: R 106RT/21

Ref : R 106RT/21

(Market Value for Existing Use and Tenancies

,

Market Value : 3,279,000,000 -

1. 1

2. 2

3. 4

4. / 15

5. / 17

6.

7. 25

8

. 48

61

.

.

.

.

.

.

.

R 106RT/21

:

:

: ,

:

GPS : Latitude : 7.904255 Longitude: 98.367978

:

:

:

:

R 106RT/21

:

x

x 148.00 18

x 115.00 12

x 14 696.00

3.2 x 60 360.00

3.3 x 66 198.00

x 56 308.00

x 60 990.00

x 66 726.00

x 22 203.50

x 30 330.00

x 38 346.50

x 38 418.00

x 46 506.00

x 52 572.00

x 55 605.00

x 57 627.00

x 62 682.00

6 x 64 1,408.00

x 65 715.00

- 29,884.63

x 651

- -

R 106RT/21

:

-

-

-

-

-

-

-

:

-

-

-

-

-

-

3842 44 2 00.0

44 2 0

:

: 4624 I 3072-1 : Freehold)

:

:

:

R 106RT/21

:

:

:

:

:

: 1)

2) 3) (Light Rail Train)

-

: 27

: 27

Market Value) : -

:

:

-

:

R RT/21 1

1.

Market Value

(Market Value)

:

:

R RT/21 2

2.

2.1

: www.maps.google.co.th

(GPS) : Latitude : 7.904255, Longitude : 98.367978

-

R RT/21 3

2.3 -

- -

24

- -

R RT/21 4

3.

:

(1)

(2)

R RT/21 5

x

x 148.00 18

x 115.00 12

x 14 696.00

3.2 x 60 360.00

3.3 x 66 198.00

x 56 308.00

x 60 990.00

x 66 726.00

x 22 203.50

x 30 330.00

x 38 346.50

x 38 418.00

x 46 506.00

x 52 572.00

x 55 605.00

x 57 627.00

x 62 682.00

6 x 64 1,408.00

x 65 715.00

- 29,884.63

x 651

- -

R RT/21 6

Epoxy Coating

, ,

x x 148.00 -

-

-

: , , ,

Epoxy Coating

, ,

R RT/21 7

x x 115.00 -

-

: , , ,

3

x

x 14 696.00

x 60 360.00

x 66 198.00

x 56 308.00

x 60 990.00

x 66 726.00

x 22 203.50

x 30 330.00

x 38 346.50

x 38 418.00

x 46 506.00

x 52 572.00

x 55 605.00

x 57 627.00

x 62 682.00

x 64 1,408.00

x 65 715.00

-

x 651.00 1

- -

:

R RT/21 8

3.3

1 : 35/2542

: -

:

-

2 :

: -

12

:

1.

-

3 : 150/2545

17

: -

:

-

: -

-

-

R RT/21 9

4)

7)

1)

1.1 (Transformer) N/A Oil Type KVA Thai

1.2 Main Distributor Board) ABB N/A KVA Thai 2

CAP Bank ABB N/A N/A Thai 2

EDP ABB N/A N/A Thai 1

AMCC ABB N/A N/A Thai 1

1.6 Generator Caterpillar N/A 1 KVA N/A

1.7 (Street Light) N/A N/A N/A N/A N/A

1.8 Flood Light N/A IP 65 150 W, 230W N/A N/A

)

Water Chiller Trane CVHE-400 450 USA 1

2.2 Water Chiller Trane CVHE-400 400 USA 2

Chiller N/A N/A N/A N/A

2.4 Condenser Pump N/A N/A N/A N/A

2.5 Cooling Tower Shinwa N/A 500 USA 3

2.6 Air Handing Unit (AHU) Trane N/A N/A N/A N/A

2.7 Exhaust Fan N/A N/A N/A N/A N/A

2.8 Split Type Trane N/A N/A N/A N/A

2.9 Air Curtain N/A N/A N/A N/A N/A

Clarke N/A 1500 GMP USA 1

3.2 Jockey Pump Grundfos N/A N/A USA 1

3.3 Fire Hose Cabinet N/A N/A N/A THAI N/A

3.4 Fire Hose Cabinet Saturn ABC 10 lbs, 15 lbs THAI N/A

R RT/21 10

3.5 Fire Extinguisher Saturn ABC 10 lbs, 15 lbs THAI N/A

3.6 (FM200) Kidde FM-200

System N/A N/A 3

3.7 Sprinkler N/A N/A N/A N/A N/A

3.8 Smoke Detector N/A N/A N/A N/A N/A

3.9 Heat Detector N/A N/A N/A N/A N/A

3.10 Fire Bell + Manual Station N/A N/A N/A N/A N/A

3.11 Fire Alarm Control Panel EST N/A N/A N/A 1 3.12 Emergency Light C.E.E.

Maxbright N/A N/A N/A N/A

3.13 Exit Sign C.E.E. Maxbright

N/A N/A N/A N/A

4)

N/A N/A 700 L N/A

Booster Pump N/A Tripex N/A N/A

N/A N/A N/A N/A 1

Air Blower) N/A N/A N/A N/A

5.1 (Elevator) N/A N/A N/A N/A 1

5.2 (Escalator) N/A N/A N/A N/A 4

(CCTV) N/A N/A N/A N/A 87

(DVR) N/A N/A N/A N/A N/A 6.3 Monitor) Samsung N/A N/A N/A N/A

Gas Station N/A S-150 150 KG/H N/A 1

(PABX) N/A N/A N/A N/A 1

7.3 Sound) N/A N/A N/A N/A

R RT/21 11

4)

