Airports of Thailand - Global Alliance Partners
Airports of Thailand Underperform (FY18E TP Bt47.00)
Company Update
Close Bt47.50
Transport & Logistics July 18, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Traffic statistics look better…. Price Performance (%)
…but still pressured by negative catalysts In addition to the lack of clarity on the rental cost increase at SBIA, a new lawsuit will add to the negative catalysts for AOT, even though it will take some time to be resolved. Meanwhile, AOT’s PER of 27x in FY18E is still expensive compared with PER of 24x for peers. We thus maintain our “Underperform” rating, with the TP of Bt47 for AOT. Every Bt1bn rental cost increase will lower our FY18E net profit projection and TP for AOT by 3% and 1%, respectively. Double‐digit growth of International passenger volume in Jun‐Jul 17 AOT’s passenger volume in Jun‐17 and 1‐15 Jul‐17 (preliminary figures) grew by 11% YoY and 8%, respectively, mainly from international (+12% in Jun‐17 and +10% in 1‐15 Jul‐17). The strong growth of international passenger volume was mainly driven by DMK airport. As such, we believe this may have been due to the improvement of Chinese tourists. Meanwhile, the growth of international passenger volume at SBIA also accelerated, which means that tourist arrivals to Thailand are still strong. Expect net profit of Bt5.4bn in 3QFY17E, +7% YoY For 3QFY17E (Apr‐Jun 17), AOT’s passenger volume is likely to reach 31.15mn, +5% YoY but ‐5% QoQ on the seasonal pattern. As such, we estimate AOT to report net profit of Bt5.4bn in 3QFY17E, growing by 7% YoY but falling by 16% QoQ. Stripping out extra gains of Bt469mn booked in 3QFY16 from DMK’s flood compensation, normalized profit should increase by 13% YoY owing to revenue expansion, a higher operating margin, and lower interest expenses.
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.503
1.687
KT ZMICO vs. consensus Share data
4.5%
4.3%
Reuters / Bloomberg
AOT.BK/AOT TB
Paid‐up Shares (m)
14,285.70
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
679.00/20,160.00
Foreign limit / actual (%)
30.00/14.88
52 week High / Low (Bt)
50.25/30.00
Avg. daily T/O (shares 000) NVDR (%)
17,317.00 4.30
Estimated free float (%)
29.99
Beta
1.69
URL
www.airportthai.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Short‐term noise from lawsuit According to the news, the deputy chairman of the subcommittee on the anti‐graft mechanism under the National Reform Steering Assembly (NRSA) has filed a lawsuit against AOT executives and officials, along with the King Power Group, for alleged malfeasance in connection with a duty free concession contract (by lowering the percentage of revenue paid to AOT) and breach of the 1992 Private Participation in State Undertaking Act (PPP Act). However, according to AOT, this was the result of government policies and measures to help private companies affected by the political violence in 2008 and 2010 and AOT believes it was not in breach of the PPP Act as the investment value was lower than Bt1bn. The Central Criminal Court for Corruption and Misconduct Cases (CCCM) is scheduled to rule on whether the lawsuit will be accepted for deliberation on July 25. Financials and Valuation FY Ended 30 Sep Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. profit (Btmn) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 30 Sep Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
FY15 43,969 18,729 1.31 15,755 1.10 30.97 0.65 7.60 FY15 33.94 23.25 5.85 1.47 15.32 cash
FY16 50,962 19,571 1.37 19,371 1.36 22.95 0.68 8.49 FY16 32.48 19.80 5.24 1.53 16.85 cash
FY17E 55,093 22,429 1.57 22,123 1.55 14.21 0.77 9.28 FY17E 28.34 18.01 4.80 1.73 17.43 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
FY18E 60,579 25,158 1.76 25,158 1.76 13.72 0.88 10.16 FY18E 25.27 16.28 4.38 1.97 18.12 cash
FY19E 66,152 27,789 1.95 27,789 1.95 10.46 0.97 11.14 FY19E 22.88 15.05 4.00 2.18 18.26 cash
Figure 1: Summary of assumptions for DCF‐based valuation for AOT 5.00 14.50 9.50 12.60 30.00 3.00 10.00
Risk‐free rate (Rf) % Market return (Rm)% Market risk premium (Rm‐Rf) % Cost of equity (Ke) % Debt‐to‐capital ratio (%) Perpetual growth rate (%) WACC (%)
Present value of free cash flow (FY18‐29E) Present value of terminal value Total present value of FCF Less: net debt (cash) as of end‐FY18E Total equity value Outstanding shares at end‐FY18E Equity value / share (Bt)
(Btmn) 258,225 376,541 634,767 (35,291) 670,057 14,290 47.00
Source: KT ZMICO Research
Figure 2: AOT’s PER band and sensitivity of market prices based on PER at different standard deviation levels (X) 60 50 40
+1.0 S.D.
