Berli Jucker Buy (17E TP Bt54.00)
Berli Jucker
Buy (17E TP Bt54.00)
Company Update
Close Bt47.50
Commerce
Earnings upgrade/Earnings downgrade/Overview unchanged
February 27, 2017
Expansion and synergies to boost profit Price Performance (%) Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.788
2.045
KT ZMICO vs. consensus Share data
‐1.0%
5.6%
Reuters / Bloomberg
BJC.BK/BJC TB
Paid‐up Shares (m)
3,991.09
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
190.00/5,434.00
Foreign limit / actual (%)
49.00/9.16
52 week High / Low (Bt)
56.25/31.66
Avg. daily T/O (shares 000) NVDR (%)
9,812.00 2.71
Estimated free float (%)
20.72
Beta
0.94
URL
www.bjc.co.th
CGR
Anti‐corruption
n.a.
Pornsawat Jirajarus Analyst, no 18228 [email protected] 66 (0) 2624‐6257
Strong earnings growth trend to continue Catalysts for BJC’s 17E profit growth should come from 1) improving profitability, 2) full‐year consolidation of BIGC, 3) growing sales from new capacities (BIGC and packaging business), 4) increasing profit from synergies and 5) a decline in financial costs. We maintain our view that BJC’s positioning as ASEAN’s leading integrated retail platform and the stock’s prospective PE/EPS growth at 0.6x in 17E (vs. EPS CAGR of 44% in 17‐18E) look appealing. Maintain our Buy call. Hypermarket expansion and new convenience store model In the analyst meeting last Friday, BJC revealed its plan to open nine Big C hypermarkets (slightly lower than ten in its previous plan), two Big C Market stores and c.200 Mini‐Big C stores in 2017. New hypermarkets will be launched mostly in H2. Hypermarkets’ same‐store sales should continue to decline in 1H17 due to its strategy to discontinue unprofitable items, but its focus on fresh food sales that successfully draws customers should reduce the negative impact. BIGC introduced a new Mini Big C store concept (with a modernized design and a larger ready‐to‐eat range) in December. The firm expects this to help boost same‐store sales and attract more franchisees. Overall for 17E, management expects BIGC’s gross margin at around 16% with EBIT margin improvement of c.50 bps YoY. This is quite in line with our estimates, as we believe improving sales will restore both the margin and rebate income. Packaging business – new capacities to boost growth BJC’s glass bottle capacity will increase over 10% when its new SB4 furnace (+300 Mt/day) begins operating in 4Q17. This will reduce the use of imported glass from China, thus widening the margin of the packaging business. The company will also add a new furnace (SB5, +400 Mt/day) in 2018 to mainly serve TCC’s business. Increasing demand within the TCC group in the next 2‐3 years seems to be larger than we previously thought and may add upside to our forecasts. Gaining higher synergies than expected The firm revealed that it had captured synergies of Bt357mn from cooperation with BIGC during Apr‐Dec’16 (vs. Bt300mn est.), mainly from savings on management fees (Bt220mn) and the insurance premium (Bt121mn). BJC expects these benefits to increase to c.Bt600mn in 17E, which should enable the firm to achieve its 3‐year synergy target of Bt1.7bn by 2019. Maintain forecasts Improving consumption and growing sales from new stores (five new hypermarkets opened in 2H16) should restore the gross margin and sales rebates in 2017. This together with the full‐year recognition of the BIGC acquisition, rising profit from synergies and a greater‐than‐expected decline in financial costs (c.8‐10% lower than our estimate) should remain catalysts for net profit CAGR of 47% in 17E‐18E. Financials and Valuation FY Ended 31 Dec Revenues (Bt mn) Net profit (Bt mn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net Gearing (%)
2014 43,423 1,680 1.05 (30.85) 0.60 11.32 2014 39.1 16.0 3.6 1.3 9.4 83.9
2015 42,893 2,792 1.75 66.22 0.84 13.03 2015 20.0 11.3 2.7 2.2 14.4 66.7
2016 125,330 4,001 1.00 (42.80) 0.50 28.04 2016 50.1 21.3 1.8 1.2 4.9 132.8
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 155,248 7,092 1.77 77.26 0.89 29.45 2017E 26.8 15.8 1.6 1.8 6.2 128.2
2018E 168,298 8,635 2.16 21.68 1.08 30.84 2018E 22.0 14.3 1.5 2.3 7.2 118.9
Figure 1: Mini Big C’s new format Source: BJC
Figure 2: BJC’s core profit has been driven largely by the packaging business
BJC’s quarterly core profit
BJC’s core profit, breakdown by segment
Core prof it
800
1,500
Packaging
Consumer product
Healthcare & Technical
Modern trade
600 1,000
400 500
200
1Q16
1Q15
1Q14
1Q16
1Q15
1Q14
1Q13
-200
1Q13
-
Remark: Profit from modern trade was net off financial and advisory costs.