1)

1.1 (Transformer) N/A Oil Type KVA Thai

1.2 Main Distributor Board) ABB N/A 1 KVA Thai 2

CAP Bank ABB N/A N/A Thai 2

EDP ABB N/A N/A Thai 1

AMCC ABB N/A N/A Thai 1

1.6 Generator Caterpillar N/A KVA N/A

1.7 (Street Light) N/A N/A N/A N/A N/A

1.8 Flood Light N/A IP 65 150 W,

230W N/A N/A

)

Water Chiller Trane CVHE-250 250 USA 2

Chiller N/A N/A N/A N/A

2.3 Condenser Pump N/A N/A N/A N/A

2.4 Cooling Tower Shinwa SDC-U300

BSM 300 Japan

2.5 Air Handing Unit (AHU) Trane N/A N/A N/A N/A

2.6 Exhaust Fan N/A N/A N/A N/A N/A

2.7 Split Type Trane N/A N/A N/A N/A

2.8 Air Curtain N/A N/A N/A N/A N/A

Clarke N/A 1500 GMP USA 1

3.2 Jockey Pump Grundfos N/A N/A USA 1

3.3 Fire Hose Cabinet N/A N/A N/A THAI N/A

3.4 Fire Hose Cabinet Saturn ABC 10 lbs,

15 lbs THAI N/A

3.5 Fire Extinguisher Saturn ABC 10 lbs,

15 lbs THAI N/A

3.6

(FM200) Kidde

FM-200

System N/A N/A 2

3.7 Sprinkler N/A N/A N/A N/A N/A

3.8 Smoke Detector N/A N/A N/A N/A N/A

3.9 Heat Detector N/A N/A N/A N/A N/A

R RT/21 12

3.10 Fire Bell + Manual Station N/A N/A N/A N/A N/A

3.11 Fire Alarm Control Panel EST N/A N/A N/A 1

3.12 Emergency Light C.E.E.

Maxbright

N/A N/A N/A N/A

3.13 Exit Sign C.E.E.

Maxbright

N/A N/A N/A N/A

4)

N/A N/A N/A N/A

Booster Pump N/A Tripex N/A N/A

N/A N/A N/A N/A 1

Air Blower) N/A N/A N/A N/A

(CCTV) N/A N/A N/A N/A 4

(DVR) N/A N/A N/A N/A N/A

5.3 Monitor) Samsung N/A N/A N/A N/A

Gas Station N/A S-150 150 KG/H N/A 1

(PABX) N/A N/A N/A N/A 1

6.3 Sound) N/A N/A N/A N/A

-

10 ( 2 10

4 2555

Hypermarket, Back offices, aintenance, Warehouse

Food court

Hypermarket,

Back offices, aintenance Warehouse (

Food Court (

1 1,687,450.00 112,109.00 1,799,559.00 2.1 1,687,450.00 112,109.00 1,799,559.00 2.2 1,317,120.00 112,109.00 1,429,229.00 3 1,317,120.00 112,109.00 1,429,229.00 4 1,448,832.00 123,320.00 1,572,152.00 5 1,448,832.00 123,320.00 1,572,152.00

R RT/21 13

Hypermarket,

Back offices, aintenance Warehouse (

Food Court (

6 1,448,832.00 123,320.00 1,572,152.00 7 1,593,715.00 135,652.00 1,729,367.00 8 1,593,715.00 135,652.00 1,729,367.00 9 1,593,715.00 135,652.00 1,729,367.00 10 1,753,087.00 149,217.00 1,902,304.00 11 1,753,087.00 149,217.00 1,902,304.00 12 1,753,087.00 149,217.00 1,902,304.00 13 1,928,395.00 164,319.00 2,092,714.00 14 1,928,395.00 164,319.00 2,092,714.00 15 1,928,395.00 164,319.00 2,092,714.00 16 2,121,235.00 180,553.00 2,301,788.00 17 2,121,235.00 180,553.00 2,301,788.00 18 2,121,235.00 180,553.00 2,301,788.00 19 2,333,358.00 198,608.00 2,531,966.00 20 2,333,358.00 198,608.00 2,531,966.00 21 2,333,358.00 198,608.00 2,531,966.00 22 2,566,694.00 218,469.00 2,785,163.00 23 2,566,694.00 218,469.00 2,785,163.00 24 2,566,694.00 218,469.00 2,785,163.00 25 2,823,364.00 240,316.00 3,063,680.00 26 2,823,364.00 240,316.00 3,063,680.00 27 2,823,364.00 240,316.00 3,063,680.00 28 3,105,700.00 264,347.00 3,370,047.00 29 3,105,700.00 264,347.00 3,370,047.00 30 3,105,700.00 264,347.00 3,370,047.00

