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1Q16 Analyst meeting May 2016
Disclaimer
2
This Investor Presentation has been prepared by Quality Houses Public Co., Ltd. (“QH”) for investors, solely for informational purposes.
The information contained herein has been prepared to assist prospective investors in making their own evaluation of the Company and does not purport to be all-inclusive or to contain all of the information a prospective or existing investor may desire. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in this information. QH makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company.
This Information includes certain statements and estimates provided by the Company with respect to the projected future performance of the Company. Such statements, estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct. No representations are made as to the accuracy of such statements, estimates or projections. Prospective investors will be expected to have conducted their own due diligence investigation regarding these and all other matters pertinent to investment in the Company.
This presentation may contain statements that are not historical facts, referred to as “forward looking statements.” The corporation’s actual future results may differ materially from those suggested by such statements, depending on various factors including those described in filings made with the SEC.
Company Profile
3
Company Quality Houses Public Company Limited
Address 1 South Sathorn Rd., Tung Mahamaek, Sathorn, Bangkok
Trade Date 11 September 1991
Industry/Sector Property & Construction/Property Development
Listed shares 10,714.38 Million shares
Par Value 1 Baht
Market Capitalization 24,214.50 Million Baht (May 4, 2016 @ 2.26 per share)
Dividend Policy Not exceeding 50% of its consolidated net income after deduction of all specified reserves
QH NAV
QH NAV per share (Baht) 4.13
Property Development Value 38,465
Market value of investment in associated companies (as of May 4, 2016) 29,982
Net Debt (24,192)
Total NAV 44,255
QH Market Capitalization (BT2.26 per share @ May 4, 2016) 24,214
Discount to NAV per share 45%
Number of QH shares 10,714
QH NAV per share (Baht) 4.13
As of Mar 2016
4
QH
Q. House Convent
Q. House Asoke
Q. House Sathon
QHPF
Q. House Ploenchit
Q. House Lumpini
Waveplace
Pri
ce: M
illio
n B
aht
QH
Centre Point Hotel Silom
QHHR
Centre Point Hotel Pratunam
Centre Point Hotel Sukhumvit 10
Centre Point Hotel Chidlom
Management Contract
Centre Point Sukhumvit-Thonglor
Centre Point Residence Phromphong
Mandarin Hotel Sam Yan by Centre Point
L&H Villa Sathon
>100
30-85
24-80
7-30
6-12
7-12
5-7
4-6
3-6
3-5
1.8-4 2-3
14-140
3-7
2-5
1.5-4
Detached House
Town Home
Condominium
Office Building
Hotel
High ended brand Mid ended brand Low ended brand
Property Development for Sale
Pre-Sale Pre-Built
Property Development for Rent
Brand & Business Model
5
<1
2-4
Condominium
2016F
Hi-end Mid-end Low-end
2016F
DH TH Condo
Revenue Classification
Growth with solid diversification by segment and product
6
Classify by Segmentation Classify by Product
2X,XXX 2X,XXX 20,147 19,214
55%
27%
18%
53%
20%
27%
25%
42%
33%
29%
41%
30%
20,147
30%
38%
32%
19,214
52%
24%
24%
5
2
4
1
1
1
3
2
1
5
1
1
Chiangmai
Chiangrai
Rayong
Petchaburi
Chonburi
Chachengsao
Prachuap Khiri Khan
Nakhon Prathom
DH TH Condo
5
2
1
3
2
6
1
4
1
1
1
Chiangmai
Chiangrai
Rayong
Petchaburi
Chonburi
Chachengsao
Prachuap Khiri Khan
Nakhon Prathom
High Mid Low
Select Industrial estates or tourist places in upcountry (27 projects = 17% of total remaining value)
Upcountry Development
7
2
1
10
2
2 1
8
2
1
10
2
2
1
8
By Segment
By Product
1
1
Proportion of total project launch
Project launch in 2015 & 2016
8
Project launch 2015 2016
No. of projects 21 14
Total value (bn Baht) 26 15
Proportion (%) of project launched each year
By Segmentation 2014 2015 2016
High 14% 42% 13%
Mid 46% 40% 45%
Low 40% 18% 42%
By Product Type
DH 26% 35% 35%
Townhouse 40% 14% 61%
Condo 34% 51% 4%
By Location
Bangkok 79% 87% 87%
Provinces 21% 13% 13%
2016 Key Performance Target
9 Note: * Including cash interim dividend of 0.07 per share and stock dividend ratio of 6:1 ** Dividend Policy
Key Performance 2013A 2014A 2015A 1Q16 2016F
Presales (Baht) 20.4 bn (+28%)
19.3 bn (-5%)
20.0 bn (+3%)
4.4 bn 8 -10% growth
Revenue Recognition (Baht) 18.5 bn (+55%)
20.1 bn (+9%)
19.2 bn (-4%)
4.9 bn 8 -10% growth
Backlog (Baht) 9.0 bn 8.0 bn 8.5 bn 7.8 bn n.a.
