GTI Roadshow

Report
GRAND TWINS INTERNATIONAL (Cambodia) Plc.
崑洲股份有限公司(柬埔寨)
Initial Public Offering
首次公開發行股票
(xx xx xxxx)
Grand Twins International
You Wear, We Care.
DISCLAIMER / 免責聲明
Grand Twins International
You Wear, We Care.
All statements made today, other than statements of historical fact, are
deemed to be forward-looking statements. These statements are based
on Grand Twins International’s (GTI) current plans and expectations and
involve risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be different from any future
results, performance and achievements expressed or implied by these
statements. Information concerning these risks, uncertainties and other
factors is contained under the headings “Risk Factors” and “Forward
Looking Statements” and elsewhere in the Disclosure Document of GTI
filed with the Securities and Exchange Commission of Cambodia.
今天所有的陳述,除歷史性的陳述外,被視為前瞻性陳述。 這些都是基於
崑洲股份有限公司的目前計劃、預期、相關風險、不確定性以及可能導致
公司的實際結果, 績效和成就於任何未來的結果,績效和成就所表達或隱
含所相差的其他因素。 有關這些風險,不確定性和其他因素的信息請查閱
“風險因素”及“前瞻性陳述”,或在柬埔寨證券委員會的崑洲股份有限
公司的公開說明書。
P age 2
IPO INFORMATION / IPO 信息 (1)
Grand Twins International
You Wear, We Care.
IPO Team / Partners
IPO 團隊 / 參與者
Issuer
Grand Twins International (Cambodia) Plc.
發行公司
崑洲股份有限公司
Sold Underwriter
Phnom Penh Securities Plc.
承銷商
金邊證券股份有限公司
Partners
BDO, SOK & HENG Attorneys and Consultants, VTrust Property, Tricor, and
Canadia Bank
參與者
Selling Agents
銷售代理人
Sonatra Securities Plc., SBI Royal Securities, ACLEDA Securities, Tong Yang
Securities (Cambodia) Plc., CAB Securities Limited, RHB OSK Indochina
Securities, Cana Securities Ltd., Cambodia Vietnam Securities.
P age 3
IPO INFORMATION / IPO 信息 (2)
Grand Twins International
You Wear, We Care.
Offering Summary
發行股票摘要
No. of Offering Shares
發行股數
8,000,000 Shares (Ratio: 20%)
8,000,000 股 (比率: 20%)
Offering Price
發行價
Tentative Timetable
預期時程表
KHR 7,400 – 14,000 (USD 1.85 – 3.50*)
7,400 – 14,000 柬幣 (1.85 – 3.50* 美金)
SECC approval in
principle on Disclosure
Document
SECC 原則批准公開說明書
XX XX XX
Par Value
面值
KHR 1,000 (USD 0.25)
1,000 柬幣 (0.25 美金)
Book-Building
詢價圈購日期
XX XX XX
P/E Ratio
P/E 比率
8 times – 16 times
8 – 16 倍
Subscription
認購日提
XX XX XX
Offering Amount
發行金額
KHR 59. 2B – 112 B (USD14.8M – 28M)
592–1120 億柬幣 (14.8M – 28M 美金)
Listing Date
上市日期
XX XX XX
Used of Proceeds
資金用途
Total Shares Post-IPO
上市後總股數
Working capital, capital expenditure,
repayment of bank borrowing, and other
general corporate purposes.
運轉资金,资本支出,偿还银行借款,
及其他一般企业用途。
40,000,000 Shares (100%)
40,000,000 股 (100%)
* Reference exchange rate: KHR 4,000 = USD 1
P age 4
IPO INFORMATION / IPO 信息 (3)
Grand Twins International
You Wear, We Care.
