1Q17 NP slightly beat the street forecast
Global Power Synergy
Underperform (17E TP Bt35.50)
Earnings Review
Close Bt33.75
Energy & Utilities May 4, 2017
Beat forecast / Below forecast / In line
1Q17 NP slightly beat the street forecast Results date: May 3, 2017 Price Performance (%)
2017E a challenging year Given the company’s core earnings growth slowdown in 2017E (~8% growth vs. 38% growth in 2016) despite the kickoff of three new projects in mid‐to‐late 2017E (i.e., BIC‐2 in mid‐2017E, with IRPC‐CP Phase 2 and Ichinoseki Solar Power in late‐2017E), along with its current demanding valuation trading at 0.17x 2017E PBV/ROE against the average of 0.14x of domestic peers, we maintain an “Underperform” rating on GPSC. Reported 1Q17 NP at Bt750mn, beat the street forecast by 9% GPSC reported 1Q17 NP at Bt750mn (‐14% YoY, +79% QoQ), with the absence of extra items (vs. one‐off Bt100mn impairment charges of fixed assets at Rayong Central Utilities Plant in 4Q16). Meanwhile, its core profit registered at Bt749mn (‐13% YoY, +44% QoQ). The better performance QoQ was attributable to 1) the lower maintenance costs at the Rayong Central Utilities Plant (CUP 1‐3) than in 4Q16 when there was maintenance for the machines at the CUP‐1 and 2 plants; and 2) the higher availability payment at Sriracha Power Plant in line with the increasing availability factor to 98% (vs. 89% in 4Q16). At the same time, the weak performance YoY was largely blamed on 1) the lower power output at IRPC‐CP Phase 1 by 40% YoY to 53GWh given the one‐month maintenance shutdown of a major customer (IRPC); and 2) the smaller dividend income from RPCL to Bt120mn (vs. Bt180mn in 1Q16).
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
2.025
2.506
KT ZMICO vs. consensus Share data
‐0.7%
‐11.0%
Reuters / Bloomberg
GPSC.BK/GPSC TB
Paid‐up Shares (m)
1,498.30
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
51.00/1,466.00
Foreign limit / actual (%)
49.00/1.52
52 week High / Low (Bt)
40.25/28.75
Avg. daily T/O (shares 000)
3,863.00
NVDR (%)
1.00
Estimated free float (%)
24.89
Beta
0.84
URL
www.gpscgroup.com
CGR Level 2 (Declared)
Anti‐corruption
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
2017E earnings forecast maintained Given the 1Q17 core profit accounting for 25% of our‐full‐year forecast, we maintain our 2017E core profit at Bt3.0bn (+8% YoY). Note that 2017E will be a challenging year for GPSC despite the ongoing plant optimization at Rayong CUP 1‐3 and the full‐year contribution from its 30%‐owned NNEG (equity capacity: 38MW) with higher volume from new industrial users; however, the expected flat electricity sales volume at Rayong CUP 1‐3 and IRPC‐CP Phase 1 (given the entire one‐month planned shutdown at the IRPC plant in 1Q17) and the lower GPM from IRPC‐CP Phase 1 (from its peak of 30% in 2016), along with the lower dividend income from RPCL, will cause its 2017E core profit growth to slow down to 8% (vs. 38% in 2016). Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Core profit (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2015 22,543 2,031 1,906 1.40 (0.20) 0.95 24.03 2015 24.04 19.59 1.40 2.8% 6.2% 12.3%
2016 20,771 2,796 2,700 1.80 28.37 1.15 24.79 2016 18.73 15.59 1.36 3.4% 7.4% 25.4%
