Banque Pour Le Commerce Exterieur Lao
Banque Pour Le Commerce Exterieur Lao Underperform (16E TP: LAK6,000; US$0.74)
Company Update
Close LAK5,250/US$0.65
Banking
Earnings upgrade/Earnings downgrade/Overview unchanged
May 19, 2016
Earnings uncertainty remains Price Performance (%)
200% 160%
LSX
120%
BCEL
80% 40% 0% May‐16
Jun‐15
Nov‐15
Jul‐14
Jan‐15
Feb‐14
Sep‐13
Oct‐12
Mar‐13
Dec‐11
May‐12
Jan‐11
Jun‐11
‐40%
Source: Bloomberg, KT ZMICO Research
FY16
FY17
Consensus EPS (LAK)
715
920
KT ZMICO vs. consensus Share data
n.a.
n.a.
Reuters / Bloomberg
BCEL.LS / BCEL LS
Closing Price (USD, LAK)
0.65 / 5,250
Paid‐up Shares (m)
136.58
Par (USD, LAK)
0.616 / 5,000
Market cap (LAK bn/ USDmn)
717.032 / 88.386
Foreign limit / actual (%)
10.00 / 9.2799
52 week High / Low (LAK)
6,600 / 4,200
Avg. daily T/O (shares 000)
18.912
Free float (%)
0.7201
Beta (%)
0.14
URL
http://www.bcel.com.la
Note: BCEL‐KT Securities Co., Ltd. is a joint venture company between BCEL Bank and KT ZMICO Securities (Thailand).
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Capital issue remains its key share price overhang We maintain an Underperform rating for BCEL. Although its cheap valuation should be the main share price support, we see the ongoing concern over its limited capital to remain its key share price overhang. Meanwhile, its earnings uncertainty could stem mainly from the efficiency of its asset quality control as well as some extra items that might incur. However, we see that the main share price catalyst could come from the progress of its recapitalization plan, with the timeframe still uncertain. 1Q16 net profit stood at LAK15bn (‐71% YoY, ‐84% QoQ) The weaker results were due mainly to 1) a much higher tax rate to 28%; 2) much lower extra gains YoY as the bank booked huge extra gain from share of profit (LAK73bn) of joint ventures (Lao Viet Joint Venture Bank) and gain (LAK25bn) from margin trading transactions in 1Q15 vs. the absence of extra income in 1Q16. Moreover, a higher provision QoQ vs. the huge provision reversal in 4Q15 was another reason behind the earnings drop QoQ. Top‐line growth showed improvement in 1Q16 Loans grew sharply 29% YoY and 15% QoQ mainly from the industrial services and trading companies sectors. The net interest margin showed sharp improvement both YoY and QoQ to 2.35%, thanks mainly to the bank’s better balance sheet leverage (with a higher loan‐to‐deposit ratio to 58%) and higher loan growth. Net trading income (excluding margin trading transactions) grew well at 40% YoY and 36% QoQ. However, the unusually high tax rate in 1Q16 and the continuing high cost‐to‐income ratio following the bank’s expansion stage were the main earnings pressures for 1Q16. Asset quality for 1Q16 improved QoQ but still needs a close watch The bank’s NPLs in 1Q16 declined slightly QoQ to LAK273bn from LAK289bn in 4Q15, while the NPL ratio declined QoQ to 2.14% of loans from 2.62% as loans hiked sharply 15% QoQ. Despite the NPL drop, the bank still set a higher provision at LAK36bn in 1Q16. This resulted in a higher reserve‐to‐ NPL ratio to 112% vs. 93% in 4Q15. However, we still have to keep a watch on the bank’s consistency with respect to the control of asset quality, which was quite volatile in 2015. Note also that we saw higher accrued interest (+17% QoQ) in 1Q16, which could imply higher NPLs for the following quarters if these loans cannot be resolved on time. Its capital adequacy ratio of 5.2% in 1Q16 remained below the BOL’s minimum requirement of 8%. Fine‐tune earnings forecasts with the latest results We fine‐tune our earnings forecasts for BCEL to reflect the latest 2015 and 1Q16 results with a small adjustment in net profit for 2016‐17E; see figure 2. The main revisions are 1) higher loan growth and NIM; and 2) an adjustment for lower non‐interest income, mainly on lower gain on margin trading transactions and lower net fee income on much higher fee expenses in 1Q16. Given the insignificant adjustment of our net profit forecasts, we maintain the 16E target price at LAK6,000/share. Financials and Valuation FY Ended 31 Dec PPP (LAKmn) Net profit (LAKmn) EPS (LAK) EPS growth (%) BVPS (LAK) DPS (LAK) FY Ended 31 Dec PER (X) PBV (X) Div. Yield (%) ROE (%)
2014 247,975 132,610 971 ‐44% 8,184 594 2014 5.46 0.65 11.21 12%
2015 238,826 124,371 911 ‐6% 8,521 392 2015 5.82 0.62 7.40 11%
2016E 222,259 97,665 715 ‐21% 8,856 250 2016E 7.41 0.60 4.72 8%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 255,811 125,611 920 29% 9,538 276 2017E 5.76 0.56 5.21 10%
2018E 278,734 143,054 1,047 14% 10,323 314 2018E 5.06 0.51 5.93 11%
Figure 1: 1Q16 earnings results Income statement (LAKmn) Fiscal Year‐Ended Dec.
