DOCSLIB.ORG

Company Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

September 27, 2018 OUTPERFORM n BTS Group Holdings (BTS TB) Share Price: Bt9.35 Target Price: Bt10.50 (+12.3%) Taking to the skies with BTS sky train . Expect 20% p.a. core profit growth (3-year CAGR) up to FY21F Initial Coverage led by organic growth, Green Line Extension, Pink and Yellow lines, and strong profit contribution from VGI (+25% p.a.) CH | CH . Potential upside from High-Speed Rail project to link 3 airports and new concession to manage the entire Green Line after 2029 . OUTPERFORM, Bt10.50 TP; upside risk from new concessions, a growing digital economy, and inorganic growth Back to growth stage after four years of flat growth BTS, a conglomerate involved in mass transit projects, is a familiar name for investors who ride the Skytrain to Bangkok CBD during rush hour. BTS’s earnings growth has been flat since FY14 because they had sold net farebox revenue from core network (23.5 km) to BTSGIF in FY14. BTS has 33% stake at BTSGIF. The company also did not find suitable investments to fill the earnings vacuum due to delays in the auction of new mass transit lines. However, BTS has secured 95.7 km of four new COMPANY RESEAR COMPANY Sunthorn THONGTHIP mass transit line projects under both gross-cost and net-cost in the past 662 - 659 7000 ext 5009 two years. These projects will be completed in FY19-21. VGI, a subsidiary [email protected] involved in the media business, targets to grow profit by 33% p.a. (vs our estimate of 25%) to Bt2bn by FY21F led by an expanding BTS mass Key Data transit network and synergies with Rabbit’s and Kerry’s platforms. These 12-mth high/low (Bt) 9.9 / 7.75 factors would support 20% p.a. earnings growth for BTS up to FY21F. Market capital (Btm/US$m) 110,161 / 3,398 Near-term upside from two new projects 3m avg. turnover (Btm/US$m) 230 / 7.1 Free float (%) 58 We see potential upside for BTS if they win the High-Speed Rail project Issued shares (m shares) 11,845 to link 3 airports (Bt224bn) for 50-year PPP net-cost. The High-Speed Major shareholders: Rail will accept bids on 12 Nov and the winner will be announced in -KANJANAPAS KEEREE’ GROUP 41.1 1Q19. BSR JV has experience in government projects, managing BTS -THAI NVDR 7.9 Skytrain network in Thailand, and potential that they would partner with -BANGKOK BANK PUBLIC 4.6 PTT. We see high chance that they could secure this project. We see another upside from the possibility that BMA would amend the O&M Share Price Performance contract of the entire green line after 2029 to 30-year PPP net-cost scheme. OUTPERFORM, Bt10.50 TP; defensive play with potential upside Our TP is based on SoTP valuation. BTS will be a major beneficiary of Bangkok’s rapid urbanization and expanding mass transit network because they operate the core network in Bangkok CBD, and monetization of Rabbit Line Pay as it is a prime candidate to be Thailand’s main digital payment platform. The short-term catalysts would be positive earnings momentum in 3QFY19F and bidding for new concession contracts; the High-Speed Rail in 3QFY19 and the entire Green Line in 2019. YTD 1Mth 3Mth 12Mth Absolute (%) 12.0 1.6 2.2 8.8 Financial Summary (Btm) Relative to index (%) 12.3 (1.3) (3.1) 3.9 Year to March FY17 FY18 FY19F FY20F FY21F Sales (Btm) 6,809 12,171 29,399 29,292 36,531 Krungsri Securities vs Market Growth (%) 27.2 78.8 141.6 -0.4 24.7 Positive Neutral Negative EBITDA (Btm) 3,626 4,450 5,936 7,573 9,716 Market Growth (%) 44.2 22.7 33.4 27.6 28.3 Recommend 14 2 0 Recurring profit (Btm) 1,417 2,515 2,541 3,350 4,375 Krungsri Market % +/- Growth (%) (30.0) 77.4 1.1 31.8 30.6 Target Price (Bt) 10.5 10.9 (4.0) Net profit (Btm) 2,003 4,416 2,541 3,350 4,375 ’19 Net Profit (Btm) 2,541 2,698 (5.8) Normalized EPS (Bt) 0.12 0.21 0.21 0.28 0.37 ’20 Net Profit (Btm) 3,350 3,471 (3.5) Growth (%) (30.1) 77.4 1.0 31.8 30.6 Normalized PE (x) 62.2 36.3 43.6 33.1 25.3 Krungsri's earnings revision DPS (Bt) 0.34 0.35 0.17 0.24 0.30 2019F 2020F Yield (%) 4.6% 4.5% 1.8% 2.5% 3.2% Earnings revision (%) - - BVPS (Bt) 3.6 3.4 3.5 3.5 3.6 Source: Bloomberg, Krungsri Securities P/BV (x) 2.09 2.25 2.69 2.66 2.60 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 Initial Coverage | BTS September 27, 2018 Business BTS Group Holdings PCL (BTS) is the first provider of mass-transit services in Thailand. It is a privately-owned conglomerate. The company is also involved in