ir presentation q2 2021

IR PRESENTATION

Q2 2021

Private for Investor Forum 1

This information is given in a summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be

considered advice or a recommendation to investors or potential investors about holding, purchasing, or selling securities or other financial products or instruments. It does not

consider your particular investment objectives, financial situation, or needs.

Before acting on any information, you should consider the appropriateness of the information regarding these matters, any relevant offer document, and in particular, you should

seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated

market, financial or political developments, and, in international transactions, currency risk.

This presentation may contain forward-looking statements, including statements regarding our intent, belief, or current expectations concerning TWPC's businesses and

operations, market conditions, operation, financial condition results, capital adequacy, specific provisions, and risk management practices. Readers are cautioned not to place

undue reliance on these forward-looking statements. TWPC does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to

reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

While due care has been used to prepare forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject

to uncertainty and contingencies outside TWPC's control. Past performance is not reliable for future performance.

This presentation is being supplied to you solely for your information and may not be reproduced, redistributed, passed on, directly or indirectly to any other person, or published,

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“ DISCLAIMERS : THIS REPORT HAS BEEN PREPARED BY THAI WAH PUBLIC COMPANY LIMITED (TWPC) PRELIMINARILY

AS A PROPOSAL FOR INFORMATION PURPOSES ONLY ”

DISCLAIMERS

Agenda

01

02

03

04

05

BUSINESS HIGHLIGHT

STARCH & FOOD BUSINESS

FINANCIAL PERFORMANCE

GOING FORWARD & OPPORTUNITIES

APPENDIX

2

BUSINESS

HIGHLIGHT

Private for Investor Forum

COPING WITH COVID-19 OF THAI WAH

5

Source : The Company

China

Vietnam

• 100% of associates are vaccinated• Diversify delivery port to avoid COVID-19

impact

• 79% of associates are vaccinated

• Company books 2,700 doses for alternative vaccines

• Done Bubble & Seal program for food plant

• Daily COVID-19 BCP call every 8.00am to

update on the status and develop full crisis response plan

Thailand

• 18% of associates are vaccinated, plan to done 99% vaccinated within Oct 21

• Done Bubble & Seal program for all

plants


BUSINESS HIGHLIGHTS IN 1H21

6

Strong Volume

growth + 57%

in China

business

reflected

higher demand

accumulated

from Q4’20

Food Business

Sale Growth

+10% YoY,

mainly from

Wholesale

channel, Van

Sale, and

Export Growth

+ 25% YoY

Thai Wah

Vietnam

Delivered Sale

Growth + 45%

YoY, coverage

over 5,000

outlets

Gross Profit

Margin

increased 3%

to 21%, with

continued cost

containment

measure


Native

Sale Growth

+39% YoY and

HVA Sale

Growth +43%,

mainly from

strong demand

and ASP +12%


STARCH & STARCH RELATED FOOD BIODEGRADABLE/COMPOSABLEProduction Base : 6 factories in TH, 2 factories in VN and

1 factory in CBD

Production Base : 1 factory in TH and 1 factory in VN

Capacity : 510K tons, Native 60K tons MDF and 50K tons Glucose Capacity : 23K tons Vermicelli and 4K tons Rice Noodles

Production Base : 1 factory in TH

Capacity : 3K tons in the 1st phase

COD in Q4 21

STARCH

BUSINESS


TO BE A REGIONAL LEADER ACROSS ASEAN AND ASIA

Source : MOC, TTTA, TTSA, The Company

Our Leading Position in the Global Market

Leading Supplier of Native Tapioca Starch & Pearl

China and Taiwan

Vietnam

Indonesia

Leading Supplier of Glucose Syrup

Leading Supplier of Modified Starch

453453460463463

448448453453453453453450

437

429425423

431433

443443445

458

468468473475473473473473

400

420

440

460

480

Average Selling Price

USD/Ton

Current Root and Starch Market Situation

• Current root price is in range of 2.25-2.55 Baht/kg, root price trend to lower toward the end of this period, while root starch content is higher when

compared to the same period last year.

• Export price is in range of 455-465 USD/ton, strong demand from China market as corn starch price remain high at 3,150-3,250 CNY/ton.

