grand twins international (cambodia) plc. 崑洲股份有限公司（柬埔寨） i nitial p...

GRAND TWINS INTERNATIONAL (Cambodia) Plc.崑洲股份有限公司（柬埔寨）

Initial Public Offering首次公開發行股票(xx xx xxxx)

Grand Twins International

You Wear, We Care.

P age 2

Grand Twins InternationalYou Wear, We Care.DISCLAIMER / 免責聲明

All statements made today, other than statements of historical fact, are deemed to be forward-looking statements. These statements are based on Grand Twins International’s (GTI) current plans and expectations and involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from any future results, performance and achievements expressed or implied by these statements. Information concerning these risks, uncertainties and other factors is contained under the headings “Risk Factors” and “Forward Looking Statements” and elsewhere in the Disclosure Document of GTI filed with the Securities and Exchange Commission of Cambodia.

今天所有的陳述，除歷史性的陳述外，被視為前瞻性陳述。這些都是基於崑洲股份有限公司的目前計劃、預期、相關風險、不確定性以及可能導致公司的實際結果，績效和成就於任何未來的結果，績效和成就所表達或隱含所相差的其他因素。有關這些風險，不確定性和其他因素的信息請查閱“風險因素”及“前瞻性陳述”，或在柬埔寨證券委員會的崑洲股份有限公司的公開說明書。

P age 3

Grand Twins InternationalYou Wear, We Care.IPO INFORMATION / IPO 信息 (1)

IPO Team / PartnersIPO 團隊 / 參與者

Issuer

發行公司Grand Twins International (Cambodia) Plc.

崑洲股份有限公司Sold Underwriter

承銷商Phnom Penh Securities Plc.

金邊證券股份有限公司Partners

參與者BDO, SOK & HENG Attorneys and Consultants, VTrust Property, Tricor, and Canadia Bank

Selling Agents

銷售代理人Sonatra Securities Plc., SBI Royal Securities, ACLEDA Securities, Tong Yang Securities (Cambodia) Plc., CAB Securities Limited, RHB OSK Indochina Securities, Cana Securities Ltd., Cambodia Vietnam Securities.

P age 4


Offering Summary發行股票摘要No. of Offering Shares發行股數 8,000,000 Shares (Ratio: 20%)

8,000,000 股 ( 比率 : 20%)

Offering Price發行價KHR 7,400 – 14,000 (USD 1.85 – 3.50*)7,400 – 14,000 柬幣 (1.85 – 3.50* 美金 )

Par Value面值 KHR 1,000 (USD 0.25)1,000 柬幣 (0.25 美金 )

P/E RatioP/E 比率 8 times – 16 times

8 – 16 倍Offering Amount發行金額

KHR 59. 2B – 112 B (USD14.8M – 28M)592–1120 億柬幣 (14.8M – 28M 美金 )

Used of Proceeds資金用途Working capital, capital expenditure, repayment of bank borrowing, and other general corporate purposes.運轉资金，资本支出，偿还银行借款，及其他一般企业用途。

Total Shares Post-IPO上市後總股數 40,000,000 Shares (100%)40,000,000 股 (100%)

Tentative Timetable預期時程表SECC approval in principle on Disclosure DocumentSECC 原則批准公開說明書

XX XX XX

Book-Building 詢價圈購日期 XX XX XX

Subscription認購日提 XX XX XX

Listing Date上市日期 XX XX XX

* Reference exchange rate: KHR 4,000 = USD 1

Lock-Up 鎖股Shareholder股東

Number of Share股數 %

Lock-up period閉鎖期

Grand Twins International (BVI) 16,400,000 41%

1 Year1 年

Hope Ride Limited 3,840,000 9.60%1 Year1 年

P 5

PI: Potential InvestorsBB: Book-Building InvestorsSS: Subscription Investors


Grand Twins In-ternational (BVI)

41.00%

Individual investor 其他個人投資者29.40%

Hope Ride Lim-ited

9.60%

Book building詢價圈購42%

Potential investor潛力投資者40%

Subscription 認購18%

Ownership Structure Post IPO上市後股權結構

P age 6

Grand Twins InternationalYou Wear, We Care.COMPANY OVERVIEW / 公司概況 (1)

Profile / 公司簡介Company公司名稱 Grand Twins International (Cambodia) Plc.崑洲股份有限公司（柬埔寨）Establishment 設立 1997 ( 年 )

CEO執行長 Mr. Liao Chung-Te廖宗德先生Main Business主要營業 Textile products紡織產品Type of Business營業類型 ODM for World-Renowned brands, i.e. Adidas® Group原始設計製造商給世界知名品牌 , 例如 Adidas® GroupRegistered Capital 註冊資本 USD 8 Million (1997)

