DOCSLIB.ORG

CPN Retail Growth Leasehold REIT

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CPN Retail Growth Leasehold REIT Thailand Company Guide CPN Retail Growth Leasehold REIT Version 10 | Bloomberg: CPNREIT TB | Reuters: CPNREITu.BK Refer to important disclosures at the end of this report DBS Group Research . Equity 28 Feb 2019 FULLY VALUED Brace for huge NAV fall Last Traded Price ( 27 Feb 2019): Bt27.00 (SET : 1,665.27) Price Target 12-mth: Bt20.50 (-24% downside) (Prev Bt22.80) Maintain FULLY-VALUED with a lower DCF-based TP of Bt20.50. We believe CPN Retail Growth Leasehold REIT’s Analyst (CPNREIT) current valuation is too stretched. The stock is now Chanpen SIRITHANARATTANAKUL +662 857 7824 trading way above our revised target price (TP) of Bt20.50 based [email protected] on DCF. We therefore recommend investors take profit. At the current price of Bt27.00, CPNREIT is offering 2019 dividend What’s New yield of 6.2% and an internal rate of return (IRR) of 5.1%. Note • 4Q18 results below expectations that two of CPNREIT’s major assets (CentralPlaza Rama 2 and CentralPlaza Pinklao) accounting for 53.5% of total revenue will • Announced 4Q18 DPU of Bt0.4163, representing a see their leasehold contracts expire in about six years (2024 and 103.9% payout ratio; XD on 8 Mar 2019 2025). Although we believe it’s highly likely that these contracts • Cut forecast by 4-5% in 2019-20 to reflect a more will be extended, the extensions could come with additional conservative rental reversion assumption costs. CPNREIT’s current gearing is at 31%, which is not low. Acquiring additional assets or extending lease agreements will • TP cut to Bt20.50 based on DCF certainly involve both debt and equity financing, making dilution inevitable. Investors should also brace for a potentially huge asset revaluation losses and big drop in net asset value Price Relative (NAV) in the years ahead. Where we differ. Our TP is over 20% below consensus. We believe this is due to different assumptions on rental reversions. We now assume rental reversion of 3-4% in our forecasts. Potential catalysts. Improving occupancies and rents of the malls following major and minor renovations, acquisition of new Forecasts and Valuation FY Dec (Btm) 2017A 2018A 2019F 2020F assets, successful extension of lease contracts at CentralPlaza Gross Revenue 3,410 4,739 5,062 5,298 Rama 2 and CentralPlaza Pinklao. Net Property Inc 3,185 4,480 4,762 4,986 Total Return 1,997 3,827 3,800 4,009 Valuation: Distribution Inc 2,724 3,578 3,800 4,009 Our target price for CPNREIT is Bt20.50, based on discounted EPU (Bt) 0.90 1.73 1.72 1.81 EPU Gth (%) (37) 92 (1) 5 cash flow (DCF) valuation methodology. DPU (Bt) 1.14 1.62 1.68 1.78 DPU Gth (%) (1) 42 4 5 Key Risks to Our View: NAV per shr (Bt) 13.3 13.6 13.6 13.7 Key risks are; (i) lower-than-expected occupancy rates (OR) PE (X) 29.9 15.6 15.7 14.9 Distribution Yield (%) 4.2 6.0 6.2 6.6 and, (ii) weaker-than-expected rental rate reversion. P/NAV (x) 2.0 2.0 2.0 2.0 Aggregate Leverage (%) 31.4 31.2 31.3 31.3 At A Glance ROAE (%) 6.7 12.9 12.7 13.3 Issued Capital (m shrs) 2,212 Mkt. Cap (Btm/US$m) 59,737 / 1,899 Major Shareholders (%) Distn. Inc Chng (%): (5) (4) (5) Central Pattana 26.7 Consensus DPU (Bt): 1.52 1.60 N/A Other Broker Recs: B: 1 S: 1 H: 1 Government Savings Bank 3.1 TMB Property Income plus. 3.0 Source of all data on this page: Company, DBSVTH, Bloomberg Finance Free Float (%) 73.1 L.P 3m Avg. Daily Val (US$m) 0.75 ICB Industry : Financials / Real Estate Investment Trust ed: KK/ sa: CW, CS Company Guide CPN Retail Growth Leasehold REIT WHAT’S NEW 4Q18 below expectations 4Q18 net investment income grew 34% y-o-y to Bt887m. This Announced 4Q18 DPU of Bt0.4163. This represents a dividend was on mainly on the back of the additional contribution from payout ratio of 103.9%. The stock will go ex-dividend on 8 the two assets acquired in 4Q17 (CentralFestival Pattaya Beach March and dividend payment will be made on 25 March. mall and Hilton Pattaya Hotel) entirely via debt financing. NAV of Bt13.55 per share. CPNREIT reported NAV of … but eased 4% q-o-q. This was due mainly to; (i) the 52% Bt29.9bn, or Bt13.55 per share as at end-4Q18. jump in selling and administrative expenses (mainly advertising and promotions) towards the end of the year, (ii) the 16% surge Gearing was 30.9% at end-2018. On 8 Feb 2019, CPNREIT in finance costs as CPNREIT issued Bt10bn debentures to issued two more tranches of debentures totalling Bt4.5bn. refinance