1Q17 NP beat the street forecast
The Bangchak Petroleum
Buy (17E TP Bt41.00)
Earnings Review
Close Bt32.75
Energy & Utilities May 9, 2017
Beat forecast / Below forecast / In line
1Q17 NP beat the street forecast Results date: May 8, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
3.881
4.084
KT ZMICO vs. consensus Share data
0.7%
2.8%
Reuters / Bloomberg
BCP.BK/BCP TB
Paid‐up Shares (m)
1,376.92
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
45.00/1,301.00
Foreign limit / actual (%)
25.00/15.68
52 week High / Low (Bt)
37.00/28.25
Avg. daily T/O (shares 000)
5,680.00
NVDR (%)
7.75
Estimated free float (%)
59.8
Beta
0.89
URL
www.bangchak.co.th
CGR
Anti‐corruption
Level 4 (Certified)
Note: An executive of KT ZMICO Securities is also a member of BCP’s board. Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
Growth story intact Given the company’s marketing business making a back‐to‐normal contribution in 1Q17 to help relieve the market’s concern, the good mix of diversified earnings continuing, as well as the growth stories of BCPG and its 3E project (fully complete in 2020E), a Buy rating is maintained. Reported 1Q17 NP at Bt2.1bn, beating our forecast by 19% BCP delivered soaring NP of Bt2.1bn (+675% YoY, +134% QoQ) in 1Q17, beating our forecast (Bt1.75bn) and the consensus forecast (Bt1.0bn), with the better‐than‐expected marketing margin (Bt0.84/litre vs. our forecast of Bt0.76/litre) and the slightly higher stock gain (Bt299mn vs. our forecast of Bt200mn) as the main deviations. Meanwhile, the one‐off impairment loss of Bt113mn linked to Nido Petroleum’s withdrawal from the appraisal wells program in GURITA PSC, Indonesia was offset by larger‐than‐expected other income of Bt170mn in the quarter. Stronger EBITDA in 1Q17, with marketing and refinery as main drivers Stripping out the one‐off impairment loss and forex gain, BCP posted a Bt1.9bn core profit in 1Q17, reversing from a normalized loss in 1Q16 (due to the 46‐day planned shutdown and a substantial stock loss in the quarter) and increasing 64% QoQ. On a QoQ basis, its marketing business delivered a back‐to‐normal EBITDA contribution in 1Q17 (~Bt856mn) following stronger sales volume to 1,539mn litres (+5% YoY, +3% QoQ) and an increasing marketing margin to Bt0.84/litre (vs. a negative EBITDA contribution of Bt3mn in 4Q16, with a low margin of Bt0.56/litre). Meanwhile, its refinery posted a stronger EBITDA contribution YoY to Bt2.2bn in 1Q17, given the high crude run at 110kbd and accounting GRM of US$7.96/bbl following the higher market GRM and stock gain (reversing from a loss contribution at the EBITDA level in 1Q16, with a low crude run of 64kbd and accounting GRM of ‐US$0.24/bbl). At the same time, its solar business reported a stronger EBITDA contribution of Bt706mn in 1Q17, increasing QoQ, with higher power generation to 72.58GWh (+6% YoY, +7% QoQ) driven by both solar Thailand (with the first quarter ramp up of the 12MW Solar Coop projects) and solar Japan (due to the contribution of six projects with 30MW PPA in the quarter, vs. 10.7MW PPA in 1Q16 and 19.5MW PPA in 4Q16). Keep 2017E earnings estimate unchanged We are comfortable with our 2017E forecast calling for Bt13bn EBITDA and Bt5.3bn core profit (with the 1Q17 figures accounting for 29% and 35%, respectively), with no refinery shutdown and higher profit from BCPG as the major drivers (due to the kickoff of new solar projects in Japan in the pipeline, with the incorporation of newly‐acquired projects, including wind and geothermal projects, as the upside risk). Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2015 151,140 4,151 3.01 495.55 2.00 25.77 2015 10.88 6.04 1.27 6.1% 12.1% 60.1%
