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âTHE GAME HAS CHANGED
AND SO HAVE WEâ
3Q2021OPPORTUNITY DAY18 Nov 2021
FORTH CORPORATION PUBLIC COMPANY LIMITED
2
I. Business Overview
II. Financial Performance
III. Business Update and Directions
Agenda
3
Forth Corporation Public Company Limited is an organization of a
research and development, manufacturing and distributing electronic
devices, information & Communication Technology Services, and
Comprehensive financial service through automated machine under the
good corporate governance with social and environmental responsibility
for creating sustainable business growth.
Our Vision
4
Our Key Milestone
2005 2008 2014 2015 2019
The Company was converted to a Public Company limited,
being listed on âSETâ under the stock name "FORTH".
Established Forth Smart Service Company
Limited, a subsidiary company, to
penetrate the new business running
mobile top-up and payment service via
âBoontermâ automatic kiosk.
Spun off Forth Smart Service Company
Limited to be listed on âmaiâ under the
stock name âFSMARTâ.
Established Forth Vending Company Limited,
a subsidiary company, to run a business of
Selling beverages & Products through
automatic vending machines.
Established Forth EMS Company Limited
a subsidiary company, for engaging in the
manufacture and distribution of
telecommunication equipment and assembly
electronic parts.
The Company was founded, to operate
business on manufacturing PABX systems
under the trademark of âFORTHâ and
Printed Circuit Board Assembly (PCBA)
and electronic equipment manufacturing.
1989
5
Over 100 Engineers
R&D department provide wide range of telecom,
electronics and product design from initial research,
viability study, prototypes and final product.
Our Research and Development Center
âāđāļĢāļēāļĄāļāļ§āļēāļĄāļĄāļāļĄāļāļāļĒāļēāļāđāļāļāļĢāļāļāļāļ°āļ āļēāđāļŠāļāļ
āļŠāļāļāļēāļāđāļĨāļāļāļĢāļāļāļāļŠāđāļĨāļ°āđāļāļĢāļāļĄāļāļēāļāļĄāļāļĄāļāļāļ āļēāļâ
Research Prototype Design
Manufacturing Function Test
Final Product
6
1
2
3
Enterprise Solutions Business
Project contracting, procurement, and system installation for government and private sectors
EMS Business
Manufacturing service under trademark of FORTH and customer brands as well as trading of electronic parts and devices
Smart Services Business
Comprehensive financial transaction service and service vending machines for goods and beverages
FORTHâs business has divided into 3 business group
7
EMS BUSINESS GROUP
Manufacturing service under trademark of FORTH
and customer brands as well as trading of electronic
parts and devices
8
FactoriesFORTH has 2 factories, locating at Phutthamonthon Sai 5, Nakhon Pathom Province.
âĒ 16 SMT line and 6 AI Machines,
âĒ 2 Manual insertion line
âĒ 3 Wave Soldering Machine
âĒ 1 Selective Soldering Machine
âĒ 6 Final Assembly line
o Turnkey manufacturing ServicesThe manufacturer will handle the whole
process including assembly, manufacturing, testing, ordering the components and final shipment.
o Consignment Manufacturing ServicesThe manufacturer receives the parts and
components required for the circuit boards. The manufacturer handle the assembly.
Production Lines
9
⊠Consumer Products
⊠Automotive
⊠Communications and Networks
⊠LED Lighting and Traffic System
⊠Industrial and Energy
Turnkey and Consignment ManufacturingUnder customer and Forth Group Brands.
Factories
10
Trading electronic parts and devices as well as to be a One-Stop Services for customers.
