PerformanceUnit: MB

2Q19 2Q18 YoY% 1Q19 QoQ%

Loan Receivables 54,421 41,469 31.23% 50,592 7.57%

Total Revenue 3,071 2,536 21.09% 2,857 7.49%

Net Profit 1,021 912 11.95% 1,005 1.59%

Net Profit Margin 33.27% 35.96% 35.17%

2015 2016 2017 2018 1H18 1H19 HoH%

Loan Receivables 12,630 23,541 35,622 48,047 41,469 54,421 31.23%

Total Revenue 2,559 4,471 7,470 10,417 4,884 5,928 21.37%

Net Profit 825 1,464 2,501 3,713 1,746 2,026 16.04%

Net Profit Margin 32.24% 32.74% 33.47% 35.64% 35.75% 34.19%

MTC.BK on Stock Exchange of Thailand

Muangthai Capital PLCwww.muangthaicap.com

52-wk Hi/Lo 57.75/32.25

Share Outstanding (mil.) 2,210

Market Cap (mil.) 119,780THB

P/E Ratio 30.83

P/BV Ratio 9.00

Dividend 15%

Key Statistics

About CompanyMuangthai Capital PLC operates as a

microfinance service company, providing retail

loan products such as vehicle title loan, land

title loan, personal loan under BOT’s licenses

and regulations.

Address

32/1 Charansanitwong Road, Bangor, Bangplad,

Bangkok, 10700 Thailand

Phone

66-2-0881033

Chuchat Petaumpai

CEO

Daonapa Petampai

Managing Director

Executives

Apichart PengsritongChairman of the Board/

Independent Director

Chuchat Petaumpai Director

Daonapa Petampai Director

Suksit Petampai Director

Kongkeaw Piamduaytham Independent Director

Nongnuch Dawasuwan Independent Director

Kampol Tatiyakavee Independent Director

Yodhin Anavil Independent Director

Boards

Loan Receivables classified by collateral of Loan

Personal Loan10.62%

Nano

9.76%

Motorcycle33.71%

Car31.98%

Tractor4.40%

Land9.53%

Proportion of Loan Receivables as of Jun, 30 2019

0

20,000

40,000

60,000

2015 2016 2017 2018 1Q19 2Q19

7,526 10,555

13,440 16,800 17,156 18,345 3,862

7,779

11,671

15,394 16,105 17,404

538 1,136

1,733

2,081 2,170 2,391

340 1,037

2,844

4,925 5,296 5,780

252 2,583

4,921

6,631 4,898 5,187

111

451

1,013

2,216 4,967

5,314

Motorcycle Car Agricultural Vehicle Personal Loan Land Nano

Loan Receivables per Branch

13.43 13.65 14.24 14.38 14.41 14.35 14.09 14.6514.69 14.56

0

10

20

2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Loan receivable per branch

12,630

23,541

35,62248,047

50,592

54,421

940

1,664

2,424

3,2793,444

3,739

-

1,000

2,000

3,000

4,000

0

10,000

20,000

30,000

40,000

50,000

60,000

2015 2016 2017 2018 1Q19 2Q19

Loan receivable Number of branch

Loan Receivables and No. of Branches

Remark: Calculated by averaging four quarters.

(Figure is annualized)

Million Baht

Remark: 1Q2019 Loan Receivable Classified by Collateral of Loan Restatement

0

500

1,000

1,500

2,000

2,500

2015 2016 2017 2018 1Q19 2Q19

216.0419.3

690.2

924.0

926.2 1,011.4

119.6

226.4

480.8

575.2 624.1 629.7

117251

441 540 527 595

50%

60%

70%

80%

90%

100%

2015 2016 2017 2018 1Q19 2Q19

91.89%91.49% 90.77% 92.00% 91.49% 91.14%

7.18%7.44% 7.99% 6.88% 7.47% 7.77%

0.92% 1.07% 1.24% 1.12% 1.04% 1.09%

Overdue less than 30 days Overdue 31-90 days Overdue more than 90 days

Asset Quality Ratio

Loan Receivables Classified by Aging

0.25%

1.83%

2.30%

1.40%

0.95%

1.44%

0%

2%

4%

2015 2016 2017 2018 1Q19 2Q19

Credit cost = Bad debts and doubtful account / Loan receivables

Aging Rate of allowance for

doubtful accounts

Current and past due for not more than

30 days

1%

Past due for 31 - 90 days 2%

Past due for more than 90 days 100%

Receivables transferred to litigation 100%

1. Allowance for Doubtful Account by Aging

2. Additional provision for potential uncollectible receivables (General Reserve) : calculated by PD x LGD

Allowance for Doubtful Account

Million Baht

Allowance for doubtful account by Aging

Additional provision for uncollectible receivables Non performing loans

coverage ratio = allowance for doubtful / NPL

645.7

335.6

Loan Receivables Classified by Aging calculated from Net Loan / Total Net Loan Net Loan = Loan receivables – unearned interest income

1,171.0

287.61%

257.35%265.41%

277.71%294.32%

275.84%

1,499.21,550.3

1,641.1

0

4,000

8,000

12,000

2015 2016 2017 2018 2019

2,559

8651,563 2,348

2,8571,003

1,765

2,5373,071

1,201

1,968

2,711

1,402

2,174

2,821

Q1 Q2 Q3 Q4

Total Revenues Revenues Structure

Million Baht

Interest Incomes

Million Baht

0

4,000

8,000

12,000

2015 2016 2017 2018 2019

2,225

769 1,415 2,140 2,665 897

1,600

2,314 2,862

1,083

1,796

2,478

1,270

1,984

2,612

Q1 Q2 Q3 Q4

+21.04% YoY

+7.49% QoQ

0%

20%

40%

60%

80%

100%

2015 2016 2017 2018 1Q19 2Q19

87.0% 90.6% 91.0% 91.6% 93.3% 93.2%

12.4%9.1% 8.6% 7.6% 6.2% 5.8%

0.7% 0.3% 0.5% 0.7% 0.5% 0.9%

Interest Income & Management fee Fee and Service Income Other income

+23.68% YoY

+7.39% QoQ

4,019

4,471

7,470

6,795

10,417

9,544

1,275

2,000

3,012

4,103

920 986 1,060 1,139 1,154 1,232

54.68%

48.42%

44.28%

44.01%

43.44%

43.26% 43.84%45.50% 45.67% 45.50%

0%

20%

40%

60%

0

1,000

2,000

3,000

4,000

5,000

2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Operational Expense % Cost to Income

