RH — Investor Presentation 2018

Oct 22, 2018

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TW.4807

Company Profile

www.regaljewelrygroup.com

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泰國生產基地

◊面積 6 萬 5896 平方公尺 ◊ 3700 名員工

◊三棟 珠寶金工 廠房 ◊及一幢 珠寶電鍍 廠中廠

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www.regaljewelrygroup.com

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公司概況

股票代號 : 4807

公司 2014.10.16 設立 林志謙 PHACHARAPON 董事長 PHAIBOONSUNTORN

•發行股數 38,160,000 股 • 新台幣381,600仟元 資本額 主要營 泰國 運地

員工人數 約3,700人

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09

www.regaljewelrygroup.com

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產業地位

上游

• 金屬開採與 生產

• 原石開採與 生產

中游－１

• 寶石切割與拋 光

• 寶石批發

• • 珠寶設計與品 牌營銷商

• • 加工設備與物 料供應

中游－２

• 珠寶金工製造

• 珠寶電鍍加工

• 珠寶配件加工

下游

• 珠寶品牌店

• 百貨公司

• 折扣商場

• 無實體商店 （型錄商及 B2C 電 商）

• 社群團購

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www.regaljewelrygroup.com

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Customer & Jewelry Matrix

國際珠寶品 區域國家珠 貿易商 / 百貨 B2C 電商 牌商 寶品牌商 零售商

OEM/ODM ODM/ODM ODM /Costume ODM/Costume /Affordable luxury /Affordable luxury Jewelry Jewelry jewelry jewelry

本地珠寶零 售商

OBM/ 代理品牌 /Costume Jewelry and Affordable fine jewelry

www.regaljewelrygroup.com

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Jewelry Market Segment

• Imitation Jewelry • Costume jewelry

• • Fake jewelry

• • Fallalery jewelry

• Fine Jewelry • High-end jewelry

• • Luxury jewelry

• • Affordable luxury jewelry

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www.regaljewelrygroup.com

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Regal ‘s Target Market

Affordable luxury jewelry • semi-precious stone with precious metal and gold plated • HS code 711311+711390

12%

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88%

Costume Jewelry • semi-precious stone with Base metal gold plated )

Affordable

• Luxury • HS code 711719

• • 12% of RH’s revenue

• 88% of RH’s revenue

Costume

www.regaljewelrygroup.com

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Jewelry Export - Thailand

泰國是亞洲三大珠寶首飾出口國 ＨＳ＃７１１３（香港轉除外） 2017 全球珠寶主要出口國（１０億美元）

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15. Japan 1.7
14. Germany 2
13. Singapore 2.2
12. Indonesia 2.6
11. Thailand 3.7
10. Turkey 4.1
9. United Arab Emirates 4.3
8. United Kingdom 4.7
7. France 5
6. Hong Kong 6.2
5. Italy 7
4. India 9.8
3. United States 10.3
2. China 11.1
1. Switzerland 11.2
0 2 4 6 8 10 12
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www.regaljewelrygroup.com

Jewelry Export Growth…Thailand (USD Billion)

泰國２０１８年的珠寶（７１１３）出口持平 但 COSTUME （７１１７）成長２６％

- 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00	3.62 3.57 3.67 3.74 0.38 0.41 0.34 0.43 2015 2016 2017 2018 F	7113 7117 多項式(7113) 多項式(7117)

www.regaljewelrygroup.com

2018 泰國 HS 7113 主要出口

2018 泰國 HS 7113 主要出口地

ITALY JAPAN SWITZERLAND UNITED KINGDOM AUSTRALIA UNITED ARAB EMIRATES CHINA HONG KONG GERMANY UNITED STATES 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

www.regaljewelrygroup.com

2018 泰國 HS 7117 主要出口地

2018 泰國 HS 7117 主要出口地

JAPAN

SWITZERLAND SPAIN

UNITED KINGDOM HONG KONG GERMANY FRANCE UNITED STATES SINGAPORE LIECHTENSTEIN 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%

www.regaljewelrygroup.com

Thailand Jewelry Export Growth ..... Flat Regal’ piece in Sterling Jewelry Export …..Bigger