its loans from banks. The interest rates on the Proceeds were used to repay bank loans. Following these loan debentures were higher than interest rates on bank loans. repayments, CPNREIT now has four tranches of debentures totalling Bt14.5bn. These debentures have various tenures 2018 net investment income grew 31% y-o-y to Bt3.6bn. This from 2-10 years and carry an average interest rate of 3.3%. was on mainly on the back of the additional contribution from the two assets acquired in 4Q17 (CentralFestival Pattaya Beach OUTLOOK mall and Hilton Pattaya Hotel) entirely via debt financing. Lease expiry profile. In 2019, a number of lease contracts occupying 38% of total net leasable area (NLA) will expire and Average occupancy rate of its malls was 94.9% at end- 4Q18. be up for contract renewals. These include CentralPlaza Rama This was up from 91.0% at end-4Q17 and 94.2% at end-3Q18, 2 (30% of leased area), CentralPlaza Rama 3 (35%), following the re-opening of CentralPlaza Rama 3 on 9 August CentralPlaza Pinklao (42%), Central Pinklao Office Tower A&B 2018 after the completion of major renovations. Occupancy (41%), CentralPlaza Chiangmai Airport (38%) and rate at CentralPlaza Rama 3 improved from 93.6% at end-3Q18 CentralPlaza Pattaya Beach (54%). Management expects to 94.3% at end-4Q18. rental reversion of about 3-4%. Occupancy rate at Hilton Pattaya Hotel eased to 91.1% at end- Land sublease extension at CentralPlaza Rama 2 to be finalised 4Q18, vs 94.2% at end-3Q18. This was due to the sharp drop within a year. Note that its land sublease agreement at in Chinese tourists’ arrivals to Thailand, which also negatively CentralPlaza Rama 2 will end in August 2025, or in just 6.5 affected Hilton Pattaya. years. Central Pattana (CPN) has already managed to have its lease contracts extended for 30 years. It is planning to extend Rental reversion deteriorating. In 2018, CPNREIT the sublease agreement with CPNREIT this year but the terms renewed/signed 850 new contracts, occupying 86,110 sqm or and conditions have yet to be finalised. Both CPN and 36.5% of net leasable area with an average rental reversion of CPNREIT are trying to come with the best payment terms that +3%. On a quarterly basis, rental reversion has been on a would minimise the effects on CPNREIT’s short term declining trend from +4.9% in 1Q18 to +3.6% in 2Q18, +2.2% distribution per unit (DPU). Note that CentralPlaza Rama 2 in 3Q18, and +1.0% in 4Q18. contributed 28.8% of CPNREIT’s revenue in 2018. Asset revaluation gains of Bt242.8m in 2018. In 2018, CPNREIT Lease contract at CentralPlaza Pinklao to expire in 5.8 years. recorded Bt242.8m net unrealised gains from asset revaluation. The land belongs to Central Group, so we believe CPNREIT’s These comprised unrealized gains at CentralPlaza Rama 3 chances of getting a lease extension are high. However, the (+Bt1,470m), CentralPlaza Pinklao (+Bt62m), CentralPlaza lease extension will come with costs. CPNREIT will need to pay Chiangmai Airport (+Bt153m), and unrealized losses at for the lease extension based on the appraised value of the CentralPlaza Rama 2 (-Bt286m), CentralFestival Pattaya Beach assets at that time, plus negotiations. CentralPlaza Pinklao mall (-Bt867m), and Hilton Pattaya hotel (-289m). The contributed 24.7% total CPNREIT’s total revenue in 2018 unrealised gain (losses) were non-cash items, and have no (20.8% for Pinklao mall and 3.9% for Pinklao office tower impact on dividend payment. A&B). Page 2 Company Guide CPN Retail Growth Leasehold REIT Brace for big NAV fall in upcoming years. As at end 2018, the RECOMMENDATION appraised value for CentralPlaza Rama II was Bt6,962m and CentralPlaza Pinklao was Bt5,678m. As we are getting closer Maintain FULLY VALUED. CPNREIT now offers a decent 2019 to the end of their leasehold lives in 2024-25, we could see dividend yield of 6.2% at the current price and an IRR of huge asset revaluation losses and a big NAV fall from these 5.1%. We maintain our FULLY VALUED rating with a lower two assets in the years ahead. Gearing could automatically rise DCF-based TP of Bt20.50. The low DCF valuation reflects a as value of total assets drops. more conservative rental reversion assumption of 3-4% (vs 3- 5% earlier) and the short remaining leasehold lives of two Potential acquisition of other assets from CPN. CPNREIT is also major assets - CentralPlaza Rama 2 and Pinklao - that looking to acquire other assets from CPN. Note that CPN now contribute more than 50% of CPNREIT’s total revenue.
