline and emerging online
inventory. The first expansion step was concluded on 31st May with the
acquisition of 12.5% of leading outdoor billboard player, MACO which will
now be consolidated into VGI financial statements.
Our property business saw significant developments over the year,
following the shift towards a partnership approach. Though revenues declined 33.8% YoY, this was mainly a shift in revenue recognition to share of income from joint-venture and associates: divestment of Nuvo Line to SIRI or the disposal of EGS hotel to U City where we also recognized a post-
tax gain of THB 2.5bn. Our remaining hotel portfolio saw improvements in operating performance, supported by a buoyant tourism environment. Our property revenue pipeline is expected to grow considerably with 6 JV projects to be launched in 2016 worth THB 23bn and U City launching at least two projects, including a THB 10bn total project value, mixed-use building on a prime location, at Phayathai interchange station.
The Board of Directors proposed a final dividend of THB 0.34 per share or
equivalent to THB 4,025.6mn to be paid on 16 August 2016. This marks the
final tranche of the committed dividend period. We shall revert back to our
previous policy of at least a 50% payout ratio.
BTS Group now has an incredible opportunity set, with potentially pivotal
advances across all 4 business segments. This will mark a multi-year period
of investment and as a result of that, we can expect to see our dividend
decline as we pursue this growth.
Yours faithfully,
Daniel Ross
Chief Investment Officer
SERVICES
3%
PROPERTY
15%
MASS TRANSIT
40%
SERVICES
11%
MEDIA
42%
MASS TRANSIT
45%
PROPERTY
10%
MEDIA
34%
Our City Our Future 2
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED)
INCOME STATEMENT FOR THE YEAR ENDED (THB mn) FY 15/16 FY 14/15 % YoY
Operating revenue 6,147.5 7,102.1 -13.4% Other recurring income 632.0 1,758.8 -64.1% Total recurring revenue 6,779.5 8,861.0 -23.5%
Operating costs 2,624.6 3,162.7 -17.0% Operating selling and administrative expenses 1,410.8 1,563.0 -9.7% EBITDA 6,268.3 4,936.7 27.0%
Operating EBITDA 2,560.0 2,836.2 -9.7%
Finance cost 289.7 403.5 -28.2% Non-operating gain (loss) 2,124.0 268.0 692.4% EBT 5,528.2 4,073.2 35.7%
Operating income tax 171.7 659.6 -74.0% Minority interests 265.6 396.2 -33.0% Net income to equity holders of the parent 4,141 2,944 40.7%
EPS (THB per share) 0.3501 0.2482 41.0%
STATEMENT OF FINANCIAL POSITION (THB mn) 31 MAR 16 31 MAR 15 % Change
Cash and cash equivalents 2,364.7 10,111.9 -76.6%
Current investments 4,666.2 6,371.4 -26.8%
Trade and other receivables 1,111.3 1,218.1 -8.8%
Real estate development costs-net 627.1 2,237.8 -72.0%
Accrued income 205.6 577.9 -64.4%
Other current assets 1,310.4 908.5 44.3%
Total current assets 10,285 26,002 -60.4%
Investments in associates 21,019.7 14,011.6 50.0%
Other long-term investments-net 9,751.4 9,548.4 2.1%
Investment properties 1,410.5 1,480.0 -4.7%
Property, plant and equipment 5,673.9 5,510.4 3.0%
Other non-current assets 46,260.3 33,350.1 38.7%
Total non-current assets 54,883.4 40,808.4 34.5%
Total assets 65,168.7 66,810.3 -2.5%
Short-term loans from financial institutions 3,750.0 530.0 607.5%
Trade accounts payables 1,623.0 1,778.6 -8.7%
Current portion of long-term loans 1,095.2 26.0 4,112.4%
Current portion of long-term debentures 1,347.5 1,467.7 -8.2%
Other current liabilities 4,029.1 2,073.9 94.3%
Total current liabilities 12,455.4 6,559.7 89.9%
Long-term loans-net of current portion 173.0 1,187.1 -85.4%
Long-term debentures-net of current portion 0.0 1,345.1 -100.0%
Long-term provisions-related party 1,324.7 1,244.0 6.5%
Deferred tax liabilities 2,142.4 2,616.2 (18.1)%
Other non-current liabilities 4,278.2 5,705.8 -25.0%
Total non-current liabilities 5,796.4 8,238.0 -29.6%
Total liabilities 18,251.8 14,797.8 23.3%
Issued and fully paid shares (mn shares) 11,929.3 11,919.3 0.1%
Issued and fully paid capital 47,717.4 47,677.0 0.1%
Share premium 1,834.6 1,807.6 1.5%
Retained earnings (2,419.3) 474.8 -609.6%
Other components of shareholders’ equity 2,187.4 2,639.4 -17.1%
Equity attributable to company's shareholders 45,457.4 50,728.4 -10.4%
Non-controlling interest-equity attributable to minority 1,459.5 1,284.1 13.7%
Total shareholders' equity 47,348.1 51,864.1 -8.7%
Total liabilities and shareholders' equity 65,168.7 66,810.3 -2.5%
Our City Our Future 3
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
BTS GROUP FINANCIAL SUMMARY (CONSOLIDATED)
DEBT INFORMATION (THB mn) 31 MAR 16 31 MAR 15 % YoY
Interest bearing debt 9,283.0 4,555.9 103.8%
Net debt 6,918.3 (5,556.1) N.A.
CASH FLOW STATEMENT FOR 12 MONTHS (THB mn) FY 15/16 FY 14/15 % YoY
EBT 5,524.3 4,124.9 33.9%
Plus Profit before tax from discontinued operation 3.9 (51.6) N.A.
Profit before tax 5,528.2 4,073.2 35.7%
Cash from operating activities 2,315.7 1,902.8 -68.4%
Cash paid for interest expenses (175.0) (304.4) N.A.
Cash paid for corporate income tax (1,808.3) (1,669.0) N.A.
Net cash used in operating activities 332.3 (70.7) N.A.
Net cash from (used in) investing activities (3,559.7) 14,005.9 N.A.
Net cash used in financing activities (4,588.2) (12,425.4) N.A.
