Report of operating result Q3'2008 (Unreviewed)
Ref: FIN. 061/2008
October 20, 2008
Subject: The Company's operating result for the three-month and
nine-month period ended September 30, 2008 (unreviewed)
To: Managing Director
The Stock Exchange of Thailand
With respect to the operating results of the Company for the three-month ended
September 30, 2008, the Company's net profit was Baht 75.04 million, an
decrease of Baht 59.04 million or 44.04 % from Baht 134.08 million in the
same quarter of the previous year. The company's net profit for the nine-month
period ended September 30, 2008 was Baht 371.91 million, an increase of Baht
14.60 million or 4.09% from Baht 357.31 million in the same period of the
previous year.
Operating result for the three-month period ended September 30, 2008
Revenues
For the third quarter of 2008, total revenues of the Company amounted to Baht
254.03 million, a decrease of Baht 188.03 million or 42.53% from Baht 442.06
million in the same quarter of last year. This resulted from a decrease in
brokerage fees from securities business and fees and services income. Details
were as following:
3 rd Quarter / 2008 3 rd Quarter / 2007
Million Baht % Million Baht %
Brokerage fees
Brokerage fees from securities business 187.41 73.77 343.23 77.64
Brokerage fees from derivatives business 5.98 2.36 6.68 1.51
Fees and services income 10.29 4.05 42.95 9.71
Gain on trading in securities 31.90 12.56 5.53 1.25
Loss on trading in derivatives (23.72) (9.34) (0.15) (0.03)Interest and dividend 41.59 16.37 40.01 9.05
Other income 0.58 0.23 3.83 0.87
Total revenues 254.03 100.00 442.06 100.00
Brokerage fees from securities business
The Company's total brokerage fees in the third quarter of 2008 were Baht
187.41 million, accounted for 73.77% of total revenues, decreased Baht 155.81
million from Baht 343.22 million in the same quarter of the previous year.
The decrease was due to a decrease in total daily average trading value on the
SET and MAI from Baht 22,245.08 million in the third quarter of 2007 to Baht
12,292.24 million in the same quarter of the this year. The Company's daily
average turnover also decreased from Baht 2,390.82 million to Baht 1,707.55
million in the corresponding period.
The Company's market share is 6.95% in the third quarter of 2008. Proportion
of the brokerage fees from foreign institutional investors, domestic
institutional investors and high net worth individuals were 43.73%, 17.06% and
39.21% respectively.
Brokerage fees from derivatives business
The revenues from derivatives business was Baht 5.98 million in the third
quarter of 2008 compared with Baht 6.68 million in the same quarter of the
previous year. The brokerage fees from derivatives business accounted for
2.36% of total revenue in the third quarter of 2008 and mainly came from
foreign institutional investors and individual investors.
Fees and services income
Total fees and services income in the third quarter of 2008 was Baht 10.29
million, totally from selling agent fees and accounted for 4.05% of total
revenues, decreased from Baht 42.94 million from the same period of previous
year.
Gain (Loss) on securities trading and derivatives trading
In the third quarter of 2008, the Company had gain on securities trading and
derivatives trading of total Baht 8.18 million, an increase of Baht 2.80
million from Baht 5.38 million in the same quarter of 2007.
Interest and dividend income
The Company's interest and dividend income in the third quarter of 2008 were
Baht 41.59 million, an increase of Baht 1.58 million from Baht 40.01 million
in the third quarter of 2007. This resulted from an increase in dividend
revenue from the Company's investment.
Expenses
The Company's total expenses in the third quarter of 2008 were Baht 164.48
million, a decrease of Baht 100.78 million or 37.99% from Baht 265.26 million
in the third quarter of 2007. Details are as below:
3 rd Quarter / 2008 3 rd Quarter / 2007
Million Baht % Million Baht %
Expenses on borrowing 2.06 1.25 1.89 0.71
Fee and service expenses 13.95 8.48 50.35 18.98
Operating expenses 148.47 90.27 213.02 80.31
Total expenses 164.48 100.00 265.26 100.00
A decrease in operating expenses from Baht 213.02 million to Baht 148.47
million resulted from the decrease in personnel expenses, which was in line
with the decrease in the Company's revenues.
Net Earnings
Due to the reasons discussed above, the Company's net earnings in the third
quarter of 2008 were Baht 75.04 million, a decrease of Baht 59.04 million, or
44.04%, from Baht 134.08 million in the third quarter of 2007. Earning per
share in the third quarter of 2008 was Baht 0.35, compared with Baht 0.63 in
the same quarter of last year. In addition, net profit margin ratio in the
third quarter of 2008 was 29.54% compared with 30.33% in the same quarter of
last year.