Itâs trusted by world class manufacturers as their authorized distributor, dealer and reseller in Thailand
Electric Component/ Board and Module
Payment/ Display
Tools and Equipment
Power/ Circuit Protection/ Passive Components
Connectors & Sockets/ Semiconductors
Industrial Automation
Components Distribution
11
ENTERPRISE SOLUTIONS BUSINESS GROUP
(Telecommunication Solution Service and Electronic equipment)
Project contracting, procurement, and system
installation for government and private sectors
12
MSAN (Multi Service Access Network)Nurse Call SystemGPS TrackingDigital Electricity Meter
Enterprise Solutions Business Group
Traffic Light System and Automatic traffic controller
LED LightingEM (Electronic Monitoring) IP PBX (Private Branch Exchange) and Related Devices
13
Trunked Radio
Electronic Monitoring Bogie Crane Smart Metro Grid
Some Projects on Hand
Comprehensive financial transaction service
and service vending machines for goods and
beverages
14
SMART SERVICES BUSINESS GROUP
15
Smart Services Business Group
EV ChargerBoonterm kiosk Smart Petrol Machine Smart Vending Machine & TAO BIN Robotic CafÃĐ
Boonterm Kiosk
16
Upgraded Kiosks with Camera and Card Reader:
Added more New Service:
âĒ Micro insurance
âĒ Compulsory cars and motorcycle insurance
âĒ Top-up BMTA for public transportation
Added more Financial Service:
âĒ More Banking Agent for Money Transfer Service
âĒ Money Lending
âĒ International Money Transfer
âĒ Money Withdrawal Service
âĒ e-KYC Service (Dip Chip with ID Card)
âĒ e-Banking Account Opening Service
Now, 87 Services are available on Boonterm kiosk
and the kiosk is upgraded with camera and card
reader for new services.
The best automated Top-up and payment service machine
EV Net (Electronic Vehicle Charger)âĒ AC Charging (Normal Charge) and DC Charging (Quick Charge)
âĒ EV Car and Plug-in Hybrid Car Supported
âĒ BeCharger Application / Billing System Supported
Portable Charger
Wall Type Charger
Pedestal Charger
17
18# Boonterm Service is on Tao Bin CafÃĐ as well#
The best-in-class automated cup beverage vending machine
âTAO BIN with 20+ Petty Patents
is a contemporary, healthy and highly convenient Beverage machine,
providing its customers with the high quality and consistent taste of
Thailand's popular drink under a friendly atmosphere.â
âTAO BINâA Robotic CafÃĐ
Support Cash and QR Code Payment
18
Available 24 hours (24/7)
19
FORTH
Enterprise Solutions Business
Smart Services Business
EMS Business
âĒ Turnkey and Consign ManufactureâĒ Electronics components distributor
(Trading)
âĒ Telecom Products and solutions
âĒ Traffic system (Traffic light, CCTV)
âĒ Top-up kiosk âĒ Automate CafÃĐ MachineâĒ Smart Vending Machine
âĒ LED lighting âĒ Electric meterâĒ Tracking system (GPS)âĒ Etc.
FORTHâs Business Group
20
I. Business Overview
II. Financial Performance
III. Business Update and Directions
Agenda
21
Financial Performance
37%27% 30%
18% 34%36%
45% 39% 34%
3Q2020 2Q2021 3Q2021
0.40% QoQ
1,7012,451
1,546 1,781659 541 597
1,457
1,262
933
1,907
312 682 722
3,3613,078
2,293
2,196
790 766 678
2019 2020 9M2020 9M2021 3Q2020 2Q2021 3Q2021
Enterprise Solution EMS Smart Service
6,519 6,791
1,7611,997
13.40% YoY4,772
5,884
3Q2021 Revenue increasing 13.4% YoY.
This mainly due to an increase in the revenue of EMS business group from relocation of a customer's production of electronic circuit boards. Even though, the group
of Enterprise Solutions and Smart Service business dropped from the ongoing impact of COVID-19, affecting the slow-down economic activities which had reduced
the purchasing power of middle and lower-tier consumers.
1,989
Core Revenue (Bt mn) Core Revenue Contribution
22
Financial Performance
Gross Profit (Bt mn) & Gross Profit Margin
472 520 306
487
123 164 147
264 348
225
398
96133 149
801 663
504
485
172186 141
2019 2020 9M2020 9M2021 3Q2020 2Q2021 3Q2021
Enterprise Solution EMS Smart Service
24% 23% 22% 23% 22% 24% 22%
1,537 1,531
391483 437
11.76% YoY
9.52% QoQ
1,370
1,035
Gross Profit Margin
âĒ EMS business group: 3Q2021 Gross Profit increasing 55.20% YoY, due to the control of variable production expenses in line with the decrease in order volume
and in the past year, the Company recorded a reduction of the allowance for diminution in inventories.