30
+0.5 S.D. Avg.
20 -0.5 S.D. 10
Jul-17
Oct-16
Feb-16
Jun-15
Oct-14
Feb-14
Jun-13
Oct-12
Feb-12
Jun-11
Oct-10
Jun-09
Feb-10
-1.0 S.D. Oct-08
0
FY17E +1.5SD +1.0SD +0.5SD average ‐0.5SD ‐1.0SD
PER (x) 36.6 32.1 27.6 23.1 18.6 14.1
Implied market price (Bt) 56.71 49.73 42.76 35.78 28.81 21.83
Upside/Downside vs. current market price (%) 19.39 4.70 (9.99) (24.67) (39.36) (54.04)
Source: Bloomberg, KT ZMICO Research
Figure 3: Peer comparison COUNTRY
17‐18E Mkt Cap
PER (x)
PBV (x)
Yield (%)
ROE (%)
Sydney Airport
Australia
HNA Infrastructure
China
Beijing Capital Intl
China
29.0
7,115 17.1
20.5
16.3
1.6
2.3
2.1
2.3
2.0
2.5
9.5
11.4
12.9
8.2
10.7
9.3
Shanghai International
China
14.5
10,809 18.2
23.2
19.8
2.3
3.0
2.7
1.7
1.3
1.4
13.2
13.1
13.8
12.0
15.8
13.6
Shenzhen Airport
China
22.8
2,683 29.2
25.2
21.5
1.5
1.6
1.5
1.2
1.2
1.3
5.4
6.4
7.0
14.6
11.6
10.1
Xiamen Intl.
China
10.5
1,023 16.9
15.2
14.2
2.0
2.0
1.9
4.5
4.9
5.3
12.6
13.4
13.9
9.7
8.6
8.1
Guangzhou Baiyun Intl
China
(13.9)
4,074 11.6
17.5
21.5
1.5
2.0
1.9
2.6
1.5
1.2
13.8
12.2
9.0
7.6
11.4
10.9
United Arrow
Japan
(3.0)
913 21.7 3,401 644.
19.3
16.8
4.2
3.1
2.8
1.7
2.3
2.3
20.0
16.1
17.6
10.8
9.2
9.0
61.9
40.9
1.3
1.8
1.7
1.7
1.3
1.8
0.2
3.0
4.6
9.1
11.1
10.2
4,095 19.8
21.0
22.6
2.9
3.4
3.3
3.8
3.5
3.5
15.0
16.7
15.1
14.3
16.9
16.9
3.1
3.8
4.4
2.7
2.5
2.7
12.8
14.3
18.1
12.8
11.9
Malaysia Airports HLDG
Malaysia
Singapore Airport Terminal Singapore Average (simple)
388.8 5.6 51.8
82.9
27.4
23.5
16 5.2 2.4
17E 4.9 n.a.
18E 5.3 n.a.
EV/EBITDA (x)
CAGR US$mn 16 17E 18E 16 17E 18E 12.3 12,161 41.8 43.0 38.2 12.3 14.7 21.2 n.a. 401 8.3 n.a. n.a. 0.9 n.a. n.a.
16 26.6 11.3
17E 36.2 n.a.
18E 16 17E 18E 69.3 19.9 19.8 18.5 n.a. 7.4 n.a. n.a.
