green river holding · 2015-10-08 · 1.3 company development date event jan 2000 establishment of...
TRANSCRIPT
Green River Holding
Oct 7th 2015
TPEX CODE: 8444
Outline
• Company Data
• Product Introduction
2
• Product Introduction
• Industry Overview
• Operating Performance
Company DataCompany DataCompany DataCompany Data
3
1.1 Company Data
• Establishment…………2011.1.14
• Capital………………… USD 20 million (NTD 666 million )
• Chairman……………… Hsieh, Jung-Hui
• President……………… Huang,Teng-Shih
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• President……………… Huang,Teng-Shih
• Office Registration…… Cayman Islands
• Operating Location…… Thailand
• Main Product………..… Particle Board, Solid wood
1.2 Investment Structure
Green River Holding Co. Ltd
(GRH)
Green River Panels (Thailand) Co., Ltd.
(GP)
Green River Wood & Lumber
Manufacturing (Thailand) Co., Ltd.
99.99% 99.99%
Plain BoardBusiness
Solid woodBusiness
5
(GP) Manufacturing (Thailand) Co., Ltd.
(GRW)
Green River Parawood Co., Ltd.
(GRP)
Thailand Nature Resource Co., Ltd.
(TNR)
48.39%
99.99%
1.3 Company Development
Date Event
Jan 2000 Establishment of GRW (Solid wood)
Jul 2004 Preparation for Plain Board Business; Establishment of GP
Oct 2006 Inauguration of GP plant construction
Sep 2008 Commercial Operation of GP
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Sep 2008 Commercial Operation of GP
Jan 2011 Establishment of Green River Holding Co., Ltd
Aug 2011 GP received Environmental Protection Award by Thai Ministry of Industry
Dec 2011 GRH owns 99.99% shares of GP through share exchange
Feb 2012 GRH owns 99.99% shares of GRW through share exchange
Oct 2012 Awarded as Outstanding Overseas Taiwanese SMEs
Jul 2015 General Stock Board Listing Approved by Securities Review Committee
1.4 Board of DirectorsName Title Education Background Main Experiences
Green Source Investments Ltd
Representative:Hsieh, Jung-Hui
ChairmanDepartment of Civil Engineering,National Cheng Kung University
Owner of Standard Pallet International
Forward Thinking LimitedRepresentative:
Huang, Teng-ShihDirector
MBA, Ramkhamhaeng UniversityDepartment of Water Resources Engineering,
Feng Chia University
Project Manager, Evergreen Construction Corp. Sales Engineer, Pro Leasing and Rental
Park Island Enterprises Limited Representative:
Du, King-LingDirector
MS in Mechanical Engineering,Mississippi State University
President, Kaohsiung Rapid Transit CorporationExecutive Vice General Manager, China Steel CorporationChairman, China Ecotek Corporation
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Chin Tai Holding Inc.Representative:
Li, Mu-Wen
Director
MS in Structural Engineering,The University of ArizonaDepartment of Civil Engineering,National Cheng Kung University
Manager,Continental Engineering Corporation
Wu, Ching-SungIndependent
Director
Ph.D. in Management, UCLAMBA, National Taiwan UniversityDepartment of Management Science, National Chiao Tung University
Professor, College of Management, National Taiwan University
Pai, Pei-LinIndependent
Director
Ph.D. in Electrical Engineering, UC BerkeleyElectrical Engineering,National Taiwan University
Senior Vice President, Winbond Electronics Corporation Vice President, FocalTech Systems LimitedVice President & Spokesman,Nanya Technology Corp.
Lin, Wan-LingIndependent
Director
Department of Accounting, Tunghai University
Special Assistant to President & Spokesman,
Anji Technology Co., Ltd
Remark: All of the above are of Taiwanese nationals
1.5 Management Team
Name Position Education Background Main Experiences
Huang, Teng-Shih
ChiefExecutiveOfficer
MBA, Ramkhamhaeng UniversityDepartment of Water Resources Engineering,
Feng Chia University
Project Manager, Evergreen Construction Corp. Sales Engineer, Pro Leasing and Rental
Li, Mu-Wen
ChiefSales Officer
MS in Mechanical Engineering,Mississippi State University
Manager,Continental Engineering Corporation
Wang, ChiefAudit Manager,
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Wang,Zheng-Feng
ChiefFinancialOfficer
Department of Accounting, Tunghai University
Chialin Precision Industrial Co., LtdChief Financial Officer,Samya Technology Co., Ltd
Wang, Ping-Hsun
AuditManager
Department of Accounting, Aletheia University
Assistant Manager, Deloitte Taiwan
Product IntroductionProduct IntroductionProduct IntroductionProduct Introduction
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2.1 Main Products
Particleboard a.k.a ChipboardApplicable to system furniture, kitchen, flooring, pallets in creating green building and environmental-friendly construction material
10
Green Sustainability Technological Cost Effective Fashionable
2.1 Main Products
Solid wood
With application to various types of furniture, flooring, construction material and other building accessories.