âĒ Enterprise solutions business group: 3Q2021 Gross profit increasing 19.50%YoY, due to the gross profit margin of project works realized in the third quarter of 2021
had a higher gross margin than those of the previous year.
âĒ Smart service business group: 3Q2021 Gross profit decreasing 18.02% YoY, due to the decreased revenue.
Gross Profit Margin
by Business Group
19% 30% 25%31%
20% 21%22%
24% 21%
3Q2020 2Q2021 3Q2021
23
Financial Performance
331
439
250
537
130
202151
2019 2020 9M2020 9M2021 3Q2020 2Q2021 3Q2021
7% 5% 6% 5%9% 7% 10% 8%
Net Profit Net Profit Margin
16.15% YoY
25.25% QoQ
Net Profit increasing 16.15% YoY, mainly due to the higher gross profit from EMS business and enterprise solutions business.
Net Profit (Bt mn) & Net Profit Margin
3,541 3,513 3,249
4,076 4,309 4,951
2019 2020 3Q2021
Total Cur. Assets Total Non-Cur.Assets
Total assets
7,822
2,446 2,228 2,391
251 458 363
4,920 5,136 5,446
2019 2020 3Q2021
Total Cur. Liabilities Total Non-Cur. Liabilities Total Equity
D/E
2.1 times
D/E
2.5 timesTotal assets
7,617
Total assets
8,200 D/E
2.4 times
Financial Performance
Total Assets (Bt mn) Capital Structure (Bt mn)
âĒ Assets increased from trade accounts receivable, and inventories.
âĒ Liabilities increased due to the increase of trade account payables.
âĒ Equity increased due to net profit for the period and dividend payment. 24
25
I. Business Overview
II. Financial Performance
III. Business Update and Directions
Agenda
26
EMS BUSINESS GROUP
Electronic Manufacturing Service and
Distributing Electronic Parts and Tools
27
Turnkey and Consignment ManufacturingUnder customer and Forth Group Brands.
⊠Consumer Products
⊠Automotive⊠Communications and Networks
⊠LED Lighting
⊠Industrial and Energy
Electronic Manufacturing Service
PCBA and Box-Build
⊠Traffic Light
⊠Mini ATM
⊠Automatic CafÃĐ Machine
⊠Etc.
Consign Parts and Turnkey Service
⊠Communication Devices
⊠Tracking Device
⊠EV Charger
⊠Power Supply and adapter
28
Turnkey and Consignment Manufacturing
29
âĒ Backlog Projects
âĒ Potential Procurement Projects
ENTERPRISE SOLUTIONS BUSINESS GROUP
30
InstituteProject
Electronic Monitoring rental (āļāļēāļāļāļāļāļĢāļāļāđāļĨāļāļāļĢāļāļāļāļŠāļāļāļāļēāļĄāļāļ§)
Department of Probation(āļāļĢāļĄāļāļĄāļāļĢāļ°āļāļĪāļ)
On Process 390
Bogie locomotive crane(āļāļēāļāļĢāļāđāļāļāļāļāļāļāļāļĨ)
State Railway of Thailand(āļāļēāļĢāļĢāļāđāļāđāļŦāļāļāļĢāļ°āđāļāļĻāđāļāļĒ)
On Process 798
Maintenance services the fiber optic cable network (āļāļēāļāļāļēāļĢāļāļĢāļāļĐāļēāļāļāļĄāđāļāļĄāđāļāđāļāđāļĨāļ°āļāļĢāļāđāļāļĨāļĒāļāđāļāļĢāļāļāļēāļĒāļŠāļēāļĒāđāļāđāļāļĨāđāļĒāđāļāļ§āļāļēāđāļŠāļ)
Ministry of Higher Education, Science, Research and Innovation
(āļāļĢāļ°āļāļĢāļ§āļāļāļēāļĢāļāļāļĄāļĻāļāļĐāļē āļ§āļāļĒāļēāļĻāļēāļŠāļāļĢ āļ§āļāļĒāđāļĨāļ°āļāļ§āļāļāļĢāļĢāļĄ)
Completed -