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
11.4
Figure 4: Passenger volume growth trend (%YoY) for AOT’s airports Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17* 1‐15 July*
Total 6 airports International Domestic 12.9 15.2 9.0 9.4 16.8 13.0 4.3 8.3 (1.6) 9.1 3.8 15.7 7.1 15.5 2.5 7.5 5.1 13.2 7.6 10.3 7.3 4.0 12.1 8.9 10.4 4.0
Total 13.9 9.2 15.1 6.1 3.1 8.9 10.7 4.6 8.5 8.8 5.8 10.7 7.6
International 7.0 1.6 11.8 2.7 (3.7) 2.6 5.5 1.3 2.5 4.4 4.7 9.3 8.3
SBIA Domestic
Total
13.9 8.2 13.7 13.5 14.5 18.5 22.9 12.6 13.8 20.9 12.6 23.4 18.0
8.1 2.7 12.1 4.6 (0.6) 5.3 8.6 3.3 4.4 7.1 6.0 11.6 9.9
International 36.5 36.9 34.8 9.3 1.9 3.3 10.9 6.8 10.8 16.3 17.6 21.5 17.1
DMK Domestic
Total
12.9 8.3 9.8 3.4 4.3 12.7 9.3 3.3 12.3 4.3 (0.7) 1.8 (3.2)
20.2 17.2 17.1 5.1 3.6 9.5 9.8 4.5 11.7 8.5 5.5 8.6 4.2
Source: AOT, * Preliminary figures
Figure 5: 3QFY17E earnings preview Profit / Loss Year‐end 30 Sep Revenue Operating expenses Operating profit EBITDA Interest expenses Other income Income tax Forex gain (loss) Other extra items Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Operating margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt/equity (x) BVPS (Bt) ROE (%)
3QFY16 12,572 (6,614) 5,958 7,559 (338) 362 (1,186) (196) 465 5,065 4,796 0.35
2QFY17 14,665 (6,636) 8,028 9,412 (300) 310 (1,609) 60 ‐ 6,470 6,410 0.45
3QFY17E 13,367 (6,650) 6,717 8,101 (280) 330 (1,332) ‐ ‐ 5,417 5,417 0.38
% YoY 6.3 0.5 12.7 7.2 (17.2) (8.9) 12.3 (100.0) (100.0) 7.0 12.9 7.0
% QoQ (8.8) 0.2 (16.3) (13.9) (6.7) 6.5 (17.3) (100.0) ‐ (16.3) (15.5) (16.3)
9MFY17E 40,645 (19,795) 20,850 25,047 (899) 967 (4,260) 305 ‐ 16,913 16,607 1.18
% YoY 6.4 1.6 11.5 6.6 (14.2) (3.8) 13.1 (247.2) (100.0) 11.8 11.7 11.8
FY17E 55,093 (27,375) 27,719 33,308 (1,183) 1,297 (5,643) 305 ‐ 22,429 22,123 1.57
YTD (% of 17E) 73.8 72.3 75.2 75.2 76.0 74.6 75.5 100.0 ‐ 75.4 75.1 75.4
47.4 60.1 40.3 3.9 17.6 0.3 8.1 16.9
54.7 64.2 44.1 3.5 26.7 0.2 8.5 20.8
50.3 60.6 40.5
51.3 61.6 41.6
50.3 60.5 40.7 4.0 23.4 0.2 9.3 17.4
Source: AOT, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
Financial tables PROFIT & LOSS (Btm) Revenues Cost of sales and service Operating profit SG&A EBITDA Depreciation & amortization EBIT Interest expenses Equity earnings Other income / exp. EBT Corporate tax Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Minority interests Shareholder equity Total liab. & shareholder equity CASH FLOW (Btm) Net income Depreciation & amortization Change in working capital FX, non‐cash adjustment & others Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) Core EPS growth (%) Operating margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%) FINANCIAL QUALITY Total debt to capital employed (x) Net debt to equity (x)
