Airports of Thailand
Airports of Thailand Outperform (FY17E TP Bt435.00)
Company Update
Close Bt383.00
Transport & Logistics June 27, 2016
Earnings upgrade/Earnings downgrade/Overview unchanged
Strong balance sheet will support investment Price Performance (%)
Maintain “Outperform” with new FY17E TP of Bt435 We shift AOT’s DCF‐based target price to FY17E at Bt435 (vs. FY16E TP of Bt400 previously) and maintain an “Outperform” rating. The short‐term catalysts will still come from brightening traffic volume thanks to growing tourist arrivals and domestic travelers due to LCC expansion. Expect 3QFY16E earnings to continue growing YoY AOT’s passenger volume In 1‐18 June continued to increase by 11% YoY, led by domestic passengers. As such, we estimate that passenger volume in 3QFY16E (Apr‐Jun) will likely increase by 11% YoY (‐11% QoQ) to 34.5mn. We estimate net profit of Bt4.7bn in 3QFY16E for AOT, growing by 16% YoY but declining by 15% QoQ on the seasonal pattern. Revenue is likely to jump by 17% YoY to Bt12.7bn on passenger and flight increases, coupled with additional revenue from the APPS system. Our earnings projection includes an expected FX loss of Bt87mn from baht deprecation against the Japanese yen.
Source: SET Smart Consensus EPS (Bt) KT ZMICO vs. consensus Share data Reuters / Bloomberg
FY16
FY17
13.384
15.629
2.2%
1.9%
AOT.BK/AOT TB
Paid‐up Shares (m)
1,428.57
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
547.00/15,494.00
Foreign limit / actual (%)
30.00/13.48
52 week High / Low (Bt)
430.00/252.00
Avg. daily T/O (shares 000) NVDR (%)
3,533.00 4.85
Estimated free float (%)
29.99
Beta
0.85
URL
www.airportthai.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Plans to invest heavily with value of Bt194.2bn over the next 5‐10 years AOT plans to invest heavily (Bt194.2bn) over the next 5‐10 years to expand airport passenger capacity to 181mn, vs. 83.5mn currently. We have already included the combined investment value of Bt71.5bn for SBIA phase 2, DMK phase 2, and Phuket International Airport in our projections, with cash on hand and borrowing to support investment. Meanwhile, AOT’s board already approved the development of three projects, consisting of: 1) DMK phase 3 (Bt28.7bn), 2) 3rd runway at SBIA (Bt20.3bn), and 3) Terminal 2 at SBIA (Bt34.7bn); however, these plans will need time for implementation as the projects will start from the EHIA/EIA investigation and the seeking of approval from related government parties. Commercial revenue to expand in FY17‐18E from DMK and Phuket According to AOT, DMK’s terminal 2, which is likely to fully operate in FY17E, will expand commercial space to 33,000 sqm. (from 6,000 sqm.), boosting commercial revenue by Bt1bn p.a. (from Bt2.5bn to Bt3.5bn). The revenue could be higher than the projection as it is based on a minimum guarantee. The commercial area will be similar to a community mall concept, with many restaurants and shops to serve both travelers and retail customers. Meanwhile, Phuket’s new international terminal will likely increase commercial revenue by Bt600mn per year and will start commercial operations by yearend. Financials and Valuation FY Ended 30 Sep Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. profit (Btmn) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 30 Sep Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
