Business Summary December 6, 2016

(1)

(2)

Outline

2 Company

Overview

Financial

Overview

Industry

Overview

Future

Outlook

(3)

Bored

Pile

Barrette

Pile

Diaphragm

Wall

Soil

Improvement

founded in 2002

3

(4)

(5)

Bored Pile/ Barrette Pile



For foundation of buildings,

bridges, factories, roads,

etc.

5

(6)

Diaphragm Wall



For soil retaining system and

permanent wall of deep

basement, underpass tunnel,

subway station, etc.

6

(7)

Jet Grouting



For ground improvement of

soil stability and strength :

road works, airport runway,

slope protection, dam, etc.

7

(8)

Airport Rail Link

233.5 MB (Bored Piles)

We Build Impression!

8 Overview

ShowDC

162.1 MB (Bored Piles)

Landmark Waterfront

300.6 MB (Bored Piles

/ Jet Grouting)

Central Westgate

137.4 MB (Bored Piles)

The ICONSIAM

169.4 MB (Bored Piles

/ Jet Grouting)

The One Residence

219.0 MB (Bored Piles)

EGAT Car park & HQ

222.2 MB (Bored Piles

/ Constructions)

Samyarn Mitrtown

250.0 MB (Bored Piles

/ D-Wall)

(9)

We Build Impression!

9 Overview

Starview

77.0 MB (Bored Piles)

Metro Avenue

83.5 MB (Bored Piles)

Le Luk Condo

(A+B)

89.0 MB (Bored Piles)

TC Green I/II

95.5 MB (Bored Piles)

Siam Square (Block L)

101.0 MB (Bored Piles)

Klong Suvarnabhumi

108 MB (Jet Grouting)

IKEA Westgate

91.6 MB (Bored Piles)

AIA - CMC

133.6 MB (Bored Piles)

(10)

We Build Impression!

10 Overview

Suwanbabhumi

Fire Rescue Stations

57.0 MB (Jet Grouting)

AIA - Sathorn

62.6 MB (Bored Piles)

Amanta Condo Rama4

62.5 MB (Bored Piles)

Thai National Assembly

65.9 MB (Bored Piles)

BMA Building

67.0 MB (Bored Piles)

Circle Living Prototype

69.0 MB (Bored Piles)

South Interchange

71.8 MB (Bored Piles)

Equinox Phahol-Vibha

(11)

Share Capital Information

11 Overview

Price (B)

11.40 52 weeks High/Low (B)

11.70/9.25

No. of shares (MS)

374.94 Market cap (MB)

4,274.28

Major shareholders (%)

As of Aug 26, 2016

1. Sangarayakul Family (52.60%)

2. Thai NVDR (7.49%)

Free float (%)

As of Mar 20, 2016

38.55%

First-day trade (mai)

Dec 23, 2005

First-day trade (SET)

Aug 06, 2015

(12)

Executives

12 Overview

Dr. Chanet Sangarayakul President Age : 42 Education :

 Doctor of Engineering (structure), Asian Institute of Technology

 Master of Engineering (structure), Asian Institute of Technology

 Bachelor of Engineering (civil), Chulalongkorn University

Mr. Pisun Sirisuksakulchai

Senior Executive Vice President

Age : 42

Education :

 Master of Art in Business Law, Chulalongkorn University

 Master of Business Administration(MBA), Rockhurst University (USA)

 Master of Science (Construction Management), University of Wisconsin-Madison (USA)

Mr. Bordin Sangarayakul

Age : 41

Education :

 Master of Science (Construction Engineering and Management), Virginia Tech (USA)

Mr. Somsak Viriyapipat

Age : 57

Education :

 Bachelor of Engineering (mechanic), King Mongkut’s Institute of Technology North Bangkok

(13)

Performance Timeline

95 220 289 520 379 726 597 631 948 1,096 1,303 1,380 1,237 ??? 1 18 36 18 ₁₁ 58 21 32 76 64 159 196 202 ??? 0 50 100 150 200 250 300 350 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Revenues

Net Profits

Revenues (MB)

Net Profits (MB)

13 founded

in 2002

Listed in

mai

Overview

(14)

Outline

14 Financial

Overview

Company

Overview

Industry

Overview

Future

Outlook

(15)

Financial Highlights : Q3/2016

15 Overview

Q3, 2016

GP : 23.0% and NP : 14.3%

ROA : 19.1% and ROE : 20.8%

(Maintain over 18% G.P. and 10% N.P.)