1Q15
Net Interes t Income
52,851
Non Interes t Income
148,693
Net Fee a nd commi s s i on i ncome
33,293
4Q15 76,774
1Q16 % YoY % QoQ 93,611
77%
61,052
48,631
‐67%
48,608
31,484
‐5%
2015
22% 260,640
2016E % YoY % 1Q vs. 16E 371,229
42%
25%
‐20% 383,773
255,911
‐33%
19%
‐35% 158,234
169,347
7%
19% 26%
Net tra di ng i ncome (excl . ma rgi n tra di ng) 10,846
11,121
15,150
40%
36% 41,002
57,403
40%
Other i ncome
104,554
1,323
1,997
‐98%
51% 184,537
29,161
‐84%
7%
Opera ti ng Income
201,544
137,826
142,242
‐29%
3% 644,413
627,139
‐3%
23%
84,777
4%
‐35% 382,869
382,485
0%
22%
‐43% ‐134% 114,455
124,595
9%
29% 27%
Opera ti ng Expens es
81,849
129,523
Provi s i on expens es (Revers a l )
63,715
(104,895) 36,108
Ta x expens es (Revers a l )
3,084
20,287
5,911
92%
‐71% 22,377
21,611
‐3%
Net Profi t
52,467
93,023
15,245
‐71%
‐84% 124,371
97,665
‐21%
16%
PPOP‐pos t ta x
88,463
48,729
54,275
‐39%
11% 116,666
223,126
91%
24%
Pre provi s i oni ng profi ts (PPP)
116,182
(11,872) 51,353
‐56%
N.M. 238,826
222,259
‐7%
23%
EPS (LAK)
384
681
‐71%
‐84% 911
715
‐21%
16%
Key Statistics and Ratios
1Q15
Gros s NPLs (LAKmn)
4Q15
112 1Q16
2015
2016E
348,063
289,067
272,588
289,067
323,823
Gros s NPLs /Loa ns
3.52%
2.62%
2.14%
2.62%
2.60%
Loa n Los s Res erve/NPLs
73.0%
93.0%
112.0%
93.0%
109.1%
Loa n Los s Res erve/Loa ns
2.6%
2.4%
2.4%
2.4%
2.8%
Ca pi ta l Adequa cy Ra ti o
8.5%
5.6%
5.2%
5.6%
5.1%
Loa n to Depos i t Ra ti o
52.5%
51.7%
58.2%
51.7%
54.7%
Cos t to Income
40.6%
94.0%
59.6%
59.4%
61.0% 40.8%
Non Interes t Income/Tota l Income
73.8%
44.3%
34.2%
59.6%
Provi s i on/Loa ns
2.58%
‐3.81%
1.13%
1.04%
1.00%
5.5%
17.9%
27.7%
8.4%
18.0%
Ta x ra te Net Interes t Ma rgi n
1.44%
2.07%
2.35%
1.74%
2.34%
Loa n Growth YoY
6.1%
13.3%
28.6%
13.3%
13.0%
Loa n Growth QoQ Source: KTZMICO Research
1.7%
3.3%
15.4%
Figure 2: Key changes in our earnings revision
Net Profi t (LAKmn) % Cha nge i n net profi t from previ ous foreca s ts % YoY Cha nge i n net profi t Loa n growth Net i nteres t ma rgi n (NIM) Provi s i on expens es (LAKmn) Provi s i on expens es (% to l oa ns ) Non i nteres t income growth Net fee i ncome growth Net ga i n from dea l ing i n forei gn currenci es Ga i n/(l os s ) from ma rgi n tra di ng tra ns a ctions (LAKmn)
2016E Previous 96,614
9% 1.82% 102,905 0.87% ‐20% 15% 40,226 18,000
2017E New Previous New 97,665 130,034 125,611 1% ‐3% ‐21% 29% 13% 7% 10% 2.34% 2.00% 2.43% 124,595 116,626 130,200 1.00% 0.92% 0.95% ‐33% 11% 8% 7% 14% 12% 57,403 41,433 59,125 7,000 21,600 6,000
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: Loans by currency Loans by currency Loans in LAK Loans in USD Loans in THB Total loans
2013 44% 42% 14% 100%
2012 39% 44% 18% 100%
