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Performance
Announcement Presentation Q1/2018
2
3,793 3,710
3,172
3,659 3,659 3,985
3,741
843 971
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Reve
nu
e (
Mb
.)
GC Revenue During 2011 – March 2018
Company overview
Sale comparison Q1 2017 -2018
GC has been founded since 1994
by experienced management
GC is the distributor with over 30
leading producers of plastics and
petrochemical raw materials from
around the world.
Most of these producers are
among the top 3 in the world in
that product in terms of
technology & production capacity.
GC is not an ordinary distributor.
On top of ordinary distribution
role, GC provide technical advice
and useful information to
customers since GC position itself
to be Your best partner for
valued co-creation solution and
service in industrial raw
material supply
Value 12% (YoY)
Quantity 11% (YoY)
3
Where we are in the value chain of Thai Petrochemical Industry.
Olefin&Aromatic
Producers
Monomer
producers
(MEG, VCM)
Converters
Petrochemical and plastic producers
Upstream End users Intermediate
Compounders
Master batch
producers
Compounders
Polymer
producers
(PP, PE, PVC)
Downstream
4
Suppliers S1 S2 S3 S4 S5 Sn
Customers C1 C2 C3 C4 C5 Cn
Economy of Scope to Customers
Economy of Scale to Suppliers
Logistic : Warehousing, small delivery, and repacking
Sales & Marketing : Closely contact to end markets/customers
Technical Services : Troubleshooting / Product and Market Development Financing & structuring solution : Extending our expertise to customer
Provided
GC’s role and positioning in the market
Leads the differentiation
5 5
Q1/2018 Performance
6
STATEMENTS OF COMPREHENSIVE INCOME
Unit : Million Baht
2018 2017 Change
Sales 969.36 1,072.04 -10%
COGS 893.94 1,001.08 -11%
Gross Profit 75.42 70.96 6%
Selling & Admin Expenses 41.86 30.95 35%
Reduction of inventory to net
realisable value (Reversal) 0.00 0.00 0%
EBITDA 33.56 40.01 -16%
Depreciation 2.49 3.18 -22%
Interest Expenses 2.70 3.77 -28%
Profit Before Other Income 28.37 33.06 -14%
Other Income 1.68 2.00 -16%
Gain (Loss) on exchange rate 2.75 1.65 67%
Profit before Tax 32.80 36.71 -11%
Tax 8.77 6.85 28%
Deferred Tax Expenses (0.19) 0.47 -140%
Profit for the period 24.22 29.39 -18%
Actual Q1
7
SALES STRUCTURE
-
10
20
30
40
50
60
70
2014 2015 2016 2017 Q1/2018
35.1 40.8 51.0
42.7
10.6
19.0 21.7
21.9 22.0
6.1
0.1 0.1
0.1 0.1
0.1
'000 T
Sales Quantity BU3
BU2
BU1
62.6 64.8 54.2
16.8
73.0
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 Q1/2018
65% 65% 70% 66% 63%
35% 35% 30% 34%
37%
0% 0% 0% 0% 0%
Sales Quantity in Percentage BU3
BU2
BU1
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2014 2015 2016 2017 Q1/2018
1,937 1,915 2,287 1,976
494
1,692 1,707 1,661
1,714
462
18 24 31
37
13
Sales Value-Million Baht BU3
BU2
BU1
3,646 3,727
969
3,647 3,979
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 Q1/2018
53% 52% 57% 53% 51%
46% 47% 42% 46% 48%
1% 1% 1% 1% 1%
Sales Value in Percentage BU3
BU2
BU1
GROSS PROFIT STRUCTURE
8 8
-
50
100
150
200
250
300
2014 2015 2016 2017 Q1/2018
51 67 85 63 18
162 170
180 189
57
5 8
9 11
5
Gross Profit By BU BU3 BU2 BU1
80
245 218
263 274
0%
20%
40%
60%
80%
100%
2014 2015 2016 2017 Q1/2018
23% 27% 31% 24% 22%
74% 70% 66% 72% 72%
3% 3% 3% 4% 6%
Gross Profit in Percentage BU3 BU2 BU1
2.6% 3.5% 3.7% 3.2% 3.6%
9.6% 9.9% 10.8% 11.0% 12.4%
30.1% 33.3%
30.2% 31.3% 36.3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2014 2015 2016 2017 Q1/2018
Gross Profit Margin by BU BU1
BU2
BU3
9 9
STATEMENTS OF COMPREHENSIVE INCOME HIGHLIGHT
Profitability Ratio
Revenue & Net Profit
Profit Margin
• GC’s gross profit margin of Q1/2018 was higher than
Q1/2017’s due to tight supply in some products of
BU2 caused preordering from most customers.
