Earnings Preview - Global Alliance Partners
Earnings Preview July 15, 2014
Sansiri
Buy (TP Bt2.78)
Presales recovery underway
Price Bt2.36
Political stability has led to better sentiment, and SIRI’s 2Q14 presales improved significantly QoQ. Its CD presales also turned around from net cancellations of Bt1.8bn in 1Q14 to presales of Bt651m in 2Q14. After a 1Q14 norm. loss of Bt39m, SIRI is expected to turn profitable in 2Q14 on the back of more CD completions and recovery of lowrise presales. We upgrade from Sell to Buy as we raise our earnings forecasts and roll the TP over to 2015E, resulting in a TP of Bt2.78 (2015E PER of 8.0x). Political stability has led to better sentiment 2Q14 saw consumer confidence rise from 67.8 in Apr to 75.1 in Jun as the coup has ended the political stalemate for the time being. The better sentiment has boosted SIRI’s presales from a meager Bt389m in 1Q14 to Bt3.9bn in 2Q14. Situation at upcountry condos improved During the 4Q13-1Q14 political instability, provincial condos were hit hardest, causing SIRI’s CD presales to fall from Bt4.9bn in 3Q13 to Bt2.3bn in 4Q13 and finally to net cancellations of Bt1.8bn in 1Q14. Presales in the impacted provinces like Phuket, Hua Hin and Pattaya started recovering in 2Q14, resulting in CD presales of Bt651m in the quarter. Back in the black in 2Q14 Barring gain on the sale of Siripinyo and other extra gains, SIRI had a norm. loss of Bt39m in 1Q14. We expect the company to generate 2Q14 earnings of Bt268m on the back of Bt6.0bn transfers (-18.7% YoY, +44.4% QoQ). The expected QoQ increase in 2Q14 transfers is a result of i.) higher CD completions and ii.) recovery of low-rise presales. Raise earnings forecasts and roll TP over to 2015E We raise 2014E transfers by 7.9% to Bt30.2bn, now 78.0% secured. 2014E earnings are raised by 18.9% as SG&A is increased by a smaller percentage than transfers; the upgrade reflects faster-than-expected presales recovery and the company’s aim to cut costs. 2015E earnings are raised by 10.0% as we cut SG&A to revenue from 21.5% to 20.2%, with a YoY increase in 2015E revenue likely to lead to a higher margin. We have a new TP of Bt2.78, based on 2015E PER of 8.0x (+0.25SD over mean 2007-14 forward PER), resulting in a Buy rating. Financial and Valuation FY Ended 31 Dec Revenues (Btm) Net profit (Btm) Norm. profit (Btm) EPS (Bt) Norm. EPS Norm. EPS growth (%) Dividend (Bt) BV (Bt)
2012 29,821 2,939 2,885 0.41 0.39 37.10 0.19 2.06
FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2012 6.03 10.24 1.14 8.19 22.09 1.35
2013 28,597 1,929 1,915 0.21 0.21 -46.49 0.10 1.87
2014E 31,103 3,469 2,601 0.34 0.26 21.88 0.15 2.06
2015E 40,820 3,765 3,765 0.35 0.35 35.99 0.16 2.14
2016E 40,251 3,680 3,680 0.34 0.34 -2.25 0.15 2.32
2013 11.27 19.64 1.26 4.42 11.95 1.91
2014E 9.25 14.01 1.14 6.49 18.22 1.60
2015E 6.80 10.95 1.10 6.62 17.03 1.71
2016E 6.96 12.31 1.02 6.47 15.22 1.88
Stock Performance (%) Absolute
1M
3M
12M
12.38
20.40
-23.38
8.17
10.92
-24.18
Relative to SET Share data Reuters / Bloomberg Sector
SIRI.BK/SIRI TB Property Development
Paid-up Shares (m)
9,647.39
Par (Bt)
1.07
Market cap (Bt bn / US$ m)
23.00/709.00
Foreign limit / actual (%)
39.00/22.47
52 week High / Low (Bt)
3.14/1.65
Avg. daily T/O (shares 000)
91,503.00
NVDR (%)
5.55
Estimated free float (%)
84.81
Beta
1.50
URL
www.sansiri.com
Major Shareholders (18/03/2014) Viriyah Insurance Plc.
6.58 %
Thai NVDR Co., Ltd.
