Siamgas & Petrochemicals Public Co. Ltd. · SET:SGP
Siamgas & Petrochemicals Public — Q3 2020 Earnings Presentation
42 slides from Siamgas & Petrochemicals Public's earnings presentation, November 2020
Slide 1: Presentation for Investor & Analyst Q3 2020 Performance Results
S I A M G A S AND P E T R O C H E M I C A L S P U B L I C C O M P A N Y L I M I T E D | 2 0 2 0 PRESENTATION FOR INVESTOR & ANALYST Q3 | 2020 PERFORMANCE RESULTS
Slide 2: Disclaimer
DISCLAIMER The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Siamgas and Petrochemicals Public Company Limited (“SGP” and shares in
Slide 3: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 3
Slide 4: Shareholding Structure
SHAREHOLDING STRUCTURE 55.0% MAJOR SHAREHOLDERS Domestic Fund Foreign Fund 0.1% 27.7% Retail 15.2% Thai NVDR 1.8% 45.0% PUBLIC Latest book closing : On 21 JUL 2020 4
Slide 5: Milestones
MILESTONES Business Business Investment Business acquisition acquisition 10 MW. Power Plant acquisition Vietnam | Supergas Vietnam | Citygas N. and transmission line (LINH GAS) Founded Founded Singapore | Singgas Malaysia | Mygaz in Myanmar Cylinder the company Marine & land logistic China | Sinosia
Slide 6: Business Operation
BUSINESS OPERATION THAILAND OVERSEA LIQUEFIED PETROLEUM GAS (LPG) 1 LIQUEFIED PETROLEUM GAS (LPG) • Singapore 2 ROAD TRANSPORTATION • China 1 • Malaysia 3 MARINE TRANSPORTATION • Vietnam 4 CYLINDER MANUFACTURING COMBINE CYCLE POWER PLANT 2 • Myanmar 5 OIL RETAIL BUSINESS DIESEL POWER PLANT CONTAINER
Slide 7: Business Update
BUSINESS UPDATE THAILAND Sale volume from commercial users such as hotels , restaurants, department stores increased after lock down was lifted. Carousel filling machines were replaced manual filling machine in five filling plants to increase work efficiency and reduce man power. OVERSEAS Penang LPG
Slide 8: SGP's Presence
SGP’s PRESENCE LPG business OTHER business SHANTOU, SOUTH CHINA | SOGEL HAIPHONG | CITYGAS NORTH ZHUHAI, SOUTH CHINA | SINOSIAMGAS MYANMAR, MAWLAMYING | MLIPP POWERPLANT 230 MW. KOH SI-CHANG | STT LIQUID TANK FARM MYANMAR, ANIN | SMD DIESEL POWERPLANT 10 MW. HO CHI MINH | THAILAND | SIAMGAS & SUPERG
Slide 9: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 9
Slide 10: Thailand Business Model
THAILAND BUSINESS MODEL SGP COMMERCIAL FILLING USERS PLANTS COOKING LPG RETAILERS AGENT HOUSEHOLD GAS SEPARATION PLANTS FILLING USERS PLANTS REFINERIES SGP INDUST. TERMINALS INDUSTRIAL & & USERS DEPOTS SGP AUTO-LPG AUTOMOTIVE STATIONS MOTORISTS AGENT AUTO-LPG STATIONS 10
Slide 11: SGP's Network in Thailand
SGP’s NETWORK IN THAILAND 30 9 500 vessels terminals roadtankers 5.Lampang 6.Khonkaen 4.Nakornsawan 1.Bangkok 2.Samutprakan 3.Chachoengsao 7.Suratthani FILLING PLANT & AUTOGAS STATION 8.Suratthani Company Filling Plants x 44 9.Songkhla Agent Filling Plants x 142 Company Autogas Stations x 41 Agent A