FY14 37,585 12,220 8.55 12,029 8.42 21.08 3.40 67.93 FY14 44.77 25.96 5.64 0.89 12.75 cash
FY15 43,969 18,729 13.11 15,755 11.03 30.97 6.54 76.01 FY15 29.21 19.93 5.04 1.71 15.32 cash
FY16E 51,086 19,537 13.68 19,537 13.68 24.01 6.82 82.87 FY16E 28.01 16.78 4.62 1.78 17.22 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
FY17E 56,063 22,761 15.93 22,761 15.93 16.50 7.95 90.85 FY17E 24.04 14.83 4.22 2.08 18.34 cash
FY18E 61,253 25,567 17.90 25,567 17.90 12.33 8.93 99.82 FY18E 21.40 13.73 3.84 2.33 18.77 cash
Figure 1: Summary of assumptions for DCF‐based valuation for AOT 5.00 14.50 9.50 13.00 30.00 3.00 10.00
Risk‐free rate (Rf) % Market return (Rm)% Market risk premium (Rm‐Rf) % Cost of equity (Ke) % Debt‐to‐capital ratio (%) Perpetual growth rate (%) WACC (%)
Present value of free cash flow (FY17‐29E) Present value of terminal value Total present value of FCF Less: net debt (cash) as of end‐FY17E Total equity value Outstanding shares at end‐FY17E Equity value / share (Bt)
(Btmn) 254,425 335,187 589,612 (32,376) 632,988 1,429 435
Source: KT ZMICO Research
Figure 2: Peer comparison COUNTRY
Mkt Cap US$m
15
PER (x) 16E
17E
15
PBV (x) 16E
17E
15
Yield (%) 16E
17E
15
ROE (%) 16E
17E
EV/EBITDA (x) 15
16E
17E
12,168
49.8
54.1
47.7
10.7
14.0
18.8
4.0
4.2
4.6
20.0
24.1
37.7
21.9
21.2
19.7
Sydney Airport
Australia
HNA Infrastructure
China
506
8.8
n.a.
n.a.
1.2
n.a.
n.a.
2.9
n.a.
n.a.
14.4
n.a.
n.a.
9.5
n.a.
n.a.
Beijing Capital Intl
China
4,752
18.4
17.3
15.1
1.7
1.6
1.5
2.2
2.3
2.6
9.3
9.9
10.6
9.1
8.9
8.4
Shanghai International
China
7,671
22.5
17.5
15.4
2.8
2.3
2.1
1.5
1.8
2.0
13.1
13.3
13.8
14.9
11.3
9.9
Shenzhen Airport
China
2,564
29.8
27.2
22.2
1.6
1.6
1.5
0.7
0.8
1.1
5.8
5.8
6.8
11.6
11.9
10.3
Xiamen Intl.
China
949
18.6
14.6
13.6
2.3
1.9
1.7
1.6
2.0
2.2
12.7
13.3
13.0
9.6
8.1
7.7
Guangzhou Baiyun Intl
China
2,131
13.1
10.9
10.5
1.7
1.3
1.2
2.2
2.6
2.7
13.9
13.4
12.6
6.8
5.9
5.7
United Arrow
Japan
893
17.9
12.9
13.1
3.5
2.8
2.6
2.2
2.6
2.7
20.2
22.1
20.3
8.6
6.8
6.6
n.a.
84.4
47.0
1.2
1.3
1.3
1.5
1.2
1.6
‐0.2
1.3
2.6
10.8
10.8
10.1
Malaysia Airports Holdings
Malaysia
2,733
Singapore Airport Terminal
Singapore
3,473
Average (simple)
17.6
20.6
19.3
2.4
3.1
2.9
2.9
3.8
3.9
13.7
15.2
15.5
12.9
15.0
14.2
21.8
21.9
19.6
2.9
3.3
3.7
2.2
2.4
2.6
12.3
13.2
14.8
11.6
11.1
10.3
Source: KT ZMICO Research
Figure 2: 3QFY16 earnings preview Profit / Loss Year‐end 30 Sep Revenue Operating expenses Operating profit EBITDA Interest expenses Other income Income tax Forex gain (loss) Other extra items Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Operating margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt/equity (x) BVPS (Bt) ROE (%)
