Banque Pour Le Commerce Exterieur Lao
Banque Pour Le Commerce Exterieur Lao Underperform (15E TP: LAK7,200; US$0.9)
Company Update
Close LAK6,600
Banking
Earnings upgrade/Earnings downgrade/Overview unchanged
May 18, 2015
Strong 1Q15 results boosted by extra income 200% 160% 120% 80% 40%
LSX
May-15
Dec-14
Jun-14
Jan-14
Aug-13
Mar-13
Oct-12
Apr-12
Nov-11
Jun-11
Jan-11
0% -40%
BCEL
FY15
FY16
Consensus EPS (LAK)
940
1,065
KT ZMICO vs. consensus Share data
n.a.
Reuters / Bloomberg
n.a.
BCEL.LS / BCEL LS
Closing Price (USD, LAK)
0.817 / 6,600
Paid‐up Shares (m)
136.58
Par (USD, LAK)
0.681 / 5,000
Market cap (LAK bn/ USDmn)
901.41 / 111.66
Foreign limit / actual (%)
10.00 / 9.6751
52 week High / Low (LAK)
8,100 / 6,100
Avg. daily T/O (shares 000)
13.028
Free float (%)
0.3249
Beta (%)
0.12
URL
http://www.bcel.com.la
Asset quality risk and limited capital remain key concerns We maintain an Underperform rating for BCEL as we still expect the bank to face a challenging operating environment in 2015. Although its valuations (with 15E P/BV of just 0.8x and PER of 7x) look inexpensive, its higher asset quality risk and limited capital could continue to put downward pressure on its share price in the medium term. However, the main share price catalyst could come from the success of its capital raising plan, with the timeframe still uncertain. 1Q15 net profit up 88% YoY and 177% QoQ BCEL posted a 1Q15 net profit (NP) of LAK52.5bn (+88% YoY, +177% QoQ). The strong results on both a YoY and QoQ basis were boosted mainly by the huge extra income from the share of profit of joint venture (Lao Viet Joint Venture Bank). However, if we exclude the profit sharing from JV, the bank would show a net profit of LAK15.3bn (‐24% YoY) in 1Q15 in its separate income statement. The weak net profit and core profit (excluding the extra item) were due to 1) slow loan growth of 6% YoY and 1.7% QoQ; 2) a weaker interest spread YoY; and 3) continuing high provision expenses on weaker asset quality. However, core fee income (+41% YoY) was the main bright spot for the 1Q15 earnings Asset quality still weakened both YoY and QoQ The NPL ratio in 1Q15 still increased both YoY and QoQ to 3.52% from 3.06% in 4Q14 and 1.56% in 1Q14. The main reason behind the hike in NPLs continued to be the construction sector due mainly to the problem of the country’s fiscal budget deficit, which has resulted in delays in budget disbursement. The bank hopes to see its NPL level decline in 2H15E as it expects these problems to be resolved in 2H15E. Maintain earnings forecast Although the 1Q15 results represented 41% of our FY2015E NP forecast, we maintain our forecast for 2015E as we still see remaining risks of asset quality deterioration and the potential for a higher‐than‐expected provision. Financials and Valuation FY Ended 31 Dec
Note: BCEL‐KT Securities Co., Ltd. is a joint venture company between BCEL Bank and KT ZMICO Securities (Thailand).
2012
2013*
2014*
2015E*
2016E*
PPP (LAKmn)
276,312
213,689
247,975
252,190
277,847
Net profit (LAKmn)
210,593
235,571
132,610
128,449
145,441
1,542
1,725
971
940
1,065
39%
12%
‐44%
‐3%
13%
7,342
7,774
8,184
8,554
9,174
879
785
594
470
532
2012
2013*
2014*
2015E*
2016E*
EPS (LAK) EPS growth (%) BVPS (LAK) DPS (LAK)
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
FY Ended 31 Dec PER (X)
4.28
3.83
6.80
7.02
6.20
PBV (X)
0.90
0.85
0.81
0.77
0.72
13.32
11.89
9.00
7.12
8.07
22%
23%
12%
11%
12%
Div. Yield (%) ROE (%)
* Note that 2013‐16E figures are based on IFRS vs. LAS for 2012.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 7
1Q15 net profit up 88% YoY and 177% QoQ BCEL posted a 1Q15 net profit (NP) of LAK52.5bn (+88% YoY, +177% QoQ). The strong results on both a YoY and QoQ basis were backed mainly by the hike in the share of profit of joint ventures, which stood at LAK73bn in 1Q15 vs. LAK15bn in 1Q14 and LAK13bn in 4Q14. The sharp hike in the share of profit of joint ventures (JV) came mainly from the higher earnings contribution from Lao Viet Joint Venture Bank (BCEL holds a 35% stake), which received extra windfall income in 1Q15 after a loan repayment from the government. However, if we exclude the profit sharing from JV, the bank would show a net profit of LAK15.3bn (‐24% YoY) in 1Q15 in its separate income statement. Meanwhile, core profit (PPOP) would decline by 51% YoY but rise by 3% QoQ instead of +26% YoY and +133% QoQ. The weak net profit and core profit (excluding the extra item as mentioned earlier) were due to 1) slow loan growth of 6% YoY and 