Post on 21-Mar-2020
transcript
MSFL Overview
Corporate Profile
Founded in April of 2008, Minsheng Financial Leasing Co.,
Ltd. (MSFL) was one of the first five Chinese financial leasing
companies with a banking background to be approved by the
China Banking Regulatory Commission (CBRC)
MSFL is the top player in the industry in terms of scale and
profitability. As of December 2013, the total assets of MSFL
exceeded RMB111 billion (US$18.4 billion). 2013 net income
exceeded RMB1,648 million (US$271.9 million)
Currently MSFL owns more than 250 aircrafts, over 150 ships
and more than 5.8 million tonnages bulk carrier capacity, the
biggest business aircraft leasing company in Asia and the
biggest ship leasing company in China
MSFL is given the “AAA” corporate credit rating by the
domestic credit rating agency recognized by the People’s
Bank of China
Recent rewards include:
‒ “Best Financial Leasing Company of the Year”
‒ “Most Competitive Financial Services Award”
‒ “Financial Leasing Company of the Year”
Shareholding Structure
China Minsheng
Bank
Tianjin Wealth
CompanyOthers
MSFL
51.03% 11.78% 37.19%
Others include:
Beijing Dayi Xingye Real Estate Development Co., Ltd. 8.83%
Shanghai Guozhijie Investment Development Co., Ltd. 7.85%
Jiangsu Sunshine Group 5.89%
Shanghai Guozheng Investment Management Co., Ltd 5.89%
Guangzhou Ziquan Real Estate Development Co., Ltd. 3.925%
China Century Investment Co. Ltd. 3.925%
San Jin Da Investment Co. Ltd. 0.88%
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MSFL: 69
41%
NonMSFL:
99
59%
By end of Oct 2013, business jet number totaled 320 in great China.
MSFL has 69 delivered business jets, accounting for 41% of domestic market share, leading the
business jet industry in China.
HK &
Macao &
TW: 152
47%MSFL: 69
22%
NonMSFL:
99
31%
Market Share & Fleet Size
Minsheng Fleet 2012 2013 Oct. 2013 Growth
Corporate Jet 97 112 15
Prop 2 2
Helicopter 8 11 3
Other General Aviation Aircraft 9 61 52
Simulator 2 2 0
Engine 4 4
Airports 3 3
Strategic Vision
By 2013
• Establish MSFL as
the best leasing
company in China
• Get listed in both
domestic and
international markets
• Become a leading
leasing company in
Asia
2014-2018
2019-2023
• Expand and become
industry leader
worldwide
Source: Company disclosures.
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• By 2017, Aviation Leasing
reaches a total asset of 100
billion RMB, net profit of 1.5
billion.
• Fleet size of 400 general
aviation aircrafts and 100
commercial aviation aircrafts.
• Leading aviation leasing
company in Asia (Spin-off?)
11.911.1 10.6 10.3 9.7 9.6 9.4 9.2
8.1 7.8 7.7 7.8 7.7 7.6
0
2
4
6
8
10
12
14
0
100000
200000
300000
400000
500000
600000
GDP
GDP(100Mil) GDP Quarterly Rate(%)
The main customers of Business
Jet in China are POEs. GDP downturn
made the negative impact for
business jet development in China.
12.4 13 13.4 12.8 13.2 13.6 13.9 13.514.8
14.1 13.9 13.8
15.915.2 15.7 16.1 15.8
14
2
7
12
17
Money Supply
M2 Monthly Rate(%) M1 Monthly Rate(%) M0 Monthly Rate(%) The growth rate for money supply is
going down and market liquidity was
tight in 2013. In Jun 2013, Shibor rate
dramatically climbing up gave a signal
of tight liquidity, which caused the
upward trend of funding cost.
Macro Economy in China
Minsheng Aviation Eco System
Minsheng International Jet
Capable to provide full
service in business jet
operation
Aim to provide premium
service and achieve jet value
preservation
Aspired to become the
largest business jet operator
in China
Sanhe General Aviation Airport
Approved by Hebei’s provincial
government approval, the airport
was jointly initiated by MS, Sanhe
municipal gov. and Hebei
Province Aviation Investment
Holding
Located in Hebei Province (near
Beijing), the airport will become
the first general aviation airport in
China. It’s now under process of
establishment procedure
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MSFL
MSCA
Minsheng
Intl. Jet
Sanhe
General
Aviation
Airport
Minsheng Commercial Aviation (MSCA)
As a part of MSFL integrated aviation platform, MSCA is specialized in commercial aircraft field leasing aircraft to leading and
reputable airlines in China as well as globally.
MSCA is led by Johnny Lau, who has extensive working experience in aviation for over 25 years. Other team members are
specialized in technical, finance and business areas with cumulative industry experience over 100 years.
In Aug 2013, MSCA announced its first transaction with Air Berlin, Germany's second-largest airline by passenger volume for a
sales-and–lease-back deal of eleven-aircraft. In Dec 2013, MSCA signed the first portfolio transaction with SMBC Aviation Capital
for the acquisition of its 13 aircraft under operating lease agreements at a total amount of USD477mm and closed the first
transfer of aircraft before the Christmas Holiday in a timely 34 calendar days from Letter of Intent.
Minsheng Aviation Full Service Chain
Private jet Charter Aircraft Management
Ground handling
& maintenance
Purchase
consultations
Acquired
and
Renamed
Minsheng International Jet
>10B
5B – 10B
1B – 5B
<1 B
>400Hr
300-400Hr
100-300 Hr
<100 Hr
Whole Aircraft Leasing
Fractional Ownership
Annual Whole Aircraft Leasing
Annual Hourly Chartered (Package)
Aircraft Charter (Spontaneous)
Chinese Market Analysis
B. Fight Hour(Per Year)A. Customer Wealth (Net Asset)
Export-Import
Bank of
US
8 Gulfstream
aircrafts
USD
300 MillionExport
Development
Canada
5 Bombadier
aircrafts
USD
210 Million
Financing Transaction Achievements
Total credit line of 1.5billion USD and 1 billion USD disbursements
• ECAs
• PDP Financing
• 300million USD Cross-Border Structured Finance
• Conventional Asset Backed Finance with Taiwanese and European Banks
• Cooperation with Major Chinese State-Owned Banks and
Policy Banks