News Detail

Date/Time
21 Aug 2018 18:17:00
Headline
Clarification of news or information requested by SET Bor Jor 327/2561
Symbol
AQ
Source
AQ
Full Detailed News
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                SET requests to clarify news or information


Subject                                  : Clarification of news or information 
requested by SET Bor Jor 327/2018
Description (Update)                     :

Attachment 1
Table 1    Short-term investment report sort by maturity                        
     AQ ESTATE PUBLIC COMPANY LIMITED AND SUBSIDIARIES
    
No.    Issuers Name    BE    Issued No.    Issue Date     Maturity Date      Yield      Amount (Baht)
1    Planet Energy Holding Pte.,Ltd(PEH)    PLN    PLN004/2018    16 February 2018    16 August
 2018    5.00                       406,200,000.00
          PLN    PLN006/2018    28 February 2018    24 August 2018    5.00                       
246,400,000.00
          PLN    PLN007/2018    28 February 2018    24 August 2018    5.00                         
57,600,000.00
          PLN    PLN009/2018    5 March 2018    24 August 2018    5.00                         
82,900,000.00
          PLN    PLN008/2018    2 March 2018    27 August 2018    5.00                         
93,500,000.00
                         Total                           886,600,000.00
          PLN    PLN010/2018    20 March 2018    18 September 2018    6.50                         
73,174,957.62
          PLN    PLN011/2018    21 March 2018    18 September 2018    6.50                         
67,793,523.00
                                                     140,968,480.62
          PLN    PLN013/2018    30 April 2018    29 October 2018    6.50                        
31,478,331.82
          PLN    PLN014/2018    29 May 2018    26 November 2018    6.50                        
77,082,949.84
          PLN    PLN015/2018    28 December 2018    28 December 2018    6.50                         
10,184,414.96
2    Krungthai Land Development Company Limited(KLC)         Loan agreement    30 June 
2018    28 December 2018    6.00                       514,600,000.00
3    Thai Filatex Public Company Limited(TFX)         Loan agreement    30 June 2018    28 
December 2018    5.50                       204,400,000.00
                                                      729,184,414.96
4    Bualuang Fixed Income Fund                        1.00                       125,981,455.97
5    Bangkok Bank Deposit                        0.50                       175,099,004.11
6    Advance Finance Public Company Limited         Certificate of Deposit    27 March 
2018    27 September 2018    1.25                         20,000,000.00
                                                     321,080,460.08
                                                   2,186,394,637.32
(1) Call to repay the Loan plus interest and 30 days advance notice.
(2) Sell one day in advance and get cash in the next day.
(3) Withdraw one day in advance and get cash in the next day

The Company has inventories that can be converted into cash for working 
capital.                Unit:million Baht
                        
No.    Projec    Location    Unit    Sale Value
1    Project Krisada grand Park    Rungsit            13    95
2    Project AQ SHADI    Rungsit            53    239
3    Project AQ VIRA    Suansiam            55    135
4    Project SHADI BY PASS    Chonburi Bypass        52    176
5    Project  AQ WELLE    Praram 9 near show DC        16    608
6    Project AQ ARBOR    Soi Chalermprakiat 48        15    149
7    Project  AQ GARDEN    Condo Pharam 9 near Show DC         64    234
                        1,636
Houses and condos are ready for sale.                    
No. 6, the bank has to repay 29.40 million baht.                    
?