complementary businesses - Media, Property and Services. Revenue from Mass Transit and Media accounted for 65% and 28% of FY18 revenue, respectively, while both businesses contributed almost 100% of operating EBITDA in FY18. FY18 Operating revenue breakdown FY18 Operating EBITDA breakdown Source: Company data Source: Company data BTS operates the mass transit business through majority-owned subsidiary, Bangkok Mass Transit System Public Co., Ltd. (BTSC). BTSC is currently the exclusive concessionaire and operator of the Green Line, Bus Rapid Transit system, and future operator and majority-JV partner for the Pink and Yellow monorail lines. BTS is involved in the Media business through majority-owned subsidiary, VGI Global Media PCL (VGI). VGI is the leading Out-of-Home Media company in Thailand. It is also expanding into payment-based data platform, the “Rabbit” ecosystem, to earn payment and advertising income from Rabbit Line Pay users. BTS also dabbles in the property business through its 39% stake in U City. BTS: Business organization and shareholding structure Source: Company data (as of 31 March 2018) Krungsri Securities Research 2 Initial Coverage | BTS September 27, 2018 Mass Transit business BTSC is the exclusive concessionaire and operator of the BTS Skytrain core network (23 stations, 23.5 km) located in Bangkok CBD under a 30-year net cost model from 1999 to 2029. In April 2013, BTSC sold the rights to net farebox revenue of the core network up to Dec 2029 to BTSGIF for Bt62.5bn. BTS used the proceeds to invest in 1/3 of units in BTSGIF (10-year moratorium) and booked Bt950m share of net profit from BTSGIF in FY18. Core network ridership and farebox revenue outlook Share of net profit from BTSGIF Source: Company data Source: Company data BTSC has been operating and maintaining the Green Line Extension Phase I (11 stations, 12.8 km) since 2009 for a pre-agreed fee income (zero ridership risk). The company also signed a 30-year O&M contract in May 2012 to operate and maintain the Phase I Extension and the core network after it expires in 2029. BTS booked Bt1.9bn O&M revenue in FY17/18. BTS’s network coverage will expand by 3.5 times (38.1km currently) to 132 km by FY22. These comprise 26-year O&M contracts for the Northern and Southern Green Line extensions (from Bearing to Samut Prakarn and from Mo Chit to Khu Khot, total 25 stations, 30.8 km) in March 2017. The company also secured the Pink Line (30 stations, 34.5 km) and the Yellow Line (23 stations, 30.4 km) in June 2017 under 30-year PPP net-cost concession contracts. BTS’s network will expand 3.5x from 38.1 km in FY18 to 132 km in FY22 Source: Company data Krungsri Securities Research 3 Initial Coverage | BTS September 27, 2018 Media business BTS is involved in the Media business through majority-owned subsidiary, VGI Global Media PCL (VGI). VGI is the leading Out-of-Home Media company in Thailand. They have an exclusive concession to manage advertising space in the core BTS stations. VGI has expanded to include broad touchpoints across the Out- of-Home (OOH) Media segment, such as managing advertising space in key offices and commercial buildings in Bangkok, on street furniture, outdoor billboards, aviation and activation media. VGI: OOH media and digital service businesses Source: Company data VGI is also involved in the online business through a payment-based data platform called the Rabbit ecosystem. Rabbit was developed from an offline transit card (Rabbit Card) into an e-wallet, including Rabbit LinePay online payment channel within the LINE messaging app. Both payment channels are being rapidly adopted by an expanding base of brick-and-mortar and online vendors, enabling VGI to offer omni-channel and Offline-to-Online (O2O) solutions to give their customers more measurable and targeted advertising capabilities. Out of Bt3.9bn total revenue in FY18 (+30% yoy), 58% is from BTS-related media, 25% from outdoor media, 8% from office building media, and 9% from digital services media. VGI targets to be One-Stop Solution shop for customers VGI: Operating revenue breakdown Source: Company data Source: Company data Krungsri Securities Research 4 Initial Coverage | BTS September 27, 2018 Why we like BTS We initiate coverage of BTS with an OUTPERFORM rating and SOTP TP of Bt10.50/sh.
Recommended publications
  • Bangkok Expressway and Metro Public Company Limited (BEM) FEBRUARY 2021 Business Overview