Regal 珠寶產品９９％都是直接出口或間接出口 , Regal ２０１７年銀飾與鍍金珠寶產值占泰國該品項出口 3.4%, 2018 年前 8 月躍升至 7.1% (why? 主要來自Ｐ家鍍金件大幅增量 ….. ） 2017 Bn Baht 2018 前 8 月 Bn Baht

2017 Bn Baht

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70.00 45
60.90
40
60.00
35 38.33
50.00
30
40.00
25
30.00 20
15
20.00
10
10.00
5
2.10
2.73
- 0
泰國銀 + 鍍金珠寶出口 Regal 產值 泰國銀 + 鍍金珠寶出口 Regal 產值
www.regaljewelrygroup.com
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Thailand Jewelry Export Growth…Flat Reagal’ piece in Costume Export …..Bigger

Regal costume 珠寶產品９９％都是直接出口 Regal ２０１７年 costume 珠寶產值占泰國該品項出口 2.5%, 2018 年前 8 月躍升至 4.2%

2017 Bn Baht

2018 前 8 月 Bn Baht

Regal 產值 0.29 泰國 Costume 珠寶出口 www.regaljewelrygroup.com

Regal 產值 0.37 11.55 泰國 Costume 珠寶出口 8.93

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珠寶加工營收 breakdown
1,200,000,000
1,000,000,000
800,000,000
珠寶加工營收
600,000,000
金工營收
電鍍加工收入
400,000,000
200,000,000
0
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3
www.regaljewelrygroup.com
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金工與電鍍加工收入趨於五五開
90%
80%
70%
60%
50%
金工營收貢獻
40% 電鍍營收貢獻
30%
20%
10%
0%
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3
www.regaljewelrygroup.com
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電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變	電鍍毛利緩步下滑……量大惹來議價及成本結構改變
	金工毛利谷底回升……工藝難度的對價
50.0%
45.0%
40.0%
35.0%
30.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%								金工毛利 電鍍毛利
	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3
www.regaljewelrygroup.com

電鍍賺的是技術財 金工賺的是管理財

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45%
40%
35%
30%
25%
金工稅前利益
20% 電鍍稅前利益 %
15%
10%
5%
0%
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3
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www.regaljewelrygroup.com
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……… REGAL OEM 轉包電鍍時雖然讓少數股權拿走４９％的電鍍利潤 但 , 電鍍廠自行向第三方接單時也讓 REGAL 多賺了 51%

25% 20% 15% 10%

金工稅前利益 電鍍稅前利益 (51% 母公司 )

5% 0% 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3

www.regaljewelrygroup.com

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來自外部客戶電鍍加工佔比

70% 60% 50% 40% 30% 20% 10% 0% 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 www.regaljewelrygroup.com

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各季營收
Quarter Revenue
1000
800 728
684 689
Q1
597
600
495 499 Q2
Q3
400
Q4
200 多項式 (Q1)
0
2016 2017 2018
www.regaljewelrygroup.com
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…… 由於歸屬母公司稅前利益率 金工＞電鍍 …… 營收貢獻 金工＞電鍍 所以 2018Q3 EPS 會很那個 …..P/E 也很那個

EPS

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2.5
2.17
2 1.84
1.42
1.5 1.33
1.14 EPS
1.06 1.09
1 多項式 (EPS)
0.74
0.57
0.46
0.5
0
16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3
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www.regaljewelrygroup.com
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Here we are…..

材質 vs 系列 Classic Essence Reflection Silver Products Rose Gold Products ▬ Shine Products ▬

www.regaljewelrygroup.com

… 競爭優勢 正在發生

Quick solution & response to fashion trends 金工與電鍍形成互補接單，提供國際品牌大廠熱銷鍍金件 佈局下游平台為自家產品及其他區域品牌商找出路 擴張中游掌握珠寶價值鍊

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專業珠寶飾品 ODM / OEM / OBM 一站式供應商

19 15

www.regaljewelrygroup.com

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Thank You 股票代號 :4807

www.regaljewelrygroup.com