Increase in translation adjustment 0.5 1.3 -64.2%
Net decrease in cash and cash equivalents (7,815.0) 1,511.2 -312.2%
Cash and cash equivalents classified as assets held for sale 67.8 (67.8) N.A.
Cash and cash equivalents at beginning of the period 10,111.9 8,668.5 N.A.
Cash and cash equivalents at the end of the period 2,364.7 10,111.9 N.A.
KEY FINANCIAL RATIOS
PROFITABILITY RATIOS FY 15/16 FY 14/15 FY 13/14
Gross operating profit margin (%) 57.3% 55.5% 51.4% Selling and administrative expenses to operating sales ratio (%) 22.9% 22.0% 19.5% Operating EBITDA margin (%)A 41.6% 39.9% 36.3% Accounting EBITDA margin (%) 59.6% 52.0% 77.0% Recurring pre-tax profit margin (%)B 36.2% 42.1% 36.2% Net recurring profit margin (%)B 33.7% 34.7% 25.4% Accounting net profit margin (%)C 41.9% 35.2% 54.4% ROA (%)D 6.8% 5.0% 17.6% ROE (%)E 9.4% 6.4% 22.7%
LIQUIDITY RATIO
Current ratio (times) 0.83 3.96 4.36
LEVERAGE RATIOS
Total liabilities to total assets (times) 0.28x 0.22x 0.22x Total liabilities to total equity (times) 0.39x 0.28x 0.29x Interest bearing debt to equity (times) 0.20x 0.09x 0.11x Net debt to equity (times) 0.15x (0.11 x) (0.03 x) Net debt to operating EBITDA (times) 2.70x (1.96 x) (0.65 x) Interest coverage (times)F 8.84x 7.03x 4.94x
PER SHARE RATIOSG
Basic earnings per share (THB) 0.3501 0.2482 1.0781 Operating cash flow per share (THB) 0.028 -0.006 0.097 Free cash flow per share (THB) -0.110 -0.149 -0.046 Enterprise value per share (THB) 9.73 8.83 8.55 Book value per share (THB) 3.97 4.38 5.09
NOTE:
A Excludes non-operating items
and interest income
B Calculated based on recurring
profit (before MI) / total
recurring revenue
C Calculated based on
accounting net profit (before
MI) / total accounting revenue
including share of income from
investments in associates
D Calculated based on
accounting net profit (before
MI) / average total assets
E Calculated based on
accounting net profit (before
MI) / average total
shareholders’ equity
F Calculated based on
operating EBITDA / finance cost
G Calculated based on
weighted average number of
shares at par value of THB 4.0
per share
Our City Our Future 4
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
FY 15/16 FINANCIAL HIGHLIGHTS
New ridership record of 232.5mn trips, 6.3% growth YoY. Average fare of THB 27.5 per trip, an increase of 2.4% YoY
Share of net profit from investment in BTSGIF increased by 17.0% YoY to THB 847.4mn
Total Media revenue declined by 29.3% YoY to THB 2,069.3mn mainly from the discontinuation of Modern Trade media although revenue
from Office Building and Other Media grew 38.0% YoY to THB 246.1mn
VGI announced its strategic plan to become a “Nationwide Integrated Media Platform” within 2 years, building 6 key nationwide
segments: Transit, Office, Outdoor, Aviation, Digital and Activation media
The Group recognised a gain (before tax) on sale of property assets (disposal of shares in the 2 subsidiaries to U City) of THB 3,458.5mn
in 1Q 15/16
The launch of the first three condominium projects under the BTS-SIRI Joint Venture were successfully with 100% sold out during first
two days of pre-sales period, generating THB 10.6bn of pre-sales
Services business revenue1 rose by 35.3% YoY to THB 741.0mn mainly from services revenue generated from development of fare
collection system for mass transit by Bangkok Payment Solutions Co., Ltd. (“BPS”) and construction revenue
Rabbit LINE Pay, Thailand 1st Integrated online & offline payment platform, the cooperation between Rabbit Pay (our subsidiary) and
Line, was established in April 2016
Pre-tax recurring profit (before MI) was THB 2,454.4mn in FY 15/16, dropping 34.2% mainly from a reduction in services revenue, lower
interest income, a decline in non-recurring gains (i.e. gain on sales of investments) as well as an increase in share of net loss from
associates/JVs
Reported net profit (before MI) increased by 31.9% to THB 4,406.7mn mainly from the recognition of net gain of THB 2,516mn on swap
of investments with U City
Full year FY 15/16 dividend to shareholders2 of THB 8,048.0mn, equivalent to a dividend yield of 7.75%
ACCOUNTING AND RECLASSIFICATION
From 1 April 2014, BTS Group Holdings Public Company Limited (“the Company”) and its subsidiaries (together, the “Group”) have adopted TFRIC
12 – Service Concession Arrangements. This new standard provides accounting guidelines for concession operators for recognising and
measuring the obligations and related rights in public-to-private service concession arrangements. Bangkok Mass Transit System Public Company
Limited (“BTSC”), the subsidiary, provides services to procure electric trains (infrastructure) to be used in the provision of public services and to
operate and maintain this infrastructure for a specified period of time under the 30-year O&M contract. BTSC is paid for its services over the
period of the arrangement which is a public-to-private service concession arrangement. BTSC’s management, therefore, considers this
arrangement under the 30-year O&M contract to be within the scope of TFRIC 12. The effects of the changes are recognised retrospectively in
the financial statements.
SIGNIFICANT EVENTS
20 April 2015: The completion of the disposal of all ordinary shares in two subsidiaries, (i) BTS Assets Co., Ltd. (“BTSA”), the owner of Eastin
Grand Hotel Sathorn Bangkok (“EGS”) and land plots at Phaholyothin Road and (ii) Kamkoong Property Co., Ltd. (“KKP”), the owner of land
plots at Phayathai Road to U City Public Company Limited (“U City”). Total sales consideration was THB 9,404.1mn and BTS Group received
35.64% of the newly issued ordinary shares as well as warrants of U City in exchange for the sale.