5.46 %
Littledown Nominees Limited 38
2.72 %
FY14
FY15
Consensus EPS (Bt)
0.231
0.267
KT ZMICO vs. consensus
12.6%
31.1%
Company Profile The Core businesses are 1. Property development consists of: 1.1 For sale includes landed property - single detached house, detached house, townhouse, and high-rise property - condominium projects 1.2 For rent includes office buildings and leasehold commercial building and 2. Property services : Providing property and asset management, property brokerage services, property sales management, property development consultancy, and property management. CGR 2013
Wasu Mattanapotchanart Analyst, no. 44357 [email protected] 66 (0) 2624-6268
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 1 of 7
Figure 1: Quarterly Earnings Preview Profit and Loss (Btmn) FY Ended 31 Dec
2Q13
1Q14
2Q14E
% YoY
% QoQ
6M14E
% YoY
2014E
% YoY
YTD (% 2014E)
Revenue from project sales
7,374
4,152
5,995
(18.7)
44.4
10,147
(17.1)
30,241
9.1
33.6
Total revenue
7,572
4,355
6,204
(18.1)
42.5
10,559
(16.7)
31,103
8.8
33.9
Gross profit
2,432
1,405
1,991
(18.1)
41.8
3,396
(16.5)
10,164
8.9
33.4
778
103
524
(32.6)
409.1
627
(28.2)
4,007
43.0
15.6
(123)
(155)
(169)
36.9
8.7
(324)
26.6
(661)
7.3
49.0
121
74
45
(62.9)
(39.2)
119
(62.2)
209
(43.3)
56.9
(131)
(201)
(67)
(48.9)
(66.6)
(268)
0.0
(867)
125.9
30.9
0
0
0
n/a
n/a
0
n/a
0
n/a
n/a
32
1,086
0
(100.0)
(100.0)
1,086
2,082
1,086
6,051
100.0
EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates
0
0
0
n/a
n/a
0
n/a
0
n/a
n/a
521
830
268
(48.6)
(67.7)
1,098
152.7
3,469
79.8
31.6
Normalized profit (loss)
495
(39)
268
(45.9)
n/a
229
(40.9)
2,601
35.8
8.8
Reported EPS (THB)
0.06
0.09
0.03
(56.0)
n/a
0.11
130.1
0.34
61.4
33.3
Net profit (loss)
Gross margin - residential (%)
32.4
33.4
33.0
32.9
Gross margin - overall (%)
32.1
32.3
32.1
32.7
EBITDA margin (%)
10.3
2.4
8.4
12.9
6.9
19.1
4.3
11.2
2.6
5.5
Net margin (%) Current ratio (x)
2.4
2.5
Interest coverage (x)
5.0
0.2
5.9
Debt / equity (x)
2.0
2.1
1.8
BVPS (Bt)
1.6
1.8
2.1
ROE (%)
13.4
18.5
18.2
Source: SIRI, forecast by KT ZMICO
Situation at upcountry condos improved The turnaround of CD presales in 2Q14 to Bt651m (up from net cancellations of Bt1.8bn) was mainly due to the slowdown in cancellations and the recovery of presales in provincial markets. Substantial cancellations in Hua Hin – Cha Am, Phuket and Chiang Mai – Chiang Rai that started around late 4Q13 had resulted in a 4.7% QoQ decline of cumulative presales of upcountry CD at the end of 1Q14. Cancellations have now stalled in most provinces, and cumulative presales of upcountry CD rose by 0.3% in 2Q14. The fact that CD presales began to rise in some provincial markets leads us to believe that the worst is behind us. Raise 2014E earnings by 18.9% Given the faster-than-expected recovery of CD presales in provincial markets, we raise 2014E CD transfers by 5.4% to Bt15.9bn (+4.7% YoY), of which 88.4% is already secured by 1Q14 transfers and the backlog. SDH transfers are also raised by 12.7% to Bt12.0bn (+18.0%) thanks to strong 2Q14 SDH presales of Bt2.9bn (+48.4% QoQ). As a result, 2014E transfers are raised by 7.9% and earnings by 18.9% as SG&A is raised by only 4.2%. Our 2014E SG&A of Bt6.5bn is already conservative compared to the company’s budget of Bt6.1bn. Raise 2015E earnings by 10.0% We trim 2015E transfers by 2.9% to Bt40.0bn (+32.3% YoY) while reducing SG&A expenses by 8.7%. We believe that the higher revenue base should lead to lower SG&A to revenue (2014E: 20.9% vs. 2015E: 20.2%) as some costs do not vary with transfers. High transfer growth in 2015E comes from 2015E CD transfers of Bt27.8bn (+75.4% YoY), of which 77.4% are already secured in the backlog.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 2 of 7