2016 144,705 4,773 3.47 15.28 1.80 28.72 2016 9.44 6.10 1.14 5.5% 12.7% 47.1%
2017E 163,996 5,378 3.91 12.56 1.95 30.67 2017E 8.39 6.17 1.07 6.0% 13.2% 84.1%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2018E 152,754 5,785 4.20 7.58 2.10 32.77 2018E 7.79 5.68 1.00 6.4% 13.2% 81.7%
2019E 167,643 6,333 4.60 9.47 2.30 35.07 2019E 7.12 5.11 0.93 7.0% 13.6% 68.3%
Figure 1: BCP’s 1Q17 earnings review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss)* Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
1Q16 Restate 30,276 943 835 (373) 289 168 141 228 13 72 269 (100) 0.20 3.1 2.8 0.9 2.8 (0.7) 0.9 25.8 3.0
4Q16 Restate 40,481 3,765 2,952 (415) 111 (165) (285) 31 16 (77) 890 1,144 0.66 9.3 7.3 2.2 1.7 4.0 1.0 28.7 9.0
1Q17
% YoY
% QoQ
2016
2017E
% YoY
43,995 4,026 3,795 (355) 226 (482) 307 (101) 18 (114) 2,084 1,877 1.51 9.2 8.6 4.7 1.8 7.3 0.9 30.2 20.0
45.3 326.8 354.5 (4.8) (21.8) nm 118.8 nm 40.7 nm 675.0 nm 656.6
8.7 6.9 28.5 (14.6) 103.9 192.4 nm nm 13.8 48.2 134.2 64.1 129.6
144,705 11,896 10,442 (1,484) 634 (689) 276 263 21 44 4,773 4,234 3.47 8.2 7.2 3.3 1.7 3.8 1.0 28.7 12.7
163,996 14,046 13,070 (1,549) 235 (916) 60 ‐ 35 (661) 5,378 5,318 3.91 8.6 8.0 3.3 1.9 5.3 0.9 30.7 13.2
13.3 18.1 25.2 4.4 (63.0) 32.9 (78.3) (100.0) 66.9 nm 12.7 25.6 12.6
Source: KT Zmico Research Note: *including stock gain (loss) impact as the recurring item
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
YTD (% of 17E) 27% 29% 29% 23% 96% 53% 512% nm 50% 17% 39% 35% 39%
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, M‐CHAI, POMPUI, TFD, TTL, NMG.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD)
Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Anti‐corruption Progress Indicator
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy DISCLAIMER
This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
Buy (17E TP Bt41.00)
Earnings Review
Close Bt32.75
Energy & Utilities May 9, 2017
Beat forecast / Below forecast / In line
1Q17 NP beat the street forecast Results date: May 8, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
3.881
4.084
KT ZMICO vs. consensus Share data
0.7%
2.8%
Reuters / Bloomberg
BCP.BK/BCP TB
Paid‐up Shares (m)
1,376.92
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
45.00/1,301.00
Foreign limit / actual (%)
25.00/15.68
52 week High / Low (Bt)
37.00/28.25
Avg. daily T/O (shares 000)
5,680.00
NVDR (%)
7.75
Estimated free float (%)
59.8
Beta
0.89
URL
www.bangchak.co.th
CGR
Anti‐corruption
Level 4 (Certified)
Note: An executive of KT ZMICO Securities is also a member of BCP’s board. Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
Growth story intact Given the company’s marketing business making a back‐to‐normal contribution in 1Q17 to help relieve the market’s concern, the good mix of diversified earnings continuing, as well as the growth stories of BCPG and its 3E project (fully complete in 2020E), a Buy rating is maintained. Reported 1Q17 NP at Bt2.1bn, beating our forecast by 19% BCP delivered soaring NP of Bt2.1bn (+675% YoY, +134% QoQ) in 1Q17, beating our forecast (Bt1.75bn) and the consensus forecast (Bt1.0bn), with the better‐than‐expected marketing margin (Bt0.84/litre vs. our forecast of Bt0.76/litre) and the slightly higher stock gain (Bt299mn vs. our forecast of Bt200mn) as the main deviations. Meanwhile, the one‐off impairment loss of Bt113mn linked to Nido Petroleum’s withdrawal from the appraisal wells program in GURITA PSC, Indonesia was offset by larger‐than‐expected other income of Bt170mn in the quarter. Stronger EBITDA in 1Q17, with marketing and refinery as main drivers Stripping out the one‐off impairment loss and forex