3QFY15 10,856 (5,769) 5,087 6,565 (395) 414 (1,018) (14) ‐ 4,075 4,090 2.85
2QFY16 13,800 (6,812) 6,988 8,600 (349) 327 (1,353) (33) ‐ 5,567 5,600 3.90
3QFY16E 12,734 (6,701) 6,033 7,641 (336) 330 (1,219) (87) ‐ 4,709 4,796 3.30
% YoY 17.3 16.2 18.6 16.4 (14.9) (20.3) 19.7 510.3 ‐ 15.5 17.3 15.5
% QoQ (7.7) (1.6) (13.7) (11.1) (3.7) 0.9 (9.9) 163.2 ‐ (15.4) (14.4) (15.4)
9MFY16E 38,348 (19,464) 18,884 23,685 (1,045) 998 (3,801) (98) ‐ 14,901 14,999 10.43
% YoY 16.1 13.6 18.9 16.8 (14.1) (13.5) 17.1 (131.2) ‐ 15.7 19.4 15.7
FY16E 51,086 (26,605) 24,480 30,915 (1,371) 1,350 (4,892) ‐ ‐ 19,537 19,537 13.68
YTD (% of 16E) 75.1 73.2 77.1 76.6 76.3 73.9 77.7 ‐ ‐ 76.3 76.8 76.3
46.9 60.5 37.5 3.1 12.9 0.3 71.6 16.1
50.6 62.3 40.3 3.5 20.0 0.3 77.9 20.0
47.4 60.0 37.0
49.2 61.8 38.9
49.0 62.0 39.6 3.8 16.6 0.2 82.9 17.2
Source: AOT, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 4: Passenger volume and aircraft movement growth trend (%YoY) for AOT’s six airports Passenger volume Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 1‐18 June * Flights movement Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 1‐18 June *
International 13.8 15.9 11.5 11.2 9.5 7.7 11.8 13.7 8.7 7.9 9.4 8.4
Total Domestic
Total
15.9 17.2 8.5 10.6 15.2 16.2
14.7 16.4 10.2 11.0 11.9 11.2
8.2 11.5 3.0 7.3 9.2 10.8
10.1 12.6 5.9 7.6 9.3 9.6
International 35.5 38.7 29.5 32.5 32.5 22.0 24.6 18.4 19.7 23.0
LCC Domestic
Total
19.1 15.8 6.5 14.1 16.7
24.3 23.1 18.3 19.9 21.7
9.1 7.5 (9.4) 7.1 10.2
13.2 12.9 (0.7) 11.0 14.1
Tourist arrival Volume growth 15.0 16.0 15.4 9.8 7.6
Source: AOT, Department of Tourism Note: * Preliminary figure
Figure 5: Development plan Airport SBIA
DMK (phase 2)
DMK (phase 3)
Phuket
Phuket (phase 2)
Chiang Mai
Chiang Rai
Hat Yai
Description 1 2 3 1 2 3 1 2 3 4 5 6 1 2 3 4 1 2 3 1 2 3 4 5 1 2 3 4 1 2 3
Phase 2 Runway 3 Terminal 2 Renovation of passenger terminal 2 Renovation of south corridor and pier no. 5 Renovation of parking area (7 floors) Junction building Renovation of terminal 1 Access road Renovation of pier no. 6 Apron expansion (12 AC parking stand) Car park & office New international terminal Renovation of existing terminal Apron Other related facilities International terminal expansion Apron expansion (3 AC parking stand) Domestic car park New international terminal Renovation of existing terminal Apron expansion (25 AC parking stand in total) Access road Car park & office Apron expansion (3 AC parking stand) Relocate taxi lane New helipad A new contact gate Renovation of terminal New access road Car park & office Total
Investment Expected (Btmn) timeframe 62.50 2019 20.30 2020 34.67 2021 3.20 2015
Additional capacity Present Additional Total 45 MAP 15 MAP 60 MAP 68 AC/hr 26 AC/hr 94 AC/hr 30 MAP 90 MAP 11.5 MAP 30 MAP
28.67
2022
18.5 MAP
10 MAP
40 MAP
5.79
2016
6.5 MAP
6 MAP 4 contact gates
12.5 MAP
6.25
2021
5.5 MAP
18 MAP
12.78
2030
8 MAP
12 MAP
20 MAP
5.00
2022
3 MAP
‐
3 MAP
15.00
2026
2.5 MAP
7.5 MAP
10 MAP
83.5 MAP
97.5 MAP
181 MAP
194.16
Source: AOT
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