Attachment 1
Table 2     Short-term investment report sort by Issuer                        
                            
     AQ ESTATE PUBLIC COMPANY LIMITED AND SUBSIDIARIES
    
No.    Issuers Name    BE    Issued No.    Issue Date     Maturity Date      Yield      Amount (Baht)
1    Planet Energy Holding Pte.,Ltd(PEH)    PLN    PLN004/2018    16 February 2018    16 August
 2018    5.00               406,200,000.00
          PLN    PLN006/2018    28 February 2018    24 August 2018    5.00               
246,400,000.00
          PLN    PLN007/2018    28 February 2018    24 August 2018    5.00                 
57,600,000.00
          PLN    PLN009/2018    5 March 2018    24 August 2018    5.00                 82,900,000.00
          PLN    PLN008/2018    2 March 2018    27 August 2018    5.00                 93,500,000.00
                                              886,600,000.00
          PLN    PLN010/2018    20 March 2018    18 September 2018    6.50                 
73,174,957.62
          PLN    PLN011/2018    21 March 2018    18 September 2018    6.50                 
67,793,523.00
                                              140,968,480.62
          PLN    PLN013/2018    30 April 2018    29 October 2018    6.50                 
31,478,331.82
          PLN    PLN014/2018    29 May 2018    26 November 2018    6.50                 77,082,949.84
          PLN    PLN015/2018    18 July 2018    28 December 2018    6.50                 
10,184,414.96
                         Total                1,146,314,177.24
2    Krungthai Land Development Company Limited(KLC)         Loan agreement    30 June 
2018    28 December 2018    6.00               514,600,000.00
3    Thai Filatex Public Company Limited(TFX)         Loan agreement    30 June 2018    28 
December 2018    5.50               204,400,000.00
4    Bualuang Fixed Income Fund                        1.00               125,981,455.97
5    Bangkok Bank Deposit                        0.50               175,099,004.11
6    Advance Finance Public Company Limited         Certificate of Deposit    27 March 
2018    27 September 2018    1.25                 20,000,000.00
                    Total                     2,186,394,637.32

(1) Call to repay the Loan plus interest and 30 days advance notice.
(2) Sell one day in advance and get cash in the next day.
(3) Withdraw one day in advance and get cash in the next day

?
The Company has inventories that can be converted into cash for working 
capital.                Unit:million Baht
                        
No.    Projec    Location    Unit    Sale Value
1    Project Krisada grand Park    Rungsit            13    95
2    Project AQ SHADI    Rungsit            53    239
3    Project AQ VIRA    Suansiam            55    135
4    Project SHADI BY PASS    Chonburi Bypass        52    176
5    Project  AQ WELLE    Praram 9 near show DC        16    608
6    Project AQ ARBOR    Soi Chalermprakiat 48        15    149
7    Project  AQ GARDEN    Condo Pharam 9 near Show DC         64    234
                        1,636
Houses and condos are ready for sale.                    
No. 6, the bank has to repay 29.40 million baht.                    

Analysis Report - Short term debt of Planet Energy Holding Pte co.,Ltd. (PEH)   
                           23 April 2018
Management of the Company                                                       
                                    Attachment (2)
At present, PEH and its controlling persons and the ultimate shareholders, has 
the investment in equities of the listed company, the investment in Green Earth
Power (Thailand) Co., Ltd. ("GEP") and several investments in other assets which
 can be summarized as follows:
PEH has the investment in the common shares of Vintage Engineering Plc. ("VTE") 
(Currently renamed to Meta Corporation Plc.). The analysis based on the volume
weighted average price (VWAP) of the previous one year and the shareholding
percentage of PEH as of 5 February 2018 at 8.78% of total paid-up share capital
of VTE, the value of shares of VTE held by the controlling person and the
ultimate shareholders of PEH of 8.78% of the total paid-up share capital is
185.02 million Baht.
PEH and its controlling person and the ultimate shareholders of PEH has the 
investment in GEP when considered from the value of common shares of GEP based
on the valuation by the independent financial advisor of the listed company who
acquired GEP's common shares(2) using the net present value of cash flow and
calculating with the shareholding percentage of the controlling person and the
ultimate shareholders of PEH at 68.00% (PEH held 48% and Noble Planet Pte. Ltd.
held 20%) of total paid-up shares, the value of shares is 1,432.59 million Baht.
PEH and its controlling person and the ultimate shareholders of PEH also have 
investments in liquid assets of approximately 300 million Baht.
Therefore, the value of assets of the controlling person and the ultimate 
shareholders of PEH is in total of 1,617.61 million Baht. It is concluded that
the value of assets of the controlling person and the ultimate shareholders of
PEH is greater than and sufficient for the payment of the promissory notes or
bill of exchange (BE) issued by PEH in the amount of 1,068.50 million Baht ( )
The value of assets of the controlling person and the ultimate shareholders of
PEH is approximately 1.51 times of the bills of exchange or 1.80 times
(calculated from the total assets of 1,617.61 million Baht plus cash from sale
of common shares of GEP to ECF-Power in the amount of 310.05 million Baht and
divided by bills of exchange of 1,068.50 million Baht) of the amount of bills of
 exchange if including cash from sale of GEP's common shares as mentioned.
The Board of Directors considered that PEH holds several assets with good 
potential such as partial investment in GEP and investment in META Corporation
Plc. . Therefore, PEH has the potential to seek for source of fund and
sufficient to repay its debt. In addition, in case that PEH cannot repay its
debt, in order to avoid the effect to the reputation of its shareholders with
reputable name in the business community and with the investment held such as
cross default or the creditability with trading partners, the Board of Directors
considered and had an opinion that the major shareholders of PEH must certainly
 seek for sources of fund for PEH to pay for its debt.


