Analyst Meeting: FY2023 Performance

FY 2023

Analyst Meeting

C H A R T I N G N E W T E R R I T O R I E S

20 March 2024

Disclaimer

The material contained in this document has been prepared by Dusit Thani Public Company Limited ("DUSIT") and may contain forward looking statements which includes but not limited to statements regarding our intent, belief, current expectation in respect of DUSIT's business, operation, market researches, results of operation and financial conditions, capital adequacy, specific provisions and risk management practices.

While due care has been used in the preparation of forward-looking statements, the assumptions of the information are subject to various risk and uncertainties which the actual results may vary in a materially positive or negative manner differently from the anticipation. And no assurance that the past performance is a reliable indication of future performance.

Therefore, the information regarding forward looking statements shall not be considered as recommendation or advice to investors or potential investors in relation to hold, purchase, or sell securities. In this respect, DUSIT reserves the right not to be responsible and expressly disclaims all liabilities for, damages of any kind arising out of use, reference to, or reliance on any information contained herein.

2

Agenda

	Page
2023 Recap	4
Financial Results	28
2024 Outlook & Guidance	32
Dusit Sustainability	40

Dusit Thani Kyoto, Japan

3

2023 Recap

International tourism ended 2023

at 88% of pre-pandemic levels

• According to the World Tourism Organization (UNWTO), tourism demand continues to show remarkable resilience and sustained recovery, even in the face of economic and geopolitical challenges. International tourism ended 2023 at 88% of pre-pandemic levels, with an estimated 1.3 billion international arrivals.

							International Tourist Arrivals
Percentage of 2019 levels recovered	Percentage of 2019 levels recovered
					in 2022*								in 2023
		Recovered		Pending						Recovered		Pending
100%								100%		123
6								6	3	10	13
				19										97
80%	94				80%			94	90	87
		81	32	29	34
													35
60%					68	71	66	60%
											65
40%								40%
						72
20%							28	20%
0%								0%
	Middle	Europe	Africa Americas	World Asia		Middle	Europe	Africa	Americas World Asia
			East					Pacific				East					Pacific

Source: UNWTO

• The unleashing of remaining pent-up demand, increased air connectivity, and a stronger recovery of Asian markets and destinations are expected to underpin a full recovery by the end of 2024.

Source: UNWTO

5

Thailand's tourism recovery continues

International Tourist Arrivals to Thailand

38.2 39.9

35.0

28.2

				11.1
Millions		6.7	0.4
2018	2019	2020	2021P 2022P 2023P 2024F

F = Forecast

P = Preliminary

Source: Tourism Authority of Thailand (TAT)

Monthly International

Tourist Arrivals to Thailand

	3.7									3.9	2019
	3.6	3.5				3.5
				3.3		3.4
			3.2
					3.1			3.1
							2.9		2023
2024					2.7
	3.4							3.3
	3.0
						2.5	2.5		2.6		2022
			2.3					2.2
	2.1	2.1	2.2	2.0	2.2		2.1	2.2
Millions	0.1	0.2	0.2			0.8			1.7
	0.5		1.3	1.5
				0.3	1.1	1.2

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Source: UNWTO and TAT

• Percentage of 2019 levels recovered in 2023*

		Recovered		Pending
100%
						26	27	25	29	26	29	22	17
80%		42	41	35	32
60%
													83
40%	58	59	65	68	74	73	75	71	74	71	78
20%

0%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

71% recovered from 2019 (Jan-Dec)

Source: UNWTO and TAT

• According to the Tourism Authority of Thailand (TAT), Thailand welcomed 28.2 million foreign tourists in 2023, an increase of 154% YoY, accounting for 71% of the pre-COVID-19 level. The TAT expects international tourist arrivals to Thailand to reach 35 million in 2024.

6

Strong RevPar growth of 30.5% YoY in 2023

			No. of Rooms
						10,204	10,907 11,145 11,506
	7,181		8,363
No. of Hotel Properties	7,150
2023: 10 Owned	62%	63%
47 Managed	74%	76%	79%	80%	80%
38%	37%	26%	24%	21%	20%	20%
	2017	2018	2019	2020	2021	2022	2023
					Owned			Managed

Avg Daily Rate*

					+9.1%										+6.0%
															+32.1%
THB
3,597	3,670	3,610	3,212	2,849	3,494	3,812	3,267	2,309	2,321	3,266	3,899	3,041	3,057	3,989	4,413	3,311	3,201	4,230
2017	2018	2019	2020	2021	2022	2023	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23

						Occupancy Rate*					+4.2%
					+11.5%													+5.3%
73% 77% 74%				70%								69% 75%	66% 68% 73%
					59%							58% 62%
										50% 47%
			36% 39%		32% 34% 39%
2017	2018	2019	2020	2021	2022	2023	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22		3Q22	4Q22	1Q23		2Q23	3Q23	4Q23
							RevPar*						+12.5%
					+30.5%
THB
																	+42.4%
2,636	2,841	2,685	1,140	1,109	2,058	2,658	1,055	774	912	1,645	1,833	1,751	1,885	2,753	3,289	2,187	2,174	3,096
2017	2018	2019	2020	2021	2022	2023	1Q21	2Q21	3Q21	4Q21	1Q22	2Q22	3Q22	4Q22	1Q23	2Q23	3Q23	4Q23

