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Company Update, 11 June 2014


Property Perfect (PF TB) Trading Buy (from Buy)
Property - Real Estate Target Price: THB1.26
Market Cap: USD206m Price: THB1.16

Catalysts In Potential Turnaround And Gains
Macro

3
.
0
0
Risks

3
.
0
0
Growth

3
.
0
0
Value

2
.
0
0







62
67
72
77
82
87
92
97
102
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
1.5
Property Perfect (PF TB)
Price Close Relative to Stock Exchange of Thailand Index (RHS)
20
40
60
80
100
120
140
160
180
200
J
u
n
-
1
3
A
u
g
-
1
3
O
c
t
-
1
3
D
e
c
-
1
3
F
e
b
-
1
4
A
p
r
-
1
4
V
o
l

m

Source: Bloomberg

Avg Turnover (THB/USD) 31.3m/0.96m
Cons. Upside (%) -17.2
Upside (%) 8.6
52-wk Price low/high (THB) 0.84 - 1.42
Free float (%) 66
Share outstanding (m) 5,783
Shareholders (%)
Andaman Longbeach Resort 9.8
The HongKong and Shanghai
Banking
7.1
Japan Asia Group 6.6

Share Performance (%)
YTD 1m 3m 6m 12m
Absolute 27.5 28.9 18.4 16.0 (23.7)
Relative 14.4 22.2 9.5 8.6 (19.8)

Shariah compliant

Wanida Geisler 66 2862 9748
wanida.ge@rhbgroup.com








Forecasts and Valuations Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F
Total turnover (THBm) 8,081 9,093 11,009 13,874 14,120
Reported net profit (THBm) 488 258 83 260 332
Recurring net profit (THBm) 460 319 89 260 332
Recurring net profit growth (%) (16.4) (30.7) (72.3) 193.2 28.0
Recurring EPS (THB) 0.10 0.06 0.02 0.04 0.06
DPS (THB) 0.04 0.03 0.00 0.02 0.02
Recurring P/E (x) 11.9 18.8 74.9 26.0 20.3
P/B (x) 0.75 0.76 0.78 0.76 0.73
Dividend Yield (%) 3.4 2.8 0.0 1.9 1.9
Return on average equity (%) 6.7 3.2 1.0 3.0 3.7
Return on average assets (%) 2.4 1.1 0.3 0.9 1.1
Net debt to equity (%) 156.8 161.0 192.3 192.5 172.9
Our vs consensus EPS (adjusted) (%) 11.6 90.2

Source: Company data, RHB estimates
Property Perfects potential core business turnaround and substantial
divestment gains are positive catalysts. We expect major developments
at its mid-June investors briefing/press conference, ie strategies and
financial restructuring. Although its P/E looks rich, the stock is still
trading at a discount to book value. Our new THB1.26 TP (from
THB1.60) implies a 20% discount to its 2015F book value of THB1.57.

Core business to turn around. 2013 was a disappointing year for
Property Perfect, as presales fell 19% y-o-y to THB10.6bn. Net profit
plunged 68% y-o-y to THB83m on weak gross margins, high expenses
and financing costs. The companys 2014 guidance is aggressive as
usual, as management estimates presales and revenue to grow 50% y-
o-y to THB16bn and THB15bn respectively. 1Q14 presales of THB2.8bn
(flat y-o-y; +14% q-o-q) represented 18% of its full-year target.
Our estimates are conservative. Although our 2014 revenue estimate
is c.25% lower than its guidance, its topline could still grow 26% y-o-y.
We note its THB3.1bn backlog could be realised this year which
means 50% of our estimated revenue is already secured. We expect its
residential gross margin, general and administrative (SG&A) expenses-
to-sales ratio and financing cost to remain flat y-o-y. We also expect its
Kiroro ski resort in Hokkaido, Japan, to still be in the red. Nevertheless,
we believe its 2014 earnings could recover by 193% to THB260m.
The potential upside. Property Perfect plans to divest two plots of land
in Bangna (near The Mall Group Co Ltds new mega shopping
complex) and Krungthep Kreetha for a total of THB1.8bn. Its loss-
making ski resort may either be put up for sale or managed by the
Marriott International (MAR US, NR) hotel chain. In addition, we see
room for gross and net margins to improve, as they are currently lower
than the industry average.
Risks. Despite having divested assets totalling THB2bn over the past
five years, its net D/E ratio remains high at around 2x. Hence, we could
still continue to see it divesting assets in a substantial manner. It has
1,580 rai of undeveloped landbank worth THB6bn in book value and at
least THB7.5bn in appraised value. That said, we cannot rule out the
possibility of Property Perfect making a capital call, since its net gearing
is above the industry average.