    Bangkok Expressway and Metro Public Company Limited (BEM) FEBRUARY 2021 Business Overview

    Bangkok Expressway and Metro Public Company Limited (BEM) FEBRUARY 2021 Business Overview COMMERCIAL ROAD INVESTMENT RAIL DEVELOPMENT Total Expressway Total Rail BL = IBL + BL Ex Infrastructure portfolio SES 38.50 km BL 48 km 38 stations For advertising in Stations & • Owns 99.99% in NECL Sector C+ 32.00 km PPL 23 km 16 stations Trains, Retailing and • Owns 90.52% in BMN SOE 17.06 km Total 71 km 54 stations Telecommunications • Owns 18.47% in TTW Total 87.56 km • Owns 16.64% in CKP BL Ridership PPL to be negotiated with MRTA Traffic Volume Jan 2021 Profit sharing in P&L Jan 2021 151,237 trips/day Expressway Ads on SES Y2019 173 MB 799,583 trips/day Growth -61.95% YoY 9M/2020 - MB Growth -34.30% YoY Avg. 2021 CD Revenue Avg. 2021 151,237 trips/day Y2019 783 MB Cash Dividend Received 799,583 trips/day Growth -61.95% YoY 9M/2020 586 MB Y2019 489 MB Growth -34.30% YoY Growth 4.30% YoY 9M/2020 483 MB BL farebox Tolls Revenue Jan 2021 Jan 2021 4.24 MB/day 17.33 MB/day Growth -60.05% YoY Growth -37.67% YoY Avg. 2021 Avg. 2021 4.24 MB/day 17.33 MB/day Growth -60.05% YoY Growth -37.67% YoY PPL O&M service income Annual Income apx.1,800 - 2,000 MB/year 2 Financial Highlights & Earnings Outlook REVENUE STRUCTURE TOTAL REVENUE As of 9M/2020 Unit: MB SteadyRevenue with Growth 20,404 trong Earnings with Good Dividend 19,087 S Rail : 34% 15,393 13,232 Stable Cash Flow Road : 60% 10,589 Road Gearing for new investment Rail Commercial CD Development : Other 6% 2016 2017 2018 2019 9M/2020 NET PROFIT DPS / EPS NET IBD/E Unit: MB Unit: THB Unit : Times 5,317* 5,435** 1.44 3,123 0.35* 0.36** 1.38 2,606 1.37 1.34 1,482 0.20 1.33 0.17 0.15 0.15 0.11 0.13 0.10 DPS EPS 2016 2017 2018 2019 9M/2020 2016 2017 2018 2019 9M/2020 2016 2017 2018 2019 9M/2020 Remark : * Including non - cash extra item from reclassified the investment in CKP ** Including non - cash extra item from reclassified the investment in TTW 3 Expressway Map Expressway Network Distance (km) Operator 1.
  • 3 Assessment of Urban Transport Systems in Bangkok

