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Confidential
Year-end 2019 Presentation
Bangkok Commercial Asset Management
March 2020
1
DisclaimerYou must read the following before continuing. The confidential information following this page, the oral presentation of such information and other materials distributed at, or in connection with, the presentation (the "Presentation") is
for information purposes only, and does not constitute or form part of any offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securities of
Bangkok Commercial Asset Management Public Company Limited (the “Company”) or any other securities, nor shall any part of the Presentation or the fact of its distribution or communication form the basis of, or be relied on in
connection with, any contract, commitment or investment decision in relation thereto in Thailand, Singapore, the United States, China, Japan or any other jurisdiction. This Presentation has been prepared solely for informational use
and made available to you on a strictly confidential basis, and may not be taken away, reproduced, referred to publicly or redistributed in whole or in part to any other person. By attending this presentation and/or reading this
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This Presentation may contain forward-looking statements that may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “depends,” “projects,” “estimates” or other words of similar meaning and
that involve risks and uncertainties. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures,
and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company does not guarantee that these assumptions and expectations are
accurate or will be realized. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the
Company believes that such forward-looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Past performance does not guarantee or predict future performance.
A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Representative examples of these factors include (without limitation) general industry and economic
conditions, interest rate trends, cost of capital and capital availability, currency exchange rates, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses including employee wages, benefits and
training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are
based on the current view of the Company's management on future events. The Company does not assume any responsibility to amend, modify or revise any forwardlooking statements, on the basis of any subsequent developments, information or events, or
otherwise.
The information in this Presentation has been prepared by the Company and has not been independently verified, approved or endorsed by any advisor retained by the Company. No representation or warranty, express or implied, is made as to, and no
reliance, in whole or in part, should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this Presentation. It is not intended that these materials provide, and you may not rely on these materials as providing, a
complete or comprehensive analysis of the Company. The information and opinions in these materials are provided as at the date of this Presentation, and are subject to change without notice. None of the Company or any of their respective affiliates,
directors, officers, employees, agents, advisers or representatives, makes any representation as to, or assumes any responsibility or liability with regard to, the accuracy or completeness of any information contained here (whether prepared by it or by any
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subsequent to the date hereof, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for nor shall they accept responsibility for any loss or damage howsoever arising from any
information or opinions presented in these materials or use of this Presentation or its contents or otherwise arising in connection with this Presentation.
This Presentation also contains certain statistical data and analyses (the “Statistical Information”) which have been prepared in reliance upon information furnished by the Company and/or third party sources for which the Company has either obtained or is in
the process of obtaining the necessary consents for use. Numerous assumptions were used in preparing the Statistical Information, which assumptions may or may not appear herein. As such, no assurance can be given as to the Statistical Information’s
accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. Moreover, any information
from third party sources contained in this Presentation may not be used or relied upon by any other party, or for any other purpose, and may not, directly or indirectly, be reproduced, disseminated or quoted without the prior written consent of such third
party. This Presentation does not purport to be complete description of the terms of or the inherent risks in any actual or proposed transaction described herein.
This Presentation may not be taken or transmitted into the United States, Canada or Japan or distributed directly or indirectly, in the United States, Canada or Japan or any other jurisdiction where it is unlawful to do so. No portion of these materials is an
offer of securities for sale in the United States, Canada or Japan, or any other jurisdiction. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country
or other jurisdiction where such distribution, transmission, publication, availability, or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Under the terms of any proposed offering, no
securities will be offered or sold in the United States absent registration or an exemption from registration. No public offering of securities will be made in the United States, and the Company does not intend to register any part of a proposed offering in the
United States.
