Opportunity Day - set.or.th · 3/15/2019 · Detail of Asset “ 5-star resort in the Maldives...
Transcript of Opportunity Day - set.or.th · 3/15/2019 · Detail of Asset “ 5-star resort in the Maldives...
Opportunity Day 15 March 2019
Summary of DREIT
2
31 December 2018
Asset Dusit D2 Chiangmai, Dusit Thani Hua Hin, Dusit Thani Laguna Phuket
Listed Year December 2017
Investment Scheme Freehold / Leasehold 30 year
Remaining Asset Life (Year) 83.39 (calculated from appraisal value; assumed remain freehold asset life is 99 years)
Asset Size (THB mn) 4,382.07
NAV (THB/Unit) 9.1065
Market Price (THB/Unit) 5.2000
Distribution to Unitholders Performance Period Payment Date
1 THB 0.0403 per Trust Unit 29/11/17-31/12/17 31/08/18
2 THB 0.2640 per Trust Unit 01/01/18-30/06/18 31/08/18
3 THB 0.1714 per Trust Unit 01/07/18-31/12/18 12/03/19
Structure
3
Base Management Fee / Incentive Fee
TRUSTEE REIT REIT MANAGER
HOTEL MANAGER Asset Lessee
Manage Monitor
Invest
Rent Asset
Rental Fees
Manage Asset Freehold
Leasehold
Freehold
DMCO
Top 10 Unitholders
4
Rank Major Shareholders # Shares % Share
1 Dusit Thani Public Company Limited 122,920,000 30.02
2 Social Security Office 104,049,100 25.42
3 Muang Thai Insurance Public Company Limited 21,000,000 5.13
4 Krung Thai-Axa Life Insurance Public Company Limited 16,395,200 4.00
5 Dhipaya Life Assurance Public Company Limited 8,700,000 2.13
6 One Property Plus Fund 3,176,600 0.78
7 Advance Life Insurance Public Company Limited 2,535,000 0.62
Total 278,775,900 68.09
Note: Data as of 20 February 2019
5
Financial Overview Statement of Income 20171 2018 Total income 19.25 227.23 Total operating expenses (1.32) (20.08) Investment income before finance cost 17.93 207.15 Finance cost (1.41) (21.54) Net investment income 16.52 185.61 Net loss from realized loss from investments - (1.42) Net unrealized gain (loss) from investments - (3.98) Increase in net assets from operations 16.52 180.21 Balance Sheet 2017 2018 Total assets 4,344.29 4,382.07 Total liabilities 671.73 653.87 Net assets 3,672.57 3,728.20 Retained Earning (Loss) 16.52 72.15
Unit: THB mn
Note: 1 29 November 2017 (incorporation date) to 31 December 2017
Detail of Assets
6
Dusit D2 Chiangmai Location : Muang, Chiangmai
No. of Rooms : 130 rooms
Land area : 2 rai-2 ngan-65 sqw
Type of Investment : Freehold Asset
Asset Value : THB 397.3 mn (Appraised on 6 February 2018)
Dusit Thani Hua Hin Location : Cha-am, Petchburi
No. of Rooms : 296 rooms
Land area : 63 rai-1 ngan-60 sqw.
Type of Investment : Leasehold Asset ending 2040
Asset Value : THB 909.5 mn (Appraised on 26 September 2018)
Dusit Thani Laguna Phuket Location : Talang, Phuket
No. of Rooms : 226 rooms
Land area : 33 rai-2 ngan-60.3 sqw.