    3 Assessment of Urban Transport Systems in Bangkok

    Assessment Urban Transport System: Bangkok, Thailand Siradol Siridhara Mahidol University BLAK Bangkok Metro and Vicinity Population 16.43 million Bkk Population 5.56 million Employment 10.42 million Income 39,459 baht/hh Bangkok Metro and Vicinity 35 million trips per day. ≈ 70% by private vehicles. Average Speeds Morning peak hour 10.7 kph Evening peak hour 14.2 kph Key Players Regulators, Project Owners & Operators Rail Bus Regulators Project Owners Project Operators 3 Current Rail Network Current Network: 5 Lines, 97 Stations, 142.9 km Light Green Line 32 stations 39.5 km Dark Green Line 13 stations 14.7 km Blue Line 26 stations 47.0 km Purple Line 16 stations 23.6 km Airport Rail Link 8 Stations 28.6 km Total 153.4 km Green Blue Purple Red Ridership (approx.) 1500000 trips/day4 Future Rail Network Future Network: Approx. 540 km Light Green Line 55 stations 66.5 km Dark Green Line 20 stations 22.5 km Blue Line 42 stations 55.0 km Purple Line 32 stations 42.8 km Orange Line 30 stations 35.4 km Pink Line 30 stations 36.0 km Yellow Line 23 stations 30.4 km Brown Line 23 stations 21.0 km Gold Line 4 stations 2.7 km Grey 39 stations 26.0 km Light Blue Line 19 stations 30.0 km Light Red Line 55 stations 58.5 km Dark Red Line 20 stations 80.8 km Airport Rail Link 14 Stations 49.5 km Total 504 km 5 Assessment Urban Transport System: Bangkok SUTI01 Extent to Which Transport Plans Cover Public Transport, Intermodal Facilities and Infrastructure for Active Modes MIN SCORE MAX 0 11 16 No Aspects Explanation Score 1 Walking Networks Little attention has been paid to pedestrian network planning, although the awareness of maintenance of walkways and other pedestrian facilities have 2 been raised from the general public.
  • Charoen Nakhon Thailand

    Charoen Nakhon Thailand

    NAVARANG ASSET PRESENT CHAROEN NAKHON THAILAND About Best Health & Culture Restaurants Wellness Heritage CHAROEN Instagramable NAKHON Coffee Culture ATTRACTIONS! And more ... VOL. 01 MAY 2021 01 CHAROEN NAKHON How to get there? From 40 Suvarnabhumi international mins airport From 20 Sukhumvit rd mins (Siam-Asoke) From 5 BTS Krung mins Thon Buri Charoen Nakhon is located along Thailand’s most majestic river “The Chao Praya”. Widely regarded as Bangkok’s most popular trade route and cultural heritage site. From cool art and lifestyle hubs, ‘trendy cafes, and superb street eats to iconic riverside hotels, not to forget the unique shopping districts, life on Charoen Nakhon has never been more attractive. With the new BTS Gold Line on rails, Charoen Nakhon is one of the most desirable neighborhoods of Bangkok. 02 CHAROEN NAKHON About Charoen Nakhon There are few places in the world that make it possible for The riverside neighborhood can visitors to see its urban areas via boat. Charoen Nakhon is a be reached via a handful of BTS charming neighborhood situated in the Thonburi community on stations, or by boat, which is the western banks of the Chao Phraya River. Thonburi was the oftentimes a faster and more capital of Thailand for a short time in 1768, after Ayutthaya authentic way to see the city. was destroyed by the Burmese. After the capital was moved While many tourists who venture across the river, Thonburi became a separate city, but now it is this way come to stay in one of one of many districts that make up the city of Bangkok.
  • Thailand MRTA Initial System Project (Blue Line) I–V