FY14 37,585 (22,493) 15,093 0 20,743 (5,650) 15,093 (1,836) 0 2,012 15,269 (3,007) (42) 12,220 8.55 8.55 12,029 8.42 3.40
FY15 43,969 (23,539) 20,430 0 26,618 (6,188) 20,430 (1,605) 0 4,511 23,335 (4,585) (21) 18,729 13.11 13.11 15,755 11.03 6.54
FY16 50,962 (26,718) 24,244 0 30,648 (6,404) 24,244 (1,377) 0 1,557 24,424 (4,821) (32) 19,571 13.70 13.70 19,371 13.56 6.83
FY17E 55,093 (27,375) 27,719 0 33,308 (5,589) 27,719 (1,183) 0 1,602 28,138 (5,643) (67) 22,429 1.57 1.57 22,123 1.55 0.77
FY14 43,203 195 94,282 16,109 153,789 3,971 30,638 56,541 203 97,044 153,789
FY15 48,490 238 95,253 15,643 159,624 4,228 27,493 50,812 225 108,588 159,624
FY16 60,490 261 91,692 19,773 172,216 4,797 26,659 50,638 257 121,322 172,216
FY17E 62,585 266 95,254 19,608 177,713 3,850 22,839 44,954 190 132,569 177,713
FY14 12,220 5,650 1,033 38 18,941 (9,559) 3,627 (5,932) (6,008) 0 (6,571) 0 (12,578) 431 13,010 9.11
FY15 18,729 6,188 186 (197) 24,906 (6,835) (9,244) (16,079) (5,734) 0 (7,057) 0 (12,790) (3,963) 8,827 6.18
FY16 19,571 6,404 3,908 441 30,325 (3,038) (11,684) (14,722) (5,661) 0 (7,142) 0 (12,803) 2,799 15,603 10.92
FY17E 22,429 5,589 (757) (305) 26,955 (10,436) 0 (10,436) (4,767) 0 (9,657) 0 (14,424) 2,096 16,519 1.16
FY14 2.1 4.6 21.1 40.2 55.2 32.5 32.0 19.7 2.1
FY15 17.0 28.3 31.0 46.5 60.5 42.6 35.8 19.6 17.0
FY16 15.9 15.1 23.0 47.6 60.1 38.4 38.0 19.7 15.9
FY17E 8.1 8.7 14.2 50.3 60.5 40.7 40.2 20.1 8.1
FY14 0.26 cash
FY15 0.23 cash
FY16 0.21 cash
FY17E 0.17 cash
FY18E 60,579 (29,257) 31,322 0 36,881 (5,559) 31,322 (1,048) 0 1,292 31,566 (6,330) (77) 25,158 1.76 1.76 25,158 1.76 0.88
FY19E 66,152 (31,198) 34,954 0 40,494 (5,539) 34,954 (918) 0 827 34,864 (6,992) (83) 27,789 1.95 1.95 27,789 1.95 0.97
FY18E 58,048 292 108,402 19,733 186,475 3,739 19,019 41,177 113 145,185 186,475
FY19E 45,144 319 131,381 19,965 196,809 3,702 15,310 37,658 30 159,120 196,808
FY18E 25,158 5,559 4 0 30,721 (20,297) 0 (20,297) (3,931) 0 (11,029) 0 (14,961) (4,537) 10,424 0.73
FY19E 27,789 5,539 (32) 0 33,296 (29,912) 0 (29,912) (3,746) 0 (12,542) 0 (16,288) (12,904) 3,384 0.24
FY18E 10.0 10.7 13.7 51.7 60.9 41.5 41.5 20.1 10.0
FY19E 9.2 9.8 10.5 52.8 61.2 42.0 42.0 20.1 9.2
FY18E 0.14 cash
FY19E 0.11 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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, TTL, NMG, SAWAD, TFD. KT ZMICO is a co‐underwriter of the IPO of BGRIM.