High Profitability

As of Sep 30, 2016

• 264.5 MB in cash and cash equivalent

Current Ratio : 3.54 and

D/E Ratio : 0.27

(Very High liquidity and very low debt)

Strong Financial Status

Q3, 2016

Revenue : 291.0 MB

Gross Profit : 66.9 MB

Net Profit : 41.6 MB

Performance

Backlog

As of December 1, 2016

581.8 MB

(16)

Revenues & Profits: Consolidated

2012 2013 2014 2015 2016 Q1 370 265 338 326 245 Q2 211 337 336 375 253 Q3 214 388 323 254 291 Q4 295 304 371 267 Year End 1,090 1,294 1,368 1,221 1,200 %G.P. 11.1% 20.7% 22.3% 25.1% 23.3% %N.P. 5.9% 12.3% 14.3% 16.5% 15.2% 370 265 338 326 ₂₄₅ 211 337 336 375 253 214 388 323 254 291 295 304 371 ₂₆₇ 1,090 1,294 1,368 _1,221 ??? 11.1% 20.7% 22.3% 25.1% _23.3% 5.9% 12.3% 14.3% 16.5% 15.2% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0 250 500 750 1,000 1,250 1,500 1,750 Re venue ( M illi on B aht )

Q1

Q2

Q3

Q4

Year End

%G.P.

%N.P.

16 Overview

(17)

Revenue Structure

: 9M2016

17 Outlook

99.7, 12.6%

64.3, 8.2%

495.2, 62.8%

122.7, 15.6%

7.0, 0.9%

Million baht

Government sector

(Labor and Material)

Government sector

(Labor only)

Private sector

(Labor and Material)

Private sector

(Labor only)

Others

(18)

Revenues Structure :

Foundation + other works

37 577 304 917 473 ₄₁₀ 884 36 700 310 1,046 155 836 18 1,009 100 495 7 602 77 96 173 132 278 410 170 152 322 83 129 212 64 123 187 0 250 500 750 1,000 1,250 1,500 1,750 2012 2013 2014 2015 9M2016 Re ve nue ( M ill ion B aht)

18 Overview

Government sector

Labor only Labor + Material

Private sector

Total

Other works

(construction, other services etc.)

(19)

Net Profits : Consolidated

2012 2013 2014 2015 2016 Q1 43 26 43 61 47 Q2 0 46 55 61 31 Q3 -13 47 47 32 42 Q4 34 41 51 48 Year End 64 159 195 202 200 %N.P. 5.9% 12.3% 14.3% 16.5% 15.2% 43 26 43 61 47 0 46 55 61 31 -13 47 47 32 42 34 41 51 48 64 159 195 202 ??? 5.9% 12.3% 14.3% 16.5% 15.2% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% -25 0 25 50 75 100 125 150 175 200 225 250 Ne t Pr ofit (M illi on Baht)

Q1

Q2

Q3

Q4

Year End

%N.P.

