President Automobile Industries Public Co., Ltd. · SET:PACO
President Automobile Industries Public — President Automobile Industries — Q4 2024 Earnings Presentation
33 slides from President Automobile Industries Public's earnings presentation, Mar 13, 2025
Slide 1: Opportunity Day Presentation Q4 2024
OPPORTUNITY DAY PRESENTATION Q4 2024 13 March 2025 President Automobile Industries PLC. 1
Slide 2: Agenda
AGENDA 1 COMPANY OVERVIEW 2 2025 STRATEGIC DIRECTION 3 2025 OUTLOOK 4 FINANCIAL PERFORMANCE 2
Slide 3: 2024 Highlight
2024 HIGHLIGHT PACO 2024 exceeded Enquiry from USA customers Non-Automotive 100% Growth Diversification • Operating revenue was Baht 1,022.2 million • In 2024, USA placed a 20% import tariff • The Company's growth in non-automotive in YE2024 decreased by 0.5% YoY on condensers and evaporator that ar
Slide 4: PACO Product Portfolio (2024)
PACO PRODUCT PORTFOLIO (2024) Revenue Structure by Product Type 22 Countries around the World* 71.5% Unit: MB, % Condenser Presence in (Manufacturing) 15.5% Evaporator (Manufacturing) 5% Other Automotive Products Of revenue (Manufacturing) Manufacturing Of revenue Of revenue Other 13% Intercooler Do
Slide 5: PACO Business Along the Value Chain (2024)
PACO BUSINESS ALONG THE VALUE CHAIN (2024) Upstream Midstream Downstream Aftersales 4.5% Of revenue OES Dealers Garage Sell to car sellers who support the repair and replacement of car parts at the car service center Repair Auto Car 93% Auto Parts Customer Of revenue Manufacturer Showroom REM 2.5%
Slide 6: PACO Ensures to Maintain Competitiveness
PACO ENSURES TO MAINTAIN COMPETITIVENESS PACO KEY STRENGHTS 1 2 3 Leader in Aircon Parts with Aluminum Heat Exchanger Strong Brand under PACO One-Stop Service Expert Provide high international- Cover more than 90% of all car 30 years of experience in the standard quality products to models in the ma
Slide 7: Agenda
AGENDA 1 COMPANY OVERVIEW 2 2025 STRATEGIC DIRECTION 3 2025 OUTLOOK 4 FINANCIAL PERFORMANCE 7
Slide 8: PACO Strategic Direction
PACO STRATEGIC DIRECTION Growth of Heat Exchanger Market +10-15% CAGR • Continue to grow PACO brand for OES and OEM on a global scale • Explore more OEM opportunities in different market 2027 Dominant Auto-Parts Player in the Region • Increase product coverage through new product categories 2026 • I
Slide 9: Growth in Replacement Market
GROWTH IN REPLACEMENT MARKET Opportunities from 2025 US-China Tariff (Trump Term) Growth in Replacement Market Capture Customers Moving out from China's Supplier Low new car sales USA announced increased tax for Aluminum products including condenser Low new car sales number indicate extended car
Slide 10: Continuous Capacity Expansion for Growth
CONTINOUS CAPACITY EXPANSION FOR GROWTH Investment in Machinery Expanding Capacity and Automation to increase production capacity and increase automation to control costs 1 Elevating Capacity through Automation Increase automation machinery to achieve a 10-15% increase in capacity in 2025 2 Auto
Slide 11: Agenda
AGENDA 1 COMPANY OVERVIEW 2 2025 STRATEGIC DIRECTION 3 2025 OUTLOOK 4 FINANCIAL PERFORMANCE 11
Slide 12: Growth of Current Business
GROWTH OF CURRENT BUSINESS Capture Growth in Replacement Market Maintain OEM Business Unit: Million Baht 15% increase 16% increase 17% increase 12
Slide 13: Expanding of Core Business
EXPANDING OF CORE BUSINESS Expand Export Business Strengthen Domestic Business Revenue from Domestic Business Revenue from International Business Planned 2025 expansion Planned 2025 expansion Capture new customers from USA and Europe Expand product line 13
Slide 14: Maintaining OEM Business