• Expected heavy rain in Aug-Sep that might impact the volume supply of cassava root

• CMV situation increased to ~700K rai (as of Jun 21)


Native Starch* Modified Starch

Pearl Chip

10

Source : Thai Tapioca Starch Association, Thai Customs

2.242.45

3.01 2.923.28 3.13 2.94 2.84 2.78

1.82

0

1

1

2

2

3

3

4

2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21

Unit : M. Tons Unit : M. Tons

23.5 27 28.1 29.735.4 31.8 36.3 40.8 45.6

21.2

0

10

20

30

40

50

60

70

80

90

100

2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21

Unit : ‘000 Tons

4.615.76

6.78 7.266.41 6.45

3.99

2.483.16 2.99

0

1

2

3

4

5

6

7

8

9

2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21

Unit : M. Tons

0.85 0.90 0.95 0.91 0.95 1.01 1.03 1.04 1.03

0.61

0

0

0

1

1

1

1

1

2

2

2

2012 2013 2014 2015 2016 2017 2018 2019 2020 1H21

+34%

+68%

GROWTH IN EXPORT OF THAI TAPIOCA INDUSTRY

1.35

+15%

0.53

-14%

24.7 1.78

*Including HS Code 11081400000 and 11062010000 (CF)


Raw material plantation area – stable for 2010 - 2021 Total Native Starch Export by Country – 1H21

11

7.30 7.10 7.91 8.14 8.66 8.70 8.92 8.918.03 8.70 9.00

22.01 21.9126.60

30.23 30.02 32.36 30.56 30.9427.88

25.3029.89

-10.00

-5.00

0.0 0

5.0 0

10. 00

15. 00

20. 00

25. 00

30. 00

35. 00

0

2

4

6

8

10

12

14

16

2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

Plant Area (M. Rai)

Source : The Company, The Thai Tapioca Trade Association, and DITP

Note : Data was by Volume , HS Code of Native is 11081400000 and 11062010000 (CF)

TAPIOCA MARKET OUTLOOK - THAILAND

Total Native Starch Export from Thailand to China Total Native Starch Export from Thailand to Taiwan

Taiwan, 8%

Other,

8%

Malaysia

, 4%

Philippines

, 3%

China,

71%

USA, 3%

Japan, 3%

1,322 1,560 1,611 1,539 1,523

1,759

1,295

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2015 2016 2017 2018 2019 2020 1H21

270 286 308 252 258 232

140

0

100

200

300

400

500

600

2015 2016 2017 2018 2019 2020 1H21

Unit : ‘000 Tons Unit : ‘000 Tons

791

114

12

Varieties of

Starch Application

FOOD

BUSINESS


Revenue from Sales

14

1,379 1,430 1,453 1,565

858

0

200

400

600

800

1,000

1,200

1,400

1,600

2017 2018 2019 2020 1H21

Wholesale50%

Modern Trade12%

Van Sale13%

Export18%

Other8%

Sales Breakdown by Channel – Thailand

Unit : MB

1H21

High Product Quality

Non -Chemical

Preservatives &

Gluten-Free

Product & Food Safety Certificate


780

SERVE A LIFESTYLE FOR NEW GENERATION


Phitsanulok

Udon Thani

Roi Et

Chonburi

Bangkok

Banglan

Surat Thani

Korat

25%

growth YoY

for 1H21

Chiang Mai

✓ 12% Contribution

✓ Nationwide Distribution

covering 74 provinces, over

4,000 outlets

✓ Strong growth in main cities.

✓ Key channel to distribute a

full range of products,

including new products

launched to the market.Source : The Company

OFFERING A BROADER RANGE OF CHOICE



Find us at leading stores

16

▪ Maintained growth 1% YoY in 1H21▪ Shifted our strategies to be more direct – to consumer▪ Coverage ~18,000 MT outlets nationwide

Modern Trade and Online Channels

TASTY AND HEALTHY WITH VARIETY OF MENU


SIGNIFICANT GROWTH AND GLOBAL MOMENTUM

Targeting double-digit growth, with contributions > 20%

Expand more “Volume” especially in EU, and North Asia / Grow Brand penetration in CLMV

TWPC has expanded its businesses beyondThailand and now our products are available over 30 countries around the world.

25%

growth in

1H21

17

OUR PRESENCE IN VIETNAM

18



45%growthYoY for 1H21

30+Products

60+Cities &

Provinces

7,580+Satisfied

Consumers

FINANCIAL

PERFORMANCE


Consolidated Sales

20

Unit : MB

Sales Breakdown by Business

Q2’20 Q2’21 Change

MB % MB % MB %

Native 743 44% 993 45% 250 34%

HVA 565 33% 800 36% 235 42%

Food 401 23% 421 19% 20 5%

Total Sales 1,708 100% 2,214 100% 506 30%

1,708

250

235 20 2,214

1,200

1,400

1,600

1,800

2,000

2,200

Sale Q2'20 Native HVA Food Sale Q2'21

PERFORMANCE IN Q2’21 VS Q2’20

• Native Sales increased 34% YoY, align with the industry

growth, mainly from strong demand from China which is

main market.