R RT/21 14

Hypermarket, Back offices, aintenance, Warehouse Food court %

Hypermarket, Back offices, aintenance

Warehouse (

Food Court (

1 2,531,174.00 168,163.00 2,699,337.00

2.1 2,531,174.00 168,163.00 2,699,337.00

2.2 1,975,597.00 168,163.00 2,143,760.00

3 1,975,597.00 168,163.00 2,143,760.00

4 2,173,157.00 184,979.00 2,358,136.00

5 2,173,157.00 184,979.00 2,358,136.00

6 2,173,157.00 184,979.00 2,358,136.00

7 2,390,473.00 203,477.00 2,593,950.00

8 2,390,473.00 203,477.00 2,593,950.00

9 2,390,473.00 203,477.00 2,593,950.00

10 2,629,520.00 223,825.00 2,853,345.00

11 2,629,520.00 223,825.00 2,853,345.00

12 2,629,520.00 223,825.00 2,853,345.00

13 2,892,472.00 246,208.00 3,138,680.00

14 2,892,472.00 246,208.00 3,138,680.00

15 2,892,472.00 246,208.00 3,138,680.00

16 3,181,719.00 270,829.00 3,452,548.00

17 3,181,719.00 270,829.00 3,452,548.00

18 3,181,719.00 270,829.00 3,452,548.00

19 3,499,891.00 297,912.00 3,797,803.00

20 3,499,891.00 297,912.00 3,797,803.00

21 3,499,891.00 297,912.00 3,797,803.00

22 3,849,880.00 327,703.00 4,177,583.00

23 3,849,880.00 327,703.00 4,177,583.00

24 3,849,880.00 327,703.00 4,177,583.00

25 4,234,868.00 360,473.00 4,595,341.00

26 4,234,868.00 360,473.00 4,595,341.00

27 4,234,868.00 360,473.00 4,595,341.00

28 4,658,355.00 396,520.00 5,054,875.00

29 4,658,355.00 396,520.00 5,054,875.00

30 4,658,355.00 396,520.00 5,054,875.00

R RT/21 15

4.

3842 44 2 00.0

44 2 0

: : 4624 I 3072-1

: Freehold)

:

:

63204 330 44 2 00.0 - -

445 -

R RT/21 16

- , , , , , ,

- 121,463,400.00 , , , ,

.1 -

.2 -

3.3

4 -3.17

8,437.00 - , , , , , ,

- , , , , , ,

- , , , , , ,

-

, ,

-

- , ,

- , ,

: 1

2)

-

R RT/21 17

.

5.1

R RT/21 18

5.2

5.3

-

2.

R RT/21 19

8.

7

R RT/21 20

( )

( )

( )

( )

( ) ( ) ( )

( )

( )

( )

,000 300

( )

( )

( )

( )

(2) (1)

1,

( )

( )

( )

R RT/21 21

( ) (3) (4) (5) (6) (7) (9)

17

(2) (3) (4) (5) (6) (7) (9)

1 2

3 4 5 6 8

2 3 4 5 8

35 12

100 90

70

100 70

50

(1) 2 : 1

(2) 1

(3)

50 130

(4)

(5) 50

6

8

(1)

(2)

(3) (1)

(2)

(4)

R RT/21 22

6. 6.1

6.2

1)

: AOT Office facebook fanpage

:

-

Hollywood

R RT/21 23

Internet of Thing (IOT)

R RT/21 24

LRT (Light Rail Train)

-

15 64

1. ,

ART (Autonomous Rapid Transit)

2.

2

3.

R RT/21 25

4.

1

2569

1

64 :

65 :

66 69 :

69 :

: http://www.realist.co.th

7.

R RT/21 26

1.

National Intelligence Agency

-

Lockdown COVID-

Manufacturing Purchasing Manager Index-PMI)

COVID-

COVID-

-

COVID-

Quantitative Easing-QE)

COVID-

Gross Domestic Products-GDP)

2564

COVID-19 8% 2563

2

2

16% 70% GDP

2563

R RT/21 27

: 2564-2565

: https://www.bot.or.th/Thai/ResearchAndPublications/articles/Pages/Article_5Jan2021.aspx

2564

Foreign Direct Investment-FDI)

GDP 2/2563 83.8% 18

90% 2563

2563

8-13% GDP 4% GDP

R RT/21 28

(Consumer Confidence Index)

:

:

2563

COVID-

R RT/21 29

-19

:

:

:

:

R RT/21 30

:

:

R RT/21 31

(Retail Sale Index)

-5.65

COVID-19 2563

-29.25

Lockdown

COVID-19

COVID-19

9

2563 155

3 2563

COVID-19

: (Retail Sale Index)

:

R RT/21 32

%

COVID-

: (Retail Index) 2561 - 2564

:

Private Consumer Index

Private Consumer)

COVID-

-

R RT/21 33

:

e-Commerce)

Modern Trade) 2.6

2561 8.5% 2560 15.9% GDP

26.8%

132.33 131.91

123.84

140.22

127.57

134.32

127.11

137.2

120.07118.08

123.44

130.72131.95132.42

122.43

105

110

115

120

125

130

135

140

145

R RT/21 34

2.

GDP) GDP

2563 10% % 2562

Lockdown

2563

COVID-19 2563

COVID-19 ( .) 24 2563

-

Lockdown

2563 905,740

(Mirco, S) 895,925 (M) 7,953

(L) 1,862

COVID-19

Mobile Banking SMEs

R RT/21 35

:

:

:

Lockdown

COVID-19

3-4

R RT/21 36

:

R RT/21 37

Department store)

-

Central

Robinson Central Zen Central Embassy

Robinson Lifestyle center

Central

Online Offline

The Mall

Emporium EmQuartier Siam Paragon

Blu Port ( Blu Pearl ( -

Prime area

Siam Piwat ( Siam Discovery & Siam Center) Seacon Development (

Seacon Square & Seacon Bangkae) Siam Retail Development ( Fashion Island and

Terminal 21) MBK Group ( MBK Center and Paradise Park) Japanese JV ( Siam

Takashimaya) Gaysorn Property ( Gaysorn Plaza) Siam Future ( Mega Bangna and

Esplanade) TCC Group ( Asiatique and Gateway Ekamai) Charoen Pokphand Group

( Siam Piwat Icon Siam)

