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.
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 24,387.09 | 24,138.72 | 31,194.50 | 42,249.83 |
| Expenses | 21,842.87 | 17,509.55 | 22,748.40 | 30,789.64 |
| Net Profit (Loss) | -5,241.24 | 1,836.48 | 3,825.58 | 4,576.27 |
| Assets | 272,081.69 | 270,927.13 | 255,866.57 | 212,075.62 |
| Liabilities | 205,689.20 | 189,605.23 | 169,739.04 | 136,038.26 |
| Shareholders' Equity | 66,392.49 | 81,321.90 | 86,127.53 | 76,037.36 |
| Operating | -6,606.18 | -7,860.01 | -15,447.82 | -19,712.41 |
| Investing | -3,724.24 | -13,737.58 | -11,971.31 | -6,350.07 |
| Financing | 6,291.18 | 21,090.95 | 34,370.26 | 26,685.79 |
| EPS (Baht) | -0.40 | 0.14 | 0.29 | 0.35 |
| GP Margin (%) | 29.55 | 34.93 | 23.55 | 21.77 |
| NP Margin (%) | -29.66 | 6.72 | 12.44 | 12.65 |
| D/E Ratio (x) | 3.10 | 2.33 | 1.97 | 1.79 |
| ROE (%) | -10.22 | 3.11 | 6.26 | 7.95 |
| ROA (%) | 0.18 | 2.65 | 3.55 | 5.09 |
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 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 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
- Moving towards Net Zero by 2050 through formulating its near-term and Net Zero science based targets.
- Yellow Line and Pink Line Monorail commenced commercial operations in July 2023 and January 2024 respectively.
- 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.
- BTSC signed a 64-month O&M contract with the BMA for the BRT (electric bus) project.
In FY 2023/24, total consolidated revenue was THB 24,387mn, increased by 1.0% YoY chiefly from i) higher interest income of THB 1,094mn and ii) an increase in service income and sales of THB 726mn, mainly driven by Advertising revenue growth under MIX business, the initial recognition of farebox revenue of Yellow and Pink Lines coupled with a resilient revenue from O&M contracts under MOVE business. Recurring EBITDA was THB 8,138mn, increased by 6.1% YoY from MOVE business. BTS Group recorded net loss of THB 5,241mn, primarily from (i) the impact of the one-time recorded loss from impairment and disposal of investment in KEX, (ii) a record of share of loss from investments in associates (from a recognition of share of loss from Rabbit Holdings, and a higher share of loss from investment in KEX) and (iii) higher finance costs. If excluding non-recurring items, the Company reported the Adjusted Core Net Profit at THB 275mn.
MOVE
- Yellow Line and Pink Line Monorail commenced commercial operations in July 2023 and January 2024 respectively.
- Smart EV Bike joint venture has been established to serve first & last mile journeys for BTS passengers.
- BTSC signed a 64-month O&M contract with the BMA for the BRT (electric bus) project.
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 22 Turtle shops, 7 branches of SuperRich Turtle and the refurbishment of the merchandising spaces on 20 BTS stations.
MATCH
- RBH Ventures (Rabbit Holdings' subsidiary) has invested 70.0% in Prime Zone Asset Management and 50.0% in Metha Asset Management to expand its financial services business.
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).
- Ranked number 1 globally in the DJSI Transportation and Transportation Infrastructure Sector for the 4th consecutive year.
- Member of SET ESG Ratings 2023 for the 5th consecutive year, receiving an "AA" rating in the Services sector.
| as of 29/03/24 | BTS | TRANS | SET |
|---|---|---|---|
| P/E (X) | - | 63.63 | 18.10 |
| P/BV (X) | 1.58 | 2.91 | 1.33 |
| Dividend yield (%) | 5.49 | 1.50 | 3.38 |
| 29/03/24 | 31/03/23 | 31/03/22 | |
|---|---|---|---|
| Market Cap (MB) | 74,397.16 | 93,490.23 | 121,113.20 |
| Price (B/Share) | 5.65 | 7.10 | 9.20 |
| P/E (X) | - | 32.56 | 25.79 |
| P/BV (X) | 1.58 | 1.52 | 1.95 |