-    Financial Status and performance of Planet and GEP
Financial Status of Planet Energy Holdings Pte. Ltd. ("PEH")
(Unit : THB)
    2016 /
Total assets    3,742,598,459.68
Total liabilities    89,209,298.94
Total equity    3,653,389,160.74
    Note: The financial statement of 2017 is under process.
Financial Status of Green Earth Power (Thailand) Co., Ltd. ("GEP")
(Unit : THB)
    2015    2016    2017    Q1/2018
Total assets    366,421,841     534,563,641     517,788,876     1,423,964,661
Total liabilities    55,448,771     302,179,728     259,173,149     1,157,915,276
Total equity    310,973,070     232,383,913     258,615,727     266,049,385
Total revenue    47,135    223,258,085    100,402,647    924,244,810
Total costs     --    (221,653,775)    (36,216,011)    (924,240,863)
Net income (loss)    (30,411,620)    (80,371,454)    (4,202,389)    (16,853,435)

Note: From 2015 to Q1/2018, GEP Thailand has not operated to generate revenue. 
The revenue according to the concession as shown was from the revenue and cost
recognition as percentage of completion of construction according to the
accounting standard.
Note: PEH and GEP has been developing the project and the project has not 
started the commercial operation date (COD).
-    Progress of Business Operation
GEP is operated as the holding company and has an objective to invest in the 
company who produce and sale of electricity from renewable energy. At present,
GEP Thailand invests only in the shares of GEP (Myanmar) Company Limited ("GEP
Myanmar"). GEP Thailand holds 100% of paid-up shares in GEP Myanmar who has the
concession for Build-Operate-Transfer (BOT) for development and signed the Power
Purchase Agreement" ("PPA") with Electric Power Generation Enterprise ("EPGE"),
the solar power plant located at Minbu operated for the period of 30 years
starting from the commercial operation date of the first phase. The power supply
of 170 MW (AC) is divided into 4 phases. The For Phase 1, Phase 2 and Phase 3,
each phase will provide the power supply of 40 MW (AC) whereas Phase 4 will
provide the power supply of 50 MW (AC)

At present, Phase 1 has started for the construction and the construction 
progress is approximately 55%. It is expected that Phase 1 will be complete for
the commercial operation date within 15 January 2019 and GEP Myanmar will
receive cash flow from sale of electricity immediately.









Analysis Report - Short term debt of Thai Filatex Public Company Limited (TFX)  
                    15 June 2018
Management of the Company                                                       
                                    Attachment (2)
Thai Filatex Public Co., Ltd. produces and sells the latex thread, circle cross 
section and original coated with Talcum by extrusion method. It also has an
investment in securities. The total production capacity is 10,000 metric ton per
annum. The company is the first and only producer in Thailand that has used the
equipment and technology from Italy. In addition, it received the industrial
standard including ISO 9001: 2000 and at present, it is upgraded to ISO 9001:
2008. From the recognition of customer satisfaction, the brand name "Filatex" is
 highly recognized in the latex thread industry in both Asia and Europe.
From the analysis of the past performance, TFX has the ability to generate 
revenue and control the selling and administrative expenses at the stable level
in the past 3 years from 2015-2017. Nevertheless, the performance of TFX in 2017
is deteriorated caused by the continuing increase in price of latex, the main
raw material. The company is unable to increase the price of products to match
with the increased cost of raw material due to the high competition in the latex
and rubber thread market. Therefore, the net profit of the company has
decreased and incurred the net loss. However, the company still has the positive
 cash flow from operation.
From 2018 onward, the management of TFX considers that TFX will maintain the 
revenue from sale equal to that of last year and is able to increase the gross
profit from sale at approximately 15% of revenue from sale because the latex
price tends to decrease. In addition, TFX is able to manage to control the
selling and administrative expenses and other expenses to be approximately the
same amount as that of last year. From the analysis and forecast of TFX above by
the management of the Company, TFX will have a stable cash flow of 70.23
million Baht per year, the enterprise value of 552.54 million Baht and value of
the shareholders' equity of 433.37 million Baht, respectively.
In consideration with the cash flow of TFX, it shows that TFX has the ability to
raise capital or to borrow in order to repay the BE in the amount of 204.40
million Baht( ) .  In addition, the shareholders of TFX is able to sell partial
of shares of TFX at the value of not less than 433.37 million Baht (holding
percentage of 100%) to repay the BE.