Equity Income from Associated Company (Baht)
0.94 bn 1.06 bn 1.23 bn 0.34 bn ~1.2 bn
Gross Profit Margin 32% 32.5% 31% 30% 31%
Land CAPEX (Baht) 2.8 bn 8 bn 5 bn 2 bn 4 bn
Construction CAPEX (Baht) 8.3 bn 10.5 bn 11.5 bn 3 bn 10 bn
Financial Highlight
Net Profit (Bt million) 3,307 3,329 3,106 744 n.a.
EPS (Bt) 0.36 0.36 0.29 0.07 n.a.
Interest Bearing Debt/Equity 1.18X 1.32X 1.24X 1.23X 1.0X
Dividend per share (Bt) 0.16 0.2552* 0.14 N.A. n.a.
Dividend payout ratio 44% 70% 48% N.A. Up to 50%**
0.2 0.2 0.10.3 0.5 1.0 1.1
6.8
8.47.3
7.36.7
3M16
-
2.0
4.0
6.0
8.0
10.0
12.0
8.1 9.3 10.9 10.2
2.8
2.9
4.1 5.2
1.1
6.8
8.2 4.3 4.6
0.4
-
5.0
10.0
15.0
20.0
25.0
3M16
DH TH Condo
Pre-Sales & Backlog
10
Pre-Sales: Billion baht Backlog: Billion Baht
19.3
16.5
20.4
7.2
8.9 8.0
1.6
0.2 0.2 0.2
20.0
8.5
4.4
7.8
1.12.0
3.0
1.7
Condo
DH+TH
Note: # Projects/Project Value
Conclusion of new projects launched
11
Condo
TH
DH
Total
2015
21 p/25,774 MB
10 p/9,148 MB
5 p/3,477 MB
6 p/13,149 MB
2016F
14 p/14,549 MB
4 p/5,067 MB
9,489
2,275
1,385
Low-End
Medium-End
Hi-End
9 p/8,900 MB 1,140
2,337
1 p/582 MB
1,312
2,925
830
1,228
7,116
804
3,667
5,233
582
New Projects in 2016
12
No. of Project Value Total
TYPE project (MB) (Units)
1 Vararom Chiangmai DH 1 1,312 290
2 The Trust Bangkok DH 1 830 224
Total projects to be launched in Q1 2 2,142 514
1 Casa Bangkok DH 1 950 153
2 Casa City Bangkok TH 2 1,562 469
Total projects to be launched in Q2 3 2,512 622
2 Gusto Bangkok TH 2 2,353 709
Total projects to be launched in Q3 2 2,353 709
1 Casa Bangkok DH 1 1,975 345
1 Casa City Bangkok TH 2 2,105 624
2 Gusto Bangkok TH 3 2,879 1,110
Total projects to be launched in Q4 6 6,959 2,079
13 13,967 3,924
Target Project Value Total
No launch (MB) (Units)
1 Q House Chiang Rai Condo 3Q16 582 348
582 348
14,549 4,272
Note: Casa Condo Bang Yai B (1,840 MB) postpone to 2017
TYPE
Total (1 Projects: High-rise)
Grand Total (14 projects: Low-rise&High-rise)
No Low-rise Projects Location
Total (13 Projects: Low-rise: DH = 4 projects, TH= 9 projects)