• HVA Sales increased 42%, higher than industry growth, from

a recovery sign in key countries, performed better than the

industry.

• Food delivered 5% growth mainly from continued good

momentum of export, van sale and wholesale channel which

driven from the government’s financial support program.



Revenue from Sales EBITDA

Gross Profit Net Profit (After MI)

21

197 68 38 70

203

3.1% 0.9% 0.5% 2.1% 4.7%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

0

100

200

300

400

500

600

700

800

2018 2019 2020 1H20 1H21

NP Margin

7,248 7,323 7,090

3,258 4,351

0

2,000

4,000

6,000

8,000

2018 2019 2020 1H20 1H21

557 526 571

348.5

565

0

100

200

300

400

500

600

700

2018 2019 2020 1H20 1H21

1,185 1,190 1,114

601 928

18.9% 16.4% 15.7% 18.4% 21.3%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0 %

10. 0%

20. 0%

30. 0%

0

500

1,0 00

1,5 00

2,0 00

2018 2019 2020 1H20 1H21

GP MarginSource : The Company

STRONG 1H21 AND CONTINUE TO MAINTAIN MOMENTUM

One-time profit 43 MB


Sales Breakdown by Business

Sales Breakdown by Country (Operation base) Sales Breakdown by Currency

THB29%

USD35%

VND12%

CNY23%

Thailand58%Vietnam

18%

China24%

22

Note Trading office in China started operation in Q3’16 & Indo started operation in Q1’20 Source : The Company

SALES BREAKDOWN 1H21

Native, 45%

HVA*, 35%

Food, 20%

*HVA products – Glucose, Coarse flour, Pearl, Alpha starch and NPD products

4,351 MB

4,351 MB

4,351 MB

• Native sale volume increased 39 YoY, mainly from China

market, while ASP increase 10%.

• HVA sale volume increased 43% majorly from CF, MS and

Glucose, while ASP increase 15%.

• Vietnam sales recovery in 2021 both in domestic and

export


655 671

466571

-22

-400

0

400

800

2017 2018 2019 2020 1H21

23

-

500

1,000

1,500

2,000

2,500 Cash & Financial investment, 1,179

Financial Debt, 1,588

Unit : MB

Non-CA 4,600

CA, 3,667

0%

20%

40%

60%

80%

100%

Equity,5,391

Non-CL, 1,988

CL 888

BV = 6.12 BAHT/share

Unit : MB

2017 / 2018 – 0.32 BAHT/share, 2019 – 0.134 BAHT/share,2020 – 0.134 BAHT/share, XD on 11 May and pay on 21 May 21