Load more

Recommended publications
  • 1 AR CPN EN 2014 4C P1-72.Indd
    AANNUALNNUAL RREPORTEPORT 22014014 TOGETHER WE ARE ONE CONTENTS 012 016 020 022 023 026 CONSOLIDATED MESSAGE FROM REPORT OF THE REPORT OF THE REPORT OF THE REPORT OF THE OPERATIONAL & THE BOARD AUDIT NOMINATION AND RISK POLICY CORPORATE FINANCIAL OF DIRECTORS COMMITTEE REMUNERATION COMMITTEE GOVERNANCE HIGHLIGHTS COMMITTEE AND SUSTAINABLE DEVELOPMENT COMMITTEE 054 062 064 065 068 073 FUTURE VISION & CORPORATE SUSTAINABILITY BUSINESS PERFORMANCES PROJECTS MISSIONS VALUES MANAGEMENT STRATEGIES ECONOMIC DIMENSION 114 132 135 138 148 149 CORPORATE NOMINATION OF REMUNERATION CONNECTED GROUP REVENUE GOVERNANCE DIRECTORS AND OF THE TRANSACTIONS STRUCTURE STRUCTURE OF MANAGEMENT DIRECTORS AND OF COMPANY COMPANY AND MANAGEMENT AND ITS ITS SUBSIDIARIES SUBSIDIARIES 263 268 269 272 273 276 GENERAL LIST OF EXISTING REFERENCE INFORMATION GRI INDEX INFORMATION OF COMMITTEE IN PROJECTS FIRMS FOR INVESTORS BUSINESS HELD SUBSIDIARIES MANAGED BY CPN BY CPN 10% UPWARD 028 030 034 040 043 047 BOARD OF 2014 YEAR IN AWARDS OF ECONOMIC NATURE OF ASSET UNDER DIRECTORS AND BRIEF GREAT PRIDE AND RETAIL BUSINESS CPN’S MANAGEMENT IN 2014 INDUSTRY MANAGEMENT TEAM OVERVIEW IN 2014 073 079 084 097 100 102 FINANCIAL ENVIRONMENTAL SOCIAL RISK FACTORS ORGANIZATION MANAGEMENT PERFORMANCE DIMENSION DIMENSION CHART STRUCTURE REVIEW 151 160 161 162 246 247 CAPITAL RESPONSIBILITY FINANCIAL INDEPENDENT AUDIT’S FEE MANAGEMENT STRUCTURE OF THE BOARD STATEMENTS & AUDITOR’S BIOGRAPHY OF DIRECTORS TO NOTES TO THE REPORT THE FINANCIAL FINANCIAL STATEMENTS STATEMENTS TOGETHER WE ARE ONE MOST ADMIRED DYNAMIC REGIONAL WORLD-CLASS TO BE THE MOST RETAIL RETAIL RETAIL REWARDING ADMIRED AND DEVELOPER DEVELOPER DEVELOPER EXPERIENCE DYNAMIC REGIONAL OF ALL RETAIL PROPERTY STAKEHOLDERS DEVELOPER WITH WORLD-CLASS REWARDING EXPERIENCE The word “ONE” conveys competency with immense power in itself.
