Somboon Advance Technology PCL - listed...
38
To Become an Auto Parts Manufacturing Leader in ASEAN with Excellent Quality Somboon Advance Technology PCL Aug 2011
Transcript of Somboon Advance Technology PCL - listed...
To Become an Auto Parts Manufacturing Leader in ASEAN with Excellent Quality
Somboon Advance Technology PCL
Aug 2011
AGENDA
Industry Overview
Group Business
Performance Review
Future Outlook
Appendices
Thailand, world top auto assembler, is poised for impressive growth
3
Global assembly rank 2010A 2011F 2012F 2013F 2014F 2015FChina 1 1 1 1 1 1USA 2 3 2 2 2 2Japan 3 2 3 3 3 3Germany 4 4 4 4 4 4India 5 6 5 5 5 5South Korea 6 5 7 7 7 7Brazil 7 7 6 6 6 6France 8 8 10 9 9 11Mexico 9 9 9 10 10 10Thailand 10 12 8 8 8 8Spain 11 11 11 12 12 12Canada 12 10 13 13 13 13Russia 13 13 12 11 11 9Iran 14 14 14 14 14 14United Kingdom 15 15 15 15 15 15
Annual Growth CAGR
(2011) (2011-2015)6.19% 5.70%6.78% 6.30%
19.85% 12.00%6.45% 8.10%1.30% 0.50%5.16% 4.50%2.71% 3.00%
10.84% 9.60%
Strength of Thailand as Automotive Clusters
Recovering and Growing consumer demand for automobiles.
Strong presence of automotive supporting businesses.
Strong Government Support i.e. incentive tax structure, supporting organization etc.
Based of OEM’ R&D Centers
Geographical and logistic advantages - Thailand as a gateway to Asia providing easy access to regional markets - Established infrastructure and state of the art port facilities to facilitate auto export - Cluster development of suppliers to reduce the cost of logistics and create economies of scale
Extensive & experienced suppliers - Due to approx. 1,800 auto part manufacturers to supply the industry or car makers can be sourced all locally.
•Developed Asia-Pacific includes Australia, Japan, South Korea•Developing Asia-Pacific includes China, India, Indonesia, Malaysia, Pakistan, Philippines, Taiwan, Thailand, VietnamSource: Autofacts Global Light Vehicle Assembly Outlook 2011 Q1 Data Release (Updated January 01 2011)
4
• The March earthquake and tsunami in Japan crippled imported parts supplies to Thailand, forcing carmakers to cut production in line with the tight supplies of parts in their inventories.
• Car manufacturing in Thailand was temporarily cut production, therefore it will be back to normal faster than expected.
• As its result, the auto production target get back to the original number of 1.8 mil.units as before the disaster in Japan.
Rosy Picture as Strong Demand Recovery
Source: FTI: The Federation of Thai Industries and SAT estimates (2011 - 15)
0.4
0.2 0.3 0.4 0.5 0.6 0.8 0.9 1.1 1.2 1.3 1.4
1.0
1.6 1.8
2.0 2.2 2.4 2.5
0.40.1 0.2
0.3 0.30.4
0.5 0.60.7 0.7 0.6 0.6 0.5
0.8 0.8 0.90.9 1.0
1.1
0.0 0.1 0.1 0.20.2 0.2 0.2
0.3 0.40.5
0.7 0.80.5
0.9 1.01.2
1.3 1.41.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2011F
2012F
2013F
2014F
2015F
Thailand auto industryMillion units
Domestic
Export
9%
6%
10%
CAGR(2011 – 15F)
Production 13%/Domestic 5%/Export 30%
CAGR (1997-2008)
Production
Automotive Industry
Production by type of vehicles
Annual Growth2010
65%
46%
67%
Thai Automotive Supply chain Structure
5
OEMs15 carmakers
2nd & 3rd Suppliers
1,100 companies
•System integration•Testing•Assembly•Supplier management
•System Supply•R&D on system•Module assembly•Sub supplier management
•Sub component manufacturing
Passenger Car1 Ton Pick up TruckCommercial Vehicle
Engines, Drivetrains, Steering, Suspension, Brake Wheel, Tire Bodyworks, Interiors, Electronic and Elec System
Stamping, plastics, rubber, machining, casting, Forging, function, electrical, trimming
Main Focus Product Examples
Source : Thai Auto Parts Manufactures Association
21%Pure
Foreign
20%PureThai
40%Foreignmajority
1st Supplies500 companies
19%Thai
majority 20%PureThai
Key issues come into focus
5
Impacts from Tsunami in Japan
Minimum wage rising
Automotive Industry
Globalization
Industrial Innovation
•Temporary unpredictable production plan
• An accelerated timeline for overseas relocation of assembly for the purpose of managing supply chain risks and optimizing logistics
•Require more careful on investment plan.