Central Robinson The Mall)

Robinson

COVID-

-

R RT/21 38

Discount store/Hypermarket/ Supercenter)

Tesco Lotus Lotus Express Big C

Mini Big C Big C Food Place 24

Big C

3,000-4,000 7,000-8,000

Private brand

Big C

Big C Call for shop

( Line) Drive-thru (

Big C shopping online express delivery services (

Tesco Lotus Click & Collect (

ShopBox Application

-

R RT/21 39

:

Retailers Outlets

2017 2018 2019P 2020E Lotus 192 200 214 216 Big C 140 147 151 154 Makro 123 129 134 136 Top Superstore 59 61 62 65

Source : Krungsri Research Note : P = preliminary, E = estimated

Supermarket)

Tops Supermarket Gourmet Market

Lockdown

Drive Thru

:

Retailers Outlets

2017 2018 2019P 2020E Tops 102 123 126 126 HFM,Gourmet Market 15 17 17 16 Foodland 20 25 23 24 MaxValu 31 30 30 52 Villa Market 34 34 36 36 Big C Market 61 62 63 65 Lotus-Talad 194 195 179 179

Source : Krungsri Research Note : P = preliminary, E = estimated

R RT/21 40

Convenience store)

-Eleven Family Mart

Chain store 2563 17,341

7-Eleven ( 70.5% 9

513 12,225 2

7-Eleven Tesco Lotus Big C

Lotus Express Mini Big C

Super convenient store

E-commerce

:

Retailers Outlets

2017 2018 2019P 2020E 7-Eleven 10,268 10,988 11,712 12,225 Family Mart 1,136 1,186 968 972 Lawson 108 548 648 648 648 Lotus Express 1,557 1,600 1,574 1,635 Mini Big C 650 783 1,016 1,153 Top Daily 95 108 108 108 CJ Express 250 330 480 600 Total 14,504 15,643 16,506 17,341

Source : Krungsri Research Note : P = preliminary, E = estimated

R RT/21 41

-

- -

COVID-

: Retail Business Growth (%)

Urbanization)

R RT/21 42

E-commerce)

Non-Retail)

- e-Conomy SEA

E-commerce

: Retail E-Commerce Market Size in SEA* (Billion USD)

R RT/21 43

3.

4 2563

4 2563

12,000 2563 78,000

10

-19

2563

2564 -2566

2563 8.6

2550

2556

2563 - 2564 1

2550

1-2

3 4

-19

1-2

:

R RT/21 44

10

(Demand) (Occupancy Rate)

:

80% 5-10%

2563 2564

-19

R RT/21 45

(Rental)

:

2

3 4

3 4

Social Distancing

2 -19

R RT/21 46

(Income Approach)

Market Value)

(Discounted Cash Flow) Cost Approach)

9.1 Income Approach

Income Generating Property

(Market Yeild) 9.2

Replacement Cost)

Market Comparison

Approach)

-

Weighted Quality Score

(WQS)

R RT/21 47

(Depreciated

Replacement Cost Method)

(Replacement Cost As New)

R RT/21 48

Income Approach

Income Generating Property

3.1)

(Anchor Tenant)

R RT/21 49

( (

1,500 - 5,500 800 - 3,500

800 - 2,200 500 - 1,300

800 - 2,500 500 - 2,000

3.2)

(Administration Expenses) (Utilities Expense)

(Maintenance & Repair) (Lease Commission Fee)

(Rental Collection Fee) (Other Expenses)

(Incentive Fee)

(Property Insurance) (Reserve for Replacement)

:

-

-

-

-

-

-

-

-

-

R RT/21 50

(Income Approach)

(Revence Projection)

1. (Anchor Tenant)

1.1 (Hypermarket)

4

(

(

10

2

1.00 4 55 3 56 4,218,624.00 - - - - -

2.10 4 56 28 57 4,218,624.00 - - - - -

2.20 1 57 3 57 3,292,717.00 - - - - -

3.00 4 57 3 58 3,292,717.00 - - - - -

4.00 4 58 3 59 3,621,989.00 - - - - -

5.00 4 59 3 60 3,621,989.00 - - - - -

6.00 4 60 3 61 3,621,989.00 - - - - -

7.00 4 61 3 62 3,984,188.00 - - - - -

8.00 4 62 3 63 3,984,188.00 - - - - -

9.00 4 63 26 64 3,984,188.00 - - - - -

10.00 27 64 26 65 4,382,607.00 10.00 3,984,188.00 2.00 4,382,607.00 48,607,094

11.00 27 65 26 66 4,382,607.00 10.00 4,382,607.00 2.00 4,382,607.00 52,591,284

12.00 27 66 26 67 4,382,607.00 10.00 4,382,607.00 2.00 4,382,607.00 52,591,284

13.00 27 67 26 68 4,820,867.00 10.00 4,382,607.00 2.00 4,820,867.00 53,467,804

14.00 27 68 26 69 4,820,867.00 10.00 4,820,867.00 2.00 4,820,867.00 57,850,404

15.00 27 69 26 70 4,820,867.00 10.00 4,820,867.00 2.00 4,820,867.00 57,850,404

16.00 27 70 26 71 5,302,954.00 10.00 4,820,867.00 2.00 5,302,954.00 58,814,578

17.00 27 71 26 72 5,302,954.00 10.00 5,302,954.00 2.00 5,302,954.00 63,635,448

18.00 27 72 26 73 5,302,954.00 10.00 5,302,954.00 2.00 5,302,954.00 63,635,448

19.00 27 73 26 74 5,833,249.00 10.00 5,302,954.00 2.00 5,833,249.00 64,696,038

20.00 27 74 26 75 5,833,249.00 10.00 5,833,249.00 2.00 5,833,249.00 69,998,988

21.00 27 75 26 76 - - - - - -

643,738,774

643,700,000

R RT/21 51

1.2 (Food Court)

