สรุป JMART & JMT Company Visit วันที่ 12/07/13

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by Songsak (ทีป่รกึษา Marcom)JAYMART PUBLIC COMPANY LIMITED

Company PresentationJune 2013

July 02,2013

Company Structure

• Establish 1988

(25 Years)

• Mobile Retail

• Listed June 25, 2009

• Collection Service

• Debt Acquisition

• Listed Nov 27, 2012

• Property Rental

• Listed Q3, 2014

(Target)

• Establish 2013

• Investment in AEC

July 02,2013

Share Capital Information

Major Shareholder

(as of May 31,2013 )

Price (May27 2013 : Bt 27 Miss Yuvadee Pong-acha 19%

Mr. Adisak Sukumvitaya 18%

Hi/Low(12-Month) : 30Bt/7Bt Miss Juthamas Sukumvitaya 8%

Mr. Ekachai Sukumvitaya 8%

Mrs. Waranee

Sukumvitaya Family 53%

No. of shares : (Par Bt 1)

Mrs. Waranee

Sareviwattana 4%

Mrs. Niwes

Semvachiravarakorm 2%

Market Capitalization : 11,226 Mr. Naret Ngamapichon 1%

( 31/5/2013 )

Mrs. Bumrung

Sringam 1%

Mr. Piranart Chokwatana 1%

First trade date : June 25,2009 Free float 47%

Divident payment 2009 2010 2011 2012

Divident payment (Bt/Share) Bt 0.23 Bt 0.24 Bt 0.40 Bt 0.56

Dividends Yield (Bt/Share) 13.8% 7.6% 6.7% 4.0%

Base on financial statement (Cosolidated)

July02,2013

Thailand Market Size

12 15 2030 40

0

20

40

60

2011 2012 2013 2014 2015

Operator Mil.subscribers

35

25

20

80

Unit: Million Set

2011 2012 2013 2014 2015

Handsets and Tablet

80

Thailand market

� Handset model not operator subsidy (poor credit record)

� 65 Million population

� Penetration 120% (80 Mil.)

� 3G license granted 16th Oct,2012

� Network expansion 80% in 2013

� Today only 20% handsets can work on 3G

80% expects to migrate to 3G in 3 years.

July 02,2013

Opportunity

64 6240

16 30 60110

0

50

100

150

Unit: Million Number

• License granted Oct 16, 2012• Network expansion 80% in Y13• 100% migration from 2G to 3G in 3 year• Today operator pay profit sharing to TOT&CAT around 20-30%• 3G license the fee to NBCT only 5-7%

• Tablet will replace PC• Mobile phone will replace camera

0

2012 2013 2014 2015

2G 3G

July 02,2013

Mobile Market Size

YEAR YEAR YEAR

2011 2012 2013*

Sales Value (Mil.B)

MB Market 50,000 60,000 72,000

Jaymart 4,840 6,776 10,000 Jaymart 4,840 6,776 10,000

%Share 10% 11% 14%

Sales QTY (Mil. Sets)

QTY Market 16 16 18

Jaymart 1.0 1.1 1.5

%Share 6% 7% 8%

July 02,2013

4,523

6,323

821854

956994

1,097

800

1,000

1,200

5,000

6,000

7,000

Unit: Million Baht

Business Performance

3,8693,796 3,901

4,523

1,475 1,888

271 302

0

200

400

600

800

0

1,000

2,000

3,000

4,000

5,000

2008 2009 2010 2011 2012 Q1/12 Q1/13

Mobile Phone (MB) Unit (Thousand)

28%

40%

July 02,2013

Revenue by Product Segmentation

90%

64%

36%

61% 63% 64%

50%60%70%80%90%

100%

10%0%

36%

0%

31%

8%

20% 18%10%

26%

0%10%20%30%40%50%

Featured Phone Smart Phone Tablet

2009 2010 2011 2012 Q1/13

July 02,2013

Average Selling Price

4,542 4,481 4,869

5,578 5,824 5,727 6,192

6,873 6,250

3,556 4,000 4,100 4,000

5,000

6,000

7,000

8,000

+52%

3,002 3,014 2,903 2,909 3,224 3,422 3,556

4,000 4,100

-

1,000

2,000

3,000

4,000

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13

Jaymart Market

� 52% better than market

� Source : GFK July 02,2013

28 29 29 34

43 46 51

62 62

8 8 8 10 13 14 17 20 20

10

20

30

40

50

60

70

Unit in MB

Accessories

8 8 8 10

-

10

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13

SALES MARGIN

43

62

13 20

-

20

40

60

80

Q1/12 Q1/13SALES MARGIN

Unit in MB

45%YOY Performance

� 85% sale growth

� 100% margin growth

July 02,2013

Channel Distribution (Q1-2013)