• Potential higher production cost which would pressure on the company’s profit margin in the short term.
• An accelerated timeline of machinery substitute for labor force to reduce the cost and improve the efficiency in the long term
•While vehicle electrification remains one of the most discussed topics in the automotive industry.
•Both public and private support of R&D efforts will be needed in order to bring costs and range into an acceptable cost equation for mainstream consumers
•Emerging Countries ex. China, India, Indonesia, and Thailand are major production bases of global carmakers in Asia.
• The competition in the world market challenges in the wake of trade and investment liberalization
Most updated impacts from Japan’ Tsunami
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Carmakers Recovery Time Frame
Toyota Car manufacturing in Thailand will be back to normal by May 23.
Nissan Production in Thailand will get back to normal by this June.
Honda Expect to get back to normal capacity by September.
Isuzu Expect to resume to normal by July.
AAT Expect to resume to normal by July.
Mitsubishi No significant impacts from Tsunami
Source : Customer information as of July 11
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New Cars Market in Thailand for 2010 and beyond
Note : 1 - minor change 2 - nano change 3 - not confirmed
Brand 2010 2011 2012 2013 2014
Isuzu D-Max2/ D-Max(RT50)D-Max(RF10 SUV
=> to replace MU-7)
Honda Jazz1/City1/Accord1/
Brio (HB)/
Civic(2HC)
Jazz-Hybrid3/CR-V
Accord / Brio (Sedan)
Jazz / City
Toyota Vios1/Yaris2/Vigo2
Prius-hybrid/
Corolla1
Camry, Yaris3/Eco car Corolla Hilux (IMV2)
Mitsubishi LancerEX/Triton(special edition)
None Eco-Car (HB) Eco-Car (Sedan) Triton
NissanMarch(Eco
car)/Navara1/Venette(NV200)
March(sedan)New compact
sedan (to replace Tida Latio)
Navara
Mazda Mazda2(sedan),Mazda31
Mazda3/BT50(T6)
Mazda 23
Ford Fiesta(B229), Focus1 Ranger(T6)/Escape1/
Focus/Everest(Escape
discontinued)
Chevrolet Cruze(J300)Colorado(GMI700)/
CaptivaColorado (SUV)
/Aveo(T300)3
Suzuki Swift/SX43 Eco car New Small3
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6M2011 Production and Sales
Toyota35%
MMth14%
AAT13%
Isuzu11%
Nissan12%
Honda9%
Other6%
Toyota36%
MMth8%
AAT8%
Isuzu22%
Nissan8% Honda
11%
Other7%
Toyota34%
MMth20%
AAT18%
Isuzu5%
Honda4%
Nissan16%
Other3%
Source: TAIA (The Thai Automotive Industry Association)
499,508206,321 295,899
300,474
198,718 105,006
10,628
26,685
0
200,000
400,000
600,000
800,000
1,000,000
Production Dom Sales Exp Sales
Other
Passenger Car
Pickup & PPV
61%
38%
48%
46%
74%
26%
810,610 units 431,724 units 400,905 units+ 5.4%yy + 21.0%y-y -4.1%y-y
10
2010-6M11 Production Trend by Type and Brand
Pick Up & PPV Passenger
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Jan
10
Feb
Mar
Ap
r
May
Jun
e
July
Au
g
Sep
Oct
No
v
Dec
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Isuzu (Isuzu&GM) Toyota Mitsubishi Nissan AAT Other
Units
0
5,000
10,000
15,000
20,000
25,000
Jan
-10
Feb
Mar
Ap
r
May
Jun
e
July
Au
g
Sep
Oct
No
v
Dec
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Toyota Mitsubishi Nissan AAT Other Honda
Units
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2010-6M11 Domestic Trend by Type and Brand