May 2015: VGI fully exited Modern Trade media business. However, VGI signed a contract with BTSC, receiving rights to manage advertising
and merchandising areas on 7 extension stations (On Nut to Bearing and Krungthon Buri to Wongwian Yai) from May 2015 to December
2029.
22 July 2015: BTS Group and Sansiri Public Company Limited (“SIRI”) announced the expansion of the total project value under the 5-year
strategic alliance framework agreement to THB 100bn (upsized from THB 25-30bn) with plans to develop approximately 25 condominium
projects for sale within 500m of mass transit stations.
24 July 2015: The Annual General Meeting of Shareholders 2015 approved the appointment of 2 new directors (Mr. Chulchit Bunyaketu
and Dr. Karoon Chandrangsu), increasing the number of the directors from 12 to 14 directors.
17 August 2015: The Company paid FY 14/15 final dividend of THB 3,547.6mn or THB 0.30 per share, taking the total annual dividend paid
to THB 7,093.8mn (THB 0.60 per share). Based on the closing share price on 22 May 2015 (one day before the BOD date), this is equivalent
to a dividend yield of 6.38%.
Our City Our Future 5
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
6 October 2015: The Company completed the disposal of 50% shares in Nuvo Line Agency Co., Ltd. (“Nuvo Line”) to SIRI. As a result, the
Company’s shareholding in Nuvo Line decreased from 100% to 50% and Nuvo Line changed its status from a subsidiary to a joint venture
company of BTS Group.
15 October 2015: Bayswater Co., Ltd., a 50:50 owned affiliate of BTS Group and Grand Canal Land Public Company Limited (“GLAND”), won
the auction for 48-2-96.8 rai (77,987.2sqm) land plot located at Phaholyothin Road near Ratchayothin intersection which is located 200m
from the future Green Line extension station (N10).
18 November 2015: BSS Holdings Co., Ltd. (“BSSH”), a wholly-owned subsidiary of the Company, and Kerry Logistics (Thailand) Co., Ltd.
(“Kerry”) have invested 80% and 20%, respectively, in a new joint venture company named RabbitPay System Co., Ltd. (“RabbitPay”)
27 November 2015: BSSH has completed the acquisition of shares in a group of companies which offers online insurance and financial
products (25% in ASK Hanuman Co., Ltd. – currently known as Rabbit Internet Co., Ltd., 51% in ASK Direct Co., Ltd. and 51% in ASK Broker
Association Co., Ltd.). The objective of this investment is to expand our services business to cover e-services pursuant to the service business
development plan of BTS Group.
11 January 2016: The Board of Directors approved the interim dividend payment for FY 15/16 from the operating results of the six-month
period (1 April 2015 – 30 September 2015) at THB 0.34 per share or THB 4,022.3mn in total. Based on the closing share price on 8 January
2016 at THB 8.55 (one day before BOD date), this is equivalent to a dividend yield of 7.49% on an annualised basis.
March 2016: VGI announced its strategic plan to become a “Nationwide Integrated Media Platform” within 2 years, building 6 key
nationwide segments: Transit, Office, Outdoor, Aviation, Digital and Activation media. Following this, VGI announced its agreement to
acquire an additional 12.46% stake in Master Ad Public Company Limited (“MACO”), triggering a tender offer for all of the remaining of
MACO shares. Through MACO, VGI will increase its outdoor media nationwide footprint which shall serve a long underserved customer
base.
28 March 2016: The Board of Director’s Meeting No.4/2016, resolved to appoint Mrs. Pitchitra Mahaphon as Independent Director and
member of the Audit Committee of the Company, effective from 28 March 2016 onwards. Moreover, on the same day, we saw clearer
progress on the green line extensions (from Bearing to Samut Prakarn and Mo Chit to Ku Kod) with responsibility transferred from Mass
Transit Rapid Authority (“MRTA”) to Bangkok Metropolitan Authority (“BMA”).
31 March 2016: RabbitPay and LINE Biz Plus Limited (“Line Biz Plus”) announced a 50:50 joint venture. RabbitPay (a subsidiary of the
Company) invests 50% of LINE Biz Plus. Line Pay (Line’s payment platform) is renamed as “Rabbit Line Pay”, Thailand 1st integrated offline
and online payment platform. The objective of this investment is to engage in the business of electronic and online payment.
8 April 2016: The Company established KMJ 2016 Co.,Ltd, a subsidiary to engage in the restaurant, food and beverage business. The
Company holds 51% of shares and Ms. Juthamas Sukumvitaya holds 49% of shares. The subsidiary has an initial capital of THB 41mn.
17 May 2016: BTS Group and BTSC are rated “A” with a “Stable” Outlook from Fitch Ratings and TRIS Ratings. Both ratings agencies have
assessed the Company and BTSC having solid, stable cash flow and profitability in its mass transit and media operations. The ratings will
add flexibility to the Company to tap debt financing sources.
23 May 2016: BTS signed the contract with Siemens Consortium (“Siemens”) and CRRC Changchun Railway Vehicles Co., Ltd. (“CRRC”) to
procure 46 additional 4-car trains, totaling of 184 carriages (Thailand’s largest train order) to serve the increased pratonage in existing
network, together with green line south and north extensions.
27 May 2016: The Board of Directors approved the final dividend payment for FY 15/16 of up to THB 4,025.6mn or THB 0.34 per share,
taking the total annual dividend paid to THB 8,048.0mn, subject to shareholders’ approval. Based on the closing share price on 26 May 2015
at THB 9.00 (one day before BOD date), this is equivalent to a dividend yield of 7.75%.
Our City Our Future 6
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
FY 15/16 PERFORMANCE
The Group recorded consolidated total revenue of THB 10,065.0mn in FY 15/16. This represented an increase of 23.9% YoY or THB 1,939.0mn
from THB 8,126.0mn in FY 14/15. The increase was primarily due to (1) a record of gain (before tax) on sale of property assets (disposal of shares
in the 2 subsidiaries to U City) of THB 3,458.5mn in 1Q 15/16 and (2) an increase in dividend income of THB 239.1mn. The increase was partially
offset with (3) a reduction in service income of THB 709.4mn mainly from softer Property and Media revenues (see details in Segmental
Performance section), (4) a decline in interest income of THB 552.6mn mainly from the decrease in investment balance under treasury
management and (5) a reduction in gain on sales of assets of THB 270.3mn largely due to an extraordinary gain recognised in FY 14/15 from the
gain on sale of 5-rai land at Mo Chit to SIRI-JVCo1 of THB 367.5mn.