Ownership Structure Post IPO
上市後股權結構
Lock-Up
鎖股
Number of
Share
股數
%
Grand Twins
International (BVI)
16,400,000
41%
1 Year
1年
Hope Ride Limited
3,840,000
9.60%
1 Year
1年
Shareholder
股東
Lock-up
period
閉鎖期
Individual
investor
其他個人
投資者
29.40%
Grand Twins
International
(BVI)
41.00%
Hope Ride
Limited
9.60%
0.00%
IPO
首次公開
發行
20%
Potential
investor
潛力投資者
40%
Subscription
認購
Book
18%
building
詢價圈購
42%
PI: Potential Investors
BB: Book-Building Investors
SS: Subscription Investors
P5
COMPANY OVERVIEW / 公司概況 (1)
Grand Twins International
You Wear, We Care.
Profile / 公司簡介
Company
公司名稱
Grand Twins International (Cambodia) Plc.
崑洲股份有限公司 (柬埔寨)
Establishment
設立
1997 (年)
CEO
執行長
Mr. Liao Chung-Te
廖宗德先生
Main Business
主要營業
Textile products
紡織產品
Type of Business
營業類型
ODM for World-Renowned brands, i.e. Adidas® Group
原始設計製造商給世界知名品牌, 例如 Adidas® Group
Registered Capital
註冊資本
USD 8 Million (1997)
8百萬美金 (1997年)
Land Size / 佔地面積
32,341 m2 (平方米)
Total Employee
總員工人數
5,605 people (2012)
Address
地址
Phum Trapaingpoe, Sangkat Chom Chao, Khan Posenchey, Phnom
Penh, Kingdom of Cambodia
Website
網頁
www.grandtwins.com.kh
P age 6
COMPANY OVERVIEW / 公司概況 (2)
Recognition
認可
Grand Twins International
You Wear, We Care.
Toward the Best and Leader
向最優和領先前進
2008-2012: (1) Appreciated by ILO for an
excellent working environment . (2)
obtained certificate of C-TPAT. (3)
Significant revenue growth (up to 25%)
and ROI reached more than 400%.
(1)獲得國際勞動組織良好工作環境的讚
賞。(2)獲得C-TPAT證書。 (3)收入
增長顯著(可達25%)和投資回報率達到
了400%以上。
2004-2007: Fast growing period,
and won ISO 14001 and OHSAS
18001. /快速增长的时期,并荣获
ISO14001及OHSAS18001
1997: Established under a
name “QMI Industry co.,
Ltd. / 成 立 “QMI Industry
co., Ltd.
2012-13: Changed name to Grand
Twins International (Cambodia)
Plc. and increased registered
capital to US$ 8m for being
qualified to going public. /以便符合
上市公司條件,公司更換名稱為崑
洲股份有限公司 (柬埔寨), 並增加
註冊資本至8百萬美金。
2007-08: Became Grand Twins
Co., Ltd, and won another global
certificate: ISO 9001. /成為崑洲有
限公司, 並獲得全球證書 ISO 9001
2001-04:
Recognition world-wide
thanks to global awards year-over-year
for both performance and quality.由於獲
得年度全球奖项包括績效和质量而得到
世界認可
Time
時間
P age 7
COMPANY OVERVIEW / 公司概況 (3)
Grand Twins International
You Wear, We Care.
Board of Directors / 董事會
Name of Directors
董事名稱
Mr. Yang Shaw-Shin
楊紹欣先生
Mr. Liao Chung-Te
廖宗德先生
Position
職位
Experience
工作經驗
Non-executive Chairman
非執行主席
>30 years in Garment industry
擁有製衣行業超過30年的經驗
Executive Director and CEO
>20 years in Garment industry
執行董事和執行長
擁有製衣行業超過20年的經驗
Independent Director
Oknha Ly Kunthai
Ms. Su Yu Chin
蘇玉錦小姐
Mr. Chen, Tsung-Chi
陳聰淇先生
獨立董事
President of Alpha Property
Construction Co., Ltd
Alpha Property Construction
Co., Ltd 公司的主席
Non-executive Director
>20 years in Garment industry
非執行董事
擁有製衣行業超過20年的經驗
Non-executive Director
>30 years in Garment industry
擁有製衣行業超過30年的經驗
非執行董事
P age 8
BUSINESS MODEL / 營業模式 (1)
Grand Twins International
You Wear, We Care.