2014 43% 43% 14% 100%
2015 41% 47% 12% 100%
1Q16 40% 48% 12% 100%
Source: KT ZMICO Research, BCEL
Figure 4: 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%
2015 51% 49% 100%
1Q16 52% 48% 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%
2015 21% 40% 37% 1% 100%
1Q16 19% 42% 37% 2% 100%
69%
65%
62%
62%
62%
61%
Current and Savings (CASA) Source: KT ZMICO Research, BCEL
Figure 5: BCEL's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels 2016E
(X) 2.3
PBV (x) Implied market
2.1 1.9 1.7
Source: Bloomberg, KT ZMICO Research
Apr-16
Dec-15
Jul-15
Mar-15
Oct-14
Jun-14
Jan-14
Sep-13
Jan-11
0.3
Apr-13
0.5
Nov-12
0.7
Jul-12
0.9
Oct-11
1.1
+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.
Feb-12
1.3
May-11
1.5
Upside/ Downside
price (LAK)
to current price (%)
+2.0SD
1.4
12,653
43
+1.5SD
1.3
11,609
31
+1.0SD
1.2
10,564
19
+0.5SD
1.1
9,520
7
Average
1.0
8,475
-4
-0.5SD
0.8
7,431
-16
-1.0SD
0.7
6,387
-28
-1.5SD
0.6
5,342
-40
-2.0SD
0.5
4,298
-51
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
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 (excl . ga i n/(l os s ) from ma rgi n tra di 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 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)
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
2015 1,073,610 812,970 260,640 158,234 41,002 184,537 383,773 644,413 220,719 64,465 97,685 382,869 139,043 114,455 22,377 124,371 238,826 911
2016E 1,211,648 840,419 371,229 169,347 57,403 29,161 255,911 627,139 231,755 70,912 79,819 382,485 244,737 124,595 21,611 97,665 222,259 715
2017E 1,322,265 900,829 421,435 190,467 59,125 25,881 275,473 696,908 245,660 78,712 88,053 412,425 289,078 130,200 27,771 125,611 255,811 920
2018E 1,465,421 1,011,780 453,641 214,202 60,899 28,362 303,463 757,103 260,400 88,157 97,200 445,757 316,480 135,680 31,620 143,054 278,734 1,047
2014
2015
2016E
2017E
2018E
Statement of Financial Position (LAKmn) As at 31 Dec Assets Ca s h Interba nk & Money Ma rket Net Inves tment Loa ns Accrued Interes t Recei va bl e Net Loa ns Premi s es a nd Equi pment, Net Other As s ets Total Assets
7,271,254 3,774,198 2,027,400 9,728,396 93,822 9,622,905 250,393 340,102 23,483,159
9,466,790 1,986,635 2,562,220 11,026,334 97,369 10,854,955 391,146 391,742 25,776,860
9,561,458 1,986,635 2,794,077 12,459,452 110,889 12,216,999 410,703 415,829 27,499,203
8,605,312 1,804,361 3,028,162 13,705,268 123,347 13,385,073 431,238 436,601 27,795,169
7,744,781 1,775,491 3,284,750 15,075,540 135,680 14,671,997 452,800 452,943 28,478,831
Liabilities & Equity Depos i ts Interba nk & Money Ma rket Borrowi ng Other Li a l i l i ti es
19,101,649 2,861,725 121,287 253,807