Million Baht

Cost to income = (S&A + Loss on disposal of asset foreclosed) / (Total revenue – FC)

SG&A Expenses

5,527

5,928

23.97% 23.48% 23.91% 23.79% 24.05% 24.10% 23.77% 23.26% 22.31% 22.49%

4.96%

2.83% 3.06% 3.53% 3.35% 3.48% 3.62% 3.70%3.64% 3.72%

19.01%20.65% 20.85% 20.26%

20.70% 20.62%20.15%

19.56% 18.67% 18.77%

0%

10%

20%

30%

2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Interest Income Ratio Interest Expense Ratio Interest Spread

Net Profit

Million Baht

Net Profit Margin and Return on EquityInterest Income Ratio, Interest Expense Ratio

and Interest Spread

32.24% 32.74% 33.47%

35.65%35.50% 35.96%

35.61%35.52% 35.19%

33.24%

15.34%

23.72%

31.99%

34.96% 35.62%36.31%

35.74%34.00%

31.41%30.15%

0%

10%

20%

30%

40%

2015 2016 2017 2018 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Net Profit Margin Return on Equity

0

1,000

2,000

3,000

4,000

5,000

2015 2016 2017 2018 2019

825

280 536834 1,005300

571

9121,021

401

650

965

483

743

1,002

Q1 Q2 Q3 Q4

+11.95% YoY

+1.59% QoQ

Remark: Annualized by averaging over four quarters.

1,464

* *

2,501

*

3,713

• Interest Income is calculated using Effective Interest Rate method.

• Non-Interest Income is collection fee + brokerage fee income.

• Other Income is consisted of Deposit Interest Income + Revenue from Asset Depositions

2,026

Interest Bearing Debts Total Liabilities

Times

Debt to Equity RatioShareholders’ Equity

Million Baht

0

9,000

18,000

27,000

36,000

45,000

2015 2016 2017 2018 1Q19 2Q19

7,431

17,733

28,009

36,84738,640

42,037Million Baht Million Baht

-

4,000

8,000

12,000

16,000

2015 2016 2017 2018 1Q19 2Q19

5,652

6,692

8,943

12,299

13,306 13,776

1.31

2.65

3.13

3.00 2.903.05

0.00

1.00

2.00

3.00

4.00

2015 2016 2017 2018 1Q19 2Q19

40,75037,127

35,459

0

10,000

20,000

30,000

40,000

50,000

2015 2016 2017 2018 1Q19 2Q19

47.02% 26.58%

61.32%

68.92% 64.02% 58.28%

7.83%13.64%

13.83%

17.61% 29.17% 24.72%

45.15%

59.78%

24.84%

13.47%6.80% 16.99%

Long-term Loans Current of Long-term Loans Short-term Loans

7,125

17,211

27,058

Fundamental

No. Financial Status Ratio 2Q19 2Q18 % 1Q19 %

1. Net loan receivables 54,420.56 41,468.72 31.23 50,592.39 7.57

2. Allowance for doubtful account 1,641.05 1,380.79 18.85 1,550.29 5.85

3. NPL 594.93 558.87 6.45 526.74 12.95

4. Allowance/NPL (2/3) 275.84% 247.07% 294.32%

5. NPL/ Net AR (3/1) 1.09% 1.35% 1.04%

6. Write off 0.05 - 0.25

7. NPL+Write off (3+6) 594.98 558.87 6.46 526.99 12.90

8. NPL+Write off / Net AR (7/1) 1.09% 1.35% 1.04%

9. Total asset 55,813.10 42,632.26 30.92 51,946.46 7.44

10. Total liabilities 42,036.94 32,315.22 30.08 38,640.03 8.79

11. Total equity 13,776.15 10,317.03 33.53 13,306.43 3.53

12. D/E ratio (10/11) 3.05 3.13 2.90

Growth

Efficiency

No. Performance Ratio 2Q19 2Q18 % 1Q19 %

13. Net loan receivables 54,420.56 41,468.72 31.23 50,592.39 7.57

14. Total revenue 3,070.86 2,536.49 21.07 2,857.97 7.45

15. Interest and fee income 2,862.25 2,314.06 23.69 2,665.32 7.39

16. Fee and service income 178.60 206.26 -13.41 177.62 0.55

17. Net profit 1,020.78 912.18 11.91 1,005.36 1.53

18. % Net profit / Total revenue (17/14) 33.24 35.96 35.18

No. Efficiency Ratio 2Q19 1Q18 % 1Q19 %

19. Doubtful account 189.12 157.99 19.70 116.45 62.40

20. Doubtful account & write off (6+19) 189.17 157.99 19.74 116.70 62.10

21. Total employees 8,777 6,916 26.91 8,114 8.17

22. Total branches 3,739 2,889 29.42 3,444 8.57

23. Net loan receivables per employee (1/21) 6.20 6.00 6.24

24. Net loan receivables per branch (1/22) 14.55 14.35 14.69

Thai Government infrastructure investment

20

Thailand’s Eastern Economic Corridor (EEC)

21