AP (Thailand)
AP (Thailand) Under Review (15E TP Bt6.70)
Company Update
Close Bt6.85
Property Development February 27, 2015
Earnings upgrade/Earnings downgrade/Overview unchanged
2014 earnings beat our forecast by 7.4%
FY15
FY16
Consensus EPS (Bt)
0.851
0.912
KT ZMICO vs. consensus Share data
‐7.2%
‐0.2%
Reuters / Bloomberg
AP.BK/AP TB
Paid‐up Shares (m)
3,145.90
Par (Bt)
1.00
Market cap (Bt bn / US$ m) Foreign limit / actual (%)
22.00/663.00 30.00/24.33
52 week High / Low (Bt)
7.41/4.40
Avg. daily T/O (shares 000)
17,147.00
NVDR (%)
9.94
Estimated free float (%)
67.47
Beta
1.49
URL
www.apthai.com
CGR
2014 beat our forecast: recommendation under review AP ended 2014 with earnings of Bt2.6bn (+29.9%), 7.4% higher than our forecast due to a better‐than‐expected GPM and low SG&A. The firm has raised condo launches from its original plan, which could lead to stronger‐than‐expected presales. The rating is now under review until we finalize our forecasts after the analyst meeting today. Ended 2014 with strong growth AP reported 2014 transfers of Bt22.9bn (+15.5%) and net profit of Bt2.6bn (+29.9%). Transfers already peaked in 3Q14 along with CD completions, and the 4Q14 earnings were Bt608m (‐34.8% YoY, ‐41.2% QoQ). Better‐than‐expected GPM and SG&A 2014 net profit of Bt2.6bn was in line with the consensus, but it was 7.4% higher than our forecast mainly due to i.) the higher‐than‐expected residential GPM of 33.5% (vs. 14E: 33.1%) and ii.) lower‐than‐expected SG&A to revenue of 17.9% (vs. 14E: 18.7%), implying that we might have to adjust the 15E GPM (32.6%) and SG&A (18.3%). Raises value of project launches Originally, AP planned to launch 20 projects worth a combined Bt24.7bn in 2015. Now it plans to launch 24 projects worth Bt40.2bn with most of the increase coming from CD, accounting for 68.4% of the total launches. This implies upside to our 15E presales of Bt23.7bn (+4.5%). 3.8% dividend yield for the year The board of directors announced an annual dividend payment of Bt0.26, implying a 31.3% payout ratio and a yield of 3.8%. The 2015 AGM will take place on 26 Feb 15, and the dividend is scheduled to be paid on 26 May. Financial and Valuation FY Ended 31 Dec
2012
2013
2014
2015E
2016E
Revenues (Btmn)
17,310
19,989
23,096
25,089
25,041
Net profit (Btmn)
2,186
2,013
2,615
2,488
2,864
0.77
0.70
0.83
0.79
0.91
EPS (Bt)
Wasu Mattanapotchanart
EPS growth (%)
40.0
‐8.6
18.0
‐4.9
15.1
Dividend (Bt)
0.25
0.27
0.26
0.26
0.30
BV (Bt)
4.47
4.90
5.04
5.57
6.22
FY Ended 31 Dec
2012
2013
2014
2015E
2016E
Norm. PER (x)
9.3
9.7
8.2
8.7
7.5
EV/EBITDA (x)
10.2
11.6
8.9
9.2
9.1
Analyst, no. 44357
PBV (x)
1.53
1.40
1.36
1.23
1.10
[email protected] 66 (0) 2624‐6268
Dividend yield (%)
3.68
3.94
3.80
3.78
4.35
18.73 0.91
15.09 1.04
17.52 0.90
14.91 0.89
15.45 0.83
ROE (%) Net gearing (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
Figure 1: Quarterly earnings review Profit and Loss (Btmn)
FY Ended 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Other extraordinary Items Gn (Ls) from affiliates Net profit (loss) Normalized profit (loss) Reported EPS (THB)
4Q13 8,410 2,800 1,310 (84) 15 (276) 5 (1) 933 929 0.33
3Q14 7,626 2,542 1,333 (89) 11 (190) 2 (16) 1,036 1,034 0.36
4Q14 6,053 2,057 1,010 (96) (102) (170) 0 (21) 608 608 0.18
% YoY (28.0) (26.6) (22.9) 14.3 (755.8) (38.7) (100.0) 1,460.6 (34.8) (34.5) (43.5)