Type of Investment : Freehold Asset
Asset Value : THB 3,009.2 mn (Appraised on 27 September 2018)
7
Industry Overview
Source: Ministry Tourism and Sports (31/12/18)
10.39
10.84
Visitor (mn)
99,07
0 10
8,013
Spending (THB mn)
14.01
14.38
Visitor (mn)
423,0
13
477,3
24
Spending (THB mn)
6.82 7.1
8
Visitor (mn)
39,59
6 42
,988
Spending (THB mn)
• Total visitor arrivals increase 4.33% • 70.02% are Thai • 29.98% are Foreigner
• Total spending increase 9.03% • 61.44% are Thai • 38.56% are Foreigner
• Total visitor arrivals increase 2.64% • 28.16% are Thai • 71.84% are Foreigner • Total spending increase 12.83% • 11.05% are Thai • 88.95% are Foreigner
• Total visitor arrivals increase 5.28%
• 82.73% are Thai • 17.27% are Foreigner
• Total spending arrivals increase 8.57%
• 67.28% are Thai • 32.72% are Foreigner
Visitor Year 2018 Visitor Year 2017
Spending Year 2018 Spending Year 2017
Chaingmai
Phuket
Huahin
8
Supply Overview
Source: Tourism Authority of Thailand (31/12/18)
CHIANGMAI PHUKET HUAHIN
Hotel 25,633
Other 12,126 No. of
guest rooms 2017
Occ. Rate 73.92%
76.02%
2017
2018
Hotel 48,182
Other 47,961
75.20%
75.71%
2017
2018
Hotel 9,564
Other 7,603
64.90%
66.84%
Hotel 25,889
Other 12,207
No. of guest rooms 2018
Hotel 49,054
Other 47,972 Hotel
9,392
Other 7,510
2017
2018
(+1.00%)
37,759
38,096 (+0.89%)
(+0.67%)
97,026 16,902
96,143 (-0.91%)
17,167 (+1.57%)
(-1.78%) (+1.83%)
(-0.02%) (+1.24%)
6,928
3,259
2,358
4,926
7,394
2,970
2,479
4,762
4,985
4,874
6,505
1,787
724
3,637
6,987
1,922
1,063
3,536
3,149
3,348
94%
55%
31%
74%
94%
65%
43%
74% 63%
69%
0%
25%
50%
75%
100%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018
Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)
ADR REVPAR Occ. Rate
9
Performance – DTLP Unit: THB
3,704
2,943
2,864
3,115
3,334
2,757
2,674
3,316
3,155
3,015
2,381
1,877
1,845
2,038
2,298
1,795
1,918
2,159
2,034
2,041
64% 64% 64% 65% 69% 65% 72%
65% 64% 68%
0%
25%
50%
75%
100%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018
Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)
ADR REVPAR Occ. Rate
10
Performance – DTHH Unit: THB
3,275
2,415
2,394
3,152
3,264
2,025
2,246
2,841
2,832
2,617
2,753
1,611
1,938
2,603
2,671
1,394
1,889
2,504
2,225
2,114
84%
67%
81% 83%
82% 69%
84% 88% 79% 81%
0%
25%
50%
75%
100%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018
Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)
ADR REVPAR Occ. Rate
Performance – D2CM
11
Unit: THB
96 71
33
201
113 84
31
230
DTLP DTHH D2CM Total
EBITDA (THB mn)
2017 2018
12
Performance (Cont.)
399 381
137
917
429 391
129
949
DTLP DTHH D2CM Total
Total Revenue (THB mn)
2017 2018
13
Performance (Cont.) – Nationality*
* Based on room night ** European Union (28 countries) %Proportion of nationality base on room night year 2018
Year 2017 Year 2018
EU** 23%
Russia 22% China
19%
[CATEGORY NAME] [PER…
Others [PERCENTAG
E]
43.9
9.4
5.0
3.7
8.5
44.3
9.5
5.2
5.1
9.7
Thailand EU** China India Others
DTHH (‘000 Room night)
11.8
13.8
10.9
2.5
13.4
13.2
12.3
10.9
4.5
16.2
EU** Russia China Thailand Others
DTLP (‘000 Room night)
5.5
7.2
5.3
3.9
15.6
6.0
5.9
5.0
3.6
17.9
EU** China Thailand USA Others
D2CM (‘000 Room night)
Thailand
60% EU** 13%
[CATEGORY NAME] [PER…
[CATEGORY NAME] [PER…