8 百萬美金 (1997 年 )

Land Size / 佔地面積 32,341 m2 ( 平方米 )

Total Employee總員工人數 5,605 people (2012)

Address地址 Phum Trapaingpoe, Sangkat Chom Chao, Khan Posenchey, Phnom Penh, Kingdom of Cambodia

Website網頁 www.grandtwins.com.kh

P age 7


Toward the Best and Leader向最優和領先前進Recognition認可

Time時間

2001-04: Recognition world-wide thanks to global awards year-over-year for both performance and quality. 由於獲得年度全球奖项包括績效和质量而得到世界認可

1997: Established under a name “QMI Industry co., Ltd. / 成立 “ QMI Industry co., Ltd.

2004-2007: Fast growing period, and won ISO 14001 and OHSAS 18001. / 快速增长的时期，并荣获ISO14001 及 OHSAS18001

2007-08: Became Grand Twins Co., Ltd, and won another global certificate: ISO 9001. / 成為崑洲有限公司 , 並獲得全球證書 ISO 9001

2008-2012: (1) Appreciated by ILO for an excellent working environment . (2) obtained certificate of C-TPAT. (3) Significant revenue growth (up to 25%) and ROI reached more than 400%.（ 1 ）獲得國際勞動組織良好工作環境的讚賞。（ 2 ）獲得 C-TPAT 證書。（ 3 ）收入增長顯著（可達 25 ％）和投資回報率達到了 400 ％以上。

2012-13: Changed name to Grand Twins International (Cambodia) Plc. and increased registered capital to US$ 8m for being qualified to going public. / 以便符合上市公司條件，公司更換名稱為崑洲股份有限公司 ( 柬埔寨 ) ，並增加註冊資本至 8 百萬美金。

P age 8


Board of Directors / 董事會Name of Directors

董事名稱Position職位 Experience

工作經驗Mr. Yang Shaw-Shin

楊紹欣先生Non-executive Chairman

非執行主席>30 years in Garment industry 擁有製衣行業超過 30 年的經驗

Mr. Liao Chung-Te

廖宗德先生Executive Director and CEO

執行董事和執行長>20 years in Garment industry

擁有製衣行業超過 20 年的經驗

Oknha Ly KunthaiIndependent Director

獨立董事President of Alpha Property Construction Co., LtdAlpha Property Construction Co., Ltd 公司的主席

Ms. Su Yu Chin

蘇玉錦小姐Non-executive Director

非執行董事>20 years in Garment industry

擁有製衣行業超過 20 年的經驗Mr. Chen, Tsung-Chi

陳聰淇先生Non-executive Director

非執行董事 >30 years in Garment industry 擁有製衣行業超過 30 年的經驗

P age 9

Grand Twins InternationalYou Wear, We Care.BUSINESS MODEL / 營業模式 (1)

Who We Are & Who We Target我們是誰，誰是我們的目標A Leading Original Design Manufacturer (ODM) for World-Renowned brands, especially Adidas®, who

stands more than 80% of our total order.本公司是一個領先原始設計製造商給世界知名品牌 , 尤其是佔有我們總訂單超過 80% 的 Adidas Group.

87%

11%2%2012 Adidas

SalomonOthers

P age 10


How We Work工作流程

Cutting切割

Surface Feature

Assembly組織表面Stitching拼接

Final Production最終產品

Washing洗條

Packaging &

Warehousing包裝及倉存

Every step we work carefully for the best quality and highest satisfaction to our customers to ensure a leading position in the market.對於每個工作步驟，我們非常仔細于保證最優質及客戶最高的滿意度以確保在市場上的領先地位。

P age 11


What We Have & Produce產品Production Line

生產線Installed capacity

安裝容量Sewing lines for mass production 大規模生產的縫紉線

52 production lines （產線）

Sewing lines for samples樣品的縫紉線 13 production lines （產

線）Sewing machines缝纫机 3,450 units （單位）Supply Capacity : 650,000 pcs per month in 2012 (increased

8.33% compared to 2011)供應容量 : 2012 年每個月 650,000 單位 ( 比 2011 年增長

8.33%)

Suit Jacket/Pants26%

Other15%

Jacket(K)12%

Padded Jacket10%

Shell Jacket9%

Padded Jacket 8%

Shell Pants7%

Pants(W)6%

Down Jacket3%

Jacket(W)3% Padded Vest

1%

P age 12

Grand Twins InternationalYou Wear, We Care.STRATEGIES / 戰略 (1)

