4Q16 results within expectation - Outperform
Somboon Advance Technology Earnings Review
OUTPERFORM (TP Bt15.00) Close Bt15.30
Automotive
Beat forecast/Below forecast/In line
February 20, 2017
4Q16 results within expectation Results date: February 17, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.541
1.749
KT ZMICO vs. consensus Share data
2.5%
1.2%
Reuters / Bloomberg
SAT.BK/SAT TB
Paid‐up Shares (m)
425.19
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
7.00/186.00
Foreign limit / actual (%)
49.00/17.75
52 week High / Low (Bt)
15.80/11.30
Avg. daily T/O (shares 000) NVDR (%)
768.00 4.37
Estimated free float (%) Beta URL CGR
53.83
FY Ended 31 Dec
2014
2015
2016
2017E
2018E
0.71
Revenues (Btmn)
8,084
8,644
8,299
8,968
9,665
www.satpcl.co.th
Net profit (Btmn)
650
642
608
674
755
EPS (Bt)
1.53
1.51
1.43
1.58
1.77
Anti‐corruption
Brighter outlook for 2017 SAT ended 2016 with in‐line results. We expect to see a brighter business outlook in 2017 thanks to the recovery in domestic car sales. Non‐auto parts will also pick up in line with improving farm income. We keep our 2017E‐2018E earnings estimates unchanged. Our OUTPERFORM rating is maintained with an attractive yield as the near‐term catalyst. 4Q16 earnings were in line SAT reported a net profit of Bt171mn (EPS: Bt0.39) in 4Q16, in line with our expectation but above the consensus estimate by 6%. Its NP fell 16%YoY, mainly attributed to lower other income as no extra tooling sales were booked as happened in 4Q15. Its revenue dropped 1%YoY to Bt2.1bn. Its GPM picked up 91bps to 15.4%, which helped offset flattish SG&A expenses in absolute terms, resulting in a better operating margin of 7.7% from 6.8% a year earlier. NP fell 5%YoY in 2016 SAT posted in‐line net profit of Bt608mn (EPS: Bt1.43) in 2016, decreasing 5%YoY. Its revenue dropped 4% to Bt8.3bn, mainly due to a 9% decrease in Kubota sales in contrast to the 1% increase in auto parts revenue. Effective cost control was evident in the improvement in the GPM to 14.9% from 14.5% a year earlier. While its SG&A expenses decreased 2% in absolute terms, lower sales caused SG&A to sales to rise to 8.1% from 7.9% in 2015. Its shared profit from associates was another growth driver, surging by 29%YoY to Bt73mn. DPS of Bt0.41, XD March 2 Its overall financial position remained strong, with net DER down from 0.18x in 2015 to 0.06x in 2016. SAT announced to pay dividends for the 2H16 operating performance of Bt0.41 a share, representing a yield of 2.7% for the period. It will go XD on March 2, with the payment date on May 2, 2017. Financials and Valuation
Level 4 (Certified)
Norm. EPS (Bt)
1.53
1.51
1.43
1.58
1.77
EPS growth (%)
(19.88)
(1.47)
‐5.68
11.53
11.98
Dividend (Bt) BV (Bt)
Waraporn Wiboonkanarak Analyst, no. 2482 [email protected] 66 (0) 2624‐6273
0.60
0.60
0.57
0.63
0.71
12.27
13.01
13.85
14.86
16.00 2018E
FY Ended 31 Dec
2014
2015
2016
2017E
PER (x)
10.60
11.40
12.04
10.85
9.69
5.28
4.91
4.08
3.99
3.71
EV/EBITDA (x) PBV (x)
1.32
1.32
1.24
1.16
1.08
Dividend yield (%)
3.70
3.51
3.32
3.69
4.13
ROE (%)
12.88
11.94
10.64
11.04
11.50
Net gearing (%)
34.47
17.61