Figure 2: Quarterly net profit
Source: SIRI, KT ZMICO Research Figure 4: Consumer confidence index
Source: SIRI, KT ZMICO Research
Figure 3: Quarterly presales
Source: SIRI, KT ZMICO Research Figure 5: Backlog distribution as of 30 Jun 14
Source: SIRI, KT ZMICO Research
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page 3 of 7
Figure 6: PER Band and sensitivity of market prices based on different standard deviation levels
PER
Implied Market price
(x)
(Bt)
(%)
+2.0SD
15.1
5.25
122.5
+1.0SD
10.9
3.78
60.1
+0.5SD
8.8
3.04
28.9
+0.25SD
7.7
2.67
13.3
Upside/Downside
Average
6.6
2.30
-2.3
-0.5SD
4.5
1.57
-33.5
-1.0SD
2.4
0.83
-64.73
2015E fully-diluted EPS = 0.35 Source: Bloomberg, KT ZMICO Research Figure 7: CD market in Phuket
Phuket dcondo Kathu dcondo Kathu‐Patong dcondo Creek Phuket The BASE Downtown Phuket dcondo Mine Phuket Baan Maikao Phuket dcondo Campus Resort Kukoo The BASE Uptown Phuket The Base Height Phuket The Deck dcondo Luxe Total % sold
Project Value 644 838 1,219 842 778 2,873 855 1,015 953 1,300 719 12,036
end‐2Q13 588 823 1,195 838 778 711 586 469 620 0 0 6,607 66%
Cumulative Presales end‐4Q13 end‐1Q14 602 605 584 321 1,201 563 832 864 727 428 897 1,321 582 581 423 423 599 587 660 719 111 102 7,218 6,513 60% 54%
end‐2Q14 623 346 589 814 447 1,359 581 415 575 715 102 6,564 55%
end‐2Q13 1,345 907 553 612 513 354 658 1,287 471 1,136 419 8,253 78%
Cumulative Presales end‐4Q13 end‐1Q14 1,328 1,377 1,098 1,147 525 515 599 608 526 451 333 201 625 371 1,300 1,300 431 424 1,115 1,138 460 479 8,338 8,010 79% 76%
end‐2Q14 1,377 1,147 541 618 479 195 384 1,300 433 1,174 508 8,156 77%
Source: SIRI, forecast by KT ZMICO Figure 8: CD market in Hua Hin – Cha Am
Hua Hin ‐ Cha Am Baan Sankraam Chelona Khao Tao Baan Ku Kieng Baan Kunkoey Summer Baan Imm‐Aim Baan Peang Ploen Baan Thew Lom Cha‐Am Autumn Hua Hin Baan Sanngam Hua Hin Rain Cha‐Am Huahin Total % sold
Project Value 1,446 1,147 579 616 521 354 666 1,516 735 1,573 1,438 10,590
Source: SIRI, forecast by KT ZMICO
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page 4 of 7
Figure 9: CD market in Pattaya – Bangsaen - Rayong
Pattaya ‐ Bangsaen ‐ Rayong Baan Plai Hart Wong Amart The BASE Central Pattaya dcondo Campus Resort Bangsaen dcondo Nernpra dcondo Nakorn Rayong Total % sold
Project Value 2,214 3,230 1,575 598 1,050 8,667
Cumulative Presales end‐4Q13 end‐1Q14 853 852 3,227 3,231 912 956 592 590 871 845 6,454 6,474 74% 75%
end‐2Q13 871 3,230 ‐ 598 728 5,427 77%
end‐2Q14 876 3,182 953 598 853 6,461 75%
Source: SIRI, forecast by KT ZMICO Figure 10: CD market Bangkok Metropolitan Region (BMR)
Bangkok Metropolitan Area (BMR) dcondo & The Base The Base Onnuch dcondo Ramkamhaeng 64 The BASE Changwattana dcondo Sathupradit 49 The BASE Rama 9 ‐ Ramkamhaeng dcondo Campus Resort Rangsit dcondo Campus Resort Bangna dcondo Sukhumvit 109 dcondo Onnuch‐Rama 9 dcondo Campus Resort Ratchapruek‐Charan 13 dBURA Prannok The BASE Park West Sukhumvit 77 The BASE Park East Sukhumvit 77 dcondo Campus Resort Rangsit‐Thammasat Total (dcondo & The Base) % sold Others PYNE by Sansiri WYNE Sukhumvit KEYNE by Sansiri Via 49 TEAL Sathorn‐Taksin Via BOTANI CEIL by Sansiri Via 31 ONYX Phaholyothin SARI by Sansiri HQ The XXXIX NYE by Sansiri EDGE Sukhumvit 23 NYX by Sansiri Total (Others) % sold % sold excld. NYX Total (dcondo & The Base + Others) % sold % sold excld. NYX
Project Value 2,476 713 2,400 759 1,703 1,312 1,809 693 732 1,164 1,281 1,668 1,256 765 18,729 2,070 1,732 1,824 611 1,496 966 1,671 570 2,376 738 1,574 2,676 2,622 2,894 2,995 26,816 45,545