% QoQ (20.6) (19.1) (24.2) 7.4 (1,026.8) (11.0) (100.0) 27.5 (41.2) (41.1) (49.1)
2013 19,989 6,616 2,933 (293) 58 (539) 5 (1) 2,013 2,010 0.70
2014 23,096 7,691 3,789 (344) (64) (627) 2 (66) 2,615 2,614 0.83
% YoY 15.5 16.2 29.2 17.5 (210.0) 16.3 (53.5) 4,871.6 29.9 30.1 18.0
Gross margin ‐ residential Gross margin EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt / equity (x) BVPS (Bt) ROE (%)
33.4 33.4 15.6 11.1 3.4 15.1 1.1 4.9 37.4
33.5 33.5 17.5 13.6 3.7 14.7 1.0 5.3 34.9
33.0 33.0 16.7 10.1 3.8 10.4 0.9 5.0 15.4
33.3% 33.1 14.7 10.1 3.4 9.5 1.1 4.9 15.1
33.5% 33.3 16.4 11.3 3.8 10.8 0.9 5.0 17.5
Source: AP, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 2: Project launches 2015
Source: AP, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
FINANCIAL TABLE PROFIT & LOSS (Btmn) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btmn) Cash and equivalents Accounts receivable Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Paid‐up shares Shareholder equity Total liab. & shareholder equity CASH FLOW (Btmn) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital 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 (%) EPS growth (%) Gross margin ‐ residential (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
2012 17,310 (11,274) 6,036 (3,128) 3,061 (152) 2,908 (213) 65 2,760 (691) 0 117 0 2,186 0.77 0.76 2,097 0.74 0.25
2013 19,989 (13,238) 6,750 (3,976) 2,933 (159) 2,774 (293) 67 2,549 (539) 0 5 (1) 2,013 0.70 0.70 2,010 0.70 0.27
2014 23,096 (15,251) 7,845 (4,140) 3,789 (84) 3,705 (344) (55) 3,306 (627) 0 2 (66) 2,615 0.83 0.92 2,614 0.83 0.26
2015E 25,089 (16,819) 8,271 (4,580) 3,797 (106) 3,691 (326) (55) 3,310 (622) 0 0 (200) 2,488 0.79 0.87 2,488 0.79 0.26
2012 744 108 26,490 127 2,004 29,472 4,209 8,073 12,282 2,848 12,680 29,472
2013 889 110 30,784 129 2,497 34,410 5,059 10,371 15,430 2,860 14,007 34,410
2014 463 96 31,673 132 3,199 35,564 4,431 10,274 14,705 3,146 15,848 35,564
2015E 1,673 145 35,614 118 3,649 41,201 5,362 11,815 17,177 3,146 17,518 41,201
2012 2,186 (103) 152 724 2,492 (50) 266 216 (1,959) 66 (509) 1 (2,400) 438 3,991 1.41
2013 2,013 (5) 159 (4,419) (2,669) (69) (20) (89) 3,589 29 (715) 2 2,905 744 (1,540) (0.54)
2014 2,615 0 84 (1,094) 1,597 (56) (13) (69) (725) 0 (772) 3 (1,494) 889 2,490 0.79
2015E 2,488 8 106 (2,974) (381) (56) (7) (63) 2,472 0 (818) 4 1,658 463 490 0.16
2012 26.9 13.1 40.0 34.4 17.7 16.9 12.7 12.2 (24.0)
2013 15.5 (4.2) (8.6) 33.3 14.7 14.0 10.1 10.1 (21.1)
2014 15.5 29.2 18.0 33.5 16.4 16.1 11.4 11.4 (19.3)
2015E 8.6 0.2 (4.9) 32.5 15.1 14.8 10.0 10.0 (20.0)
2016E 25,041 (16,818) 8,223 (4,420) 3,927 (124) 3,803 (367) (55) 3,381 (716) 0 0 200 2,864 0.91 1.00 2,864 0.91 0.30 2016E 3,062 145 38,466 101 3,655 45,429 5,778 13,587 19,365 3,146 19,568 45,429 2016E 2,864 0 124 (2,878) 102 (56) (32) (88) 2,188 0 (815) 5 1,379 1,673 1,089 0.35 2016E (0.2) 3.4 15.1 32.4 15.7 15.3 11.5 11.5 (20.0)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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 BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 5
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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 Bt6.85
Property Development February 27, 2015
Earnings upgrade/Earnings downgrade/Overview unchanged
2014 earnings beat our forecast by 7.4%
FY15
FY16