21,310,561 2,446,347 720,497 102,384
22,759,679 2,568,664 828,572 98,787
22,914,445 2,594,351 853,429 95,615
23,441,477 2,620,295 879,032 92,828
Total Liabilities
22,338,468
24,579,789
26,255,702
26,457,840
27,033,632
Pa i d‐up Ca pi ta l Premi um on Sha re Ca pi ta l Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t Total Shareholders' Equity Source: KTZMICO Research
682,888 ‐ 92,612 342,289 32,902 1,117,789
682,888 ‐ 134,263 346,677 33,243 1,163,828
682,888 ‐ 148,389 378,316 33,908 1,209,594
682,888 ‐ 209,817 410,038 34,586 1,302,743
682,888 ‐ 285,188 441,845 35,278 1,409,922
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Valuation and Ratio Analysis Year‐end 31 Dec
2014
2015
2016E
2017E
2018E
Per/Share Data (LAK) EPS DPS BV
971 594 8,184
911 392 8,521
715 250 8,856
920 276 9,538
1,047 314 10,323
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
5.46 0.65 11.21
5.82 0.62 7.40
7.41 0.60 4.72
5.76 0.56 5.21
5.06 0.51 5.93
‐43.7% ‐43.7% ‐27.1% 60.5% ‐17.5% 0.3% ‐0.2% ‐22.4% 16.0% 4.8% 31.5% 325.1%
‐6.2% ‐6.2% ‐17.0% 22.0% 20.5% 2.5% 7.2% ‐41.5% ‐3.7% 13.3% 11.6% ‐2.9%
‐21.5% ‐21.5% 42.4% ‐33.3% 7.0% ‐2.7% ‐0.1% 76.0% ‐6.9% 13.0% 6.8% 12.0%
28.6% 28.6% 13.5% 7.6% 12.5% 11.1% 7.8% 18.1% 15.1% 10.0% 0.7% 10.9%
13.9% 13.9% 7.6% 10.2% 12.5% 8.6% 8.1% 9.5% 9.0% 10.0% 2.3% 9.8%
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Net Fee and 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) Loans Depos i ts NPLs Asset Quality Ratio Gros s NPLs (LAKmn) Gros s NPLs /Loans Loan Los s Res erve/NPLs Loan Los s Res erve/Loans Capital & Liquidity Ratio Equi ty/As s et Ti er I to Ri s k As s ets Ca pi ta l Adequa cy Rati o Loans to Depos i ts Ra ti o Loans to Depos i ts a nd borrowi ngs
297,735 289,067 323,823 359,202 394,580 3.1% 2.6% 2.6% 2.6% 2.6% 66.9% 93.0% 109.1% 123.5% 136.7% 2.0% 2.4% 2.8% 3.2% 3.6%
4.8% 8.0% 8.0% 50.9% 50.6%
4.5% 5.5% 5.6% 51.7% 50.0%
4.4% 5.0% 5.1% 54.7% 52.8%
4.7% 5.0% 5.1% 59.8% 57.7%
5.0% 5.0% 5.2% 64.3% 62.0%
Profitability Ratio ROA
0.7%
0.5%
0.4%
0.5%
0.5%
ROE
12.2%
10.9%
8.2%
10.0%
10.5%
Cos t to Income Non Interes t Income/Tota l Income
56.8% 50.0%
59.4% 59.6%
61.0% 40.8%
59.2% 39.5%
58.9% 40.1%
Net Interes t Ma rgi n (NIM) Ta x rate
2.36% 14.6%
1.74% 8.4%
2.34% 18.0%
2.43% 18.0%
2.42% 18.0%
2014
2015
2016E
2017E
2018E
Key Assumptions
4.8%
13.3%
13.0%
10.0%
10.0%
Cos t to Income
56.8%
59.4%
61.0%
59.2%
58.9%
Net Interes t Ma rgi n Provi s i on/Loa ns
2.36% 1.2%
1.74% 1.0%
2.34% 1.0%
2.43% 1.0%
2.42% 0.9%
Loan Growth ‐ Net
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investment in the securities of KTB and ZMICO, investor should consider 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 TPBI.