    [Show full text]
  • Central Pattana (CPN TB) Buy (Maintained) Consumer Cyclical - Leisure & Entertainment Target Price: THB57.40 Market Cap: USD5,784M Price: THB43.30
    Results Review, 21 May 2015 Central Pattana (CPN TB) Buy (Maintained) Consumer Cyclical - Leisure & Entertainment Target Price: THB57.40 Market Cap: USD5,784m Price: THB43.30 Macro Risks 2 Strong And Steady Wins The Race Growth . 2 0 Value . 03 0 . 03 0 1Q15 results are at 24% of our FY15 forecast, in line. Reiterate BUY . Central Pattana (CPN TB) 0 Price Close Relative to Stock Exchange of Thailand Index (RHS) with a DCF-derived TP of THB57.40 (33% upside). 1Q15 core PATMI 0 51 111 grew 22% YoY to THB2.0bn on 9% revenue growth and a 3.4ppts rise 0 in operating margin. We continue to expect 6% same-store rental 49 106 growth for FY15, partly driven by new initiatives to increase revenue from on-site media and maximise common area utilisation for 47 101 conventions and pop-up stores. 45 96 Total revenue up 9% YoY to THB5.8bn. The increase was led by 43 91 contribution from two new malls opened in 3Q14. Same-store rental also grew healthily at 6.5% YoY in the absence of discounts given to 41 86 CentralWorld (CTW) in 1Q14 as a result of a political protest that affected tenants’ sales. Occupancy rate dipped slightly to 94% due to 39 81 18 the current renovation works at CentralPlaza Pinklao. We expect 16 14 positive returns on this asset enhancement initiative which is slated to 12 10 be completed in 4Q15. 8 6 Good cost control results in higher-than expected margins. Gross 4 2 margin increased 1.9ppts to 50.3% while EBIT margins rose 3.4ppts to Volm 43.3%.
    [Show full text]
  • Central Pattana Plc. Property Development and Investment
    Central Pattana Plc. Property Development and Investment Manahakorn of Isan - The Largest Mixed-Use Project of Isan Corporate Presentation 3Q17 Performance Review Contents ► Our Company ► Growth ► Financing ► Looking ahead ► Appendices 2 Our company CPN at a Glance To be the most admired and dynamic regional retail property VISION developer with world-class rewarding experience Mixed-use Project Development Malls Other related business Property funds Residential Commercial Hotel CPNRF CPNCG 7 Office Buildings 2 Hotels 1 1 Residence • Lardprao CPNRF: Central City Residence • Pinklao Tower A RM2, RM3, PKO, CMA, 24 @ Bangna • Pinklao Tower B Pinklao Tower A&B 6 • Bangna • CentralWorld Tower 1 centralmarina • Chaengwattana CPNCG: • Rama9 The Offices @ CentralWorld st 32 1.7 mn sqm 1 Rank 21% Shopping Malls NLA Retail Developer Market Share in BKK 4 consecutive years As of November 2017 3 Our company Strategic Shareholders CPN is one of the flagship businesses of the Central Group (Chirathivat Family). As a strong and supportive shareholder, the Chirathivat family brings to CPN a wealth of retail-related expertise through the family‟s long record and successful leadership in Thailand‟s dynamic and competitive landscape of shopping mall developments and department store / specialty store operations. Chirathivat Family 27% Local funds 21% Free float Foreign 53% 47% funds 71% Individuals Central 8% Group 26% Source: TSD as of 30 September 2017 4 Our company Strategic Shareholder CPN‟s strong synergy with the Central Group helps CPN to attract
    [Show full text]
  • Minutes of the Annual General Meeting of the Shareholders No
    Minutes of the Annual General Meeting of the Shareholders No. 1/2011 of Central Pattana Public Company Limited *************************************** Date and place The Meeting was held on Friday, April 29, 2011, at 14.15 hrs. at Lotus 1-4 rooms, 22nd floor, The Centara Grand Hotel & Bangkok Convention Centre at CentralWorld Building 999/99 Rama 1 Road, Patumwan Sub-district, Patumwan District, Bangkok, for which the Company had provided registration by the barcode system and the visual recording of the shareholders’ meeting in order to be published on the Company’s website “www.cpn.co.th” At the beginning of the meeting, there were 582 shareholders attending the Meeting in person and by proxy, being more than 25 shareholders and proxies, representing 1,779,117,826 shares, being equivalent to 81.66 percent of 2,178,816,000 total shares, which was more than one-third of the total number of shares sold, constituting a quorum as required by Article 36 of the Company’s Articles of Association. Mr. Suthichai Chirathivat, the Chairman, acted as the Chairman of the Meeting. Mr. Suthichai Chirathivat invited Mr. Vanchai Chirathivat, the Honorary Chairman, to declare the Meeting open. Mr. Suthichai Chirathivat, the Chairman, then conducted the Meeting. The Meeting started with the introduction of the directors and the executives to the Meeting as follows: Honorary Chairman Mr. Vanchai Chirathivat Directors who attended the Meeting: totaling 11 persons 1. Mr. Suthichai Chirathivat (Chairman) 2. Mr. Paitoon Taveebhol (Independent Director, Chairman of Audit Committee and Chairman of Risk Management Committee) 3. Mr. Chackchai Panichapat (Independent Director, Audit Committee Member and Chairman of Nomination and Remuneration Committee) 4.