1.7% QoQ largely due to the delay in the government’s major infrastructure projects; 2) a weaker interest spread YoY on low balance sheet leverage and weaker asset quality; and 3) continuing high provision expenses on weaker asset quality. However, core fee income (+41% YoY) was the main bright spot for the 1Q15 earnings despite the decline by 31% QoQ on seasonality. Asset quality still weakened both YoY and QoQ The NPL ratio in 1Q15 still increased both YoY and QoQ to 3.52% from 3.06% in 4Q14 and 1.56% in 1Q14. The main reason behind the hike in NPLs continued to be the construction sector due mainly to the problem of the country’s fiscal budget deficit, which has resulted in delays in budget disbursement as well as a slowdown of major infrastructure projects. This weaker asset quality resulted in high provision expenses in this quarter, which helped improve its NPL coverage ratio slightly QoQ to 73% from 67%. Note that the bank claims that it will try its best to bring down its NPL ratio to below 3% in 2015. However, we think this will remain a challenging task and constitute risk to the bank’s earnings. The bank hopes to see its NPL level decline in 2H15E as it expects the problems of the government’s budget deficit and the delay in budget disbursement to be resolved in 2H15E. Share price catalyst should come from the success of capital raising plan The bank’s total capital adequacy ratio in 1Q15 stood at 8.5%, which was slightly higher than the BOL’s minimum requirement of 8%. We see the limited capital placing a cap on growth. The bank said that the Ministry of Finance (MoF) has already proposed the capital raising plan to the government for consideration and approval. However, there is still no commitment on the timeframe of the recapitalization plan. The bank also expects the plan to be in the form of rights offering first with the estimated size of the new capital at around LAK540bn. Based on the estimated size, this would cause a huge dilution effect vs. the current paid‐up capital of LAK683bn and shareholder equity of LAK1,190bn as of 1Q15. Despite the likelihood of a huge dilution effect, we view that the main catalyst that should help unlock its share price over the longer term could be a successful capital raising plan, as this would relieve major concerns regarding the bank’s limited capital and growth. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 7
Figure 1: 1Q15 earnings results Income statement (LAKmn) Fiscal Year-Ended Dec.
1Q14
Net Interest Income
97,542
4Q14
1Q15
% YoY % QoQ
44,053
52,851
-46%
2014
2015E % YoY % 1Q vs. 15E
20%
314,145
347,253
11%
15%
Non Interest Income
83,464
89,657
148,693
78%
66%
314,521
304,227
-3%
49%
Net Fee and commission income
23,595
48,088
33,293
41%
-31%
131,279
140,584
7%
24%
Net FX trading gain (loss)
15,024
11,910
10,846
-28%
-9%
54,774
57,513
5%
19%
Operating Income
181,006
133,710
201,544
11%
51%
628,666
651,480
4%
31%
Operating Expenses
81,746
93,816
81,849
0%
-13%
357,168
372,030
4%
22%
Operating Profit-pre tax
73,427
42,338
89,436
22%
111%
271,498
279,450
3%
32%
Provision expenses (Reversal)
66,089
15,553
63,715
-4%
310%
115,365
123,740
7%
51%
5,084
5,288
3,084
-39%
-42%
22,805
26,471
16%
12%
Net Profit
27,963
18,942
52,467
88%
177%
132,610
128,449
-3%
41%
PPOP-post tax
68,343
37,050
86,352
26%
133%
215,011
232,979
8%
37%
Pre provisioning profits (PPP)
94,052
34,495
116,182
24%
237%
247,975
252,190
2%
46%
205
139
384
88%
177%
971
940
-3%
41%
1Q14
4Q14
1Q15
Tax expenses (Reversal)
EPS (LAK) Key Statistics and Ratios Gross NPLs (LAKmn)
145,734
Gross NPLs/Loans Loan Loss Reserve/NPLs Loan Loss Reserve/Loans C apital Adequacy Ratio
297,735
2014
348,063
297,735
2015E 329,449
1.56%
3.06%
3.52%
3.06%
3.19%
107.7%
66.9%
73.0%
66.9%
98.1%
1.7%
2.0%
2.6%
2.0%
3.1%
4.9%
8.0%
8.5%
8.0%
8.0%
58.6%
50.9%
52.5%
50.9%
49.1%
C ost to Income
45.2%
70.2%
40.6%
56.8%
57.1%
Non Interest Income/Total Income
46.1%
67.1%
73.8%
50.0%
46.7%
Net provision/loans
2.83%
0.64%
2.58%
1.19%
1.20%
Interest Spread
4.85%
3.20%
3.25%
3.88%
3.84%
Net Interest Margin
3.32%
1.27%
1.44%
2.36%
2.23%
Loan Growth YoY
16.2%
4.8%
6.1%
4.8%
6.0%
0.5%
2.7%
1.7%
Loan to Deposit Ratio
Loan Growth QoQ
Source: KTZMICO Research
Figure 2: Loans by currency Loans by currency Loans in LAK Loans in USD Loans in THB Total loans
2012 39% 44% 18% 100%
2013* 44% 42% 14% 100%
2014* 43% 43% 14% 100%
1Q15* 41% 44% 15% 100%
Source: KT ZMICO Research, BCEL * Note that figures were based on IFRS. The other years were based on the Lao accounting standard (LAS).