Operating result for the nine-month period ended September 30, 2008
Revenues
For the first nine-month period of 2008, total revenues of the Company
amounted to Baht 1,109.68 million, a decrease of Baht 39.25 million or 3.42%
from Baht 1,148.93 million in the same period of 2007. Details are as
following:
Nine-month / 2008 Nine-month / 2007
Million Baht % Million Baht %
Brokerage fees
Brokerage fees from securities business 722.13 65.08 819.56 71.33
Brokerage fees from derivatives business 20.33 1.83 14.47 1.26
Fees and services income 164.53 14.83 117.04 10.19
Gain on trading in securities 68.68 6.19 64.83 5.64
Loss on trading in derivatives (4.40) (0.40) (0.16) (0.01)
Interest and dividend 135.86 12.24 123.18 10.72
Other income 2.55 0.23 10.01 0.87
Total revenues 1,109.68 100.00 1,148.93 100.00
Brokerage fees from securities business
Total daily average trading value on the SET and MAI increased 4.03% from Baht
16,577.82 million in the first nine-month of 2007 to Baht 17,246.07 million in
the first nine-month of 2008.The Company's daily average trading value
increased 14.27% from Baht 1,878.20 million to Baht 2,145.54 million in the
corresponding period and market share increased from 5.66% in the first
nine-month of 2007 to 6.22% in the same period of this year.
Although the Company's daily average trading value increase, brokerage fees in
the first nine-month of 2008 of Baht 722.13 million, represented 62.08% of
total revenues, decreased Baht 97.43 million, or 11.89% from Baht 819.56
million in the same period of previous year as a result of change in brokerage
fee due to being exclusive partner with Merrill Lynch. Proportion of the
brokerage fees from foreign institutional investors, domestic institutional
investors and high net worth individuals in the first nine- month of 2008 were
46.37%, 19.14% and 34.49%, respectively.
Brokerage fees from derivatives business
The revenues from derivatives business was Baht 20.33 million in the first
nine-month of 2008, compared with Baht 14.47 million in the same period of
2007. The brokerage fees from derivatives business accounted for 1.83% of
total revenue in the first nine-month of 2008.
Fees and services income
Total fees and services income in the first nine-month of 2008 were Baht
164.53 million, represented 14.83% of total revenues, increased from Baht
117.04 million in the same period of 2007. The fees and services income in the
first nine-month of 2008 mainly came from underwriting fee from initial
public offering of ESSO Public Company Limited in the second quarter of 2008
and financial advisory fee.
Revenues from investment
As at September 30, 2008, the Compay's net investment in debt and equity
securities were Baht 2,228.72 million. Details were as following:
30-Sep-08 31-Dec-07
Investment of Direct Investment Department 1,258,142,786 964,135,335
Investment of Equity and Derivatives
Trading Department 406,299,152 137,097,497
Investment in government bond and other 559,989,791 295,358,884
Other investment 4,288,089 156,412,454
Total investment in debt and
equity securities-net 2,228,719,818 1,553,004,170
Return on investment of each department was as following:
Direct Investment Department
9M2008 9M2007
(million baht)
Dividend income 31.14 6.38
Gain on securities trading 76.33 48.13
Unrealized gain (loss) from revaluation-before
deferred tax * (251.48) 273.47
Total return on investment of Direct
Investment Department (144.01) 377.98
* Being part of revaluation surplus (deficit) in balance sheet
Return from investment of Direct Investment Department, as a
percentage of total investment, for the first nine-month of 2008 was -11.45%,
meanwhile SET index dropped 30.48% from 858.10 as at December 2007 to 596.54
as at September 2008.
Equity and Derivatives Trading Department
9M2008 9M2007
(million baht)
Dividend income 2.94 0.00
Gain (loss) on securities trading 35.04 0.22
Gain (loss) on derivatives trading (4.40) (0.16)
Total return of Equity and Derivatives Trading
Department 33.58 0.06
In addition to return from investment of Direct Investment Department
and Equity and Derivatives Trading Department, the Company also had return
from investment from Treasury Department in the amount of Baht 59.10 million,
in which Baht 55.10 from investment in government bond and other and the
remaining of Baht 4.00 million from other investment.
Expenses
The Company's total expenses in the first nine-month of 2008 were Baht 628.66
million, a decrease of Baht 48.63 million or 7.18% from Baht 677.29 million
in the same period of 2007. Major decrease resulted from fee and service
expenses of total Baht 58.19 million, a decrease from Baht 140.46 million in
the same period of 2007. Details are as below:
Nine-month / 2008 Nine-month / 2007
Million Baht % Million Baht %
Expenses on borrowing 6.65 1.06 5.15 0.76
Fee and service expenses 58.19 9.26 140.46 20.74
Operating expenses 563.83 89.68 531.68 78.50
Total expenses 628.66 100.00 677.29 100.00
Net Earnings
Due to the reasons discussed above, the Company's net earnings in the first
nine-month of 2008 were Baht 371.91 million, an increase of Baht 14.60
million, or 4.09%, from Baht 357.31 million in the same period of 2007.
Earning per share in the first nine-month of 2008 was Baht 1.74, compared with
Baht 1.67 of the same period of 2007. In addition, net profit margin in the
first nine-month of 2008 was 33.52% compared with 31.10% in the same period
of last year.
Yours Faithfully,
Mr. Suvit Mapaisansin
Chief Executive Officer
โพสต์
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