6.00
1.65
1.23
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: Earnings review Profit and Loss Statement (Btmn) Fiscal Year‐Ended Dec. 4Q15 Revenue 2,133 Gross profit 309 SG&A (164) EBITDA 412 Interest expense (24) Other income 73 Income tax (11) Net profit (loss) 202 Normalized profit (loss) 202 Reported EPS (Bt) 0.48 Gross margin 14.5% EBITDA margin 19.3% Net margin 9.5% Current ratio (x) 1.47 Interest coverage (x) 8.87 Debt to equity (x) 0.74 BVPS 13.01 ROE 11.9%
1Q16 2,194 304 (178) 352 (24) 30 (11) 151 145 0.35 13.9% 16.1% 6.9% 1.39 6.61 0.71 13.36 10.7%
2Q16 1,970 281 (165) 343 (22) 23 (7) 118 120 0.28 14.2% 17.4% 6.0% 1.38 6.24 0.66 13.23 11.9%
3Q16 2,030 327 (165) 385 (20) 20 (15) 168 166 0.39 16.1% 19.0% 8.3% 1.42 9.20 0.62 13.43 11.4%
4Q16 2,104 324 (162) 391 (17) 22 (15) 171 173 0.40 15.4% 18.6% 8.1% 1.54 10.60 0.60 13.85 10.6%
%QoQ 3.7% ‐0.9% ‐1.7% 1.6% ‐12.2% 10.9% 2.1% 1.7% 4.0% 1.7% ‐0.7% ‐0.4% ‐0.2%
3.1%
%YoY ‐1.3% 4.9% ‐1.2% ‐4.9% ‐28.6% ‐69.8% 39.3% ‐15.6% ‐14.5% ‐15.6% 0.9% ‐0.7% ‐1.4%
2016 8,299 1,237 (670) 1,472 (83) 95 (48) 608 604 1.43 14.9% 17.7% 7.3% 1.54 7.97 0.60 6.4% 13.25 12.6%
Source: Bloomberg and KTZMICO Research Figure 2 PER and PBV band
Source: Bloomberg and KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
%YoY ‐4.0% ‐1.2% ‐1.6% ‐8.1% ‐28.2% ‐44.6% 10.1% ‐5.3% ‐5.7% ‐5.3%
0.0%
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, TFD. KT ZMICO is a co underwriter of RPH.
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)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator 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
OUTPERFORM (TP Bt15.00) Close Bt15.30
Automotive
Beat forecast/Below forecast/In line
February 20, 2017
4Q16 results within expectation Results date: February 17, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.541
1.749
KT ZMICO vs. consensus Share data
2.5%
1.2%
Reuters / Bloomberg
SAT.BK/SAT TB
Paid‐up Shares (m)
425.19
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
7.00/186.00
Foreign limit / actual (%)
49.00/17.75
52 week High / Low (Bt)
15.80/11.30
Avg. daily T/O (shares 000) NVDR (%)
768.00 4.37
Estimated free float (%) Beta URL CGR
53.83
FY Ended 31 Dec
2014
2015
2016
2017E
2018E
0.71
Revenues (Btmn)
8,084
8,644
8,299
8,968
9,665
www.satpcl.co.th
Net profit (Btmn)
650
642
608
674
755
EPS (Bt)
1.53
1.51
1.43
1.58
1.77
Anti‐corruption
Brighter outlook for 2017 SAT ended 2016 with in‐line results. We expect to see a brighter business outlook in 2017 thanks to the recovery in domestic car sales. Non‐auto parts will also pick up in line with improving farm income. We keep our 2017E‐2018E earnings estimates unchanged. Our OUTPERFORM rating is maintained with an attractive yield as the near‐term catalyst. 