(

( 10

2

1.00 4 55 3 56 280,272.00 - - - - -

2.10 4 56 28 57 280,272.00 - - - - -

2.20 1 57 3 57 280,272.00 - - - - -

3.00 4 57 3 58 280,272.00 - - - - -

4.00 4 58 3 59 308,299.00 - - - - -

5.00 4 59 3 60 308,299.00 - - - - -

6.00 4 60 3 61 308,299.00 - - - - -

7.00 4 61 3 62 339,129.00 - - - - -

8.00 4 62 3 63 339,129.00 - - - - -

9.00 4 63 26 64 339,129.00 - - - - -

10.00 27 64 26 65 373,042.00 10.00 339,129.00 2.00 373,042.00 4,137,374

11.00 27 65 26 66 373,042.00 10.00 373,042.00 2.00 373,042.00 4,476,504

12.00 27 66 26 67 373,042.00 10.00 373,042.00 2.00 373,042.00 4,476,504

13.00 27 67 26 68 410,527.00 10.00 373,042.00 2.00 410,527.00 4,551,474

14.00 27 68 26 69 410,527.00 10.00 410,527.00 2.00 410,527.00 4,926,324

15.00 27 69 26 70 410,527.00 10.00 410,527.00 2.00 410,527.00 4,926,324

16.00 27 70 26 71 451,382.00 10.00 410,527.00 2.00 451,382.00 5,008,034

17.00 27 71 26 72 451,382.00 10.00 451,382.00 2.00 451,382.00 5,416,584

18.00 27 72 26 73 451,382.00 10.00 451,382.00 2.00 451,382.00 5,416,584

19.00 27 73 26 74 496,520.00 10.00 451,382.00 2.00 496,520.00 5,506,860

20.00 27 74 26 75 496,520.00 10.00 496,520.00 2.00 496,520.00 5,958,240

21.00 27 75 26 76 - - - - - -

54,800,806

54,800,000

1.3 Home Pro) Uniquo)

- Home Pro) 5,750 .00 10%

- Uniquo) 1,200 .50 10%

R RT/21 52

Permanent Tenant)

-

(Fixed) 4,127.82 2,500 %

- (Variable)

2,466.97 700.00 %

(Temporary Tenant Income)

(Other Income)

3.1 (Temporary Tenant

Income)

Event

%

(Hyper-market)

(Food Court) Home Pro)

Uniquo)

%

(Other Income)

%

(Hyper-market)

(Food Court) Home Pro)

Uniquo)

(Occupancy Rate)

(Occupancy Rate)

- Hyper-market)

- Food Court) - Home Pro)

- (Uniquo)

100%

2. Permanent Tenant)

- (Fixed) - (Variable)

99%

%

R RT/21 53

(Operating Expenses)

(Common Area Expenses)

%

(Hyper-market) (Food Court)

Home Pro) Uniquo)

%

(Energy & Utilities Expenses)

%

(Hyper-market) (Food Court)

Home Pro) Uniquo)

(Maintenance & Repair Expenses)

%

(Hyper-market) (Food Court)

Home Pro) Uniquo)

(Lease commission Fee)

-

%

(Hyper-market) (Food Court)

Home Pro) Uniquo)

(Rental Collection Fee)

%

(Other Expenses)

%

(Incentive Fee) %

(Property Insurance Expenses)

%

%

(Reserve for Replacement)

%

(Hyper-

market) (Food Court)

Home Pro) Uniquo)

R RT/21 54

2562-2564

(Yield)

-

6.0% - 8 0%

-

6.0% - 7 0%

-

%-7.0%

7.0 %

Discount Rate

CAPM = Risk free rate + Risk premium CAPM = Rf +

(Rm-Rf) x Beta

- Risk free rate (Rf)

10 2564

SBST A) 2.50%

- Return on market (Rm) = SET)

Year Market Index Change Capital Gain (%)

Market Dividend Yield (%)

2518 92.7078 8.90% 2519 79.9042 (12.80) -13.81% 7.62% 2520 131.5408 51.64 64.62% 5.54% 2521 206.5158 74.98 57.00% 4.25% 2522 183.1792 (23.34) -11.30% 7.92% 2523 127.6650 (55.51) -30.31% 8.97% 2524 114.2233 (13.44) -10.53% 9.51% 2525 113.6300 (0.59) -0.52% 9.05% 2526 136.8217 23.19 20.41% 7.39% 2527 134.3450 (2.48) -1.81% 7.74% 2528 147.0233 12.68 9.44% 8.19% 2529 152.2208 5.20 3.54% 6.39% 2530 286.4417 134.22 88.18% 3.62% 2531 409.2200 122.78 42.86% 3.39% 2532 609.0742 199.85 48.84% 2.66% 2533 821.8658 212.79 34.94% 2.49% 2534 739.0967 (82.77) -10.07% 3.28% 2535 800.5992 61.50 8.32% 3.28%

R RT/21 55

Year Market Index Change Capital Gain (%)

Market Dividend Yield (%)