2
Contents
Section 2 : Industry Overview and Outlook
Appendix A : NPLs and NPAs Management
Section 1 : Business and Financial Performance
Business and
Financial Performance
Section 1
4
NPAs management method: straight sale of assets or asset
enhancement, taking into account the expected return and cost of
renovation
Source of NPAs: conversion from NPLs or direct purchase of NPAs
NPAs primarily consists of real estate assets such as commercial
and residential properties, vacant land, and hotels
NPAs value as of 2019:
(Unit: THB mn)
32,5881
54,4671
Gross NPAs(record at cost)
Appraisal valueof NPAs
40.8% discount to
the appraised value
NPLs and NPAs management are the columns of BAM's business
NPLs management method: debt restructuring or court process
Source of NPLs: purchased from financial institutions in Thailand
through bilateral negotiations or a bidding process
NPLs are mostly collateralized by real estate-related assets
which are secured by a first priority mortgage
NPLs value as of 2019:
Distressed debt assets (NPLs) management Properties foreclosed (NPAs) management
(Unit: THB mn)
83,621
192,189
Gross NPLs(record at cost)
Appraisal valueof NPLs collateral
56.5% discount
to the appraised
value
NPAs outstanding (gross) by asset type
26.4%
1.6%
24.9%
46.1%
1.1%
Vacant land Hotels Commercial properties
Residential properties Movable assets
(As of Y2019)
Note:
1 Excludes instalment sales
2 Unsecured NPLs are mainly NPLs that debtor has transferred all underlying collateral to repay the debt or we purchased it at a public
auction at a price below the balance of the NPLs.
(As of Y2019)
Real estate Real estate & other security/collateral
Other security/collateral Unsecured 2
80.0%
14.3%
0.6% 5.0%
NPLs (gross) by collateral type
5
Distressed asset management—flow chart summary
BAM's principal business is to acquire and manage NPLs and NPAs
Purchase of NPLs
and NPAs
NPLs
NPAs (including
investment in
securities)
NPAs management NPAs disposal Cash
Court enforcement
process
Enforcement of
collateral via public
auction
NPAs
Cash
Pay by cash
Pay by debt to
equity conversion
Debt restructuring
Settlement
reached
Settlement
not reached
Dispute
settled
Dispute not
settled
BAM successfully
purchases
3rd party purchases
Sourcing1
73.3% of total income in 2019
26.5% of total income in 2019
Pay by collateral
transfer (NPAs and
investment in securities)
NPLs management2
NPAs management3
Note
1. Income from NPLs management constituted a larger portion of total income in Q1.2019, primarily due to cash payments
received from a significant debtor in the amount exceeding our cost of credit for purchase of receivables
65.2%
34.4%
0.4%
NPL management NPA management Other
(FY2019)
73.3%1
26.5%
0.2%
BAM total income
70.8%
28.6%
0.6%
(FY2017) (FY2018)
6
2019 Performance and 2020 Target
Growth (YoY)
+19.10%+ 3,164 MB
Growth (YoY)
+26.56%+ 2,117 MB
Growth (YoY)
+25.90%+ 1,347 MB
19,733 MB 10,088 MB
Cash Collection Gross Profit
6,549 MB
Net Profit
2020 Target
• Grow asset base by purchasing NPLs and NPAs from financial institutions 10,000 – 12,000 MB
• Target Cash collection 15,000 – 17,000 MB
7
Note:
1 Significant increase in cash collection for NPL in Y2019 due to the increase of cash collected from the Legal Execution Department, which was
attributable to (i) our policy to proactively continue to collect cash from auction sales from the Legal Execution Department; and (ii) the receipt of the
payment of the auction sale from the Legal Execution Department in respect of the sale of collateral assets of one significant debtor during year
ended 31 December 2019
Total cash collected for NPLs Total cash collected for NPAs
0
3,000
6,000
9,000
12,000
15,000
2017 2018 2019
(TH
B m
n)
9,159
10,791
14,0591