4Q16 earnings were in line SAT reported a net profit of Bt171mn (EPS: Bt0.39) in 4Q16, in line with our expectation but above the consensus estimate by 6%. Its NP fell 16%YoY, mainly attributed to lower other income as no extra tooling sales were booked as happened in 4Q15. Its revenue dropped 1%YoY to Bt2.1bn. Its GPM picked up 91bps to 15.4%, which helped offset flattish SG&A expenses in absolute terms, resulting in a better operating margin of 7.7% from 6.8% a year earlier. NP fell 5%YoY in 2016 SAT posted in‐line net profit of Bt608mn (EPS: Bt1.43) in 2016, decreasing 5%YoY. Its revenue dropped 4% to Bt8.3bn, mainly due to a 9% decrease in Kubota sales in contrast to the 1% increase in auto parts revenue. Effective cost control was evident in the improvement in the GPM to 14.9% from 14.5% a year earlier. While its SG&A expenses decreased 2% in absolute terms, lower sales caused SG&A to sales to rise to 8.1% from 7.9% in 2015. Its shared profit from associates was another growth driver, surging by 29%YoY to Bt73mn. DPS of Bt0.41, XD March 2 Its overall financial position remained strong, with net DER down from 0.18x in 2015 to 0.06x in 2016. SAT announced to pay dividends for the 2H16 operating performance of Bt0.41 a share, representing a yield of 2.7% for the period. It will go XD on March 2, with the payment date on May 2, 2017. Financials and Valuation
Level 4 (Certified)
Norm. EPS (Bt)
1.53
1.51
1.43
1.58
1.77
EPS growth (%)
(19.88)
(1.47)
‐5.68
11.53
11.98
Dividend (Bt) BV (Bt)
Waraporn Wiboonkanarak Analyst, no. 2482 [email protected] 66 (0) 2624‐6273
0.60
0.60
0.57
0.63
0.71
12.27
13.01
13.85
14.86
16.00 2018E
FY Ended 31 Dec
2014
2015
2016
2017E
PER (x)
10.60
11.40
12.04
10.85
9.69
5.28
4.91
4.08
3.99
3.71
EV/EBITDA (x) PBV (x)
1.32
1.32
1.24
1.16
1.08
Dividend yield (%)
3.70
3.51
3.32
3.69
4.13
ROE (%)
12.88
11.94
10.64
11.04
11.50
Net gearing (%)
34.47
17.61
6.00
1.65
1.23
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: Earnings review Profit and Loss Statement (Btmn) Fiscal Year‐Ended Dec. 4Q15 Revenue 2,133 Gross profit 309 SG&A (164) EBITDA 412 Interest expense (24) Other income 73 Income tax (11) Net profit (loss) 202 Normalized profit (loss) 202 Reported EPS (Bt) 0.48 Gross margin 14.5% EBITDA margin 19.3% Net margin 9.5% Current ratio (x) 1.47 Interest coverage (x) 8.87 Debt to equity (x) 0.74 BVPS 13.01 ROE 11.9%
1Q16 2,194 304 (178) 352 (24) 30 (11) 151 145 0.35 13.9% 16.1% 6.9% 1.39 6.61 0.71 13.36 10.7%
2Q16 1,970 281 (165) 343 (22) 23 (7) 118 120 0.28 14.2% 17.4% 6.0% 1.38 6.24 0.66 13.23 11.9%
3Q16 2,030 327 (165) 385 (20) 20 (15) 168 166 0.39 16.1% 19.0% 8.3% 1.42 9.20 0.62 13.43 11.4%
4Q16 2,104 324 (162) 391 (17) 22 (15) 171 173 0.40 15.4% 18.6% 8.1% 1.54 10.60 0.60 13.85 10.6%
%QoQ 3.7% ‐0.9% ‐1.7% 1.6% ‐12.2% 10.9% 2.1% 1.7% 4.0% 1.7% ‐0.7% ‐0.4% ‐0.2%
3.1%
%YoY ‐1.3% 4.9% ‐1.2% ‐4.9% ‐28.6% ‐69.8% 39.3% ‐15.6% ‐14.5% ‐15.6% 0.9% ‐0.7% ‐1.4%
2016 8,299 1,237 (670) 1,472 (83) 95 (48) 608 604 1.43 14.9% 17.7% 7.3% 1.54 7.97 0.60 6.4% 13.25 12.6%
Source: Bloomberg and KTZMICO Research Figure 2 PER and PBV band
Source: Bloomberg and KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
%YoY ‐4.0% ‐1.2% ‐1.6% ‐8.1% ‐28.2% ‐44.6% 10.1% ‐5.3% ‐5.7% ‐5.3%
0.0%
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, TFD. KT ZMICO is a co underwriter of RPH.
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)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator 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