Financial tables
PROFIT & LOSS (Btm) Revenues Cost of sales and service Operating profit SG&A EBITDA Depreciation & amortization EBIT Interest expenses Equity earnings Other income / exp. EBT Corporate tax Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Minority interests Shareholder equity Total liab. & shareholder equity CASH FLOW (Btm) Net income Depreciation & amortization Change in working capital FX, non‐cash adjustment & others Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) Core EPS growth (%) Operating margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%) FINANCIAL QUALITY Total debt to capital employed (x) Net debt to equity (x)
FY13 36,810 (21,747) 15,064 0 19,839 (4,775) 15,064 (1,977) 0 8,139 21,226 (4,869) (9) 16,347 11.44 11.44 9,935 6.95 4.60
FY14 37,585 (22,493) 15,093 0 20,743 (5,650) 15,093 (1,836) 0 2,012 15,269 (3,007) (42) 12,220 8.55 8.55 12,029 8.42 3.40
FY15 43,969 (23,539) 20,430 0 26,618 (6,188) 20,430 (1,605) 0 4,511 23,335 (4,585) (21) 18,729 13.11 13.11 15,755 11.03 6.54
FY16E 51,086 (26,605) 24,480 0 30,915 (6,434) 24,480 (1,371) 0 1,350 24,460 (4,892) (31) 19,537 13.68 13.68 19,537 13.68 6.82
FY13 39,271 206 91,406 22,177 153,061 4,460 37,325 61,321 161 91,579 153,061
FY14 43,203 195 94,282 16,109 153,789 3,971 30,638 56,541 203 97,044 153,789
FY15 48,490 238 95,253 15,643 159,624 4,228 27,493 50,812 225 108,588 159,624
FY16E 56,061 264 93,359 15,934 165,618 3,840 23,673 47,046 194 118,379 165,619
FY13 16,347 4,775 5,066 (6,095) 20,094 (4,176) (4,125) (8,301) (7,607) 0 (2,571) 0 (10,178) 1,615 11,793 8.26
FY14 12,220 5,650 1,033 38 18,941 (9,559) 3,627 (5,932) (6,008) 0 (6,571) 0 (12,578) 431 13,010 9.11
FY15 18,729 6,188 186 (197) 24,906 (6,835) (9,244) (16,079) (5,734) 0 (7,057) 0 (12,790) (3,963) 8,827 6.18
FY16E 19,537 6,434 125 0 26,096 (6,458) 0 (6,458) (4,208) 0 (7,859) 0 (12,067) 7,571 19,638 13.75
FY13 20.8 28.9 51.7 40.9 53.9 44.4 27.0 22.9 20.8
FY14 2.1 4.6 21.1 40.2 55.2 32.5 32.0 19.7 2.1
FY15 17.0 28.3 31.0 46.5 60.5 42.6 35.8 19.6 17.0
FY16E 16.2 16.1 24.0 47.9 60.5 38.2 38.2 20.0 16.2
FY13 0.31 0.03
FY14 0.26 cash
FY15 0.23 cash
FY16E 0.19 cash
FY17E 56,063 (27,783) 28,280 0 34,714 (6,434) 28,280 (1,228) 0 1,455 28,507 (5,701) (45) 22,761 15.93 15.93 22,761 15.93 7.95
FY18E 61,253 (29,503) 31,750 0 38,137 (6,387) 31,750 (1,088) 0 1,359 32,021 (6,404) (50) 25,567 17.90 17.90 25,567 17.90 8.93
FY17E 56,069 277 100,943 16,031 173,321 3,840 19,853 43,386 149 129,785 173,321
FY18E 43,355 303 122,640 16,040 182,338 3,729 16,033 39,641 99 142,598 182,338
FY17E 22,761 6,434 51 0 29,246 (15,672) 0 (15,672) (3,820) 0 (9,746) 0 (13,566) 8 13,574 9.50
FY18E 25,567 6,387 151 0 32,105 (29,533) 0 (29,533) (3,931) 0 (11,355) 0 (15,286) (12,714) 2,572 1.80
FY17E 9.7 12.3 16.5 50.4 61.9 40.6 40.6 20.0 9.7
FY18E 9.3 9.9 12.3 51.8 62.3 41.7 41.7 20.0 9.3
FY17E 0.15 cash
FY18E 0.12 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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, PACE, PLE, TPOLY. KT ZMICO is a co‐underwriter of ALT.
