INVESTOR RELATIONS QUARTERLY REVIEW: ISSUE 20
BTS GROUP HOLDINGS PLC
FY 14/15
(For the year ended 31 Mar 2015) (Ended June 2010)
AT A GLANCE
FROM THE EDITOR
SHARE INFORMATIONA Shares Outstanding Free FloatE Par Value Market Capitalisation YTD daily traded valueD Stock Identifiers Stock Exchange Symbol Bloomberg / Reuters
REVENUE BY BUSINESS UNIT MASS TRANSIT 32%
SERVICES 8%
MEDIA 41%
Dear Investment Community, 11,919.3mn sharesG 58.7% THB 4.0 / ShareF THB 107.0bn / USD 3.1bnB THB 439.0mn / USD 13.0mnB BTS BTS TB / BTS.BK
GROSS PROFIT BY BUSINESS UNITC MASS TRANSIT 37%
MEDIA 44%
We also returned money to shareholders in the form of a share buyback programme. During the course of the year, we bought back THB 925.2mn worth of our own shares at an average price of THB 9.65 per share. The buyback did not adjust our committed dividend and thus, led to an increase in dividends per share.
SERVICES 4%
PROPERTY 19%
Despite continued growth in our Mass Transit and Services business, our full year results saw operating revenue from our four business units decline 16.8% to THB 7,102.1mn following fewer transfers in our residential property business and another tough year in the Media sector. Excluding non-recurring gains, however, net profit increased 10.0% YoY to THB 2,820mn. Following on from this, the final dividend proposed to shareholders is THB 0.30 per share, which would take the total dividend paid for FY 14/15 to THB 7,094.9mn, equivalent to a yield of 6.38%*. This is in line with our minimum dividend policy of not less than THB 7bn in FY 14/15. FY 15/16 will be the 3rd year of our committed dividend payment, during which we expect to pay at least THB 8bn in dividends.
PROPERTY 15%
Looking forward to FY 15/16, for our Mass Transit business, we expect to see 4 – 6% ridership growth, average fare to increase by 2% (from the adjustment in card promotions) and our O&M revenue to grow by 3%. We remain optimistic on the award of new rail mass transit projects and the details on our expectations are in the MD&A outlook.
Source: Company
BTS LAST 12 MONTHS SHARE PRICE PERFORMANCEA:
We expect to see short-term revenue contraction for our Media business in FY 15/16, with overall revenue declining by 12% as despite healthy growth expectations on our BTS-related Media (+16%), Office Building Media (+20%) and Other Media, the discontinuation of the Modern Trade Media business will outweigh this. The Company however, expects to see both improved net profit and net profit margins as a result of the reduction in costs associated with Modern Trade Media operations. On the Property side, we expect to launch further projects this year in partnership with Sansiri and as a result, have increased our capex budget for land acquisition to at least THB 1bn. The target remains to develop projects worth a total of THB 25-30bn over the next 3-5 years. For U City Plc., we look to provide you with more updates later on in the year. EQUITY MARKETSH BTS TB SET Transport Index SET Index NIKKEI 225 HANG SENG FTSE 100 S&P 500
3 MO -9.1% -7.5% -7.2% 9.6% 10.6% 1.1% 0.1%
6 MO -12.6% 4.6% -4.9% 12.2% 13.4% 4.4% 2.9%
12 MO 11.1% 25.6% 7.4% 36.3% 20.9% 1.0% 11.1%
CURRENCY MARKETSH USD vs THB EUR vs THB THB vs JPY THB vs HKD THB vs SGD THB vs GBP
3 MO -2.41% -2.56% 1.97% 2.63% 5.32% 5.12%
6 MO -1.78% 8.20% -0.60% 1.85% 0.00% 2.40%
12 MO -1.45% 4.78% 2.02% 1.55% 2.03% 2.71%
Finally, a reflective moment as this month marks the 5 year anniversary since the ‘reverse takeover’ when Tanayong PCL bought Bangkok Mass Transit System PCL. In these 5 years, despite political and economic market disruption, BTS stock has delivered cumulative shareholder return of approximately 340% in the form of dividends and capital gains, equivalent to 34.5% per annum. Today, the BTS Group has a stronger balance sheet and, we believe, an even greater scope of growth opportunities. We look forward to the challenges of the next 5 years and our continued efforts in delivering shareholder returns.
Yours faithfully,
Daniel Ross Financial Director
Our City Our Future
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