Disclosing the list of the 16 bonds due in 2024 is a huge risk.

The research department at Asia Plus Securities has compiled information on the bonds that will mature each year from 2024 onwards, for the stocks studied by the research department, with the following details:

Travel set

• CENTEL (rating A-/Tris): Debt debt due during 2024, about 600 million baht, while the debt-to-debt ratio at the end of 3Q23 was 0.7 times, so the financial risk is low ERW: No debt instruments were used . The risks arising from concerns regarding debt instruments are the lowest in the group.

• MINT (Rating A/Tris): Debt debt due through 2024, approximately 11 billion baht, in terms of net gearing at the end of 3Q23 at 1 time, less debt covenants at 1.75 times and the company's internal management framework at 1.3 times . While available cash at the end of Q3 2023 was 20 billion baht, it was therefore assessed as under management. In the hotel group in light of the weak Chinese economy and this has a continuing impact on the Thai tourism sector, making MINT, whose hotel structure is located in the European Union, receives about 50% of its revenues, and is less dependent on China. Underestimating the pressures resulting from the gradual recovery of the Chinese economy

Registered pawn group

They are considered a group that uses high financial leverage to lend money. However, the Group's debt-to-earnings ratio remains within the parameters of the debt charter or internal capital structure management framework of each company which is controlled not to exceed 4 times.

• MTC (rating BBB+/Tris): Debt instruments due in 2024, approximately 25 billion baht, with debt-to-debt ratio at end-3Q23 at 3.7 times, still within management's framework.

• Sawad (rating BBB+/TRIS): Debt instruments due in 2024, approximately 9.8 billion baht, with a debt-to-debt ratio at the end of the third quarter of 2023 of 2.7 times, within the management framework.

• TIDLOR (rating A/Tris): Debt instruments due in 2024, approximately 8.3 billion baht, with the D/E ratio at the end of Q323 at 2.4 times, within the management framework.

Industrial Real Estate Group

There is low risk due to the industrial zone company classification. In good condition – the company has the ability to generate ongoing profits. In addition, the financial position is strong, as reflected by a net gearing ratio of 0.6 – 0.9 times, in addition to the company's industrial bonds no more than 5 years old.

Building materials group

Little risk although there are bonds due this year amounting to 76 billion baht, because companies in the group have strong financial positions. They have good business fundamentals and each company has a high credit rating. SCC(A), SCCC(A) and TPIPL(A-)

Media group

Low Risk There are no bonds due this year. The companies in the analysis research group have a relatively good financial position.

Packaging set

Low risk The companies in the group analyzed by the research department, SCGP, are in good financial health. It has strong fundamentals

Transport group

Low risk The companies issuing the bonds operate in the mass transit industry such as BTS and BEM and have high credit ratings. It has a regular cash flow and the bond has a long duration. Its distribution is due every year and is not concentrated in any particular year.

Medical group

There is not much concern because there is only one BDMS issuing bonds. 1.5 billion baht is due in 2024 out of a total value of 6 billion baht, which has sufficient operating cash flow to service debt, and interest coverage at 9M23 is more than 40.3 times.

Energy group

In general, the risk is low. Although there are bonds due this year amounting to 60 billion baht, because companies in the group have strong financial positions. They have good business fundamentals Almost every company has a high credit rating, PTT (AAA), PTTEP (AAA). Only BANPU has relatively high total debt, totaling more than 83 billion baht, but still has a good credit rating. A+ may be required. Accurate tracking

Power generation group

In general, the risk is low. Although there are 41 billion baht worth of bonds due this year, the companies in the group have strong financial positions. They have good business fundamentals including the nature of the business, they will be borrowing at a high D/E ratio of around 3:1 for each power plant project. As a result, the value of debt is very high. Credit ratings range from AA+ to BBB.

Agriculture and Food Cluster (CPF and TU)

Low risk because both companies have a high credit rating of A+, and the bonds are long-term. They are distributed to maturity every year, and this year they reached 28 billion baht (representing 12% of all bonds).

Petrochemical group

There is a moderate risk. The company that needs special monitoring is IVL (AA-) because its total debt is very high at 84 billion baht, while its business still suffers from fluctuations in profits because it depends on commodity prices, which vary depending on the economy. You have to be careful

Real Estate Group (residential development and leasing)

There is a moderate risk. Although there are 106 billion baht of bonds due this year (35% of the total bonds), most of them belong to large entrepreneurs such as LH, CPN, FPT, SIRI, SPALI, PSH and AP with stable businesses. Finances are very good. For loss-making companies with a higher debt-to-equity ratio than groups like ANAN, there are 7 billion baht worth of bonds this year, rolled back to January. Then 3.8 billion baht, and the remaining 3.2 billion baht will be due in July 2024. As for the financial fund, the total amount this year will be 6.7 billion baht, in preparation for the return of the bonds in the first quarter of 2024, with a total of 2.68 billion baht, which has already been completed. As for the remaining bonds, we must continue to monitor.

ICT group

The research division is studying and issuing the bonds, namely ADVANC, TRUE and JMART, with a total outstanding value of about 220 billion baht, of which 180 billion baht is mostly owned by TRUE, of which about 360 billion baht will mature in 2024. But the company still has an operating cash flow of About 70 billion baht a year, plus a loan line from financial institutions of about 50 billion baht. In addition, the company's A+ rating would allow it to borrow more to be able to repay. Bonds due.

Commercial group

The research division studies and issues the bonds, namely BJC, CRC, CPALL, CPAXT, HMPRO and DOHOME, with a total outstanding bond value of 350 billion baht. The company with the highest bond value is CPALL at 220 billion baht (not including Perpetual's 10 billion baht bond), followed by BJC at 8.9 million baht. In 2024, there are CPALL, BJC and HMPRO bonds maturing worth 29 billion baht, 23 billion baht and 4 billion baht, respectively. We believe that every company will have a problem. The financial position remains strong and the company's ratings of A+ (CPALL), A (BJC) and A- (HMPRO) will support the ability to take on additional debt.

Construction set

There is a relatively high risk. Companies that need special monitoring are NWR and ITD because they have a lot of bonds due this year while their core businesses are still making losses. It has a very high debt-to-equity ratio, while UNIQ and SQ have BBB- credit ratings and have a low profit base. You should be careful as well.

Linguistic proofreading…Suri Silawang