MAINTAINING OEM BUSINESS Growing OEM Business Expanding into Heat Exchanger business Kubota reported increasing interest in machinery with PACO believes that increase in sales of AIRBUS aircraft cabin and comfort features such as air conditioning. will push the aerospace business growth faster than
Slide 15: Capture New Business
CAPTURE NEW BUSINESS New OEM Business New OES Business Europe Special Vehicles USA and Australia Heavy Duty Vehicle Heavy Duty Vehicle SOP 2025 Agricultural Machinery SOP 2024 Sleeper Cabin SOP 2024 Military Vehicle SOP 2025 15
Slide 16: Agenda
AGENDA 1 COMPANY OVERVIEW 2 2025 STRATEGIC DIRECTION 3 2025 OUTLOOK 4 FINANCIAL PERFORMANCE 17
Slide 17: 2024 Financial Highlight
2024 FINANCIAL HIGHLIGHT Operating Revenue and GP Unit: Million Baht, % Financial Summary 2024 2024 1,022.2 MB 245.4 MB 0.5% YoY 64.2% YoY -0.5% YoY GPM and NPM 1027.0 1,022.2 +64.2% YoY +52.8% YoY 2024 2024 24.0% 14.1% 245.4 238.3 +101.5% YoY 9.5% YoY 7.2% YoY 149.4 156.0 147.5 ROA ROA and and ROE
Slide 18: Operating Revenue
OPERATING REVENUE OPERATING REVENUE BREAKDOWN BY CHANNEL Unit: Million Baht, % -0.5% YoY -0.5% YoY 1027.0 1022.2 1027.0 1,022.2 8% 7% Outsource -16.3% YoY -16.3% YoY -22.1% QoQ -22.1% QoQ 66% International 68% 92% 93% Manufacturing 261.2 280.6 261.2 280.6 6% 218.6 218.6 5% 8% 71% Domestic 95% 94% 71
Slide 19: Domestic Sales Performance
DOMESTIC SALES PERFORMANCE OPERATING REVENUE BREAKDOWN BY CUSTOMER GROUP OPERATING REVENUE BREAKDOWN BY PRODUCT TYPE Unit: Million Baht, % Unit: Million Baht, % “Domestic sales increased from 2024 due to the increase in orders from major customer and selling new product” +4.6% YoY +4.6% YoY 342.5 34
Slide 20: International Sales Performance
INTERNATIONAL SALES PERFORMANCE OPERATING REVENUE BREAKDOWN BY CUSTOMER GROUP OPERATING REVENUE BREAKDOWN BY PRODUCT TYPE Unit: Million Baht, % Unit: Million Baht, % “The decrease from 2023 mainly due to decline in international sales as some customers delayed their orders.” -2.9% YoY -2.9% YoY 699.
Slide 21: Cost of Goods Sold
COST OF GOOD SOLD MANUFACTURING ALUMINUM MARKET PRICE Unit: Million Baht, % Other Costs Unit: USD/ton 5% 4,000.00 3,849.00 Utility Costs 19% 3,500.00 3,000.00 169.59 MB 2,551.00 Q4/2024 2,500.00 Labor Costs Material Costs 20% 56% 2,000.00 2,114.00 2,121.00 1,500.00 2022 2023 2024 4-Dec-23 4-Apr-22 4
Slide 22: Gross Profit and Gross Profit Margin
GROSS PROFIT AND GROSS PROFIT MARGIN GROSS PROFIT AND GROSS PROFIT MARGIN BREAKDOWN BY PRODUCT TYPE Unit: Million Baht, % 26.5% 24.8% GPM from Manufacturing 17.7% 23.1% 14.8% 24.0% GPM 25.8% 22.4% 17.6% 15.9% 14.6% GPM from Outsource 12.0% 13.8% 15.2% 15.6% +64.2% YoY +6.7% YoY 245.4 4% GP from Outs
Slide 23: Selling & Administrative Expenses
SELLING & ADMINISTRATIVE EXPENSES SELLING & ADMINISTRATIVE EXPENSES Unit: Million Baht, % 8.6% 6.9% 6.9% 7.1% 5.4% Total SG&A per total revenue +2.2% YoY 72.4 74.0 39% 37% Selling +32.4% YoY Expenses +4.9% QoQ 18.3 19.2 61% 63% Administrative 14.5 37% Expenses 40% 54% 46% 60% 63% Q4/23 Q3/24 Q4/24 Y
Slide 24: Net Profit
NET PROFIT NET PROFIT AND NET PROFIT MARGIN Unit: Million Baht, % 17.5% 14.1% 6.9% NPM 5.3% 6.4% +101.5% YoY +175.3% YoY 147.5 +129.9% QoQ 73.2 Net Profit 39.2 14.2 17.0 Q4/23 Q3/24 Q4/24 YE/23 YE/24 YoY: Q4/24 vs Q4/23 QoQ: Q4/24 vs Q3/24 YoY: YE/24 vs YE/23 Net profit was Baht 39.2 million, increa
Slide 25: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION Unit: Million Baht, % Asset Liability & Shareholders’ Equity -1.9% YoY -1.9% YoY Other currents 1,361.6 1,335.1 1,361.5 1,335.1 Other liabilities 2% 5% 5% 21.2 25.68 62.5 Cash and cash 115.8 7% 2% 6% 64.0 6% Trade and other payables 91.