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 5 of 5
th
th
th
th
KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
Company Update
Close Bt383.00
Transport & Logistics June 27, 2016
Earnings upgrade/Earnings downgrade/Overview unchanged
Strong balance sheet will support investment Price Performance (%)
Maintain “Outperform” with new FY17E TP of Bt435 We shift AOT’s DCF‐based target price to FY17E at Bt435 (vs. FY16E TP of Bt400 previously) and maintain an “Outperform” rating. The short‐term catalysts will still come from brightening traffic volume thanks to growing tourist arrivals and domestic travelers due to LCC expansion. Expect 3QFY16E earnings to continue growing YoY AOT’s passenger volume In 1‐18 June continued to increase by 11% YoY, led by domestic passengers. As such, we estimate that passenger volume in 3QFY16E (Apr‐Jun) will likely increase by 11% YoY (‐11% QoQ) to 34.5mn. We estimate net profit of Bt4.7bn in 3QFY16E for AOT, growing by 16% YoY but declining by 15% QoQ on the seasonal pattern. Revenue is likely to jump by 17% YoY to Bt12.7bn on passenger and flight increases, coupled with additional revenue from the APPS system. Our earnings projection includes an expected FX loss of Bt87mn from baht deprecation against the Japanese yen.
Source: SET Smart Consensus EPS (Bt) KT ZMICO vs. consensus Share data Reuters / Bloomberg
FY16
FY17
13.384
15.629
2.2%
1.9%
AOT.BK/AOT TB
Paid‐up Shares (m)
1,428.57
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
547.00/15,494.00
Foreign limit / actual (%)
30.00/13.48
52 week High / Low (Bt)
430.00/252.00
Avg. daily T/O (shares 000) NVDR (%)
3,533.00 4.85
Estimated free float (%)
29.99
Beta
0.85
URL
www.airportthai.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Plans to invest heavily with value of Bt194.2bn over the next 5‐10 years AOT plans to invest heavily (Bt194.2bn) over the next 5‐10 years to expand airport passenger capacity to 181mn, vs. 83.5mn currently. We have already included the combined investment value of Bt71.5bn for SBIA phase 2, DMK phase 2, and Phuket International Airport in our projections, with cash on hand and borrowing to support investment. Meanwhile, AOT’s board already approved the development of three projects, consisting of: 1) DMK phase 3 (Bt28.7bn), 2) 3rd runway at SBIA (Bt20.3bn), and 3) Terminal 2 at SBIA (Bt34.7bn); however, these plans will need time for implementation as the projects will start from the EHIA/EIA investigation and the seeking of approval from related government parties. Commercial revenue to expand in FY17‐18E from DMK and Phuket According to AOT, DMK’s terminal 2, which is likely to fully operate in FY17E, will expand commercial space to 33,000 sqm. (from 6,000 sqm.), boosting commercial revenue by Bt1bn p.a. (from Bt2.5bn to Bt3.5bn). The revenue could be higher than the projection as it is based on a minimum guarantee. The commercial area will be similar to a community mall concept, with many restaurants and shops to serve both travelers and retail customers. Meanwhile, Phuket’s new international terminal will likely increase commercial revenue by Bt600mn per year and will start commercial operations by yearend. Financials and Valuation FY Ended 30 Sep Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. profit (Btmn) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 30 Sep Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
FY14 37,585 12,220 8.55 12,029 8.42 21.08 3.40 67.93 FY14 44.77 25.96 5.64 0.89 12.75 cash
FY15 43,969 18,729 13.11 15,755 11.03 30.97 6.54 76.01 FY15 29.21 19.93 5.04 1.71 15.32 cash
FY16E 51,086 19,537 13.68 19,537 13.68 24.01 6.82 82.87 FY16E 28.01 16.78 4.62 1.78 17.22 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
FY17E 56,063 22,761 15.93 22,761 15.93 16.50 7.95 90.85 FY17E 24.04 14.83 4.22 2.08 18.34 cash
FY18E 61,253 25,567 17.90 25,567 17.90 12.33 8.93 99.82 FY18E 21.40 13.73 3.84 2.33 18.77 cash
Figure 1: Summary of assumptions for DCF‐based valuation for AOT 5.00 14.50 9.50 13.00 30.00 3.00 10.00
Risk‐free rate (Rf) % Market return (Rm)% Market risk premium (Rm‐Rf) % Cost of equity (Ke) % Debt‐to‐capital ratio (%) Perpetual growth rate (%) WACC (%)
Present value of free cash flow (FY17‐29E) Present value of terminal value Total present value of FCF Less: net debt (cash) as of end‐FY17E Total equity value Outstanding shares at end‐FY17E Equity value / share (Bt)
(Btmn) 254,425 335,187 589,612 (32,376) 632,988 1,429 435
Source: KT ZMICO Research
Figure 2: Peer comparison COUNTRY
Mkt Cap US$m
15
PER (x) 16E
17E
15
PBV (x) 16E
17E
15
Yield (%) 16E
17E
15
ROE (%) 16E
17E
EV/EBITDA (x) 15
16E
17E
12,168
49.8
54.1
47.7
10.7
14.0
18.8
4.0
4.2
4.6
20.0
24.1
37.7
21.9
21.2
19.7
Sydney Airport
Australia
HNA Infrastructure
China
506
8.8
n.a.
