Nok Airlines (NOK TB) แนวโน้มฟื้นตัวในปี 2558
Transcription
Nok Airlines (NOK TB) แนวโน้มฟื้นตัวในปี 2558
Results Review, 2 March 2015 Nok Airlines (NOK TB) Buy (Maintained) Transport - Aviation Market Cap: USD263m Target Price: Price: THB16.00 THB13.60 Macro แนวโน้มฟื้ นต ัวในปี 2558 Risks Growth Value Nok Airlines (NOK TB) Price Close Relative to Stock Exchange of Thailand Index (RHS) 22.0 118 20.0 105 18.0 91 16.0 78 14.0 65 12.0 51 10.0 120 38 0 0 . 2 0 0 NOK (Top Pick ในกลุ่มการบิน) บันทึกผลประกอบการทีน ่ ่าผิดหวังในปี 2557 ด ้วย . 0 ้ ” ทีร่ าคา 0 มูลค่าขาดทุนจากการดาเนินงานมูลค่า 501 ล ้านบาท ยัง คงแนะนา “ซือ เป้ าหมายเท่ากับ 16.00 บาท (18% upside) โดยผลประกอบการได ้รับแรงกดดันจาก 0 yield ทีล ่ ดลงแม ้ว่า unit cost จะเริม ่ ฟื้ นตัว ทัง้ นี้ ด ้วยแนวโน ้ม yield ทีเ่ ริม ่ ดีขน ึ้ ในปี 2558 และ unit cost ทีล ่ ดลงจากราคาน้ ามันดิบทีต ่ ่า คาดว่าผลประกอบการในปี นี้จะ เริม ่ ดีขน ึ้ 80 60 Source: Bloomberg Avg Turnover (THB/USD) Cons. Upside (%) Upside (%) 52-wk Price low/high (THB) Free float (%) Share outstanding (m) Shareholders (%) 99.7m/3.04m 27.9 17.7 11.6 - 20.2 30 625 Thai Airways International Aviation Investment State Street Bank Europe 39.2 9.5 6.8 Share Performance (%) มุมมอง ในช่วงกลางปี 2557 ทีผ ่ ่านมา NOK ได ้ปรับแผนการให ้บริก ารเสริม (Ancillary Service) ซึง่ จะส่งผลดีตอ ่ yield ในปี 2558 ประกอบกับความต ้องการท่องเทีย ่ วที่ ฟื้ นตัว เราจึง คาดว่า yield จะเริม ่ ฟื้ นตั วดีข น ึ้ ราว +3.7% y-o-y ในปี 2558 นอกจากนัน ้ บริษัทคาดว่า unit cost จะลดลงอีกราว 5% y-o-y จากค่าซ่อมบารุง ทีล ่ ดลง และการปรับลดค่าใช ้จ่ายทางการตลาด Jan-15 Nov-14 Sep-14 Jul-14 May-14 Mar-14 Vol m 20 ผลประกอบการน่าผิดหว ัง NOK บันทึก ผลประกอบการทีน ่ ่ าผิด หวังในปี 2557 ด ้วยมูลค่า ขาดทุนจากการ ดาเนินงานมูลค่า 501 ล ้านบาท ต่ากว่าคาดการณ์ของเราทีข ่ าดทุน 99 ล ้านบาท จาก yield ทีย ่ ังคงย่าแย่ ทัง้ นี้ หากไม่รวมรายการขาดทุนจากการเริม ่ ดาเนินการ NOK Scoot มูลค่า 61.2 ล ้านบาท คาดว่าผู ้ประกอบการจะผ่านจุดคุ ้มทุนในไตร มาส 4/57 ในขณะที่ unit cost และค่าใช ้จ่า ยไม่ร วมน้ ามั นฟื้ นตัว 1.7% และ 2.7% y-o-y ตามลาดับโดย yield ทีล ่ ดลงอย่างมีนัยสาคัญ (ลดลงราว 11.4% yo-y) เป็ นเหตุผลหลักของการขาดทุนในปี ทีผ ่ ่านมา (yield ได ้รับแรงกดดันจาก ปั ญหาทางการเมืองและการแข่งขันในอุตสาหกรรมทีท ่ วีความรุนแรง) 100 40 2 . 2 0 . 2 ประมาณการ เรายังคงประมาณการเดิม โดยยังคาดว่าจะยังคงบันทึกขาดทุนจากการดาเนินการ Nok Scoot มูล ค่ า 180 ล ้านบาทในปี 2558 และ 75 ล ้านบาทในปี 2559 ตามลาดับ แต่การร่วมมือทางพันธมิตรในครัง้ นี้จะช่วยหนุน traffic และ yield ให ้ดี ขึน ้ ้ ” ย ังคงแนะนา “ซือ ้ ” เนื่องจากมูลค่าประเมิน PE ปี 2558 ที่ 11.1x ยังคงถูก ราคา ยังคงแนะนา “ซือ เป้ าหมายเท่ากับ 16.00 บาทอิงจาก PE ปี 2558 ที่ 13x โดย NOK ยังคงเป็ นหุ ้น Top Pick ในกลุม ่ การบินด ้วยผลตอบแทนปั นผลถึง 4-7% ในปี 2558-59 YTD 1m 