Slide 12: Thailand LPG Market
THAILAND LPG MARKET LPG Sales Volume (‘000 tons) | ALL SECTORS SGP’s market share in Thailand 24.1% 24.4% 24.6% 25.1% 23.9% YoY: Total -10.2% | SGP -16.1% 4,177 -1.6% -2.4% -5.3% 4,108 4,011 3,799 QoQ: Total +16.2% | SGP +16.2% 2,499 3,171 3,107 3,027 2,847 -0.4% -1.7% -3.3% 1,903 956 858 739 1,005
Slide 13: Cooking Market
COOKING MARKET LPG Sales Volume (‘000 tons) | COOKING SECTORS SGP’s market share in Thailand 29.3% 28.6% 27.5% 26.8% 24.7% COOKING PORTION YoY: Total -4.8% | SGP -11.8% +1.9% +0.6% -1.8% 2,110 2,151 2,164 2,125 1,497 QoQ: Total +12.7% | SGP +11.7% 1,491 1,534 1,570 1,556 62% 1,127 -0.4% -3.5% -4.2%
Slide 14: Automotive Market
AUTOMOTIVE MARKET LPG Sales Volume (‘000 tons) | AUTOMOTIVE SECTORS SGP’s market share in Thailand 16.7% 17.5% 19.5% 21.8% 22.8% AUTOMOTIVE PORTION 1,466 YoY: Total -22.4% | SGP -24.4% -10.0% 1,319 -11.3% 1,170 -12.6% 1,023 QoQ: Total +31.1% | SGP +30.6% 21% 1,221 1,089 942 563 800 -5.9% -0.9% -2.3%
Slide 15: Industry Market
INDUSTRY MARKET LPG Sales Volume (‘000 tons) | INDUSTRY SECTORS SGP’s market share in Thailand 23.6% 24.3% 23.9% 24.5% 22.5% INDUSTRY PORTION YoY: Total -9.4% | SGP -19.5% +6.0% 677 -3.8% 651 638 600 +6.3% 17% QoQ: Total +14.7% | SGP +12.8% 440 483 515 491 459 341 +9.3% +4.4% -1.4% 163 148 129 142 1
Slide 16: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 16
Slide 17: Siamgas and Petrochemicals Public Company Limited
SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 18: Historical CP Price Movement
HISTORICAL CP PRICE MOVEMENT JAN 872.5 JAN 380.0 JAN 737.5 JAN 927.5 DEC 337.5 DEC 725.0 DEC 925.0 DEC 795.0 2008 5 7 2009 8 4 2010 6 6 2011 7 5 -535.0 +387.5 +200.0 -130.0 JAN 880.0 JAN 955.0 JAN 1,015.0 JAN 447.5 DEC 980.0 DEC 1,162.5 DEC 560.0 DEC 467.5 2012 7 5 6 6 2 10 6 6 2013 2014 2015 +185.0
Slide 19: Jan-12 Apr-12 Jan-13
0 600 400 1200 1000 1400 200 800 Jan-10 Apr-10 Jul-10 2010 Oct-10 Jan-11 Apr-11 HORMUZ STRAIT OF Jul-11 2011 Oct-11 Jan-12 Apr-12 1,205 Jul-12 597 2012 Oct-12 Jan-13 Apr-13 Jul-13 2013 SHORTAGE Oct-13 SITUATION EFFECT CP PRICE EXPECTED SUPPLY Jan-14 1,163 Apr-14 807 Jul-14 2014 Oct-14 Jan-15 448 Apr
Slide 20: Saudi Aramco CP vs Crude Oil
SAUDI ARAMCO CP vs CRUDE OIL USD/TON 2018 2019 800 Propane [C3] COVID-19 Q1 -107.5 +75.0 655 Butane [C4] 700 635 595 Q2 +87.5 -82.5 590 570 560 570 600 655 525 545 505 505 520 535 530 Q3 +57.5 -67.5 590 600 480 465 470 580 470 455 565 500 560 555 540 415 420 435 445 440 Q4 -187.5 +92.5 525 500 515 5
Slide 21: Singapore Market (1/2)
SINGAPORE MARKET (1/2) LPG TRADING BUSINESS >>> 9M/2020 >>> By SIAM GAS TRADING PTE. LTD. (100%) TARGET VOLUME 1,500,000 TONS TARGET GROWTH 4.5 % SUCCESS 63.5 % 952,180 547,820 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 1,434,873 946,394 942,946 952,180 400,36