n.a.
1.2
n.a.
n.a.
2.9
n.a.
n.a.
14.4
n.a.
n.a.
9.5
n.a.
n.a.
Beijing Capital Intl
China
4,752
18.4
17.3
15.1
1.7
1.6
1.5
2.2
2.3
2.6
9.3
9.9
10.6
9.1
8.9
8.4
Shanghai International
China
7,671
22.5
17.5
15.4
2.8
2.3
2.1
1.5
1.8
2.0
13.1
13.3
13.8
14.9
11.3
9.9
Shenzhen Airport
China
2,564
29.8
27.2
22.2
1.6
1.6
1.5
0.7
0.8
1.1
5.8
5.8
6.8
11.6
11.9
10.3
Xiamen Intl.
China
949
18.6
14.6
13.6
2.3
1.9
1.7
1.6
2.0
2.2
12.7
13.3
13.0
9.6
8.1
7.7
Guangzhou Baiyun Intl
China
2,131
13.1
10.9
10.5
1.7
1.3
1.2
2.2
2.6
2.7
13.9
13.4
12.6
6.8
5.9
5.7
United Arrow
Japan
893
17.9
12.9
13.1
3.5
2.8
2.6
2.2
2.6
2.7
20.2
22.1
20.3
8.6
6.8
6.6
n.a.
84.4
47.0
1.2
1.3
1.3
1.5
1.2
1.6
‐0.2
1.3
2.6
10.8
10.8
10.1
Malaysia Airports Holdings
Malaysia
2,733
Singapore Airport Terminal
Singapore
3,473
Average (simple)
17.6
20.6
19.3
2.4
3.1
2.9
2.9
3.8
3.9
13.7
15.2
15.5
12.9
15.0
14.2
21.8
21.9
19.6
2.9
3.3
3.7
2.2
2.4
2.6
12.3
13.2
14.8
11.6
11.1
10.3
Source: KT ZMICO Research
Figure 2: 3QFY16 earnings preview Profit / Loss Year‐end 30 Sep Revenue Operating expenses Operating profit EBITDA Interest expenses Other income Income tax Forex gain (loss) Other extra items Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Operating margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt/equity (x) BVPS (Bt) ROE (%)
3QFY15 10,856 (5,769) 5,087 6,565 (395) 414 (1,018) (14) ‐ 4,075 4,090 2.85
2QFY16 13,800 (6,812) 6,988 8,600 (349) 327 (1,353) (33) ‐ 5,567 5,600 3.90
3QFY16E 12,734 (6,701) 6,033 7,641 (336) 330 (1,219) (87) ‐ 4,709 4,796 3.30
% YoY 17.3 16.2 18.6 16.4 (14.9) (20.3) 19.7 510.3 ‐ 15.5 17.3 15.5
% QoQ (7.7) (1.6) (13.7) (11.1) (3.7) 0.9 (9.9) 163.2 ‐ (15.4) (14.4) (15.4)
9MFY16E 38,348 (19,464) 18,884 23,685 (1,045) 998 (3,801) (98) ‐ 14,901 14,999 10.43
% YoY 16.1 13.6 18.9 16.8 (14.1) (13.5) 17.1 (131.2) ‐ 15.7 19.4 15.7
FY16E 51,086 (26,605) 24,480 30,915 (1,371) 1,350 (4,892) ‐ ‐ 19,537 19,537 13.68
YTD (% of 16E) 75.1 73.2 77.1 76.6 76.3 73.9 77.7 ‐ ‐ 76.3 76.8 76.3
46.9 60.5 37.5 3.1 12.9 0.3 71.6 16.1
50.6 62.3 40.3 3.5 20.0 0.3 77.9 20.0
47.4 60.0 37.0
49.2 61.8 38.9
49.0 62.0 39.6 3.8 16.6 0.2 82.9 17.2
Source: AOT, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 4: Passenger volume and aircraft movement growth trend (%YoY) for AOT’s six airports Passenger volume Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 1‐18 June * Flights movement Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 1‐18 June *
International 13.8 15.9 11.5 11.2 9.5 7.7 11.8 13.7 8.7 7.9 9.4 8.4