19 Overview

(20)

Balance Sheet : Consolidated

2012 2013 2014 2015 Q3,2016 Assets 848 987 1,266 1,164 991 Liabilities 424 361 382 253 253 Equity 424 627 884 911 738 D/E Ratio 1.00 0.58 0.43 0.28 0.34 Current Ratio 1.45 2.08 2.72 3.64 2.74 848 987 1,266 1,164 991 424 361 382 253 253 424 627 884 911 738 1.00 0.58 0.43 _0.28 _0.34 1.45 2.08 2.72 3.64 2.74 -3.00 -1.00 1.00 3.00 5.00 7.00 0 250 500 750 1,000 1,250 1,500 1,750 Am oun t (M illi on Baht)

Assets

Liabilities

Equity

D/E Ratio

Current Ratio

20

(21)

Dividends vs Net Profits

2011 2012 2013 2014 2015 1H2016* Net Profits 75 78 155 184 208 Dividends 40 56 83 181 199 94 %Dividends (policy) 40% 40% 40% 40% 40% %Dividends (actual) 53% 72% 54% 98% 95% 75 78 155 184 208 40 56 83 181 199 94 53% 72% _54% 98% _95% -200.0% -100.0% 0.0% 100.0% 200.0% 300.0% 400.0% 500.0% 600.0% 0 50 100 150 200 250 300 350 400 D ivi d end s (M illi on Baht)

Net Profits Dividends %Dividends

(policy) %Dividends(actual)

21 Overview

XD, XM Book closing _date Payment _Date Dividend per _{Share (Baht)}

23 Aug 2016 26 Aug 2016 8 Sep 2016 0.25

Interim

Dividend

Payment

(22)

2010 2011 2012 2013 2014 2015 2016,Q3 SET 3.10 3.34 3.35 3.35 3.19 3.10 3.02 PROPCON 1.22 1.37 1.39 1.39 1.34 1.34 1.32 CONS 2.45 2.43 2.40 Pylon 0.79 0.87 1.04 0.59 0.44 0.28 0.34 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00

D/

E Rati

o

SET

PROPCON

CONS

Pylon

22

(23)

2010 2011 2012 2013 2014 2015 2016,Q3 SET 14.80% 13.91% 15.04% 14.47% 10.94% 9.57% 11.78% PROPCON 15.70% 13.13% 14.09% 16.80% 14.03% 14.36% 14.40% CONS 12.40% 8.69% 8.16% Pylon 9.95% 21.22% 16.21% 31.15% 26.32% 22.56% 20.79% 0% 10% 20% 30% 40%

ROE

SET

PROPCON

CONS

Pylon

23

(24)

2010 2011 2012 2013 2014 2015 2016,Q3 SET 5.65% 5.38% 5.29% 5.07% 4.06% 3.91% 4.25% PROPCON 10.55% 8.34% 8.24% 9.78% 8.59% 9.05% 8.82% CONS 6.05% 5.04% 4.72% Pylon 7.11% 16.28% 8.57% 22.48% 21.75% 19.90% 19.08% 0% 10% 20% 30%

ROA

SET

PROPCON

CONS

Pylon

24

(25)

2010 2011 2012 2013 2014 2015 2016,Q3 SET 7.36% 6.49% 6.56% 6.78% 5.46% 5.74% 8.30% PROPCON 9.87% 8.27% 8.32% 10.13% 8.97% 10.48% 11.06% CONS 4.63% 3.68% 4.06% Pylon 5.13% 7.98% 5.86% 12.21% 14.17% 16.33% 14.95% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18%

Net

Profit

Mar

gin

SET

PROPCON

CONS

Pylon

25

(26)

Outline

26 Industry

Overview

Company

Overview

Financial

Overview

Future

Outlook

(27)

27 Action Plan : 20 mega projects

Overview

Total :

1,796 billion baht

Double track railway

(1.00 m.gauge)

Jira – Konkaen Mabkaboa – Jira

Nakhonpathom – Huahin

Prachuap khiri khan - Chumporn Lopburi - Pargnumpho

118.0 billion baht

MRT Projects

Orange line : Th cutural center-Minburi Pink line : Kaerai – Minburi

Yellow line : Lardprao – Samrong Light red line : Bangsu - Huamark Dark red line : Bangsu - Hualampong Purple line : Taopoon - Ratburana