Others [PERCENTAG
E]
EU** 16%
China 15% [CATE
GORY NAME] [PER…
[CATEGORY NAME] [PER…
Others [PERCENTAG
E]
14
Performance (Cont.) – Market Segment*
* Based on room night %Proportion of market segment base on room night year 2018
Year 2017 Year 2018
F.I.T 75%
GROUPS 23%
[CATEGORY NAME] [PER…
39.5
30.1
1.1
36.0
36.6
1.1
F.I.T GROUPS Others
DTHH (‘000 Room night)
F.I.T 49%
GROUPS 50%
[CATEGORY NAME] [PER…
40.6
11.0
0.8
42.4
13.3
1.3
F.I.T GROUPS Others
DTLP (‘000 Room night)
32.1
5.1
0.3
29.2
7.2
2.0
F.I.T GROUPS Others
D2CM (‘000 Room night)
F.I.T 76%
GROUPS 19%
[CATEGORY NAME] [PERCENT…
15
Performance (Cont.) – 3 assets Year 2017 Year 2018
112.2
46.1
107.6
57.1 4.4
F.I.T GROUPS Others
Market Segment* (‘000 Room night)
Thailan
d 32%
EU** 17%
China 13%
[CATEGORY NAME] [PER…
Others [PERCENTAG
E]
52.4
22.1
24.3
13.2
48.5
53.8
28.7
21.9
12.5
52.1
Thailand EU** China Russia Others
Nationality* (‘000 Room night)
F.I.T 64%
GROUPS 34%
[CATEGORY NAME] [PERCENT…
* Based on room night ** European Union (28 countries)
2.2
2019 Outlook
16
17
Dusit Thani Maldives
Dusit Thani Maldives
Location : Mudhdhoo Island, Baa Atoll, Republic of Maldives
No. of Rooms : 95 rooms (1 room utilized for internal use)
Land area : 116 rai 2 ngan 60 square wah
Type of Investment : Leasehold Asset, ending 2059
Asset Value (Fund Structure)
: USD 71.0 mn (Appraised by KnightFrank) USD 72.8 mn (Appraised by HVS)
Detail of Asset “ 5-star resort in the Maldives that blends graceful Thai hospitality with the unparalleled luxury setting of the Maldives. Encircled by white sandy beaches, a stunning 360 degree house reef full of marine life and a turquoise lagoon, this luxury resort in the Maldives is on Mudhdhoo Island in Baa Atoll – Maldives’ first and only UNESCO World Biosphere Reserve.”
Structure
18
REIT
Invest
Rent Asset Asset
Freehold
Leasehold
Freehold
Lessee
HOTEL MANAGER
DMCO
Manage Asset
Base Management fee Incentive fee
Base Management fee Incentive fee
Asset
Leasehold
Company Dusit Maldives
Investment (DMS2)
Lessee
HOTEL MANAGER
DMCO Rent Asset
Manage Asset
Rental Fees Rental Fees
704
423
428
587
666
436
433
567
520
526
397
349
367
483
587
359
371
463
399
444
56%
83% 86% 82% 88% 82% 86% 82% 77%
84%
0%
25%
50%
75%
100%
200
300
400
500
600
700
800
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018
Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)
ADR REVPAR Occ. Rate
Performance – DTMD
19
Unit: USD
Performance (Cont.)
20 * Based on room night ** European Union (28 countries)
Year 2017 Year 2018
China 36%
EU** 14%
Korea 13%
[CATEGORY NAME] [PER…
Others [PERCENTAG
E]
11.2
2.8
3.4
2.2
6.9
10.4
4.1
3.9
2.6
8.1
China EU** Korea Russia Others
Nationality* (‘000 Room night)
F.I.T 98%
[CATEGORY NAME] [PER…
[CATEGORY NAME] [PER…
24.4
0.3
1.8
28.3
0.3
0.5
F.I.T GROUPS Others
Market Segment* (‘000 Room night)
22.5
2
25.9
9
Revenue
Total Revenue ($ mn)
8.06
9.76
EBITDA (mn)
EBITDA ($ mn)
21%
15%
21
Investment Highlight
High Quality Assets
Well-Diversified Portfolio
Booming tourism markets 3
High-experienced hotel management team 4
2
1
22
High Quality Assets
Location Talang, Phuket Cha-am, Petchburi Muang, Chiangmai Mudhdhoo Island, Baa Atoll