Total Domestic
Total
15.9 17.2 8.5 10.6 15.2 16.2
14.7 16.4 10.2 11.0 11.9 11.2
8.2 11.5 3.0 7.3 9.2 10.8
10.1 12.6 5.9 7.6 9.3 9.6
International 35.5 38.7 29.5 32.5 32.5 22.0 24.6 18.4 19.7 23.0
LCC Domestic
Total
19.1 15.8 6.5 14.1 16.7
24.3 23.1 18.3 19.9 21.7
9.1 7.5 (9.4) 7.1 10.2
13.2 12.9 (0.7) 11.0 14.1
Tourist arrival Volume growth 15.0 16.0 15.4 9.8 7.6
Source: AOT, Department of Tourism Note: * Preliminary figure
Figure 5: Development plan Airport SBIA
DMK (phase 2)
DMK (phase 3)
Phuket
Phuket (phase 2)
Chiang Mai
Chiang Rai
Hat Yai
Description 1 2 3 1 2 3 1 2 3 4 5 6 1 2 3 4 1 2 3 1 2 3 4 5 1 2 3 4 1 2 3
Phase 2 Runway 3 Terminal 2 Renovation of passenger terminal 2 Renovation of south corridor and pier no. 5 Renovation of parking area (7 floors) Junction building Renovation of terminal 1 Access road Renovation of pier no. 6 Apron expansion (12 AC parking stand) Car park & office New international terminal Renovation of existing terminal Apron Other related facilities International terminal expansion Apron expansion (3 AC parking stand) Domestic car park New international terminal Renovation of existing terminal Apron expansion (25 AC parking stand in total) Access road Car park & office Apron expansion (3 AC parking stand) Relocate taxi lane New helipad A new contact gate Renovation of terminal New access road Car park & office Total
Investment Expected (Btmn) timeframe 62.50 2019 20.30 2020 34.67 2021 3.20 2015
Additional capacity Present Additional Total 45 MAP 15 MAP 60 MAP 68 AC/hr 26 AC/hr 94 AC/hr 30 MAP 90 MAP 11.5 MAP 30 MAP
28.67
2022
18.5 MAP
10 MAP
40 MAP
5.79
2016
6.5 MAP
6 MAP 4 contact gates
12.5 MAP
6.25
2021
5.5 MAP
18 MAP
12.78
2030
8 MAP
12 MAP
20 MAP
5.00
2022
3 MAP
‐
3 MAP
15.00
2026
2.5 MAP
7.5 MAP
10 MAP
83.5 MAP
97.5 MAP
181 MAP
194.16
Source: AOT
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
Financial tables
PROFIT & LOSS (Btm) Revenues Cost of sales and service Operating profit SG&A EBITDA Depreciation & amortization EBIT Interest expenses Equity earnings Other income / exp. EBT Corporate tax Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Minority interests Shareholder equity Total liab. & shareholder equity CASH FLOW (Btm) Net income Depreciation & amortization Change in working capital FX, non‐cash adjustment & others Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) Core EPS growth (%) Operating margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%) FINANCIAL QUALITY Total debt to capital employed (x) Net debt to equity (x)