3m 6m 12m Absolute 3.8 (6.2) 14.3 (16.1) (26.1) Forecasts and Valuations Relative (2.6) (6.4) 14.7 (18.0) (47.0) Total turnover (THBm) Dec-12 Dec-13 Dec-14 Dec-15F Dec-16F 8,218 11,180 12,160 16,851 19,672 Reported net profit (THBm) 505 1,066 (472) 767 1,231 Recurring net profit (THBm) 748 1,063 (501) 767 1,231 278.2 42.2 (147.2) Recurring EPS (THB) 1.50 1.70 (0.80) 1.23 1.97 Veena Naidu + 66 2862 9752 DPS (THB) 1.10 1.03 0.00 0.59 0.95 [email protected] Recurring P/E (x) 9.1 8.0 Ahmad Maghfur Usman 603 9207 7654 P/B (x) 7.66 1.87 [email protected] P/CF (x) 7.95 4.48 8.1 7.6 6.65 3.25 Shariah compliant Recurring net profit growth (%) Dividend Yield (%) EV/EBITDA (x) Return on average equity (%) Net debt to equity (%) Our vs consensus EPS (adjusted) (%) 59.9 net cash 39.3 net cash na 2.25 na 0.0 na (11.3) net cash na 60.5 11.1 6.9 1.95 1.67 8.72 6.29 4.3 7.0 7.62 3.03 18.9 net cash 4.8 26.0 net cash 16.6 Source: Company data, RHB See important disclosures at the end of this report Powered by EFATM Platform 1 Nok Airlines (NOK TB) 2 March 2015 Figure 1: Nok’s key operating metrics ASK (available service km) RPK (revenue passenger km) Load factor (%) Adjusted passenger yield (THB/RPK) Adjusted unit cost (THB/ASK) 4Q13 4Q14 1,186.0 942.7 79.5 3.23 2.47 1,510.1 1,257.4 83.3 2.78 2.29 YoY % chg 27.3 33.4 3.8 (14.0) (7.2) FY13 FY14 4,247.0 3,567.0 84.0 3.13 2.39 5,375.0 4,372.0 81.3 2.78 2.35 YoY % chg 26.6 22.6 -2.6 -11.4 -1.7 Remarks Hit by political woes and stiff competition Overall costs – both fuel and non-fuel – improved as more economies of scale were achieved from the larger fleet size Source: RHB, Company data Figure 2: Nok’s results review table (THBm) FY13 FY14 3,514.3 YoY % chg 15.3 11,179.8 12,159.5 YoY % chg 8.8 (2,995.9) (3,653.1) 21.9 (10,205.9) (12,882.8) 26.2 52.4 (138.9) (364.9) 973.8 (723.3) (174.3) Depreciation and amortisation EBIT Interest income Interest expense EI PBT Tax PAT MI PATAMI (12.9) 39.5 39.2 0.0 (5.9) 72.8 63.3 136.1 0.0 136.1 (28.2) (167.1) 12.5 0.0 39.4 (115.1) (0.6) (115.7) 135.2 19.5 118.6 (522.6) (68.0) NM (766.4) (258.2) (100.9) (185.0) NM (85.7) (50.8) 923.0 106.5 0.0 3.2 1,032.7 33.4 1,066.1 0.0 1,066.1 (70.1) (793.4) 100.6 (2.3) 29.6 (665.4) (0.4) (665.8) 194.1 (471.7) 38.0 (186.0) (5.5) NM 823.5 (164.4) (101.2) (162.4) NM (144.2) Core PATAMI 142.0 (19.9) (114.0) 1,062.9 (501.3) (147.2) Revenue Costs EBITDA 4Q13 4Q14 3,048.3 Remarks Despite RPK surging 22.6% on eight aircraft deliveries in FY14, the growth in revenue was a mere 8.8% as a result to yields dropping 11.4% YoY Unit costs decreased 1.7% YoY but, excluding fuel costs, unit costs decreased much more at 2.7%. The higher costs overall were largely due to higher capacity added