Despite higher Mass Transit revenue and an increase in revenue from Services business unit, operating revenue3 fell by 13.4% YoY or THB
954.6mn to THB 6,147.5mn largely as a result of the reduction in Property and Media revenue. Media revenue contracted from our prudent
decision to discontinue the Modern Trade Media business. Property operating revenue contracted from the previous year, as result of our
divestment of EGS to U City in April 2015 and lower backlog of Abstracts Phahonyothin Park (Tower A) that was transferred during year compared
to the previous year (see details in Segmental Performance section). Future recorded income from these assets will consequently be shifted from
revenues to share of income from investments in associates and joint-ventures. Revenues from the Mass Transit, Media, Property and Services
businesses accounted for 39.7%, 33.7%, 14.6% and 12.1% of total operating revenue, respectively.
Operating Revenue and Operating Gross Profit Margin by BU
Operating Revenue3 (THB mn)
FY 15/16 % of Total3 FY 14/15 % of Total3 % Change
(YoY) FY 15/16
GP Margin6 FY 14/15
GP Margin6
Mass Transit4 2,440.7 39.7% 2,273.5 32.0% 7.4% 64.5% 64.1%
Media 2,069.3 33.7% 2,926.0 41.2% (29.3)% 71.1% 59.5%
Property5 896.5 14.6% 1,354.8 19.1% (33.8)% 39.6% 43.9%
Services1 741.0 12.1% 547.8 7.7% 35.3% 16.4% 26.5%
TOTAL3 6,147.5 100.0% 7,102.1 100.0% (13.4)% 57.3% 55.5%
Total consolidated expenses and SG&A reached THB 4,662.5mn in FY 15/16, an increase of THB 213.2mn or 4.8% YoY mainly from (1) recording
an allowance for diminution in value of investment of THB 497.2mn as other expenses for the year, (2) the net increase in selling and
administrative expenses of THB 383.9mn largely from expenses related to the transfers of assets under the property business restructuring
during 3Q 15/16, yet mostly offset by (3) a decline in cost of services of THB 379.7mn primarily from lower costs in the Media and Commercial
Property businesses (see details in Segmental Performance section) as well as (4) a reduction in cost of sales of real estate of THB 65.7mn
following the divestment of 50% shares in Nuvo Line to SIRI in October 2015.
Operating costs decreased by 17.0% YoY to THB 2,624.6mn. As operating costs decreased at a higher rate than the decline in operating revenues,
the Group operating gross profit margin6 improved to 57.3% from 55.5% in the previous year. As a result of the aforementioned changes, the
Group operating EBITDA7 was THB 2,560.0mn, a decrease of THB 276.2mn or 9.7% YoY. However, the operating EBITDA7 margin improved to
41.6% in FY 15/16 (versus 39.9% in FY 14/15) from higher contribution of higher margin Mass Transit business as well as from lower contribution
of Modern Trade Media businesses. Finance costs fell by 28.2% YoY or THB 113.8mn to THB 289.7mn primarily as the Group repaid the fourth
tranche of BTSC debentures (THB 1,468.9mn) during 2Q 15/16.
Other recurring profit8 fell by THB 1,126.8mn or 64.1% YoY to THB 632.0mn largely from the increase in share of net loss from investments in
joint ventures/associates (not including share of profit in BTSGIF) of THB 458.9mn, a reduced interest income as aforesaid as well as a decrease
in gain on sales of equity investments of THB 182.3mn in this year. Despite lower finance costs, pre-tax recurring profit8 for this year was THB
2,454.4mn, decreasing 34.2% YoY from THB 3,731.7mn in FY 14/15 as a result of lower operating revenue and the reduction in other recurring
profit. Reported income tax expense was THB 1,121.4mn (FY 14/15: THB 733.0mn) primarily from the income tax on gain on swap of investments
with U City.
Taking into account all the aforesaid transactions, the Group recorded a consolidated net profit of THB 4,406.7mn (increasing 31.9% YoY) and profit attributable to the equity holders of the Company of THB 4,141.1mn (increasing 40.7% YoY). Net profit margin9 attributable to the equity holders of the Company in FY 15/16 was 39.4% (versus 31.0% in FY 14/15) The improvement in net profit and net profit margin from previous year mainly due to the recognition of gain on swap of investments with U City and lower finance cost.
Our City Our Future 7
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
1 Services revenue includes sales from BSS, revenue from Carrot, revenue from BPS, revenue from HHT construction and revenue from ChefMan Restaurants.
2 Subject to shareholders’ approval of the final dividend of THB 0.34 per share. Dividend yield based on share price as of date prior to Board of Directors’ approval of relevant dividend payment
3 Operating revenue from the operational performances from 4 BUs and share of net profit (loss) from BTSGIF; EXCLUDES interest income, dividend income and non-recurring items
4 Mass Transit revenues include:
i) Share of net profit (loss) from BTSGIF (included in ‘Share of profit (loss) from investments in associates’ in Statement of comprehensive income) ii) Service Income from Train & Bus Operation Management (included in ‘Service income’ under ‘Revenues from provision of operating services’)
5 Property includes Sales from Real Estate, Rental and Service Income, Construction & Services Businesses and Service income related to Thana City Golf & Sports Club Co., Ltd.