High-rise Projects Location
Land bank
13 Note: 1 ACRE = 1,000 Sq.W., 1 Sq.W = 4 Sq.M.
As of Mar 2016 No. of Areas
Projects ACRE Sq.W. Sq.M.
Low-rise Projects
QH 1 31 30,918 123,672 10%
Casa 3 99 98,903 395,612 33%
The Trust 6 75 74,990 299,958 25%
Gusto 1 16 15,832 63,328 5%
High-rise Projects
QH 1 0 386 1,544 0%
Casa 2 5 5,011 20,044 2%
The Trust 3 6 6,067 24,267 2%
17 232 232,106 928,426 76%
Low-rise Projects
QH 2 22 21,282 85,126 7%
Casa 2 35 35,077 140,308 12%
High-rise Projects
Casa 2 5 5,054 20,218 2%
The Trust 3 9 8,768 35,073 3%
The Point 1 2 1,864 7,456 1%
10 73 72,045 288,181 24%
27 305 304,152 1,216,606 100%
Areas
%
Total Land Bank in Provinces
Grand Total Bangkok&Provinces
Total Land Bank in Bangkok
Bangkok
Provinces
Undeveloped Land
Remaining Land Land for Projects Undeveloped Total
of Current Projects in 2016 Land Land bank
Total company's Land Bank (ACRE) Salable area 361 95 N/A. 456
Total company's Land Bank (Sq.Wah) Salable area 360,958 94,651 N/A. 455,609
Total company's Land Bank (ACRE) Gross area 892 179 304 1,374
Total company's Land Bank (Sq.Wah) Gross area 891,734 178,592 304,152 1,374,477
PROJECTS IN PIPELINE
14
# Projects/Remaining Value
Note 1. Remaining Value = Total Project Value – Accumulated Sales 2. For Pre-built, Accumulated Sales = Accumulated Transfer
Conclusion of projects in pipeline
15
As of Mar 2016
Products Pre-built Pre-sales Total
DH 47 projects/33,128 MB 47 projects/33,128 MB
TH 21 projects/7,889 MB 21 projects/7,889 MB
Condo 18 projects/19,032 MB 18 projects/19,032 MB
Total 68 projects/41,017 MB 18 projects/19,032 MB 86 projects/60,049 MB
Low-rise Projects
16
As of Mar 2016 No. of projects
Low-rise Unit Value (MB) Value (MB) %
Bangkok & Greater Bangkok
Detached Houses 35 7,420 60,870 27,505 45%
Q 1 12 1,362 459 34%
QH 2 206 7,103 3,381 48%
Prukpirom 1 84 3,069 1,855 60%
Laddarom 5 856 12,024 4,125 34%
Vararom 1 231 1,888 744 39%
CASA 20 4,625 30,294 14,762 49%
The Trust 5 1,406 5,131 2,179 42%
Townhouses 19 5,193 15,108 7,628 50%
CASA 7 2,121 6,833 4,323 63%
The Trust 4 887 2,231 1,060 48%
Gusto 8 2,185 6,044 2,245 37%
Total of Low-rise projects in BKK and greater BKK 54 12,613 75,979 35,134 46%
Provinces (Chiang Mai, Rayong, Petchaburi: Cha Am, Chonburi : Sriracha, Chachoengsao, Nakhon Prathom)
Detached Houses 12 1,878 8,990 5,623 63%
QH 1 37 378 268 71%
Laddarom 1 114 1,459 300 21%
Vararom 3 504 2,430 1,971 81%
CASA 6 957 3,856 2,398 62%
The Trust 1 266 867 685 79%
Townhouses 2 371 770 261 34%