The yield drop of 11.4% was sharper than the drop of 1.7% in unit costs. This led to EBITDA going into losses. Furthermore, there was an additional EBITDA loss as a result of the Nok Scoot JV Nok Scoot JV contributed approximately THB61.2m in losses in FY14 Below Source: RHB, Company data See important disclosures at the end of this report 2 Nok Airlines (NOK TB) 2 March 2015 Financial Exhibits Profit & Loss (THBm) Dec-12 Dec-13 Dec-14 Dec-15F Total turnover 8,218 11,180 12,160 16,851 Dec-16F 19,672 Cost of sales (7,495) (10,257) (12,953) (16,288) (18,511) Gross profit 722 923 (793) 563 1,161 Operating profit 722 923 (793) 563 1,161 Operating EBITDA 773 974 (723) 631 1,239 Depreciation of fixed assets (38) (35) (42) (45) Amortisation of intangible assets (12) (16) (28) (23) Operating EBIT 722 923 (793) 563 1,161 41 106 101 Interest income Interest expense Exceptional income - net - Pre-tax profit 520 Taxation (15) Minority interests - Profit after tax & minorities 3 1,033 (27) 185 256 (2) - - 30 - - (243) (50) (665) 33 (0) 748 (161) 1,417 (261) - 194 180 75 505 1,066 (472) 767 1,231 Reported net profit 505 1,066 (472) 767 1,231 Recurring net profit 748 1,063 (501) 767 1,231 Dec-12 Dec-13 Dec-15F Dec-16F 722 923 (793) 563 1,161 50 51 70 68 77 Other operating cash flow 121 945 (1,708) 480 334 Operating cash flow 894 1,918 (2,431) 1,111 1,573 Tax paid (39) Cash flow from operations 856 Source: Company data, RHB Cash flow (THBm) Operating profit Depreciation & amortisation Capex (23) 1,895 Dec-14 (11) (2,443) (58) (63) Other investing cash flow (322) (2,478) 2,943 Cash flow from investing activities (380) (2,541) 2,718 3,250 - Proceeds from issue of shares - Other financing cash flow (414) Cash flow from financing activities (414) (670) (225) 458 (136) 975 (220) 1,352 (80) (80) 141 194 61 114 (184) 2,580 458 185 246 2,193 2,927 3,959 Total cash generated 62 1,934 733 852 985 Forex effects (0) - - - 2,927 3,779 4,944 Cash at beginning of period Implied cash at end of period 246 12 2,193 (184) (481) (481) Source: Company data, RHB See important disclosures at the end of this report 3 Nok Airlines (NOK TB) 2 March 2015 Financial Exhibits Balance Sheet (THBm) Dec-12 Dec-13 Dec-14 Dec-15F Dec-16F 1,656 5,333 3,227 4,259 5,319 4 11 17 27 85 Accounts receivable 30 73 86 62 73 Other current assets 408 606 1,854 1,715 1,667 2,098 6,024 5,184 6,063 7,144 5 6 47 6 6 Tangible fixed assets 81 93 254 292 336 Intangible assets 34 54 46 72 75 Total other assets 35 95 1,037 1,219 1,219 Total cash and equivalents Inventories Total current assets Total investments Total non-current assets 155 248 1,385 1,589 1,636 2,252 6,272 6,569 7,652 8,780 Accounts payable 420 413 543 721 818 Other current