2017E 23,346 3,016 3,016 2.01 11.70 1.21 25.57 2017E 16.77 12.95 1.32 3.6% 8.0% 20.4%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2018E 26,667 3,344 3,344 2.23 10.86 1.34 26.60 2018E 15.12 11.41 1.27 4.0% 8.6% 16.6%
2019E 33,371 3,989 3,989 2.66 19.32 1.60 27.92 2019E 12.68 10.36 1.21 4.7% 9.8% 7.6%
Figure 1: GPSC’s 1Q17 earnings results
Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
YTD 1Q16 5,505 885 1,025 (105) 237 (26) 8 ‐ 86 (43) 871 862 0.58 16.1 18.6 15.8 3.6 6.8 0.4 24.6 9.4
4Q16 4,485 747 838 (111) 76 (22) (2) (100) 111 (45) 419 521 0.28 16.7 18.7 9.3 2.8 4.6 0.4 24.8 4.5
1Q17 5,389 790 913 (96) 197 (47) 1 ‐ 111 (15) 750 749 0.50 14.7 16.9 13.9 2.5 6.2 0.4 25.3 7.9
% YoY (2.1) (10.7) (11.0) (8.2) (16.8) 77.7 (84.1) nm 29.3 (66.3) (13.9) (13.2) (13.8)
% QoQ 20.1 5.7 9.0 (12.9) 160.8 110.3 nm (100.0) 0.1 (68.1) 79.1 43.7 78.6
2016 20,771 3,316 3,782 (418) 664 (140) 4 (100) 346 (172) 2,700 2,796 1.80 16.0 18.2 13.0 2.8 6.0 0.4 24.8 7.4
2017E 23,346 3,580 4,426 (667) 470 (225) ‐ ‐ 778 (190) 3,016 3,016 2.01 15.3 19.0 12.9 3.0 4.3 0.5 25.6 8.0
% YoY 12.4 8.0 17.0 59.8 (29.2) 60.2 (100.0) (100.0) 124.8 10.6 11.7 7.9 11.7
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
(% of 17E)
23.1 22.1 20.6 14.4 41.9 20.8 nm nm 14.3 7.6 24.9 24.8 24.8
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, TTL, NMG.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Satisfactory (scores: 60 – 69) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Anti‐corruption Progress Indicator
Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
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
Underperform (17E TP Bt35.50)
Earnings Review
Close Bt33.75
Energy & Utilities May 4, 2017
Beat forecast / Below forecast / In line
1Q17 NP slightly beat the street forecast Results date: May 3, 2017 Price Performance (%)
2017E a challenging year Given the company’s core earnings growth slowdown in 2017E (~8% growth vs. 38% growth in 2016) despite the kickoff of three new projects in mid‐to‐late 2017E (i.e., BIC‐2 in mid‐2017E, with IRPC‐CP Phase 2 and Ichinoseki Solar Power in late‐2017E), along with its current demanding valuation trading at 0.17x 2017E PBV/ROE against the average of 0.14x of domestic peers, we maintain an “Underperform” rating on GPSC. Reported 1Q17 NP at Bt750mn, beat the street forecast by 9% GPSC reported 1Q17 NP at Bt750mn (‐14% YoY, +79% QoQ), with the absence of extra items (vs. one‐off Bt100mn impairment charges of fixed assets at Rayong Central Utilities Plant in 4Q16). Meanwhile, its core profit registered at Bt749mn (‐13% YoY, +44% QoQ). The better performance QoQ was attributable to 1) the lower maintenance costs at the Rayong Central Utilities Plant (CUP 1‐3) than in 4Q16 when there was maintenance for the machines at the CUP‐1 and 2 plants; and 2) the higher availability payment at Sriracha Power Plant in line with the increasing availability factor to 98% (vs. 89% in 4Q16). At the same time, the weak performance YoY was largely blamed on 1) the lower power output at IRPC‐CP Phase 1 by 40% YoY to 53GWh given the one‐month maintenance shutdown of a major customer (IRPC); and 2) the smaller dividend income from RPCL to Bt120mn (vs. Bt180mn in 1Q16).