Who We Are & Who We Target
我們是誰,誰是我們的目標
A Leading Original Design Manufacturer (ODM) for World-Renowned brands, especially Adidas®, who
stands more than 80% of our total order.
本公司是一個領先原始設計製造商給世界知名品牌, 尤其是佔有我們總訂單超過80%的 Adidas Group.
2012
11%
2%
Adidas
Salomon
Others
87%
P age 9
Grand Twins International
BUSINESS MODEL / 營業模式 (2)
You Wear, We Care.
How We Work
工作流程
Every step we work carefully for the best quality and highest satisfaction to our
customers to ensure a leading position in the market.
對於每個工作步驟,我們非常仔細于保證最優質及客戶最高的滿意度以確保在市場上
的領先地位。
Cutting
切割
Surface
Feature
Assembly
組織表面
Stitching
拼接
Final
Production
最終產品
Washing
洗條
Packaging
&
Warehousing
包裝及倉存
P age 10
BUSINESS MODEL / 營業模式 (3)
Grand Twins International
You Wear, We Care.
What We Have & Produce
產品
Production Line
Installed capacity
生產線
安裝容量
Sewing lines for mass
production
52 production lines(產線)
大規模生產的縫紉線
Sewing lines for samples
13 production lines(產線)
樣品的縫紉線
Sewing machines
缝纫机
3,450 units (單位)
Supply Capacity : 650,000 pcs per month in 2012 (increased
8.33% compared to 2011)
供應容量 : 2012年每個月 650,000單位 (比2011年增長 8.33%)
Jacket(W)
Padded Vest
Down Jacket 3%
1%
3%
Pants(W)
6%
Suit
Jacket/Pants
26%
Shell Pants
7%
Padded Jacket
8%
Other
15%
Shell Jacket
9%
Padded Jacket
10%
Jacket(K)
12%
P age 11
STRATEGIES / 戰略 (1)
Grand Twins International
You Wear, We Care.
Why World-Renowned Brands Love GTI
為何世界知名品牌選擇崑洲
Strategic Drivers
戰略
Results for Clients
客戶效果
 Leading Innovation
引領創新
 Up-to-date clothes design
最新的服裝設計
 Efficient and Effective
Production
高效和有效的生產
 Sales growth
銷售增長
 Best Quality
最佳質量
 Strong Client Relationship
強大的客戶關係
 Better profit margin
良好的利潤率
 100% excellent quality with
on time delivery
100%優良的品質及準時交貨
P age 12
STRATEGIES / 戰略 (2)
Grand Twins International
You Wear, We Care.
Why Adidas® Adores GTI
為何 Adidas® 選擇崑洲
In addition to achieving international standard of produce clothes, GTI is also qualified with
strict requirements of Adidas®
除了獲得生產衣服的國際標準,崑洲也符合Adidas® 的嚴格條件
Adidas® Requirements / 條件

 Non-toxic material and manufacturing
under the best possible condition.
無毒材料以及在最好的可能條件下製造
GTI
 Best employment treatment.

最佳就業環境

 Excellent environment protection
優秀的環保
 Concrete plan on health and safety

issue
健康及安全的具體計劃
P age 13
Grand Twins International
PERFORMANCE / 公司績效 (1)
You Wear, We Care.
Rising Revenue & Return Significantly
收入和回報的增長率
$100,000,000
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$2008
2009
Revenue
2010
2011
2012
Return on Investment After Tax
2013E
2014E
2015E
ROI Accumulation
P age 14
PERFORMANCE / 公司績效 (2)
Grand Twins International
You Wear, We Care.
Revenue by Brand (Million USD)
按品牌分類的收入(百萬美金)
70
60
3.31
6.76
6.13
50
40
1.09
Others
5.04
1.06
3.88
Sundek
3.66
Reebok
30
49.66
Salomon
47.64
20
Adidas
33.82
10
0
2010
2011
2012
P age 15
PERFORMANCE / 公司績效 (3)
Grand Twins International
You Wear, We Care.