48%

52% 66%

34%

Contribution RatioDistribution Ratio

Expansion plan in 3Y Y 2012 Y 2013 Y 2014

Total Stores 220 280

(June 240)

300

52%

Greater BKK Upcountry Greater BKK Upcountry

July 02,2013

Revenue by Sales Channel

67% 65% 67% 73% 70% 73% 75% 79%60%

80%

100%

120%

33% 35% 33% 27% 30% 27% 25% 21%

67% 65% 67% 73% 70% 73% 75% 79%

0%

20%

40%

60%

2006 2007 2008 2009 2010 2011 2012 Q1/13

Retails Wholesales

July 02,2013

Inventory Turnover

50.13

38.39

73.46

39.61 36.74

39.60 44.59 40

50607080

38.39 36.74 44.59

010203040

Y2007 Y2008 Y2009 Y2010 Y2011 Y2012 Q1/2013

Days

July 02,2013

Our Partners

Mobiles

Accessories

Operators

Note : The only one retail shop in thailand , multi brands and multi operators

July 02,2013

Our Stores

Retail Stores: 160

Jaymart Smartphone&Tablet 10Jaymart 134

Consignment: The Mall/BigC

Samsung Brand Shop 6

Consignment: 80

Franchise: 4 July 02,2013

Accessories Shop / Corner

July 02,2013

Jaymart Quality Service

July 02,2013

Jaymart Quality Service

Standardization – Service Blueprint

July 02,2013

JaymartMobile Show2013

Mobile Festival2013

Mobile Showin upcountry2013

Seacon Square

ThailandMobile2013

Jaymart Mobile Show

Seacon SquareCentral LadpraoThe Mall BangkapiFashion Island

Korat Chiangmai

Central The MallFashion

QSNCC

Mobile Gadget2013 NewNew

July 02,2013

Jaymart Mobile Show

July 02,2013

Contest

Jaymart Mobile Show

Seacon SquareSeacon SquareSeacon SquareSeacon SquareSrinakarin

CentralCentralCentralCentralLadprao

The MallThe MallThe MallThe MallBangkapi

FashionFashionFashionFashionIsland

July 02,2013

Jaymart Mobile Show

July 02,2013

Strength

� Over 20 years experience

� Company listed in Thailand stock exchange (SET) 2009

� Rank Number1 mobile retail in Thailand

� Leader in mobile retail store and mobile show� Leader in mobile retail store and mobile show

� Leader in mobile market place (IT Junction)

� The only one multi operators / multi brands in Thailand market

July 02,2013

Company Structure

July 02,2013

JAS Asset Company Limited

• Start in year 2003

• Today 34 IT Junction and target total 45 by end 2013 (2014 expect

to reach 50 IT Junction)to reach 50 IT Junction)

• Rent to 1,200 mobile phone dealers, 11,000 sq.m

• JAS Asset Company Limited spin off in year 2012 (Plan to IPO in year

2014)

July 02,2013

IT Junction Locations

34 Branches ~1,200 Units / 11,000 Sq.m.

July 02,2013

Our Stores: IT Junction

:

July 02,2013

Our Stores: IT Junction

July 02,2013

MKT& CRM Activity

July 02,2013

6%J MARKET @ AMORNPAN

Concept: Neighborhood market

Investment: 30 mb

Opening: June 2012

July 02,2013

6%J MARKET @ WANGHIN

Concept: Neighborhood market

Investment: 370 mb

Opening: Sep 2014

July 02,2013

Strength

� Strong teamwork , experience more than 15 years.

� High growth business (Telecom).