    Thailand MRTA Initial System Project (Blue Line) I–V

    Thailand MRTA Initial System Project (Blue Line) I–V External Evaluator: Hiroyasu Otsu, Graduate School of Kyoto University Field Survey: August 2007 – March 2008 1. Project Profile and Japan’s ODA Loan Myミャンマーanmar ラオスLaos Thailandタイ Banバンコクgkok ◎ カンボジアCambodia プロジェクトサイトProject Site Map of the project area Bangkok Subway (MRT Blue Line) 1.1 Background Accompanying the rapid economic development in Bangkok starting in the 1990s, regular traffic congestion and the associated air pollution became evident in the urban area. The Thai government drew up the Bangkok Mass Transit Master Plan (produced by the Office of the Commission for the Management of Road Traffic (OCMRT) and hereinafter referred to as the “master plan”) in 1995 based on the 7th National Economic and Social Development Plan (1992–1996) for the purpose of developing a mass transit network and also for developing a network of ordinary roads and expressways to achieve steady economic growth, together with resolving the above-mentioned traffic congestion and air pollution. Furthermore, the development of the mass transit network proposed in the master plan is also specified in the subsequent 8th National Economic and Social Development Plan (1997–2000), and it is positioned as an extremely important national project in Thailand. The plan for the Bangkok mass transit system, part of the master plan, involves the construction of five lines that will radiate out and join the Bangkok Metropolitan Area (BMA) with the Bangkok Metropolitan Region (BMR)1 together with creating a network 1 The Bangkok Metropolitan Region includes Bangkok, which is a special administrative area, and the surrounding five provinces of Samut Prakan, Pathum Thani, Samut Sakhon, Nakhon Pathom, and Nonthaburi.
  • Special Assistance for Project Implementation for Bangkok Mass Transit Development Project in Thailand

    Special Assistance for Project Implementation for Bangkok Mass Transit Development Project in Thailand

    MASS RAPID TRANSIT AUTHORITY THAILAND SPECIAL ASSISTANCE FOR PROJECT IMPLEMENTATION FOR BANGKOK MASS TRANSIT DEVELOPMENT PROJECT IN THAILAND FINAL REPORT SEPTEMBER 2010 JAPAN INTERNATIONAL COOPERATION AGENCY ORIENTAL CONSULTANTS, CO., LTD. EID JR 10-159 MASS RAPID TRANSIT AUTHORITY THAILAND SPECIAL ASSISTANCE FOR PROJECT IMPLEMENTATION FOR BANGKOK MASS TRANSIT DEVELOPMENT PROJECT IN THAILAND FINAL REPORT SEPTEMBER 2010 JAPAN INTERNATIONAL COOPERATION AGENCY ORIENTAL CONSULTANTS, CO., LTD. Special Assistance for Project Implementation for Mass Transit Development in Bangkok Final Report TABLE OF CONTENTS Page CHAPTER 1 INTRODUCTION ..................................................................................... 1-1 1.1 Background of the Study ..................................................................................... 1-1 1.2 Objective of the Study ......................................................................................... 1-2 1.3 Scope of the Study............................................................................................... 1-2 1.4 Counterpart Agency............................................................................................. 1-3 CHAPTER 2 EXISTING CIRCUMSTANCES AND FUTURE PROSPECTS OF MASS TRANSIT DEVELOPMENT IN BANGKOK .............................. 2-1 2.1 Legal Framework and Government Policy.......................................................... 2-1 2.1.1 Relevant Agencies....................................................................................... 2-1 2.1.2
  • An Inventory and Assessment of National Urban Mobility in Thailand

