383中國航空油料(新加坡)有限公司戰(zhàn)略

1、中國航空油料 (新加坡)為快速成長的中國航空產(chǎn)業(yè)加油！1演講概要第一局部 我們是誰第二局部 獨(dú)特的業(yè)務(wù)第三局部 高速成長的經(jīng)營記錄第四局部 公司成長戰(zhàn)略第五局部 總結(jié)第六局部 發(fā)行數(shù)據(jù)2我們是誰Section 13我們是誰中國民用航空產(chǎn)業(yè)的獨(dú)家航空用油提供商Who We Are4業(yè)務(wù) 國際貿(mào)易Jet Fuel Procurement浦東&香港 航油提供業(yè)務(wù)風(fēng)險(xiǎn)較低，并能夠提供穩(wěn)定的收益增長國際貿(mào)易建立在航油提供業(yè)務(wù)之上有方案的投資將加強(qiáng)我們的業(yè)務(wù)并為業(yè)務(wù)帶來更多的成長我們是誰5開展歷程1993在新加坡成立了合資企業(yè)1995成為 CAOSC的全資子公司1998扭虧為盈1999擴(kuò)展業(yè)務(wù)市場區(qū)域和產(chǎn)

2、品種類2000實(shí)施風(fēng)險(xiǎn)管理Who We Are6獨(dú)特的業(yè)務(wù)Section 27CAOs Uniqueness Leveraging On the Growing Chinese Aviation Industry 惟一的航油進(jìn)口商Our Unique Business Proposed Acquisition of a Stake in Shanghai Pudong International Airport Aviation Fuel Supply Corporation Ltd. - 中國利潤最豐厚的航油企業(yè)8Leveraging On the Growing Chinese Aviat

3、ion IndustryOur Unique Business GDP 增長將達(dá)到 7% 或更高, 部分年份可能超過 10%- 遠(yuǎn)東經(jīng)濟(jì)概覽外匯儲備將超過2000億美元, 2002年中國居民存款將超過4000億美元- 聯(lián)合早報(bào) 2012年前中國將超越日本和德國成為全球第二大貿(mào)易國家，在2016年前將成為全球最大的貿(mào)易國家- 聯(lián)合早報(bào)2020年前中國將成為與美國一樣的市場經(jīng)濟(jì)實(shí)體- 世界銀行中國經(jīng)濟(jì)增長的宏圖9 Leveraging On the Growing Chinese Aviation Industry Our Unique Business1993年以來中國已經(jīng)成為純原油進(jìn)口國家Pe

4、troleum Demand Outstrips Supply In The Long-Term02,0004,0006,0008,00010,00012,000產(chǎn)量消耗Source: 能源信息署, US (EIA)10Leveraging On the Growing Chinese Aviation IndustryOur Unique BusinessSource: Civil Aviation Administration of ChinaMillion MT不斷增長的航油進(jìn)口 預(yù)計(jì)2000年及以后年復(fù)合增長率達(dá)到16%11Our Unique BusinessShort haul c

5、onsumes more jet fuel per kmIndependent of world trendsNew order for 30 Boeing a/c Oct 2001Expected 500 a/c in the next 5-7years受國內(nèi)航空旅游成長帶動Leveraging On the Growing Chinese Aviation IndustrySource: 1. 波音公司2. 聯(lián)合早報(bào)國內(nèi)航空旅游乘客數(shù)量增長12Leveraging On the Growing Chinese Aviation IndustryOur Unique BusinessSoli

6、d Growth Potential人口 (十億)航油消耗航空機(jī)場飛機(jī)18,4430.28 (十億)美國中國219,64672.9 (Mil MT)9491494.6 (Mil MT)1.25 (十億) Source: Dept. of Transportation of USA, Energy Information Administration of USD and Civil Aviation Administration of China注：所有的數(shù)據(jù)均截至1999年底13Sole Jet Fuel ImporterOur Unique Business CAO is currentl

7、y the only wholly-owned overseas subsidiary of CAOSC CAOSC committed not to set up another company to compete with CAO Chairman and other non-executive Directors of CAO are key executives of CAOSC 母公司的有利支持 (CAOSC)14No Negative ImpactMore Benefits中國參加WTO將積極帶動我們的業(yè)務(wù) Indonesia is a WTO member earlier th

8、an China, its jet fuel supply is controlled by its national oil company - High entry barriers to potential jet fuel suppliers to access to infrastructure- Proven track record as a niche player will be able to withstand foreign competition- 更多的航油消耗 a. 進(jìn)口和出口貨物 b. 商務(wù)旅行 c. 由乘坐火車改為飛機(jī) 提高進(jìn)口配額將增加更多對海外航油的需求S

9、ole Jet Fuel ImporterOur Unique Business15Sole Jet Fuel Importer Our Unique Business The announcement of merger of CAOSC and CASC imply the emphasis placed by government on the economic scale The small volume of current jet fuel consumption is not justified for many players, economic scale is key Je

10、t fuel is a national strategic resource, we believe that government will pay attention to the supply of jet fuel Parents Controlling Position Will Be Likely Maintained Current jet fuel supply infrastructure is complete and systematic, breaking such a system will not create competition, but operation

11、al inefficiency 16Proposed Acquisition of Pudong Aviation Fuel Corporation Our Unique BusinessExclusive right in supplying jet fuel in Pudong International Airport Own the sole jet fuel supplying infrastructure Low maintenance cost and repair expenses Pudong vs Chicago Attractive Business Great Pote

12、ntial17Proven Track RecordSection 318Financial PerformanceProven Track Record406.48.813.5051015202530354045501998199920002001 ForecastS$ MilIncreasing Profit After TaxCAGR 84%19經(jīng)營財(cái)務(wù)業(yè)績Proven Track Record1998199920002001 預(yù)測1,085170.7414.5963.70200400600800100012001400強(qiáng)勁的收入增長速度 (Physical Cargo)新加坡元：百萬復(fù)

13、合增長率 85%20Financial PerformanceProven Track RecordGrowing Procurement and Trading VolumeMillion MT復(fù)合增長率 66%21Financial PerformanceProven Track RecordNo Gearing沒有壞賬不斷增長的現(xiàn)金22成長戰(zhàn)略Section 423Strategies For GrowthGrowth StrategyInvestmentsFuel facilities and end users -complementary to procurement / trad

14、ing businessJet Fuel Procurement Maintain and increase profit margin戰(zhàn)略Geographical ExpansionUSA/EuropeNew market and end users24總結(jié)Section 625SummarySummary 中國 Sole Importer 浦東26袁同舟 國泰君安香港融資有限公司27發(fā)行數(shù)據(jù)Summary發(fā)行規(guī)模: 1.44 億新股- 10 mln public offer shares- 134 mln placement shares 發(fā)行價(jià): 新加坡元0.56 元每股融資額 : 新加

15、坡元8064 萬歷史市盈率 : 18.1預(yù)測市盈率 : 6.2Gross Dividend Yield : 5.0%28Use of ProceedsSummaryNet Proceeds of approximately S$76.6 million:S$57.0 million for future expansion through joint ventures and/or strategic investments in China and Hong Kong;S$15.5 million to acquire companies and/or set up subsidiaries in USA and Europe wi