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Gunkul Engineering Public Company Limited
30th May 2019
Section I: Company Overview
Strictly Private and Confidential
Gunkul Engineering PLC (“Gunkul”) operates across the entire renewable energy value chain
Founded in 1982 as an electrical equipment trader. Gunkul later
expanded into manufacturing, EPC business, and filed for IPO in
2010 to grow its renewable generation business
Trader, manufacturer and EPC contractor: Complete value chain
business model provides end-to-end solution in the development of
renewable energy projects
Renewable energy power producer: Power projects with contracted
capacity(1) of 543.1 equity MW in Thailand, Myanmar, Japan and
Malaysia (approx. 64% solar, 34% wind, and 2% gas). As of current,we have ~348 equity MW in operation (64% operated)
Approx. US$ 718.96 Million market capitalization end of December
2018 (SET:GUNKUL)
Notes:
(1) Including operational, under construction, and secured pipeline.
(2) As of May 2019
(3) Gunkul Group is a holding company with the Dhumrongpiyawut family owning 99.6% of the Group
(4) Dhumrongpiyawut family accounts for 53.3% of Gunkul
Reliable manufacturer and supplier of over 5,000 electrical
equipment and products1
2
World-class renewable energy projects with a visible and
robust pipeline across Asia3
Reputable one-stop renewable energy EPC and O&M
service provider with over 15% market share in Thailand
Gunkul Shareholders(2)
Gunkul Group(3) (4)
49.8%
Mr. Gunkul Dhumrongpiyawut
4.2%
UOB Kay Hian (HK)
2.9%
Others
37.4%
Siam Commercial Bank
3.1%
Thai NVDR
2.2%
Bua Luang Long Term Equity Fund
2.2%
Disconnecting
Switch
Arrester SF6 gas switchLow-voltage
switch
Gunkul Overview
3
Strictly Private and Confidential
From Equipment Trading to Renewable Energy
Secured PPA for
60MW Wind Energy
Development (WED)
Secured PPA for 30.9MW
Gunkul Chubu Powergen
(GCPG)
Founded as an
electrical
equipment trader
1982
Set up factory
for
manufacturing
1992 2010
Initial Public Offering
Entered into renewable
energy
sector as EPC and O&M
contractor
1st solar project
1st wind project
2012
1st gas engine power plant
25MW gas engine power
plant in Myanmar (GKMCP)
2013
Expanded into solar roof
business along with
reputable partners
Solar roof business
2014
Solar PV module manufacturing
1 of 4 manufacturers in Thailand
producing solar PV modules under Thai
Industrial Standard
2015
100
2011
Wind project MOU in
Myanmar
Signed MOU with
Myanmar Ministry of
Electric Power to develop
1,000MW Wind Project
Supplied and set up
Thailand’s
first wind turbine for EGAT
Gunkul transformed itself from a trading company with volatile earnings to a renewable energy player that has
stable cashflow and high margins
Gunkul’s EBITDA from Renewable Power is Expected to Increase from 86% in 2017 to 88% and 92% by 2018 and 2019
Note:Based only on the secured 513.1 equity MW in our portfolio and only 371.3MW to be COD by 2019
Target to
achieve 1,000
contracted
equity MW by
2022
1st Japan Solar Project
31.8MW solar power
plant in Japan (Sendai)
2017 2018
4
1st Solar Rooftop
Private PPA
Structured the
Solar Rooftop
business to be
Private PPA
which the off-
taker are
reputable
companies
1st Malaysia
Solar Project
29.99 MW or
20.99 Equity MW
solar power plant
in Malaysia
86%
14%
89%
11%
92%
8%
2017 EBITDA Breakdown 2018F EBITDA Breakdown 2019F EBITDA Breakdown
Renewable Power Generation
Trading & EPC
Strictly Private and Confidential
5
Vertically Integrated Business Covering Downstream Segments of Renewable Energy
Trading and ManufacturingEngineering, Procurement
& ConstructionPower Generation
Samples of In-House Products