0
3,000
6,000
9,000
12,000
15,000
2017 2018 2019
(TH
B m
n)
4,356
5,778 5,674
Source: Company’s MD&A
Cash Collection : Breakdown
8
Financial performance – operating profitabilityProven track record evidenced by solid financial performance
Source: Company’s Financial Statements and MD&A
Notes:
1 Gross profit margin is calculated from the sum of (i) total interest income (excluding interest income on deposits); (ii) gain (loss) on investment in
securities – net; (iii) gain on credit for purchase of receivables; (iv) gain on sale of properties foreclosed; (v) gain on installment sales; and (vi) other
operating income less total interest income and further divided by the sum of (i) – (vi)
2 Net profit margin is calculated from net profit divided by the sum of (i) total interest income; (ii) gain (loss) on investment in securities – net; (iii) gain
on credit for purchase of receivables; (iv) gain on sale of properties foreclosed; (v) gain on installment sales; and (vi) other operating income; 3Q
2018 margin not disclosed
Revenue breakdown Cash collections
Net profit and net profit marginGross profit and gross profit margin
5,401 6,353
8,974
2,181
3,372
3,237
44
26
25
7,626
9,751
12,236
0
2,000
4,000
6,000
8,000
10,000
12,000
2017 2018 2019
(TH
B m
n)
NPL management NPA management Other income
4,5015,202
6,549
59%53% 54%
0%
20%
40%
60%
80%
0
3,000
6,000
9,000
12,000
2017 2018 2019
(TH
B m
n)
Net profit Net profit margin
5,981
7,971
10,088
79%82% 83%
-20%
10%
40%
70%
100%
0
3,000
6,000
9,000
12,000
15,000
2017 2018 2019
(TH
B m
n)
Gross profit Gross profit margin
9,159 10,791
14,059
4,356
5,778
5,674
13,516
16,569
19,733
2017 2018 2019
0
4,000
8,000
12,000
16,000
20,000
(TH
B m
n)
Cash collection from NPL Cash collection from NPA Total cash collection
1 2
9
99.9107.7
115.8
0.0
35.0
70.0
105.0
140.0
2017 2018 2019
(TH
B b
n)
Financial performance – balance sheet
Credit for purchase of receivables (net NPL) Properties foreclosed (net NPA)
Total assets Total shareholder's equity
72.9 75.4 77.4
0.0
25.0
50.0
75.0
100.0
2017 2018 2019
(TH
B b
n)
17.7
20.6
23.9
0.0
6.0
12.0
18.0
24.0
2017 2018 2019
(TH
B b
n)
Source: Company’s Financial Statement and MD&A
.
41.1 41.837.1
0.0
20.0
40.0
60.0
2017 2018 2019
(TH
B b
n)
Growth in asset based and yield played company
10
Financial performance –profitability and leverage
ROAA ROAE
Total liability-to-equity ratio1
Source: Company’s Financial Statement and MD&A
Notes:
1 Total liability divided by shareholders' equity
Interest-bearing debt to equity ratio
56.9 57.775.7
41.1 41.837.1
1.4 1.4
2.0
0.0
0.5
1.0
1.5
2.0
2.5
0.0
50.0
100.0
150.0
200.0
2017 2018 2019
(x)
(TH
B b
n)
IBD Equity IBD to equity
1.41.6
2.1
0.0
0.5
1.0
1.5
2.0
2.5
2017 2018 2019
(x)
4.75.0
5.9
0.0
2.0
4.0
6.0
8.0
2017 2018 2019
(%)
11.012.6
17.7
0.0
5.0
10.0
15.0
20.0
25.0
2017 2018 2019
(%)
11
Financial performance – cash collection and allowances
Cash collection from NPL1 Allowance for NPL2
Cash collection from NPA3 Allowance for NPA4
Source: Company’s Financial Statement and MD&A
Notes:
1 Cash collection from our NPL is calculated from the sum of cash collection received from our NPL management business divided by credit for purchase of receivables –
net (average).
2 Allowance for NPL is calculated from allowance for doubtful accounts of credit for purchase of receivables divided by credit for purchase of receivables (before deducting
allowances)
3 Cash collection from NPA is calculated from the sum of cash collection received divided by the sum of (i) properties foreclosed – net; (ii) installment sale receivables-net
(average)
4 Allowance for impairment of NPAs to NPAs is calculated from allowance for impairment of NPAs divided by properties foreclosed (after revaluation).