� Economy of scale, low cost – High margin

� Strong Brand “IT Junction”

� Good business model � Good business model

� Strong growth both profit and revenue

July 02,2013

Company Structure

• Collection Service • Debt Acquisition • Insurance Broker

July 02,2013

Total personal loan vs NPL

2.28%

2.10%

2.20%

2.30%

2,500,000

3,000,000

3,500,000

Unit: Million of Baht Unit: % NPL

2,069,693 2,396,633 2,916,649 47,189 46,974 56,583

1.96% 1.94%

1.60%

1.70%

1.80%

1.90%

2.00%

2.10%

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

Q4/2010 Q4/2011 Q4/2012

Total loans NPL-Personal Consumptions % to Total loans

Source of data : Bank of thailand

July 02,2013

NPL Market

Debt Collection Service Debt Acquisition

NPL Market

JMT is the bigestcollection company

Small collection company

JMT is the only one in market

July 02,2013

JMT Portfolio

13,609

21,286

23,701

13,707 12,238

15,000

20,000

25,000

Unit in MB

6,493

9,256 10,140

12,238

-

5,000

10,000

2009 2011 2012 2013(Q1)Debt Acquisition Debt Collection service

July 02,2013

Portfolio Debt Acquisition

40,000

50,000 50,000

60,000

Unit in MB

13,609

21,286

23,701 30,000

40,000

-

10,000

20,000

30,000

40,000

2011 2012 2013(Q1) 2013(F) 2014(F) 2015(F)

July 02,2013

381

494

400

500

600

Cash in of Debt Acquisition (Million Baht)

Unit in MB

39 81

153 108 125

-

100

200

300

2008 2009 2010 2011 2012 2012(Q1) 2013(Q1)

July 02,2013

Debt Acquisition Performance

Cash collect Cash collect Revenue Port Size

No. Year Port Size Investment Cash Collect Of Investment Of OS IRR Method Remaining Aging

(MB) (MB) (MB) (%) (%) (MB) (MB) (Year)

1 Y 2006 1,031 39 133 340% 13% 94 858 4 – 11

2 Y 2007 166 16 27 168% 16% 11 133 2 – 4

3 Y 2008 1,041 49 117 239% 11% 69 893 1 – 7

4 Y 2009 1,745 74 219 296% 13% 146 1,476 0 – 11

5 Y 2010 2,446 122 156 128% 6% 81 2,248 0 – 6

6 Y 2011 7,114 384 485 126% 7% 230 6,567 0 – 5

7 Y 2012 8,474 399 186 47% 2% 94 8,267 0 – 5

8 Y 2013 1,637 110 3 3% 0% 1 1,633 0 – 5

Total 23,654 1,193 1,326 111% 6% 725 22,075

July 02,2013

Revenue and Net Profit Development

93 81 83

67 85

101 103 106 94

16 17 18 16

20 30

28 32

28

0

10

20

30

40

-

20

40

60

80

100

120

Revenue Q1/2013

Hire purchase

3%

Collection Service

26%

Acquisition

71%

Gross profit margin Q1/2013

Acquisition

83%

Collection Service

12%Hire purchase

5%

0 -Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13

TOTAL REV. NET PL

July 02,2013

Financial Ratio

24

3944

27 27

19 19 18

Page 43 July 02,2013

1419 19 18

15

0.66 1.25 1.10 0.14 0.07

2009 2010 2011 2012 Q1 /13

% ROE % ROA D/E

Financial Statement

Jaymart Group


Margin

1,723

2,187

11%

13%

11%

11%

12%

12%

13%

13%

14%

500

1,000

1,500

2,000

2,500

85

93

50%

51%

50%

50%

51%

51%

52%

80

82

84

86

88

90

92

94

Mobile Business JMT Business

10%

11%

-

Q1/12 Q1/13

Rev. (MB)

61 77

20% 20%

0%

5%

10%

15%

20%

25%

0

20

40

60

80

100

Q1/12 Q1/13

Rev. (MB)

50%80

Q1/12 Q1/13

Rev. (MB)