Cable and accessories, capacitor, fuse and switch, grounding, hardware and connector, Insulator, lightning protection, live part cover, maintenance equipment, meter, preformed, tool and instrument, transformer
Distribution
Line
Transmission
LineCable and accessories, fuse and switch, hardware and connector, insulator, lightning protection, maintenance equipment, tool and instrument
Power PlantWind turbine component, solar panel component
Low Voltage
Line
Capacitor, explosion proof product, fuse and switch, grounding, hardware and connector, insulator, lightning protection, meter, preformed, street lighting and control, telephone hardware
Substation Battery and charger, capacitor, grounding, maintenance equipment, meter, tool and instrument, transformer
Low-voltage
switch
Cutout
Arrester
Disconnecting
Switch
SF6 gas switchGunkul’s Own Projects
“Allow Gunkul to exploit economies of scale and cost saving advantages”
Solar
Wind
Gas Engine
Geographical
DiversificationEnergy Mix
Thailand: 53%
Japan: 41%
Malaysia: 4%
Myanmar: 3%
Solar: 64%
Wind: 33%
Gas Fired: 3%
Note: Above pie charts demonstrate Existing Equity MW
Existing Power Plants
Total Equity Capacity of 543 MW
543 MW
(Equity)
543 MW
(Equity)
Project Reference
Project Owner MW EPC O&M
1) GPS 26.00 P P
2) GCPG 30.90 P P
3) NK Power Solar 1.00 P P
4) CK & Sun Solar
Power Plant8.00 P P
5) Solatra Solar
Power Plant8.00 P
6) BSE (NMA) 12.50 P P
7) BSE (CPM1) 12.50 P P
8) Solar Rooftop 26.78 P P
9) RNS 87.00 P
10) BMPS 8.00 P P
11) ECO 5.00 P P
12) WED (1) 60.00 P
13) GNP (1) 60.00 P
14) KWE(1) 50.00 P
Total 395.68
Note: (1) Only Balance of Plant Part
Strictly Private and Confidential
High Quality Renewables Asset Portfolio
6
THAILAND
MYANMAR
MALAYSIA
Solar Farm ( 96.1 MW)
Fully COD ( 6 Projects)
Total Gross / Equity (MW) 157.9 / 96.1
Wind Farm ( 170.0 MW)
Fully COD ( 3 Projects)
Total Gross / Equity (MW) 170.0 / 170.0
Solar Rooftop ( 2.8 MW)
Fully COD (9 Projects)
Total Gross / Equity (MW) 5.5 / 2.8
Private PPA Solar Rooftop ( 32.6 MW)
Fully COD ( 1 Project)
Total Gross / Equity (MW) 1.0 / 1.0
Under Construction ( 3 Projects)
Total Gross / Equity (MW) 31.6 / 31.6
Gas-Fired Plant ( 12.8 MW)
Fully COD ( 1 Projects)
Total Gross / Equity (MW) 25.0 / 12.8
JAPAN
Type Scheme Thailand Japan Malaysia Myanmar Total
Feed in Tariff 68.9 207.1 21.0 - 297.0
Adder 27.2 - - - 27.2
Feed in Tariff - - - - -
Adder 170.0 - - - 170.0
Feed in Tariff - - - 12.8 12.8
Adder - - - - -
Feed in Tariff 2.8 - - - 2.8
Adder - - - - -
Private PPA 32.6 - - - 32.6
Total 302.1 207.1 21.0 12.8 543.1
Solar Farm ( 207.1 MW)
Fully COD( 2 Projects)
Total Gross /Equity (MW) 65.3 / 65.3
Under Construction ( 2 Projects)
Total Gross /Equity (MW) 141.8 / 141.8
Solar Farm ( 20.99 MW)
Under Development ( 1 Projects)
Total Gross / Equity (MW) 29.99 / 20.99
Note:(1) The figure is as of 1 Nov, 2018
Strictly Private and Confidential
Gunkul will continue to grow in Renewable Business to transform
itself into a company with stable income and high margin
Vision: To Become an Asia’s Leading Renewables Company
7
Expand EPC business into Transmission Line & Substation
sectors which support Thailand Electrical System
By 2022, step to secure 1,000MW by increasing
capacity through domestic and international
Enhance Company’s Growth by entering into a Private
Producer Segment
Embrace new technology to drive growth and expose new
opportunities to invest in next step, including small scale
customers
PEAPEA’s Outstanding Project (2019-2023)
in Transmission Line & Substation
169,305 THB Million (1)
Reputable Department Stores
Industrial / Companies
Notes:
(1) https://www.pea.co.th/Portals/0/Document/cpd/60-4%20PEA%20Website.pdf
Smart Living by Gunkul
1.
2.
3.
4.
