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The Platinum Group (PLAT TB) Share Price: Bt6.20 Target Price: N/A October 20, 2016 NOT RATED The Platinum Group (PLAT TB) Share Price: Bt6.20 Target Price: N/A Grand Bazaar of Thailand Equity Explorer Operates popular Fashion Mall in Thailand with 99% occupancy rate and one of the highest rents (Bt3,000/sq.m./month) Four projects to support earning growth from FY18 onwards; net leasable area will increase by 149% in FY18 and 43% in FY21 Stock offers attractive earnings growth (22% in FY18F) at 21x FY18F PE current valuation Plans to convert long-term rental contracts into short-term contracts at higher rents in 2021-22 PLAT owns and operates two shopping malls (The Platinum Fashion Mall and The Wharf Samui) and one hotel (Novotel Bangkok Pratunam). Currently, 70% of revenue come from The Platinum Fashion Mall, one of Thailand’s largest wholesale and retail fashion mall which sees 11mil Teerapol UDOMVEJ visitors per year. It has registered 99% occupancy rate over the last 5 662 - 659 7000 ext 5012 COMPANY RESEARCH | years and rent is relatively high at Bt3,000/sq.m./month (2Q16 average) [email protected] vs Bt1,500 for CPN (NEUTRAL, TP Bt60). PLAT expects to raise rents by about 5% p.a. for short-term rental contracts. Organic growth will Key Data start from it converts long-term contracts expiring in 2021-2022 (account 12-mth High/Low (Bt) 7.15 / 4.86 for 42% of leasable area) into short-term contracts. Current rents for Market capital (Btm/US$m) 17,360.0 / 497.7 long-term contracts are Bt1,200-2,100, much lower than c.Bt4,000 for 3m avg Turnover (Btm/US$m) 24.6 / 0.7 short-term contracts. Free Float (%) 17 Issue Shares (m shares) 2,800 Rental area and hotel rooms will increase by c.260% by 2021 Major shareholders: PLAT raised Bt5.2bn from an IPO in March 2015. It plans to use the - CHOTJURANGKOOL SURAC 27.7 proceeds to finance four projects which will require Bt9.9bn total capex, - PUNJAPORN CHOTICHULA 17.6 comprising (i) The Market by Platinum, a new retail shopping mall in the - WUJITTHANARAK WUTHIC 7.8 Ratchaprasong area, (ii) a hotel and office space for rent on The Market, Share Price Performance (iii) two hotels in Samui Island, and iv) Bangkok Skyline, a skywalk that links the BTS station to major shopping malls in Ratchaprasong area. This means earnings should start to surge from FY18 onwards as The Market would increase net leasable area from 28k to 69k sq.m. That will increase to 99k sq.m. by FY21 after it opens the office building at The Market. Finally, the number of hotel rooms should increase from 283 to 1,013 room by 2021. Start of new growth era in FY18 According to Bloomberg consensus estimate, PLAT’s earnings should jump 22% in FY18F to Bt845m after the opening of The Market. Although PLAT is currently trading at 25x FY16 P/E, that should drop to YTD 1Mth 3Mth 12Mth only 21x based on FY18 estimate, in line with CPN. PLAT is currently Absolute (%) 24.0 (4.6) (1.6) 17.0 debt-free, implying ample room for borrowings to take on more projects. Relative to index (%) 9.3 (2.3) 2.8 16.5 Financial Summary (Btm) Year to Dec 2011 2012 2013 2014 2015 Krungsri Securities vs Market Sales (Btm) 670 1,015 1,169 1,445 1,768 Positive Neutral Negative Growth (%) N/A 52 15 24 22 Market EBITDA (Btm) 272 432 503 720 950 Recommend 3 0 1 Growth (%) N/A 59 16 43 32 Source: Bloomberg, Krungsri Securities Recurring profit (Btm) 69 166 250 438 630 Growth (%) N/A 142 50 76 44 Net profit (Btm) 69 166 250 438 630 FDEPS (Bt) 0.12 0.29 0.29 0.22 0.22 Growth (%) N/A 142 (0) (24) 2 PE (x) 51.6 21.4 21.4 28.2 27.6 DPS (Bt) N/A N/A N/A 0.06 0.16 Yield (%) N/A N/A N/A 1.0 2.5 BVPS (Bt) 1.16 1.45 1.13 1.26 2.93 P/BV (x) 5.4 4.3 5.5 4.9 2.1 Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions, suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities. 1 Equity Explorer | PLAT October 20, 2016 PLAT: Future projects Source: Company data PLAT: Revenue breakdown PLAT: Financial Summary Source: Company data Source: Company data Krungsri Securities Research 2 Equity Explorer | PLAT October 20, 2016 The Platinum Fashion mall: Breakdown of tenant term The Platinum Fashion mall: Breakdown by area (as of June 2016) (as of June 2016) Source: Company data, Krungsri Securities Source: Company data, Krungsri Securities PLAT: Growth of rental business PLAT: Growth of hotel business Source: Company data, Krungsri Securities Source: Company data, Krungsri Securities Krungsri Securities Research 3 CG Rating 2015 Companies with CG Rating ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMY HANA HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINT MONO NKI PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL SAT SC SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMB TOP VGI WACOAL AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP ASIMAR ASK ASP BANPU BAY BBL BDMS BKI BLA BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW GBX GC GFPT GLOBAL GUNKUL HOTPOT HYDRO ICC ICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO MBK MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP PDI PE PG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS S & J SABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNP SPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSP TCAP TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TK TKS TMI TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSC TSTE TSTH TTA TTCL TTW TU TVD TVO UAC UT UV VNT WAVE WINNER YUASA ZMICO 2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCO AQUA AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHI BKD BTNC CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP CSS CTW DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTH FPI FSMART FSS FVC GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS KWC KYE L&E LALIN LHK LIT LST M MAJOR MAKRO MATCH MATI MBKET M-CHAI MFC MILL MJD MK MODERN MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT OCEAN PACE PATO PB PCA PCSGH PDG PF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL PYLON QLT RCI RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY STPI SUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC TIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR TT UMI UP UPF UPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO Disclaimer The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result. Anti-corruption Progress Indicator 2015 Level 5: Extended BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP Level 4: Certified ADVANCAMANAH ASP AYUD BAFS BANPU BAY BBL BKI BLA BTS CFRESH CIMBT CNS CSL DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA HTC IFEC INTUCH IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MBKET MFC MINT MTI NKI PPS PSL PTG PTTEP SABINA SCB SINGER SIS SNC SNP SSF SSI SSSC SVI TCAP THCOM THRE THREL TISCO TMB TMD TNITY TOG TSTH Level 3B: Established by Commitment and Policy AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI CGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIM SLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPO WAVE WINNER YUASA Level 3A: Established by declaration of intent ABC ACAP AGE AH ANAN AP APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK BWG CEN CENTEL CHARAN CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKRO MC MCOT MFEC MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC PACE PCSGH PDI PG PHOL PLAT PR PRANDA PREB PS QLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA STANLY SUPER SYMC SYNEX SYNTEC TASCO TCMC TFI THAI TICON TKT TLUXE TMILL TMT TNL TPCORP TSTE TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA ZMICO Level 2: Declared 2S ABICO AF AIRA AKP ALUCON AMARIN AMATA AOT APCO BEAUTY BFIT BH BKD BLAND BROCK BRR BSBM BTNC CCP CI CSC CSR CSS EFORL EPCO ESTAR FE FER FNS FVC GEL GLOBAL GUNKUL IEC IFS ILINK INET J JMT JUTHA K KASET KBS KCAR KKC KSL KTECH L&E LALIN LTX M
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