CASA 1 151 329 67 20%
The Trust 1 220 441 194 44%
Total of Low-rise projects in provinces 14 2,249 9,760 5,883 60%
Total of Low-rise projects 68 14,862 85,738 41,017 48%
Available for salesProject
17
High-rise Projects
As of Mar 2016 No. of projects
High-rise Unit Value (MB) Value (MB) %
Bangkok & Greater Bangkok
Q 2 755 14,339 9,070 63%
CASA 1 847 1,648 614 37%
The Trust 2 2,760 5,745 3,308 58%
The Point 1 830 754 431 57%
Total of High-rise projects in BKK and greater BKK 6 5,192 22,486 13,423 60%
Provinces (Chiang Mai, Chiang Rai, Petchaburi: Cha Am, Chonburi : Sriracha, Nakhon Prathom)
Q 1 207 2,000 1,407 70%
QH 1 348 546 186 34%
CASA 4 699 1,466 789 54%
The Trust 5 2,804 5,087 2,755 54%
The Point 1 683 635 472 74%
Total of High-rise projects in provinces 12 4,741 9,734 5,610 58%
Total of High-rise projects 18 9,933 32,220 19,032 59%
Grand Total 86 24,795 117,958 60,049 51%
Project Available for sales
Projects completed in 2015
18
Period
Units Value (MB)
Low-rise 631 2,570
1 Casa Presto Ratchapruk-Chaengwattana Bangkok 1Q16 195 904
2 Casa Ville Ratchapruk Phraram 5 Bangkok 1Q16 133 854
3 Gusto Praram 2 Bangkok 1Q16 303 812
High-rise 660 847
1 The Trust Condo Central Pattaya Chonburi 1Q16 660 847
1,291 3,417
Accum. Transfer
(As of Mar 2016)
Total (3 Low-rise and 1 High-rise projects )
No Completed Projects Location
INVESTMENT & RENTAL BUSINESSES
19
Associated Companies
Note: 1) First Day Trade on 10 May 2011, with IPO price =1.40 baht/share 2) First Day Trade on 31 July 2012 with IPO price = 10.00 baht/share
20
Investments in Associates
(Unit: Million Baht)
Consolidated Consolidated Carrying amount
Registered % % Share of income (loss)Share of income (loss) based on Market Cap.
shares capital ShareholdingShareholding from investment from investment Cost Equity Method as at
Company Name (mil. Shares) 31-Mar-16 31-Dec-15 Diff 31-Mar-16 31-Mar-15 Diff 31-Mar-16 31-Mar-16 4-May-16
Home Product Center Plc. Trading 13,151 20% 20% 0.0% 173 147 26 760 3,753 21,427
LH Financial Group Plc.1) Investment
Holding in LH
Bank
13,639 21% 21% 0.0% 122 70 52 2,850 4,011 5,093
Quality Houses Property Fund Property Fund 797 26% 26% 0.0% 36 37 (1) 2,018 1,262 2,536
Quality Houses Hotel and
Residence Property Fund 2) Property Fund336 31% 31% 0.0% 14 13 1 1,053 382 926
345 267 77 6,680 9,408 29,982
Nature of
business
Hotel Business
As of Mar 2016
* H = Hotel, S = Service Apartment, A= Apartment
*
21
TypeNo. of
Floors
Gross
Area
(Sq.M.)
Rentable
Area
(Sq.M.)