11
Branches40%
Wood-based Panels
Engineered-WoodProduction Plant
2.3 Rubber Wood Utilization
By applying over 90% of a rubber tree, GRH
maximizes rubber wood resource utilization
Logs60%
Sawmill
Slabs30%
Solid wood30%
WoodFuel
12
2.3 Production of Particleboard
Chipping
ChipsBranches & Slabs
13
Pre-Press
ContiPress
Flaking
Forming
ParticleboardBlending
Rubber Tree waste
Eco-friendly Furniture & Wood-Panel Construction
Material
Flakers
2.3 Production of Solid Wood
Sawing
Fresh Rubber Wood Logs
14
Furniture, Flooring and other wooden products
GradingDrying
Solid wood
Impregnation
Rubber Tree waste
Industry OverviewIndustry OverviewIndustry OverviewIndustry Overview
15
3.1 Rubber Latex
• Natural latex is widely used, from daily life to industrial application
• Rubber woods are planted as high value cash crops rather than ordinary forestry. Rubber trees are fell and replanted as latex productivity declines and becomes uneconomical, which usually after 25 years.
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Planting Harvesting
Immature Phase
Felling
Productive Phase Declining Phase
Year 1~8 Year 7~25 Year 25+
3.1 Rubber Wood Resource
The world’s largest natural rubber producing country -- Thailand
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UNIT: 10,000 tons
Source: International Rubber Study Group (IRSG)
World’s 90% of rubber wood plantation is occupied by only 6 countries: Thailand, Indonesia, Malaysia, India, Vietnam and China, the plantation in just these 6 countries occupies up to 90% of worlds rubber wood plantation.
Source: Statista
Thailand Indonesia Vietnam India Malaysia China Others
3.1 Rubber Wood Resource
Region Area (km2)
Northern
Southern Thailand –the main rubber wood plantation region of Thailand
North East17.99%
Northern3.65%
Green River
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Northern 1,055
North East 5,206
Central 3,468
Southern 19,204
TOTAL 28,933
Source: The Thai Rubber Association(2014)
Thailand’s total plantation = 80% of Taiwan’s total area
Central11.98%
Southern66.38%
Southern’s total plantation = 53% of Taiwan’s total area
Rubber Wood Plantation
Particle Board Plant
3.2 Upstream and Downstream
Wood Processing
Wood Engineering
Rubber Wood Trading
Undeveloped
Petrochemical(Resin Plant)
Particle Board Plant
Flooring, furniture (cabinets, shelves, bed frames, desks, tables, partitions etc) doors, amplifying speakers and other building materials
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Value-Added Wooden Panel Processing Plants
Developed
Future Plan
Undeveloped (Resin Plant)
3.3 Global Furniture Trade on Constant Rise
Global furniture trading doubled in 10 years
US$128 billion in 2014, new high in global furniture trading
Global Furniture Trade
122 124128
141149
140
160
20
Source: Centre for Industrial Studies (CSIL)
7784
93
109117
94
106
117122 124
128
0
20
40
60
80
100
120
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F
Reven
ue (
US
Billio
n)
3.3 Characteristics in Comparison
PB MDF Plywood Wood
Eco- Friendliness
Waste Application - -
Particle Board vs. MDF;Plywood;Wood
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Waste Application - -
Investment
TechnologyRequirement
Automaticity
Quality Consistency
Price Lowest Low High Highest
Source:本公司整理
Stable growth in Asia – 10.03% CAGR in 2000~2013
3.3 Particleboard Industry Overview
million m³
5
10
15
20
25
30
35
Source: POYRY(forecast 2012~2020)22
Particleboard Demand in Asia
million m³
Source: FAOSTAT Forestry (2000~2013)
0
5
00 01 02 03 04 05 06 07 08 09 10 11 12 13
2000 2012 2020f
0
10
20
30
40
CAGR 2000~20118.7%
CAGR 2011~20208.6%
3.3 Life Surrounded by Wooden Panels
Kitchen Flooring
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Particle Board
Bathroom
Walk-in ClosetBedroom
Living Room
Playroom
Office
3.3 Invincible Sales Channel