Anti‐corruption Progress Indicator
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 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 6 of 6
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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 LAK5,250/US$0.65
Banking
Earnings upgrade/Earnings downgrade/Overview unchanged
May 19, 2016
Earnings uncertainty remains Price Performance (%)
200% 160%
LSX
120%
BCEL
80% 40% 0% May‐16
Jun‐15
Nov‐15
Jul‐14
Jan‐15
Feb‐14
Sep‐13
Oct‐12
Mar‐13
Dec‐11
May‐12
Jan‐11
Jun‐11
‐40%
Source: Bloomberg, KT ZMICO Research
FY16
FY17
Consensus EPS (LAK)
715
920
KT ZMICO vs. consensus Share data
n.a.
n.a.
Reuters / Bloomberg
BCEL.LS / BCEL LS
Closing Price (USD, LAK)
0.65 / 5,250
Paid‐up Shares (m)
136.58
Par (USD, LAK)
0.616 / 5,000
Market cap (LAK bn/ USDmn)
717.032 / 88.386
Foreign limit / actual (%)
10.00 / 9.2799
52 week High / Low (LAK)
6,600 / 4,200
Avg. daily T/O (shares 000)
18.912
Free float (%)
0.7201
Beta (%)
0.14
URL
http://www.bcel.com.la
Note: BCEL‐KT Securities Co., Ltd. is a joint venture company between BCEL Bank and KT ZMICO Securities (Thailand).
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Capital issue remains its key share price overhang We maintain an Underperform rating for BCEL. Although its cheap valuation should be the main share price support, we see the ongoing concern over its limited capital to remain its key share price overhang. Meanwhile, its earnings uncertainty could stem mainly from the efficiency of its asset quality control as well as some extra items that might incur. However, we see that the main share price catalyst could come from the progress of its recapitalization plan, with the timeframe still uncertain. 1Q16 net profit stood at LAK15bn (‐71% YoY, ‐84% QoQ) The weaker results were due mainly to 1) a much higher tax rate to 28%; 2) much lower extra gains YoY as the bank booked huge extra gain from share of profit (LAK73bn) of joint ventures (Lao Viet Joint Venture Bank) and gain (LAK25bn) from margin trading transactions in 1Q15 vs. the absence of extra income in 1Q16. Moreover, a higher provision QoQ vs. the huge provision reversal in 4Q15 was another reason behind the earnings drop QoQ. Top‐line growth showed improvement in 1Q16 Loans grew sharply 29% YoY and 15% QoQ mainly from the industrial services and trading companies sectors. The net interest margin showed sharp improvement both YoY and QoQ to 2.35%, thanks mainly to the bank’s better balance sheet leverage (with a higher loan‐to‐deposit ratio to 58%) and higher loan growth. Net trading income (excluding margin trading transactions) grew well at 40% YoY and 36% QoQ. However, the unusually high tax rate in 1Q16 and the continuing high cost‐to‐income ratio following the bank’s expansion stage were the main earnings pressures for 1Q16. Asset quality for 1Q16 improved QoQ but still needs a close watch The bank’s NPLs in 1Q16 declined slightly QoQ to LAK273bn from LAK289bn in 4Q15, while the NPL ratio declined QoQ to 2.14% of loans from 2.62% as loans hiked sharply 15% QoQ. Despite the NPL drop, the bank still set a higher provision at LAK36bn in 1Q16. This resulted in a higher reserve‐to‐ NPL ratio to 112% vs. 93% in 4Q15. However, we still have to keep a watch on the bank’s consistency with respect to the control of asset quality, which was quite volatile in 2015. Note also that we saw higher accrued interest (+17% QoQ) in 1Q16, which could imply higher NPLs for the following quarters if these loans cannot be resolved on time. Its capital adequacy ratio of 5.2% in 1Q16 remained below the BOL’s minimum requirement of 8%. Fine‐tune earnings forecasts with the latest results We fine‐tune our earnings forecasts for BCEL to reflect the latest 2015 and 1Q16 results with a small adjustment in net profit for 2016‐17E; see figure 2. The main revisions are 1) higher loan growth and NIM; and 2) an adjustment for lower non‐interest income, mainly on lower gain on margin trading transactions and lower net fee income on much higher fee expenses in 1Q16. Given the insignificant adjustment of our net profit forecasts, we maintain the 16E target price at LAK6,000/share. Financials and Valuation FY Ended 31 Dec PPP (LAKmn) Net profit (LAKmn) EPS (LAK) EPS growth (%) BVPS (LAK) DPS (LAK) FY Ended 31 Dec PER (X) PBV (X) Div. Yield (%) ROE (%)
2014 247,975 132,610 971 ‐44% 8,184 594 2014 5.46 0.65 11.21 12%
2015 238,826 124,371 911 ‐6% 8,521 392 2015 5.82 0.62 7.40 11%
2016E 222,259 97,665 715 ‐21% 8,856 250 2016E 7.41 0.60 4.72 8%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 255,811 125,611 920 29% 9,538 276 2017E 5.76 0.56 5.21 10%
2018E 278,734 143,054 1,047 14% 10,323 314 2018E 5.06 0.51 5.93 11%
Figure 1: 1Q16 earnings results Income statement (LAKmn) Fiscal Year‐Ended Dec.