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 returns over a six‐month period due to specific UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant catalysts SELL: Expecting negative total returns of 10% or more primary market index by 10% over the next 12 months. over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 5
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
Company Update
Close Bt47.50
Transport & Logistics July 18, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Traffic statistics look better…. Price Performance (%)
…but still pressured by negative catalysts In addition to the lack of clarity on the rental cost increase at SBIA, a new lawsuit will add to the negative catalysts for AOT, even though it will take some time to be resolved. Meanwhile, AOT’s PER of 27x in FY18E is still expensive compared with PER of 24x for peers. We thus maintain our “Underperform” rating, with the TP of Bt47 for AOT. Every Bt1bn rental cost increase will lower our FY18E net profit projection and TP for AOT by 3% and 1%, respectively. Double‐digit growth of International passenger volume in Jun‐Jul 17 AOT’s passenger volume in Jun‐17 and 1‐15 Jul‐17 (preliminary figures) grew by 11% YoY and 8%, respectively, mainly from international (+12% in Jun‐17 and +10% in 1‐15 Jul‐17). The strong growth of international passenger volume was mainly driven by DMK airport. As such, we believe this may have been due to the improvement of Chinese tourists. Meanwhile, the growth of international passenger volume at SBIA also accelerated, which means that tourist arrivals to Thailand are still strong. Expect net profit of Bt5.4bn in 3QFY17E, +7% YoY For 3QFY17E (Apr‐Jun 17), AOT’s passenger volume is likely to reach 31.15mn, +5% YoY but ‐5% QoQ on the seasonal pattern. As such, we estimate AOT to report net profit of Bt5.4bn in 3QFY17E, growing by 7% YoY but falling by 16% QoQ. Stripping out extra gains of Bt469mn booked in 3QFY16 from DMK’s flood compensation, normalized profit should increase by 13% YoY owing to revenue expansion, a higher operating margin, and lower interest expenses.
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.503
1.687
KT ZMICO vs. consensus Share data
4.5%
4.3%
Reuters / Bloomberg
AOT.BK/AOT TB
Paid‐up Shares (m)
14,285.70
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
679.00/20,160.00
Foreign limit / actual (%)
30.00/14.88
52 week High / Low (Bt)
50.25/30.00
Avg. daily T/O (shares 000) NVDR (%)
17,317.00 4.30
Estimated free float (%)
29.99
Beta
1.69
URL
www.airportthai.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Short‐term noise from lawsuit According to the news, the deputy chairman of the subcommittee on the anti‐graft mechanism under the National Reform Steering Assembly (NRSA) has filed a lawsuit against AOT executives and officials, along with the King Power Group, for alleged malfeasance in connection with a duty free concession contract (by lowering the percentage of revenue paid to AOT) and breach of the 1992 Private Participation in State Undertaking Act (PPP Act). However, according to AOT, this was the result of government policies and measures to help private companies affected by the political violence in 2008 and 2010 and AOT believes it was not in breach of the PPP Act as the investment value was lower than Bt1bn. The Central Criminal Court for Corruption and Misconduct Cases (CCCM) is scheduled to rule on whether the lawsuit will be accepted for deliberation on July 25. Financials and Valuation FY Ended 30 Sep Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. profit (Btmn) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 30 Sep Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
FY15 43,969 18,729 1.31 15,755 1.10 30.97 0.65 7.60 FY15 33.94 23.25 5.85 1.47 15.32 cash
FY16 50,962 19,571 1.37 19,371 1.36 22.95 0.68 8.49 FY16 32.48 19.80 5.24 1.53 16.85 cash
FY17E 55,093 22,429 1.57 22,123 1.55 14.21 0.77 9.28 FY17E 28.34 18.01 4.80 1.73 17.43 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
FY18E 60,579 25,158 1.76 25,158 1.76 13.72 0.88 10.16 FY18E 25.27 16.28 4.38 1.97 18.12 cash
FY19E 66,152 27,789 1.95 27,789 1.95 10.46 0.97 11.14 FY19E 22.88 15.05 4.00 2.18 18.26 cash
Figure 1: Summary of assumptions for DCF‐based valuation for AOT 5.00 14.50 9.50 12.60 30.00 3.00 10.00
Risk‐free rate (Rf) % Market return (Rm)% Market risk premium (Rm‐Rf) % Cost of equity (Ke) % Debt‐to‐capital ratio (%) Perpetual growth rate (%) WACC (%)
Present value of free cash flow (FY18‐29E) Present value of terminal value Total present value of FCF Less: net debt (cash) as of end‐FY18E Total equity value Outstanding shares at end‐FY18E Equity value / share (Bt)
(Btmn) 258,225 376,541 634,767 (35,291) 670,057 14,290 47.00
Source: KT ZMICO Research
Figure 2: AOT’s PER band and sensitivity of market prices based on PER at different standard deviation levels (X) 60 50 40
+1.0 S.D.
