Page 107 - ANNUAL REPORT DESIGN

“The Company paid total dividends of THB 7.1bn* in 2014/15, in line with the 3-year committed dividend policy. As of 22 May 2015, BTS dividend yield for last-twelve-months was at 6.38%* compared to the SET50 dividend yield of 3.05%**. ”
HISTORICAL SHARE PRICE ANALYSIS
In 2014/15, BTS share price rose 8.9% from THB 8.40 per share to THB 9.15 per share. This increase was more or less in line with the SET Index, which rose 9.4% YoY, but an underperformance compared to the SET Transportation Index, which rose by more than 20%. Aside from events which impacted the share price as detailed below, the Company also saw a small increase in the number of issued and fully paid up shares (see New Equity Issuance). As of 31 March 2015, the Company’s market capitalisation was THB 109.1bn (USD 3.2bn), representing a 9.0% increase YoY.
After a slow start to the year due to institutional shareholders reducing their holdings, BTS share price outperformed the SET Index, increasing quickly from its year-low trough of THB 8.05 per share on 23 May 2014 to THB 8.70 on 4 June 2014 on anticipation of payment of the first interim dividend. BTS subsequently underperformed the SET Index from mid-June through until end July but this was once again corrected through a surge in BTS stock price, which rose by 14% to THB 9.75 per share by 15 August 2014 as the Company announced a share repurchase programme on 8 August 2014.
BTS share price continued to outperform the Index through until 13 November 2014 when it reached its year-high price of THB 10.50 per share.This outperformance was attributable to the positive news flow on the government’s ambitions in relation to infrastructure development, the ongoing share buyback by the Company as well as new strategic partnerships the Company had announced in relation to its real estate business.
* E quivalent to a total dividend of THB 0.60 per share. Subject to shareholders’ approval of the final dividend of THB 0.30 per share. Dividend yield based on share price as of one day prior to Board of Directors’ approval of relevant dividend payment.
** Sum of the gross DPS that have gone ex-dividend over the past 12 months, divided by stock price as of 22 May 2015.
From December 2014 until mid-January 2015, BTS share price moved in line with the market, reaching a quarterly high of THB 10.40 per share on 13 January 2015, once again supported by an interim dividend announcement on 12 January 2015. Thereafter followed a period of underperformance through 2 February 2015 as retail shareholders rotated out of BTS and generally reduced weighting in the market. For the remaining 2 months of the fiscal year, BTS share price moved in line with the Index, following the same general downward trend, closing the fiscal year at THB 9.15 per share. Key economic events which led to the decline in the SET Index were weak exports, slow recovery in domestic demand and lackluster economic activities.
4.1 CAPITAL MARKETS REVIEW
BTS Annual Stock Performance
BTS Daily Traded Value (RHS)
SETTRANS Index
BTS Share Price
SET Index
THB 13.00
12.00 11.00 10.00
9.00 8.00 7.00
THB mn 3,000
2,500 2,000 1,500 1,000 500
6.00 1 16 24 4 12 21 28 13 19 31 Apr May Jun Aug Sep Oct Nov Jan Feb Mar 14 14 14 14 14 14 14 15 15 15
Source: www.setsmart.com
Note: SET Index and SETTRANS Index have been rebased in order to compare
performance with BTS share price.
BTS-W3 Warrant Price
Turnover (THB mn) (RHS)
BTS-W3 Warrant Price
THB
2 1.8 1.6 1.4 1.2 1 0.8 0.6
THB mn 900
800 700 600 500 400 300 200 100
0.431 30 30 29 29 28 27 27 26 26 25 24 260 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 14 14 14 14 14 14 14 14 14 14 15 15 15
Source: www.settrade.com
Cumulative Investor Flow
Foreign Investors Proprietary Trading
Local Institutions SET Index (RHS)
Local Investors
THB mn 100,000
50,000 0 -50,000 -100,000 -150,000
1 4 6 9 11 13 16 18 21 23 25 30 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 14 14 14 14 14 14 14 14 14 15 15 15
Points 1,600
1,400 1,200 1,000 800 600 400 200 0
Source: www.settrade.com
BTS Group Holdings PCL
060
Annual Report 2015/16