Pick Up & PPV Passenger
0
5,000
10,000
15,000
20,000
25,000
Jan
-10
Feb
Mar
Ap
r
May
Jun
e
July
Au
g
Sep
Oct
No
v
Dec
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Isuzu (Isuzu&GM) Toyota Mitsubishi Nissan AAT Other
Units
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Jan
-10
Feb
Mar
Ap
r
May
Jun
e
July
Au
g
Sep
Oct
No
v
Dec
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Toyota Mitsubishi Nissan AAT Other Honda
Units
12
2010-6M11 Export Trend by Type and Brand
Pick Up & PPV Passenger
0
5,000
10,000
15,000
20,000
25,000
30,000
Jan
-10
Feb
Mar
Ap
r
May
Jun
e
July
Au
g
Sep
Oct
No
v
De
c
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Isuzu (Isuzu&GM) Toyota Mitsubishi Nissan AAT
Units
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Jan
-10
Feb
Mar
Ap
r
May
Jun
e
July
Au
g
Sep
Oct
No
v
Dec
Jan
-11
Feb
-11
Mar
-11
Ap
r-1
1
May
-11
Jun
-11
Toyota Mitsubishi Nissan AAT Other Honda
Units
27% 23% 21% 21% 23% 27% 21% 20% 22%
27% 30% 34% 32% 27%28% 42%
32% 32%
27%20% 20% 21% 26% 20% 12%
24% 21%
7%12% 10% 11% 9% 12% 6% 7% 9%
7% 9% 10% 9% 11% 9% 15% 12% 11%6% 6% 5% 5% 5% 4% 5% 5% 5%
0%
20%
40%
60%
80%
100%
2009 2010 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 YTD
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2009-6M11 Export Destinations
Middle East
Aus, NZ & Oceania
Asia
Central & S.America
EuropeAfrica
535,596 895,855
Source: TAIA (The Thai Automotive Industry Association)
68,082 80,699Units
Pick Up & PPV Passenger
85,626 52,191 400,90538,656 75,651
0
5,000
10,000
15,000
20,000
25,000
Asia Aus, NZ, Oceania Middle East
Africa Europe C & N. America
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Asia Aus, NZ, Oceania Middle East
Africa Europe C & N. America
AGENDA
Industry Overview
Group Business
Performance Review
Future Outlook
Appendices
SAT’ Product Group
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Forging Products, SAT
Spring Products, BSK Machining Products, SBM
BSK42%
NHK58%
SAT87%
SMT6%
Other7%
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Market share1H’11
Rear Axle Shaft Y10 = 85 %Customer Model
Toyota Fortuner , Vigo
Mitsubishi Triton , 3E45
AAT (Mazda & Ford) BT-50 , Ranger
Isuzu D-Max MU-7
Market share1H’11
Coil Spring Y10 = 36 %
Customer Model
Mitsubishi Lancer , New LancerEx
Toyota Camry
Honda Jazz , City , Accord
Nissan New Teana , March
Customer Model
Toyota Fortuner , Vigo 4x4
Mitsubishi Triton , 3E45
Pickup car
Pickup car
Passenger car
Market Share: Axle Shaft & Coil Spring
BSK38%
NHK62%
BSK16%
NHK84%
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Market share : Leaf Spring & Stabilizer Bar
Market share1H’11
Leaf Spring Y10 = 14%
Market share1H’11
Stabilizer Bar Y10 = 37%
Customer Model
Customer Model
Customer Model
Mitsubishi Triton
Customer Model
Hino Bus
Fuso Truck
Pickup car
Passenger car
Pickup car
Commercial car
Mitsubishi Lancer
Toyota Corolla
Honda Jazz ,City , Accord
Toyota Fortuner , Vigo 4x4
Mitsubishi Triton , 3E45
Nissan Navara ,LCV
SBM27%
AISIN53%
KIRIU6%
OTHER15%
SBM28%
AISIN62%
KIRIU9%
OTHER1%
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Market share : Disc Brake & Drum Brake
Market share1H’11
Disc Brake Y10 = 27%
Market share1H’11
Drum Brake Y10 = 25 %
Customer Model
Fuso Truck FM/FN , Canter