Remark: *Owned hotel stats. For comparison purposes, owned hotel stats in 2017 exclude Dusit Princess Korat (divested at end-2017). Owned hotel stats in 2018, 2019, 2020, 2021, and 2022 exclude

Dusit Thani Bangkok (closed in 1Q19), Dusit Suites Hotel Ratchadamri Bangkok (new investment in 2Q19), ASAI Bangkok Chinatown (opened in 3Q20), Dusit Princess Chiang Mai (sale & manage back in	7
4Q21), and ASAI Bangkok Sathorn (opened in 2Q23).

Owned hotel RevPar surpassed pre-COVID-19 level in 2H23

ADR of hotels in Thailand increased following the pent-up demand of Thai tourism.

Total Occupancy Rate

Overseas

Thailand*

85%		74%	75%	79%
	70%
75%	66%	68%	73%	79%
			76%
59%			69%
	62%
	58%		67%
		50%
47%		39%	58%
	34%	39%
32%	30%

77%	85%	86%
77%	77%
76%
69%	64%	68%
68%
	60%
61%
	55%
	53%
37%

82%
78%	67%
	67%
58%	54%
37%	18%
16%

69%	74%
74%
68%
70%
62%	39%
25%
	34%

	16%											21%
										8%
1Q	2Q	3Q		4Q	1Q	2Q	3Q		4Q	1Q	2Q	3Q	4Q
2019	2020	2021	2022	2023	2019	2020	2021	2022	2023	2019	2020	2021	2022	2023
	Total RevPar				Overseas				Thailand*
		THB					THB					THB
3,688										3,171			2,896
3,289				3,096	4,873				4,226
						2,900
	2,287				4,364	3,912	3,717		4,130			2,462
2,615					2,222	2,077	2,001
		2,783	3,840
2,187	2,174					4,110
		2,753	2,957	2,932					2,273
			3,589			1,722
		1,885			3,138	2,891	2,913		3,527		1,654
1,833	1,751
	1,645				1,448	779
	1,791			1,972	2,312			1,257	1,640
1,055		912						352
					1,861		484
774		1,051
						1,096
	597								184	478
	320				747	923			320
1Q	2Q	3Q		4Q	1Q	2Q	3Q		4Q	1Q	2Q	3Q	4Q
2019	2020	2021	2022	2023	2019	2020	2021	2022	2023	2019	2020	2021	2022	2023

Remark: Owned hotel data; *Thailand excluding ASAI Hotels	8

Global portfolio expanded with 10 new hotel openings

Dusit Thani Mogan Mountain,

Huzhou, China

(22 rooms - first phase)

Dusit Suites
Athens, Greece
(36 rooms)	Dusit Thani Himalayan	Dusit Princess
	Resort Dhulikhel, Nepal	Kathmandu, Nepal
	(64 rooms)	(108 rooms)

Dusit Thani	ASAI Kyoto
Kyoto, Japan	Shijo, Japan
(147 rooms)	(114 rooms)

	dusitD2 Samyan	ASAI Bangkok	Dusit Princess
Dusit Princess Hotel	Bangkok, Thailand	Sathorn, Thailand	Phatthalung, Thailand
Residences	(179 rooms)	(106 rooms) -	(78 rooms - first phase)
Nairobi, Kenya		Owned hotel
(100 rooms)

New destinations - Greece, Japan, and Nepal

9

Properties under management

57	243	12,575
Hotels	Villas	Rooms

10 Owned properties

Dusit Thani Laguna Phuket*

Dusit Thani Pattaya

Dusit Thani Hua Hin*

Dusit Thani Manila

Dusit Thani Maldives*

Dusit Suites Hotel Ratchadamri, Bangkok

dusitD2 Chiang Mai

Dusit Princess Srinakarin, Bangkok

ASAI Bangkok Chinatown

ASAI Bangkok Sathorn

47 Managed properties

Dusit Devarana Conghua

Dusit Thani Dubai

Dusit Thani Lakeview Cairo

Dusit Thani Abu Dhabi

Managed properties

Dusit Thani Guam Resort

Dusit Thani Krabi Beach Resort

Dusit Thani Dongtai

Dusit Thani Fudu Qingfeng

Dusit Thani Lubi Plantation Resort

Dusit Thani Mactan Cebu

Dusit Thani Residence Davao

Dusit Thani Wujin, Changzhou

Dusit Thani Sandalwoods Resort Huizhou Shuangue Bay

Dusit Thani Wetland Park Resort Nanjing

Dusit Thani Wellness Resort, Suzhou

Dusit Thani Tianmu Mountain, Hangzhou

Dusit Thani Laguna Singapore

Dusit Thani Himalayan Resort Dhulikhel

Dusit Thani Kyoto

Dusit Thani Mogan Mountain, Huzhou

*Under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) of which DUSIT holds a 30.20% stake
As of 31 December 2023	10