8.70 7.69 7.47
0.0
3.5
7.0
10.5
14.0
2017 2018 2019
(%)
24.88
29.12
24.75
0.0
11.0
22.0
33.0
44.0
2017 2018 2019
(%)
2.97
2.47
2.04
0.0
1.3
2.5
3.8
5.0
2017 2018 2019
(%)
12.83 14.55
18.40
0.0
10.0
20.0
30.0
2017 2018 2019
(%)
3 year average of 15.26%
3 year average of 26.25%
12
54.1% 55.7% 59.3%
45.9% 44.3% 40.7%
2017 2018 2019
Debentures Borrowings and Notes Payable
32%
21%5%
42%
31%
22%5%
42%
Well diversified and sustainable sources of funding to support business expansion
Funding breakdown
Funding strengths and relationships
THB97.9bn THB99.6bn THB112.8bn
2017
Debentures Borrowing Notes payable Equity
2018Total debt:
56.9bn
58% of sources
of funding2
Total debt:
57.7bn
58% of sources
of funding2
Sources of funding mix
Strong financial position allows us to adopt flexible capital structures and financing strategies
Source: Company filing and Financial Statement
Note:
1 In July 2019, we issued THB 20,000.0mn of Debentures. These Debentures have a maturity date ranging from January 2021 to July 2034 and
bear interest at a rate ranging from 2.3% to 3.9% per annum
Relationships with over 10 financial
institutions allows us to have access to
various sources of funding
As of 31 Dec. 19
Avg. funding cost of ῀3.06%1
Avg. Duration of ῀ 6.x Years
40%
25%
2%
33%
2019Total debt:
75.7bn
67% of
sources of
funding2
13
84 327 46 133 20 0.83,733 4,930
1,3011,469
32,619
789 609 525 87942 0.2 1,831 2,618 868 764
17,317
Less than 1 year 1 to less than 2years
2 to less than 3years
3 to less than 4years
4 to less than 5years
5 to less than 6years
6 to less than 7years
7 to less than 8years
8 to less than 9years
9 to less than 10years
10 years andabove
Cash collection Acquisition cost
Large cash collections have been generated, and BAM possesses considerable outstanding balances for future cash
collection
Distressed debt assets (NPLs) and properties foreclosed from NPLs as of December 31, 2019 (in THB million unless specified)
Note:
1 Outstanding balance for converted properties excluding revaluation of properties foreclosed and allowance, to reflect the actual cost of
acquiring the assets
Cash collection equals c.129.61% of the
acquisition cost for NPL portfolios acquired >10
years ago
Cash collection equals c.188.37% of the
acquisition cost for NPAs directly acquired >10
years ago
375 842 1,920 3,070 5,226 4,943 5,61426,281
5,7897,523
141,240
12,819 10,97810,678 12,635 15,191 13,852 8,333
18,0465,789
6,049
108,970
Less than 1 year 1 to less than 2years
2 to less than 3years
3 to less than 4years
4 to less than 5years
5 to less than 6years
6 to less than 7years
7 to less than 8years
8 to less than 9years
9 to less than 10years
10 years andabove
Credit for purchase of receivables and converted properties foreclosed:
Cash collection/ acquisition cost (%)
2.95 7.67 35.68 100.00 124.36
Outstanding balance1
12,517 10,393 10,836 6,225 2,689
Properties foreclosed (directly purchased):
Break even
Recovery periodPreparation, negotiation and restructuring period
24.30 34.4017.98 67.36 145.64129.61
9,341 10,648 12,551 5,495 2,854 20,005
Cash collection/ acquisition cost (%)
10.71 53.70 451.24 149.92 192.21
Outstanding balance1
663 349 0.2 890 50
15.09 47.688.68 203.88 188.34 188.37
437 739 32 390 194 2,261
14
12.4 9.9 8.2 9.1 9.8 8.3 3.5 4.5 1.9 1.4 14.6
83.6
26.0 19.5 18.8 17.5 21.7 16.3 8.1 21.2 5.6 4.333.1
192.2
<1 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 >10 Total