1Q15
Net Interes t Income
52,851
Non Interes t Income
148,693
Net Fee a nd commi s s i on i ncome
33,293
4Q15 76,774
1Q16 % YoY % QoQ 93,611
77%
61,052
48,631
‐67%
48,608
31,484
‐5%
2015
22% 260,640
2016E % YoY % 1Q vs. 16E 371,229
42%
25%
‐20% 383,773
255,911
‐33%
19%
‐35% 158,234
169,347
7%
19% 26%
Net tra di ng i ncome (excl . ma rgi n tra di ng) 10,846
11,121
15,150
40%
36% 41,002
57,403
40%
Other i ncome
104,554
1,323
1,997
‐98%
51% 184,537
29,161
‐84%
7%
Opera ti ng Income
201,544
137,826
142,242
‐29%
3% 644,413
627,139
‐3%
23%
84,777
4%
‐35% 382,869
382,485
0%
22%
‐43% ‐134% 114,455
124,595
9%
29% 27%
Opera ti ng Expens es
81,849
129,523
Provi s i on expens es (Revers a l )
63,715
(104,895) 36,108
Ta x expens es (Revers a l )
3,084
20,287
5,911
92%
‐71% 22,377
21,611
‐3%
Net Profi t
52,467
93,023
15,245
‐71%
‐84% 124,371
97,665
‐21%
16%
PPOP‐pos t ta x
88,463
48,729
54,275
‐39%
11% 116,666
223,126
91%
24%
Pre provi s i oni ng profi ts (PPP)
116,182
(11,872) 51,353
‐56%
N.M. 238,826
222,259
‐7%
23%
EPS (LAK)
384
681
‐71%
‐84% 911
715
‐21%
16%
Key Statistics and Ratios
1Q15
Gros s NPLs (LAKmn)
4Q15
112 1Q16
2015
2016E
348,063
289,067
272,588
289,067
323,823
Gros s NPLs /Loa ns
3.52%
2.62%
2.14%
2.62%
2.60%
Loa n Los s Res erve/NPLs
73.0%
93.0%
112.0%
93.0%
109.1%
Loa n Los s Res erve/Loa ns
2.6%
2.4%
2.4%
2.4%
2.8%
Ca pi ta l Adequa cy Ra ti o
8.5%
5.6%
5.2%
5.6%
5.1%
Loa n to Depos i t Ra ti o
52.5%
51.7%
58.2%
51.7%
54.7%
Cos t to Income
40.6%
94.0%
59.6%
59.4%
61.0% 40.8%
Non Interes t Income/Tota l Income
73.8%
44.3%
34.2%
59.6%
Provi s i on/Loa ns
2.58%
‐3.81%
1.13%
1.04%
1.00%
5.5%
17.9%
27.7%
8.4%
18.0%
Ta x ra te Net Interes t Ma rgi n
1.44%
2.07%
2.35%
1.74%
2.34%
Loa n Growth YoY
6.1%
13.3%
28.6%
13.3%
13.0%
Loa n Growth QoQ Source: KTZMICO Research
1.7%
3.3%
15.4%
Figure 2: Key changes in our earnings revision
Net Profi t (LAKmn) % Cha nge i n net profi t from previ ous foreca s ts % YoY Cha nge i n net profi t Loa n growth Net i nteres t ma rgi n (NIM) Provi s i on expens es (LAKmn) Provi s i on expens es (% to l oa ns ) Non i nteres t income growth Net fee i ncome growth Net ga i n from dea l ing i n forei gn currenci es Ga i n/(l os s ) from ma rgi n tra di ng tra ns a ctions (LAKmn)
2016E Previous 96,614
9% 1.82% 102,905 0.87% ‐20% 15% 40,226 18,000
2017E New Previous New 97,665 130,034 125,611 1% ‐3% ‐21% 29% 13% 7% 10% 2.34% 2.00% 2.43% 124,595 116,626 130,200 1.00% 0.92% 0.95% ‐33% 11% 8% 7% 14% 12% 57,403 41,433 59,125 7,000 21,600 6,000
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: Loans by currency Loans by currency Loans in LAK Loans in USD Loans in THB Total loans
2013 44% 42% 14% 100%
2012 39% 44% 18% 100%
2014 43% 43% 14% 100%
2015 41% 47% 12% 100%
1Q16 40% 48% 12% 100%