• GC’s net profit margin of Q1/2018 has been
decreasing compared to Q1/2017’s due mainly to the
lower sales value as well as an increase in some
operating expenses.
Revenue and Net Profit In Q1/2018, Sales value decreased from Q1/2017”s
around 10% due to the decline in sales value of BU1 as
a result of soften private consumption.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2005 2006 2007 2008 2009
-
5
10
15
20
25
30
35
3,659 3,659 3,985
3,741
974
48
79 93 90
24 -
30
60
90
120
150
0
500
1000
1500
2000
2500
3000
3500
4000
2014 2015 2016 2017 Q1/2018
Revenue (
Mill
ion B
aht)
Revenue Net Profit
5.48 6.29 6.48 6.64
7.78
1.31 2.17 2.33 2.40 2.50 12.08 19.56
21.69 20.44 21.21
-
5
10
15
20
25
30
35
40
45
50
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2014 2015 2016 2017 Q1/2018
Gross Profit Margin (%) Net Profit Margin (%) ROE (%)
ROE Profit Margin
10 10
STATEMENTS OF FINANCIAL POSITION
Unit : Million Baht
Asset 31/3/2018 31/12/2017 Change %
Trade Receivables 703.66 611.90 91.76 15%
Inventory 470.59 467.30 3.29 1%
Net Fixed Assets 114.56 116.95 -2.39 -2%
Total Assets 1,322.00 1,242.08 79.92 6%
Liabilities
Short Term Loan 556.16 575.00 -18.84 -3%
Trade Payables 249.62 179.44 70.18 39%
Total Liabilities 853.10 797.40 55.70 7%
Equity
Paid up Capital 200.00 200.00 0.00 0%
Share Premium 56.03 56.03 0.00 0%
Retained Earnings 212.87 188.65 24.22 13%
Total Equity 468.90 444.68 24.22 5%
11 11
STATEMENTS OF FINANCIAL POSITION HIGHLIGHT
D/E ratio is relatively lower.
D/E ratio drop less than 2.0 which was decreased after IPO proceeds. However,
the higher D/E ratio in Q1/2018
compared to ending 2017 was resulting
from the increase in trade accounts
payable.
Continuous increase in current ratio
GC current ratio has been improving to
higher than 1.0x since GC got more
working capital from IPO proceed.
This higher liquidity can reduce GC’s
financial costs.
