BTS Group Holdings PCL (BTSG) is a multi-industry conglomerate that operates across 3 business platforms; MOVE, MIX and MATCH. Listed on the Stock Exchange of Thailand (SET), BTSG is a constituent member of the SET50 "Bluechip” index, MSCI Asia Pacific Index, FTSE4Good Index and Dow Jones Sustainability Index and among the largest company in Thailand.
| 6M24 | 6M23 | 2023 | 2022 |
|---|
| Revenues | 12,804.04 | 11,193.31 | 24,138.72 | 31,194.50 |
| Expenses | 8,778.92 | 7,760.45 | 17,509.55 | 22,748.40 |
| Net Profit (Loss) | -515.38 | 1,010.07 | 1,836.48 | 3,825.58 |
| Assets | 275,937.57 | 257,741.90 | 270,925.96 | 253,539.45 |
| Liabilities | 199,583.71 | 170,659.27 | 189,604.06 | 169,228.61 |
| Shareholders' Equity | 53,441.33 | 61,235.59 | 56,073.41 | 60,246.16 |
| Operating | -2,831.50 | -4,673.55 | -7,712.12 | -15,497.34 |
| Investing | -3,546.09 | -4,235.22 | -13,886.38 | -11,921.79 |
| Financing | 3,788.88 | 5,708.14 | 21,090.95 | 34,370.26 |
| EPS (Baht) | -0.04 | 0.08 | 0.14 | 0.29 |
| GP Margin (%) | 34.72 | 33.30 | 34.93 | 23.55 |
| NP Margin (%) | -5.03 | 9.07 | 6.72 | 12.44 |
| D/E Ratio (x) | 2.61 | 1.96 | 2.33 | 1.97 |
| ROE (%) | 0.54 | 4.76 | 3.11 | 6.26 |
| ROA (%) | 2.42 | 3.12 | 2.65 | 3.55 |
Within MOVE business, is a pioneering concept hereby it aims to provide convenient and safe door-to-door transportation solutions to customers.
For MIX business, it is a complete O2O Marketing Solutions provider comprising 3 platforms: advertising, digital services and distribution.
Lastly, MATCH business aims to create business opportunities through potential partnerships. Under the 'Sharing Economy' concept, established partners are able to access both MOVE network (providing ACCESS to customers) and MIX network (providing broad and customised audience REACH).
Sustainability has been deep-rooted into BTS Group's philosophy to foster the expansion of positive impact through creative value for all our stakeholders.
- Providing door-to-door solutions with the aim of improving the living conditions of people, including supporting the Sustainable Development Goals (SDGs)
- Maximising energy efficiency to reduce impact on the environment by gradually increase the usage of renewable energy in our operational consumption
- Working on a feasibility study for the installation of solar rooftops for the Pink and Yellow Line depots to generate carbon credit from avoided carbon emissions
- Collaborating with government agencies to enhance Thailand’s mass transit carbon avoidance mechanism
- Raising awareness on diversity and inclusive for employees and communities
- On 26th September 2023, BTS Group issued unsubordinated and unsecured debentures valued at THB 15,057mn (rated "A-", "stable" outlook by TRIS Rating Co., Ltd.) to the institutional and public investors.
- The Yellow Line Monorail (Lat Phrao - Samrong stations) commenced commercial operations in July 2023.
- BTS Group has incorporated Smart EV Bike Co., Ltd. as a new joint venture to expand door-to-door services through first & last mile journeys for BTS passengers.
Total consolidated revenue of 1H 2023/24 was THB 12,804mn, increased by 14.4% YoY chiefly from i) higher interest income of THB 873mn, ii) an increase in service income and sales of THB 303mn and iii) an increase in revenue from contracting works of THB 236mn from the development of new lines. Recurring EBITDA was THB 3,653mn, increased by 2.4% YoY. BTS Group recorded net loss of THB 515mn, primarily due to i) a recognition of an impairment loss on Rabbit Holding’s investment in SINGER in 1Q 2023/24, ii) share of loss from investments in JMART, KEX and Rabbit Holdings and iii) higher finance costs. However, if excluding non-recurring items, the Company reported the narrowed core net loss of THB 93mn.
MOVE
- The Yellow Line commenced its commercial operation while the Pink Line's construction is reaching 98% completion with commercial operations expected by January 2024.
- Smart EV Bike joint venture has been established to serve first & last mile journeys for BTS passengers.
MIX
- VGI was granted the exclusive rights to manage media across the Yellow Line.
- RCare has acquired Easy Compare's car broker business. Moreover, RCare has expanded into Vietnam and Singapore markets, by incorporating new subsidiaries.
- TURTLE is operating 16 Turtle shops, 5 branches of SuperRich Turtle and the refurbishment of the merchandising spaces on 20 BTS stations.
MATCH
- RBH Ventures (Rabbit Holdings' subsidiary) has invested 62.5% in Prime Zone Asset Management and 50.0% in Metha Asset Management to expand its financial services business.
- TNL issued 2-year fixed-rate bonds of THB 500mn at 6.10% per annum to institutional and high net worth investors.
The risk management at our Company adheres to COSO standards with the Risk Management Committee overseeing the process for maximum effectiveness. The risk management process encompasses governance and culture, objective setting, risk identification and assessment, determination of risk responses, and reporting of risks.
The Company analyses risk factors categorised as strategic, operational, financial, legal compliance and environmental, societal, and corporate governance (ESG).
- Mr. Kavin Kanjanapas, Executive Director and Chief Executive Officer of BTS Group received ‘Thailand Top CEO of the Year 2023’ award for Companies in the transport and logistics sector
- “Excellent” Corporate Governance for 12th consecutive year by the Thai Institute of Directors Association (IOD).
- Member of SET ESG Ratings 2023 (previously known as Thailand Sustainability Investment) for the 5th consecutive year, receiving an "AA" rating in the Services sector.
| as of 29/09/23 | BTS | TRANS | SET |
|---|---|---|---|
| P/E (X) | 187.01 | 56.26 | 20.33 |
| P/BV (X) | 1.82 | 3.18 | 1.44 |
| Dividend yield (%) | 4.13 | 1.39 | 3.18 |
| 29/09/23 | 31/03/23 | 31/03/22 | |
|---|---|---|---|
| Market Cap (MB) | 98,757.29 | 93,490.23 | 121,113.20 |
| Price (B/Share) | 7.50 | 7.10 | 9.20 |
| P/E (X) | 187.01 | 32.56 | 25.79 |
| P/BV (X) | 1.82 | 1.52 | 1.95 |