Source: KT ZMICO Research, BCEL
Figure 4: 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%
2015 51% 49% 100%
1Q16 52% 48% 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%
2015 21% 40% 37% 1% 100%
1Q16 19% 42% 37% 2% 100%
69%
65%
62%
62%
62%
61%
Current and Savings (CASA) Source: KT ZMICO Research, BCEL
Figure 5: BCEL's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels 2016E
(X) 2.3
PBV (x) Implied market
2.1 1.9 1.7
Source: Bloomberg, KT ZMICO Research
Apr-16
Dec-15
Jul-15
Mar-15
Oct-14
Jun-14
Jan-14
Sep-13
Jan-11
0.3
Apr-13
0.5
Nov-12
0.7
Jul-12
0.9
Oct-11
1.1
+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.
Feb-12
1.3
May-11
1.5
Upside/ Downside
price (LAK)
to current price (%)
+2.0SD
1.4
12,653
43
+1.5SD
1.3
11,609
31
+1.0SD
1.2
10,564
19
+0.5SD
1.1
9,520
7
Average
1.0
8,475
-4
-0.5SD
0.8
7,431
-16
-1.0SD
0.7
6,387
-28
-1.5SD
0.6
5,342
-40
-2.0SD
0.5
4,298
-51
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
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 (excl . ga i n/(l os s ) from ma rgi n tra di 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 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)
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
2015 1,073,610 812,970 260,640 158,234 41,002 184,537 383,773 644,413 220,719 64,465 97,685 382,869 139,043 114,455 22,377 124,371 238,826 911
2016E 1,211,648 840,419 371,229 169,347 57,403 29,161 255,911 627,139 231,755 70,912 79,819 382,485 244,737 124,595 21,611 97,665 222,259 715
2017E 1,322,265 900,829 421,435 190,467 59,125 25,881 275,473 696,908 245,660 78,712 88,053 412,425 289,078 130,200 27,771 125,611 255,811 920
2018E 1,465,421 1,011,780 453,641 214,202 60,899 28,362 303,463 757,103 260,400 88,157 97,200 445,757 316,480 135,680 31,620 143,054 278,734 1,047
2014
2015
2016E
2017E
2018E
Statement of Financial Position (LAKmn) As at 31 Dec Assets Ca s h Interba nk & Money Ma rket Net Inves tment Loa ns Accrued Interes t Recei va bl e Net Loa ns Premi s es a nd Equi pment, Net Other As s ets Total Assets
7,271,254 3,774,198 2,027,400 9,728,396 93,822 9,622,905 250,393 340,102 23,483,159
9,466,790 1,986,635 2,562,220 11,026,334 97,369 10,854,955 391,146 391,742 25,776,860
9,561,458 1,986,635 2,794,077 12,459,452 110,889 12,216,999 410,703 415,829 27,499,203
8,605,312 1,804,361 3,028,162 13,705,268 123,347 13,385,073 431,238 436,601 27,795,169
7,744,781 1,775,491 3,284,750 15,075,540 135,680 14,671,997 452,800 452,943 28,478,831
Liabilities & Equity Depos i ts Interba nk & Money Ma rket Borrowi ng Other Li a l i l i ti es
19,101,649 2,861,725 121,287 253,807
21,310,561 2,446,347 720,497 102,384
22,759,679 2,568,664 828,572 98,787
22,914,445 2,594,351 853,429 95,615
23,441,477 2,620,295 879,032 92,828