    [Show full text]
  • Minutes 2016 Annual General Meeting of Shareholders Central Pattana Public Company Limited
    - Translation - Minutes 2016 Annual General Meeting of Shareholders Central Pattana Public Company Limited *************************************** The Annual General Meeting of Shareholders (AGM) took place at 2.00 p.m. on Thursday, April 21, 2016, at World Ballroom, 23rd floor, at Centara Grand & Bangkok Convention Center at CentralWorld, 999/99 Rama 1 Road, Patumwan, Bangkok. The meeting was registered with a barcode system and recorded for publicity at the www.cpn.co.th website. Before the meeting began, the master of ceremony introduced the Board of Directors, executives, the external auditor, and observer assigned to verify ballot counts as follows: Directors present at the Meeting: 1. Mr. Suthichai Chirathivat (Chairman) 2. Mr. Paitoon Taveebhol (Independent Director, Chairman of the Audit Committee, and Chairman of the Risk Policy Committee) 3. Mr. Karun Kittisataporn (Independent Director, Chairman of the Nomination and Remuneration Committee, and Member of the Audit Committee) 4. Mrs. Jotika Savanananda (Independent Director, Member of the Audit Committee, and Member of the Nomination and Remuneration Committee) 5. Mr. Suthikiati Chirathivat (Director) 6. Mr. Sudhisak Chirathivat (Director and Adviser of the Nomination and Remuneration Committee) 7. Mr. Kobchai Chirathivat (Director and Member of the Risk Policy Committee) 8. Mr. Preecha Ekkunagul (Director, Member of the Risk Policy Committee, President and Chief Executive Officer) Directors absent at the Meeting: 1. Mrs. Sunandha Tulayadhan (Independent Director, Member of the Audit Committee, and Member of the Nomination and Remuneration Committee) 2. Mr. Suthichart Chirathivat (Director) 3. Mr. Sudhitham Chirathivat (Director and Adviser of the Nomination and Remuneration Committee) 4. Mr. Prin Chirathivat (Director, Member of the Risk Policy Committee, and Adviser of the Nomination and Remuneration Committee) 1 - Translation - Executives present at the Meeting: 1.
    [Show full text]
  • Mon Buddhist Architecture in Pakkret District, Nonthaburi Province, Thailand During Thonburi and Rattanakosin Periods (1767-1932)
    MON BUDDHIST ARCHITECTURE IN PAKKRET DISTRICT, NONTHABURI PROVINCE, THAILAND DURING THONBURI AND RATTANAKOSIN PERIODS (1767-1932) Jirada Praebaisri* and Koompong Noobanjong Department of Industrial Education, Faculty of Industrial Education and Technology, King Mongkut's Institute of Technology Ladkrabang, Bangkok 10520, Thailand *Corresponding author: [email protected] Received: October 3, 2018; Revised: February 22, 2019; Accepted: April 17, 2019 Abstract This research examines the characteristics of Mon Buddhist architecture during Thonburi and Rattanakosin periods (1767-1932) in Pakkret district. In conjunction with the oral histories acquired from the local residents, the study incorporates inquiries on historical narratives and documents, together with photographic and illustrative materials obtained from physical surveys of thirty religious structures for data collection. The textual investigations indicate that Mon people migrated to the Siamese kingdom of Ayutthaya in large number during the 18th century, and established their settlements in and around Pakkret area. Located northwest of the present day Bangkok in Nonthaburi province, Pakkret developed into an important community of the Mon diasporas, possessing a well-organized local administration that contributed to its economic prosperity. Although the Mons was assimilated into the Siamese political structure, they were able to preserve most of their traditions and customs. At the same time, the productions of their cultural artifacts encompassed many Thai elements as well, as evident from Mon Buddhist temples and monasteries in Pakkret. The stylistic analyses of these structures further reveal the following findings. First, their designs were determined by four groups of patrons: Mon laypersons, elite Mons, Thai Humanities, Arts and Social Sciences Studies Vol.19(1): 30-58, 2019 Mon Buddhist Architecture in Pakkret District Praebaisri, J.