30
+0.5 S.D. Avg.
20 -0.5 S.D. 10
Jul-17
Oct-16
Feb-16
Jun-15
Oct-14
Feb-14
Jun-13
Oct-12
Feb-12
Jun-11
Oct-10
Jun-09
Feb-10
-1.0 S.D. Oct-08
0
FY17E +1.5SD +1.0SD +0.5SD average ‐0.5SD ‐1.0SD
PER (x) 36.6 32.1 27.6 23.1 18.6 14.1
Implied market price (Bt) 56.71 49.73 42.76 35.78 28.81 21.83
Upside/Downside vs. current market price (%) 19.39 4.70 (9.99) (24.67) (39.36) (54.04)
Source: Bloomberg, KT ZMICO Research
Figure 3: Peer comparison COUNTRY
17‐18E Mkt Cap
PER (x)
PBV (x)
Yield (%)
ROE (%)
Sydney Airport
Australia
HNA Infrastructure
China
Beijing Capital Intl
China
29.0
7,115 17.1
20.5
16.3
1.6
2.3
2.1
2.3
2.0
2.5
9.5
11.4
12.9
8.2
10.7
9.3
Shanghai International
China
14.5
10,809 18.2
23.2
19.8
2.3
3.0
2.7
1.7
1.3
1.4
13.2
13.1
13.8
12.0
15.8
13.6
Shenzhen Airport
China
22.8
2,683 29.2
25.2
21.5
1.5
1.6
1.5
1.2
1.2
1.3
5.4
6.4
7.0
14.6
11.6
10.1
Xiamen Intl.
China
10.5
1,023 16.9
15.2
14.2
2.0
2.0
1.9
4.5
4.9
5.3
12.6
13.4
13.9
9.7
8.6
8.1
Guangzhou Baiyun Intl
China
(13.9)
4,074 11.6
17.5
21.5
1.5
2.0
1.9
2.6
1.5
1.2
13.8
12.2
9.0
7.6
11.4
10.9
United Arrow
Japan
(3.0)
913 21.7 3,401 644.
19.3
16.8
4.2
3.1
2.8
1.7
2.3
2.3
20.0
16.1
17.6
10.8
9.2
9.0
61.9
40.9
1.3
1.8
1.7
1.7
1.3
1.8
0.2
3.0
4.6
9.1
11.1
10.2
4,095 19.8
21.0
22.6
2.9
3.4
3.3
3.8
3.5
3.5
15.0
16.7
15.1
14.3
16.9
16.9
3.1
3.8
4.4
2.7
2.5
2.7
12.8
14.3
18.1
12.8
11.9
Malaysia Airports HLDG
Malaysia
Singapore Airport Terminal Singapore Average (simple)
388.8 5.6 51.8
82.9
27.4
23.5
16 5.2 2.4
17E 4.9 n.a.
18E 5.3 n.a.
EV/EBITDA (x)
CAGR US$mn 16 17E 18E 16 17E 18E 12.3 12,161 41.8 43.0 38.2 12.3 14.7 21.2 n.a. 401 8.3 n.a. n.a. 0.9 n.a. n.a.
16 26.6 11.3
17E 36.2 n.a.
18E 16 17E 18E 69.3 19.9 19.8 18.5 n.a. 7.4 n.a. n.a.
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
11.4
Figure 4: Passenger volume growth trend (%YoY) for AOT’s airports Jul‐16 Aug‐16 Sep‐16 Oct‐16 Nov‐16 Dec‐16 Jan‐17 Feb‐17 Mar‐17 Apr‐17 May‐17 Jun‐17* 1‐15 July*
Total 6 airports International Domestic 12.9 15.2 9.0 9.4 16.8 13.0 4.3 8.3 (1.6) 9.1 3.8 15.7 7.1 15.5 2.5 7.5 5.1 13.2 7.6 10.3 7.3 4.0 12.1 8.9 10.4 4.0
Total 13.9 9.2 15.1 6.1 3.1 8.9 10.7 4.6 8.5 8.8 5.8 10.7 7.6
International 7.0 1.6 11.8 2.7 (3.7) 2.6 5.5 1.3 2.5 4.4 4.7 9.3 8.3
SBIA Domestic
Total
13.9 8.2 13.7 13.5 14.5 18.5 22.9 12.6 13.8 20.9 12.6 23.4 18.0
8.1 2.7 12.1 4.6 (0.6) 5.3 8.6 3.3 4.4 7.1 6.0 11.6 9.9
International 36.5 36.9 34.8 9.3 1.9 3.3 10.9 6.8 10.8 16.3 17.6 21.5 17.1
DMK Domestic
Total
12.9 8.3 9.8 3.4 4.3 12.7 9.3 3.3 12.3 4.3 (0.7) 1.8 (3.2)
20.2 17.2 17.1 5.1 3.6 9.5 9.8 4.5 11.7 8.5 5.5 8.6 4.2
Source: AOT, * Preliminary figures
Figure 5: 3QFY17E earnings preview Profit / Loss Year‐end 30 Sep Revenue Operating expenses Operating profit EBITDA Interest expenses Other income Income tax Forex gain (loss) Other extra items Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Operating margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt/equity (x) BVPS (Bt) ROE (%)
3QFY16 12,572 (6,614) 5,958 7,559 (338) 362 (1,186) (196) 465 5,065 4,796 0.35
2QFY17 14,665 (6,636) 8,028 9,412 (300) 310 (1,609) 60 ‐ 6,470 6,410 0.45
3QFY17E 13,367 (6,650) 6,717 8,101 (280) 330 (1,332) ‐ ‐ 5,417 5,417 0.38
% YoY 6.3 0.5 12.7 7.2 (17.2) (8.9) 12.3 (100.0) (100.0) 7.0 12.9 7.0
% QoQ (8.8) 0.2 (16.3) (13.9) (6.7) 6.5 (17.3) (100.0) ‐ (16.3) (15.5) (16.3)
9MFY17E 40,645 (19,795) 20,850 25,047 (899) 967 (4,260) 305 ‐ 16,913 16,607 1.18
% YoY 6.4 1.6 11.5 6.6 (14.2) (3.8) 13.1 (247.2) (100.0) 11.8 11.7 11.8
FY17E 55,093 (27,375) 27,719 33,308 (1,183) 1,297 (5,643) 305 ‐ 22,429 22,123 1.57
YTD (% of 17E) 73.8 72.3 75.2 75.2 76.0 74.6 75.5 100.0 ‐ 75.4 75.1 75.4
47.4 60.1 40.3 3.9 17.6 0.3 8.1 16.9
54.7 64.2 44.1 3.5 26.7 0.2 8.5 20.8
50.3 60.6 40.5
51.3 61.6 41.6
50.3 60.5 40.7 4.0 23.4 0.2 9.3 17.4
Source: AOT, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
Financial tables PROFIT & LOSS (Btm) Revenues Cost of sales and service Operating profit SG&A EBITDA Depreciation & amortization EBIT Interest expenses Equity earnings Other income / exp. EBT Corporate tax Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Minority interests Shareholder equity Total liab. & shareholder equity CASH FLOW (Btm) Net income Depreciation & amortization Change in working capital FX, non‐cash adjustment & others Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) Core EPS growth (%) Operating margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%) FINANCIAL QUALITY Total debt to capital employed (x) Net debt to equity (x)