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 7
Figure 3: Deposits by currency and type Deposits by currency LAK Foreign currency Total
2011 40% 60% 100%
2012 45% 55% 100%
2013* 44% 56% 100%
2014* 47% 53% 100%
1Q15* 49% 51% 100%
Deposit structure Current Savings Margin and Fixed Other Total
2011 29% 40% 30% 1% 100%
2012 23% 42% 34% 1% 100%
2013* 20% 42% 36% 2% 100%
2014* 23% 39% 37% 1% 100%
1Q15* 19% 41% 39% 1% 100%
69%
65%
62%
62%
60%
Current and Savings (CASA)
Source: KT ZMICO Research, BCEL * Note that figures were based on IFRS. The other years were based on the Lao accounting standard (LAS).
Figure 4: BCEL’s PER Band
Figure 5: BCEL’s PBV Band
(X) (X) 2.5
15 13
2.0
Source: Bloomberg, KT ZMICO Research
Avg.
-0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 7
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
0.5 May-11
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
May-13
May-11
Jan-11
1
1.0
Jan-13
3
+2 S.D. +1.5 S.D. +1 S.D. +0.5 S.D.
1.5
Sep-12
5
May-12
7
Jan-12
9
Sep-11
+2 S.D. +1.5 S.D. +1 S.D. +0.5 S.D. Avg. -0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
Jan-11
11
Statement of Comprehensive Income (LAKmn) Year‐end 31 Dec Tota l Interes t Income Tota l Interes t Expens es Net Interes t Income Net Fee a nd Servi ce i ncome Net tra di ng i ncome Other Income Tota l Non‐Interes t Income Opera ti ng Income Pers onnel Expens es Depreci a ti on a nd a morti za ti on Other Expens es Tota l Opera ti ng Expens es Opera ti ng Profi t Net Speci fi c Provi s i on Expens es (Revers a l ) Net Genera l Provi s i on Expens es (Revers a l ) Ta x Expens es (Revers a l ) Net Profi t Pre Provi s i oni ng Profi t (PPP) EPS (LAK)
2012 707,032 375,722 331,310 153,565 82,986 56,999 293,550 624,860 186,051 40,301 63,140 289,492 322,290 35,004 30,715 59,056 210,593 276,312 1,542
2013* 924,488 493,569 430,919 159,195 41,405 (4,673) 195,927 626,846 211,874 51,604 94,325 357,803 306,518 (21,882) ‐ 54,368 235,571 213,689 1,725
2014* 1,003,754 689,609 314,145 131,279 54,774 128,468 314,521 628,666 212,933 58,861 85,374 357,168 237,816 115,365 ‐ 22,805 132,610 247,975 971
2015E* 1,154,990 807,737 347,253 140,584 57,513 106,130 304,227 651,480 217,192 64,747 90,091 372,030 259,450 123,740 ‐ 26,471 128,449 252,190 940
2016E* 1,184,897 799,384 385,512 150,547 60,388 109,478 320,413 705,925 228,051 71,222 95,675 394,948 290,977 132,406 ‐ 32,143 145,441 277,847 1,065
Statement of Financial Position (LAKmn) As at 31 Dec Assets Ca s h Interba nk & Money Ma rket Net Inves tment Loa ns Les s : Loa n Los s Res erves Properti es Forecl os ed Premi s es a nd Equi pment, Net Other As s ets Total Assets
2012
2013*
2014*
2015E*
2016E*
2,715,301 2,547,279 2,094,302 6,962,584 (59,954) 76,317 240,407 367,240 14,943,476
4,050,742 1,511,086 1,223,112 9,279,391 (90,478) 135,852 244,727 469,598 16,908,876
7,271,254 3,774,198 2,027,400 9,728,396 (199,313) 196,907 250,393 340,102 23,483,159
7,343,967 4,196,908 2,182,041 10,311,692 (323,053) 192,969 252,897 337,435 24,587,661
7,417,406 3,630,326 2,203,862 11,033,823 (455,459) 177,531 253,403 348,344 24,708,539
Liabilities & Equity Depos i ts Interba nk & Money Ma rket Borrowi ng Other Li a l i l i ti es Total Liabilities
12,768,162 862,910 61,790 241,826 13,934,688