end‐2Q13 2,467 579 1,650 622 1,495 1,312 418 657 494 1,164 1,270 1,569 768 0 14,465 81% 2,070 1,294 1,825 470 1,470 832 1,453 550 2,376 505 1,574 2,676 2,016 2,894 0 22,006 92% 36471 87%
Cumulative Presales end‐4Q13 end‐1Q14 2,442 2,476 611 636 1,767 1,862 384 331 1,319 1,356 1,309 1,291 278 433 639 221 485 473 1,162 1,152 1,200 1,177 1,569 1,572 798 835 317 321 14,279 14,134 76% 75% 2,070 2,070 1,731 1,732 1,825 1,825 606 606 1,496 1,496 950 966 1,671 1,671 570 570 2,374 2,374 561 636 1,574 1,574 2,676 2,676 2,156 2,191 2,895 2,870 0 244 23,155 23,501 97% 88% 98% 37434 37634 89% 83% 88%
end‐2Q14 2,476 699 1,973 407 1,456 1,310 436 274 375 1,152 1,178 1,570 899 309 14,513 77% 2,070 1,732 1,825 606 1,496 966 1,671 570 2,374 715 1,574 2,676 2,211 2,838 304 23,626 88% 98% 38140 84% 89%
Source: SIRI, forecast by KT ZMICO
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page 5 of 7
FINANCIAL TABLE PROFIT & LOSS (Btmn) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btmn) Cash and equivalents Accounts receivable Inventories PP&E-net Other assets Total assets ST debt & current portion Long-term debt Total liabilities Paid-up shares Shareholder equity Total liab. & shareholder equity
2012 29,821 (19,877) 9,944 (6,060) 4,209 324 3,885 (328) 265 3,822 (954) 1 70 0 2,938 0.41 0.27 2,885 0.39 0.19
2013 28,597 (19,268) 9,329 (6,808) 2,803 281 2,522 (616) 390 2,295 (384) 0 18 (1) 1,930 0.21 0.18 1,915 0.21 0.10
2014E 31,103 (20,939) 10,164 (6,498) 4,007 341 3,666 (661) 246 3,251 (867) 0 14 0 3,469 0.34 0.32 2,601 0.26 0.15
2015E 40,820 (27,359) 13,461 (8,262) 5,671 472 5,199 (750) 258 4,706 (941) 0 0 0 3,765 0.35 0.35 3,765 0.35 0.16
2016E 40,251 (27,014) 13,237 (8,036) 5,665 464 5,202 (858) 257 4,600 (920) 0 0 0 3,680 0.34 0.34 3,680 0.34 0.15
2012 3,408 41 34,267 2,356 6,423 46,495 11,586 12,419 31,270 8,434 15,225 46,495
2013 2,120 45 45,621 2,700 9,555 60,040 11,854 22,816 42,972 10,201 17,068 60,040
2014E 3,568 43 53,320 2,644 6,139 65,714 3,400 33,816 44,692 11,610 21,022 65,714
2015E 2,613 56 63,298 3,990 4,933 74,891 6,410 35,816 51,701 11,610 23,190 74,891
2016E 1,076 56 73,169 3,543 4,942 82,787 8,481 39,816 57,610 11,610 25,177 82,787
CASH FLOW (Btmn) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital 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
2012 2,938
2013 1,930
2014E 3,469
2015E 3,765
2016E 3,680
19,607 324 (25,737) (2,733) (749) 127 (622) 4,640 1,440 (1,001) (1,181) 3,899 545
19,165 281 (30,170) (9,589) (853) 38 (815) 10,646 1,352 (1,425) (1,481) 9,093 (1,289)
20,135 341 (25,883) (1,937) 1,111 (60) 1,051 2,543 1,406 (953) (661) 2,335 1,448
27,464 472 (33,666) (1,966) (1,763) 112 (1,651) 5,006 (32) (1,561) (750) 2,663 (954)
27,187 464 (36,366) (5,035) 37 (55) (19) 6,068 0 (1,694) (858) 3,515 (1,537)
Free cash flow
(2,711)
(9,290)
(1,562)
(2,788)
(4,078)
(0.37)
(1.02)
(0.15)
(0.26)
(0.38)
2012 45.2 32.4 41.4 33.3 14.1 13.0 9.9 9.7 (24.5)
2013 (4.1) (33.4) (48.5) 32.6 9.8 8.8 6.7 6.7 (16.6)
2014E 8.8 43.0 61.4 32.7 12.9 11.8 11.2 8.4 (20.0)
2015E 31.2 41.5 1.9 33.0 13.9 12.7 9.2 9.2 (20.0)
2016E (1.4) (0.1) (2.2) 32.9 14.1 12.9 9.1 9.1 (20.0)
FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
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page 6 of 7
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 TRADING BUY: Expecting positive total returns of 10% or more over the next 3 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.
SELL INTO STRENGTH: Expecting total returns between -10% to +10% over the next 12 month; share price has largely priced in fundamentals
The industry, as defined by the NEUTRAL: analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months.
SELL: Expecting negative total returns of 10% or more 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.