FY14 37,585 (22,493) 15,093 0 20,743 (5,650) 15,093 (1,836) 0 2,012 15,269 (3,007) (42) 12,220 8.55 8.55 12,029 8.42 3.40
FY15 43,969 (23,539) 20,430 0 26,618 (6,188) 20,430 (1,605) 0 4,511 23,335 (4,585) (21) 18,729 13.11 13.11 15,755 11.03 6.54
FY16 50,962 (26,718) 24,244 0 30,648 (6,404) 24,244 (1,377) 0 1,557 24,424 (4,821) (32) 19,571 13.70 13.70 19,371 13.56 6.83
FY17E 55,093 (27,375) 27,719 0 33,308 (5,589) 27,719 (1,183) 0 1,602 28,138 (5,643) (67) 22,429 1.57 1.57 22,123 1.55 0.77
FY14 43,203 195 94,282 16,109 153,789 3,971 30,638 56,541 203 97,044 153,789
FY15 48,490 238 95,253 15,643 159,624 4,228 27,493 50,812 225 108,588 159,624
FY16 60,490 261 91,692 19,773 172,216 4,797 26,659 50,638 257 121,322 172,216
FY17E 62,585 266 95,254 19,608 177,713 3,850 22,839 44,954 190 132,569 177,713
FY14 12,220 5,650 1,033 38 18,941 (9,559) 3,627 (5,932) (6,008) 0 (6,571) 0 (12,578) 431 13,010 9.11
FY15 18,729 6,188 186 (197) 24,906 (6,835) (9,244) (16,079) (5,734) 0 (7,057) 0 (12,790) (3,963) 8,827 6.18
FY16 19,571 6,404 3,908 441 30,325 (3,038) (11,684) (14,722) (5,661) 0 (7,142) 0 (12,803) 2,799 15,603 10.92
FY17E 22,429 5,589 (757) (305) 26,955 (10,436) 0 (10,436) (4,767) 0 (9,657) 0 (14,424) 2,096 16,519 1.16
FY14 2.1 4.6 21.1 40.2 55.2 32.5 32.0 19.7 2.1
FY15 17.0 28.3 31.0 46.5 60.5 42.6 35.8 19.6 17.0
FY16 15.9 15.1 23.0 47.6 60.1 38.4 38.0 19.7 15.9
FY17E 8.1 8.7 14.2 50.3 60.5 40.7 40.2 20.1 8.1
FY14 0.26 cash
FY15 0.23 cash
FY16 0.21 cash
FY17E 0.17 cash
FY18E 60,579 (29,257) 31,322 0 36,881 (5,559) 31,322 (1,048) 0 1,292 31,566 (6,330) (77) 25,158 1.76 1.76 25,158 1.76 0.88
FY19E 66,152 (31,198) 34,954 0 40,494 (5,539) 34,954 (918) 0 827 34,864 (6,992) (83) 27,789 1.95 1.95 27,789 1.95 0.97
FY18E 58,048 292 108,402 19,733 186,475 3,739 19,019 41,177 113 145,185 186,475
FY19E 45,144 319 131,381 19,965 196,809 3,702 15,310 37,658 30 159,120 196,808
FY18E 25,158 5,559 4 0 30,721 (20,297) 0 (20,297) (3,931) 0 (11,029) 0 (14,961) (4,537) 10,424 0.73
FY19E 27,789 5,539 (32) 0 33,296 (29,912) 0 (29,912) (3,746) 0 (12,542) 0 (16,288) (12,904) 3,384 0.24
FY18E 10.0 10.7 13.7 51.7 60.9 41.5 41.5 20.1 10.0
FY19E 9.2 9.8 10.5 52.8 61.2 42.0 42.0 20.1 9.2
FY18E 0.14 cash
FY19E 0.11 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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, TTL, NMG, SAWAD, TFD. KT ZMICO is a co‐underwriter of the IPO of BGRIM.
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 returns over a six‐month period due to specific UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant catalysts SELL: Expecting negative total returns of 10% or more primary market index by 10% over the next 12 months. over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 5
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