14,524,297 1,066,248 58,816 165,511 15,814,872
19,101,649 2,861,725 121,287 253,807 22,338,468
21,011,814 2,003,208 118,861 252,229 23,386,111
21,852,286 1,201,925 116,484 251,046 23,421,741
Pa i d‐up Ca pi ta l
682,888
682,888
682,888
682,888
682,888
Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t
50,921 268,979 ‐
63,337 315,595 32,184
92,612 342,289 32,902
129,934 355,496 33,231
201,151 368,864 33,896
Total Shareholders' Equity
1,002,788
1,061,820
1,117,789
1,168,318
1,252,903
Source: KTZMICO Research * Note that 2013‐16E figures are based on IFRS vs. LAS for 2012.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 7
Valuation and Ratio Analysis Year‐end 31 Dec Per/Share Data (LAK) EPS DPS BV
1,542 879 7,342
1,725 785 7,774
971 594 8,184
940 470 8,554
1,065 532 9,174
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
4.28 0.90 13.32
3.83 0.85 11.89
6.80 0.81 9.00
7.02 0.77 7.12
6.20 0.72 8.07
38.8% 38.8% 85.2% 2.2% 7.7% 34.0% 22.8% 91.7% 62.8% 34.8% 21.3% 28.0%
11.9% 11.9% 30.1% ‐33.3% 3.7% 0.3% 23.6% ‐4.9% ‐22.7% 33.3% 13.8% 11.9%
‐43.7% ‐43.7% ‐27.1% 60.5% ‐17.5% 0.3% ‐0.2% ‐22.4% 16.0% 4.8% 31.5% 325.1%
‐3.1% ‐3.1% 10.5% ‐3.3% 7.1% 3.6% 4.2% 9.1% 1.7% 6.0% 10.0% 10.7%
13.2% 13.2% 11.0% 5.3% 7.1% 8.4% 6.2% 12.2% 10.2% 7.0% 4.0% 4.3%
2012
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Net Fee a nd Servi ce i ncome Opera ti ng Income Opera ti ng Expens es Opera ti ng Profi t Pre Provi s i oni ng Profi t (PPP) Loa ns Depos i ts NPLs Asset Quality Ratio Gros s NPLs (LAKmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs Loa n Los s Res erve/Loa ns
2013*
2014*
2015E*
2016E*
62,578 70,043 297,735 329,449 343,585 0.9% 0.8% 3.1% 3.2% 3.1% 226.2% 129.2% 66.9% 98.1% 132.6% 2.0% 1.0% 2.0% 3.1% 4.1%
Capital & Liquidity Ratio Equi ty/As s et Ti er I to Ri s k As s ets Ca pi ta l Adequa cy Ra ti o Loa ns to Depos i ts Ra ti o Loa ns to Depos i ts a nd borrowi ngs
6.7% 6.5% 7.6% 54.5% 54.3%
6.3% 5.7% 5.7% 63.9% 63.6%
4.8% 8.0% 8.0% 50.9% 50.6%
4.8% 8.0% 8.0% 49.1% 48.8%
5.1% 7.9% 7.9% 50.5% 50.2%
ROA ROE Cos t to Income Non Interes t Income/Tota l Income
1.5% 21.7% 46.3% 47.0%
1.5% 22.8% 57.1% 31.3%
0.7% 12.2% 56.8% 50.0%
0.5% 11.2% 57.1% 46.7%
0.6% 12.0% 55.9% 45.4%
Net Interes t Ma rgi n (NIM) Ta x ra te
3.2% 17.8%
3.8% 18.7%
2.4% 14.6%
2.2% 17.0%
2.4% 18.0%
Key Assumptions Loa n Growth ‐ Net
2012 34.8%
2013* 33.3%
2014* 4.8%
2015E* 6.0%
2016E* 7.0%
Cos t to Income
46.3%
57.1%
56.8%
57.1%
55.9%
3.2% 0.9%
3.8% ‐0.2%
2.4% 1.2%
2.2% 1.2%
Profitability Ratio
Net Interes t Ma rgi n Provi s i on/l oa ns Source: KTZMICO Research * Note that 2013‐16E figures are based on IFRS vs. LAS for 2012.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 7
2.4% 1.2%
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 return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of 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 7 of 7
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 LAK6,600
Banking
Earnings upgrade/Earnings downgrade/Overview unchanged
May 18, 2015
Strong 1Q15 results boosted by extra income 200% 160% 120% 80% 40%
LSX
May-15
Dec-14
Jun-14
Jan-14
Aug-13
Mar-13
Oct-12
Apr-12
Nov-11
Jun-11
Jan-11
0% -40%
BCEL
FY15
FY16
Consensus EPS (LAK)
940
1,065
KT ZMICO vs. consensus Share data
n.a.