No. of Units
1. Hotel belonging to QH
Centre Point Hotel Silom 4-3-20 Rai Leasehold H 27 26,000 13,933 214 84% 1,154 333 538
Total (1) 26,000 13,933 214 84% 1,154 333 538
2. Hotel leased from
QHHR
Centre Point Hotel Pratunam 1-2-25.4 Rai Rent H 28 25,390 13,009 266 86% 638 208 823
Centre Point Hotel Sukhumvit 10
- Main Tower 1-2-85.5 Rai Rent H 28 33,556 16,723 189 73%
- Garden Wing 1-2-85.5 Rai Rent H 5 3,709 2,372 45
Centre Point Hotel Chidlom 1-1-33.9 Rai Rent H 24 22,000 11,744 200 86% 918 521 610
Total (2) 84,655 43,848 700 80% 2,917 1,322 2,816
Total (1)+(2) 110,655 57,781 914 81% 6,867
3. Management Contract
Centre Point Sukhumvit-Thonglor 2-3-19 Rai S 11 24,723 13,875 156 90% 1,219
Centre Point Residence Phromphong 3-1-14 Rai A 24 42,150 24,396 76 94%
Mandarin Hotel Sam Yan by Centre Point 5-8-0 Rai H 7 & 14 36,885 14,478 374 85%
L&H Villa 8-9-47 Rai
House for
rent - 18,882 13,742 37 93%
Total (3) 122,640 66,491 643 91% 2,761
Grand Total (1)+(2)+(3) 233,295 124,273 1,557 87%
Projects Land Area Owner
Average
Occupancy
Rate as of
Mar 16
Bldg. DetailsTotal
Investment
(MB)
Book
Value as
of Mar 16
(MB)
Appraisal
Value
(MB)
1,361 1,384592
Office Building for Rent
As of Mar 2016
22
Project Land Area Owner
1. QH Projects
Q. Houses convent 2-3-17 Rai QH-Leasehold 14 26,917 12,206 69% 357 55 246
Q. Houses Asoke 2-2-54 Rai QH-Leasehold 22 48,300 20,762 94% 666 156 704
Q. Houses Sathorn 2-3-56 Rai QH-Leasehold 19 27,000 13,970 100% 512 134 502
Total (1) 102,217 46,938 89% 1,535 345 1,452
2. QH Property Fund
Q. Houses Ploenchit 1-1-63 Rai QH-Freehold 18 22,520 10,855 100% 895 570 1,188
Q. Houses Lumpini - Office space 7-3-93.6 Rai QHPF-Leasehold 38 120,520 57,215 100%
- Ratail space 4 9,360 96%
Total - Lumpini 42 120,520 66,575 99%
Waveplace - Office space 2-3-99 Rai QHPF-Leasehold 15 45,671 19,012 99%
- Ratail space 5 5,857 96%
Total - Waveplace 20 45,671 24,869 98%
Total (2) 188,711 102,299 99% 895 570 1,188
Grand Total (1)+(2) 290,928 149,237 96% 2,430 914 2,640
Building Details Average
Occupancy
rate as of
Mar 16
Total
Investment
(MB)
Book
Value as
of Mar 16
(MB)
Appraisal
Value
(MB)No.of
Floors
Gross Area
(Sq.M.)
Rentable
Area
(Sq.M.)