liabilities 851 1,160 1,445 1,751 2,001 Total assets Total current liabilities 1,271 1,572 1,989 2,471 2,819 Other liabilities 93 156 231 248 279 Total non-current liabilities 93 156 231 248 279 1,364 1,728 2,220 2,719 3,098 Share capital 500 625 625 625 625 Retained earnings reserve 388 876 104 687 1,437 Total liabilities Other reserves - 3,042 3,042 3,042 3,042 Shareholders' equity 888 4,543 3,771 4,354 5,104 Minority interests - 578 578 578 Total equity 888 4,543 4,349 4,933 5,682 2,252 6,272 6,569 7,652 8,780 Dec-12 Dec-13 Dec-14 Dec-15F Dec-16F 36.1 36.0 8.8 38.6 16.7 Operating profit growth (%) 180.9 27.8 (186.0) 0.0 106.2 Net profit growth (%) 152.6 111.2 (144.2) 0.0 60.5 EPS growth (%) 152.6 69.0 (144.2) 0.0 60.5 11.4 309.3 (17.0) 15.5 17.2 Operating margin (%) 8.8 8.3 (6.5) 3.3 5.9 Net profit margin (%) 6.1 9.5 (3.9) 4.6 6.3 23.7 25.0 (7.3) 10.8 15.0 Total liabilities & equity - Source: Company data, RHB Key Ratios (THB) Revenue growth (%) Bv per share growth (%) Return on average assets (%) Return on average equity (%) 59.9 39.3 (11.3) 18.9 26.0 (186.5) (117.4) (74.2) (86.3) (93.6) DPS 1.10 1.03 0.00 0.59 0.95 Recurrent cash flow per share 1.71 3.03 (3.91) 1.56 2.16 Net debt to equity (%) Source: Company data, RHB See important disclosures at the end of this report 4 Nok Airlines (NOK TB) 2 March 2015 SWOT Analysis Thailand is a popular tourism destination Earnings are susceptible to volatility in jet fuel prices Favourable demographics Extensive booking and payment distribution channel Fierce competition in the Thailand aviation landscape Room to increase gearing for aircraft acquisitions Nok-Scoot joint-venture (JV) could lead to start-up losses over its first three years of operations P/E (x) vs EPS growth P/BV (x) vs ROAE 200 2500% 9.0 70% 180 2200% 8.0 60% 160 1900% 7.0 50% 140 1600% 6.0 40% 120 1300% 5.0 30% 100 1000% 4.0 20% 3.0 10% 80 700% -20% P/E (x) (lhs) EPS growth (rhs) Source: Company data, RHB P/B (x) (lhs) Jan-16 0.0 Jan-15 -500% Jan-14 -10% 0 Jan-13 1.0 Jan-12 -200% Jan-16 0% 20 Jan-15 2.0 Jan-14 100% Jan-13 400% 40 Jan-12 60 Return on average equity (rhs) Source: Company data, RHB Company Profile Nok Airlines (Nok) is one of Thailand’s leading low-cost carriers with the most extensive domestic route coverage. It operates out of two hubs, in Chiang Mai and Don Mueang. See important disclosures at the end of this report 5 Nok Airlines (NOK TB) 2 March 2015 Recommendation Chart Sell Trading Buy May-14 16.0 15.2 15.0 18.6 30.8 37.6 19.8 Price Close 30.0 Recommendations & Target Price 28.0 26.0 24.0 22.0 20.0 18.0 16.0 14.0 12.0 Buy Neutral 10.0 Jun-13 Nov-13 Take Profit Not Rated Oct-14 Source: RHB, Bloomberg Date Recommendation Target Price Price 2015-01-16 Buy 16.0 13.5 2014-08-11 Sell 15.2 16.7 2014-05-12 Sell 15.0 16.5 2014-03-03 Neutral 18.6 18.5 2014-01-22 Neutral 19.8 18.3 2013-11-08 Buy 30.8 24.0 2013-06-19 Buy 37.6 0.0 Source: RHB, Bloomberg See important disclosures at the end of this report 6 RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. 