6 Operating gross profit calculated based on the operational performances from 4 BU and share of net profit (loss) from BTSGIF
7 Operating EBITDA calculated based on the operational performances from 4 BU and share of net profit (loss) from BTSGIF; EXCLUDES interest income, dividend income, share of net profit (loss) from other
associates (except from BTSGIF) and joint ventures, non-recurring items from sales of net fare-box revenue to BTSGIF and other non-recurring items
8 Recurring profit calculated based on the operational performances from 4 BU and share of net profit (loss) from BTSGIF and other associates and joint ventures as well as other recurring items which are interest income and other recurring items (before MI)
9 Net profit margin calculated from net profit attributable to the equity holders of the Company / total revenue per financial statement + share of profit/ (loss) from investments in JVs and associates + gross revenue under profit / (loss) from discontinued operation for the year)
SEGMENTAL PERFORMANCE
MASS TRANSIT BUSINESS
Total Mass Transit revenue4 increased 7.4% YoY to THB 2,440.7mn supported by an increase in share of net profit from BTSGIF and higher O&M
income. O&M revenue rose by 2.8% or THB 44.0mn YoY to THB 1,593.3mn, mainly attributable to the contractually agreed increase in the
operating fee of Green Line – Sukhumvit extension and Silom extension.
Share of net profit from investment in BTSGIF in FY 15/16 increased by THB 123.1mn or 17.0% YoY to THB 847.4mn, which resulted from an
improved underlying core network performance. Fare-box revenue of the core system rose by 8.9% YoY or THB 523.1mn to THB 6,397.1mn
attributable to ridership growth and the increase in average fare. Total ridership peaked at 232.5mn trips, up 6.3% YoY mainly from organic
growth and low base effect last year from the political unrest. Average fare was THB 27.5 per trip, an increase of 2.4% YoY from the adjustment
in card promotions on the monthly passes in July 2015 and the discontinuation of discounts given to stored value rabbit cards in January 2016.
Cost of Mass Transit revenue increased by THB 50.1mn or 6.1% YoY to THB 865.4mn largely from higher repair and maintenance expenses and
wages. As operating cost increased at a lower rate than the increase in operating revenue, the operating EBITDA margin improved 65.4% YoY in
FY 15/16 (versus 64.8% in FY 14/15).
5-year Historical Ridership and % YoY Growth 5-year Historical Average Fare and % YoY Growth
176.0 197.2
214.7 218.7 232.5
21.3% 12.0% 8.9%1.9% 6.3%
-150 .0%
-140 .0%
-130 .0%
-120 .0%
-110 .0%
-100 .0%
-90. 0%
-80. 0%
-70. 0%
-60. 0%
-50. 0%
-40. 0%
-30. 0%
-20. 0%
-10. 0%
0.0%
10.0%
20.0%
30.0%
-
50.0
100.0
150.0
200.0
250.0
300.0
2011/12 2012/13 2013/14 2014/15 2015/16
Total Ridership (mn trips) Ridership Growth (%)
24.4 24.8 26.4 26.9 27.5
-0.1% 1.7% 6.5% 1.6% 2.4%
-150 .0%
-140 .0%
-130 .0%
-120 .0%
-110 .0%
-100 .0%
-90. 0%
-80. 0%
-70. 0%
-60. 0%
-50. 0%
-40. 0%
-30. 0%
-20. 0%
-10. 0%
0.0%
10.0%
15.0
17.0
19.0
21.0
23.0
25.0
27.0
29.0
2011/12 2012/13 2013/14 2014/15 2015/16
Average fare per trip (THB/trip) Average Fare Growth (%)
Our City Our Future 8
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
MEDIA BUSINESS
Slow economic growth continued to undermine business confidence and consumer spending. In a tough growth environment, businesses tend
to cut expenditures, and advertising expenditure is often one of the first expenses to be cut. Overall annual media spending fell 1.2% YoY. A
reduction in media spending usually intensifies competition among industry players. Revenue growth becomes challenging and margins may be
affected from package prices being slashed. In spite of this, VGI continued to see growth across its core business. Adjusted VGI revenue, excluding
the impact of the modern trade business termination, grew 3.1% YoY to THB 2,056mn.
Thai Annual Advertising Spending VS Media Revenue*
Sources: The Nielsen Company (Thailand) Limited * Adjusted VGI revenue to exclude Modern Trade media business
Total media revenue decreased by 29.3% YoY to THB 2,069.3mn primarily as a result of the discontinuation of Modern Trade Media business
reflecting a slow down in economic activities. However, the decrease was partially offset with Office Building and Other Media, which continued
to grow encouragingly by 38.0% YoY.
BTS-related Media revenue reached 1,773.7mn, decreased slightly by 0.1% from prior year. The growth in BTS-related media revenue was less
than expected as it faced challenges from overall media spending decline, nevertheless, in the future, we stand to benefit immensely from mass
transit network expansion over the long-run.
Modern Trade Media revenue was THB 49.5mn, a decline of 94.9% YoY from THB 972.1mn in the previous year. This business has been
discontinued since May 2015.
Office Building and Other Media revenue was THB 246.1mn, increasing 38.0% from THB 178.4mn in the previous year. Key growth drivers came
from the increase in additional office buildings, exceeding our target of 123 building by securing rights to 135 buildings. Revenue from Other
Media also increased YoY mainly from the commission fee for being a sole agent for Midas Global Media Limited.
Cost of revenue decreased 49.5% YoY or THB 586.8mn to THB 598.3mn mainly from the reduction in costs associated with the discontinuation
of Modern Trade Media. The decrease was partially offset with (1) an increase in maintenance cost of equipment and system for the new digital
media (Platform Truss LED, Platform Screen Door and E-Poster), (2) rental cost of digital screens at Victory Monument, (3) expenses from rights
to manage the media and merchandising spaces of the 7 new BTS extension stations and (4) higher depreciation of the new digital media installed
across the existing BTS SkyTrain network as well as in additional office buildings, static media and on the 7 BTS extension stations. As a result of
the discontinuation of the lower margin Modern Trade Media business, the operating EBITDA margin in this year improved to 64.0% (versus
52.3% in FY 14/15).