Property Perfect (PF TB)
11 June 2014


See important disclosures at the end of this report 2

Focus on financial restructuring. Given its weak balance sheet and high gearing,
Property Perfects management is seriously looking into a complete solution to solve
its liquidity problems. Its financial restructuring plan is likely to include equity
enhancement, divestment/acquisition of assets and debt refinancing in order to
strengthen its balance sheet, improve cash flow, as well as lower debts and interest
costs.
Asset divestment plan. This year, Property Perfect plans to divest two plots of land
in Bangna, near The Mall Group Co Ltds new mega shopping complex, and
Krungthep Kreetha for a combined value of THB1.8bn. Its loss-making ski resort in
Hokkaido, Japan, may either be put up for sale or be managed by the Marriott
International chain. Apart from this, Property Perfect still has 1,580 rai of
undeveloped landbank worth THB6bn in book value and at least THB7.5bn in
appraised value. These are waiting for either development or divestment at the right
price.
Presales on track. The companys 2014 guidance is aggressive as usual, as it
estimates presales growth of 50% y-o-y to THB16bn (landed properties: THB9.5bn;
condominiums: THB6.5bn). Its 1Q14 presales of THB2.8bn (flat y-o-y; +14% q-o-q)
represented 18% of its full-year target. We note that in 1Q14, landed property sales
stood at TBH1.95bn (-20% y-o-y; +35% q-o-q) while condominium sales were at
THB877bn (+110% y-o-y; -16% q-o-q).
Figure 1: Property Perfects quarterly presales

Source: Company data, RHB estimates

To concentrate on selling completed condominium projects. Of its total current
project value of THB11.6bn, THB2.23bn worth of units are already sold and waiting to
be realised as revenue in 2014. Meanwhile, units worth THB5.1bn are waiting to be
sold. Since half of its condominiums waiting to be sold are already complete,
Property Perfect is expected to focus on clearing inventory this year.
Figure 2: Condominium projects in the pipeline

Total Realised Backlog
Waiting to
be
THBm Units Value 1Q14 1Q14 sold
NW1* 364 526 29 20 65
Sukhapibarn II* 658 1,041 228 136 286
Sukumvit 105# 1,378 2,363 215 399 1,312
Sukumvit 103* 840 1,605 378 248 493
Total (1) 3,240 5,535 850 803 2,156
The Lake (2)* 2,145 4,086

36 1,737
NWII~ 398 624

331 293
Petchkasem 39~ 404 632

440 192
Kaset~ 181 288

255 33
Salaya~ 567 1,088

365 723
Total (3) 1,550 2,632

1,391 1,241
Grand total 11,636 2,228 5,133
Source: Company data, RHB estimates
*Fully completed, #Partially completed, ~To be completed in 2H14