Total (MW)Existing (MW)
Potential deal (MW)
472302
200
207207
-
12121
100
100-
100
11313
100
Others
Strictly Private and Confidential
8
Track Record of Accelerated Growth
15.8 10.4 1.0
12.8 2.8
58.3 10.0
50.0
2.6
1.0
50.0
33.5
348.0
1.1
8.0
2.6
60.0
31.8
0.5
20.010.0
21.0
66.8
75.0 542.4
0
200
400
600
GCPGCOD2011
GPSCOD2012
NKCOD
Q4 2013
GKMCPCOD
Q4 2013
SolarRooftop
CODQ2 2014
RNSCOD
Q4 2015
BMPSCOD
Q2 2016
WEDProject 1
CODQ1 2016
WEDProject 2
CODQ3 2016
ECOQ4 2016
PrivatePPACOD
Q2 2017
GNPCOD
Q1 2018
KWECOD
Q2 2018
SendaiCOD
Q4 2018
KimitsuCOD
Q1 2019
OperationalCapacity
PrivatePPACOD
Q2 2019
PrivatePPACOD
Q2 2019
PrivatePPACOD
Q2 2019
PrivatePPACOD
Q3 2019
KenyirGunkulCOD
Q4 2019
UtsunomiyaCOD
Q1 2022
IwakuniCOD
Q1 2022
TotalEquity MW
Solar Gas Wind
Gunkul demonstrated a track record of successful capacity build-up and this translates into more stable and
recurring electricity revenue
Note:
Source: Company Filings and Company Information
Equity MW
Under Construction / Under Development
(Q1 2019 – 2022)
In Operation
(2011 – Q1 2019)
Strictly Private and Confidential
Sendai – Japan Solar Project
Sendai
Solar Radiation Map of Japan
Project Description
Project Name Sendai
Location Sendai, Japan
Contract capacity 31.8 MW
Installed capacity 38.1 MW
Project Milestones
All Permit Completed
COD : 1 November 2018
SENDAI
9
Strictly Private and Confidential
10
Sendai – Japan Solar Project
Strictly Private and Confidential
Kimitsu – Solar Project
Solar Radiation Map of Japan
Kimitsu
Project Description
Project Name Kimitsu
Location Kimitsu, Japan
Contract capacity 33.5 MW
Installed capacity 40.4 MW
Project Milestones
All Permit Completed
KIMITSU
COD : 1 April 2019
11
Strictly Private and Confidential
Kimitsu – Solar Project
12
Strictly Private and Confidential
Kimitsu – Solar Project
13
Section II: Q1-2019 Performance
Strictly Private and Confidential
3,360
8,590 9,749 10,184 9,500 9,643
447
484
463 592
671 762
20
3,369
8,562
13,519 16,949 16,638
1,151
2,442
2,000
3,200
1,871 1,639
2,261
3,930
4,822
3,232
6,633 6,359
4,654
12,641
19,523
24,745
30,086 29,692
1,078
2,678
3,605
4,824
4,646 4,515
1,507
3,497
2,468
1,158
893 833
7,239 7,239
18,815 18,815
25,596 25,596
30,377 30,726
35,625 35,625
35,041 35,041
0.00x
0.50x
1.00x
1.50x
2.00x
2.50x
3.00x
0
10,000
20,000
30,000
40,000
2014 2015 2016 2017 2018 Q12019
2.48x0.68x 0.85x 1.37x 1.70x
0.651.2 0.8 1.0 0.8
Total Assets, Liabilities, and Equities
THB MM
Non-Current AssetsOther Current AssetsCash Current Debt Other Current Liabilities Non-Current DebtOther Non-
Current Liabilities
Total Interest Bearing Debt / Equity (times)
Total Equity
IBD / Equity
Current Ratio
Financial Position
Assets Liabilities
&Equity
Assets Liabilities
&Equity
Assets Liabilities
&Equity
Assets Liabilities
&Equity
Assets Liabilities
&Equity
Assets Liabilities
&Equity
15
2.38x
0.67
1.02*Break off Current
portion of debentures
Strictly Private and Confidential
Breakdown by Business Unit
709 961
987 1,376
2,082
121
512 541 674 615 715
1,178
(70)232
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014 2015 2016 2017 2018 Q12018
Q12019
Manufacturing and Trading Revenue
EPC and O&M Revenue
Power Generation Revenue
EBIT
Net Profit
47%6
31%
42%
31%
50%
1%
49%85%
14%
1%
31%
27%
24%
44%
32%
22%
31%
47%
16%
61%
23%
23%
18%
59%
THB MM
24%
18%
22%
15%
39%
19%
38%
22%
EBIT
Margin
Net Profit
Margin
36%
15%
35%
16%
Revenue Breakdown & Earnings
Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit Revenue EBIT Net Profit
16
1,4611,736
6,461
4,913
3,367
4,591
3,062
7%
(4%)
Strictly Private and Confidential
31%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2017 2018 2019F 2020F
Manufacturing and Trading Revenue
EPC and O&M Revenue
Power Generation Revenue
EBIT
45%
4,913
8,000
(+25%)
3,200
(+54%)
6,460
(+31%)
2,082
(51%)
1,376
9,250
(+16%)
3,850
(+20%)
Forecasted Revenue Breakdown & Earnings
17
22%