Customer Model
Honda Jazz/City, Civic, Accord, CR-V , Eco
Mitsubishi Space Wagon ,New Lancer EX
Customer Model
Mitsubishi Triton , 3E45
Customer Model
Mitsubishi Triton, 3E45
Isuzu D-Max MU-7
Customer Model
Honda City, Eco (100%-Rear)
Passenger car
Pickup car
Commercial car
Passenger car
Pickup car
SBM20%AISIN
57%
OTHER23%
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Market Share: Exhaust Manifold
Exhaust Manifold Y10 = 17%
Market share1H’11
Customer Model
Mitsubishi Lancer
Customer Model
Mitsubishi Triton, 3E45
AAT BT-50, Ranger
Pickup car
Pickup car
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Note : Full Capacity= 500 hrs./month
Capacity and Utilization Rate
M
a
c
h
i
n
i
n
g
S
p
r
i
n
g
F
o
r
g
i
n
g
Production Volume(Per Month)
2009A 2010A 2011F 2012F
Capacity(pcs)
Utilization(%)
Capacity(pcs)
Utilization(%)
Capacity(pcs)
Utilization(%)
Capacity(pcs)
Utilization(%)
Axle Shaft (incl. Kubota) 240,000 56% 240,000 90% 240,000 98% 320,000 85%
Disc Brake 109,000 68% 121,000 90% 173,000 85% 173,000 85%
Drum Brake 95,000 68% 95,000 90% 107,000 80% 107,000 85%
Exhaust Manifold 46,000 65% 47,000 85% 47,000 75% 47,000 77%
Fly Wheel 8,000 65% 8,000 95% 12,400 85% 12,400 95%
Kubota Machining 25,000 98% 61,000 70% 86,000 77% 86,000 90%
Kubota Blade 360,000 25% 360,000 25% 360,000 25%
Coil Spring 255,000 40% 255,000 62% 255,000 90% 445,000 65%
Stabilizer Bar 100,000 46% 100,000 73% 100,000 90% 180,000 66%
Leaf Spring (tons) 1,500 55% 1,500 75% 1,500 83% 1,500 89%
Weighted Utilization rate 60% 80% 70% 65%
AGENDA
Industry Overview
Group Business
Performance Review
Future Outlook
Appendices
22
Financial Highlights
Unit : Bt.mn 2Q10 1Q11 2Q11 YoY QoQ 2009 2010 YoY Sales 1,444 1,782 1,495 4% -16% 4,295 6,263 46%
Total Revenue 1,473 1,817 1,527 4% -16% 4,348 6,416 48%
GP 288 347 227 -21% -34% 767 1,241 62%
SG&A 100 137 116 16% -15% 351 426 21%
EBITDA 341 375 251 -26% -33% 913 1,407 54%
Net Profit 178 213 88 -51% -59% 314 771 146%
Total Assets 6,739 8,780 8,955 33% 2% 6,192 8,077 30%
Int. Bearing Debt 2,371 2,709 2,890 22% 7% 2,347 2,425 3%
Total Liabilities 3,495 4,497 4,757 36% 6% 3,324 3,902 17%
Equity 3,244 4,283 4,198 29% -2% 2,868 4,175 46%
Interest Exp. 22 22 25 15% 14% 114 111 -3%
Depreciation 114 130 121 6% -6% 434 438 1%
CAPEX 350 603 392 12% -35% 517 1,078 108%
Effective Tax Rate 14% 10% 14% 14% 13%
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Key Financial Ratio
2Q10 1Q11 2Q11 2009 2010
%GPM 19.98 19.46 15.21 17.86 19.82
%NPM 13.11 11.93 5.86 7.23 12.32
%ROA 11.82 10.09 3.95 5.01 11.90
%ROFA 30.50 27.36 14.82 17.74 25.4
EBITDA/CAPEX (x) 1.02 0.63 0.63 1.69 1.54
%ROE 23.62 20.35 8.26 11.58 23.38
%ROCE 19.88 14.95 7.63 10.44 17.62
%ROIC 18.77 15.33 7.41 8.54 17.28
Int.Bearing Debt/Equity (x) 0.60 0.63 0.69 0.82 0.58
DER (x) 0.93 1.05 1.13 1.16 0.94
Interest Coverage (x) 11.36 11.67 14.33 7.98 12.71
EPS (bt) 0.71 0.63 0.26 1.05 2.27
BVPS (bt) 10.81 12.60 12.35 9.56 12.28
24
Sales Breakdown
Domestic96%
OEM97%
Axle Shaft
Leaf Spring
Disc & Drum BrakeExhaust Manifold
Fly Wheel (+Comp)Stabilizer BarCoil Spring
Others (i.e. Big Hub, Bracket, Timing Cover, Camshaft)B
t.m
n
1,406
P/U & PPV Parts 79%
1,136 1,511 1,444 1,631 1,677 1,782
SAT34%
SBM37%
BSK29%
2010