Smart Metro Grid(āļāļēāļāļĢāļ°āļāļāļŠāļĄāļēāļĢāļāļāļĢāļ)
Metropolitan Electricity Authority(āļāļēāļĢāđāļāļāļēāļāļāļĢāļŦāļĨāļ§āļ)
On Process 106
A digital trunked radio system(āļāļēāļāļĢāļ°āļāļāļŠāļāļŠāļēāļĢāļ§āļāļĒāđāļāļāļēāļ°āļāļāļĢāļ°āļāļāļāļāļāļĨ)
Department of Provincial Administration (āļāļĢāļĄāļāļēāļĢāļāļāļāļĢāļāļ)
On Process 506
Total 1,800
As of 30 Sep 2021
ENTERPRISE SOLUTIONS BUSINESS GROUPBacklog Projects
Backlog(MB)
Status
31
āļŦāļāļ§āļĒāļāļēāļāļāļēāļĢāđāļāļāļē 5 2,600
āļŦāļāļ§āļĒāļāļēāļāļŠāļāļāļāļāļĢāļ°āļāļĢāļ§āļāļĄāļŦāļēāļāđāļāļĒāđāļĨāļ°āļāļĢāļ°āļāļĢāļ§āļāļāļāļĄāļĻāļāļĐāļē 2 2,100
āļŦāļāļ§āļĒāļāļēāļāļŠāļāļāļāļāļĢāļ°āļāļĢāļ§āļāļāļĄāļāļēāļāļĄ 2 2,000
āļŦāļāļ§āļĒāļāļēāļāļŠāļāļāļāļāļĢāļ°āļāļĢāļ§āļāļĒāļāļāļĢāļĢāļĄ 8 3,000
Total 17 9,700
Institute Project Value (MB)
Procurement Projects Plan in 2021-2022
As of 30 Sep 2021
32
SMART SERVICES BUSINESS GROUP
âĒ Top-up and Payment Kiosk >> Boonterm
âĒ Smart Vending Machine >> TAO BIN Cafe
Comprehensive financial transaction service
and service vending machines for goods and
beverages
33
Counter Cashier by Boonterm
More Services to Come
New Customer Base
âĒ New Services that require
Printed Slips or Face-to-Face
Transactions
âĒ Higher Income Group
âĒ New Customer Data
Boonterm Kiosk
All Services from Kiosks to Counters
âĒ Bank Account Opening
âĒ Identity Verification (e-KYC)
âĒ Deposit/Transfer Service
âĒ Cash Withdrawal
âĒ Money Lending
âĒ International Money Transfer
All Financial Services
Providing 1,300 Services through Counters
Over 1,700 Service Points Nationwide.
Now, 87 Services are available on Boonterm kiosk and
the kiosk is upgraded with camera and card reader for
new services.
Added more New Service:
âĒ Micro insurance
âĒ Compulsory cars and motorcycle insurance
âĒ Top-up BMTA for public transportation
34
Smart Touch ScreenAll machines fitted with a 32â TFT
screen. Taking orders via a large touch
screen. Easy to use.
Various Payment MethodsTao Bin supported both cash payment and
QR code payment to ensure the
convenience of your customers.
24/7 SupportsConnected online around the clock, our
24/7 service team can promptly provide a
new setup and support at anytime
100+ choice of drinksUses freshly ground Arabica beans and
recipes of Thailandâs elite baristas to deliver
quality and consistency
Small FootprintBeautifully modern design combined
with an intuitive UI personalized
customer service all in a sqm.
Fully UnattendedA robotic, fully-automated barista
available 24/7 to address audience
demand of varying sizes and cycles
TAO BIN CafÃĐ āļāļēāđāļāļāļāđāļāļĄāļ âāđāļāļēāļāļâ
âHigh quality drink in the most convenient wayâ
35
Customizable the Blend for over 100 menus
36
Customizable the Blend for over 100 menus
Over 300+ TAO BIN CafÃĐ at varieties of Place with Revenue Growing.