Slide 22: Singapore Market (2/2)
SINGAPORE MARKET (2/2) RETAIL BUSINESS >>> 9M/2020 >>> BY 1. SINGGAS (LPG) PTE. LTD. (95%) 2. TROPICAL GAS PTE. LTD. (100%) TARGET VOLUME 22,000 TONS TARGET GROWTH 5.3 % SUCCESS 55.4 % 12,178 9,822 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 25,683 24,375 21,04
Slide 23: China Market
CHINA MARKET RETAIL BUSINESS >>> 9M/2020 >>> BY 1. SINOSIAMGAS AND PETROCHEMICALS CO., LTD. (100%) 2. SIAM OCEAN GAS & ENERGY LTD. (100%) TARGET VOLUME 1,250,000 TONS TARGET GROWTH 5.0 % SUCCESS 54.7 % 683,163 566,837 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS)
Slide 24: Vietnam Market
VIETNAM MARKET RETAIL BUSINESS >>> 9M/2020 >>> BY 1. SUPERGAS COMPANY LIMITED (100%) 2. SUPERGAS HAIPHONG CO., LTD. (100%) TARGET VOLUME 80,000 TONS 3. CITYGAS NORTH COMPANY LIMITED (70%) TARGET GROWTH 23.8 % SUCCESS 89.2 % 71,387 8,613 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) 185,274 AN
Slide 25: Malaysia Market
MALAYSIA MARKET RETAIL BUSINESS >>> 9M/2020 >>> BY MYGAZ SDN. BHD. (70% ) TARGET VOLUME 150,000 TONS TARGET GROWTH 6.5 % SUCCESS 68.5 % 102,749 47,251 2020 Remaining target QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 146,464 140,868 133,642 116,790 102,749 91,696 95,600 37,540 34,75
Slide 26: Total Oversea Volume
TOTAL OVERSEA VOLUME 9M/2020 >>> TARGET VOLUME 3,002,000 TONS TARGET GROWTH 5.3 % SUCCESS 60.7 % 1,821,658 1,180,342 2020 Remaining target 2,851,721 QUARTERLY | SALE VOLUME (TONS) ANNUALLY | SALE VOLUME (TONS) 2,420,223 2,156,314 2,025,809 1,782,877 1,821,658 734,869 1,428,978 1,307,220 592,247 598,
Slide 27: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 27
Slide 28: Powerplant
Y SIAMGAS SIAMGAS AND PETROCHEMICALS PUBLIC COMPANY LIMITED
Slide 29: MW. Powerplant
230 MW. POWERPLANT SELL TO GOVERNMENT >>> BY MYANMAR LIGHTING (IPP) CO., LTD. (41.1%) 1,256,970 QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) 1,081,187 1,048,258 1,017,824 336,168 342,221 264,491 Q3/19 Q2/20 Q3/20 Y-2017 Y-2018 Y-2019 9M-2020 YoY -3.0% +19.9 % YoY +29.4% QoQ +1.8% 29
Slide 30: MW. Diesel Powerplant
10 MW. DIESEL POWERPLANT SELL TO HOUSEHOLD >>> BY SOUTHERN MYANMAR DEVELOPMENT CO., LTD. (33.0%) QUARTERLY | SALE VOLUME (MW.) ANNUALLY | SALE VOLUME (MW.) COD 4,964 4,789 1,700 1,703 In July 2018 1,158 1,262 Y-2018 Y-2019 9M-2020 Q3/19 Q2/20 Q3/20 YoY +34.9% QoQ +0.1% 30
Slide 31: (Deep Sea Port and Oil Tank)
(DEEP SEA PORT AND OIL TANK) 31
Slide 32: Oil Tank Storage | Si-Chang Terminal
OIL TANK STORAGE | SI-CHANG TERMINAL SERVICE FOR OIL TANK STORAGE >>> BY SIAM TANK TERMINAL COMPANY LIMITED (99.68%) CAPACITY STATUS UNIT (MIL.LITRE) (USAGE) T-981 T-982 T-983 T-984 T-985 T-986 T-987 T-988 8 42.32 6 T-961 T-962 T-963 T-964 4 187.14 FULL T-975 T-976 2 116.25 FULL 32