More commentary on Media business can be found in FY 15/16 VGI Global Media’s management discussion and analysis
http://vgi.listedcompany.com/misc/MDNA/20160511-vgi-mdna-fy20152016-en.pdf
105,382 114,068 113,377
121,213 119,810
1,223
1,5881,854
1,994 2,056
2011/12 2012/13 2013/14 2014/15 2015/16
Total Industry AdSpend (THB mn) Media Revenue* (THB mn)
-1.2% YoY
+3.1% YoY
Our City Our Future 9
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
PROPERTY BUSINESS
On 20 April 2015, the company disposed all ordinary shares in two subsidiaries; (i) BTSA, the owner of Eastin Grand Hotel Sathorn Bangkok
(“EGS”) and land plots at Phaholyothin Road and (ii) KKP, the owner of land plots at Phayathai Road, to U City. The fair value of investment was
THB 9,468.8mn and BTS Group received 35.64% of the newly issued ordinary shares as well as warrants of U City in exchange for the sale. BTS
Group recognised the net gain on swap of investments with U City of THB 2,516mn.
In 2015, the launch of the first three condominium projects (The Line Jatujak-Mochit, The Line Sukhumvit 71 and The Line Ratchathewi) under
the BTS-SIRI joint venture were successfully 100% sold out during 1-2 days of pre-sales period with total project value of THB 10.6bn. The
idiosyncrasies of Thai real estate accounting practices requires the Company to record a share of loss from BTS-SIRI joint ventures of THB 271.0mn
mainly from the selling and marketing expenses related to The Line projects, while revenues are to be booked later upon transfer of presold
units. The Line Sukhumvit 71 is expected to be transferred at the end of FY 16/17 with revenue recognition of approximately THB 2.0bn.
Property operating revenue was THB 896.5mn, decreasing 33.8% YoY from THB 1,354.8mn in FY 14/15 due to the reduction in both Residential
Property and Commercial Property revenue.
Residential Property revenue decreased by 27.2% YoY or THB 113.2mn to THB 302.4mn in FY 15/16. The decrease is mainly due to the lower
backlog of Abstracts Phahonyothin Park (Tower A) that was transferred during year compared to the previous year.
Commercial Property revenue was THB 593.6mn, a reduction of 36.3% YoY or THB 338.7mn mainly as a result of our disposal of EGS to U City
since 20 April 2015. Income from EGS will subsequently by recorded as share of income from investments in associates. However, the decrease
was partially offset with the increase in revenue from U Sathorn Hotel of THB 113.1mn. The Company recognised a share of loss from U City of
THB 144.0mn in FY 15/16.
Operating costs decreased 28.7% YoY or THB 218.1mn to THB 541.5mn mainly as there were lower costs related to the transfer of units of
Abstracts Phahonyothin Park (Tower A) as well as no costs related to EGS (following the disposal of the hotel to U City). Property SG&A expenses
also decreased by 35.9% YoY or THB 205.7mn to THB 367.7mn largely from the reduction in expenses related to Abstracts Phaholyothin Park
(Tower A) and EGS. The operating EBITDA margin dropped to 9.6% in FY 15/16 (13.4% in FY 14/15).
SERVICES BUSINESS
Services business revenue increased by THB 193.2mn or 35.3% YoY to THB 741.0mn. This increase was primarily due to (1) growth in services
revenue generated from development of fare callection system for mass transit by BPS which increased by THB 66.5mn YoY, (2) services revenue
generated from HHT construction which increased by THB 56.0mn YoY, (3) an increase in royalty fee and marketing Co-Promotion on Rabbit card
of THB 33.9mn YoY and (4) an increase in revenue from ChefMan Restaurants, which increased by THB 30.5mn or 9.8% YoY to THB 341.1mn.
Operating costs increased by 53.8% YoY or THB 216.5mn to THB 619.4mn. There was also THB 242.9mn of SG&A expenses, an increase of 29.6%
YoY. Key costs and SG&A items were mainly from food & beverage cost at ChefMan Restaurants, staff costs as well as from pre-opening marketing
and advertising campaigns of ChefMan Buffet branch at CentralWorld in February 2016.
Our City Our Future 10
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
Share of Income / (Loss) from Investments in Joint Ventures & Associates (as of 31 March 2016)
Amount (THB mn)
Share of income/ (loss) from investments in joint ventures
ATS (AEON-rabbit) 8.5
Bayswater (71.9)
BTS-SIRI JV Projects (271.0)
Midas (5.2)
Total (339.6)
Share of income/ (loss) from investments in associates
Aero Media 6.4
Absolute Hotel Services (AHS) 12.0
BTSGIF 847.4
MACO 29.2
U CITY (144.0)
Total 751.0
RESIDENTIAL PROPERTY SUMMARY THE LINE PROJECTS
1,990 1,353 7,299
Expected JVRevenue
Recognition(THB mn)
FY 16/17 FY 17/18 FY 18/19
Target project value revised up to THB 100bn (from THB 25-30bn) to be developed over 5 years under “Strategic Alliance Framework Agreement”
Approximately THB 11bn in project value launched and fully presold in 2015
Expected equity IRR ≈ 17% and NPAT margin ≈ 12%
100%
SOLD OUT
100%
SOLD OUT 100%
SOLD OUT
THE LINE JATUJAK-MO CHIT THE LINE SUKHUMVIT 71 THE LINE RATCHATHEWI
NOTE:
Calculated based on 3 launched joint venture projects
Equity method is applied to joint venture transactions
Calculated based on BTS Group’s fiscal year
Our City Our Future 11
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
PROPERTY REVENUE BREAKDOWN
COMMERCIAL PROPERTY SUMMARY
FY 15/16 REVPAR & OCCUPANCY BY HOTEL HISTORICAL HOTEL OCCUPANCY
* Divested to U City since 20th April 2015
Our City Our Future 12
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
FINANCIAL POSITION
(THB mn)
(THB mn)
Total assets as of 31 March 2016 stood at THB 65,168.7mn, a decrease of THB 1,641.6mn or 2.5% from 31 March 2015. Total current assets
stood at THB 10,285.3mn, decreasing by 60.4% or THB 15,716.6mn. The decrease was primarily attributed to (1) a reduction in cash and cash
equivalents of THB 7,747.3mn (see further details in Cash Flow section), (2) the decrease in “non-current assets classified as held for sale” of THB
4,576.2mn following the de-recognition of assets in relation to the disposal of shares in BTSA and KKP to U City on 20 April 2015, (3) a decline in
current investments of THB 1,705.2mn largely resulted from the reallocation from current investment to the investment in subsidiaries and BTS-
SIRI Joint Venture projects and (4) a decrease in real estate development costs of THB 1,610.7mn following the divestment of 50% shares in
Nuvo Line to SIRI in October 2015.