*As of 2nd week of Nov 2021
Sale* Glasses a day
0.4 2.7 14.2
12
64
193
0
50
100
150
200
250
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
1Q21 2Q21 3Q21
Sales (mn) ARPU (Bt per month) No. of Service Points
TAO BIN cafÃĐs are at the following places344*
49,535
TAO BIN performance keeps rising along with its expansion*
>16,000
Expansion* Provinces
Master Agent* Teams
13
18Hospital( 19 service points )
Office Building( 25 service points )
Factory( 42 service points )
Mass Transit System( 8 service points )
Department Store( 26 service points )
BTS Siam/Asok/Saladang/Victory Monument
Central Pinklao/Chaengwattana/Chonburi/Lumpang
Life Asok/IDEO O2The Line wongsawang
Siriraj hospital Bangpoo Industrial Estate
KBank HQ Ratburana
52,297 44,698
Condominium and Residence
( 224 service points )
38
As TAO BIN Serves All Types of Beverage, Expecting at least 4-5% of Non-alcohol Beverage Market Share.
39
Tao Bin Serves Not only Coffee Menus but Non-alcohol Beverage.
Remark: * Excluding drinking water, Bt56bn.** Including electrolyte drinks, fruity, milk tea, collagen drinks and protein.*** Coffee separated into 3 segments; fresh coffee (Bt27bn), coffee powder (Bt.19bn), ready-to-drink coffee (Bt.14bn).
Non-alcohol Beverage Market 247 Billion Baht*
Coffee60,000 (24%)***
Source: Food Intelligence Center Thailand, Marketeer Online, Manager Online, Bangkokbiznews, SmartSME, Calculated by FSMART
Revenue by Segment Contribution
Soda62,000 (25%)
Energy Drink20,000 (8%)
Tea13,000 (5%)
Milk and Chocolate60,000 (24%)
Others32,000 (13%)**
Unit: million
Coffee(33%)
Soda20%
Milk and Chocolate21%
Tea19%
Others(7%)
âĒ Bottled non-alcohol drinks account for approximately 201 billion BahtâĒ Freshly-made drinks account for approximately 46 billion Baht
Revenue â Material Cost
60% ++ Gross Margin
40
6 - 10 Billion Baht a YearSignificant Revenue
18-30 Million Baht a DayRevenue on Avg. 30Bt per Glass
600K â 1,000K Glasses a Day30-50 Glasses per Kiosks a Day
20,000 Tao Bin CafÃĐ MachineIn 2023
TAO BINâs Sales and Revenue Expected to Grow Significantly
Actual No. of Tao Bin 12 64 193
Target No. of Tao Bin 800 1X,XXX 20,000
Year 2021F 2022F 2023F
41
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
-
5,000
10,000
15,000
20,000
25,000
1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023
14.2
No. of machine
2.70.4
No. of Machine Sales (MB)
TAO BINâs Sales and Revenue Expected to Grow Significantly
42
âĒ Aircraft Distribution â KODIAK AIRCRAFT
âĒ Aircraft Maintenance Repair and Operations
Service (MROs) â FORTH MRO
NEW BUSINESS AND UPCOMING BUSINESS
43
âĒ MROs is a maintenance service center for commercial aircraft and general aircraft for A, B, C, and D check.
âĒ Locate at Don Muang International Airport
âĒ FORTH MRO will be ready for service in 2023
âĒ Authorized Distributor in Thailand
New Business: Aircraft
Maintenance Repair and Operations Service
Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives,strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events, are "forward-looking statements"within the meaning are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical resultsor those anticipated at the time the forward-looking statements are made.
FORTH undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. FORTHmakes no representation whatsoever about the opinion or statements of any analyst or other third party. FORTH does not monitor or control the content of third-partyopinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement.
Investor Relations
www.investor.forth.co.th
Telephone: 02-265-6700 ext. 1224
DISCLAIMER