Consensus EPS (Bt)
0.851
0.912
KT ZMICO vs. consensus Share data
‐7.2%
‐0.2%
Reuters / Bloomberg
AP.BK/AP TB
Paid‐up Shares (m)
3,145.90
Par (Bt)
1.00
Market cap (Bt bn / US$ m) Foreign limit / actual (%)
22.00/663.00 30.00/24.33
52 week High / Low (Bt)
7.41/4.40
Avg. daily T/O (shares 000)
17,147.00
NVDR (%)
9.94
Estimated free float (%)
67.47
Beta
1.49
URL
www.apthai.com
CGR
2014 beat our forecast: recommendation under review AP ended 2014 with earnings of Bt2.6bn (+29.9%), 7.4% higher than our forecast due to a better‐than‐expected GPM and low SG&A. The firm has raised condo launches from its original plan, which could lead to stronger‐than‐expected presales. The rating is now under review until we finalize our forecasts after the analyst meeting today. Ended 2014 with strong growth AP reported 2014 transfers of Bt22.9bn (+15.5%) and net profit of Bt2.6bn (+29.9%). Transfers already peaked in 3Q14 along with CD completions, and the 4Q14 earnings were Bt608m (‐34.8% YoY, ‐41.2% QoQ). Better‐than‐expected GPM and SG&A 2014 net profit of Bt2.6bn was in line with the consensus, but it was 7.4% higher than our forecast mainly due to i.) the higher‐than‐expected residential GPM of 33.5% (vs. 14E: 33.1%) and ii.) lower‐than‐expected SG&A to revenue of 17.9% (vs. 14E: 18.7%), implying that we might have to adjust the 15E GPM (32.6%) and SG&A (18.3%). Raises value of project launches Originally, AP planned to launch 20 projects worth a combined Bt24.7bn in 2015. Now it plans to launch 24 projects worth Bt40.2bn with most of the increase coming from CD, accounting for 68.4% of the total launches. This implies upside to our 15E presales of Bt23.7bn (+4.5%). 3.8% dividend yield for the year The board of directors announced an annual dividend payment of Bt0.26, implying a 31.3% payout ratio and a yield of 3.8%. The 2015 AGM will take place on 26 Feb 15, and the dividend is scheduled to be paid on 26 May. Financial and Valuation FY Ended 31 Dec
2012
2013
2014
2015E
2016E
Revenues (Btmn)
17,310
19,989
23,096
25,089
25,041
Net profit (Btmn)
2,186
2,013
2,615
2,488
2,864
0.77
0.70
0.83
0.79
0.91
EPS (Bt)
Wasu Mattanapotchanart
EPS growth (%)
40.0
‐8.6
18.0
‐4.9
15.1
Dividend (Bt)
0.25
0.27
0.26
0.26
0.30
BV (Bt)
4.47
4.90
5.04
5.57
6.22
FY Ended 31 Dec
2012
2013
2014
2015E
2016E
Norm. PER (x)
9.3
9.7
8.2
8.7
7.5
EV/EBITDA (x)
10.2
11.6
8.9
9.2
9.1
Analyst, no. 44357
PBV (x)
1.53
1.40
1.36
1.23
1.10
[email protected] 66 (0) 2624‐6268
Dividend yield (%)
3.68
3.94
3.80
3.78
4.35
18.73 0.91
15.09 1.04
17.52 0.90
14.91 0.89
15.45 0.83
ROE (%) Net gearing (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
Figure 1: Quarterly earnings review Profit and Loss (Btmn)
FY Ended 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Other extraordinary Items Gn (Ls) from affiliates Net profit (loss) Normalized profit (loss) Reported EPS (THB)
4Q13 8,410 2,800 1,310 (84) 15 (276) 5 (1) 933 929 0.33
3Q14 7,626 2,542 1,333 (89) 11 (190) 2 (16) 1,036 1,034 0.36
4Q14 6,053 2,057 1,010 (96) (102) (170) 0 (21) 608 608 0.18
% YoY (28.0) (26.6) (22.9) 14.3 (755.8) (38.7) (100.0) 1,460.6 (34.8) (34.5) (43.5)
% QoQ (20.6) (19.1) (24.2) 7.4 (1,026.8) (11.0) (100.0) 27.5 (41.2) (41.1) (49.1)
2013 19,989 6,616 2,933 (293) 58 (539) 5 (1) 2,013 2,010 0.70
2014 23,096 7,691 3,789 (344) (64) (627) 2 (66) 2,615 2,614 0.83