2536 1,036.8675 236.27 29.51% 3.02% 2537 1,386.8358 349.97 33.75% 1.78% 2538 1,288.2567 (98.58) -7.11% 2.20% 2539 1,150.5642 (137.69) -10.69% 2.61% 2540 575.3125 (575.25) -50.00% 4.52% 2541 356.0667 (219.25) -38.11% 2.32% 2542 423.0692 67.00 18.82% 0.86% 2543 331.6942 (91.38) -21.60% 1.41% 2544 306.2567 (25.44) -7.67% 2.09% 2545 366.8858 60.63 19.80% 2.48% 2546 499.5483 132.66 36.16% 2.84% 2547 654.7742 155.23 31.07% 2.75% 2548 690.6442 35.87 5.48% 3.67% 2549 717.1358 26.49 3.84% 4.02% 2550 779.0433 61.91 8.63% 3.80% 2551 675.6117 (103.43) -13.28% 4.65% 2552 587.7883 (87.82) -13.00% 4.84% 2553 752.8583 165.07 28.08% 3.92% 2554 1,026.9625 274.10 36.41% 3.66% 2555 1,227.0125 200.05 19.48% 3.45% 2556 1,450.1658 223.15 18.19% 2.90% 2557 1,468.1433 17.98 1.24% 3.04% 2558 1,288.02 (180.12) -12.27% 3.00% 2559 1,542.94 254.92 19.79% 3.24% 2560 1,753.71 210.77 13.66% 2.70% 2561 1,563.88 (189.83) -10.82% 3.22% 2562 1,579.84 15.96 1.02% 3.14% 2563 1,449.35 (130.49) -8.26% 3.32%

9.6%

:

R RT/21 56

- Beta (b) = Beta Beta 7 .

Beta (YTD)

1 CPALL 0.63

2 MAKRO 0.59

3 CPN 1.63

4 PLAT 1.30

5 SF 0.76

MBK 1.08

7 AEONTS 1.34

1.05

CAPM = Risk free rate + Risk premium

CAPM = Rf + (Rm-Rf) x Beta

- Risk free rate (Rf) = 2.50% ( )

- Return on market (Rm) = 9.60% ( )

- Beta = 1.05 (Beta )

- CAPM = 9.93%

10.00 %

%

% %

(Income Approach)

-

1 :

12

.01

2.0

12

.01

2.0

12

.01

2.0

12

.01

2.0

12

.01

2.0

12

.01

.00

2.0

03

.00

4.0

05

.00

6.0

07

.00

8.0

09

.00

10

.00

11

.00

-Tes

co L

otus

(H

yper

-mar

ket)

98,7

84.0

0

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

98,7

84.0

0

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

98

,784

98,7

84

98

,784

98,7

84

98

,784

98,7

84

98,7

84

98,7

84

98,7

84

98,7

84

(Foo

d Co

urt)

10,5

72

10,5

72

10,5

72

10

,572

10,5

72

10

,572

10,5

72

10,5

72

10,5

72

10,5

72

10,5

72

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

10,5

72

10

,572

10,5

72

10

,572

10,5

72

10

,572

10,5

72

10,5

72

10,5

72

10,5

72

10,5

72

10,5

72

10,5

72

10

,572

10

,572

10,5

72

10

,572

10,5

72

10,5

72

10,5

72

10,5

72

10,5

72

(Hom

e Pr

o)69

,000

69

,000

69,0

00

69

,000

69,0

00

69

,000

69,0

00

69,0

00

69,0

00

69,0

00

69,0

00

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

69,0

00

69,0

00

69

,000

69

,000

69,0

00

69

,000

69,0

00

69,0

00

69,0

00

69,0

00

69,0

00

69,0

00

69,0

00

69,0

00

69

,000

69,0

00

69

,000

69,0

00

69,0

00

69,0

00

69,0

00

69,0

00

200

200

200

22

0

220

220

24

2

242

242

26

6

266

(Uni

quo)

14,4

00

14,4

00

14,4

00

14

,400

14,4

00

14

,400

14,4

00

14,4

00

14,4

00

14,4

00

14,4

00

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

14,4

00

14

,400

14,4

00

14

,400

14,4

00

14

,400

14,4

00

14,4

00

14,4

00

14,4

00

14,4

00

14,4

00

14

,400

14,4

00

14

,400

14,4

00

14

,400

14,4

00

14,4

00

14,4

00

14,4

00

14,4

00

481.

5

48

2

482

530

530

530

583

583

583

64

1

641

(Per

man

ent

Leas

e In

com

e)

49,5

34

49,5

34

49,5

34

49

,534

49,5

34

49

,534

49,5

34

49,5

34

49,5

34

49,5

34

49,5

34

99.0

0%98

%98

%98

%98

%98

%98

%98

%98

%98

%98

%

49,0

39

48,5

43

48,5

43

48,5

43

48,5

43

48,5

43

48,5

43

48,5

43

48,5

43

48,5

43

48,5

43

2,50

0

2,

588

2,67

8

2,

772

2,86

9

2,

969

3,07

3

3,

181

3,29

2

3,

407

3,52

6

29,6

04

29,6

04

29

,604

29

,604

29,6

04

29

,604

29,6

04

29,6

04

29,6

04

29,6

04

29,6

04

99%

98%

98%

98%

98%

98%

98%

98%

98%

98%

98%

29,3

07.6

0

29

,011

.57

29,0

11.5

7

29

,011

.57

29,0

11.5

7

29

,011

.57

29,0

11.5

7

29

,011

.57

29,0

11.5

7

29

,011

.57

29,0

11.5

7

700

72

5

750

77

6

803

83

1

860

89

1

922

95

4

987

-Tes

co L

otus

(H

yper

-mar

ket)