gain, BCP posted a Bt1.9bn core profit in 1Q17, reversing from a normalized loss in 1Q16 (due to the 46‐day planned shutdown and a substantial stock loss in the quarter) and increasing 64% QoQ. On a QoQ basis, its marketing business delivered a back‐to‐normal EBITDA contribution in 1Q17 (~Bt856mn) following stronger sales volume to 1,539mn litres (+5% YoY, +3% QoQ) and an increasing marketing margin to Bt0.84/litre (vs. a negative EBITDA contribution of Bt3mn in 4Q16, with a low margin of Bt0.56/litre). Meanwhile, its refinery posted a stronger EBITDA contribution YoY to Bt2.2bn in 1Q17, given the high crude run at 110kbd and accounting GRM of US$7.96/bbl following the higher market GRM and stock gain (reversing from a loss contribution at the EBITDA level in 1Q16, with a low crude run of 64kbd and accounting GRM of ‐US$0.24/bbl). At the same time, its solar business reported a stronger EBITDA contribution of Bt706mn in 1Q17, increasing QoQ, with higher power generation to 72.58GWh (+6% YoY, +7% QoQ) driven by both solar Thailand (with the first quarter ramp up of the 12MW Solar Coop projects) and solar Japan (due to the contribution of six projects with 30MW PPA in the quarter, vs. 10.7MW PPA in 1Q16 and 19.5MW PPA in 4Q16). Keep 2017E earnings estimate unchanged We are comfortable with our 2017E forecast calling for Bt13bn EBITDA and Bt5.3bn core profit (with the 1Q17 figures accounting for 29% and 35%, respectively), with no refinery shutdown and higher profit from BCPG as the major drivers (due to the kickoff of new solar projects in Japan in the pipeline, with the incorporation of newly‐acquired projects, including wind and geothermal projects, as the upside risk). Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2015 151,140 4,151 3.01 495.55 2.00 25.77 2015 10.88 6.04 1.27 6.1% 12.1% 60.1%
2016 144,705 4,773 3.47 15.28 1.80 28.72 2016 9.44 6.10 1.14 5.5% 12.7% 47.1%
2017E 163,996 5,378 3.91 12.56 1.95 30.67 2017E 8.39 6.17 1.07 6.0% 13.2% 84.1%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2018E 152,754 5,785 4.20 7.58 2.10 32.77 2018E 7.79 5.68 1.00 6.4% 13.2% 81.7%
2019E 167,643 6,333 4.60 9.47 2.30 35.07 2019E 7.12 5.11 0.93 7.0% 13.6% 68.3%
Figure 1: BCP’s 1Q17 earnings review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss)* Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
1Q16 Restate 30,276 943 835 (373) 289 168 141 228 13 72 269 (100) 0.20 3.1 2.8 0.9 2.8 (0.7) 0.9 25.8 3.0
4Q16 Restate 40,481 3,765 2,952 (415) 111 (165) (285) 31 16 (77) 890 1,144 0.66 9.3 7.3 2.2 1.7 4.0 1.0 28.7 9.0
1Q17
% YoY
% QoQ
2016
2017E
% YoY
43,995 4,026 3,795 (355) 226 (482) 307 (101) 18 (114) 2,084 1,877 1.51 9.2 8.6 4.7 1.8 7.3 0.9 30.2 20.0
45.3 326.8 354.5 (4.8) (21.8) nm 118.8 nm 40.7 nm 675.0 nm 656.6
8.7 6.9 28.5 (14.6) 103.9 192.4 nm nm 13.8 48.2 134.2 64.1 129.6
144,705 11,896 10,442 (1,484) 634 (689) 276 263 21 44 4,773 4,234 3.47 8.2 7.2 3.3 1.7 3.8 1.0 28.7 12.7
163,996 14,046 13,070 (1,549) 235 (916) 60 ‐ 35 (661) 5,378 5,318 3.91 8.6 8.0 3.3 1.9 5.3 0.9 30.7 13.2
13.3 18.1 25.2 4.4 (63.0) 32.9 (78.3) (100.0) 66.9 nm 12.7 25.6 12.6
Source: KT Zmico Research Note: *including stock gain (loss) impact as the recurring item
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
YTD (% of 17E) 27% 29% 29% 23% 96% 53% 512% nm 50% 17% 39% 35% 39%
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, M‐CHAI, POMPUI, TFD, TTL, NMG.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD)
Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Anti‐corruption Progress Indicator
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy DISCLAIMER
This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
