SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED 2Q16 ANALYST PRESENTATION 1
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SRI TRANG AGRO-INDUSTRY PUBLIC COMPANY LIMITED
2Q16
ANALYST
PRESENTATION
1
2Q16 RESULTS
2
100
120
140
160
180
200
Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
RSS
TSR
SIC
OM
Pric
e(U
S c
ent :
Kg.
)C
rude
Oil
Pric
e(U
SD
: B
bl.)
TH
B/U
SD
Mov
emen
t
20
40
60
80
Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
32
33
34
35
36
37
Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16
SICOM – Oil Price - FX2Q15 3Q15 4Q15 1Q16 2Q16
3
*Adjusting for (reversal) allowance of inventory and realised gains /(losses) from hedging activities
(THB million) 6M’15 6M’16 %YoY Q2’15 Q1’16 Q2’16 %YoY %QoQRevenue 29,589 35,446 ▲20% 15,077 16,695 18,752 ▲24% ▲12%
Sale volume(tons)
538,096 724,011 ▲35% 269,204 363,105 360,906 ▲34% ▼1%
Avg. selling price(Baht per ton)
49,412 43,382 ▼12% 50,558 40,465 46,317 ▼8% ▲14%
Gross profit 2,334 2,755 ▲18% 1,294 817 1,938 ▲50% ▲137%Adj. gross profit* 2,517 2,748 ▲9% 1,440 749 1,999 ▲39% ▲167%EBITDA 1,711 1,375 ▼20% 923 174 1,201 ▲30% ▲589%Net profit 815 636 ▼22% 518 (166) 802 ▲55% ▲584%
Adj. GP margin* 8.5% 7.8% ▼70bps 9.6% 4.5% 10.7% ▲110bps ▲620bpsNet profit margin 2.8% 1.8% ▼100bps 3.4% (1.0%) 4.3% ▲90bps ▲530bps
Financial Highlights
4
Revenue by Product (THB million)
1,321 1,467 1,347 1,461 1,853
11,248 11,726 11,006 12,089 13,431
1,042 1,269 1,316 1,144 1,432
1,467 1,774 1,798 2,001
2,036 15,077
16,23615,467
16,69518,752
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
RSS TSR Con. Latex Others
+24.4%+12.3%
Revenues & Sale volume
119,850 120,256 138,715 195,073 163,243
124,812 135,642 140,544
137,952 165,058 17,482 13,137 15,018
17,715 19,609
7,058 9,432 8,464
11,485 12,556
2 441 222
880 441
269,204278,908
302,962
363,105 360,906
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
PRC Asia (Ex PRC) USA Europe Others
+34.1%-0.6%
Sale Volume by Geography (tons)
5
Adjusted Gross Profit*Gross Profit
1,440 1,405 1,059 749 1,999
9.6%8.7%
6.8%
4.5%
10.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Margin %THB mm
+38.8%+167.0%
Gross Profit
1,294 570 617 817 1,938
8.6%
3.5%
4.0%
4.9%
10.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Margin %THB mm
+49.7%+137.1%
*Adjusting for (reversal) allowance of inventory and realisedgains /(losses) from hedging activities
6
Net Profit (THB million)EBIT (THB million)
525 473
(180) (193)
815
150 243
188 97
92 675 715
8
-96
907
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
+34.5% +1,045.4%
Share of profits from associates & a Joint VentureOperating profits
EBIT & Net Profit
518 350 -47 -166 802
3.4%
2.2%
-0.3%-1.0%
4.3%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
-400
-200
0
200
400
600
800
1,000
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Net profit Net profit margin %
+54.7% +583.9%
7
INDUSTRY UPDATES
8
Natural Rubber Industry Updates
El Niño and La Niña phenomenon curtail NR supply.1
NR market become more stable with resilient NR demand2
Qingdao stock keeps decreasing3
Customers change behavior. 4
Extended low NR price continues to curb NR supply.5
Consolidation is still going on in both Thailand and Indonesia.6
Macro economic movementA
US dollar and crude oil pricesB
Export quota decisionC
Weather conditions.D
Stock of the Thai GovernmentE
Fa
vo
rab
le F
act
ors
Un
certa
inty
Fa
ctors
9
10
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