Rental Business


Jaymart Group Performance

53%1,868

2,357

78 60 70 80 90

2,000

2,500

Unit: MB

26%51

78

-10 20 30 40 50 60

-

500

1,000

1,500

Q1/12 Q1/13

TOTAL REV. NET PL


Unit: MB

Jaymart Performance

1,329 1,437

1,612 1,677

1,868 1,851 2,036

2,354 2,357

148

78 100

120

140

160

1,500

2,000

2,500

1041,329

1,437

25 38

50 58 51 68

81 78

0

20

40

60

80

100

-

500

1,000

1,500

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13

TOTAL REV. NET PL • Q4/12 have 44mb gain for fair value of the property

104


ROEROE

Financial Ratio

23

16

2729

26

ROAROA

D/ED/E

16 15

7 5 711

13 13

1.50 1.31 0.92 1.05 0.75 0.712008 2009 2010 2011 2012 Q1 /13

% ROE % ROA D/E


Jaymart Group

JAYMART GROUP

Revenue Structure Y2012 Y2013* Y2014 Y2015

JAYMART 93% 93% 94% 94%

JMT 4% 4% 3% 3%

JASASSET 3% 3% 3% 3%

100% 100% 100% 100%


100% 100% 100% 100%

Profit Structure Y2012 Y2013* Y2014 Y2015

JAYMART 60% 60% 70% 70%

JMT 35% 33% 18% 18%

JASASSET 5% 7% 12% 12%

100% 100% 100% 100%

Remark : Year 2013 update Q1

“Jmart” Historical stock market price


PE Compare Sector

SECTOR

COMMERCE

Name Last MCap (M) P/E P/BV D/E

Average 85.86 70,876.31 35.88 5.89 0.97

CPALL 40.25 361,570 32.09 12.16 1.43

MAKRO 772 185,280 50.06 15.61 1.89

BIGC 197.5 162,938 28.41 4.86 1.74

HMPRO 14 115,075 41.18 10.85 1.56

BJC 55.5 88,257 35.46 6.06 1.62

ROBINS 69 76,636 37.57 7.08 0.56

SECTOR

ICT

Name Last MCap (M) P/E P/BV D/E

Average 30.12 64,911.40 27.98 5.4 3.47

ADVANC 255 758,139 21.13 19.74 2.02

DTAC 115 272,298 23.74 7.92 2.05

INTUCH 82.25 263,728 18.43 12.79 1.08

JAS 8 57,099 23.68 5.88 0.91

THCOM 33.5 36,714 79.17 2.59 0.73

SAMART 26.25 26,128 22.41 4.41 2.47ROBINS 69 76,636 37.57 7.08 0.56

GLOBAL 23.9 62,456 81.72 5.41 0.38

OFM 61.75 19,760 54.2 4.51 0.47

SPC 43.5 13,851 12.95 1.44 0.71

LOXLEY 6.3 13,230 18.43 2.56 1.74

SPI 25 12,351 9.84 0.81 0.31

BEAUTY 27.5 8,250 45.9 8.07 0.11

SINGER 24.4 6,588 25.42 5.14 1.31

KAMART 8 4,800 25.81 7.92 0.35

SAMART 26.25 26,128 22.41 4.41 2.47

SIM 4.08 17,703 58.29 6.28 0.77

SAMTEL 24 14,665 15.76 4.83 3.39

JMART 23 9,563 25.56 5.74 1.1

CSL 12.2 7,253 16.67 6.45 0.95

FORTH 6.85 6,576 32.5 3.87 1.74

AIT 88 6,052 13.96 3.68 2.01

SYMC 18.8 5,640 24.8 4.48 0.29

MFEC 9.55 4,206 17.55 2.34 1.23

SYNEX 4.36 3,341 8.23 1.59 1.4

IEC 0.04 2,761 16.09

MLINK 4.76 2,570 0.91 14.79 6.82

MSC 5.05 1,818 7.66 1.44 1.34

SVOA 2.14 1,513 26.5 1.17 2.39

PT 10.6 1,505 14.19 4.15 2.68


Jaymart in Myanmar


Summary Population VS Mobile Sub

NO. Country MB Penetration

1 Vietnam 140%

2 Thailand 128%


2 Thailand 128%

3 Cambodia 94%

4 Loas 93%

5 Myanmar 5%

Business Direction in Myanmar


Mobile phone and accessories Home electronic appliance & IT Products

1. Jaymart Mobile

Retail shop of Mobile phone, accessories and gadgets

2013 : 20 shops

2014 : 30 shops

“Aim to be leader in Mobile business in 2015”


2. Jaymart

All-in-one place offering a wide variety of electric appliances, IT Products and mobile phones. 2013 / Q4 : 1 shop2014 : 2 shops

“Aim to be leader in 2017”


Alternative : Mobile Junction

Opportunity for - Mobile Junction – area developer for Mobile zone in department store

where facilitate tenants with mobile cabinet.

Mobile Junction need huge space and more investment therefore we need time to explore Myanmar market

for consideration. Once the market is ready we will be able to move forward.


Jaymart in Myanmar


Junction Square Dagon Center

Yankin Center

Shareholders in J&P (Thailand)

J&P Thailand

40% 25% 25% 10%


40% 25% 25% 10%

Project Investment


**Source of fund : increase capital from existing shareholders

Q&AQ&A

Page 58July 02,2013

สรุป JMART & JMT Company Visit วันที่ 12/07/13

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Transcript of สรุป JMART & JMT Company Visit วันที่ 12/07/13