Reuters / Bloomberg
n.a.
BCEL.LS / BCEL LS
Closing Price (USD, LAK)
0.817 / 6,600
Paid‐up Shares (m)
136.58
Par (USD, LAK)
0.681 / 5,000
Market cap (LAK bn/ USDmn)
901.41 / 111.66
Foreign limit / actual (%)
10.00 / 9.6751
52 week High / Low (LAK)
8,100 / 6,100
Avg. daily T/O (shares 000)
13.028
Free float (%)
0.3249
Beta (%)
0.12
URL
http://www.bcel.com.la
Asset quality risk and limited capital remain key concerns We maintain an Underperform rating for BCEL as we still expect the bank to face a challenging operating environment in 2015. Although its valuations (with 15E P/BV of just 0.8x and PER of 7x) look inexpensive, its higher asset quality risk and limited capital could continue to put downward pressure on its share price in the medium term. However, the main share price catalyst could come from the success of its capital raising plan, with the timeframe still uncertain. 1Q15 net profit up 88% YoY and 177% QoQ BCEL posted a 1Q15 net profit (NP) of LAK52.5bn (+88% YoY, +177% QoQ). The strong results on both a YoY and QoQ basis were boosted mainly by the huge extra income from the share of profit of joint venture (Lao Viet Joint Venture Bank). However, if we exclude the profit sharing from JV, the bank would show a net profit of LAK15.3bn (‐24% YoY) in 1Q15 in its separate income statement. The weak net profit and core profit (excluding the extra item) were due to 1) slow loan growth of 6% YoY and 1.7% QoQ; 2) a weaker interest spread YoY; and 3) continuing high provision expenses on weaker asset quality. However, core fee income (+41% YoY) was the main bright spot for the 1Q15 earnings Asset quality still weakened both YoY and QoQ The NPL ratio in 1Q15 still increased both YoY and QoQ to 3.52% from 3.06% in 4Q14 and 1.56% in 1Q14. The main reason behind the hike in NPLs continued to be the construction sector due mainly to the problem of the country’s fiscal budget deficit, which has resulted in delays in budget disbursement. The bank hopes to see its NPL level decline in 2H15E as it expects these problems to be resolved in 2H15E. Maintain earnings forecast Although the 1Q15 results represented 41% of our FY2015E NP forecast, we maintain our forecast for 2015E as we still see remaining risks of asset quality deterioration and the potential for a higher‐than‐expected provision. Financials and Valuation FY Ended 31 Dec
Note: BCEL‐KT Securities Co., Ltd. is a joint venture company between BCEL Bank and KT ZMICO Securities (Thailand).
2012
2013*
2014*
2015E*
2016E*
PPP (LAKmn)
276,312
213,689
247,975
252,190
277,847
Net profit (LAKmn)
210,593
235,571
132,610
128,449
145,441
1,542
1,725
971
940
1,065
39%
12%
‐44%
‐3%
13%
7,342
7,774
8,184
8,554
9,174
879
785
594
470
532
2012
2013*
2014*
2015E*
2016E*
EPS (LAK) EPS growth (%) BVPS (LAK) DPS (LAK)
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
FY Ended 31 Dec PER (X)
4.28
3.83
6.80
7.02
6.20
PBV (X)
0.90
0.85
0.81
0.77
0.72
13.32
11.89
9.00
7.12
8.07
22%
23%
12%
11%
12%
Div. Yield (%) ROE (%)
* Note that 2013‐16E figures are based on IFRS vs. LAS for 2012.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 7
1Q15 net profit up 88% YoY and 177% QoQ BCEL posted a 1Q15 net profit (NP) of LAK52.5bn (+88% YoY, +177% QoQ). The strong results on both a YoY and QoQ basis were backed mainly by the hike in the share of profit of joint ventures, which stood at LAK73bn in 1Q15 vs. LAK15bn in 1Q14 and LAK13bn in 4Q14. The sharp hike in the share of profit of joint ventures (JV) came mainly from the higher earnings contribution from Lao Viet Joint Venture Bank (BCEL holds a 35% stake), which received extra windfall income in 1Q15 after a loan repayment from the government. However, if we exclude the profit sharing from JV, the bank would show a net profit of LAK15.3bn (‐24% YoY) in 1Q15 in its separate income statement. Meanwhile, core profit (PPOP) would decline by 51% YoY but rise by 3% QoQ instead of +26% YoY and +133% QoQ. The weak net profit and core profit (excluding the extra item as mentioned earlier) were due to 1) slow loan growth of 6% YoY and 1.7% QoQ largely due to the delay in the government’s major infrastructure projects; 2) a weaker interest spread YoY on low balance sheet leverage and weaker asset quality; and 3) continuing high provision expenses on weaker asset