Retail Stores
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Local Chained Stores
Independent StoresDesigner Studios
3.3 Asian Market’s Potential
Engineered Wood Panel Distribution (2013)
PLY39%
MDF42%
PB19%
PLY11%
MDF18%
PB71%
PLY30%
MDF10%
PB60%
Europe Asia North America
25Source: FAOSTAT Forestry
Operating PerformanceOperating PerformanceOperating PerformanceOperating Performance
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4.1 Sales Market (2014)
Thailand0.4%
Thailand10.5%
Taiwan0.1%
Particle Board Solid Wood
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Malaysia57.5%
Korea4.7%
China3.9%
Indonesia33.4%
China89.4%
Source: 本公司
2,015
2,325 2,338
1,079
500
1,000
1,500
2,000
2,500
營業收入
37,938
157,118
261,604
185,099
50,000
100,000
150,000
200,000
250,000
300,000
本期淨利
4.1 Operating Performance
仟元 仟元Revenue Net ProfitNTD 1,000NTD 1,000
28
2012 2013 2014 2015H1
0
16
21
26
30
1
12
17
11
2012 2013 2014 2015H1
-
5
10
15
20
25
30
35
毛利率 ROE
2012 2013 2014 2015H1
-
0.65
2.60
3.93
2.78
0.45 0.32
2.00
-
2012 2013 2014 2015H1
-
1.00
2.00
3.00
4.00
每股盈餘 現金股利% 元
Gross Margin
EPS Cash DividendsNTD
4.1 Financial Report
Statements of Comprehensive Income Expressed in thousands of NTD
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Statements of Balance Sheet Expressed in thousands of NTD
Financial Ratios
4.1 Financial Ratios
30
EN and CARB standards Qualified
EN and CARB standards Qualified
Utilization of rubber tree up to over 95%
Utilization of rubber tree up to over 95%
4.2 Business Concept
Green
Maximizing utilization of rubber wood by-product
Making good use of natural resource
Eco-Friendly Wooden Panel R&D Oriented
Single species in material to ensure quality consistency.
Zero material from protect forestry
Single species in material to ensure quality consistency.
Zero material from protect forestry
QualifiedQualified
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Green
River
Eco-Friendly Wooden Panel R&D Oriented
Balancing environmental protection and cost saving
Decreasing forestry -demolishment
Creating harmonious resource utilization
• Rich in rubber wood, raw material supply chain assurance Abundance
Material
•Connections well established, network thoroughly builtSupply
Network
4.3 Company Strength
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• Consistency in quality, winning trust from customersQuality
•Latest technology meets management yields high production performanceProductivity
• Heart of ASEAN, complete infrastructureLocation
Pang-Nga Parawood
S. Kitchai
Sahachai Particleboard
2014 throughput of over 300,000 m3
Expecting to double after expansion, reaching 600,000 m3 。
Local Particleboard Plants
4.3 Company Strength
0 200000 400000 600000 800000 1000000 1200000
Vanachai
Metro
Panel Plus
Green River Panels
Rayong Particleboard
Green Panel
SPB
Siam Riso Wood
Capacity - m3/year
2nd Line
33 Source: Panel Products Industry Club, Thailand 2014)
4.4 Prospect
• Particle board line II, increasing output
• Continuous R&D in search for environmental
protection and quality assurance
• Downstream development, creating higher value
Short-
Run
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• Expanding sales market: Northeast Asia and Middle East
• Vertical integration, full utilization of rubber wood resource
• Continuous development towards value-added product
• Expansion through merging, enhancing
competitiveness
Long-
Run
4.4 Constant Development
2016~2107
20152015
2008 MFC
GP2MFC 2 & 3
Resin
35
Labor-Intensive
Capital-Intensive
Value added
2001
2008
GRW
MFCIPO
GP
Strengthen Finance
Vision
• Local green resource• European advanced technology
and method
36
and method• Taiwanese outstanding management• Investor’s high reward• Leader of Asia’s particle board
Quality wood products from sustainable plantation forests37