Slide 26: Key Financial Ratios
KEY FINANCIAL RATIOS CURRENT RATIO D/E RATIO Unit: Times Unit: Times 3.41 0.35 3.17 3.01 0.30 0.32 Q4/23 Q3/24 Q4/24 Q4/23 Q3/24 Q4/24 ROA* ROE* Unit: % Unit: % 10.94 14.62 8.99 12.15 5.27 7.54 Q4/23 Q3/24 Q4/24 Q4/23 Q3/24 Q4/24 *ROA = Trailing-12-month Net profit/ Total average assets *ROE = Trail
Slide 27: Key Summary
Key Summary • Strong Global Expansion o PACO is achieving significant global growth, broadening its market reach to 26 countries, with new USA expansion opportunities and diversify market risks. • Diversification into Non-Automotive Sectors o By diversifying into sectors like aerospace (with SAFRAN)
Slide 28: Thank You
THANK YOU Please kindly give us your feedback IR CONTACT Email: ir@paco.co.th Tel: 02-8100526-8 ext. 325 or 094-5513097 MANAGEMENT Khun Tae (Tanest) 084-437-9090 29
Slide 29: Company History
COMPANY HISTORY • Registered business • Expanding overseas • Expanded overseas • Expanding the plant under the name markets by starting markets in North “PACO 2"on more than “President with Singapore, America. 6,219 square wa of land Automobile Industries Indonesia, Malaysia. • Expanding the market
Slide 30: Thailand Auto Parts Landscape
Thailand Auto Parts Landscape Thailand Auto Part (2021) Import Sources Domestic Market Sales of Thailand Auto Parts Export Destination OEM 30-40% REM 60-70% USA Others Japan 21% 27% 30% Domestic Domestic Production Sales 60-70% 60-70% Japan Others 51% 9% Indonesia 5% Indonesia Germany 7% 5% China US
Slide 31: PACO at a Glance
PACO AT A GLANCE 200 High 30 Years+ 26 Countries Branches Product Of Experience Of Operation in 45 Provinces Differentiation across Thailand Highly experienced management team Strong foothold in Thailand and Abroad Over 200 branches of PACO has over 2,000 SKUs for Air originated back from 1991 when
Slide 32: PACO Existing Facilities
PACO EXISTING FACILITIES PACO Factory 1 PACO HQ and Factory 2 Domestic Distribution Center Factory to produce Factory to assemble component parts of evaporator, condenser, condenser/evaporator and hose Capacity: Capacity: Capacity: 800 sq. m of office space 900 sq. m of office space 400 sq. m
Slide 33: Dividend Payment
DIVIDEND PAYMENT PACO Announces to Pay a Dividend of 0.04 Baht per Share* Unit: Million Baht, % 108.7 2024 Timeline % 21 Feb 2024: Announce Dividend Payment Rate 73.2 Net Income 10 Apr 2024: Annual General Meeting 80.0 40.0 Dividend Payment 23 Apr 2024: Record Date 2021 2023 7 May 2024: Date of Divi
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