    An Inventory and Assessment of National Urban Mobility in Thailand

    Development of a National Urban Mobility Programme - an Inventory and Assessment of National Urban Mobility in Thailand A project of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in collaboration with the Thai Office of Transport and Traffic Policy and Planning (OTP) Final Report November 2019 Development of a National Urban Mobility Programme Project Background Transport is the highest energy-consuming sector in 40% of all countries worldwide, and causes about a quarter of energy-related CO2 emissions. To limit global warming to two degrees, an extensive transformation and decarbonisation of transport is necessary. The TRANSfer project’s objective is to increase the efforts of developing countries and emerging economies for climate-friendly transport. The project acts as a mitigation action preparation facility and thus, specifically supports the implementation of the Nationally Determined Contributions (NDC) of the Paris Agreement. The project supports several countries (including Peru, Colombia, the Philippines, Thailand, Indonesia) in developing greenhouse gas mitigation measures in transport. The TRANSfer project is implemented by GIZ and funded by the International Climate Initiative (IKI) of the German Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) and operates on three levels. Mobilise Prepare Stimulate Facilitating the Preparation of Knowledge products, Training, MobiliseYourCity Mitigation Measures and Dialogue Partnership Standardised support Based on these experiences, TRANSfer The goal of the multi- packages (toolkits) are is sharing and disseminating best stakeholder partnership developed and used for the practises. This is achieved through the MobiliseYourCity, which is preparation of selected development of knowledge products, currently being supported by mitigation measures. As a the organisation of events and trainings, France, Germany and the result, measures can be and the contribution to an increasing European Commission, is that prepared more efficiently, level of ambition.
  • AE47810E0128 Metro

    AE47810E0128 Metro

    JANUARY 2018 RFP No. AE47810E0128 Volume I – Technical Proposal (Appendices) Systems Engineering and Support Services Submitted by: Resumes Metro Systems Engineering and Support Services RFP No. AE47810E0128 TABLE OF CONTENTS Margaret (Meg) Cederoth, AICP, LEED AP | sustainability interface ....................................... R-49 Michael Harris-Gifford | program manager | corridor lead/ TO Andrew Cho | communications...................... R-50 manager | independent systems integration review team . R-1 Wilson Chu, EIT | ducktbank design .................. R-51 Jeff Goodling | deputy project manager | project controls lead | value engineering ............................ R-3 Joe Cochran | train control ......................... R-52 John Schnurbusch, PE | OCS manager ................ R-5 John Cockle, ASP | safety certification ................ R-53 Anh Le | communications manager | corridor lead/ TO Phil Collins | communications | independent systems manager ........................................ R-7 integration review team ............................ R-54 Barry Lemke | train control design lead................. R-9 Ramesh Daryani, PMP | systems integration . R-55 David Hetherington, PE | traction power manager ....... R-11 Ruperto Dilig, PE | independent quality manager ........ R-56 Davy Leung | RF engineering lead.................... R-13 Kurt Drummond, PE | communications................ R-57 Paul Mosier | operations and planning lead ............ R-15 Jeffrey Dugard | train control........................ R-58 Abbas Sizar,
  • TOD Factors Influencing Urban Railway Ridership in Bangkok