Source: BJC, KT Zmico estimates
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, M‐CHAI, POMPUI, TFD. KT ZMICO is a co underwriter of RPH.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
Buy (17E TP Bt54.00)
Company Update
Close Bt47.50
Commerce
Earnings upgrade/Earnings downgrade/Overview unchanged
February 27, 2017
Expansion and synergies to boost profit Price Performance (%) Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.788
2.045
KT ZMICO vs. consensus Share data
‐1.0%
5.6%
Reuters / Bloomberg
BJC.BK/BJC TB
Paid‐up Shares (m)
3,991.09
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
190.00/5,434.00
Foreign limit / actual (%)
49.00/9.16
52 week High / Low (Bt)
56.25/31.66
Avg. daily T/O (shares 000) NVDR (%)
9,812.00 2.71
Estimated free float (%)
20.72
Beta
0.94
URL
www.bjc.co.th
CGR
Anti‐corruption
n.a.
Pornsawat Jirajarus Analyst, no 18228 [email protected] 66 (0) 2624‐6257
Strong earnings growth trend to continue Catalysts for BJC’s 17E profit growth should come from 1) improving profitability, 2) full‐year consolidation of BIGC, 3) growing sales from new capacities (BIGC and packaging business), 4) increasing profit from synergies and 5) a decline in financial costs. We maintain our view that BJC’s positioning as ASEAN’s leading integrated retail platform and the stock’s prospective PE/EPS growth at 0.6x in 17E (vs. EPS CAGR of 44% in 17‐18E) look appealing. Maintain our Buy call. Hypermarket expansion and new convenience store model In the analyst meeting last Friday, BJC revealed its plan to open nine Big C hypermarkets (slightly lower than ten in its previous plan), two Big C Market stores and c.200 Mini‐Big C stores in 2017. New hypermarkets will be launched mostly in H2. Hypermarkets’ same‐store sales should continue to decline in 1H17 due to its strategy to discontinue unprofitable items, but its focus on fresh food sales that successfully draws customers should reduce the negative impact. BIGC introduced a new Mini Big C store concept (with a modernized design and a larger ready‐to‐eat range) in December. The firm expects this to help boost same‐store sales and attract more franchisees. Overall for 17E, management expects BIGC’s gross margin at around 16% with EBIT margin improvement of c.50 bps YoY. This is quite in line with our estimates, as we believe improving sales will restore both the margin and rebate income. Packaging business – new capacities to boost growth BJC’s glass bottle capacity will increase over 10% when its new SB4 furnace (+300 Mt/day) begins operating in 4Q17. This will reduce the use of imported glass from China, thus widening the margin of the packaging business. The company will also add a new furnace (SB5, +400 Mt/day) in 2018 to mainly serve TCC’s business. Increasing demand within the TCC group in the next 2‐3 years seems to be larger than we previously thought and may add upside to our forecasts. Gaining higher synergies than expected The firm revealed that it had captured synergies of Bt357mn from cooperation with BIGC during Apr‐Dec’16 (vs. Bt300mn est.), mainly from savings on management fees (Bt220mn) and the insurance premium (Bt121mn). BJC expects these benefits to increase to c.Bt600mn in 17E, which should enable the firm to achieve its 3‐year synergy target of Bt1.7bn by 2019. Maintain forecasts Improving consumption and growing sales from new stores (five new hypermarkets opened in 2H16) should restore the gross margin and sales rebates in 2017. This together with the full‐year recognition of the BIGC acquisition, rising profit from synergies and a greater‐than‐expected decline in financial costs (c.8‐10% lower than our estimate) should remain catalysts for net profit CAGR of 47% in 17E‐18E. Financials and Valuation FY Ended 31 Dec Revenues (Bt mn) Net profit (Bt mn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net Gearing (%)
2014 43,423 1,680 1.05 (30.85) 0.60 11.32 2014 39.1 16.0 3.6 1.3 9.4 83.9
2015 42,893 2,792 1.75 66.22 0.84 13.03 2015 20.0 11.3 2.7 2.2 14.4 66.7
2016 125,330 4,001 1.00 (42.80) 0.50 28.04 2016 50.1 21.3 1.8 1.2 4.9 132.8
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 155,248 7,092 1.77 77.26 0.89 29.45 2017E 26.8 15.8 1.6 1.8 6.2 128.2
2018E 168,298 8,635 2.16 21.68 1.08 30.84 2018E 22.0 14.3 1.5 2.3 7.2 118.9
Figure 1: Mini Big C’s new format Source: BJC
Figure 2: BJC’s core profit has been driven largely by the packaging business
BJC’s quarterly core profit
BJC’s core profit, breakdown by segment
Core prof it
800
1,500
Packaging
Consumer product
Healthcare & Technical
Modern trade
600 1,000
400 500
200
1Q16
1Q15
1Q14
1Q16
1Q15
1Q14
1Q13
-200
1Q13
-
Remark: Profit from modern trade was net off financial and advisory costs.
Source: BJC, KT Zmico estimates
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, M‐CHAI, POMPUI, TFD. KT ZMICO is a co underwriter of RPH.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
