Advanced Information Technology Outperform (17E TP Bt28.80)
Advanced Information Technology Outperform (17E TP Bt28.80)
Earnings Review
Close Bt27.75
ICT
Beat forecast/Below forecast/In line
August 11, 2017
Pretty low GPM dived 2Q17 NP Results date: August 10, 2017
Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
2.320
2.570
KT ZMICO vs. consensus Share data
3.4%
3.9%
Reuters / Bloomberg
AIT.BK/AIT TB
Paid‐up Shares (m)
206.32
Par (Bt)
5.00
Market cap (Bt bn / US$ m)
6.00/172.00
Foreign limit / actual (%)
25.00/4.06
52 week High / Low (Bt)
30.25/22.90
Avg. daily T/O (shares 000) NVDR (%)
391.00 4.91
Estimated free float (%)
70.51
Beta
0.63
URL
www.ait.co.th
CGR
Anti‐corruption
n.a.
Attractive dividend play AIT’s 2Q17 results was decelerated as expected due to the partial recognition of low‐margin Internet for Villages project. We maintain our earnings growth forecast of 15%YoY this year on the back of higher backlog together with more government projects tendering. AIT is an attractive dividend play, with an estimated of nearly 8% yield this year. Our OUTPERFORM call is kept unchanged. Weak GPM weighed down 2Q17 NP AIT posted a net profit of Bt105mn in 2Q17, decreasing 3%YoY and 21%QoQ, largely blamed on terribly low gross margin. Gross margin this quarter headed south to the lowest in six years at 20.2%, versus 23.7% in 2Q16 and 26.9% in the previous quarter. This was because low‐margin hardware sales from Internet for Vilagges project was partially delivered. By the way, this project helped to boost revenue by 11%YoY and 19%QoQ to Bt1.3bn. DPS of Bt0.65, representing 2% yield AIT’s financial status remained strong, with net cash position. It announced to pay an interim DPS of Bt0.65, implying 56% payout ratio. This represents 2.3% yield for the period. XD sign will go on August 22, with the payment date on September 7. Earnings estimates unchanged AIT registered 10%YoY increase in NP for 1H17 to Bt239mn, thanks to top line growth of 7%YoY with flattish margin. This represents 48% of our full‐year forecast of Bt494mn, increasing 15%YoY. With the accelerated momentum of new orders, AIT has Bt2.2bn backlog by the end of 2Q17. This implies over 80% of our revenue forecast has been secured. Thus, we keep our full‐year forecast unchanged. Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm EPS (Bt) Norm EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
2015 5,156 533 2.58 2.40 ‐24.8% 2.05 13.87 2015 11.67 7.51 2.02 7.3% 17.9% 0.5%
2016 4,358 429 2.08 2.08 ‐13.3% 2.00 13.98 2016 11.87 6.80 1.77 8.1% 14.9% Net cash
2017E 5,387 494 2.40 2.40 15.1% 2.11 14.37 2017E 11.58 7.41 1.95 7.6% 17.0% 3.8%
Waraporn Wiboonkanarak Analyst, no. 2482 [email protected] 66 (0) 2624‐6273 REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2018E 5,337 552 2.67 2.67 11.6% 2.14 14.94 2018E 10.38 5.94 1.86 7.7% 18.4% Net cash
2019E 6,059 611 2.96 2.96 10.8% 2.37 15.76 2019E 9.37 6.43 1.77 8.5% 19.4% 9.4%
Figure 1: Earnings review Profit and Loss Statement (Btmn) Fiscal Year‐Ended Dec. 2Q16 Revenue 1,203 Gross profit 285 SG&A 149 EBITDA 181 Interest expense 0 Income tax 32 108 Net profit (loss) Normalized profit (loss) 108 Reported EPS (Bt) 0.53 Gross margin 23.7% EBITDA margin 15.1% Net margin 9.0% Current ratio (x) 2.58 Interest coverage (x) 356.25 Debt to equity (x) 0.62 BVPS 13.42 ROE 15.7%
1Q17 1,128 304 137 210 0 37 133 133 0.65 26.9% 18.6% 11.8% 2.54 572.94 0.60 14.62 15.9%
2Q17 1,339 270 133 175 0 32 105 105 0.51 20.2% 13.1% 7.9% 2.23 487.36 0.71 13.63 15.7%
%QoQ 18.8% ‐11.1% ‐2.4% ‐16.6% ‐6.1% ‐13.8% ‐21.0% ‐21.0% ‐21.0%
‐6.8%
%YoY 11.3% ‐5.2% ‐10.5% ‐3.5% ‐27.8% 1.2% ‐3.0% ‐3.0% ‐3.0%
1H17 2,467 574 270 385 1 69 239 239 1.16 23.3% 15.6% 9.7% 2.23 338.92 0.71 1.6% 13.63 15.7%
%YoY 6.5% 5.7% ‐2.2% 7.5% ‐28.1% 16.2% 10.2% 10.2% 10.2%
2017E 5,387 1,235 668 787 8 124 494 494 2.40 22.9% 14.6% 9.2% 2.55 81.35 0.60 1.6% 14.22 17.0%
Source: Bloomberg, KT Zmico Research Figure 2: PER and PBV band
Source: Bloomberg, KT Zmico Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
YTD %YoY (%2017E) 23.6% 45.8% 15.8% 46.4% 19.8% 40.4% 10.9% 48.9% 410.9% 7.7% 2.5% 55.9% 15.1% 48.3% 15.1% 48.3% 15.1% 48.3%
1.8%
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, TTL, NMG, SAWAD.