High appraisal value relative to book value
NPLs and NPAs portfolio – outstanding balance / appraisal value split by year, as of December 31, 2019
Distressed debt assets
Properties foreclosed (converted from distressed debt assets)
(THB bn)
Appraisal / outstanding balance coverage
% of Outstanding balance of the portfolio
2.3x
100%
2.3x
17%
3.0x
2%
3.0x
2%
4.7x
5%
2.0x
10%
2.2x
12%
1.9x
11%
2.3x
4%
2.3x
10%
2.0x
12%
2.1x
15%
0.1 0.9 0.9 1.6 2.7 1.7 2.3 1.3 1.0 1.0 5.5
19.0
0.3 1.7 1.6 2.9 4.9 3.2 4.8 3.8 2.0 2.512.0
39.7
<1 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 >10 Total
(THB bn)
2.1x
100%
2.2x
27%
2.4x
6%
2.2x
5%
3.0x
9%
1.8x
13%
1.9x
14%
1.7x
8%
2.0x
10%
2.0x
5%
1.8x
3%
2.0x
1%
Properties foreclosed (direct purchased)
0.7 0.3 0.4 0.7 0.03 0.0 0.4 0.9 0.2 0.0 2.36.0
1.3 0.7 0.9 1.3 0.05 0.0 1.0 3.00.5 0.2
7.3
16.2
<1 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10 >10 Total
Outstanding Balance Appraisal value
(THB bn)
Appraisal / outstanding balance coverage
% of Outstanding balance of the portfolio
100%38%1%3%15%0%0.5%12% 6%7%6%11%
Appraisal / outstanding balance coverage
% of Outstanding balance of the portfolio
2.7x3.2x3.8x2.4x3.4x1.4x1.7x1.7x 2.4x2.2x1.9x1.9x
Industry overview and
Outlook
Section 2
16
THB107,653mn1.6x D/E ratio
SAM THB43,056mn-1.2x D/E ratio
(10)
0
10
20
30
(2,000) (1,000) 0 1,000 2,000 3,000 4,000 5,000
Debt-
to-e
quity r
atio
Shareholders’ equity (THB mn)
IAM
THB24,551mn
17.7x D/E ratio
Mahanakorn:
THB9,742mn
3.9x D/E ratio
Sinnsuptawee
THB6,649mn
0.9x D/E ratio
LSF
SWP
J AMC
Ayudhya
RCAM
Alpha Capital
NFS
Chayo
Knight Club
Rutchayothin
Phethai
Thanapatr
BAM47.3%
SAM18.9%
IAM10.8%
Mahanakorn4.3%
Sinnsuptawee2.9%
LSF1.9%
SWP1.7%
J AMC1.5%
Others10.7%
Peer Ranking and Financial Figure Highlights of Top Market Players
(as at 31 December 2018) Total assets of AMCs as of 31 Dec 2018
Competition Outlook:
We are the largest AMC company by far to our competitors
2018
AMC industry assets THB227.7bn
50,000
3,000
Illustration on the size of the assets
Source: IPSOS report
(200,000)
BAM is by far largest not only
in terms of asset size but our
shareholder equity based and
ability to leverage in the future
#1
#2
#3
#4
#5
17
• Renovate to create more value to NPAs
• Launch more campaigns to promote sales
• NPAs sale via Online channel
NPAs Management
• Shorten Negotiation Process
• Increase Number of new TDR debtors
• Expedite the receipt of payment from auction
sales from the Legal Execution Department
• Debt Restructuring via Online Channel
NPLs Management
Key strategies to shorten turnaround time
18
NPAs Renovation ------Budget > 600 MB per annum
Before After
19
NPAs Campaign
Condo House & Commercial Land Investment
• คอน โด โ ดน ใจสบายกร ะ เป๋ า
• คอน โดกลา งเ มื อ ง
• บ้ านสบาย
• บ้ านแบรนด์ ดั ง
• บ้ านสวนสุ ข ใ จ
• ที่ ดิ น เพื่ อ ก า รออม
• ที่ ดิ น แห่ งอนาคต
• BAM fo r SME
• I n ve s tmen t P r ope r t y / F a c t o r y
20
Thank you
NPLs & NPAs
Management
Appendix A
22
79.8 81.7 83.6
0.0
20.0
40.0
60.0
80.0
100.0
2017 2018 2019
(TH
B b
n)
NPLs Management
Distressed debt assets (gross NPLs)
Source: Company filing
Note:
1 Before allowance for doubtful accounts under BOT guidelines
2 Unsecured NPLs are mainly NPLs that debtor has transferred all underlying collateral to repay the debt or we purchased it at a public auction at
a price below the balance of the NPLs.