    [Show full text]
  • Central Pattana Plc. Property Development and Investment
    Central Pattana Plc. Property Development and Investment CentralPlaza Marina Pattaya Re-launch on 19 December 2016 Corporate Presentation: 3Q16 Performance Review Contents ► Our Company ► Growth ► Financing ► Looking ahead ► Appendices 2 Our company CPN at a Glance To be the most admired and dynamic regional retail property VISION developer with world-class rewarding experience Mixed-use Project Development Malls Other related business Property funds Residential Commercial Hotel CPNRF CPNCG 7 Office Buildings 2 Hotels 1 1 Residence • Lardprao CPNRF: Central City Residence • Pinklao Tower A RM2, RM3, PKO, CMA, 23 @ Bangna • Pinklao Tower B Pinklao Tower A&B 6 • Bangna • CentralWorld Tower • Chaengwattana CPNCG: • Rama9 The Offices @ CentralWorld st 30 1.6 mn sqm 93% 1 Rank 16% Shopping Malls NLA Occ. Rate Retail Developer 9M16 Rev. Growth 3 Our company Strategic Shareholders CPN is one of the flagship businesses of the Central Group (Chirathivat Family). As a strong and supportive shareholder, the Chirathivat family brings to CPN a wealth of retail-related expertise through the family‟s long record and successful leadership in Thailand‟s dynamic and competitive landscape of shopping mall developments and department store / specialty store operations. Chirathivat Family 26% Local funds 19% Free float Foreign 53% 47% funds 73% Individuals Central 8% Group 27% Source: TSD as of 30 September 2016. 4 Our company Strategic Shareholder CPN‟s strong synergy with the Central Group helps CPN to attract dynamic tenants, increase people traffic and
    [Show full text]
  • III-4 National Development Plan and Travel Demand Forecasting III-4
    ///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ YƵĞƐƚŝŽŶŶĂŝƌĞ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ ϮϮ ///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ džĂŵƉůĞŽĨĞƐƚŝŵĂƚŝŽŶƌĞƐƵůƚƐ ƐƚŝŵĂƚŝŽŶŽĨŵŽĚĂůƐƉůŝƚŵŽĚĞů;ƚŽƵƌŝƐƚ͕ďƵƐŝŶĞƐƐƚƌŝƉͿ ƐƚŝŵĂƚŝŽŶƌĞƐƵůƚŽĨƌŽƵƚĞĂƐƐŝŐŶŵĞŶƚŵŽĚĞů;ƚŽƵƌŝƐƚ͕ďƵƐŝŶĞƐƐƚƌŝƉͿ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϯ ///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ &ƌŽŵŵŽĚĞůƚŽƉƌŽũĞĐƚĨĞĂƐŝďŝůŝƚLJƐƚƵĚLJ ӑ dŚĞƐƚƵĚLJŽŶƚŚĞƉƌŽŵŽƚŝŽŶŽĨƌĂŝůǁĂLJĂŝƌƉŽƌƚĂĐĐĞƐƐ ;D>/d͕ϮϬϬϰͲϮϬϬϱͿ ƐĨŽƌƌĂŝůǁĂLJĂĐĐĞƐƐƚŽ,ĂŶĞĚĂ ŝƌƉŽƌƚ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨĐƵƌƌĞŶƚƉƌŽďůĞŵƐĂŶĚŝƐƐƵĞƐ ŽŶƐŝĚĞƌĂƚŝŽŶŽĨƐĞƌǀŝĐĞůĞǀĞůŝŵƉƌŽǀĞŵĞŶƚƉŽůŝĐLJʤhƐĂďŝůŝƚLJ͕dƌĂŶƐĨĞƌĂďŝůŝƚLJ͕/ŶͲƚƌĂŝŶĂŵĞŶŝƚLJŝŵƉƌŽǀĞŵĞŶƚ͕ĂĐĐĞƐƐŝďŝůŝƚLJ ŝŵƉƌŽǀĞŵĞŶƚ͕ĞƚĐ͘Ϳ &ƵƚƵƌĞƉůĂŶŽĨƌĂŝůǁĂLJĂĐĐĞƐƐ /ŶƚŚŝƐƐƚƵĚLJ͕ƚƌĂǀĞůĚĞŵĂŶĚĞƐƚŝŵĂƚŝŽŶĂŶĚďĞŶĞĨŝƚĞƐƚŝŵĂƚŝŽŶĂŶĂůLJƐĞƐĂƌĞĐŽŶĚƵĐƚĞĚŽŶƚŚĞƉůĂŶŶĞĚƌŽƵƚĞƐŚŽǁŶďĞůŽǁ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϰ ///Ͳϰ EĂƚŝŽŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂŶĚdƌĂǀĞůĞŵĂŶĚ &ŽƌĞĐĂƐƚŝŶŐ dŚĞƌĞƐƵůƚŽĨĞĂĐŚĞǀĂůƵĂƚŝŽŶŽŶƚŚĞƉůĂŶŶĞĚůŝŶĞƐ ĂƚĂŽůůĞĐƚŝŽŶ^ƵƌǀĞLJŽŶƚŚĞĞǀĞůŽƉŵĞŶƚŽĨůƵĞƉƌŝŶƚĨŽƌƚŚĞ^ĞĐŽŶĚDĂƐƐZĂƉŝĚdƌĂŶƐŝƚDĂƐƚĞƌWůĂŶ;DͲDWϮͿ Ϯϱ ///Ͳϱ ŽŶĐĞƌŶŝŶŐĂďŽƵƚWŽƉƵůĂƚŝŽŶ&ŽƌĞĐĂƐƚŝŶŐ WŽƉƵůĂƚŝŽŶĂƚĂͲ WŽƉƵůĂƚŝŽŶƐƚŝŵĂƚŝŽŶĨƌŽŵ/W^^ /ŶdD͕ĚĂƚĂŽĨŶŝŐŚƚƚŝŵĞƉŽƉƵůĂƚŝŽŶďLJĂŐĞŐƌŽƵƉ;ŝŶƚŚĞƐĐĂůĞŽĨůĂƌŐĞnjŽŶĞͿĂƌĞŽďƚĂŝŶĞĚĨƌŽŵƚŚĞ ĞƐƚŝŵĂƚŝŽŶĨƌŽŵ/W^^Ύ͘dŚĞĞƐƚŝŵĂƚŝŽŶŽĨƚŽƚĂůƉŽƉƵůĂƚŝŽŶĂŐĞĚϱLJĞĂƌƐŽůĚĂŶĚĂďŽǀĞǁĂƐĐŽŶĚƵĐƚĞĚŝŶDĂƌĐŚ͕ ϮϬϭϯ͘&ƌŽŵƚŚŝƐĞƐƚŝŵĂƚŝŽŶ͕ƉƌŽũĞĐƚŝŽŶƵŶƚŝůϮϬϯϬŝƐƵƚŝůŝnjĞĚŝŶƉƌŽũĞĐƚĞĚƵŶƚŝůLJĞĂƌϮϬϯϬǁŚŝĐŚŝƐƚŚĞƚĂƌŐĞƚLJĞĂƌ
    [Show full text]
  • Central Pattana Plc. Property Development and Investment
    Central Pattana Plc. Property Development and Investment CentralPlaza Nakhon Si Thammarat Corporate Presentation: 1Q16 Performance Review Contents ► Our Company ► Growth ► Financing ► Looking ahead ► Appendices 2 Our company CPN at a Glance Flagship business of the Central Group (Chirathivat Family) 29 1.6 mn sqm 93% 21% 15% Shopping Malls NLA Occ. Rate Market Share 5-yr top line growth Malls Other related business Residential Commercial Hotel 15 New Projects (2016-2020): 12 domestic malls and 3 overseas malls (i-City and 2 new malls) 1 Residence 7 Office Buildings 2 Hotels 1 Central City Residence @ Bangna • Lardprao Renovation projects: 21 • Pinklao Tower A 2016: Project 2016-2020 • Pinklao Tower B 6 BNA, RM3, PTC, and PKT • Bangna • CentralWorld Tower centralcenter 2017-2020: 1 • Chaengwattana CMA, CTW, CWN, and RM2 Announced: 3 Condominiums • Rama9 New Retail format and paid attraction Target: 3 Condominiums/Yr 3 Growth 5-yr target: revenue growth of 15%CAGR Overall NLA to increase by 20% between 2015 and 2018F Retail NLA and occupancy rates SQMmn % 97 98 96 96 97 2.0 95 96 96 94 94 94 94 100 1.8 90 1.6 80 36 1.4 70 33 1.2 60 30 1.0 29 50 0.8 25 40 23 0.6 20 30 18 15 0.4 15 20 10 11 0.2 projects 10 - - Existing New Unannounced RS: Occupancy rate Source: Company estimate as at 31 March 2016. Retail space: Includes leasable area of CentralPlaza Rama 2, CentralPlaza Rama 3, CentralPlaza Pinklao, and CentralPlaza Chiangmai Airport, which were 4 partially transferred to CPNRF, but still under CPN’s management.