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page 7 of 7
th
th
th
th
KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
Sansiri
Buy (TP Bt2.78)
Presales recovery underway
Price Bt2.36
Political stability has led to better sentiment, and SIRI’s 2Q14 presales improved significantly QoQ. Its CD presales also turned around from net cancellations of Bt1.8bn in 1Q14 to presales of Bt651m in 2Q14. After a 1Q14 norm. loss of Bt39m, SIRI is expected to turn profitable in 2Q14 on the back of more CD completions and recovery of lowrise presales. We upgrade from Sell to Buy as we raise our earnings forecasts and roll the TP over to 2015E, resulting in a TP of Bt2.78 (2015E PER of 8.0x). Political stability has led to better sentiment 2Q14 saw consumer confidence rise from 67.8 in Apr to 75.1 in Jun as the coup has ended the political stalemate for the time being. The better sentiment has boosted SIRI’s presales from a meager Bt389m in 1Q14 to Bt3.9bn in 2Q14. Situation at upcountry condos improved During the 4Q13-1Q14 political instability, provincial condos were hit hardest, causing SIRI’s CD presales to fall from Bt4.9bn in 3Q13 to Bt2.3bn in 4Q13 and finally to net cancellations of Bt1.8bn in 1Q14. Presales in the impacted provinces like Phuket, Hua Hin and Pattaya started recovering in 2Q14, resulting in CD presales of Bt651m in the quarter. Back in the black in 2Q14 Barring gain on the sale of Siripinyo and other extra gains, SIRI had a norm. loss of Bt39m in 1Q14. We expect the company to generate 2Q14 earnings of Bt268m on the back of Bt6.0bn transfers (-18.7% YoY, +44.4% QoQ). The expected QoQ increase in 2Q14 transfers is a result of i.) higher CD completions and ii.) recovery of low-rise presales. Raise earnings forecasts and roll TP over to 2015E We raise 2014E transfers by 7.9% to Bt30.2bn, now 78.0% secured. 2014E earnings are raised by 18.9% as SG&A is increased by a smaller percentage than transfers; the upgrade reflects faster-than-expected presales recovery and the company’s aim to cut costs. 2015E earnings are raised by 10.0% as we cut SG&A to revenue from 21.5% to 20.2%, with a YoY increase in 2015E revenue likely to lead to a higher margin. We have a new TP of Bt2.78, based on 2015E PER of 8.0x (+0.25SD over mean 2007-14 forward PER), resulting in a Buy rating. Financial and Valuation FY Ended 31 Dec Revenues (Btm) Net profit (Btm) Norm. profit (Btm) EPS (Bt) Norm. EPS Norm. EPS growth (%) Dividend (Bt) BV (Bt)
2012 29,821 2,939 2,885 0.41 0.39 37.10 0.19 2.06
FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2012 6.03 10.24 1.14 8.19 22.09 1.35
2013 28,597 1,929 1,915 0.21 0.21 -46.49 0.10 1.87
2014E 31,103 3,469 2,601 0.34 0.26 21.88 0.15 2.06
2015E 40,820 3,765 3,765 0.35 0.35 35.99 0.16 2.14
2016E 40,251 3,680 3,680 0.34 0.34 -2.25 0.15 2.32
2013 11.27 19.64 1.26 4.42 11.95 1.91
2014E 9.25 14.01 1.14 6.49 18.22 1.60
2015E 6.80 10.95 1.10 6.62 17.03 1.71
2016E 6.96 12.31 1.02 6.47 15.22 1.88
Stock Performance (%) Absolute
1M
3M
12M
12.38
20.40
-23.38
8.17
10.92
-24.18
Relative to SET Share data Reuters / Bloomberg Sector
SIRI.BK/SIRI TB Property Development
Paid-up Shares (m)
9,647.39
Par (Bt)
1.07
Market cap (Bt bn / US$ m)
23.00/709.00
Foreign limit / actual (%)
39.00/22.47
52 week High / Low (Bt)
3.14/1.65
Avg. daily T/O (shares 000)
91,503.00
NVDR (%)
5.55
Estimated free float (%)
84.81
Beta
1.50
URL
www.sansiri.com
Major Shareholders (18/03/2014) Viriyah Insurance Plc.
6.58 %
Thai NVDR Co., Ltd.