Property Perfect (PF TB)
11 June 2014


See important disclosures at the end of this report 3

50% of its total backlog of THB6.4bn will be realised in 2014. Property Perfects
backlog to be realised as revenue this year THB3.1bn comprises THB896m in
landed property and THB2.2bn in condominiums. We note that 50% of our THB11bn
residential revenue estimate is already in hand.
Our estimates are conservative. Property Perfect targets its 2014 revenue to grow
50% y-o-y to THB15bn (landed properties: THB8bn; condominiums: THB4.7bn; asset
sales: THB2.3bn). Nevertheless, we assume it to record a conservative growth of 5%
y-o-y in landed property sales to THB7.2bn. Also, we apply a 20% discount to its
condominium sales and asset sale target.
We expect major ratios, such as residential gross margins, SG&A expenses-to-sales
and financing costs, to remain flat y-o-y. In addition, its Kiroro ski resort in Hokkaido
is anticipated to remain in the red. Based on our conservative estimates, its 2014 net
profit could recover by 193% to THB260m.
Room for improvement. We note that Property Perfects housing gross margin of
33%, condominium gross margin of 27%, SG&A-to-sales ratio of 28% and net debt-
to-equity ratio of almost 2x are subpar. To improve its housing gross margin, the
company recently launched a new high-margin housing project under the
Masterpiece brand, which is worth THB2.4bn. Also, it hopes to sell completed
condominiums in hand at higher gross margins.
Property Perfects most important earnings driver, however, could be a successful
upcoming financial restructuring plan, which could help to reduce its financing costs
which stood at THB700m last year in a meaningful manner.
Reducing new launches and land acquisition budget. Early this year, Property
Perfect targeted new launches worth around THB20bn. It later reduced the size of
the projects, as well as their value, to THB12bn. Also, it cut its land acquisition
budget to THB1.5bn from a normal level of THB3bn per annum. This was due to its
tight liquidity, given its high net gearing, and its aim to speed up turnover and improve
efficiency.
Valuations. Given current speculative appeals, we see Property Perfects P/BV to
move up from its mean level of 0.6x to +1SD level of 0.8x. However, if its upcoming
financial restructuring plan is well received by investors, there is also a chance that
the company can be re-rated to trade at its book value, or +2SD level.
Figure 3: Property Perfects P/BV and SD

Source: Setsmart, RHB estimates






Property Perfect (PF TB)
11 June 2014


See important disclosures at the end of this report 4

Financial Exhibits

Profit & Loss (THBm) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F
Total turnover 8,081 9,093 11,009 13,874 14,120
Cost of sales (5,149) (5,820) (7,364) (9,163) (9,439)
Gross profit 2,932 3,273 3,645 4,710 4,681
Gen & admin expenses (1,995) (2,539) (3,060) (3,885) (3,812)
Operating profit 937 734 585 826 869
Operating EBITDA 1,002 890 835 967 1,021
Depreciation of fixed assets (65) (156) (250) (141) (153)
Operating EBIT 937 734 585 826 869
Net income from investments 25 28 60 48 23
Provisions (34) - (45) - -
Other recurring income 102 176 218 170 150
Interest expense (417) (527) (706) (730) (625)
Exceptional income - net 37 (95) (13) - -
Pre-tax profit 651 316 99 314 418
Taxation (163) (113) (57) (94) (125)
Minority interests 0 55 41 40 40
Profit after tax & minorities 488 258 83 260 332
Reported net profit 488 258 83 260 332
Recurring net profit 460 319 89 260 332

Source: Company data, RHB estimates

Cash flow (THBm) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F
Operating profit 937 734 585 826 869
Depreciation & amortisation 65 156 250 141 153
Change in working capital (3,036) 843 (2,555) (2,062) 907
Other operating cash flow 180 180 106 290 167
Operating cash flow (1,854) 1,913 (1,614) (806) 2,095
Interest paid (417) (527) (706) (730) (625)
Tax paid (140) (107) (73) (94) (125)
Cash flow from operations (2,412) 1,279 (2,393) (1,630) 1,345
Capex 352 (4,409) 2,091 759 365
Other new investments 4 (4) (1,022) (33) (200)
Other investing cash flow (255) 28 (1,358) 201 22
Cash flow from investing activities 101 (4,385) (289) 927 187
Dividends paid (190) (189) (188) - (128)
Proceeds from issue of shares (0) 862 141 64 -
Increase in debt 1,618 2,258 3,003 392 (1,594)
Other financing cash flow 0 - - - -
Cash flow from financing activities 1,428 2,932 2,956 456 (1,722)
Cash at beginning of period 2,018 1,135 960 1,235 988
Total cash generated (883) (175) 275 (246) (189)
Implied cash at end of period 1,134 960 1,235 989 799