Why World-Renowned Brands Love GTI為何世界知名品牌選擇崑洲Strategic Drivers戰略

Leading Innovation 引領創新 Efficient and Effective

Production 高效和有效的生產 Best Quality 最佳質量 Strong Client Relationship

強大的客戶關係

Results for Clients客戶效果 Up-to-date clothes design 最新的服裝設計 Sales growth 銷售增長 Better profit margin 良好的利潤率 100% excellent quality with

on time delivery 100 ％優良的品質及準時交貨

P age 13

Grand Twins InternationalYou Wear, We Care.STRATEGIES / 戰略 (2)

Why Adidas® Adores GTI為何 Adidas® 選擇崑洲In addition to achieving international standard of produce clothes, GTI is also qualified with

strict requirements of Adidas®

除了獲得生產衣服的國際標準，崑洲也符合 Adidas® 的嚴格條件

GTI

Adidas® Requirements / 條件 Non-toxic material and manufacturing

under the best possible condition. 無毒材料以及在最好的可能條件下製造 Best employment treatment. 最佳就業環境 Excellent environment protection 優秀的環保 Concrete plan on health and safety

issue 健康及安全的具體計劃

PASSED

通過

P age 14

Grand Twins InternationalYou Wear, We Care.PERFORMANCE / 公司績效 (1)

Rising Revenue & Return Significantly 收入和回報的增長率

2008 2009 2010 2011 2012 2013E 2014E 2015E $-

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

$100,000,000

Revenue Return on Investment After Tax ROI Accumulation

ROI: CAGR (25.0%)

Revenue: CAGR (12.5%)

P age 15


Revenue by Brand (Million USD)按品牌分類的收入 ( 百萬美金 )

2010 2011 20120

10

20

30

40

50

60

70

33.82

49.66 47.64

3.66

6.766.13

3.881.065.04

3.311.09

Others

Sundek

Reebok

Salomon

Adidas

P age 16


Revenue by Product (Million USD)按產品分類的收入 ( 百萬美金 )

2010 2011 2012 -

10

20

30

40

50

60

70

7.93 10.12 13.61

2.74

10.23 9.18

4.81

6.97 6.17

3.50

6.32 4.97

4.50

5.44 3.89

4.17

4.69 3.31

4.29

- -

3.21

2.67 1.55

1.48

2.65

4.30

4.11

6.52

5.17

9.93

- 1.56

1.38 0.70

OtherShort(W)Pants(K)Padded VestJacket(W)Down JacketBall Fiber JacketPants(W)Shell PantsShell JacketJacket(K)Padded JacketSuit Jacket/Pants

P age 17


Key Financial Data主要財務數據

P age 18


Best Investment Option / 最好的投資選擇 (1)

Outstanding performance among big listed companies (international garment factories)在大型上市公司中表現突出 ( 國際服裝工廠 )

P age 19


Best Investment Option / 最好的投資選擇 (2)Not only best performance, but also a CHEAP stock in valuation!不但績效最好，也是估值最便宜的股票！

* Average value selected from 74 listed companies in 10 countries 平均值從 10 個國家的 74 上市公司中選擇** Average value selected from 679 listed companies in 37 countries 平均值從 37 個國家的 679 上市公司中選擇

The Max value (16 times) is still LOWER than the others.

Having More Rooms to Rise! P/E 最高值（ 16 倍）依然比其他公司低。有更多的升價空間！

GTI

Eclat T

extile

Fast R

etailin

g

Ningbo

Sha

nsha

n

SEA and S

outh

Asia*

World**

0

5

10

15

20

25

30

35

40

P/E Comparison P/E 相比

16x

P age 20

Grand Twins InternationalYou Wear, We Care.PROSPECTIVE / 公司遠景 (1)

Market Expansion / 市場拓展Existing Market / 現有市場We will benefit from the growth of sales* (15% y-

o-y) of Adidas, whose revenue in 2012 was US$19.68 B. 從 Adidas 的銷售增長中獲得收益 * (每年 15%),

2012 年的收入為 196.8 億美 .

* According to Global Industry Analyst Inc.