31%
47%
18%
33%
48%
25%
42%
33%
43%
19%
38%44%
16%
40%
Strictly Private and Confidential
ราคาปิด
2.90 บาท
ผลตอบแทน
12.40%
อตัราผลตอบแทนจากหุ้นปันผล (5:1) + เงินสด 0.01 บาทต่อหุ้น
18
24 เม.ย. 62 25 เม.ย. 62 15 พ.ค. 62 29 พ.ค. 62
ราคาปิด
3.10 บาท รับหุ้นปันผล 5:1 รับเงนิสดปันผล 0.01 บาท / หุ้น
หุ้นปันผลเข้า TRADEก่อน XD 1 วัน ราคาปิดวานนี ้
Dilution Effect ท าให้ต้นทนุเฉล่ียลดลงเป็น 2.58 บาท
(~17%)
ราคาปิด 2.62 ผลตอบแทน 1.55%
ราคาเฉล่ีย 2.68 ผลตอบแทน 3.88%
ราคาสูงสุด 2.76 ผลตอบแทน 6.20%
ขึน้ XD
21 วัน 35 วัน1 วัน0 วัน
Section III: Opportunities to growth
Strictly Private and Confidential
2019 GUNKUL’s target growth
In 2019, GUNKUL’s revenue and EBITDA will continue to grow 25% and 54%, respectively
20
Three major factors to support the growth
PDP 2018 support to Solar Rooftop
The Ministry of Energy has put Private
PPA of Solar Rooftop in a National
Power Development Plan for the
country's new Power Development
Plan (PDP2018) of over 10,000 MW,
starting by the first five years (2019 -
2023) which expected to reach an
average of 100 MW per year, before
moving upwards by 1,000-2,000 MW
after 2027 to reach 10,000 MW in
year 2036
In 2019, our operated capacity MW
will reach 401MW, including Thailand,
Japan, Malaysia. We are still looking
for new opportunities in every
countries and target to secure
1,000MW by increasing capacity
through domestic and international
Fully COD of Power Plant of
almost 400 MW in 2019
To secure EPC of transmission
line, substations and submarine
cable
The acquisition of FEC on 3 July 2018
was a very good advantage for
GUNKUL to enhance Company’s
growth from entering into the new
business segment and capture more
market shares in Transmission line &
Substation Construction Sector which
leads to higher earnings
Government Utilities’ Outstanding
Project (2019-2023) in
Transmission Line & Substation
169,305 THB Million
Transmission
lineUnderground
CableSubstation Electricity Plant
TARGET
70-100 MW in 2019
TARGET
To achieve 3,500 MB in 2019
TARGET
To achieve 3,000 MB in 2019
Government
Utilities
16
Strictly Private and Confidential
EPC : Opportunities to growth
Potential Projects Value announced
by EGAT, PEA and MEA
Selective & Captured only PEA Projects
Average PEA Projects value per year
during 2018 - 2023
592,177 MB
169,934 MB
33,987 MB / Year
21
Strictly Private and Confidential
EPC : Opportunities to growth
Backlog (approx. 7,000 MB)
22
• Substation 115 KV (total 880 MB)
• High Voltage Power Distribution System - Underground
• Transmission line 115 KV Loop Line
400 MB
1,150 MB
115 MB
• Solar Rooftop Projects 300 MB
• Krungthep Thanakom – Fiber Optic 5,100 MB
Strictly Private and Confidential
GUNKUL’s Wind Project : 2018 Performance
83,185,430 kWh
6-month
6.17 m/s
35.64%
95.99%
Production 123,519,080 kWh
9-month
5.24 m/s
27.28%
96.19%
123,720,298 kWh
12-month
5.38 m/s
23.50%
96.13%
Period
Avg. Wind Speed
Capacity Factor
Plant Availability
50 MWContracted MW 60 MW60 MW
20 June 2018COD Date 27 March 201810 MW : 17 Mar 2016
50 MW : 29 Dec 2016
23
Strictly Private and Confidential
WED – Wind Project
24
Strictly Private and Confidential
GNP – Wind Project
25
Strictly Private and Confidential
KWE – Wind Project
Strictly Private and Confidential
33 kV Submarine Cable
33 kv Submarine Cable :
Ko Prathong
Project Ownner : PEA
Location : Ko Prathong, Pang Nga
Total Project Cost : 87.5 Million Baht
--- Project Completed ---
Strictly Private and Confidential
115 kV Submarine Cable
115 kv Submarine Cable :
Ko Sa-mui
Project Ownner : PEA
Location : Ko Sa-mui
Total Project Cost : 1,800 Million Baht
Bidding Period : Q2 - 2019
Strictly Private and Confidential
33 kV Submarine Cable
33 kv Submarine Cable :
Ko Tao
Project Ownner : PEA
Location : Ko Tao
Total Project Cost : 1,500 Million Baht
Bidding Period : Q4 - 2019
Strictly Private and Confidential
Floating Solar Power Plant
Floating Solar Power Plant