    TOD Factors Influencing Urban Railway Ridership in Bangkok

    TOD Factors Influencing Urban Railway Ridership in Bangkok Varameth Vichiensan Nattapon Suk-kaew Masanobu Kii Department of Civil Engineering Mass Rapid Transit Authority Faculty of Engineering and Design Kasetsart University of Thailand Kagawa University Bangkok, Thailand Bangkok, Thailand Takamatsu, Japan [email protected] [email protected] [email protected] Yoshitsugu Hayashi Center for Sustainable Development and Global Smart City Chubu University, Aichi, Japan [email protected] Abstract— Currently, three urban railway system are A. Urban Development running in Bangkok Metropolitan Region - Bangkok Transit The city of Bangkok was established on the right bank of System (BTS) Bangkok Mass Rapid Transit (MRT) and Airport the Chao Phraya River in 1782 with a territory of 3.5 km2 and Rail Link (ARL). However, the development pattern in the area population of about 50,000. The city has built canals for around train stations are different. This paper presents a cluster analysis of urban railway stations in Bangkok that has influence communication and security functions. Since then people have railway ridership. The cluster analysis shows that transit station been attracted to reside along the waterway network. classification can be classified into three clusters – high-density Population has been continuously increasing with migrants commercial areas, high-density residential areas (most are in from countryside and foreign countries. The city has dense residential areas and close to economic areas) and continuously expanded to the west side of Chao Phraya river, medium-density commercial and residential areas (most are in so-called Thonburi side. The city has expanded to the north, moderate and low residential areas).
  • 1 Cultural Landscape of Bali Province

    1 Cultural Landscape of Bali Province

    Proceedings of the 3rd International Conference on Best Practices in World Heritage: Integral Actions Menorca, Spain, 2-5 May 2018 CULTURAL LANDSCAPE OF BALI PROVINCE: COMMUNITY-BASED CULTURAL TOURISM IN THE MAKING Paisaje Cultural de la Provincia de Bali: creando una turismo cultural basado por la comunidad Wiwik Dharmiasih (1), Yunus Arbi (2) (1) Universitas Udayana, Bali, Indonesia and [email protected] (2) Ministry of Education and Culture of the Republic of Indonesia, Jakarta, Indonesia and [email protected] ABSTRACT The Cultural Landscape of Bali Province (CLBP) is a UNESCO World Heritage Site inscribed in 2012. The site consists of four clusters located in five districts on the island of Bali. It represents the ancient Balinese philosophy of Tri Hita Karana, or the three sources of prosperity, manifested through the irrigation system of rice paddy planting. The designation was proposed in an effort to preserve traditional agricultural practices amidst the rapid growth of the tourism industry in Bali. One alarming indicator for example estimates that almost 1,000 hectares of paddy fields are converted for other uses every year, mostly to support tourism facilities and new human settlements. Five years after UNESCO inscription, the site faces development pressures from an increasing number of visitors and the facilities created to accommodate them. Growing demands to build tourism infrastructures has led to land conversion of productive paddy fields in and around the site. In mid 2015, these changes resulted in conflict over plans to convert paddy fields to build a parking lot. Traffic congestion and limited parking space has caused villagers to convert paddy fields into parking space.
  • Metro Rail Past and Future in Los Angeles Metro Rail – System Description / Current

    Metro Rail Past and Future in Los Angeles Metro Rail – System Description / Current

    Los Angeles County Metropolitan Transportation Authority Metro Rail Past and Future In Los Angeles Metro Rail – System Description / Current The Los Angeles Red Line: Union Station Metro Rail to North Hollywood 14.8 Miles System consists of two Heavy Purple Line: Union Rail (Subway) Station to Wilshire/Western 5 Miles lines and three Light Rail 4 Miles shared Track, (Interurban) lines 15.7 Miles total Blue Line: 7th Street to Long Beach Transit Mall 22 Miles Green Line: Norwalk to Marine 20 Miles Gold Line: Sierra Madre Villa to Atlantic 19.4 Miles Metro Rail Lines Vehicle Overview Red & Purple Blue Green Gold Gold Line Red & Purple Blue Green & Gold Gold Color zzz zzz zzz zzz zzz zzz Miles 15.9 22 19.6 13.7 6.8 (Eastside) 650A / P865 / P2000 / P2550 / Type / Mfg. Breda Nippon Sharyo Siemens Duewag Breda Weight Empty (lbs.) 80,000 94,000 98,000 109,000 Length (ft.) 75 90 90 90 Passenger 220 276 262 264 Max. Load Max. Speed (mph) 70 55 65 55 Original Agencies • The Heavy Rail lines were built and originally operated by the Southern California Rapid Transit District (SCRTD) which was the immediate predecessor agency of the present-day Los Angeles County Metropolitan Transportation Authority (LACMTA or Metro) Original Agencies • The Light Rail lines were built by the Los Angeles County Transportation Commission (LACTC) which was founded in 1977 to handle planning and construction of highway and transit projects in Los Angeles, they too were merged into Metro in 1993 • The SCRTD operated the Light Rail Line built by LACTC up until the merger
  • Fact Book Fact