4.35
2.00 1.70 1.58
1.20 1.10 1.43
1.87 1.80 2.21 2.01
2.27 2.16 1.79 1.82
- 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1/18
Debt to Equity Ratio
0.94
1.28 1.46
1.37 1.48
1.58 1.46
1.37 1.38 1.32 1.36 1.33 1.34 1.43 1.43
-
0.50
1.00
1.50
2.00
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1/18
Current Ratio
Dividend
(BPS.) Before On X-Date
31-Dec-17 0.22 30-Apr-18 12-Apr-18 5.45 5.15 4.04%
30-Jun-17 0.18 8-Sep-17 23-Aug-17 5.25 5.10 3.43%
31-Dec-16 0.20 17-May-17 27-Apr-17 5.60 5.40 3.57%
30-Jun-16 0.22 9-Sep-16 24-Aug-16 5.15 4.88 4.27%
31-Dec-15 0.20 29-Apr-16 18-Apr-16 4.44 4.20 4.50%
30-Jun-15 0.15 4-Sep-15 19-Aug-15 4.04 3.84 3.71%
31-Dec-14 0.08 30-Apr-15 10-Apr-15 4.42 4.30 1.81%
30-Jun-14 0.15 4-Sep-14 18-Aug-14 4.40 4.28 3.41%
31-Dec-13 0.14 30-Apr-14 11-Apr-14 4.46 4.32 3.14%
30-Jun-13 0.18 5-Sep-13 20-Aug-13 4.84 4.60 3.72%
31-Dec-12 0.19 30-Apr-13 12-Apr-13 5.00 4.84 3.80%
30-Jun-12 0.17 6-Sep-12 21-Aug-12 4.96 4.76 3.43%
31-Dec-11 0.16 30-Apr-12 12-Apr-12 4.96 4.86 3.23%
30-Jun-11 0.24 9-Sep-11 25-Aug-11 5.90 5.55 4.07%
31-Dec-10 0.26 29-Apr-11 18-Apr-11 5.80 5.50 4.48%
30-Jun-10 0.24 10-Sep-10 26-Aug-10 5.50 5.20 4.36%
31-Dec-09 0.26 30-Apr-10 16-Apr-10 4.72 4.22 5.51%
30-Jun-09 0.14 11-Sep-09 27-Aug-09 3.28 3.28 4.27%
31-Dec-08 0.12 30-Apr-09 16-Apr-09 2.40 2.40 5.00%
30-Jun-08 0.20 12-Sep-08 26-Aug-08 4.84 4.60 4.13%
31-Dec-07 0.26 30-Apr-08 17-Mar-08 4.06 3.90 6.40%
30-Jun-07 0.14 7-Sep-07 21-Aug-07 3.46 3.32 4.05%
31-Dec-06 0.15 27-Apr-07 9-Mar-07 2.92 2.78 5.14%
30-Jun-06 0.10 8-Sep-06 22-Aug-06 2.64 2.54 3.79%
31-Dec-05 0.14 28-Apr-06 10-Mar-06 2.46 2.48 5.69%
Operation
Period EndingPayment Date X-Date
Price with X-Date Dividend Yield
(cal. From before
X-Date Price)
DIVIDEND PAYMENT RECORD
12
13 13
DIVIDEND PAYOUT RATIO
108
77 96
124
80 76 70
48
79 93 90
74%84% 83% 80%
99%94% 91%
97%88% 91% 89%
0%
20%
40%
60%
80%
100%
120%
140%
-
20
40
60
80
100
120
140
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Div
ide
nd
Pa
yo
ut
Ra
tio
Ne
t P
rofi
t (M
illio
n B
ah
t)
Net Profit (Million Baht.) Dividend Payout Ratio
Investor Relations Report
14
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
3/1
/61
5/1
/61
9/1
/61
11/1
/61
15/1
/61
17/1
/61
19/1
/61
23/1
/61
25/1
/61
29/1
/61
31/1
/61
2/2
/61
6/2
/61
8/2
/61
12/2
/61
14/2
/61
16/2
/61
20/2
/61
22/2
/61
26/2
/61
28/2
/61
5/3
/61
7/3
/61
9/3
/61
13/3
/61
15/3
/61
19/3
/61
21/3
/61
23/3
/61
27/3
/61
29/3
/61
Trade volume (shares) GC Closing price (THB)
GC Trade Volume (shares) GC Closing price (THB)
4.00
5.00
6.00
7.00
8.00
1,600
1,650
1,700
1,750
1,800
1,850
2/1
0/6
0
11/1
0/6
0
24/1
0/6
0
3/1
1/6
0