Revenue by Product (Million USD)
按產品分類的收入 (百萬美金)
70
60
50
6.52
40
30
4.30
1.48
3.21
4.29
4.17
20
Other
4.11
2.65
1.38
2.67
4.69
Short(W)
9.93
Pants(K)
Padded Vest
5.44
0.70
1.55
1.56
3.31
3.89
6.32
4.97
6.97
6.17
4.50
3.50
10
5.17
4.81
2.74
Jacket(W)
Down Jacket
Ball Fiber Jacket
Pants(W)
Shell Pants
Shell Jacket
9.18
10.23
Jacket(K)
Padded Jacket
7.93
10.12
2010
2011
13.61
Suit Jacket/Pants
2012
P age 16
PERFORMANCE / 公司績效 (4)
Grand Twins International
You Wear, We Care.
Key Financial Data
主要財務數據
P age 17
PERFORMANCE / 公司績效 (5)
Grand Twins International
You Wear, We Care.
Best Investment Option / 最好的投資選擇 (1)
Outstanding performance among big listed companies (international garment factories)
在大型上市公司中表現突出 (國際服裝工廠)



P age 18
Grand Twins International
PERFORMANCE / 公司績效 (6)
You Wear, We Care.
Best Investment Option / 最好的投資選擇 (2)
Not only best performance, but also a CHEAP stock in valuation!
不但績效最好,也是估值最便宜的股票!
The Max value (16 times) is still
LOWER than the others.
Having More Rooms to Rise!
P/E最高值 (16倍) 依然比其他
公司低。 有更多的升價空間!
P/E Comparison
P/E 相比
40
35
30
25
20
16x
15
10
5
0
* Average value selected from 74 listed companies in 10 countries
平均值從10個國家的74上市公司中選擇
** Average value selected from 679 listed companies in 37 countries
平均值從37個國家的679上市公司中選擇
P age 19
PROSPECTIVE / 公司遠景 (1)
Grand Twins International
You Wear, We Care.
Market Expansion / 市場拓展
Existing Market / 現有市場
New Market / 新市場
We will benefit from the growth of sales* (15% yo-y) of Adidas, whose revenue in 2012 was
US$19.68 B.
從Adidas的銷售增長中獲得收益* (每年15%), 2012
年的收入為196.8億美.
We expect to have several giant international
brands by 2015 thanks to their increasing
demand.預期在2015年獲得幾個巨頭國際品牌,
感謝對於他們的需求增長。
GTI
* According to Global Industry Analyst Inc.
P age 20
Grand Twins International
PROSPECTIVE / 公司遠景 (2)
You Wear, We Care.
Fast Growing / 快速增長
Cambodia Export Vs. World Export (US$ Bn)
柬埔寨出口 Vs. 世界出口 (十億美金)
800.00
Export
2000
2012
CAGR
Cambodia
1.06
4.45
11.69%
World
353
708
5.51%
600.00
Ranking
39
18
-
500.00
700.00
Source: GMAC and WTO
400.00
300.00
200.00
100.00
1.06
1.16
1.34
1.61
1.98
2.19
2.65
2.89
2.98
2.42
3.01
4.05
4.45
-
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Cambodia Export (US$ Bn) 1.06 1.16 1.34 1.61 1.98 2.19 2.65 2.89 2.98 2.42 3.01 4.05 4.45
World Export (US$ Bn)
353
342
358
406
454
481
528
586
614
527
605
711
708
Source: GMAC and WTO
P age 21
Grand Twins International
PROSPECTIVE / 公司遠景 (3)
You Wear, We Care.
Enormous Opportunity / 巨大機會
Cambodia Export (US$ Bn)
柬埔寨出口(十億美金)
Global Apparel Market Size (US$ Bn)
全球服裝市場規模 (十億美金)
25.00
2,500
20.00
2,000
15.00
1,500
10.00
1,000
5.00
500
-
2010
2015
2020
Source: Industry insider and PPS estimate
2025
2010
2015
2020
2025
Source: Technopak Advisor and PPS estimate
P age 22
Grand Twins International
COMPETITION / 競爭 (1)
You Wear, We Care.
