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2 | P a g e QUESTION SHEET J.S.P. PROPERTY (JSP) PUBLIC COMPANY LIMITED Section 1: Calculation and Discussion (10 points) 1. Calculate JSP’s annual free cash flows (FCF) in 2019 and in 2018. 2. Discuss of the company’s financial performance in 6M/2020 (6 months). Specifically, discuss the company’s: 2.1 Liquidity position 2.2 Profitability 2.3 Asset utilization 2.4 Debt management 2.5 Market valuation 2.6 Performance using the DuPont framework Section 2: Performance Analytics (10 points) In this section, use your best educated-judgement to answer the following questions and provide supported evidence to justify your answer. Based on JSP’s business and financial performance in 6M/2020: 3. How well did the company manage its inventories? Explain. 4. Did JSP pay the suppliers on time? Explain. 5. Did JSP pay its creditors on time? Explain. Section 3: Consulting Assignments (10 points) In this section, use your educated analyses and research on the company’s business and financial performance to answer the following questions. 6. List the three (3) most important business or financial problems that JSP might have been encountering during the past 1-2 years. 7. If you are hired as a financial consultant, provide a set of possible solutions to the above three (3) problems in Question 7. 3 | P a g e REFERENCE SHEET JSP J.S.P. PROPERTY PUBLIC COMPANY LIMITED Property & Construction mai CG Report: Data as of 18 Sep 2020 Price (B.) 52 Week High/Low P/E (X) P/BV (X) Paid-up (MB.) Market Cap (MB.) EV (MB.) EBITDA (MB.) EV/EBITDA 0.22 0.33 / 0.17 N/A 0.19 2,100.00 924.00 4,297.87 -105.85 -239.89 News Date/Time Subject 10 Aug 2020 18:30 Notification of the connected transaction-renew from connected person 10 Aug 2020 18:16 Financial Statement Quarter 2/2020 (Reviewed) 10 Aug 2020 18:16 Financial Performance Quarter 2 (F45) (Reviewed) 10 Aug 2020 18:16 Management Discussion and Analysis Quarter 2 Ending 30 Jun 2020 01 Jul 2020 17:27 Change in CFO / Chief Accounting more Company Profile Address 41/1 Soi Rama 2 Soi 54, Samae-Dam, Bang Khun Thian Bangkok 10150 Telephone 0-2897-8888 Fax 0-2897-8822 URL www.jsp.co.th Price Performance (Adjusted Price) Compare to Stock (%) Compare to Industry (%) Compare to Market (%) 5 Days -4.35 -3.49 -5.40 20 Days -4.35 -4.05 -6.18 60 Days -18.52 -14.70 -21.55 120 Days 10.00 3.92 -22.40 YTD -21.43 3.13 -21.67 P/E (X) N/A N/A 33.40 P/BV (X) 0.19 0.77 1.62 Turnover Ratio (%) 0.04 0.07 0.20 https://www.set.or.th/set/companynews.do?symbol=JSP&ssoPageId=8&language=en&country=US http://www.jsp.co.th/ 4 | P a g e Annual Report 2018 Establish Date 13/10/2010 Listed Date 19/11/2014 IPO Price (Baht) 2.60 @Par0.50 Baht IPO Financial Advisory • CAPITAL NOMURA SECURITIES PUBLIC COMPANY LIMITED • AEC SECURITIES PUBLIC COMPANY LIMITED Par 0.50 Baht Last Par Change N/A Market/Industry/Sector Change Effective Date 05/01/2015 Previous Market/Industry/Sector mai / MAI Industry / Medium-Sized Enterprise Current Market/Industry/Sector mai / Property & Construction / Property & Construction Business Property development business, focus on commercial low-rise property. The Company develops both residential and commercial property for sale Free Float 03 Apr 2020 13 Mar 2019 % /Shareholders 56.68% 6,126 56.89% 6,759 Foreign Shareholders 0.03% (As of 18/09/2020) Foreign Limit 49.00% NVDR Shareholders 0.53% (As of 18/09/2020) Top 10 Major Shareholders(@03 Apr 2020) Share % 1. นาย LIKHIT LUESAKULKITPAISAL 823,648,100 19.61 2. นาย บญุยง สวาทยานนท ์ 823,591,300 19.61 3. MR. PONGSAK SAWATYANON 172,000,000 4.10 4. นาย เกยีรตศิักดิ ์ไตรตรงึษ์ทัศนา 169,910,100 4.05 Accumulated: Turnover Ratio, Value Trade/Day Statistics YTD 18 Sep 2020 2019 30 Dec 2019 2018 28 Dec 2018 Listed share (M.) 4,200.00 4,200.00 4,200.00 Market Cap (MB.) 924.00 1,176.00 1,974.00 Price (B./share) 0.22 0.28 0.47 http://www.set.or.th/dat/annual/A1229E18.zip 5 | P a g e 5. MR. YONGSIL RUNGCHIWA 137,687,600 