% YoY 15.5 16.2 29.2 17.5 (210.0) 16.3 (53.5) 4,871.6 29.9 30.1 18.0
Gross margin ‐ residential Gross margin EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt / equity (x) BVPS (Bt) ROE (%)
33.4 33.4 15.6 11.1 3.4 15.1 1.1 4.9 37.4
33.5 33.5 17.5 13.6 3.7 14.7 1.0 5.3 34.9
33.0 33.0 16.7 10.1 3.8 10.4 0.9 5.0 15.4
33.3% 33.1 14.7 10.1 3.4 9.5 1.1 4.9 15.1
33.5% 33.3 16.4 11.3 3.8 10.8 0.9 5.0 17.5
Source: AP, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 2: Project launches 2015
Source: AP, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
FINANCIAL TABLE PROFIT & LOSS (Btmn) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btmn) Cash and equivalents Accounts receivable Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Paid‐up shares Shareholder equity Total liab. & shareholder equity CASH FLOW (Btmn) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital 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 (%) EPS growth (%) Gross margin ‐ residential (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
2012 17,310 (11,274) 6,036 (3,128) 3,061 (152) 2,908 (213) 65 2,760 (691) 0 117 0 2,186 0.77 0.76 2,097 0.74 0.25
2013 19,989 (13,238) 6,750 (3,976) 2,933 (159) 2,774 (293) 67 2,549 (539) 0 5 (1) 2,013 0.70 0.70 2,010 0.70 0.27
2014 23,096 (15,251) 7,845 (4,140) 3,789 (84) 3,705 (344) (55) 3,306 (627) 0 2 (66) 2,615 0.83 0.92 2,614 0.83 0.26
2015E 25,089 (16,819) 8,271 (4,580) 3,797 (106) 3,691 (326) (55) 3,310 (622) 0 0 (200) 2,488 0.79 0.87 2,488 0.79 0.26
2012 744 108 26,490 127 2,004 29,472 4,209 8,073 12,282 2,848 12,680 29,472
2013 889 110 30,784 129 2,497 34,410 5,059 10,371 15,430 2,860 14,007 34,410
2014 463 96 31,673 132 3,199 35,564 4,431 10,274 14,705 3,146 15,848 35,564
2015E 1,673 145 35,614 118 3,649 41,201 5,362 11,815 17,177 3,146 17,518 41,201
2012 2,186 (103) 152 724 2,492 (50) 266 216 (1,959) 66 (509) 1 (2,400) 438 3,991 1.41
2013 2,013 (5) 159 (4,419) (2,669) (69) (20) (89) 3,589 29 (715) 2 2,905 744 (1,540) (0.54)
2014 2,615 0 84 (1,094) 1,597 (56) (13) (69) (725) 0 (772) 3 (1,494) 889 2,490 0.79
2015E 2,488 8 106 (2,974) (381) (56) (7) (63) 2,472 0 (818) 4 1,658 463 490 0.16
2012 26.9 13.1 40.0 34.4 17.7 16.9 12.7 12.2 (24.0)
2013 15.5 (4.2) (8.6) 33.3 14.7 14.0 10.1 10.1 (21.1)
2014 15.5 29.2 18.0 33.5 16.4 16.1 11.4 11.4 (19.3)
2015E 8.6 0.2 (4.9) 32.5 15.1 14.8 10.0 10.0 (20.0)
2016E 25,041 (16,818) 8,223 (4,420) 3,927 (124) 3,803 (367) (55) 3,381 (716) 0 0 200 2,864 0.91 1.00 2,864 0.91 0.30 2016E 3,062 145 38,466 101 3,655 45,429 5,778 13,587 19,365 3,146 19,568 45,429 2016E 2,864 0 124 (2,878) 102 (56) (32) (88) 2,188 0 (815) 5 1,379 1,673 1,089 0.35 2016E (0.2) 3.4 15.1 32.4 15.7 15.3 11.5 11.5 (20.0)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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 BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 5
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KT•ZMICO Securities Company Limited
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8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
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Fax. (66-2) 631-1709
Ploenchit Branch
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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
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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.