5.46 %
Littledown Nominees Limited 38
2.72 %
FY14
FY15
Consensus EPS (Bt)
0.231
0.267
KT ZMICO vs. consensus
12.6%
31.1%
Company Profile The Core businesses are 1. Property development consists of: 1.1 For sale includes landed property - single detached house, detached house, townhouse, and high-rise property - condominium projects 1.2 For rent includes office buildings and leasehold commercial building and 2. Property services : Providing property and asset management, property brokerage services, property sales management, property development consultancy, and property management. CGR 2013
Wasu Mattanapotchanart Analyst, no. 44357 [email protected] 66 (0) 2624-6268
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 1 of 7
Figure 1: Quarterly Earnings Preview Profit and Loss (Btmn) FY Ended 31 Dec
2Q13
1Q14
2Q14E
% YoY
% QoQ
6M14E
% YoY
2014E
% YoY
YTD (% 2014E)
Revenue from project sales
7,374
4,152
5,995
(18.7)
44.4
10,147
(17.1)
30,241
9.1
33.6
Total revenue
7,572
4,355
6,204
(18.1)
42.5
10,559
(16.7)
31,103
8.8
33.9
Gross profit
2,432
1,405
1,991
(18.1)
41.8
3,396
(16.5)
10,164
8.9
33.4
778
103
524
(32.6)
409.1
627
(28.2)
4,007
43.0
15.6
(123)
(155)
(169)
36.9
8.7
(324)
26.6
(661)
7.3
49.0
121
74
45
(62.9)
(39.2)
119
(62.2)
209
(43.3)
56.9
(131)
(201)
(67)
(48.9)
(66.6)
(268)
0.0
(867)
125.9
30.9
0
0
0
n/a
n/a
0
n/a
0
n/a
n/a
32
1,086
0
(100.0)
(100.0)
1,086
2,082
1,086
6,051
100.0
EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates
0
0
0
n/a
n/a
0
n/a
0
n/a
n/a
521
830
268
(48.6)
(67.7)
1,098
152.7
3,469
79.8
31.6
Normalized profit (loss)
495
(39)
268
(45.9)
n/a
229
(40.9)
2,601
35.8
8.8
Reported EPS (THB)
0.06
0.09
0.03
(56.0)
n/a
0.11
130.1
0.34
61.4
33.3
Net profit (loss)
Gross margin - residential (%)
32.4
33.4
33.0
32.9
Gross margin - overall (%)
32.1
32.3
32.1
32.7
EBITDA margin (%)
10.3
2.4
8.4
12.9
6.9
19.1
4.3
11.2
2.6
5.5
Net margin (%) Current ratio (x)
2.4
2.5
Interest coverage (x)
5.0
0.2
5.9
Debt / equity (x)
2.0
2.1
1.8
BVPS (Bt)
1.6
1.8
2.1
ROE (%)
13.4
18.5
18.2
Source: SIRI, forecast by KT ZMICO
Situation at upcountry condos improved The turnaround of CD presales in 2Q14 to Bt651m (up from net cancellations of Bt1.8bn) was mainly due to the slowdown in cancellations and the recovery of presales in provincial markets. Substantial cancellations in Hua Hin – Cha Am, Phuket and Chiang Mai – Chiang Rai that started around late 4Q13 had resulted in a 4.7% QoQ decline of cumulative presales of upcountry CD at the end of 1Q14. Cancellations have now stalled in most provinces, and cumulative presales of upcountry CD rose by 0.3% in 2Q14. The fact that CD presales began to rise in some provincial markets leads us to believe that the worst is behind us. Raise 2014E earnings by 18.9% Given the faster-than-expected recovery of CD presales in provincial markets, we raise 2014E CD transfers by 5.4% to Bt15.9bn (+4.7% YoY), of which 88.4% is already secured by 1Q14 transfers and the backlog. SDH transfers are also raised by 12.7% to Bt12.0bn (+18.0%) thanks to strong 2Q14 SDH presales of Bt2.9bn (+48.4% QoQ). As a result, 2014E transfers are raised by 7.9% and earnings by 18.9% as SG&A is raised by only 4.2%. Our 2014E SG&A of Bt6.5bn is already conservative compared to the company’s budget of Bt6.1bn. Raise 2015E earnings by 10.0% We trim 2015E transfers by 2.9% to Bt40.0bn (+32.3% YoY) while reducing SG&A expenses by 8.7%. We believe that the higher revenue base should lead to lower SG&A to revenue (2014E: 20.9% vs. 2015E: 20.2%) as some costs do not vary with transfers. High transfer growth in 2015E comes from 2015E CD transfers of Bt27.8bn (+75.4% YoY), of which 77.4% are already secured in the backlog.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 2 of 7