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 returns over a six‐month period due to specific UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant catalysts SELL: Expecting negative total returns of 10% or more primary market index by 10% over the next 12 months. 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
Earnings Review
Close Bt27.75
ICT
Beat forecast/Below forecast/In line
August 11, 2017
Pretty low GPM dived 2Q17 NP Results date: August 10, 2017
Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
2.320
2.570
KT ZMICO vs. consensus Share data
3.4%
3.9%
Reuters / Bloomberg
AIT.BK/AIT TB
Paid‐up Shares (m)
206.32
Par (Bt)
5.00
Market cap (Bt bn / US$ m)
6.00/172.00
Foreign limit / actual (%)
25.00/4.06
52 week High / Low (Bt)
30.25/22.90
Avg. daily T/O (shares 000) NVDR (%)
391.00 4.91
Estimated free float (%)
70.51
Beta
0.63
URL
www.ait.co.th
CGR
Anti‐corruption
n.a.
Attractive dividend play AIT’s 2Q17 results was decelerated as expected due to the partial recognition of low‐margin Internet for Villages project. We maintain our earnings growth forecast of 15%YoY this year on the back of higher backlog together with more government projects tendering. AIT is an attractive dividend play, with an estimated of nearly 8% yield this year. Our OUTPERFORM call is kept unchanged. Weak GPM weighed down 2Q17 NP AIT posted a net profit of Bt105mn in 2Q17, decreasing 3%YoY and 21%QoQ, largely blamed on terribly low gross margin. Gross margin this quarter headed south to the lowest in six years at 20.2%, versus 23.7% in 2Q16 and 26.9% in the previous quarter. This was because low‐margin hardware sales from Internet for Vilagges project was partially delivered. By the way, this project helped to boost revenue by 11%YoY and 19%QoQ to Bt1.3bn. DPS of Bt0.65, representing 2% yield AIT’s financial status remained strong, with net cash position. It announced to pay an interim DPS of Bt0.65, implying 56% payout ratio. This represents 2.3% yield for the period. XD sign will go on August 22, with the payment date on September 7. Earnings estimates unchanged AIT registered 10%YoY increase in NP for 1H17 to Bt239mn, thanks to top line growth of 7%YoY with flattish margin. This represents 48% of our full‐year forecast of Bt494mn, increasing 15%YoY. With the accelerated momentum of new orders, AIT has Bt2.2bn backlog by the end of 2Q17. This implies over 80% of our revenue forecast has been secured. Thus, we keep our full‐year forecast unchanged. Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm EPS (Bt) Norm EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
2015 5,156 533 2.58 2.40 ‐24.8% 2.05 13.87 2015 11.67 7.51 2.02 7.3% 17.9% 0.5%
2016 4,358 429 2.08 2.08 ‐13.3% 2.00 13.98 2016 11.87 6.80 1.77 8.1% 14.9% Net cash
2017E 5,387 494 2.40 2.40 15.1% 2.11 14.37 2017E 11.58 7.41 1.95 7.6% 17.0% 3.8%
Waraporn Wiboonkanarak Analyst, no. 2482 [email protected] 66 (0) 2624‐6273 REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2018E 5,337 552 2.67 2.67 11.6% 2.14 14.94 2018E 10.38 5.94 1.86 7.7% 18.4% Net cash
2019E 6,059 611 2.96 2.96 10.8% 2.37 15.76 2019E 9.37 6.43 1.77 8.5% 19.4% 9.4%
Figure 1: Earnings review Profit and Loss Statement (Btmn) Fiscal Year‐Ended Dec. 2Q16 Revenue 1,203 Gross profit 285 SG&A 149 EBITDA 181 Interest expense 0 Income tax 32 108 Net profit (loss) Normalized profit (loss) 108 Reported EPS (Bt) 0.53 Gross margin 23.7% EBITDA margin 15.1% Net margin 9.0% Current ratio (x) 2.58 Interest coverage (x) 356.25 Debt to equity (x) 0.62 BVPS 13.42 ROE 15.7%
1Q17 1,128 304 137 210 0 37 133 133 0.65 26.9% 18.6% 11.8% 2.54 572.94 0.60 14.62 15.9%
2Q17 1,339 270 133 175 0 32 105 105 0.51 20.2% 13.1% 7.9% 2.23 487.36 0.71 13.63 15.7%
%QoQ 18.8% ‐11.1% ‐2.4% ‐16.6% ‐6.1% ‐13.8% ‐21.0% ‐21.0% ‐21.0%
‐6.8%
%YoY 11.3% ‐5.2% ‐10.5% ‐3.5% ‐27.8% 1.2% ‐3.0% ‐3.0% ‐3.0%
1H17 2,467 574 270 385 1 69 239 239 1.16 23.3% 15.6% 9.7% 2.23 338.92 0.71 1.6% 13.63 15.7%
%YoY 6.5% 5.7% ‐2.2% 7.5% ‐28.1% 16.2% 10.2% 10.2% 10.2%
2017E 5,387 1,235 668 787 8 124 494 494 2.40 22.9% 14.6% 9.2% 2.55 81.35 0.60 1.6% 14.22 17.0%
Source: Bloomberg, KT Zmico Research Figure 2: PER and PBV band
Source: Bloomberg, KT Zmico Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
YTD %YoY (%2017E) 23.6% 45.8% 15.8% 46.4% 19.8% 40.4% 10.9% 48.9% 410.9% 7.7% 2.5% 55.9% 15.1% 48.3% 15.1% 48.3% 15.1% 48.3%
1.8%
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, TTL, NMG, SAWAD.
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 returns over a six‐month period due to specific UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant catalysts SELL: Expecting negative total returns of 10% or more primary market index by 10% over the next 12 months. 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