quality. However, core fee income (+41% YoY) was the main bright spot for the 1Q15 earnings despite the decline by 31% QoQ on seasonality. Asset quality still weakened both YoY and QoQ The NPL ratio in 1Q15 still increased both YoY and QoQ to 3.52% from 3.06% in 4Q14 and 1.56% in 1Q14. The main reason behind the hike in NPLs continued to be the construction sector due mainly to the problem of the country’s fiscal budget deficit, which has resulted in delays in budget disbursement as well as a slowdown of major infrastructure projects. This weaker asset quality resulted in high provision expenses in this quarter, which helped improve its NPL coverage ratio slightly QoQ to 73% from 67%. Note that the bank claims that it will try its best to bring down its NPL ratio to below 3% in 2015. However, we think this will remain a challenging task and constitute risk to the bank’s earnings. The bank hopes to see its NPL level decline in 2H15E as it expects the problems of the government’s budget deficit and the delay in budget disbursement to be resolved in 2H15E. Share price catalyst should come from the success of capital raising plan The bank’s total capital adequacy ratio in 1Q15 stood at 8.5%, which was slightly higher than the BOL’s minimum requirement of 8%. We see the limited capital placing a cap on growth. The bank said that the Ministry of Finance (MoF) has already proposed the capital raising plan to the government for consideration and approval. However, there is still no commitment on the timeframe of the recapitalization plan. The bank also expects the plan to be in the form of rights offering first with the estimated size of the new capital at around LAK540bn. Based on the estimated size, this would cause a huge dilution effect vs. the current paid‐up capital of LAK683bn and shareholder equity of LAK1,190bn as of 1Q15. Despite the likelihood of a huge dilution effect, we view that the main catalyst that should help unlock its share price over the longer term could be a successful capital raising plan, as this would relieve major concerns regarding the bank’s limited capital and growth. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 7
Figure 1: 1Q15 earnings results Income statement (LAKmn) Fiscal Year-Ended Dec.
1Q14
Net Interest Income
97,542
4Q14
1Q15
% YoY % QoQ
44,053
52,851
-46%
2014
2015E % YoY % 1Q vs. 15E
20%
314,145
347,253
11%
15%
Non Interest Income
83,464
89,657
148,693
78%
66%
314,521
304,227
-3%
49%
Net Fee and commission income
23,595
48,088
33,293
41%
-31%
131,279
140,584
7%
24%
Net FX trading gain (loss)
15,024
11,910
10,846
-28%
-9%
54,774
57,513
5%
19%
Operating Income
181,006
133,710
201,544
11%
51%
628,666
651,480
4%
31%
Operating Expenses
81,746
93,816
81,849
0%
-13%
357,168
372,030
4%
22%
Operating Profit-pre tax
73,427
42,338
89,436
22%
111%
271,498
279,450
3%
32%
Provision expenses (Reversal)
66,089
15,553
63,715
-4%
310%
115,365
123,740
7%
51%
5,084
5,288
3,084
-39%
-42%
22,805
26,471
16%
12%
Net Profit
27,963
18,942
52,467
88%
177%
132,610
128,449
-3%
41%
PPOP-post tax
68,343
37,050
86,352
26%
133%
215,011
232,979
8%
37%
Pre provisioning profits (PPP)
94,052
34,495
116,182
24%
237%
247,975
252,190
2%
46%
205
139
384
88%
177%
971
940
-3%
41%
1Q14
4Q14
1Q15
Tax expenses (Reversal)
EPS (LAK) Key Statistics and Ratios Gross NPLs (LAKmn)
145,734
Gross NPLs/Loans Loan Loss Reserve/NPLs Loan Loss Reserve/Loans C apital Adequacy Ratio
297,735
2014
348,063
297,735
2015E 329,449
1.56%
3.06%
3.52%
3.06%
3.19%
107.7%
66.9%
73.0%
66.9%
98.1%
1.7%
2.0%
2.6%
2.0%
3.1%
4.9%
8.0%
8.5%
8.0%
8.0%
58.6%
50.9%
52.5%
50.9%
49.1%
C ost to Income
45.2%
70.2%
40.6%
56.8%
57.1%
Non Interest Income/Total Income
46.1%
67.1%
73.8%
50.0%
46.7%
Net provision/loans
2.83%
0.64%
2.58%
1.19%
1.20%
Interest Spread
4.85%
3.20%
3.25%
3.88%
3.84%
Net Interest Margin
3.32%
1.27%
1.44%
2.36%
2.23%
Loan Growth YoY
16.2%
4.8%
6.1%
4.8%
6.0%
0.5%
2.7%
1.7%
Loan to Deposit Ratio
Loan Growth QoQ
Source: KTZMICO Research
Figure 2: Loans by currency Loans by currency Loans in LAK Loans in USD Loans in THB Total loans
2012 39% 44% 18% 100%
2013* 44% 42% 14% 100%
2014* 43% 43% 14% 100%
1Q15* 41% 44% 15% 100%
Source: KT ZMICO Research, BCEL * Note that figures were based on IFRS. The other years were based on the Lao accounting standard (LAS).