Figure 2: Quarterly net profit
Source: SIRI, KT ZMICO Research Figure 4: Consumer confidence index
Source: SIRI, KT ZMICO Research
Figure 3: Quarterly presales
Source: SIRI, KT ZMICO Research Figure 5: Backlog distribution as of 30 Jun 14
Source: SIRI, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 3 of 7
Figure 6: PER Band and sensitivity of market prices based on different standard deviation levels
PER
Implied Market price
(x)
(Bt)
(%)
+2.0SD
15.1
5.25
122.5
+1.0SD
10.9
3.78
60.1
+0.5SD
8.8
3.04
28.9
+0.25SD
7.7
2.67
13.3
Upside/Downside
Average
6.6
2.30
-2.3
-0.5SD
4.5
1.57
-33.5
-1.0SD
2.4
0.83
-64.73
2015E fully-diluted EPS = 0.35 Source: Bloomberg, KT ZMICO Research Figure 7: CD market in Phuket
Phuket dcondo Kathu dcondo Kathu‐Patong dcondo Creek Phuket The BASE Downtown Phuket dcondo Mine Phuket Baan Maikao Phuket dcondo Campus Resort Kukoo The BASE Uptown Phuket The Base Height Phuket The Deck dcondo Luxe Total % sold
Project Value 644 838 1,219 842 778 2,873 855 1,015 953 1,300 719 12,036
end‐2Q13 588 823 1,195 838 778 711 586 469 620 0 0 6,607 66%
Cumulative Presales end‐4Q13 end‐1Q14 602 605 584 321 1,201 563 832 864 727 428 897 1,321 582 581 423 423 599 587 660 719 111 102 7,218 6,513 60% 54%
end‐2Q14 623 346 589 814 447 1,359 581 415 575 715 102 6,564 55%
end‐2Q13 1,345 907 553 612 513 354 658 1,287 471 1,136 419 8,253 78%
Cumulative Presales end‐4Q13 end‐1Q14 1,328 1,377 1,098 1,147 525 515 599 608 526 451 333 201 625 371 1,300 1,300 431 424 1,115 1,138 460 479 8,338 8,010 79% 76%
end‐2Q14 1,377 1,147 541 618 479 195 384 1,300 433 1,174 508 8,156 77%
Source: SIRI, forecast by KT ZMICO Figure 8: CD market in Hua Hin – Cha Am
Hua Hin ‐ Cha Am Baan Sankraam Chelona Khao Tao Baan Ku Kieng Baan Kunkoey Summer Baan Imm‐Aim Baan Peang Ploen Baan Thew Lom Cha‐Am Autumn Hua Hin Baan Sanngam Hua Hin Rain Cha‐Am Huahin Total % sold
Project Value 1,446 1,147 579 616 521 354 666 1,516 735 1,573 1,438 10,590
Source: SIRI, forecast by KT ZMICO
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 4 of 7
Figure 9: CD market in Pattaya – Bangsaen - Rayong
Pattaya ‐ Bangsaen ‐ Rayong Baan Plai Hart Wong Amart The BASE Central Pattaya dcondo Campus Resort Bangsaen dcondo Nernpra dcondo Nakorn Rayong Total % sold
Project Value 2,214 3,230 1,575 598 1,050 8,667
Cumulative Presales end‐4Q13 end‐1Q14 853 852 3,227 3,231 912 956 592 590 871 845 6,454 6,474 74% 75%
end‐2Q13 871 3,230 ‐ 598 728 5,427 77%
end‐2Q14 876 3,182 953 598 853 6,461 75%
Source: SIRI, forecast by KT ZMICO Figure 10: CD market Bangkok Metropolitan Region (BMR)
Bangkok Metropolitan Area (BMR) dcondo & The Base The Base Onnuch dcondo Ramkamhaeng 64 The BASE Changwattana dcondo Sathupradit 49 The BASE Rama 9 ‐ Ramkamhaeng dcondo Campus Resort Rangsit dcondo Campus Resort Bangna dcondo Sukhumvit 109 dcondo Onnuch‐Rama 9 dcondo Campus Resort Ratchapruek‐Charan 13 dBURA Prannok The BASE Park West Sukhumvit 77 The BASE Park East Sukhumvit 77 dcondo Campus Resort Rangsit‐Thammasat Total (dcondo & The Base) % sold Others PYNE by Sansiri WYNE Sukhumvit KEYNE by Sansiri Via 49 TEAL Sathorn‐Taksin Via BOTANI CEIL by Sansiri Via 31 ONYX Phaholyothin SARI by Sansiri HQ The XXXIX NYE by Sansiri EDGE Sukhumvit 23 NYX by Sansiri Total (Others) % sold % sold excld. NYX Total (dcondo & The Base + Others) % sold % sold excld. NYX
Project Value 2,476 713 2,400 759 1,703 1,312 1,809 693 732 1,164 1,281 1,668 1,256 765 18,729 2,070 1,732 1,824 611 1,496 966 1,671 570 2,376 738 1,574 2,676 2,622 2,894 2,995 26,816 45,545
end‐2Q13 2,467 579 1,650 622 1,495 1,312 418 657 494 1,164 1,270 1,569 768 0 14,465 81% 2,070 1,294 1,825 470 1,470 832 1,453 550 2,376 505 1,574 2,676 2,016 2,894 0 22,006 92% 36471 87%