    [Show full text]
  • The Evoluation of Thai Theatre in Bangkok Between 1782-19351
    THE EVOLUATION OF THAI THEATRE IN BANGKOK BETWEEN 1 1782-1935 • Surapone Virulrak2 Introduction The study of Thai theatre has always been The Early Period separated into independent issues focus­ sing upon narrow and indepth areas. This The Sukhothai Period (1238-1350) saw the research intends to investigate the various appearance of rabam, ram, and ten. They elements that contributed to the develop­ are mentioned in the stone relics and ment of Thai theatre from a broad literature of the period. Today these words perspective. mean group dance, dance with hand movements and dance with steps Thai theatre is deeply rooted in song, dance respectively. They indicate that the Thai and music. It has both a ritualistic and people have developed dance as an art to entertainment function. These functions the point that it can be divided into three reflect the Thai way of life which is based special kinds. It is a traditional belief that primarily upon the agarian cycle where kan fen pleng or balad singing also most activities occur during the dry season. appeared during this period. Animist, Hindu and Buddhist rites require certain kinds of performing arts as a means of communication with man or with The Early Ayuddhya Period (1350-1456) gods.Social gatherings also needs the saw many kinds of dance and theatre. performing arts as a means of interaction They were chak nak dukdamban, kan la/en and enjoyment. Thus, song dance and kong luang, nang and rabam. Chak nak music have always been important parts of dukdamban was the enactment of a Hindu Thai culture since ancient times.
    [Show full text]
  • Guide to Parliament
    Guide to Parliament Subject : Guide to Parliament First Published : 2008 Number of Pages : 24 Number of Copies : 500 Translated and Published by : English Division, Bureau of Foreign Languages Secretariat of the House of Representatives Tel. 0 2 357 3100 ext 3145 Fax. 0 2 357 3100 ext 3145 Website. www.parliament.go.th Printed by : Bureau of Printing Services, Secretariat of the House of Representatives Thai Military Bank Building, Thanon Phaya Thai, Khwaeng Thung Phaya Thai, Khet Ratchthewi, Bangkok, 10400 Tel. 0 2644 5305 Preface The book titled, “Guide to Parliament” has been translated by English Division, Bureau of Foreign Language from the Thai version published by the Division of Information, Bureau of Public Relation, the Secretariat of the House of Representatives. Objectives of English publication are to provide general public an introduction to the Parliament of Thailand. The history of the Parliament and other important places, paintings as well as sculptures inside the Parliament is described in this book. The Bureau of Foreign Languages is highly convinced that the book titled, “Guide to Parliament” will be of considerable benefits to visitors and general public who are cordially welcome during their visit to the Parliament. Assoc.Prof. Pornsom Sirisambandh Director of Bureau of Foreign Languages Secretariat of the House of Representatives Contents History of the National Assembly of Thailand 1 Introduction to important places and interesting attractions in the Parliament The Royal Statue of King Prajadhipok 3 Museum of the Thai National Assembly 4 Parliamentary Buildings 5 The Assembly Hall 9 Paintings and Sculptures 19 The Stone Sculptures around 23 the Parliamentary Building 1 - 1 - History of the National Assembly of Thailand The National Assembly, or the Parliament, of Thailand is the main institution in the democratic government of the country, with His Majesty the King as the Head of State.
    [Show full text]
  • Towards Sustainable Center of Life
    TOWARDS SUSTAINABLE CENTER OF LIFE CENTER OF CENTER OF HAPPINESS COMMUNITY CENTER OF ALL LIFESTYLES CENTER OF ACTIVITIES Central Pattana Public Company Limited (CPN) SET Digital Roadshow For the full-year 2018 financial results 18 March 2019 The Stock Exchange of Thailand Agenda DASHBOARD Company Overview SUMMARY RESULTS 2018 Key Highlights and Results UPDATES Business Updates APPENDICES Page 2 CPN at a Glance The most glorified property developer in Thailand DASHBOARD world-class retail and million sq.m. of net million visitors per day GLAND projects1 that leasable area (NLA) (and more) at our offer the most fulfilling under management: a shopping malls, serving 32 lifestyle experiences 1.7 domestic market leader 1.3 both locals and tourists SUMMARY LIFESTYLE DESTINATION % occupancy rate th largest company listed across our projects: a on SET with over USD 10 bn RESULTS strong and sustainable in market capitalization 93 performance 11 and continues to grow UPDATES HOLISTIC ICONIC bn THB of high-quality the only Thai property company % revenue CAGR attained retail and commercial listed on DJSI World (2018) and during the past 10 years assets monetized through DJSI Emerging Markets (2014- (2008-2017): proven track 50 CPNREIT and CPNCG 1 2018): a sustainability leader 14 record of business growth 27% ownership in CPNREIT 25% ownership in CPNCG APPENDICES DYNAMIC ENCHANTED Page 3 Strong Support from Major Shareholders Central Group’s leadership in retail and lifestyle experiences DASHBOARD Other 15% Listed entities / business units and Central Group’s ownership % 62% 65% % ownership in CPN by investor group out of Resorts Hotels & & Hotels SUMMARY Group 4,488 53% Store Dept.
    [Show full text]