396.5 billion baht

Improvement of Waterway

Transportation

Laemchabang Port Logistic Center

3.8 billion baht

Mortor way

Bangpa-in – Pakchong Pattaya – Mabtaput Bangyai – Karnchanaburi

Expansion

of the Airport

Suwannabhumi Phase 2

51.6 billion baht

Double track railway

(1.435 m.gauge) Nong khai - Mabtaput Bangkok - Chaingmai Bangkok – Huahin Bangkok – Rayong

1,065.8

billion baht

(28)

Action Plan : 20 mega projects

Double track railway(1m) : Jira - Konkaen

28 Overview

MRT-Orange Line : Thailand Cultural Center - Minburi Motorway : Pattaya - Mabtaput

Waterway transportation : Logistic Center

Expansion of Airport : Suwannabhumi Phase 2

Motorway : Bangpa-in - Korat

Waterway transportation : Laemchabang Port

Motorway : Bangyai - Karnchanaburi

Double track railway(1m) : Mabkaboa - Jira

Double track railway(1m) : Nakornpathom - Huahin

Double track railway(1m) : Prachuapkhirikhan - Chumporn Double track railway(1m) : Lopburi - Pargnumpho Double track railway(1.4m) : Nong khai - Mabtaput Double track railway(1.4m) : Bangkok - Chaingmai

Double track railway(1.4m) : Bangkok - Huahin Double track railway(1.4m) : Bangkok - Rayong MRT-Pink Line : Kaerai- Minburi

MRT-Light Red Line : Bangsu - Makkasan - Huamark MRT-Dark Red Line : Bangsu - Hualampong

MRT-Purple Line : Taopoon - Ratburana

2016 2017 2018 2019 2020

MRT-YellowLine : Lardprao - Samrong

Under construction Under Tender Process Under Tender Process Under Tender Process Under Tender Process 2021

Under Pre-Tender Process Under Pre-Tender Process Under Pre-Tender Process (PPP) Under Pre-Tender Process (PPP)

Under Tender Process Under Tender Process Under Tender Process Under Tender Process Under construction Under construction Under construction Under construction Under construction Under construction

(29)

Industry Overview



Private sector



Benefit from the extension of mass transit system



Expansion of construction industry according to

government’s investment projects



Construction Materials’ price



Volatile fuel price according to world oil price



Tend to increase in steel price and less volatile in concrete

price

29

(30)

Outline

30 Future

Outlook

Company

Overview

Financial

Overview

Industry

Overview

(31)

Company Backlog :

Dec 1, 2016



Current Work on Hand

581.8 M.Baht

31 Outlook

193.3, 33.2%

361.7, 62.2%

26.8, 4.6%

Million baht

Government sector

(Labor only)

Private sector

(Labor and Material)

Private sector

(32)

Inflow of Works

(only from current backlog)

32 Outlook

Description

2016

2017

Total

Q4

Q1

Q2

Q3

Q4

Government sector (L+M)

-

-Government sector (L)

88.3

101.7

3.3 -

-

193.3 Private sector (L+M)

196.9

132.1 -

32.7 -

361.7 Private sector (L)

4.5

11.2

11.2 -

-

26.8 Total

289.7

245.0

14.5

32.7 -

581.8

(33)

Company Highlights



Industry outlook:

benefit from Government Projects

in the long run



Continue

making excellent net profits



Keep

high dividends payment

(not less than 40% of

net profits)



_Maintain

_{strong financial status}

_{(low debts and high}

Liquidity)



_Show

_{strong and sustainable growth}

33

(34)

Promising

Industry

Prospects

Reputable

Foundation

Professionals

Strong

Financial

Position

Experienced

Team

Summary

34

•Government’s mega projects •Few competitors

•Low debts level

•Low risk for material price volatility

•Low D/E Ratio

•Continuing revenue growth •Acceptable profit margin •Promising dividends payment ratio of 40% •Reputation for Quality and Efficiency •Well-equipped machinery

•One of the top foundation company in Thailand •Committed management team •Highly regarded and experienced team of engineers •Relationship between Company and Customers

(35)