Slide 33: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 33
Slide 34: Revenue breakdown 9M 2019 vs 9M 2020
Thailand Offshore 36.5% Oversea business Logistic 29.2% Other (Service & Other & Dividend) 32.1% 9M | 2019 Thailand 32.4% Oversea 67.6% 1.8% 0.5% 31.8% 9M | 2020 31.6% Thailand 31.5% Oversea 68.5% 35.9% 0.5% 0.3% 34
Slide 35: Full Year and Quarterly Revenue
FULL YEAR AND QUARTERLY REVENUE [BT.M] 9M|2020 Consolidated revenue of Bt.40,809 m shows a 18.0% yoy decline yoy -2.4% yoy -18.0% yoy -15.8% qoq +14.5% 69,103 67,442 840 607 58,339 59,629 49,773 757 886 401 48,378 40,809 40,809 17,669 684 47,329 16,727 45,728 939 15,274 206 34,661 38,403 350 33,652
Slide 36: Full Year and Quarterly EBITDA
FULL YEAR AND QUARTERLY EBITDA [BT.M] 9M|2020 Consolidated EBITDA of Bt.2,561 m shows a +52.4% yoy growth EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN EBITDA EBITDA MARGIN 6,000 15% 3,000 8% 1,800 11% 5,193 1,634 13% 2,561 7% 1,600 5,000 2,500 9.25% 9% 8.68% 6.28% 1,400 11% 6% 4,000 2,000 1,200 1,116 7
Slide 37: Gross Profit Margin & Net Profit Margin
GROSS PROFIT MARGIN & NET PROFIT MARGIN unit : million Baht 6,000 10% 9% 4,947 1,800 10% 1,594 5,000 8.36% 1,600 9.09% 8% 2,500 7% 1 8% 1,400 4,000 7% 2,040 6% 7.43% 2,000 1,139 3,251 1,200 6.45% 3,037 1,656 5.06% 2 5% 942 6% 2,891 6.00% 6% 1,000 3,000 2,811 1,500 768 4.65% 4.34% 5.23% 4% 800 2,260
Slide 38: Financial Position
FINANCIAL POSITION ASSET (THB Million) LIABILITIES & EQUITY (THB Million) Cash & Equivalents Inventory Short term loan Current liabilities Other asset PP&E Long term Debt Non current liabilities Total Equity INTEREST BEARING DEBT (TIMES) 41,439 41,179 41,439 41,179 2,500 2,288 1.63 4,855 5,279 7,714
Slide 39: Agenda
AGENDA • BUSINESS OVERVIEW • THAILAND LPG BUSINESS • OVERSEA LPG BUSINESS • OTHER BUSINESS • FINANCIAL RESULTS • BUSINESS OUTLOOK • Q&A 39
Slide 40: Outlook 2020
OUTLOOK 2020 LPG Sales Volume (Tons) Sales volume (TONs) 2017 2018 2019 Outlook 2020 9M|2020 % Success SGP - Thailand 1,030,660.58 1,010,383.14 983,246.31 1,030,000 601,322.14 58.4% SGP - Thailand Offshore Trading 736,544.45 942,945.98 1,434,872.89 1,500,000 952,179.80 63.5% SGP Offshore Trading Chi
Slide 41: Dividend Payment
DIVIDEND PAYMENT Dividend Policy Historical dividend payment The Company has established the policy to pay dividends to the 2020 0.10- shareholders at the rate of not less 2019 0.10 0.25 than 40% of the net profit after 2018 0.25 0.20 corporate income tax, accumulated 2017 0.50 1.00 loss brought for
Slide 42: Q&A
Q&A QUESTIONS ARE WELCOMED ! 42
Siamgas and Petrochemicals Public Company — Q3 2020 Earnings Presentation on 6ix