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 7
Figure 3: Deposits by currency and type Deposits by currency LAK Foreign currency Total
2011 40% 60% 100%
2012 45% 55% 100%
2013* 44% 56% 100%
2014* 47% 53% 100%
1Q15* 49% 51% 100%
Deposit structure Current Savings Margin and Fixed Other Total
2011 29% 40% 30% 1% 100%
2012 23% 42% 34% 1% 100%
2013* 20% 42% 36% 2% 100%
2014* 23% 39% 37% 1% 100%
1Q15* 19% 41% 39% 1% 100%
69%
65%
62%
62%
60%
Current and Savings (CASA)
Source: KT ZMICO Research, BCEL * Note that figures were based on IFRS. The other years were based on the Lao accounting standard (LAS).
Figure 4: BCEL’s PER Band
Figure 5: BCEL’s PBV Band
(X) (X) 2.5
15 13
2.0
Source: Bloomberg, KT ZMICO Research
Avg.
-0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 7
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Jan-13
Sep-12
May-12
Jan-12
Sep-11
0.5 May-11
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
May-13
May-11
Jan-11
1
1.0
Jan-13
3
+2 S.D. +1.5 S.D. +1 S.D. +0.5 S.D.
1.5
Sep-12
5
May-12
7
Jan-12
9
Sep-11
+2 S.D. +1.5 S.D. +1 S.D. +0.5 S.D. Avg. -0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
Jan-11
11
Statement of Comprehensive Income (LAKmn) Year‐end 31 Dec Tota l Interes t Income Tota l Interes t Expens es Net Interes t Income Net Fee a nd Servi ce i ncome Net tra di ng i ncome Other Income Tota l Non‐Interes t Income Opera ti ng Income Pers onnel Expens es Depreci a ti on a nd a morti za ti on Other Expens es Tota l Opera ti ng Expens es Opera ti ng Profi t Net Speci fi c Provi s i on Expens es (Revers a l ) Net Genera l Provi s i on Expens es (Revers a l ) Ta x Expens es (Revers a l ) Net Profi t Pre Provi s i oni ng Profi t (PPP) EPS (LAK)
2012 707,032 375,722 331,310 153,565 82,986 56,999 293,550 624,860 186,051 40,301 63,140 289,492 322,290 35,004 30,715 59,056 210,593 276,312 1,542
2013* 924,488 493,569 430,919 159,195 41,405 (4,673) 195,927 626,846 211,874 51,604 94,325 357,803 306,518 (21,882) ‐ 54,368 235,571 213,689 1,725
2014* 1,003,754 689,609 314,145 131,279 54,774 128,468 314,521 628,666 212,933 58,861 85,374 357,168 237,816 115,365 ‐ 22,805 132,610 247,975 971
2015E* 1,154,990 807,737 347,253 140,584 57,513 106,130 304,227 651,480 217,192 64,747 90,091 372,030 259,450 123,740 ‐ 26,471 128,449 252,190 940
2016E* 1,184,897 799,384 385,512 150,547 60,388 109,478 320,413 705,925 228,051 71,222 95,675 394,948 290,977 132,406 ‐ 32,143 145,441 277,847 1,065
Statement of Financial Position (LAKmn) As at 31 Dec Assets Ca s h Interba nk & Money Ma rket Net Inves tment Loa ns Les s : Loa n Los s Res erves Properti es Forecl os ed Premi s es a nd Equi pment, Net Other As s ets Total Assets
2012
2013*
2014*
2015E*
2016E*
2,715,301 2,547,279 2,094,302 6,962,584 (59,954) 76,317 240,407 367,240 14,943,476
4,050,742 1,511,086 1,223,112 9,279,391 (90,478) 135,852 244,727 469,598 16,908,876
7,271,254 3,774,198 2,027,400 9,728,396 (199,313) 196,907 250,393 340,102 23,483,159
7,343,967 4,196,908 2,182,041 10,311,692 (323,053) 192,969 252,897 337,435 24,587,661
7,417,406 3,630,326 2,203,862 11,033,823 (455,459) 177,531 253,403 348,344 24,708,539