Few Players …
競爭者…
Shen Zhou
Cambodia
Global
Apparel
Limited
KKN
Apparel
Grand Twins
International
Nan Kuang
Garment
(Cambodia)
Sportex
Industry
H&L
Apparel
(Cambodia)
Yi Rong
(Cambodia)
Knitting
P age 23
Grand Twins International
COMPETITION / 競爭 (2)
You Wear, We Care.
… Not Really
… 不只是
Tripos International
(Cambodia) Co., Ltd
Kanaan Saigon
Co. Ltd
Nantai Garment
Factory (Cambodia)
Ltd
Forrest
Enterprises, Inc.
Lawnyard
Vietnam Co. Ltd
Chuan Mei Glove
(Vietnam) Co. Ltd
Fashion
Garments 2 Co.
Ltd
Uni Gear Ltd.
Chuan Mei Glove
(Vietnam) Co. Ltd
Erateks Tekstil
San. Ve Tic. Ltd.
Sti
M&V
International
Manufacturing
Sangwoo
(Cambodia) Co.,
Ltd
International
Safety Products
ltd
Hemie
Manufacturers
Ruby Red
Garment
Manufacturing
SAE
Asia Socks
(Haining)
Din Han
Enterprise
(Cambodia) Co.,
Ltd
Yia-Chyns Textile
Corp
Dada (Dhaka) Ltd
Berry Apparel
(Cambodia) Co.,
Ltd
Chi Tat Company
Co., Ltd
E Garment Co.Ltd
New Holland
Lingerie de
Honduras
Peace Glory
(Cambodia) Co., Ltd
Zhangjiagange FTZ Supertex
International Textiles Co., Ltd
P age 24
Grand Twins International
HOW WE WIN / 為何崑洲贏
You Wear, We Care.
There are high barriers to compete with us and get success, and the impact
is minimal.
要在競爭中獲得成功需經過很多障礙,且對本公司的影響最低
How GTI Win
為何崑洲贏
Strengths
優勢
Competitive
Advantages
競爭優勢
P age 25
STRENGHS / 優勢 (1)




Grand Twins International
You Wear, We Care.
Best Quality Commitment / 有做出最優質的決心
Trusted Manufacturer / 可信賴的製造商
Strong Management Team / 強大的管理團隊
Leading Innovation & Technology / 領先的創新和技科
P age 26
Grand Twins International
STRENGHS / 優勢(2)
You Wear, We Care.
Best Quality Commitment / 最優質的決心
Meet
specifications
& requirements
符合規格和條
件
Audit twice a
year by
customers
由客戶每年審計
兩次
Strictly Quality
Control
嚴格的質量控制
Various checks &
tests at every
production stage
在每個生產階段做
各項檢查和試驗
Raw material
& Product
Checking
原料和產品檢
查
Fully trained by
major
customers
由主要客戶全面
訓練
P age 27
Grand Twins International
STRENGHS / 優勢 (3)
You Wear, We Care.
Trusted Manufacturer / 可信賴的製造商
Global Recognitions
全球認可
Certificate of C-TPAT: 2010
Performance Award: 2002
ISO 9001: 2008
Quality Management System
Best Quality Award: 2003
OHSAS 18001: 2007
Occupational Health and Safety
Management System
Best Quality Award: 2002
ISO 140001: 2004
Environmental Management
System
Best Quality Award: 2001
P age 28
STRENGHS / 優勢 (4)
Grand Twins International
You Wear, We Care.
Strong Management Team
強大的管理團隊
Once again, our management team has:
我們的管理團隊:
 At least 20 years of experience in garment industry,
擁有在制服行業至少20年的經驗
 Deep knowledge & understanding of the material and production,
and
對材料和生產有深度的知識和了解, 並
 Well structured hierarchy compared to other garment factories.
擁有比其它制服廠的良好結構。
P age 29
STRENGHS / 優勢 (5)
Grand Twins International
You Wear, We Care.