14/1
1/6
0
23/1
1/6
0
4/1
2/6
0
15/1
2/6
0
26/1
2/6
0
8/1
/61
17/1
/61
26/1
/61
6/2
/61
15/2
/61
26/2
/61
9/3
/61
20/3
/61
29/3
/61
GC
Clo
sin
g P
rice
(T
HB
)
SE
T IN
DE
X
SET INDEX GC Closing Price (THB)
15
ปี 2561 ปี 2560
GC Q1/2561 Q4/2560 Q3/2560 Q2/2560 Q1/2560
ราคาปิด Closing Price
ราคาปิด-สูงสุด 5.45 5.35 7.00 7.50 6.25
(16 มี.ค. 61) (16 ต.ค. 60) ( 4 ก.ค. 60) (26 มิ.ย. 60) (31 ม.ค. 60)
ราคาปิด-ต ่าสุด 5.10 5.00 5.10 5.30 5.00
(10 ม.ค. 61) (7 ธ.ค. 60) (30 ส.ค. 60) (3 พ.ค. 60) (5 ม.ค. 60)
ราคาปิดเฉลี่ย 5.30 5.18 5.68 5.99 5.67
2.32% (QoQ) -8.80% (QoQ) -5.18% (QoQ) 5.60% (QoQ) 17.94% (QoQ)
ปริมาณการซ้ือขาย Volume (share)
ปริมาณสูงสุด 1,005,200 1,625,400 6,423,290 36,077,449 11,224,500 (12 ม.ค. 61) (9 ต.ค. 60) (7 ส.ค. 60) (26 มิ.ย. 60) (26 ม.ค. 60)
ปริมาณต ่าสุด 15,300 11,200 37,600 1,000 31,124 (19 ก.พ. 61) (26 ธ.ค. 60) (2 ส.ค. 60) (11 เม.ย. 60) (20 มี.ค. 60)
ปริมาณเฉลี่ย 178,983 259,041 1,028,722 1,844,879 688,174
-30.91% (QoQ) -74.82% (QoQ) -44.24% (QoQ) 168.08% (QoQ) 553.70% (QoQ)
ปริมาณรวม 11,096,922 15,542,470 63,780,752 110,692,747 42,666,794
-29% (QoQ) -76% (QoQ) -42% (QoQ) 159% (QoQ) 554% (QoQ)
Benchmark GC Average Petro Industrial*
P/E** Ratio 12.06 16.98
Dvd Yield (%) 7.41 4.71
ROE*** 20.44 14.54
• *ค่าเฉลี่ยอุตสาหกรรมปิโตรเคม ี รวบรวมจากบรษิทั จดทะเบยีนในตลาดหลกัทรพัย์แห่งประเทศไทย หมวดธุรกจิปิโตรเคมแีละเคมภีณัฑ ์
• ** P/E = ราคาปิด ณ วนัสิน้งวด / (ก าไรยอ้นหลงั 12 เดอืน/จ านวนหุน้) • *** ROE ณ วนัที ่29 ธนัวาคม 2561 (งบการเงนิประจ าปี 2560)
ทีม่า: SETTRADE’s website ณ วนัที ่30 มีนาคม 2561
Investor Relations Report
16
Investment Highlight
An Organization of Unique Characteristics:
Visionary, experienced, hands-on management team & knowledgeable staffs,
Long term relation with trade partner and also Financial Institute
Distributorship of the world renowned producers in plastics & petrochemicals (mostly in the
top three ranking of the world in term of Advance Technology & Production Capacity)
Products variety which render complete range of raw materials to best suit the customers'
requirement (one stop shopping service)
Sustainable growth with systematic risk management : Bad debt (trade credit insurance),
foreign exchange exposure and price fluctuation
Diversified and well balanced sources of revenue from various industries
Regular (twice a year) Dividend payment with high yield. (Fully statutory reserve)
for the past 12 years. Top 50’s dividend yield of The SET in the range of 5-10% per annum
Good Corporate Governance : with Excellent level
Your best partner for value co-creation solution
and service in industrial raw material supply
17 17
Thank you Questions are welcome