Liabilities & Equity Depos i ts Interba nk & Money Ma rket Borrowi ng Other Li a l i l i ti es Total Liabilities
12,768,162 862,910 61,790 241,826 13,934,688
14,524,297 1,066,248 58,816 165,511 15,814,872
19,101,649 2,861,725 121,287 253,807 22,338,468
21,011,814 2,003,208 118,861 252,229 23,386,111
21,852,286 1,201,925 116,484 251,046 23,421,741
Pa i d‐up Ca pi ta l
682,888
682,888
682,888
682,888
682,888
Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t
50,921 268,979 ‐
63,337 315,595 32,184
92,612 342,289 32,902
129,934 355,496 33,231
201,151 368,864 33,896
Total Shareholders' Equity
1,002,788
1,061,820
1,117,789
1,168,318
1,252,903
Source: KTZMICO Research * Note that 2013‐16E figures are based on IFRS vs. LAS for 2012.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 7
Valuation and Ratio Analysis Year‐end 31 Dec Per/Share Data (LAK) EPS DPS BV
1,542 879 7,342
1,725 785 7,774
971 594 8,184
940 470 8,554
1,065 532 9,174
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
4.28 0.90 13.32
3.83 0.85 11.89
6.80 0.81 9.00
7.02 0.77 7.12
6.20 0.72 8.07
38.8% 38.8% 85.2% 2.2% 7.7% 34.0% 22.8% 91.7% 62.8% 34.8% 21.3% 28.0%
11.9% 11.9% 30.1% ‐33.3% 3.7% 0.3% 23.6% ‐4.9% ‐22.7% 33.3% 13.8% 11.9%
‐43.7% ‐43.7% ‐27.1% 60.5% ‐17.5% 0.3% ‐0.2% ‐22.4% 16.0% 4.8% 31.5% 325.1%
‐3.1% ‐3.1% 10.5% ‐3.3% 7.1% 3.6% 4.2% 9.1% 1.7% 6.0% 10.0% 10.7%
13.2% 13.2% 11.0% 5.3% 7.1% 8.4% 6.2% 12.2% 10.2% 7.0% 4.0% 4.3%
2012
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Net Fee a nd Servi ce i ncome Opera ti ng Income Opera ti ng Expens es Opera ti ng Profi t Pre Provi s i oni ng Profi t (PPP) Loa ns Depos i ts NPLs Asset Quality Ratio Gros s NPLs (LAKmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs Loa n Los s Res erve/Loa ns
2013*
2014*
2015E*
2016E*
62,578 70,043 297,735 329,449 343,585 0.9% 0.8% 3.1% 3.2% 3.1% 226.2% 129.2% 66.9% 98.1% 132.6% 2.0% 1.0% 2.0% 3.1% 4.1%
Capital & Liquidity Ratio Equi ty/As s et Ti er I to Ri s k As s ets Ca pi ta l Adequa cy Ra ti o Loa ns to Depos i ts Ra ti o Loa ns to Depos i ts a nd borrowi ngs
6.7% 6.5% 7.6% 54.5% 54.3%
6.3% 5.7% 5.7% 63.9% 63.6%
4.8% 8.0% 8.0% 50.9% 50.6%
4.8% 8.0% 8.0% 49.1% 48.8%
5.1% 7.9% 7.9% 50.5% 50.2%
ROA ROE Cos t to Income Non Interes t Income/Tota l Income
1.5% 21.7% 46.3% 47.0%
1.5% 22.8% 57.1% 31.3%
0.7% 12.2% 56.8% 50.0%
0.5% 11.2% 57.1% 46.7%
0.6% 12.0% 55.9% 45.4%
Net Interes t Ma rgi n (NIM) Ta x ra te
3.2% 17.8%
3.8% 18.7%
2.4% 14.6%
2.2% 17.0%
2.4% 18.0%
Key Assumptions Loa n Growth ‐ Net
2012 34.8%
2013* 33.3%
2014* 4.8%
2015E* 6.0%
2016E* 7.0%
Cos t to Income
46.3%
57.1%
56.8%
57.1%
55.9%
3.2% 0.9%
3.8% ‐0.2%
2.4% 1.2%
2.2% 1.2%
Profitability Ratio
Net Interes t Ma rgi n Provi s i on/l oa ns Source: KTZMICO Research * Note that 2013‐16E figures are based on IFRS vs. LAS for 2012.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 7
2.4% 1.2%
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 return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of 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 7 of 7
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.