Total non-current assets was THB 54,883.4mn, an increase of 34.5% or THB 14,075.0mn primarily attributable to (1) an increase in investments
in associates of THB 7,008.0mn mainly from the 35.64% investment in U City (of THB 7,427.0mn) and (2) an increase in loans to related parties
of THB 5,189.4mn or 683.6% YoY mainly from long-term loans to Bayswater (THB 3,901.3mn) and BTS-SIRI Joint Venture projects, (3) an increase
in land and projects awaiting development of THB 1,019.3mn and (4) an increase in investment in joint ventures (up THB 524.1mn or 459.8%)
largely from the investments in BTS-SIRI Joint Venture projects.
Total liabilities increased from 31 March 2015 by 23.3% or THB 3,454.0mn to stand at THB 18,251.8mn largely due to (1) higher net loans from
financial institutions of THB 3,275.1mn, (2) an increase in bill of exchange payable of THB 2,917.3mn which was issued for Treasury Management
purposes. However, the increase was partially offset with (3) the fourth tranche repayment of BTSC debentures in August 2015 and (4) the
decrease in “liabilities directly associated with assets classified as held for sale” of THB 515.8mn mainly from the de-recognition of liabilities
(related to U City transaction).
Total equity decreased by THB 5,095.6mn or 9.8% to THB 46,916.9mn mainly attributable to (1) the increase in unappropriated deficit of THB
3,221.8mn (mainly from the dividend payment of THB 7.6bn, offset with net profit of THB 4.1bn) as well as (2) a reduction in surplus from the
changes in the ownership interests in subsidiaries of THB 1,412.8mn, which was primarily the result of the Company increasing its shareholding
in VGI from 69.6% to 74.3%. As of 31 March 2016, total issued and fully paid-up shares stood at 11,929.3mn shares. Return on equity for FY
15/16 was 9.4%, which increased from 6.4% in 2014/15 as a result of the improved net profit and decreased equity.
CASH FLOW
For the year ended 31 March 2016, cash and cash equivalents reached THB 2,364.7mn, a decrease of 76.6% or THB 7,747.3mn. Despite lower
Media and Property revenues, cash from operating activities was THB 2,315.7mn, increasing THB 412.9mn or 21.7% primarily from the decrease
in trade and other receivables. After deducting cash paid for corporate income tax of THB 1,808.3mn (FY 14/15: THB 1,669.0mn) and cash paid
for interest expenses of THB 175.0mn (FY 14/15: THB 304.4mn), net cash from operating activities was THB 332.3mn. Net cash used in investing
activities was THB 3,559.7mn. The key components are (1) an increase in net long-term loans to related parties of THB 5,236.4mn mainly from
long-term loans to Bayswater and BTS-SIRI Joint Venture projects, (2) net cash paid for purchases of other long-term investments of THB
3,127.9mn, (3) cash paid for purchase of land and projects awaiting development of THB 1,019.3mn, (4) the decrease in current investment of
THB 3,688.1mn and (5) dividend received of THB 1,580.6mn. Net cash used in financing activities was THB 4,588.2mn mainly from (1) dividend
payment of THB 7,557.4mn, (2) cash paid for purchases of investments in subsidiaries of THB 1,543.2mn (increase in shareholding in VGI), (3)
the cash paid for the repayment of the fourth tranche of BTSC debenture of THB 1,468.9mn, (4) net increase in short-term loans from financial
institutions of THB 3,220.0mn and (5) a net increase in bills of exchange payable of THB 2,905.7mn.
40,808
54,883
26,002
10,285
31-Mar-15 31-Mar-16
Total current assets
Total non-current assets
66,810 65,169
52,012 46,917
8,238 5,796
6,560 12,455
31-Mar-15 31-Mar-16
Total current liabilities
Total non-currentliabilities
Total shareholders'equity
65,16966,810
Our City Our Future 13
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
Twelve-Months Cash Flow Snapshot
* After tax (THB 1,808.3mn) and interest expense (THB 175.0mn)
** Cash and cash equivalents of BTSA and KKP as well as Nuvo Line (presented as assets held for sale at beginning and ending of the year)
*** Excluding BTSC sinking fund and THB 14.1bn liquid investment
BTS GROUP IN THE COMMUNITY
The BTS Group is committed to improving the lives of people, through its vision of being a leading provider of mass transit services. The Group has also initiated
many special Corporate Social Responsibility (CSR) projects in both Bangkok and other provinces of Thailand. Activities cover a broad spectrum of social concerns,
with a focus on environmental impact. The Group continuously participates in community development in areas including religion, education,
sport, public health and encourages staff involvement in all these efforts.
‘THE NEXT STATION-HAPPINESS’
The Next Station-Happiness is the core CSR project organised monthly by BTS Group (BTSG) and initiated by Khun Keeree Kanjanapas. This project is focused on
community development to deliver happiness and assistance to people. The Company subsidises facilities development and provides basic necessities and
consumable products such as rice, canned fish, fish sauce, sugar, cooking oil, clothing, medicine, etc. to people in remote areas and underprivileged provinces all
over the country. Furthermore, the Company provided free physical checkups and mobile health units which were supported by Vibhavadee Hospital.
‘Next Station Happiness by BTS Group No. 7’
On 23 - 24 Jan 2016, Khun Keeree Kanjanapas
(chairman of BTSG), the Board, management
provided educational aids, piggy banks as well as free
physical checkup supported by Vibhavadee Hospital
to students of Ban Nong Dan School, Kampangpetch
Province.
‘Next Station Happiness by BTS Group No. 8’
On 29 - 30 Mar 2016, Khun Keeree Kanjanapas
(chairman of BTSG) provided subsidy of THB 1.4mn
to build the new school building of Ban Eye Lung Mee
Border Patrol Police School, Nakhon Sri Thammarad
Province.