Leading Innovation & Technology
領先的創新和技科
To ensure the best products for our clients, we not also keep training our
manpower to be more skillful, but also continue investing million dollars
in technology:
為確保提供給我們客戶最優秀的產品,我們不但繼續培養人才以更熟練,
也繼續在科技投資數百萬美金:
 Three-dimension sampling program / 三維採樣方案
 Latest technology for “Down” product / 為“Down”產品的最新技術
 Environmental-friendly fabric / 環保面料
 Creative clothes design / 創意服裝設計
P age 30
COMPARATIVE ADVANTAGES / 競爭優勢
Internal
(Local)
內部
External
(Global)
外部
Grand Twins International
You Wear, We Care.




Biggest factory* / 最大工廠*
On time delivery / 準時交貨
Best CSR / 最佳企業社會責任(CSR)
Highest employee satisfaction (no
labor disruption) and excellent salary
package / 最高員工滿意度(無勞動中
斷)和最好的薪酬待遇
 Unique manufacturer for the whole
MAIN products of Adidas** / 為
Adidas** 的整個主要產品的唯一製造商
 Better price thanks to lower cost /
由於低成本,有較好的價格
 Custom exemption to Canada and
European Union / 加拿大和歐盟海關
豁免
 More benefits of geographical
diversification / 從地域多元化獲得更
多的益處
Source: ITMF (2012), Thai Garment Association (2011),
and PPS staff estimate
* No. 2 among 400 factories according to GMAC / 根據GMAC的資料,在200工廠中的第二名
** Adidas strictly audits any factory before having a deal with, and the whole process needs to take
time between 2-3 years. /在與工廠交易之前,Adidas有嚴格的審計,且所有程序需要大概2-3年之間.
P age 31
WAY TO PROSPERITY / 向繁榮之道 (1)
Grand Twins International
You Wear, We Care.
Again, IPO – Coming Action
再次, IPO – 未來行動
We are on the right track, and we are quite confident to
keep ourselves as the leading factory, with even bigger
operational capacity for catching up the opportunity of
growing market size of global apparel consumption. And
this great ambition is going to happen by strategic
financial increment, which is called going public or “IPO”.
我們正在正確的軌道上,且在較大的操作容量下將獲得全
球服裝消費市場規模增長的機會更大,因此我們有信心保
持自己作為領先的工廠。這個偉大的野心是由財務增資戰
略,稱為首次公開發行股票或“IPO”。
P age 32
WAY TO PROSPERITY / 向繁榮之道 (2)
Grand Twins International
You Wear, We Care.
Expected Use of Proceeds / 預期資金用途
Why such
BIG amount?
為何需要如此
龐大的金額?
Working
Capital for
Expansion
運轉資金用
于拓展
CAPEX
資本支出
(27%)
(58%)
Other
Corporate
Purposes and
Listing
Expense
其它企業用途
及上市費用
Repayment
of Loan
償還貸款
(7%)
(8%)
P age 33
WAY TO PROSPERITY / 向繁榮之道 (3)
Grand Twins International
You Wear, We Care.
Production Cycle: 192 days
生產週期: 192天
GTI
P age 34
WAY TO PROSPERITY / 向繁榮之道 (4)
Grand Twins International
You Wear, We Care.
Dividend Policy / 股利政策
 Net profit after tax shall be compensated for loss occurred in previous years
稅後淨利應與前年度發生的損失想抵消.
 The remaining after distribution, 10% of net profit after tax shall be reserved for future
loss
抵消後,稅後淨利的10%應儲備為未來損失。
 After the compensation for loss and reserves the remaining profit will be distributed as
below:
損失抵消及儲備後,剩餘的利潤應分配如下:
 No more than 3% of net profit after tax will be paid as compensation for BOD.
不超過稅後淨利的3%,將付給董事作為報酬
 Not less than 5% of net profit after tax will be paid to employee as a bonus.
不低於稅後淨利的5%, 將支付給員工作為獎金
 Any remaining amount following above distribution will be paid fully or partially as
dividend to ordinary shareholders or reserve for other purposes as determined by the
BOD.
上述分配後,剩餘的金額將由董事會決定全部或部分支付股息給普通股股東或儲備用於
其它目的。
P age 35
Thank you.
謝謝
And let’s…
問與答…

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