New Market / 新市場We expect to have several giant international

brands by 2015 thanks to their increasing demand. 預期在 2015 年獲得幾個巨頭國際品牌，感謝對於他們的需求增長。

GTI


Fast Growing / 快速增長

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 -

100.00

200.00

300.00

400.00

500.00

600.00

700.00

800.00

1.06 1.16 1.34 1.61 1.98 2.19 2.65 2.89 2.98 2.42 3.01 4.05 4.45

Cambodia Export Vs. World Export (US$ Bn)柬埔寨出口 Vs. 世界出口 (十億美金 )

P age 21

Export 2000 2012 CAGR

Cambodia 1.06 4.45 11.69%

World 353 708 5.51%

Ranking 39 18 -

Source: GMAC and WTO

Source: GMAC and WTO


Enormous Opportunity / 巨大機會

2010 2015 2020 2025 -

500

1,000

1,500

2,000

2,500

Cambodia Export (US$ Bn)柬埔寨出口 (十億美金 )

2010 2015 2020 2025 -

5.00

10.00

15.00

20.00

25.00

P age 22

Global Apparel Market Size (US$ Bn)全球服裝市場規模 (十億美金 )

Source: Industry insider and PPS estimate Source: Technopak Advisor and PPS estimate

CAGR: 13% CAGR: 4%

P age 23

Grand Twins InternationalYou Wear, We Care.COMPETITION / 競爭 (1)

Few Players …競爭者…

Grand Twins

International

Shen Zhou Cambodia

Global Apparel Limited

Nan Kuang Garment

(Cambodia)Yi Rong

(Cambodia) Knitting

H & L Apparel (Cambodia)

Sportex Industry

KKN Apparel

P age 24

Grand Twins InternationalYou Wear, We Care.COMPETITION / 競爭 (2)

… Not Really… 不只是Forrest

Enterprises, Inc.Fashion

Garments 2 Co. Ltd

E Garment Co.Ltd

Roo Hsing

Garment Co., Ltd

Grand Twins

International

Shen Zhou Cambodia

Global Apparel Limited

Nan Kuang Garment

(Cambodia)Yi Rong

(Cambodia) Knitting

H & L Apparel (Cambodia)

Sportex Industry

KKN Apparel

M&V

International

Manufacturing

Huge Sky Enterprise

Asia Socks (Haining)

Dada (Dhaka) Ltd

Foshan Likai

Textiles

Tripos International (Cambodia) Co., Ltd

Nantai Garment Factory (Cambodia) Ltd

Berry Apparel (Cambodia) Co., Ltd

Sangwoo

(Cambodia) Co., Ltd

Exal Packaging

S.A

JIT Textiles Limited

Chi Tat Company Co., Ltd

Yu Fa Garment

Industry (Cambodia)

Co., Ltd

Chi Tat Com

pany Co., Ltd

Uni Gear Ltd.

Exal Packaging S.A

Hemie Manufacturers

8 Star Sportwear

Co.Ltd

Hi F

ashi

opn

Co

.Ltd

Peace Glory (Cambodia) Co., Ltd

PPXS Garments

Limited

Din Han Enterprise (Cambodia) Co., Ltd

Ruby Red Garment Manufacturing SAE

New Holland Lingerie de Honduras

Zhangjiagange FTZ Supertex International Textiles Co., Ltd

Yia-Chyns Textile Corp

Sangwoo (Cambodia) Co., Ltd

Nantai Garment

Factory (Cambodia)

Ltd

Chuan Mei Glove (Vietnam) Co. Ltd

Lawnyard Vietnam Co. Ltd

M&V International

Manufacturing

Chuan Mei Glove (Vietnam) Co. Ltd

Kanaan Saigon Co. Ltd

Erateks Tekstil San. Ve Tic. Ltd.

Sti

International Safety Products

ltd

P age 25

Grand Twins InternationalYou Wear, We Care.HOW WE WIN / 為何崑洲贏

There are high barriers to compete with us and get success, and the impact is minimal. 要在競爭中獲得成功需經過很多障礙，且對本公司的影響最低

How GTI Win為何崑洲贏

Competitive Advantages競爭優勢

Strengths優勢

P age 26

Grand Twins InternationalYou Wear, We Care.STRENGHS / 優勢 (1)

Best Quality Commitment / 有做出最優質的決心Trusted Manufacturer / 可信賴的製造商Strong Management Team / 強大的管理團隊

Leading Innovation & Technology / 領先的創新和技科

P age 27


Best Quality Commitment / 最優質的決心Meet

specifications & requirements符合規格和條件

Strictly Quality Control嚴格的質量控制

Raw material & Product Checking原料和產品檢查

Fully trained by major customers由主要客戶全面訓

練

Various checks & tests at every

production stage在每個生產階段做各項檢查和試驗

Audit twice a year by customers由客戶每年審計兩

次

P age 28


Trusted Manufacturer / 可信賴的製造商Global Recognitions全球認可

Certificate of C-TPAT: 2010 ISO 9001: 2008Quality Management System

OHSAS 18001: 2007Occupational Health and Safety

Management System

ISO 140001: 2004Environmental Management

System

Performance Award: 2002 Best Quality Award: 2003 Best Quality Award: 2002 Best Quality Award: 2001

P age 29


Strong Management Team強大的管理團隊 Once again, our management team has:

我們的管理團隊： At least 20 years of experience in garment industry,

擁有在制服行業至少 20 年的經驗 Deep knowledge & understanding of the material and production,

and

對材料和生產有深度的知識和了解 , 並 Well structured hierarchy compared to other garment factories.