Total Liabilities
22,338,468
24,579,789
26,255,702
26,457,840
27,033,632
Pa i d‐up Ca pi ta l Premi um on Sha re Ca pi ta l Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t Total Shareholders' Equity Source: KTZMICO Research
682,888 ‐ 92,612 342,289 32,902 1,117,789
682,888 ‐ 134,263 346,677 33,243 1,163,828
682,888 ‐ 148,389 378,316 33,908 1,209,594
682,888 ‐ 209,817 410,038 34,586 1,302,743
682,888 ‐ 285,188 441,845 35,278 1,409,922
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Valuation and Ratio Analysis Year‐end 31 Dec
2014
2015
2016E
2017E
2018E
Per/Share Data (LAK) EPS DPS BV
971 594 8,184
911 392 8,521
715 250 8,856
920 276 9,538
1,047 314 10,323
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
5.46 0.65 11.21
5.82 0.62 7.40
7.41 0.60 4.72
5.76 0.56 5.21
5.06 0.51 5.93
‐43.7% ‐43.7% ‐27.1% 60.5% ‐17.5% 0.3% ‐0.2% ‐22.4% 16.0% 4.8% 31.5% 325.1%
‐6.2% ‐6.2% ‐17.0% 22.0% 20.5% 2.5% 7.2% ‐41.5% ‐3.7% 13.3% 11.6% ‐2.9%
‐21.5% ‐21.5% 42.4% ‐33.3% 7.0% ‐2.7% ‐0.1% 76.0% ‐6.9% 13.0% 6.8% 12.0%
28.6% 28.6% 13.5% 7.6% 12.5% 11.1% 7.8% 18.1% 15.1% 10.0% 0.7% 10.9%
13.9% 13.9% 7.6% 10.2% 12.5% 8.6% 8.1% 9.5% 9.0% 10.0% 2.3% 9.8%
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Net Fee and 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) Loans Depos i ts NPLs Asset Quality Ratio Gros s NPLs (LAKmn) Gros s NPLs /Loans Loan Los s Res erve/NPLs Loan Los s Res erve/Loans Capital & Liquidity Ratio Equi ty/As s et Ti er I to Ri s k As s ets Ca pi ta l Adequa cy Rati o Loans to Depos i ts Ra ti o Loans to Depos i ts a nd borrowi ngs
297,735 289,067 323,823 359,202 394,580 3.1% 2.6% 2.6% 2.6% 2.6% 66.9% 93.0% 109.1% 123.5% 136.7% 2.0% 2.4% 2.8% 3.2% 3.6%
4.8% 8.0% 8.0% 50.9% 50.6%
4.5% 5.5% 5.6% 51.7% 50.0%
4.4% 5.0% 5.1% 54.7% 52.8%
4.7% 5.0% 5.1% 59.8% 57.7%
5.0% 5.0% 5.2% 64.3% 62.0%
Profitability Ratio ROA
0.7%
0.5%
0.4%
0.5%
0.5%
ROE
12.2%
10.9%
8.2%
10.0%
10.5%
Cos t to Income Non Interes t Income/Tota l Income
56.8% 50.0%
59.4% 59.6%
61.0% 40.8%
59.2% 39.5%
58.9% 40.1%
Net Interes t Ma rgi n (NIM) Ta x rate
2.36% 14.6%
1.74% 8.4%
2.34% 18.0%
2.43% 18.0%
2.42% 18.0%
2014
2015
2016E
2017E
2018E
Key Assumptions
4.8%
13.3%
13.0%
10.0%
10.0%
Cos t to Income
56.8%
59.4%
61.0%
59.2%
58.9%
Net Interes t Ma rgi n Provi s i on/Loa ns
2.36% 1.2%
1.74% 1.0%
2.34% 1.0%
2.43% 1.0%
2.42% 0.9%
Loan Growth ‐ Net
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investment in the securities of KTB and ZMICO, investor should consider 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 TPBI.
Anti‐corruption Progress Indicator
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 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 6 of 6
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.