FINANCIAL PERFORMANCE
23
Corporate Performance
Corporate Performance 2011-2016
24
9,849
13,077
19,699
21,220 20,358
5,212
7,609
3,936
10,581
15,211
20,942 22,437 21,788
5,598
8,019
4,244
274 254 186 226 304
82 92 59 853
2,450 3,307 3,329 3,106
744 1,303
559
1,553
3,648 4,305 4,363 4,127
984 1,691
756
-
5,000
10,000
15,000
20,000
25,000
Q1-16 Q4-15 Q1-15
MB
Sales&Rental Total Revenue Interest Exp. Net Profit After Tax EBITDA
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
Q1-16 Q4-15 Q1-15
7,637 8,640
11,926
14,725 14,582
3,880 4,511 3,255
3,345
6,552
5,427 4,632
1,025
2,805
389
331
347
359
366
385
93
95
94
704
746
863
700
759
214
198
198
639
802
943
1,060 1,233
345
368
267
85
1,184
140
--
-
-
-
98
149
160
158 197
41
42
41
MB
Others Extra Gain Income from investments Hotels Office buildings Condominium Land and houses
Revenue Structure
Revenue Structure 2011-2016
4,244 5,598
10,671
8,019
15,211
20,942
25
22,437 21,788
Statement of comprehensive income
26
FOR THE PERIOD ENDED
2016 and 2015 1Q16 4Q15 1Q15 QoQ YoY
(Unit : Thousand baht)
Revenues
Sales of land and houses 3,880,430 4,511,391 3,254,735 -14% 19%
Sales of residential condominium units 1,024,747 2,804,983 389,466 -63% 163%
Rental of units in office buildings and related service income 92,586 94,734 93,918 -2% -1%
Rental of units in residential buildings and related service income 214,482 198,281 197,584 8% 9%
Other income 385,858 409,811 308,047 -6% 25%
Share of income from investments 344,736 368,302 267,253 -6% 29%
Interest income 690 6,081 1,305 -89% -47%
Others 40,432 35,427 39,489 14% 2%
Total revenues 5,598,103 8,019,200 4,243,750 -30% 32%
Expenses
Cost of land and houses sold 2,727,051 3,180,364 2,206,217 -14% 24%
Cost of residential condominium sold 691,699 1,861,499 270,247 -63% 156%
Cost of rental and related services - office buildings 44,325 46,480 44,057 -5% 1%
Cost of rental and related services - residential buildings 145,566 136,175 138,518 7% 5%
Selling expenses 415,571 546,549 381,001 -24% 9%
Administrative expenses 628,287 597,365 486,217 5% 29%
Financial expenses 89,319 98,112 65,589 -9% 36%
Total expenses 4,741,818 6,466,545 3,591,846 -27% 32%
Income before corporate income tax 856,285 1,552,655 651,904 -45% 31%
Corporate income tax 111,873 249,421 92,615 -55% 21%
Net income for the period 744,412 1,303,234 559,289 -43% 33%
Basic earnings per share
Net income 0.07 0.12 0.05
% Change
Capital Structure
27
D/E RATIO AS OF Mar 31, 2016
(Unit : Million Baht)
Outstanding Loan as of Mar 31, 2016 27,393
Project Loan 0
Working Capital 3,293
Debenture 24,100
Other Liabilities - Rental income received in advance (Q.Houses Ploenchit) 562
Other Liabilities 4,224 4,786
Total Liabilities 32,178
Equity as of Mar 31, 2016 22,354
Net Interest Bearing D/E Ratio (Mar 31, 2016) 1.08
Interest Bearing D/E Ratio (Mar 31, 2016) 1.23
D/E Ratio (Mar 31, 2016) 1.44
Statement of Financial Position
28
Balance sheet
Consolidated financial statements 31 Mar 2016 31 Dec 2015 % Change
Assets
Current assets
Cash and cash equivalents 3,200,524 2,836,948 13%
Trade and other receivables 40,931 57,861 -29%
Land and construction in progress - net 28,763,071 29,098,195 -1%
Other current assets 1,039,579 1,035,789 0%
Total current assets 33,044,105 33,028,793 0%
Non-current assets
Investments in subsidiaries - -
Investments in associates 9,407,768 9,071,249 4%
Other long-term investments 33,929 33,883 0%
Investment properties-net 489,135 491,194 0%
Property, plant and equipment - net 562,484 575,824 -2%