Source: Company data, RHB estimates



Property Perfect (PF TB)
11 June 2014


See important disclosures at the end of this report 5

Financial Exhibits

Balance Sheet (THBm) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F
Total cash and equivalents 1,135 960 1,235 988 799
Accounts receivable 35 145 199 40 43
Other current assets 13,243 13,617 17,573 18,251 17,541
Total current assets 14,413 14,722 19,007 19,279 18,383
Total investments 714 1,025 2,950 2,944 3,124
Tangible fixed assets 6,117 9,796 7,770 6,708 6,187
Intangible assets - (0) - 0 0
Total other assets 135 633 941 861 911
Total non-current assets 6,966 11,454 11,661 10,513 10,222
Total assets 21,379 26,176 30,668 29,792 28,605
Short-term debt 6,740 4,860 5,046 4,541 3,633
Accounts payable 930 1,537 2,664 2,125 2,310
Other current liabilities 265 991 1,303 299 313
Total current liabilities 7,935 7,388 9,013 6,965 6,257
Total long-term debt 5,979 9,997 12,814 13,711 13,025
Other liabilities 75 160 195 146 149
Total non-current liabilities 6,054 10,157 13,009 13,857 13,175
Total liabilities 13,989 17,545 22,022 20,823 19,431
Share capital 4,726 5,641 5,783 5,847 5,847
Retained earnings reserve 2,699 3,068 2,964 3,224 3,428
Other reserves (80) (113) (118) (118) (118)
Shareholders' equity 7,345 8,596 8,629 8,953 9,156
Minority interests 44 35 17 17 17
Other equity 0 (0) - 0 0
Total equity 7,390 8,631 8,646 8,970 9,174
Total liabilities & equity 21,379 26,176 30,668 29,792 28,605

Source: Company data, RHB estimates

Key Ratios (THB) Dec-11 Dec-12 Dec-13 Dec-14F Dec-15F
Revenue growth (%) (6.2) 12.5 21.1 26.0 1.8
Operating profit growth (%) (11.6) (21.7) (20.3) 41.1 5.2
Net profit growth (%) (11.3) (47.1) (67.8) 212.7 28.0
EPS growth (%) (11.3) (51.8) (70.8) 207.2 27.8
Bv per share growth (%) 2.4 (1.9) (2.1) 2.6 3.1
Operating margin (%) 11.6 8.1 5.3 6.0 6.2
Net profit margin (%) 6.0 2.8 0.8 1.9 2.4
Return on average assets (%) 2.4 1.1 0.3 0.9 1.1
Return on average equity (%) 6.7 3.2 1.0 3.0 3.7
Net debt to equity (%) 156.8 161.0 192.3 192.5 172.9
DPS 0.04 0.03 0.00 0.02 0.02
Recurrent cash flow per share (0.51) 0.25 (0.42) (0.28) 0.23

Source: Company data, RHB estimates



Property Perfect (PF TB)
11 June 2014


See important disclosures at the end of this report 6

SWOT Analysis

Specialises in building single-detached houses across
all segments
Massive landbank of over 1,400 rai close to new
mass transit routes

Fierce
competition
among top listed
developers
Tightening of
lending
measures,
which can
trigger an
increase in
rejection rate
Weak
macroeconomic
outlook leads to
high
cancellation
rates


Demand for
landed
properties still in
good shape
Room to
improve its
margins
Planning
financial
restructuring



High interest burden leads to slow asset turnover
Attempts to divest assets are progressing slowly
Lack of sufficient experience in condominium
construction has led to project delays