48,6

07,0

94

52,5

91,2

84

52

,591

,284

53

,467

,804

57,8

50,4

04

57,8

50,4

04

58

,814

,578

63,6

35,4

48

63,6

35,4

48

64,6

96,0

38

69,9

98,9

88

(Foo

d Co

urt)

4,13

7,37

4

4,

476,

504

4,47

6,50

4

4,55

1,47

4

4,

926,

324

4,92

6,32

4

5,

008,

034

5,41

6,58

4

5,41

6,58

4

5,50

6,86

0

5,95

8,24

0

(Hom

e Pr

o)13

,800

,000

13

,800

,000

13,8

00,0

00

15

,180

,000

15,1

80,0

00

15,1

80,0

00

16

,698

,000

16,6

98,0

00

16,6

98,0

00

18,3

67,8

00

18,3

67,8

00

(Uni

quo)

6,93

3,60

0

6,

933,

600

6,93

3,60

0

7,62

6,96

0

7,

626,

960

7,62

6,96

0

8,

389,

656

8,38

9,65

6

8,38

9,65

6

9,22

8,62

2

9,22

8,62

2

73

,47

8,0

68

7

7,8

01

,38

8

77

,80

1,3

88

8

0,8

26

,23

8

85

,58

3,6

88

8

5,5

83

,68

8

88

,91

0,2

68

9

4,1

39

,68

8

94

,13

9,6

88

9

7,7

99

,32

0

10

3,5

53

,65

0

122,

596,

254

12

5,60

5,43

5

130,

001,

625

134,

551,

682

13

9,26

0,99

1

144,

135,

125

14

9,17

9,85

5

154,

401,

150

159,

805,

190

165,

398,

372

171,

187,

315

20,5

15,3

23

21,0

18,8

80

21

,754

,541

22

,515

,950

23,3

04,0

08

24,1

19,6

49

24

,963

,836

25,8

37,5

71

26,7

41,8

86

27,6

77,8

52

28,6

46,5

77

14

3,1

11

,57

7

1

46

,62

4,3

15

15

1,7

56

,16

6

1

57

,06

7,6

32

16

2,5

64

,99

9

1

68

,25

4,7

74

17

4,1

43

,69

1

1

80

,23

8,7

20

18

6,5

47

,07

6

1

93

,07

6,2

23

19

9,8

33

,89

1

21

6,5

89

,64

5

2

24

,42

5,7

03

22

9,5

57

,55

4

2

37

,89

3,8

70

24

8,1

48

,68

7

2

53

,83

8,4

62

26

3,0

53

,95

9

2

74

,37

8,4

08

28

0,6

86

,76

4

2

90

,87

5,5

43

30

3,3

87

,54

1

55,8

13,5

15

57

,766

,988

59

,788

,832

61

,881

,442

64,0

47,2

92

66,2

88,9

47

68

,609

,060

71,0

10,3

78

73,4

95,7

41

76,0

68,0

92

78,7

30,4

75

,1,

431,

116

1,46

6,24

3

1,

517,

562

1,57

0,67

6

1,

625,

650

1,68

2,54

8

1,

741,

437

1,80

2,38

7

1,86

5,47

1

1,93

0,76

2

1,99

8,33

9

27

3,8

34

,27

5

2

83

,65

8,9

34

29

0,8

63

,94

8

3

01

,34

5,9

88

31

3,8

21

,62

9

3

21

,80

9,9

57

33

3,4

04

,45

7

3

47

,19

1,1

73

35

6,0

47

,97

5

3

68

,87

4,3

97

38

4,1

16

,35

5

6,01

0,68

6.21

6,19

1,00

6.80

6,37

6,73

7.00

6,56

8,03

9.11

6,

765,

080.

29

6,96

8,03

2.70

7,

177,

073.

68

7,39

2,38

5.89

7,61

4,15

7.46

7,

842,

582.

19

8,07

7,85

9.65

(Util

ities

Exp

ense

)7,

012,

467.

25

7,20

5,01

4.12

7,45

7,18

9.61

7,71

8,19

1.25

7,

988,

327.

94

8,26

7,91

9.42

8,

557,

296.

60

8,85

6,80

1.98

9,16

6,79

0.05

9,

487,

627.

70

9,81

9,69

4.67

(Mai

nten

ance

& R

epai

r)4,

007,

124.

14

4,11

7,15

0.92

4,26

1,25

1.21

4,41

0,39

5.00

4,

564,

758.

82

4,72

4,52

5.38

4,

889,

883.

77

5,06

1,02

9.70

5,23

8,16

5.74

5,

421,

501.

54

5,61

1,25

4.10

- (L

ease

Com

mis

sion

Fee

)4,

808,

548.

97

4,94

0,58

1.11

5,11

3,50

1.45

5,29

2,47

4.00

5,

477,

710.

59

5,66

9,43

0.46

5,

867,

860.

53

6,07

3,23

5.64

6,28

5,79

8.89

6,

505,

801.