Growing assets based Collateral values exceed acquisition cost NPLs backed by majority real estate
collateral
NPLs acquisition amounts
10,252.610,971.3
12,810.4
0
3,000
6,000
9,000
12,000
15,000
2017 2018 2019
(TH
B m
n)
(As of Y2019)
Breakdown of NPL portfolio
4%
13%
6%
14%
8%23%
31%
< THB 1 mn THB 1 - 5 mn THB 5 - 10 mn THB 10 - 50 mn
THB 50 - 100 mn THB 100 - 500 mn > THB 500 mn
(As of Y2019)
Real estate Real estate & other security/collateral
Other security/collateral Unsecured 2
80.0%
14.3%
0.6% 5.0%
NPLs (gross) by collateral type
23
• Increase Number of new TDR debtors
• Expedite the receipt of payment from auction sales
from the Legal Execution Department
NPLs Management and Strategy
8,589.7 24,909.2114,771.4
75,031.8
170,645.11
454,059.6
0
100,000
200,000
300,000
400,000
500,000
NPLsoutstanding
Appraisalvalue ofcollateral
Claimamount
NPLsoutstanding
Appraisalvalue ofcollateral
Claimamount
(TH
B m
n)
Gross NPLs outstanding and value of collaterals as Dec'19
NPLs with debt
restructuring
NPLs without debt
restructuring
3.2x NPLs
outstanding1.7x NPLs
outstanding
2.3x NPLs
outstanding
6.1x NPLs
outstanding
83.6
468.8
0.0
100.0
200.0
300.0
400.0
500.0
NPL outstanding value Outstanding claim against debtors
(TH
B b
n)
NPL outstanding value vs outstanding claim against debtors
(As of Y2019)
5.6x legal claim
compared to
our cost
Target per annum
3,000 Debtors
THB 7,000 mn
24
5,258.15,967.20
5,967.2
269.6
1,117.1
544.27
5,527.8
7,109.901
8,609.1
0
2,000
4,000
6,000
8,000
2017 2018 2019
(TH
B m
n)
From NPLs¹ From financial institutions
23.2
23.2
32.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2017 2018 2019
(TH
B b
n)
NPAs breakdown
Source: Company filing
Note:
1 Including assets acquired from bidding of collateral through public auction and transfer of collateral in satisfaction of debt
NPAs acquisition amounts (excluding investment in securities)
NPAs outstanding (net) by region
Properties foreclosed (gross NPAs)
Active NPA managementMajority of assets in Bangkok and
Central and Eastern Thailand Well-diversified type of NPAs
41.8%
25.7%
14.4%
9.0%
8.2% 0.9%
Bangkok and its vicinity Central and Eastern Thailand
Northern Thailand Northeastern Thailand
Southern Thailand Moveable properties
(As of Y2019)
NPAs outstanding (net) by asset type
21.9%
1.9%
27.0%
48.3%
0.9%
Vacant land Hotels Commercial properties
Residential properties Movable assets
(As of Y2019)