-100%
-61%
-22%
17%
56%
94%
133%
172%
211%
250%
0
10
20
30
40
50
60
70
80
90
J
a
n
-
1
1
J
a
n
-
1
2
J
a
n
-
1
3
J
a
n
-
1
4
J
a
n
-
1
5
P/E (x) vs EPS growth
P/E (x) (lhs) EPS growth (rhs)


0%
1%
2%
3%
5%
6%
7%
8%
9%
0.71
0.72
0.73
0.74
0.75
0.76
0.77
0.78
0.79
J
a
n
-
1
1
J
a
n
-
1
2
J
a
n
-
1
3
J
a
n
-
1
4
J
a
n
-
1
5
P/BV (x) vs ROAE
P/B (x) (lhs) Return on average equity (rhs)

Source: Company data, RHB estimates Source: Company data, RHB estimates

Company Profile
Property Perfect develops various types of residential housing communities, with emphasis on low-rise properties such as single-
detached houses, townhouses and duplexes. The company also owns subsidiaries in four business lines, including residential,
construction, retail and other businesses.




Property Perfect (PF TB)
11 June 2014


See important disclosures at the end of this report 7

Recommendation Chart
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
Jun-09 Sep-10 Dec-11 Mar-13
Price Close
N
R
1
.
4
0

2
.
5
8

1
.
6
0

Recommendations & Target Price
Buy Neutral Sell Trading Buy Take Profit Not Rated

Source: RHB estimates, Bloomberg






Date Recommendation Target Price Price
2013-10-21 Buy 1.60 1.11
2013-05-10 Buy 2.58 1.69
2013-03-11 Buy 2.58 1.80
2013-03-07 Buy 2.58 1.81
2013-03-05 Buy 2.58 1.81
2013-02-08 Buy 1.40 1.55

Source: RHB estimates, Bloomberg



8

RHB Guide to Investment Ratings

Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage


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9

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DMG & Partners Research Guide to Investment Ratings

Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage


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objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular
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a) -

As of 10 June 2014, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for:
a) -

DMG & Partners Research Pte. Ltd. (Reg. No. 200808705N)


Kuala Lumpur Hong Kong Singapore

Malaysia Research Office
RHB Research Institute Sdn Bhd
Level 11, Tower One, RHB Centre
Jalan Tun Razak
Kuala Lumpur
Malaysia
Tel : +(60) 3 9280 2185
Fax : +(60) 3 9284 8693

RHB OSK Securities Hong Kong Ltd. (formerly known
as OSK Securities
Hong Kong Ltd.)
12
th
Floor
World-Wide House
19 Des Voeux Road
Central, Hong Kong
Tel : +(852) 2525 1118
Fax : +(852) 2810 0908

DMG & Partners
Securities Pte. Ltd.
10 Collyer Quay
#09-08 Ocean Financial Centre
Singapore 049315
Tel : +(65) 6533 1818
Fax : +(65) 6532 6211
Jakarta Shanghai Phnom Penh

PT RHB OSK Securities Indonesia (formerly known as
PT OSK Nusadana
Securities Indonesia)
Plaza CIMB Niaga
14th Floor
Jl. Jend. Sudirman Kav.25
Jakarta Selatan 12920, Indonesia
Tel : +(6221) 2598 6888
Fax : +(6221) 2598 6777

RHB OSK (China) Investment Advisory Co. Ltd.
(formerly known as OSK (China) Investment
Advisory Co. Ltd.)
Suite 4005, CITIC Square
1168 Nanjing West Road
Shanghai 20041
China
Tel : +(8621) 6288 9611
Fax : +(8621) 6288 9633

RHB OSK Indochina Securities Limited (formerly
known as OSK Indochina Securities Limited)
No. 1-3, Street 271
Sangkat Toeuk Thla, Khan Sen Sok
Phnom Penh
Cambodia
Tel: +(855) 23 969 161
Fax: +(855) 23 969 171
Bangkok