Cumulative Presales end‐4Q13 end‐1Q14 2,442 2,476 611 636 1,767 1,862 384 331 1,319 1,356 1,309 1,291 278 433 639 221 485 473 1,162 1,152 1,200 1,177 1,569 1,572 798 835 317 321 14,279 14,134 76% 75% 2,070 2,070 1,731 1,732 1,825 1,825 606 606 1,496 1,496 950 966 1,671 1,671 570 570 2,374 2,374 561 636 1,574 1,574 2,676 2,676 2,156 2,191 2,895 2,870 0 244 23,155 23,501 97% 88% 98% 37434 37634 89% 83% 88%
end‐2Q14 2,476 699 1,973 407 1,456 1,310 436 274 375 1,152 1,178 1,570 899 309 14,513 77% 2,070 1,732 1,825 606 1,496 966 1,671 570 2,374 715 1,574 2,676 2,211 2,838 304 23,626 88% 98% 38140 84% 89%
Source: SIRI, forecast by KT ZMICO
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 5 of 7
FINANCIAL TABLE PROFIT & LOSS (Btmn) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btmn) Cash and equivalents Accounts receivable Inventories PP&E-net Other assets Total assets ST debt & current portion Long-term debt Total liabilities Paid-up shares Shareholder equity Total liab. & shareholder equity
2012 29,821 (19,877) 9,944 (6,060) 4,209 324 3,885 (328) 265 3,822 (954) 1 70 0 2,938 0.41 0.27 2,885 0.39 0.19
2013 28,597 (19,268) 9,329 (6,808) 2,803 281 2,522 (616) 390 2,295 (384) 0 18 (1) 1,930 0.21 0.18 1,915 0.21 0.10
2014E 31,103 (20,939) 10,164 (6,498) 4,007 341 3,666 (661) 246 3,251 (867) 0 14 0 3,469 0.34 0.32 2,601 0.26 0.15
2015E 40,820 (27,359) 13,461 (8,262) 5,671 472 5,199 (750) 258 4,706 (941) 0 0 0 3,765 0.35 0.35 3,765 0.35 0.16
2016E 40,251 (27,014) 13,237 (8,036) 5,665 464 5,202 (858) 257 4,600 (920) 0 0 0 3,680 0.34 0.34 3,680 0.34 0.15
2012 3,408 41 34,267 2,356 6,423 46,495 11,586 12,419 31,270 8,434 15,225 46,495
2013 2,120 45 45,621 2,700 9,555 60,040 11,854 22,816 42,972 10,201 17,068 60,040
2014E 3,568 43 53,320 2,644 6,139 65,714 3,400 33,816 44,692 11,610 21,022 65,714
2015E 2,613 56 63,298 3,990 4,933 74,891 6,410 35,816 51,701 11,610 23,190 74,891
2016E 1,076 56 73,169 3,543 4,942 82,787 8,481 39,816 57,610 11,610 25,177 82,787
CASH FLOW (Btmn) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital 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
2012 2,938
2013 1,930
2014E 3,469
2015E 3,765
2016E 3,680
19,607 324 (25,737) (2,733) (749) 127 (622) 4,640 1,440 (1,001) (1,181) 3,899 545
19,165 281 (30,170) (9,589) (853) 38 (815) 10,646 1,352 (1,425) (1,481) 9,093 (1,289)
20,135 341 (25,883) (1,937) 1,111 (60) 1,051 2,543 1,406 (953) (661) 2,335 1,448
27,464 472 (33,666) (1,966) (1,763) 112 (1,651) 5,006 (32) (1,561) (750) 2,663 (954)
27,187 464 (36,366) (5,035) 37 (55) (19) 6,068 0 (1,694) (858) 3,515 (1,537)
Free cash flow
(2,711)
(9,290)
(1,562)
(2,788)
(4,078)
(0.37)
(1.02)
(0.15)
(0.26)
(0.38)
2012 45.2 32.4 41.4 33.3 14.1 13.0 9.9 9.7 (24.5)
2013 (4.1) (33.4) (48.5) 32.6 9.8 8.8 6.7 6.7 (16.6)
2014E 8.8 43.0 61.4 32.7 12.9 11.8 11.2 8.4 (20.0)
2015E 31.2 41.5 1.9 33.0 13.9 12.7 9.2 9.2 (20.0)
2016E (1.4) (0.1) (2.2) 32.9 14.1 12.9 9.1 9.1 (20.0)
FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 6 of 7
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 TRADING BUY: Expecting positive total returns of 10% or more over the next 3 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.
SELL INTO STRENGTH: Expecting total returns between -10% to +10% over the next 12 month; share price has largely priced in fundamentals
The industry, as defined by the NEUTRAL: analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months.
SELL: Expecting negative total returns of 10% or more over the next 12 months
UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES
page 7 of 7
th
th
th
th
KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
