Rabbit Holdings PCL is a leading financial services firm that engages in a diverse range of businesses, including life insurance with plans to expand into asset management and other related ventures. In addition to these ventures, Rabbit Holdings' former businesses (under U City PCL) include investments in various real estate properties, hospitality, office and commercial units, and residential properties.
| 6M23 | 6M22 | 2022 | 2021 |
|---|
| Revenues | 2,681.66 | 3,774.62 | 7,929.65 | 6,571.94 |
| Expenses | 3,449.91 | 2,578.02 | 5,457.58 | 5,239.44 |
| Net Profit (Loss) | -2,168.89 | 435.74 | 1,208.66 | 116.86 |
| Assets | 63,358.92 | 74,967.29 | 68,782.00 | 77,575.97 |
| Liabilities | 27,968.89 | 33,877.13 | 27,768.44 | 36,356.77 |
| Shareholders' Equity | 34,884.15 | 40,621.68 | 40,483.88 | 40,790.73 |
| Operating | 1,269.57 | 726.67 | 671.96 | -314.68 |
| Investing | -70.97 | -581.25 | 1,127.57 | -15,829.31 |
| Financing | -531.64 | -1,083.54 | -3,415.04 | 16,043.61 |
| EPS (Baht) | -0.35 | -0.43 | -0.81 | -3.65 |
| GP Margin (%) | 69.85 | 67.82 | 70.06 | 63.10 |
| NP Margin (%) | -81.81 | 13.55 | 16.79 | 1.40 |
| D/E Ratio (x) | 0.79 | 0.82 | 0.68 | 0.87 |
| ROE (%) | -3.70 | 2.43 | 2.98 | 0.27 |
| ROA (%) | -0.72 | 3.38 | 3.23 | 1.34 |
The Company has refocused its capital and resources on the financial services industry, which is characterised by higher returns and resiliency compared to the hospitality and real estate business. As a result, Rabbit Holdings will allocate real estate divestment and capital increase proceeds to expand the financial business with more potential and benefitting from new alliances under BTS Group’s 3M (MOVE, MIX, and MATCH) strategy.
The initial financial services investments, which include
(1) Insurance business
(2) AMC
(3) Investments in financial services ventures
Rabbit Holdings expects to find further opportunities within this sector soon, and believes that this turning point will make the Company progress towards sustainable growth.
The Company is committed to operating its business on the basis of sustainability and responsibility towards society, community, and environment on the basis of Ethics, Good Corporate Governance, and Codes of Conduct. Rabbit Holdings establishes vision, mission, and strategies that adopt sustainable development practices as well as the environmental management policy imposed on projects that are under the supervision of the Company to use construction materials that are aligned with the ASHRAE 90.1 standard and limiting types and quantities of refrigerants used in the projects below the LEED threshold in order to reduce the impacts on the atmosphere and global warming. The Company has also joined the LESS project with the Greenhouse Gas Management Organisation.
1) RBH Ventures Co., Ltd., a subsidiary of Rabbit Holdings, has completed its 1st transaction by investing a 62.5% in Prime Zone Asset Management Co., Ltd. to expand its financial services business
2) The Unicorn, 51 levels of mixed-use building comprising five-star hotel, namely Eastin Grand Phayathai, office and retail, available to the public since 19 May 2023
3) Rabbit Life Insurance PCL reported its 6M 2023 gross premiums of THB 1,274mn, or 51% of its full-year target of THB 2.5-2.8bn.
In 6M 2023, the Company reported total consolidated revenue of THB 2,682mn, decreased by THB 1,093mn YoY. The decrease was chiefly due to (i) lower revenue from hotel operations largely from the disposal of its European hotel portfolio held by Lombard Estate Capital GmbH (previously known as Vienna House Capital GmbH), (ii) lower insurance income of due to decrease in premiums earned and (iii) a decrease in other revenues.
The Company reported a net loss of THB (2,194)mn (before non-controlling interest). The net loss was largely due to the impairment loss on investment in SINGER and a share of loss from investments in associates/JVs.
Divestment: (1) Additional THB 1,243mn received in this period from divestments of 7 JVs with NOBLE and will continue with our divestment plan
Divestment: (2) The Company successfully disposed of its 40% shares in Absolute Hotel Services Co., Ltd. and 9.8% in Absolute Hotel Services Hong Kong Limited, its hotel management platform.
As the Company’s businesses have inevitably faced various risks and uncertainties, leading to potential fluctuations in revenue, profits, asset values, liquidity, share prices which may affect the Company's reputation. Thereby, proper risk management is important for the Company to thrive and establish long-term sustainability.
The Company has an organisational risk management structure by defining roles, responsibilities and performing duties as follows:
1) The Board of Directors are responsible for formulating policies and risk management frameworks
2) The Audit Committee is responsible for assessing the adequacy and appropriateness of the corruption risk management policies
3) The Group Risk Management Working Team is responsible for reviewing the risk profile of the organisation as well as monitoring the progress of risk mitigation plans.
1) Out of 716 companies, the Thai Institute of Directors (IOD) awarded the Company a 5-star rating or "Excellent" for the 4th consecutive year since 2019
2) The Company was certified as a member of Thailand's Private Sector Collective Action Coalition Against Corruption (CAC) for the 2nd consecutive time in 2023.
3) VERSO School received the first prize in Architecture & Design in the category of Institutional Building Built from The Architecture Community (TAC), a leading international architecture awards platform.
| as of 30/06/23 | RABBIT | PROP | SET |
|---|---|---|---|
| P/E (X) | 16.80 | 14.86 | 17.96 |
| P/BV (X) | 0.46 | 1.24 | 1.46 |
| Dividend yield (%) | - | 3.42 | 3.12 |
| 30/06/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 3,781.94 | 7,410.11 | 11,227.44 |
| Price (B/Share) | 0.55 | 1.32 | 2.00 |
| P/E (X) | 16.80 | 40.20 | - |
| P/BV (X) | 0.46 | 1.05 | 1.63 |