Leasehold rights - net 663,511 685,555 -3%
Land and project development costs - net 9,702,140 8,177,557 19%
Other non-current assets 629,644 933,485 -33%
Total non-current assets 21,488,611 19,968,748 8%
Total assets 54,532,716 52,997,541 3%
Statement of Financial Position (Cont’)
29
Balance sheet (Cont')
Consolidated financial statements 31 Mar 2016 31 Dec 2015 % Change
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institutions - 300,000 -100%
Short-term loans 3,292,798 1,597,932 106%
Trade accounts payable 1,358,716 1,352,149 0%
Current portion of unsecured debentures 6,112,000 6,912,000 -12%
Short-term provisions 402,926 380,123 6%
Other current liabilities 2,081,321 2,129,162 -2%
Total current liabilities 13,247,761 12,671,366 5%
Non-current liabilities
Long-term loans, net of current portion - -
Unsecured debentures, net of current portion 17,988,012 17,986,509 0%
Provision for long term employee benefits 113,182 109,579 3%
Long-term provisions 294,220 142,870 106%
Other non-current liabilities 535,209 542,005 -1%
Total non-current liabilities 18,930,623 18,780,964 1%
Total liabilities 32,178,384 31,452,330 2%
Shareholders' equity
Share capital
Share Capital-Registered
10,714,426,091 ordinary shares of Baht 1 each 10,714,426 10,714,426 0%
Share Capital-Issued and paid up
10,714,381,645 ordinary shares of Baht 1 each 10,714,382 10,714,382 0%
Share premium 379,246 379,246 0%
Retained earnings
Appropriated - statutory reserve 829,094 829,094 0%
Unappropriated 10,384,551 9,640,139 8%
Other components of shareholders' equity 47,059 (17,650)
Total shareholders' equity 22,354,332 21,545,211 4%
Total liabilities and shareholders' equity 54,532,716 52,997,541 3%
REVENUE TRACK RECORD
30
Q1/16 Q4/15 Q1/15
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Condo
TH
DH
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Q1/16 Q4/15 Q1/15
Low-end
Mid-end
Hi-end
Revenue Contribution
Classified by Segment Classified by Type of Product
20,147
29%
43%
28%
7,312
3,644
33%
28%
38%
29%
48%
20,147
57%
15%
28%
4,899 3,644
57%
21% 20%
26% 11%
63%
MB MB
4,899
18% 47%
35% 22%
42%
7,312
23%
39%
38%
11,962 11,962
50%
15%
35%
18,458
27%
31%
42%
18,458
53%
27%
20%
31
38% 24% 52%
24%
24%
19,206
30%
38%
32%
19,206
Q1/16 Q4/15 Q1/15
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Low-end
Mid-end
Hi-end
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Q1/16 Q4/15 Q1/15
Low-end
Mid-end
Hi-end
Revenue Contribution Low-rise & High-rise
Low-rise Product High-rise Product
14,720
4,507 3,874
5,427
1,025
389 26%
44%
30%
26%
47%
27%
27%
28%
46% 36%
35%
MB MB
20%
52%
28%
3,255
83%
2,805
8,617
3,345
26%
53%
21%
36%
18%
46%
35%
11,911
27%
29%
44%
6,547
99% 14%
30%
56%
32
28%
16%
14,574
23%
49%
28%
1,827
2%
48%
1%
50%
63% 2%
1%
PROPERTY FUND DATA
33
Quality Houses Leasehold Property Fund (QHPF)
34
7,863 Million Baht
797 Million units
9.8659 Baht
11.0502 Baht
9,883 Million Baht
12.40 Baht
90% of net profits
Quarterly
Market capitalization (May 4, 2016)
Fund size
Number of registered units
Par Value
Net Asset value per unit (Mar 31, 2016)
Market price per unit (May 4, 2016)
Dividend payout ratio
Dividend payout
As of Mar 31, 2016
No. Projects Assets Owner Transaction Details Remaining
Term of Lease
1 Q.House Lumpini Leasehold Land Centre Point Management - Leasehold of land transferred to QHPF 19 years 11 months
- Building sold to the QHPF
- Total transfer value 5,102 MB.
2 Q.House Ploenchit Quality Houses - Assigned 30-Years lease of land and 20 years 9 months
building to QHPF.
- Total transfer value 819 MB.