擁有比其它制服廠的良好結構。

P age 30


Leading Innovation & Technology領先的創新和技科To ensure the best products for our clients, we not also keep training our manpower to be more skillful, but also continue investing million dollars in technology:

為確保提供給我們客戶最優秀的產品，我們不但繼續培養人才以更熟練，也繼續在科技投資數百萬美金： Three-dimension sampling program / 三維採樣方案 Latest technology for “Down” product / 為“ Down”產品的最新技術 Environmental-friendly fabric / 環保面料 Creative clothes design / 創意服裝設計

P age 31

Grand Twins InternationalYou Wear, We Care.COMPARATIVE ADVANTAGES / 競爭優勢

* No. 2 among 400 factories according to GMAC / 根據 GMAC 的資料，在 200 工廠中的第二名 ** Adidas strictly audits any factory before having a deal with, and the whole process needs to take time between 2-3 years. / 在與工廠交易之前， Adidas 有嚴格的審計，且所有程序需要大概 2-3 年之間 .

Biggest factory* / 最大工廠 * On time delivery / 準時交貨 Best CSR / 最佳企業社會責任（ CSR) Highest employee satisfaction (no

labor disruption) and excellent salary package / 最高員工滿意度（無勞動中斷）和最好的薪酬待遇

Unique manufacturer for the whole MAIN products of Adidas** / 為 Adidas** 的整個主要產品的唯一製造商

Internal (Local)內部

Better price thanks to lower cost / 由於低成本，有較好的價格 Custom exemption to Canada and

European Union / 加拿大和歐盟海關豁免 More benefits of geographical

diversification / 從地域多元化獲得更多的益處

External (Global)外部

Source: ITMF (2012), Thai Garment Association (2011), and PPS staff estimate

P age 32

Grand Twins InternationalYou Wear, We Care.WAY TO PROSPERITY / 向繁榮之道 (1)

Again, IPO – Coming Action再次 , IPO – 未來行動 We are on the right track, and we are quite confident to keep ourselves as the leading factory, with even bigger operational capacity for catching up the opportunity of growing market size of global apparel consumption. And this great ambition is going to happen by strategic financial increment, which is called going public or “IPO”.

我們正在正確的軌道上，且在較大的操作容量下將獲得全球服裝消費市場規模增長的機會更大，因此我們有信心保持自己作為領先的工廠。這個偉大的野心是由財務增資戰略，稱為首次公開發行股票或“ IPO” 。

P age 33


Expected Use of Proceeds / 預期資金用途

Working Capital for Expansion運轉資金用于拓展 (58%)

CAPEX資本支出(27%)

Why such BIG amount?為何需要如此龐大的金額？

P age 34


Production Cycle: 192 days 生產週期 : 192 天

GTI

P age 35


Dividend Policy / 股利政策 Net profit after tax shall be compensated for loss occurred in previous years

稅後淨利應與前年度發生的損失想抵消 . The remaining after distribution, 10% of net profit after tax shall be reserved for future

loss 抵消後，稅後淨利的 10 ％應儲備為未來損失。 After the compensation for loss and reserves the remaining profit will be distributed as

below: 損失抵消及儲備後，剩餘的利潤應分配如下：

No more than 3% of net profit after tax will be paid as compensation for BOD. 不超過稅後淨利的 3 ％，將付給董事作為報酬 Not less than 5% of net profit after tax will be paid to employee as a bonus. 不低於稅後淨利的 5 ％，將支付給員工作為獎金

Any remaining amount following above distribution will be paid fully or partially as dividend to ordinary shareholders or reserve for other purposes as determined by the BOD.

上述分配後，剩餘的金額將由董事會決定全部或部分支付股息給普通股股東或儲備用於其它目的。

Thank you.謝謝And let’s…問與答…

Grand Twins In ternat ional

grand twins international (cambodia) plc. 崑洲股份有限公司（柬埔寨） i nitial p...

Documents