Total Sales = 6,263 MB33% 33% 35% 33% 33% 33% 31% 31%
11% 9%
14%
9% 9% 8% 11% 12%
10%10%
13%
9% 10% 9%10% 10%
3%4%
3%
4% 4%4%
4% 3%
3% 3%
4%
4% 4%3%
4% 5%
8% 8%
8%
8% 9%7%
8% 7%
7% 8%
8%
8%8%
8%
9%7%
24% 25%
15%
25% 23%28%
23% 25%
0%
25%
50%
75%
100%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
1,495
25
Customer Base
23%32%
37%31% 29% 29% 32% 33%
26%
27%
26%
26% 27% 26%27% 21%
8%
7%7%
7%5% 5%
7%
4%
7%
7%
8%
8%7% 7%
7%
6%
8%
10%6%
4%4% 6%
4%
3%
5%
7% 5%
3%4% 7%
6%
10%
22%
11% 11%
21% 24% 22% 19%23%
0%
25%
50%
75%
100%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
Mitsubishi
Toyota
HondaIsuzuAAT
OthersBt.
mn
Kubota
1,4951,4061,136 1,511 1,444 1,631 1,677 1,782
AGENDA
Industry Overview
Group Business
Performance Review
Future Outlook
Appendices
Short & MediumTerm Plans
27
• Jan 2012 onwards, casting raw material capacity to be increased from 30,000 ton to 60,000 tons per year
Casting raw material outsourcing to be cut into its normal level
• One capability won’t be improved at the expense of other capabilities.
• Modern manufacturing system allow for improvement in certain capability that can amplify certain other capabilities
Cost-Effectiveness with competitive
capabilities
• Select growth opportunity very carefully
• Further improve operational efficiency along the entire value chain
More CAPEXs with cautions as a volatile
economic cycle
• Implemented the components depre. causing the less depre. exp. 1.5 – 2.0% from previously
• Recognized employee benefits as expense in the period causing the higher exp. 1.5% from previously
IFRS impact as
TAS 16 and 19
Capability enhancement
Insignificant amount to
P&L
GPM improvement
Business risk decreased
Keep going on SBG Management
28
Innovation to adjust for
open-market as AEC by 2015
Cooperative oriented ;• Seek to make the supply chain
as a whole more competitive(not to attain cost reduction at the expense of our supplier partners)
• The competition is not firm against firm but rather supplychain against supply chain
R&D for technology
and engineering
thrust
Supply chain Integration
• Manufacturing technology will adapt to environment to deliver new products at an affordable cost• More in-outbound
cooperation and alliances to fundR&D activities
• To go beyond single platform locomotion by more value added elements
• More outbound business i.e. Indonesia, India
The Road Ahead
29
CAPEX
• 1,600 – 1,700 MB in 2011• 500 – 600 MB in 2012• About 300 MB as normal CAPEX in 2013
Prospect
• To keep up market share • To penetrate new markets for expanding customer base & sales growth
• Sales CAGR for 2011 – 2013 ; 12 -15% (Based on 10% from Auto, 25% from Non-Auto assumption)
R&D
• Enhancing our competitiveness and expertise in product design and process improvement and innovation in area of forging, casting, machining, and spring business to supply new parts, as CKD, or small module in the automotive industry
AGENDA
Industry Overview
Group Business
Performance Review
Future Outlook
Appendices
31
Group Development
• A well established and reputable vehicle parts manufacturer, with concentration on the OEM market.
• The Group started its automotive parts manufacturing business in 1962, and is considered as one of Thai pioneers in the business.
