Thai Vegetable Oil Public Co. Ltd. · SET:TVO
Thai Vegetable Oil Public — FY2024 Earnings Presentation
51 slides from Thai Vegetable Oil Public's earnings presentation, Mar 12, 2025
Slide 1: TVO YE 2024 Opportunity Day
TVO YE 2024 Opportunity Day March 12, 2025 YE2024 Opportunity Day 1
Slide 2: Disclaimer
Disclaimer "The information contained in this presentation is provided exclusively for your personal reference. Additionally, this presentation includes projections and forward-looking statements that express our current expectations regarding future events and financial performance. These views are
Slide 3: Agenda
TVO Overview Agenda 2024 Recap Industry Overview and Outlook Financial Performance ESG Q&A YE2024 Opportunity Day 3
Slide 4: Agenda
TVO Overview Agenda 2024 Recap Industry Overview and Outlook Financial Performance ESG Q&A YE2024 Opportunity Day 4
Slide 5: TVO at a Glance
TVO at a Glance Thai Vegetable Oil TVO has a production TVO produces and distributes Public Company Limited capacity of 6,000 tons of products in both domestic and or TVO soybeans per day. All three international markets. The was established in 1985 factories are located in product are divided into
Slide 6: Major Development
Major Development Revamping the 1-liter- Acquired the asset of bottle design of Nakornchaisri vegetable oil bottles, Refinery Company which saving of Limited, expanding 350,000 kilograms per capacity to 800 tons of Expanding capacity year and developing 2024- 1985 soybean/day, and 1993 to 2,000 tons
Slide 7: Revenue Structure
Revenue Structure 50,000 40,000 39,108 19% 34,196 Export and others 31,308 30,596 24,963 22% Soybean Meal 16% 30,000 19% 13% Soybean Oil 20,000 56% 57% 59% 59% 59% 10,000 27% 27% 26% 23% 19% 0 2020 2021 2022 2023 2024 Breakdown by Channel Breakdown by product Soybean Oil Export Animal Feed 35% 16% D
Slide 8: TVO Business Overview
TVO Business Overview Animal Edible Soybean Sourcing Food Ingredient Vegetable Oil
Slide 9: TVO Business Overview
TVO Business Overview Animal Edible Soybean Sourcing Food Ingredient Vegetable Oil
Slide 10: Soybean Sourcing
Soybean Sourcing Soybeans Exports Exports 2024/25 182 172 178 Unit: mil.MT 166 165 154 ROW 46 50 US 54 46 62 59 United States Production 118.9 Thailand Export 49.7 Production 0.03 Import 4.0 92 96 104 106 82 79 Brazil 2019/20 2020/21 2021/22 2022/23 2023/24e 2024/25p • TVO prioritizes purchasing soy
Slide 11: TVO Business Overview
TVO Business Overview Soybean Animal Edible Sourcing Food Ingredient Vegetable Oil YE2024 Opportunity Day
Slide 12: Domestic Soybean Meal Source
Domestic Soybean Meal Source Soybean meal produced by local crusher accounts for 40% of the total supply in the country. 60% Import (~3 mil. tons/year) 40% Local Crushers (~2 mil. tons/year) YE2024 Opportunity Day 12
Slide 13: Distribution Channel of TVO's animal feed ingredient product
Distribution Channel of TVO’s animal feed ingredient product Feed Miller 70%-80% Livestock Farms 20%-30% YE2024 Opportunity Day 13
Slide 14: Animal Feed Ingredient Product
Animal Feed Ingredient Product Soybean meal TVO Hipro-Meal TVO Soy Hull TVO Dehulled Soybean Meal Full Fat Soy Lecithin TVO Dehulled Full Fat Soy TVO Full Fat Soy YE2024 Opportunity Day 14
Slide 15: TVO Business Overview
TVO Business Overview Soybean Animal Edible Sourcing Food Ingredient Vegetable Oil YE2024 Opportunity Day
Slide 16: Thailand's Consumer Soybean Oil Market
Thailand’s Consumer Soybean Oil Market Soybean oil has a market share of 18% of “Angoon” Soybean Oil dominates the Soybean oil the total Thai edible oil market. market in Thailand with a market share of 59% Thai edible oil 2024 Thai soybean oil market share Others market share 19% Palm Oil 78% Soybe
Slide 17: Edible Vegetable Oil Markets
Edible Vegetable Oil Markets 65% 35% Domestic Exports Food Industries Non-Food Industries ▪Canned Tuna ▪Paint Industry ▪Salad oil ▪Raw Materials ▪Chili Paste ▪Animal Feed ▪Fried Food YE2024 Opportunity Day 17
Slide 18: YE2024 Opportunity Day