RHB OSK Securities (Thailand) PCL (formerly known
as OSK Securities (Thailand) PCL)
10th Floor, Sathorn Square Office Tower
98, North Sathorn Road, Silom
Bangrak, Bangkok 10500
Thailand
Tel: +(66) 2 862 9999
Fax : +(66) 2 108 0999








Thai Institute of Directors Association (IOD) Corporate Governance Report Rating 2013

ADVANC BCP CPF ERW IVL NKI PS ROBINS SCB SNC TCAP TMB UV
AOT BECL CPN GRAMMY KBANK NOBLE PSL RS SCC SPALI THAI TNITY VGI
ASIMAR BKI CSL HANA KKP PAP PTT S&J SCSMG SPI THCOM TOP WACOAL
BAFS BROOK DRT HEMRAJ KTB PG PTTEP SAMART SE-ED SSI THRE TRC
BANPU BTS DTAC ICC LPN PHOL PTTGC SAMTEL SIM SSSC TIP TRUE
BAY CIMB EASTW INTUCH MCOT PR QH SAT SIS SVI TASCO TTW
BBL CK EGCO IRPC MINT PRANDA RATCH SC SITHAI SYMC TKT TVO

2S AYUD CNT GL KKC MBK OISHI SABINA STANLY TK TTCL zZMICO
ACAP BEC CPALL GLOW KSL MBKET PB SAMCO STEC TLUXE TUF
AF BFIT CSC GOLD KWC MFC PDI SCCC SUC TMILL TWFP
AHC BH DCC GSTEL L&E MFEC PE SCG SUSCO TMT TYM
AIT BIGC DELTA GUNKUL LANNA MODERN PF SEAFCO SYNTEC TNL UAC
AKP BJC DTC HMPRO LH MTI PJW SFP TASCO TOG UMI
AMANAH BLA ECL HTC LHBANK NBC PM SIAM TCP TPC UMS
AMARIN BMCL EE IFEC LHK NCH PPM SINGER TF TPCORP UP
AMATA BWG EIC INET LIVE NINE PPP SIRI TFD TPIPL UPOIC
AP CCET ESSO ITD LOXLEY NMG PREB SKR TFI TRT UT
APCO CENTEL FE JAS LRH NSI PRG SMT THANA TRU VIBHA
APCS CFRESH FORTH JUBILE LST NWR PT SNP THANI TSC VIH
ASIA CGS GBX KBS MACO OCC PYLON SPCG THIP TSTE VNG
ASK CHOW GC KCE MAJOR OFM QTC SPPT TICON TSTH VNT
ASP CM GFPT KGI MAKRO OGC RASA SSF TIPCO TTA YUASA

*** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25,2012



A BCH CRANE FPI IT MBAX PICO SGP TBSP TPP WIN
AAV BEAUTY CSP FSS JMART MDX PL SIMAT TCCC TR WORK
AEC BGI CSR GENCO JMT PRINC POST SLC TEAM TTI
AEONTS BLAND CTW GFM JTS MJD PRECHA SMIT TGCI TVD
AFC BOL DEMCO GJS JUTHA MK PRIN SMK TIC TVI
AGE BROCK DNA GLOBAL KASET MOONG Q-CON SOLAR TIES TWZ
AH BSBM DRACO HFT KC MPIC QLT SPC TIW UBIS
AI CHARAN EA HTECH KCAR MSC RCI SPG TKS UEC
AJ CHUO EARTH HYDRO KDH NC RCL SRICHA TMC UOBKH
AKR CI EASON IFS KTC NIPPON ROJNA SSC TMD UPF
ALUCON CIG EMC IHL KWH NNCL RPC STA TMI UWC
ANAN CITY EPCO ILINK LALIN NTV SCBLIF SUPER TNDT VARO
ARIP CMR F&D INOX LEE OSK SCP SVOA TNPC VTE
AS CNS FNS IRC MATCH PAE SENA SWC TOPP WAVE
BAT-3K CPL FOCUS IRPC MATI PATO SF SYNEX TPA WG

*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.



IOD (IOD Disclaimer)
(IOD) (Corporate Governance)
IOD



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