85

6,73

3,50

4.92

(Ren

tal C

olle

ctio

n Fe

e)6,

845,

857

7,09

1,47

3

7,

271,

599

7,53

3,65

0

7,

845,

541

8,04

5,24

9

8,

335,

111

8,67

9,77

9

8,90

1,19

9

9,22

1,86

0

9,60

2,90

9

(Oth

er E

xpen

se)

4,38

1,34

8

4,53

8,54

3

4,

653,

823

4,82

1,53

6

5,

021,

146

5,14

8,95

9

5,

334,

471

5,55

5,05

9

5,69

6,76

8

5,90

1,99

0

6,14

5,86

2

33

,06

6,0

32

3

4,0

83

,76

9

35

,13

4,1

01

3

6,3

44

,28

5

37

,66

2,5

64

3

8,8

24

,11

6

40

,16

1,6

97

4

1,6

18

,29

1

42

,90

2,8

79

4

4,3

81

,36

4

45

,99

1,0

84

24

0,7

68

,24

3

2

49

,57

5,1

65

25

5,7

29

,84

7

2

65

,00

1,7

03

27

6,1

59

,06

5

2

82

,98

5,8

41

29

3,2

42

,75

9

3

05

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2,8

82

31

3,1

45

,09

6

3

24

,49

3,0

33

33

8,1

25

,27

1

%87

.92%

87.9

8%87

.92%

87.9

4%88

.00%

87.9

4%87

.95%

88.0

1%87

.95%

87.9

7%88

.03%

(Inc

entiv

e fe

e)4,

655,

183

4,

822,

202

4,94

4,68

7

5,12

2,88

2

5,

334,

968

5,47

0,76

9

5,

667,

876

5,90

2,25

0

6,05

2,81

6

6,27

0,86

5

6,52

9,97

8

(Pro

pert

y In

sura

nce)

2,19

0,67

4

2,

256,

394

2,32

4,08

6

2,39

3,80

9

2,

465,

623

2,53

9,59

2

2,

615,

780

2,69

4,25

3

2,77

5,08

1

2,85

8,33

3

2,94

4,08

3

(Res

erve

for

Rep

lace

men

t)6,

010,

686.

21

6,

175,

726.

39

6,39

1,87

6.81

6,61

5,59

2.50

6,

847,

138.

24

7,08

6,78

8.07

7,

334,

825.

66

7,59

1,54

4.56

7,85

7,24

8.61

8,

132,

252.

32

8,41

6,88

1.15

12

,85

6,5

43

1

3,2

54

,32

3

13

,66

0,6

50

1

4,1

32

,28

3

14

,64

7,7

29

1

5,0

97

,14

9

15

,61

8,4

81

1

6,1

88

,04

7

16

,68

5,1

45

1

7,2

61

,45

0

17

,89

0,9

42

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( / ) ( )

1 77,000.00 1,370,600,000.00

(1) ( ) 1,370,600,000.00

( ) ( / ) ( ) ( ) (%) ( ) ( )

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543,470,730.00 184,780,048.20 358,690,681.80

2 ( )

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338,094,000.00 94,666,320.00 243,427,680.00

3.0

3.1 12.00 x 14.50 ( 4 ) 696.00 2,500.00 1,740,000.00 22 65% 1,131,000.00 609,000.00

3.2 3.00 x 60.00 ( 2 ) 360.00 2,500.00 900,000.00 22 65% 585,000.00 315,000.00

3.3 3.00 x 66.00 ( 1 ) 198.00 2,500.00 495,000.00 22 65% 321,750.00 173,250.00

3.4 5.50 x 56.00 ( 1 ) 308.00 2,500.00 770,000.00 22 65% 500,500.00 269,500.00

3.5 5.50 x 60.00 ( 3 ) 990.00 2,500.00 2,475,000.00 22 65% 1,608,750.00 866,250.00

3.6 5.50 x 66.00 ( 2 ) 726.00 2,500.00 1,815,000.00 22 65% 1,179,750.00 635,250.00

3.7 11.00 x 22.00 ( 1 ) 203.50 2,500.00 508,750.00 22 65% 330,687.50 178,062.50

3.8 11.00 x 30.00 ( 1 ) 330.00 2,500.00 825,000.00 22 65% 536,250.00 288,750.00

3.9 11.00 x 38.00 ( 1 ) 346.50 2,500.00 866,250.00 22 65% 563,062.50 303,187.50

3.10 11.00 x 38.00 ( 1 ) 418.00 2,500.00 1,045,000.00 22 65% 679,250.00 365,750.00

3.11 11.00 x 46.00 ( 1 ) 506.00 2,500.00 1,265,000.00 22 65% 822,250.00 442,750.00

3.12 11.00 x 52.00 ( 1 ) 572.00 2,500.00 1,430,000.00 22 65% 929,500.00 500,500.00

3.13 11.00 x 55.00 ( 1 ) 605.00 2,500.00 1,512,500.00 22 65% 983,125.00 529,375.00

3.14 11.00 x 57.00 ( 1 ) 627.00 2,500.00 1,567,500.00 22 65% 1,018,875.00 548,625.00

3.15 11.00 x 62.00 ( 1 ) 682.00 2,500.00 1,705,000.00 22 65% 1,108,250.00 596,750.00

3.16 11.00 x 64.00 ( 2 ) 1,408.00 2,500.00 3,520,000.00 22 65% 2,288,000.00 1,232,000.00

3.17 11.00 x 65.00 ( 1 ) 715.00 2,500.00 1,787,500.00 22 65% 1,161,875.00 625,625.00

3.18 29,884.63 1,200.00 35,861,556.00 22 65% 23,310,011.40 12,551,544.60

3.19 2.00 ( / ) 651.00 2,400.00 1,562,400.00 22 65% 1,015,560.00 546,840.00

3.20 1 ( 20 ) 2,600,000.00 2,600,000.00 22 65% 1,690,000.00 910,000.00

64,251,456.00 41,763,446.40 22,488,009.60

945,816,186.00 321,209,814.60 624,606,371.40

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