FY13 36,810 (21,747) 15,064 0 19,839 (4,775) 15,064 (1,977) 0 8,139 21,226 (4,869) (9) 16,347 11.44 11.44 9,935 6.95 4.60
FY14 37,585 (22,493) 15,093 0 20,743 (5,650) 15,093 (1,836) 0 2,012 15,269 (3,007) (42) 12,220 8.55 8.55 12,029 8.42 3.40
FY15 43,969 (23,539) 20,430 0 26,618 (6,188) 20,430 (1,605) 0 4,511 23,335 (4,585) (21) 18,729 13.11 13.11 15,755 11.03 6.54
FY16E 51,086 (26,605) 24,480 0 30,915 (6,434) 24,480 (1,371) 0 1,350 24,460 (4,892) (31) 19,537 13.68 13.68 19,537 13.68 6.82
FY13 39,271 206 91,406 22,177 153,061 4,460 37,325 61,321 161 91,579 153,061
FY14 43,203 195 94,282 16,109 153,789 3,971 30,638 56,541 203 97,044 153,789
FY15 48,490 238 95,253 15,643 159,624 4,228 27,493 50,812 225 108,588 159,624
FY16E 56,061 264 93,359 15,934 165,618 3,840 23,673 47,046 194 118,379 165,619
FY13 16,347 4,775 5,066 (6,095) 20,094 (4,176) (4,125) (8,301) (7,607) 0 (2,571) 0 (10,178) 1,615 11,793 8.26
FY14 12,220 5,650 1,033 38 18,941 (9,559) 3,627 (5,932) (6,008) 0 (6,571) 0 (12,578) 431 13,010 9.11
FY15 18,729 6,188 186 (197) 24,906 (6,835) (9,244) (16,079) (5,734) 0 (7,057) 0 (12,790) (3,963) 8,827 6.18
FY16E 19,537 6,434 125 0 26,096 (6,458) 0 (6,458) (4,208) 0 (7,859) 0 (12,067) 7,571 19,638 13.75
FY13 20.8 28.9 51.7 40.9 53.9 44.4 27.0 22.9 20.8
FY14 2.1 4.6 21.1 40.2 55.2 32.5 32.0 19.7 2.1
FY15 17.0 28.3 31.0 46.5 60.5 42.6 35.8 19.6 17.0
FY16E 16.2 16.1 24.0 47.9 60.5 38.2 38.2 20.0 16.2
FY13 0.31 0.03
FY14 0.26 cash
FY15 0.23 cash
FY16E 0.19 cash
FY17E 56,063 (27,783) 28,280 0 34,714 (6,434) 28,280 (1,228) 0 1,455 28,507 (5,701) (45) 22,761 15.93 15.93 22,761 15.93 7.95
FY18E 61,253 (29,503) 31,750 0 38,137 (6,387) 31,750 (1,088) 0 1,359 32,021 (6,404) (50) 25,567 17.90 17.90 25,567 17.90 8.93
FY17E 56,069 277 100,943 16,031 173,321 3,840 19,853 43,386 149 129,785 173,321
FY18E 43,355 303 122,640 16,040 182,338 3,729 16,033 39,641 99 142,598 182,338
FY17E 22,761 6,434 51 0 29,246 (15,672) 0 (15,672) (3,820) 0 (9,746) 0 (13,566) 8 13,574 9.50
FY18E 25,567 6,387 151 0 32,105 (29,533) 0 (29,533) (3,931) 0 (11,355) 0 (15,286) (12,714) 2,572 1.80
FY17E 9.7 12.3 16.5 50.4 61.9 40.6 40.6 20.0 9.7
FY18E 9.3 9.9 12.3 51.8 62.3 41.7 41.7 20.0 9.3
FY17E 0.15 cash
FY18E 0.12 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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, PACE, PLE, TPOLY. KT ZMICO is a co‐underwriter of ALT.
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 5 of 5
th
th
th
th
KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