Brand Dusit Thani Dusit Thani Dusit D2 Dusit Thani Star Rating 5 5 5 5 Land Area 33 rai-2 ngan-60.3 sqw. 63 rai-1 ngan-60 sqw. 2 rai-2 ngan-65 sqw. 116 rai 2 ngan 60 sqw. Rooms 226 rooms 296 rooms 130 rooms 95 villas Leasehold Tenure Freehold 22 years Freehold 40 years
Fixed Rental per year THB 205 mn USD 7.0 mn
(~THB 224* mn) Rating
8.5 8.6 8.4
8.6 8.7 8.6
8.6 8.7 8.8
9.3 9.5 10.0
Additional Asset Existing Assets
Total Asset Portfolio
1
Dusit Thani Laguna Phuket Dusit D2 Chiangmai Dusit Thani Huahin Dusit Thani Maldives
* 32 THB/USD
23
Well-Diversified Portfolio – Smooth seasonality 2
HUAHIN
%Proportion of EBITDA year 2018
CHIANGMAI
PHUKET
39%
1%
20%
40%
Q1 Q2 Q3 Q4 31%
15% 26% 28%
Q1 Q2 Q3 Q4 93%
0% -14% 21%
Q1 Q2 Q3 Q4
31%
15% 26% 28%
Q1 Q2 Q3 Q4
Maldives
62%
6% 5%
26%
49%
11% 13% 26%
Q1 Q2 Q3 Q4
% Proportion of EBITDA 2018
3 assets 4 assets
24
Well-Diversified Portfolio – Reduce concentration from guess nationality 2
China 32%
EU** 17%
Korea 13%
[CATEGORY
NAME] [PER…
Others [PERCENTAGE]
Nationality* Room Night % 1. Thailand 53,793 32% 2. EU 28,742 17% 3. China 21,944 13% 4. Other 64,662 38%
3 assets – DTLP, DTHH, D2CM
China 28%
EU** 17% Korea
16%
[CATEGORY
NAME] [PER…
Others [PERCENTAGE]
Nationality* Room Night % 1. Thailand 55,148 28% 2. EU 32,795 17% 3. China 32,335 16% 4. Other 77,851 39%
4 assets – DTLP, DTHH, D2CM, DTMD
1,137 1,195 1,239 1,390 1,484
2014 2015 2016 2017 2018
25
Booming tourism markets
Source: Tourism Authority of Thailand (31/12/18)
Revenue from Tourists
+8% from previous year
฿
3
Thailand (Forecast year 2019)
3.33 Trillion Baht
207.1 Million people
Tourists
+4% from previous year
(Target foreign tourist of
41.1 million people)
Maldives
Tourist Arrivals in Maldives during year 2014 - 2018
6.9% CAGR
26
Distinguished hospitality group with Thai heritage…
…with an aim to complete coverage of travelling lodging spectrum
= Future plan
As of 30 Sep 2018
* Dusit Thani Laguna Phuket, dusitD2 Chiang Mai and the leasehold of Dusit Thani Hua Hin are under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) of which DTC holds a 30.02% stake ** Including 220 villas of Elite Havens
High-experienced hotel management team
70 Years in hospitality business
Countries
Properties in operation 9
236**
Owned hotels
Management contracts & franchise
Management contracts in pipeline
Years in hospitality education business
245* 245*
13
64
25
Bespoke/ Luxury Midscale Lifestyle/
Boutique Branded
Residence Shared
Economy Cruise/
Vacation Club
FULL SERVICE
Economy Budget
LIMITED SERVICE EXPERIENCE
4
27
1948
1949 The
Princess Bangkok
Hotel
1966 DTC
1970 Dusit Thani
Bangkok
1987 Phuket
1988 Pattaya
1990 HuaHin
1995 Chiang Mai
1996 Bangkok
1997 Manila
2001 Dubai
Chiang Mai
Cairo
DTCPF
Maldives China Abu Dhabi
Nairobi Guam Krabi
Vimarnsuriya (Mixed-use
project, Bangkok)
Rebranding hospitality education
Colours International
Divested Dusit
Princess Korat
Dusit Foods &
2016
Dusit Thani Hotel School
1993 Korat
1975
Dusit Thani
College
Brand established in Thailand
Overseas asset light expansion 2007 2010
2006
2012 2013 2014 2015
China Khao Yai
Dubai
2017 2018 Phu Quoc
Dusit Gourmet
Expand & Diversify beyond hotel • Balancing
portfolio • Strengthening
foundation
As of December 2018
High-experienced hotel management team (Cont.) 4