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
2.025
2.506
KT ZMICO vs. consensus Share data
‐0.7%
‐11.0%
Reuters / Bloomberg
GPSC.BK/GPSC TB
Paid‐up Shares (m)
1,498.30
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
51.00/1,466.00
Foreign limit / actual (%)
49.00/1.52
52 week High / Low (Bt)
40.25/28.75
Avg. daily T/O (shares 000)
3,863.00
NVDR (%)
1.00
Estimated free float (%)
24.89
Beta
0.84
URL
www.gpscgroup.com
CGR Level 2 (Declared)
Anti‐corruption
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
2017E earnings forecast maintained Given the 1Q17 core profit accounting for 25% of our‐full‐year forecast, we maintain our 2017E core profit at Bt3.0bn (+8% YoY). Note that 2017E will be a challenging year for GPSC despite the ongoing plant optimization at Rayong CUP 1‐3 and the full‐year contribution from its 30%‐owned NNEG (equity capacity: 38MW) with higher volume from new industrial users; however, the expected flat electricity sales volume at Rayong CUP 1‐3 and IRPC‐CP Phase 1 (given the entire one‐month planned shutdown at the IRPC plant in 1Q17) and the lower GPM from IRPC‐CP Phase 1 (from its peak of 30% in 2016), along with the lower dividend income from RPCL, will cause its 2017E core profit growth to slow down to 8% (vs. 38% in 2016). Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Core profit (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2015 22,543 2,031 1,906 1.40 (0.20) 0.95 24.03 2015 24.04 19.59 1.40 2.8% 6.2% 12.3%
2016 20,771 2,796 2,700 1.80 28.37 1.15 24.79 2016 18.73 15.59 1.36 3.4% 7.4% 25.4%
2017E 23,346 3,016 3,016 2.01 11.70 1.21 25.57 2017E 16.77 12.95 1.32 3.6% 8.0% 20.4%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2018E 26,667 3,344 3,344 2.23 10.86 1.34 26.60 2018E 15.12 11.41 1.27 4.0% 8.6% 16.6%
2019E 33,371 3,989 3,989 2.66 19.32 1.60 27.92 2019E 12.68 10.36 1.21 4.7% 9.8% 7.6%
Figure 1: GPSC’s 1Q17 earnings results
Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
YTD 1Q16 5,505 885 1,025 (105) 237 (26) 8 ‐ 86 (43) 871 862 0.58 16.1 18.6 15.8 3.6 6.8 0.4 24.6 9.4
4Q16 4,485 747 838 (111) 76 (22) (2) (100) 111 (45) 419 521 0.28 16.7 18.7 9.3 2.8 4.6 0.4 24.8 4.5
1Q17 5,389 790 913 (96) 197 (47) 1 ‐ 111 (15) 750 749 0.50 14.7 16.9 13.9 2.5 6.2 0.4 25.3 7.9
% YoY (2.1) (10.7) (11.0) (8.2) (16.8) 77.7 (84.1) nm 29.3 (66.3) (13.9) (13.2) (13.8)
% QoQ 20.1 5.7 9.0 (12.9) 160.8 110.3 nm (100.0) 0.1 (68.1) 79.1 43.7 78.6
2016 20,771 3,316 3,782 (418) 664 (140) 4 (100) 346 (172) 2,700 2,796 1.80 16.0 18.2 13.0 2.8 6.0 0.4 24.8 7.4
2017E 23,346 3,580 4,426 (667) 470 (225) ‐ ‐ 778 (190) 3,016 3,016 2.01 15.3 19.0 12.9 3.0 4.3 0.5 25.6 8.0
% YoY 12.4 8.0 17.0 59.8 (29.2) 60.2 (100.0) (100.0) 124.8 10.6 11.7 7.9 11.7
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
(% of 17E)
23.1 22.1 20.6 14.4 41.9 20.8 nm nm 14.3 7.6 24.9 24.8 24.8
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, TTL, NMG.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Satisfactory (scores: 60 – 69) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Anti‐corruption Progress Indicator
Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
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