Financial Status of Thai Filatex Public Company Limited (TFX)
(Unit: THB million)

    2014    2015    2016    2017     2018 Forecast
Total assets    372.22    376.46    387.73    556.36    
Total liabilities    328,32    291.29    274.68    473.92    
Total equity    43.90    85.17    113.05    82.44    
Total revenue    895.58    878.21    803.11    971.62    971.62
Net profit (loss)     81.10    41.27    27.87    (30.60)    37.29
EBITDA after adjustments    99.96    55.93    41.56    41.56    108.82















Analysis Report - Short term debt of Krungthai Land Development Company Limited 
(KLC)          15 June 2018
Management of the Company                                                       
                                    Attachment (2)
Currently, KLC has the total assets of 1,265.59 million Baht. Should the assets 
are adjusted and based on the appraisal report of assets prepared by Siam City
Appraisal Co., Ltd. dated 2 November 2017 to appraise for land and building of
"The Portrait Rama IV" condominium developed by KLC, the adjusted book value is
1,434.84 million Baht. After deduction of total liabilities of KLC the value of
KLC is 387.11 million Baht.

KLC is developing the project, "The Portrait", located on Rama IV road (Soi 
Sukhumvit 38) with the value upon completion of approximately 2,500 million
Baht. The project is mortgaged with the financial institution for the loan
amount of 834 million (outstanding loan drawdown of 328 million Baht). At
present, the project development is slow and on process of amendment of building
plan. The management believes that the amendment of building plan will be
approved and the projects is located on the prime location and has potential for
sale. It is expected that the project will launch the sale within fourth
quarter of 2018 and the construction completion in late 2020. It believes that
it can repay debt to AQ according to the payment schedule or when AQ calls for
early payment.

Financial Status of Krungthai Land Development Company Limited (KLC)
(Unit : THB million)
    2014    2015    2016    2017
Total assets    182.92    559.73    770.61    1,265.59
Total liabilities    122.79    497.18    521.97    1,047.74
Total equity    60.12    62.55    248.64    217.85
Total revenue    0.38    4.87    246.26    14.90
Net profit (loss)     (11.29)    2.43    186.09    (30.79)



In addition, the group of shareholders of KLC of 4 persons is the well-known 
businessmen and is holding the majority stake other 3 companies ( )as following:
1.    Tripple P Asset Co., Ltd.
2.    Chaopraya Insurance Plc.
3.    Reuzit (Thailand) Co., Ltd.
Considered the shareholding structure of the mentioned 4 companies, the group of
shareholders of KLC holds the assets in other companies in the amount of
1,802.91 million Baht and the total paid-up capital of 600.27 million Baht.
Therefore, there is the appraised value of KLC of 387.11 million Baht and the 
asset value in other 3 companies of 1,802.91 million Baht held by the group of
shareholders of KLC. In addition, the group of shareholders is a well-known
businessmen and should the Company calls for repayment from the investor of BE,
the Company considered that KLC or its group of shareholders has sufficient
ability to repay the bill of exchange (BE) in the amount of 514.60 million
Baht.( )?    










    








































    












































    





































               
































    












































    





































               


                         Signature ___________________________
                                    ( Mr. Suthad Chankingthong    Miss Ranchana 
Rajatanavin )
                                    Director  Director
                         Authorized to sign on behalf of the company

______________________________________________________________________
This announcement was prepared and disseminated by listed company or issuer 
through the electronic system which is provided for the purpose of dissemination
of the information and related documents of listed company or issuer to the
Stock Exchange of Thailand only.  The Stock Exchange of Thailand has   no
responsibility for the correctness and completeness of any statements, figures,
reports or opinions contained in this announcement, and has no liability for any
losses and damages in any cases.  In case you have any inquiries or
clarification regarding this announcement, please directly contact listed
company or issuer who made this announcement.