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Slide 19: YE2024 Opportunity Day
YE2024 Opportunity Day
Slide 20: YE2024 Opportunity Day
ORY GOOD HEALTH GREAT TASTE YE2024 Opportunity Day ®
Slide 21: Agenda
TVO Overview Agenda 2024 Recap Industry overview and Outlook Financial Performance ESG Q&A YE2024 Opportunity Day 21
Slide 22: 2024 Key Highlights
2024 Key Highlights Gross Net Sales Profit Profit 30,596 3,277 2,103 THB mn 10.5% YoY THB mn 185.20% YoY THB mn 188.27% YoY • Decline of unit selling • Highest GP in the past 6 • Highest in the past 8 years price in every category, years, mainly came from following the higher GP. following the globa
Slide 23: Supply
SUPPLY Exports US Soybeans Productivity (mmt) Brazil and Argentina Production (mmt) Argentina Brazil Production 53.0 250 175 Yield BU/Acre 51.9 51.7 Unit: mil.MT 218 155 51.0 50.7 52.0 220 201 50.6 50.6 186 187 51.0 190 170 161 176 177 174 135 49.5 159 155 49.2 115 50.0 160 131 140 48.0 47.4 49.0 13
Slide 24: YE2024 Opportunity Day
Source: Trading View YE2024 Opportunity Day 24
Slide 25: Demand
DEMAND Exports Brazil Export (MMT) +1.3% 110 90 70 China Domestic Consumption (MMT) +4.2% 50 30 110 51 54 63 76 75 92 82 79 96 104 106 10 90 70 50 US Export (MMT) 30 70 88 96 104 107 103 110 115 110 118 122 127 +7.7% 10 60 50 40 30 20 50 53 59 58 48 46 62 59 54 46 50 10 Source: JCI China, USDA YE202
Slide 26: Local Demand
LOCALExports DEMAND Thailand Chicken Meat Export (‘000 MT) Thailand Pig Margin (Baht/Kg.) 20 1500 +6.6% YoY 10 2.13 1000 0 1,226 -10 500 934 980 957 967 1,063 1,150 -20 -17.41 0 Q1/19 Q2/19 Q3/19 Q4/19 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q3
Slide 27: Price Gap between Soybean Oil and Palm Oil turned Negative
Price Gap between Soybean Oil and Palm Oil turned Negative Soybean Oil – Palm Oil Spread Unit: Baht/Litre 18.00 16.00 14.00 15.44 11.63 12.00 10.00 8.00 6.00 4.00 2.00 0.00 (2.00) (4.00) (1.65) Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Source: NIQ YE2024 Opportunity Day 27
Slide 28: Agenda
TVO Overview Agenda 2024 Recap Industry Overview and Outlook Financial Performance ESG Q&A YE2024 Opportunity Day 28
Slide 29: Brazil Harvesting Progress 2024/25
Brazil Harvesting Progress 2024/25 Harvested Brazil 48.4% 47.3% Mato Grosso 82.3% 84.7% 77.4% 2024/25 2023/24 2024/25 2023/24 5-yr avg As of 28 Feb, 2025 Source: CONAB, IMEA YE2024 Opportunity Day 29
Slide 30: Brazil Soybean Production Forecasts 2024/25
Ag. consultancy firms have begun to revise down their forecasts for Brazil's soybean production in the 2024/25 season." Unit: mMT Feb-25 Jan-25 Change ABIOVE 171.7 171.7 0 Agresource 172.3 172.1 +0.2 Agroconsult 171.3 172.4 -1.1 Agrural 168.2 171.0 -2.8 Celeres 174.0 170.8 +3.2 Dr.Cordonnier 170.0 1
Slide 31: Argentina soybean and corn planting progress 2024/25
Argentina soybean and corn planting progress 2024/25 Crop rating 29% 21% Corn 7% 3% (%G+E) 2024/25 5-yr avg Harvesting 2024/25 3-yr avg +5% w/w Source: StoneX YE2024 Opportunity Day
Slide 32: Argentina Soybean Production Estimation 2024/25
Argentina Soybean Production Estimation 2024/25 Unit: mMT Feb-25 Jan-25 Change USDA 49.0 52.0 -3.0 Buenos Aires Grain Exchange 49.6 49.6 -1.0 (BAGE) Rosario Grain Exchange 47.5 53.0 -5.5 (BCR) Average 48.7 2.8 51.5 YE2024 Opportunity Day
Slide 33: 2025 USDA Outlook Forum
2025 USDA Outlook Forum Soybean 24/25 25/26 Trade Min Max Est. Area Planted (mil acres) 87.1 84.0 84.4 83.1 86.5 E.Stocks (mbu) 380 320 367 282 434 Corn 24/25 25/26 Trade Min Max Est. Area Planted (mil acres) 90.6 94.0 93.5 92.0 95.0 E.Stocks (mbu) 1540 1965 1907 1621 2180 ที่มา: Bloomberg YE2024 Op
Slide 34: Planted areas in drought increase from last year
S&D Planted areas in drought increase from last year Source: USDA YE2024 Opportunity Day
Slide 35: Root zone soil moisture levels in the United States
S&D The root zone soil moisture levels in the United States in Mar.were relatively low compared to the past six years. 2025/26 Source: NasaGrace YE2024 Opportunity Day