264 282 282

118 118

39% 57%143% 174%

311%

-700%

-500%

-300%

-100%

100%

300%

0

100

200

300

400

500

2016 2017 2018 2019 2020Dividend payout ratio

Strong Cash with Low D/E Ratio Balance Sheet Composition

Operating Cash flow Dividend Payout

Unit : MB Unit : MB

D/E (Debt - Interest bearing ) = 0.29

STRONG FINANCIAL AND WORKING CAPITAL 1H21


High stock and account receivable, waiting for deliver

in Q3

OCF before change of net working capital +230

1H21-22

GOING

FORWARD

RosEco Packaging made from starch as a renewable resource

RosEco Packaging cycle - From nature to nature

Cassava starch Cassava

packaging

Composting

CO2, H2O

CassavaStarch production

By product

25Private for Investor Forum


What is RosEcoTM Packaging

What is RosEcoTM PackagingCa

ssav

a Pac

kagi

ng

Environmentally friendlyLow carbon environmental protection and green product

Heat Resistance

Heat insulation, water and oil resistance

Disposable 100%

Compostable under soil burial

Safe and cleanNon-toxic and harmless

High mechanical properties

Cassava fiber enhance strength of product26Private for Investor Forum



CAPEX IN 2021 YEARS PLAN PIPELINE PROJECT FOR 2022 - 2025

15%

Annual MaintainanceEfficiency Improvement / Energy Saving Project

15%

Capacity Expansion

20 %

20 %

60 %

300-350 MB

Maintain strong financial discipline with D/E ratio less than 0.6 - 0.7X

INVESTMENT PLANNING FOR NEXT 5 YEARS

27


Growing total global footprint to 18 – 20 operations worldwide

1

Deepen our market access and customer development into USA/Europe

Fully integrate digital supply chain as a source of competitive advantage

Expansion of HVA, Food, and Biodegradable/Composable products

2

4

3

Q&A

WE WANT TO HEAR YOUR FEEDBACK !!Please fill this quick survey and let us

know your thoughts

APPENDIX


TWS to go under rehabilitation process

▪ Expansion of the starch business to drive export volume and enter into Vietnam market

▪ Market leadership of vermicelli in Double Dragon, Double Kilinbrands

▪ Automated vermicelli production line

The founding of Thai Wah in

Rangoon subsequently

moved to Bangkok

▪ Leader in Thailand in Tungsten and Tin Ore Mining

▪ 1952, started to produce and export tapioca starch in Chonburi Province

▪ 1953, started to produce mung bean vermicelli in Bangkok

“Thai Wah No.1” first tapioca business

and export out, leader and pioneer in

Thailand

Expansion of starch mill business in

Thailand

Move to BanglaneDistrict and create

Thailand’s single largest vermicelli

factory

1989TWFP listed on the SET

1985TWS listed on the SET

TWS resumed trading on the SET in

2013

▪ Shareholders’ meeting of the two company approved the business combination between TWS and TWFP, by amalgamation process in Oct’15

▪ Operate Thai Wah International Trade (Shanghai) in Q3’16

▪ Successfully increased 33.33% shares of TDC in Oct 2017, currently hold 66.67% shares

Operate TWBP, TWVN

and TVCBD

▪ Acquisition of assets from Maesot Starch & Maesot Biogas

▪ 100% TDC Owned▪ Issued 1 B Bond

1947 1950s – 1960s 1963 1970s – 1980s 1985 1990s – 2000s 2001 – 2007 2015 – 2017 2018 2019 2020

▪ Operate TWIN

▪ 100% VTC Owned

HISTORY OF THAI WAH GROUP

2021


USD/Ton

Source : The Thai Tapioca Trade Association

Baht/Kg.

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

100

200

300

400

500

600

Ap

r-1

0

Jul-

10

Oct

-10

Jan

-11

Ap

r-1

1

Jul-

11

Oct

-11

Jan

-12

Ap

r-1

2

Jul-

12

Oct

-12

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

Jul-

18

Oct

-18

Jan

-19

Ap

r-1

9

Jul-

19

Oct

-19

Jan

-20

Ap

r-2

0

Jul-

20

Oct

-20

Jan

-21

Ap

r-2

1

Jul-

21

Starch Export Price Root Price

China stops subsidy Corn that drags tapioca price

drop.

The ‘Mealy bug’ disease spread out in Thailand

& neighborhoodCorn starch price also

increase

The ‘Srilanka Mosaic virus’ disease spread

out in VN & Cambodia & low productivity of

cassava root.

Government intervenes root

price 2.5 Baht/Kg for this crop.

Move in the same trend

ROOT PRICE AND STARCH EXPORT PRICE

Corn starch price in China significant increased from

CNY 2,500-2,700 to CNY 3,400-3,700 (more than

50%) and shortage cassava roots situation in Vietnam


Country 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21

Thai 22.01 21.91 26.60 30.23 30.02 32.36 30.56 30.94 27.88 25.30 29.89

Vietnam 8.60 9.90 9.74 9.76 10.21 10.74 10.91 10.27 9.85 10.11 10.60

Cambodia 4.25 8.21 7.61 7.54 7.93 11.94 13.22 12.46 13.75 14.59 15.84

Laos 0.50 0.36 1.06 1.25 1.63 2.38 2.41 1.56 3.32 3.91 4.48

Total 35.36 40.38 45.01 48.78 49.79 57.42 57.10 55.23 54.80 53.91 59.24

Source : ASEAN Food Security Information System (AFSIS) / Agromonitor / https://www.gso.gov.vn / https://gda.maff.gov.kh/documentcategory/tcJh0D0H4r

Note : *forecast data from TTSA, Ministry of Agriculture and Cooperatives, The Company

Unit : Million Tons

Raw material trend to continue increase in 2021/2022 from planting areas and yield

TAPIOCA PRODUCTION OUTLOOK

ir presentation q2 2021

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