    Fact Book Fact

    FACT BOOK FACT ConocoPhillips Fact Book About the Cover As the world’s need for energy continues to expand, ConocoPhillips is growing to meet that need with a portfolio of new investments. (On the cover, left to right) Announced in 2005, the company will begin a multi-year, domestic refining investment program designed to create an integrated advantage through its existing assets, such as the Borger, Texas, refinery. In the Timor Sea, the Bayu-Undan project was advanced with the connection of a natural gas pipeline from the offshore facilities to the liquefied natural gas facility near Darwin, Australia. The Burlington Resources acquisition, including major producing fields in Canada, has expanded ConocoPhillips’ presence in North America through high-quality, long-life reserves and assets. Through the dedication of the company’s solid work force, these and other projects will provide sustainable shareholder value well into the future. ConocoPhillips Key Assets, Operations and Locations As of March 31, 2006, unless noted otherwise. Third-largest integrated energy company in the United States. Fifth-largest proved reserves holder worldwide.* Fourth-largest refiner worldwide,* second-largest in the United States. About 38,000 employees worldwide.** 1,808 active patents in about 70 countries. *Of nongovernment-controlled companies. **Based on the Annual Reports on Form 10-K of ConocoPhillips and Burlington Resources for the year ended Dec. 31, 2005. Worldwide Locations Branded Marketing 2005 Worldwide Production Algeria Hungary Saudi Arabia
  • Bangkok Mass Rapid Transit Project (Pink and Yellow Lines): Details Of

    Bangkok Mass Rapid Transit Project (Pink and Yellow Lines): Details Of

    Bangkok Mass Rapid Transit Project (Pink and Yellow Lines) (RRP THA 51274) DETAILS OF IMPLEMENTATION ARRANGEMENTS A. Regulatory Framework 1. The Mass Rapid Transit Authority of Thailand (MRTA), the State Railway of Thailand, and the Bangkok Metropolitan Administration are three government entities involved in preparing, implementing, and operating mass rapid transit (MRT) projects in Thailand. The MRTA is considered the lead agency in developing and implementing MRT projects. 2. The MRT Pink Line and Yellow Line are being developed as a public–private partnership net cost scheme,1 under which the MRTA is responsible for providing the land and the right of way while the concessionaire invests in civil works, mechanical and equipment systems, and rolling stock, including operation and maintenance services. The project is implemented on a build–transfer–operate basis, under which the concessionaire is obliged to transfer the ownership of the project to the MRTA when the MRTA issues commissioning certificates, and the MRTA will give the concessionaire the right to operate and receive revenues from the project. The concession period is 33 years and 3 months, comprising 3 years and 3 months for the construction period and 30 years for the operation period. B. Management 3. While the tender process was undertaken independently for the MRT Pink Line and Yellow Line, the BSR Joint Venture (BSR) won the concession for both lines. BSR established two special-purpose companies—the Northern Bangkok Monorail Company Limited (NBM) and the Eastern Bangkok Monorail Company Limited (EBM)—in which BTS Group Holdings Public Company Limited (BTS Group) holds 75% of the shares of each company, Sino-Thai Engineering and Construction Public Company Limited (STECON) holds 15% of the shares, and Ratchaburi Electricity Generating Holding Public Company Limited (RATCH) hold 10% of the shares.