Next Station Happiness by BTS Group No. 9’
On 23 Apr 2016, Khun Keeree Kanjanapas (chairman
of BTSG), the Board, management and volunteer
staffs provided educational aids, piggy banks as well
as free physical checkup supported by Vibhavadee
Hospital to students of Wat Sri Kong Kha Ram School,
Samutprakarn Province.
10,112
2,365***
332* (3,560)
(4,588)
69**
Beginning cash(31/3/15)
CFO CFI CFF OTHERS Ending cash(31/3/16)
(THB mn)
Loans to related parties
Purchase of other long-term investments
Cash paid for purchase of land
Dividend payment
Increase in VGI stake
Increase in bank loans/ BE
Our City Our Future 14
INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 24 BTS GROUP HOLDINGS PCL
FY 15/16 (For the year ended 31 Mar 2016) (Ended June 2010)
SUMMARY COVERAGE AND ANALYST RECOMMENDATIONS (UPDATED FROM FEB 2016 – 31 MAY 2016)
Company Name Recc Target Price
Report Date Sales EBITDA Net Profit* Analyst Name
2016/17E (THB mn)
Bualuang Securities Buy 11.40 30-May-16 6,230 1,646 2,076 Suppata Srisuk
Credit Suisse Outperform 11.20 30-May-16 5,596 2,359 1,820 Warayut Luangmeeakul
KTZMICO Securities Buy 10.30 30-May-16 5,370 2,262 1,789 Raenoo Bhandasukdi
IV Global Buy 9.90 30-May-16 5,596 3,022 2,200 Rattana Leenutaphong
Kasikorn Securities Underperform 7.30 30-May-16 5,179 1,659 1,275 Piyachat Ratanasuvan
DBS Vickers Securities Buy 10.00 30-May-16 6,127 3,750 2,295 Sombat Agekavanpattana
Finansia Syrus Hold 9.50 30-May-16 6,464 3,921 1,549 Jitra Amornthum
Deutsche Bank Hold 9.48 30-May-16 5,869 2,315 2,182 Kris Sintusarn
Trinity Securities Hold 9.03 30-May-16 6,632 2,894 1,693 Duladeth Bik
BofA Merril Lynch Buy 10.90 30-May-16 6,654 2,596 2,347 Kaseedit Choonnawat
Macquarie Securities Neutral 9.50 30-May-16 5,964 2,139 1,986 Alastair Macdonald
JP Morgan Neutral 9.10 23-May-16 5,518 2,796 2,291 Sumedh Samant
RHB OSK Securities Buy 10.40 11-May-16 5,624 2,326 2,156 Naruedom Mujjalinkool
BNP Paribas Buy 10.30 20-Apr-16 6,947 3,059 2,392 Somkij Oranchatchawan
Phillip Securities Accumulate 10.10 8-Apr-16 5,894 3,531 2,059 Siam Tiyanont
SCB Securities Buy 10.50 5-Apr-16 6,248 2,484 1,991 Sirima Dissara
Asia Wealth Securities Buy 10.00 30-Mar-16 5,369 4,001 2,421 Sukanya Leelarwerachai
Asia Plus Securities Buy 10.00 12-Feb-16 5,543 3,326 2,087 Anuwat Srikajornratkul
Kim Eng Securities Buy 10.54 12-Feb-16 10,455 4,195 3,131 Jaroonpan Wattanawong
Average
9.97
6,173 2,857 2,092 *Excludes non-recurring items
Max 11.40 10,455 4,195 3,131
Min 7.30 5,179 1,646 1,257
Sources: Broker reports, Bloomberg, SETTrade
SHAREHOLDER CONTACT AND REFERENCE INFORMATION
Shareholder Services:
For any matters relating to your shareholding such as transfer of shares,
change of name and address and loss of share certificates should be
addressed in writing to the Registrar:
The Thailand Securities Depository Co., Ltd. (TSD)
93 Ratchadaphisek Road, Dindaeng,
Bangkok 10400, Thailand
Website: http://www.set.or.th/tsd
Telephone: +66 (02) 009 9000
Facsimile: +66 (02) 009 9991
E-mail: [email protected]
Investor Relations:
For enquiries from Institutional investors and securities analysts, please contact:
Investor Relations Department, BTS Group Holdings Pcl., 15F TST Tower, 21 Viphavadi-Rangsit Rd,
Jompol, Jatujak, Bangkok 10900
Telephone: (02) 273 8611-5
Email: [email protected]
Financial Calendar: The Quarter Ahead
Event Date
4Q and FY 2015/16 Earnings Released 27 May 2016 4Q and FY 2015/16 Analyst Meeting 1 Jun 2016 (2pm-4pm) End of 1Q 2016/17 30 Jun 2016 1Q 2016/17 Earnings Released 8 Aug 2016 1Q 2016/17 Analyst Meeting 11 Aug 2016 (2pm-4pm)
Notes: i Data as of 30 May 2016 Sources: Company and Bloomberg vi New par value (THB 4.0 per share) and numbers of new outstanding shares are effective since 7 Aug 2012 ii Based on exchange rate of 1 USD = THB 35.77 as of 30 May 2016 vii Source: BTS Group Holdings PCL as of 30 May 2016 iii Assumes no cost of concession payable by VGI to BTSC viii Source: Bloomberg, data as of 30 May 2016 iv Source: Bloomberg, data as of 30 May 2016 v Source: BTS Group Holdings PCL as of 31 Mar 16
This document has been prepared and distributed by the Investor Relations Department of BTS Group Holdings Pcl. (“BTSG”) solely for information purposes. It does not represent or constitute an offer, invitation,
recommendation or solicitation to trade shares in BTSG and should not be relied on as such. Some of the information in this document has not been independently verified, and also includes information made
available from public sources and other third party opinion or analyst. BTSG does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the
content or the use of any such opinion or statements. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None
of BTSG or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or
otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and BTSG assumes no duty to confirm, revise or update the information.
Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with the words "believe", "anticipate", "estimate", "target", or "hope",
or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events. These forward-looking statements are not
guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are
made. Thus, BTSG assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. BTSG undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise.
prepared by Investor Relations department BTS Group Holdings PCL