32
Group Structure and Business
SAT(Paid Up (340 mb)
SBM(Paid Up 160 mb)
BSK(Paid Up 130 mb)
Tsuchiyoshi Somboon Coated Sand(Paid Up 72 mb)
Yamada Somboon(Paid Up 150 mb)
Nishinbo Somboon Automotive(Paid Up 732.6 mb)
Somboon Somic Manufacturing(Paid Up 300 mb)
100% 100%
21.25%
20.00%
2.90%
1.80%
Somboon Holding 25.50%Kittapanich Family 24.71%Thailand Equity Fund 3.68%Others 46.12%
Sales ~231 mb, TA~225mb, GPM 12.1%, NPM 2.6%
Sales ~2,150 mb, TA~1,697 mb, GPM 17.5%, NPM 5%
Sales ~1,851 mb, TA~1,703 mb, GPM 23.8%, NPM 16.7%
Sales ~1,972 mb, TA~1,259 mb, GPM 18.4%, NPM 9.8%
• Steering Column Assembly• Water Pump Assembly• Oil Pump
• Ball Jointed• Tie Rod End• Outer Track Rod• Stabilizer Linkage
• Brake System
• Casting(Rasin/Sand)
ICP(Paid Up 785 mb)
100%
SBG International (Japan)(Paid Up 10 mb)
• Casting (RM of Machining) • Machining • Spring Products • Sales Representative
100%
• Forging
33
Certificates and Awards
• Group Company has been receiving many awards and accreditations of its unique developing and its production quality-being rate as one of the finest in Supplier List.
• Proven performance since inception in 1972 i.e., QCD grading, Quality Award by MMth (zero defect), TPS (Toyota Production System), QCC award & network by HINO
• ISO 9002, QS 9000, ISO 14001, ISO/TS 16949 (OEMs required)
Q
M
D
CSBG
E
34
Diff Case (Front) Assy
Diff Case (Rear) Assy
Axle Front Assy (35HP & 45HP)
Axle Rear Assy (35HP & 45HP)
Parts for Kubota: Tractor
Case Front Gear (RH & LH)
Case Bevel Gear
Case Brake
Case Rear Axle (RH & LH)
Case Front Axle
Holder Front (RH & LH)
Cover Front Axle
Case Diff (Rear)
Diff Case Cover
Diff Case (Front)
Diff Case Bearing (RH & LH)
Holder Bearing Clutch
Bearing Case (RH & LH)
Holder Bearing
Drive Case
Valve & Push Rod (Engine Part-Forging)
Body Part & Power train part (Casting & Machining)
Rotary Blade (Spring)Axle Shaft (Forging&Machining)
Power train part (Assy)
35
Parts for Kubota: Harvest Machine
36
Siam Kubota Tractor Co., Ltd (SKT)
Siam Kubota Industry Co., Ltd (SKI)(since 1978, paid up … mb)
Siam Cement Plc. (SCC)
Kubota Corporation, Japan Marubeni Corporation, Japan
Min Sen Machinery Co.,Ltd
51%
40%
4.74%
4.26%
Siam Kubota Tractor Co., Ltd (SKT)(since 2007, paid up 900 mb)
• Trading• Leasing• Manufacturing
60%
40%
Sales ~338,000 mb, TA~…. mb, NPM 6.8%
Estimated Mass Run ~ 1Q09 with volume planned ~25,000 units per annum
Harvest Machine
Siam Kubota Corp., Ltd (SKC)
on M&A process
SAT- Attractive Return
37
0
5
10
15
20
25
30
35
20/1/2005 20/1/2006 20/1/2007 20/1/2008 20/1/2009 20/1/2010 20/1/2011
SAT' Historical Price Movement
Thai CoupU.S. Financial Crisis
Political Unrest in
Record High of Thai Auto Production
Tsunamiin Japan
Cap.Gain = 8% Dvd yield =
Cap.Gain = -18% Dvd yield = 4.4%
Cap.Gain = 30% Dvd yield = 4.7%
Cap.Gain = -66% Dvd yield = 6.0%
Cap.Gain = 165% Dvd yield = 0%
Cap.Gain = 122% Dvd yield = 3.1%
Cap.Gain = -20%
Avg. Total Return = 35% p.a.Avg. Capital Gain = 31% p.aAvg. Dividend yield = 3.5%
As of Aug 9,2011
Thank You
Somboon Advance Technology Public Company Limited –Investor Relations Department
Tel. +66 2 728-8596, Fax. +66 2 728-8513, Email: [email protected], http://www.satpcl.co.th
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