3 Waveplace Leasehold Land LH property Fund - Leasehold of land transferred to QHPF 14 years 8 months
- Building sold to the QHPF
- Total transfer value 1,772 MB.
Leasehold Land &
Building
Quality Houses Hotel and Residence Freehold and Leasehold Property Fund (QHHR)
35
3,360 Million Baht
336 Million units
10.00 Baht
12.3423 Baht
2,957 Million Baht
8.80 Baht
90% of net profits
two times per annum
Market capitalization (May 4, 2016)
Fund size
Number of registered units
Par Value
Net Asset value per unit (Mar 31, 2016)
Market price per unit (May 4, 2016)
Dividend payout ratio
Dividend payout
As of Mar 31, 2016
No. Projects Assets Owner Transaction Details
1 Centre Point Hotel Pratunam Freehold Quality Houses - Freehold of land transferred to QHHR
- Building sold to the QHHR
- Total transfer value 1,142 MB.
2 Centre Point Hotel Sukhumvit 10 Freehold Quality Houses - Freehold of land transferred to QHHR
- Building sold to the QHHR
- Total transfer value 1,470 MB.
3 Centre Point Hotel Chidlom Leasehold - Assigned 14-Years lease of land and
building to QHHR
- Total transfer value 730 MB.
The Crown Property Bureau
(the “CPB”)
INDUSTRY DATA
36
Housing Registration
Housing Registrations per Product Category
Source : Real Estate Information Center
37
29 32 32 32 31
34 33
8.7 8.7
1 2 1 1 3 3 2 0.4 0.6
11 14 14 14
27 21
22
4.4 5.5
54 60
35
78
71 75
64
24.6
10.1
95
107
82
125
132 133.5
121.5
38.2
24.9
-
20
40
60
80
100
120
140
160
Mar-16 Mar-15
'000 units
DH Duplex Town house+Commercial Condominium Total
GDP Growth & Average Household Data
Source: Office of the National Economic and Social Development Board Source: Real Estate Information Center
Annual % GDP Growth-Thailand Average Household Data-Thailand
38
-4%
-2%
0%
2%
4%
6%
8%
4.5% 5.0% 4.9%
2.6%
-2.3%
7.8%
0.1%
5.7%
2.9%
0.7%
2.7% 3.0%
17.9 18.4 19.0 19.6 20.1 20.6 21.1 21.7 22.2 22.8 23.5 24.1 24.7
3.53 3.36 3.28 3.21 3.14 3.08 3.00 2.95 2.88 2.82
2.76 2.70
2.23
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
12
14
16
18
20
22
24
26
Persons/householdMillion
No. of Household Avg. Household size
Interest Rates & Housing Affordability
Sources: Bank of Thailand
Minimum lending and mortgage rates Housing affordability at 14%&5.75% lending rates
0.3 0.6 0.9 1.3 1.6 1.9 2.2 2.5 2.8 3.1 3.4 3.8 4.1 4.4 4.7 5.0 5.3 5.6 5.9 6.3
0.6 1.1
1.7 2.2
2.8 3.3
3.9 4.4
5.0 5.5
6.1 6.6
7.2 7.8
8.3 8.9
9.4 10.0
10.5 11.1
0
2
4
6
8
10
12
10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200
Hossing price (MB)
Salary ('000 Bt)
14.00% 5.75%
Assumptions: 1. 20-year loan term. 2. Credit line equal to 90% of property’s sales price. 3. Loan installments equal to 35% of monthly salary.
39
7.50% 7.50%
5.75%5.75%6.00%
7.75%
6.88%7.25%
6.17% 6.25%
7.38%
7.08% 6.98% 6.90%6.65%6.40%7.00%
6.75%
4.25%
3.00%
4.00%
5.75%
5.75%
5.75%5.50%5.40%
6.25% 6.25% 6.00%
5.50%5.50%
5.50%
2%
3%
4%
5%
6%
7%
8%
9%
MLR Mortgage rate