3.28 6. นาย พรีะ นีรพทิักษ์ 112,500,000 2.68 7. MISS SUPPAWAN SAWATYANON 68,578,100 1.63 8. MR. PIROON NEERAPITAK 64,500,000 1.54 9. นาย สธุน สงิหสทิธางกรู 57,598,100 1.37 10. นาย VICHAI THANASAMUTR 44,238,200 1.05 Management Position 1. Mr. PORNCHAI CHUNHACHINDA CHAIRMAN OF THE BOARD / INDEPENDENT DIRECTOR 2. Mr. LIKHIT LUESAKULKITPAISAL CHAIRMAN OF THE EXECUTIVE COMMITTEE / CHIEF EXECUTIVE OFFICER / DIRECTOR 3. Mr. PONGSAK SAWATYANON DIRECTOR 4. Mr. PUMIPAT SINACHAROEN DIRECTOR 5. Mr. VACHARIN DUANGDARA INDEPENDENT DIRECTOR / CHAIRMAN OF AUDIT COMMITTEE 6. Mr. EKACHIDD CHUNGCHAROEN INDEPENDENT DIRECTOR / AUDIT COMMITTEE 7. Mr. CHOKCHAI ITTIWIBUL AUDIT COMMITTEE BVPS (B./Share) 1.14 1.21 1.24 P/BV (X) 0.19 0.23 0.38 P/E (X) N/A N/A 30.91 Turnover Ratio (%) 10.32 13.15 50.12 Value Trade/Day (MB.) 0.61 0.89 5.77 Beta 1.00 1.12 0.73 Rate of Return YTD 2019 2018 Price Change (%) -21.43 -40.43 -35.62 Dividend Yield (%) N/A 3.57 N/A Payout Ratio N/A N/A - Dividend Policy At least 40 percent of net profit for separate financial statements after deducting income tax and legal reserve and other reserve funds as required by law (if any) (with additional conditions) Dividend Operation Period Dividend/Share Unit Payment Date Type - 0.01 Baht 29 May 2019 Cash Auditor (Effective Until 31/12/2020) MISS VIPAVAN PATTAVANVIVEK/KPMG PHOOMCHAI AUDIT LIMITED Miss NAWARAT NITIKEATIPONG/KPMG PHOOMCHAI AUDIT LIMITED MISS VILAIVAN PHOLPRASERT/KPMG PHOOMCHAI AUDIT LIMITED F/S Year ended 31/12 Latest Type of Report Unqualified opinion with an emphasis of matters 6 | P a g e Financial Data Statement of Financial Position (MB.) 6M/2020 (01/01/20 -30/06/20) 6M/2019 (01/01/19 -30/06/19) 2019 (01/01/19 -31/12/19) 2018 (01/01/18 -31/12/18) 2017 (01/01/17 -31/12/17) Cash 84.67 172.01 296.09 238.03 160.81 A/R Net 169.07 19.09 11.05 14.16 40.97 Inventories 5,790.91 6,584.06 6,056.05 6,142.12 7,856.27 Current Assets 6,074.89 6,803.08 6,404.21 6,428.50 8,129.30 PP&E Net 18.27 39.75 22.93 35.61 44.88 Total Assets 8,245.45 9,271.80 8,707.18 10,015.25 11,695.48 OD - 49.72 - 93.45 134.15 A/P Net 412.79 893.13 621.76 1,005.94 1,596.34 Current portion of LT 1,567.52 1,843.62 1,648.09 1,444.20 2,364.94 Current Liabilities 2,012.95 3,817.86 3,119.45 3,891.51 5,025.40 Non-Current Liabilities 1,445.59 362.89 572.36 916.10 1,548.73 Total Liabilities 3,458.54 4,180.75 3,691.81 4,807.61 6,574.14 Authorized Capital 2,100.00 2,100.00 2,100.00 2,100.00 2,100.00 Paid-Up Capital 2,100.00 2,100.00 2,100.00 2,100.00 2,100.00 Premium (Discount) on Share Capital 2,438.83 2,438.83 2,438.83 2,438.83 2,438.83 Other Surplus (Deficit) 8.92 -21.75 -21.75 -21.75 8.92 Retained Earnings (Deficit) 269.82 573.97 498.28 690.56 589.26 Treasury Stock - - - - - Shareholders' Equity 4,786.91 5,091.05 5,015.37 5,207.65 5,104.88 Minority Interest - - - - 16.46 more https://www.set.or.th/set/companyfinance.do?type=balance&symbol=JSP&language=en&country=US 7 | P a g e Statement of Comprehensive Income (MB.) 6M/2020 (01/01/20 -30/06/20) 6M/2019 (01/01/19 -30/06/19) 2019 (01/01/19 -31/12/19) 2018 (01/01/18 -31/12/18) 2017 (01/01/17 -31/12/17) Sales 483.96 1,054.88 2,060.87 3,756.25 4,367.96 Other Income 26.08 35.80 158.85 76.49 153.91 Total Revenues 510.04 1,090.68 2,219.72 3,895.77 4,521.87 COGs 433.88 788.15 1,557.27 2,701.05 3,298.56 SG&A 214.89 238.16 522.43 733.39 854.99 Total Expenses 660.26 1,044.28 2,130.99 3,434.44 4,269.98 EBITDA -105.85 91.10 179.04 549.88 357.01 Depre. & Amor. 44.36 44.69 90.30 88.55 105.12 EBIT -150.21 46.40 88.73 461.33 251.89 Net Profit -228.46 -81.44 -157.13 101.30 -23.05 EPS (B.) -0.05 -0.02 -0.04 0.02 -0.01 more Statement of Cash Flow (MB.) 6M/2020 (01/01/20 -30/06/20) 6M/2019 (01/01/19 -30/06/19) 2019 (01/01/19 -31/12/19) 2018 (01/01/18 -31/12/18) 2017 (01/01/17 -31/12/17) Operating Cash Flow -52.84 363.81 701.71 911.45 157.52 Investing Cash Flow 31.01 56.06 51.02 250.17 255.63 Financing Cash Flow -189.59 -485.88 -694.67 -1,084.40 -591.03 Net Cash