Project Ownner : EGAT
Location : Sirindhorn Dam,
Ubonratchathani
Capacity : 250 kW
Total Project Cost : 21 Million Baht
--- Project Completed ---
Strictly Private and Confidential
High Quality Renewables Asset Portfolio
31
THAILAND
MYANMAR
MALAYSIA
Solar Farm ( 96.1 MW)
Fully COD ( 6 Projects)
Total Gross / Equity (MW) 157.9 / 96.1
Wind Farm ( 170.0 MW)
Fully COD ( 3 Projects)
Total Gross / Equity (MW) 170.0 / 170.0
Solar Rooftop ( 2.8 MW)
Fully COD (9 Projects)
Total Gross / Equity (MW) 5.5 / 2.8
Private PPA Solar Rooftop ( 32.6 MW)
Fully COD ( 1 Project)
Total Gross / Equity (MW) 1.0 / 1.0
Under Construction ( 3 Projects)
Total Gross / Equity (MW) 31.6 / 31.6
Gas-Fired Plant ( 12.8 MW)
Fully COD ( 1 Projects)
Total Gross / Equity (MW) 25.0 / 12.8
JAPAN
Type Scheme Thailand Japan Malaysia Myanmar Total
Feed in Tariff 68.9 207.1 21.0 - 297.0
Adder 27.2 - - - 27.2
Feed in Tariff - - - - -
Adder 170.0 - - - 170.0
Feed in Tariff - - - 12.8 12.8
Adder - - - - -
Feed in Tariff 2.8 - - - 2.8
Adder - - - - -
Private PPA 32.6 - - - 32.6
Total 302.1 207.1 21.0 12.8 543.1
Solar Farm ( 207.1 MW)
Fully COD( 2 Projects)
Total Gross /Equity (MW) 65.3 / 65.3
Under Construction ( 2 Projects)
Total Gross /Equity (MW) 141.8 / 141.8
Solar Farm ( 20.99 MW)
Under Development ( 1 Projects)
Total Gross / Equity (MW) 29.99 / 20.99
Note:(1) The figure is as of 1 Nov, 2018
Strictly Private and Confidential
Disclaimer
32
This presentation has been prepared by Gunkul Engineering Public Company Limited (“Gunkul”) for informational purposes only and
does not constitute a recommendation regarding the securities of Gunkul or any of its subsidiaries. This presentation is not intended as,
and does not form part of, any offer to sell or solicitation or invitation to buy or subscribe for any securities. Neither this presentation nor
anything contained herein shall form the basis of, or be relied on in connection with, any contract or commitment whatsoever.
Gunkul makes no representation or warranty, either expressed or implied, in relation to the accuracy, completeness or reliability of the
information contained in this presentation. The information set out herein may be subject to updating, completion, revision, verification
and amendment without notice and such information may change materially. The information in this presentation should not be regarded
by recipients as a substitute for the exercise of their own judgment.
This presentation may contain forward-looking statements and estimates with respect to the future operations and performance of
Gunkul, its subsidiaries and affiliates. These forward-looking statements are subject to various assumptions, risks and uncertainties,
many of which are difficult to predict and are generally beyond the control of Gunkul. Such assumptions, risks and uncertainties could
cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Neither
Gunkul nor any of its directors, officers, employees, advisors or representatives assumes any responsibility to update any of the forward-
looking statements to conform such statements to actual results or developments, to reflect the occurrence of anticipated results or
otherwise. Neither Gunkul nor any of its directors, officers, employees, advisors or representatives nor any other person accepts any
liability whatsoever for any loss, however arising, from any use of this document or its contents or otherwise arising in connection
therewith.
Any opinions expressed in this presentation are subject to change without notice and may differ or be contrary to opinions expressed by
other business areas or groups of Gunkul as a result of using different assumptions and criterion.
Gunkul Engineering Public Company Limited
1177 Pearl Bangkok Building, 8th Floor, Phahonyothin Road, Phayathai , Phayathai, Bangkok 10400
33
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