Slide 36: Fund Position Short Coverage
Fund Position Short Coverage R Source: Stone X YE2024 Opportunity Day 36
Slide 37: Demand Outlook
Demand Outlook Soybean meal Consumption Soybean oil Consumption 290.0 4.9 5.0 70.0 65.9 0.40 270.0 254.3 4.8 65.0 61.2 0.35 60.0 0.30 250.0 268.8 4.6 0.23 0.25 55.0 230.0 4.6 4.4 50.0 0.18 0.20 210.0 4.2 45.0 0.15 190.0 4.0 40.0 0.10 World Thailand World Thailand 6% 7% 8% 31% YoY YoY YoY YoY Source:
Slide 38: Trade War 2.0
Trade War 2.0 The U.S.-China trade war led to China imposing tariffs on U.S. soybeans, causing disruptions in the global supply chain US soybeans Source: BBC, FT YE2024 Opportunity Day 38
Slide 39: Trade War 2.0
Trade War 2.0 Trade War 1.0 began one month shy of 7 years ago, causing CBOT soybeans price to fall ~$2/bu Source: BBC, FT YE2024 Opportunity Day 39
Slide 40: Agenda
TVO Overview Agenda 2024 Recap Industry Overview and Outlook Financial Performance ESG Q&A YE2024 Opportunity Day 40
Slide 41: Revenue, Gross Profit & GPM, Net Profit
Unit: MB 40,000 35,000 2.6% QoQ 10.5% YoY 34,195 30,596 30,000 25,000 2.6% YOY 20,000 15,000 10,000 8,135 7,724 7,921 Revenue 5,000 - 4Q2023 3Q2024 4Q2024 2023 2024 Unit: MB 42.3% QoQ 134.5% YoY 10.5% 14.6% 185.2% YoY 3.4% 10.7% 6.1% 5,000 10.0% 3,277 4,500 -10.0% 4,000 3,500 -30.0% 3,000 Gross Prof
Slide 42: Current Ratio, D/E Ratio, ROA, ROE
Current Ratio D/E Ratio 4 3.71 3.5 3.03 2.91 0.73 2.49 0.80 3 1.96 0.70 2.5 0.60 0.46 0.35 2 0.50 1.5 0.40 0.25 0.31 0.30 1 0.20 0.5 0.10 0 0.00 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 ROA (%) ROE (%) 22.19 25 25 19.27 19.03 18.62 20.04 20 16.63 20 16.25 15 12.83 15 10 6.00 10 7.19 5 5 0 0
Slide 43: EPS, Dividend Payout Ratio, Dividend
EPS (Baht/Share) Dividend Payout Ratio (%) 2.56 3 2.36 99 120 2.5 2.05 100 83 86 1.80 73 62 2 80 1.5 60 1 0.82 40 0.5 20 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 4.00 3.50 Dividend (Baht/Share) Dividend Yield (%) 3.00 7.33 7.52 2.20 8 2.50 5.62 7 2.00 1.70 1.73 6 0.90 4.07 1.50 1.12 5 3
Slide 44: Agenda
TVO Overview Agenda 1H Recap Industry Overview and Outlook 2Q24 Financial Performance ESG Q&A YE2024 Opportunity Day 44
Slide 45: ESG Strategy
Integrate a Green Culture in the operation throughout the product lifecycle. ESG STRATEGY TVO’s sustainability strategy aligns with global Sustainable Development policies and is closely connected to the UN Sustainable Development Create balanced shared value for Goals (SDGs), with a strong commitme
Slide 46: Road Map To Net Zero
GREENHOUSE GAS EMISSION 2021 Base year 2030 Increase 2022-2030 Solar Roof อ 2035 20% Reduction 2045 Carbon 2060 Net Zero 70,000 Production Installation From Base Neutrality Capacity year Road Map To Net Zero 60,000 8,409 -7,473 50,000 -11,144 40,000 30,000 51,040 -35,597 20,000 10,000 -5,235 Net 0 Z
Slide 47: Highlight ESG Achievement
Highlight ESG Achievement 85 % Use of Renewable 7,500 Ton CO2e Reduction Energy compared to baseline 2021 YE2024 Opportunity Day 47
Slide 48: Award and Recognition
Award and Recognition Sustainability Disclosure Award SET ESG Rating “AAA” for the year 2024 TVO receives“Sustainability Disclosure Award TVO achieves “AAA” rating for 2024 Stock 2024” for the Fourth Consecutive Year Exchange of Thailand (SET) YE2024 Opportunity Day 48
Slide 49: Award and Recognition
Award and Recognition ESG100 in 2024 FDA Quality Award 2024 TVO listed in the ESG100 year 2024 for the TVO has been honored with the FDA Quality 9th consecutive year from Thaipat. Award 2024 in the category of outstanding food establishment by Ministry of Public Health. YE2024 Opportunity Day 49
Slide 50: Capacity expansion plan
Capacity expansion plan TVO1 Improvement Progress New Capacity 7,000 tons Expected to be commercialize Within 2025 Enhance production efficiency with modern technology, resulting in increased production capacity and create a cost competitive advantage YE2024 Opportunity Day
Slide 51: Q&A
Q&A YE2024 Opportunity Day 51
Thai Vegetable Oil Public Company — FY2024 Earnings Presentation on 6ix