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No. 200808705N) 8 Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014 Excellent BAFS BCP BTS CPN EGCO GRAMMY HANA INTUCH IRPC IVL KBANK KKP KTB MINT PSL PTT PTTEP PTTGC SAMART SAMTEL SAT SC SCB SE-ED SIM SPALI TISCO TMB TOP Very Good AAV ACAP ADVANC ANAN AOT ASIMAR ASK ASP BANPU BAY BBL BECL BIGC BKI BLA BMCL BROOK CENTEL CFRESH CIMBT CK CNT CPF CSL DELTA DRT DTAC DTC EASTW EE ERW GBX GC GFPT GUNKUL HEMRAJ HMPRO ICC KCE KSL LANNA LH LHBANK LOXLEY LPN MACO MC MCOT NBC NCH NINE NKI NMG NSI OCC OFM PAP PE PG PHOL PJW PM PPS PR PRANDA PS PT QH RATCH ROBINS RS S&J SAMCO SCC SINGER SIS SITHAI SNC SNP SPI SSF SSI SSSC STA SVI TCAP TF THAI THANI THCOM TIP TIPCO TK TKT TNITY TNL TOG TRC TRUE TSTE TSTH TTA TTW TVO UAC VGI VNT WACOAL Good 2S AF AH AHC AIT AJ AKP AKR AMANAH AMARIN AMATA AP APCO APCS AQUA ARIP AS ASIA AYUD BEAUTY BEC BFIT BH BJC BJCHI BOL BTNC BWG CCET CGD CGS CHOW CI CKP CM CMR CSC CSP CSS DCC DEMCO DNA EA ESSO FE FORTH FPI GENCO GL GLOBAL GLOW GOLD HOTPOT HTC HTECH HYDRO IFS IHL INET IRC IRCP ITD KBS KGI KKC KTC L&E LRH LST MAJOR MAKRO MATCH MBK MBKET MEGA MFC MFEC MJD MODERN MONO MOONG MPG MTI NC NTV NUSA NWR NYT OGC OISHI PACE PATO PB PDI PICO PPM PPP PREB PRG PRIN PTG QLT QTC RCL SABINA SALEE SCBLIF SCCC SCG SEAFCO SEAOIL SFP SIAM SIRI SKR SMG SMK SMPC SMT SOLAR SPC SPCG SPPT SST STANLY STEC STPI SUC SWC SYMC SYNEX SYNTEC TASCO TBSP TEAM TFD TFI THANA THIP THREL TIC TICON TIW TKS TLUXE TMI TMT TNDT TPC TPCORP TRT TRU TSC TTCL TUF TVD TWFP UMI UP UPF UPOIC UT UV UWC VIH WAVE WHA WIN WINNER YUASA ZMICO IOD (IOD Disclaimer) การเปิดเผลผลการสารวจของสมาคมส่งเสริมสถาบันกรรมการบริษัทไทย (IOD) ในเรื่องการกากับดูแลกิจการ (Corporate Governance) นี้เป็นการ ดาเนินการตามนโยบายของสานักงานคณะกรรมการกากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการสารวจของ IOD เป็นการสารวจและประเมินจากข้อมูลของบรษัทจด ทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลักทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผลู้ งทุนทั่วไปสามารถเข้าถึงได้ ดังนั้นผลสารวจ ดังกล่าวจึงเป็นการนาเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน อนึ่ง ผลการสารวจดังกล่าว เป็นผลการสารวจ ณ วันที่ปรากฎในรายงานการกากับดูและกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการสารวจจึงอาจ เปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้ นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการสารวจดังกล่าวแต่อย่างใด