Kiatnakin Bank Underperform (15E TP Bt41.00)
Kiatnakin Bank Underperform (15E TP Bt41.00)
Earnings Review
Close Bt39.50
Banking April 20, 2015
Beat forecast/Below forecast/In line
1Q15 net profit missed estimate on higher provision
FY15
FY16
Consensus EPS (Bt)
4.192
5.038
KT ZMICO vs. consensus Share data
0.7%
0.0%
Reuters / Bloomberg
KKP.BK/KKP TB
Paid‐up Shares (m)
844.45
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
33.00/1,032.00
Foreign limit / actual (%)
44.00/32.12
52 week High / Low (Bt)
48.00/36.75
Avg. daily T/O (shares 000) NVDR (%)
1,402.00 5.91
Estimated free float (%)
76.79
Beta
0.84
URL
www.kiatnakinphatra.com
CGR
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Real estate loans need closer monitoring We maintain the Underperform rating for KKP despite its undemanding valuations. We still expect the firm to continue facing a tough operating environment in the lending businesses, especially in regard to higher asset quality risk in real estate (RE) loans and the weak recovery of auto hire purchase businesses. 1Q15 net profit below both our forecast and the street by 12‐18% KKP posted 1Q15 net profit (NP) of Bt664mn (‐8% YoY, +36% QoQ), below our forecast (Bt814mn) by 18% and the street estimate (Bt755mn) by 12%. The lower‐than‐expected NP was due largely to a higher‐than‐ expected provision (by ~Bt200mn) due to higher NPLs QoQ. 1015 net profit down 8% YoY but up 36% QoQ The lower NP YoY was due mainly to 1) a much higher tax rate YoY; 2) a higher provision; 3) higher operating expenses; and 4) loans continuing to contract by 8% YoY and 2% QoQ, mainly from auto hire purchase loans (‐10% YoY, ‐3% QoQ) and SME loans. Meanwhile, all of this was partly offset by much higher NIM YoY. Moreover, the capital market units performed quite well this quarter, especially the investment business as it booked gain on investment of Bt59mn in 1Q15 (vs. a loss of Bt56mn in 1Q14) along with higher dividend income. In addition, it booked a lower loss on foreclosed cars YoY (Bt322mn in 1Q15 vs. Bt412mn in 1Q14), which is likely to be a good sign. The QoQ jump in NP was due largely to a much lower provision QoQ as KKP set a huge provision of Bt1.5bn in 4Q14 (including a massive general provision of Bt900mn to counter economic uncertainty). Asset quality deteriorated sharply QoQ mainly from real estate loans NPLs and the NPL ratio increased QoQ mainly from 1) qualitative NPL assessment in RE loans (after it did a major qualitative assessment in 1H14); and 2) auto hire purchase loans, mainly from the new car segment. Meanwhile, NPLs in used cars have seen a steady trend. The higher NPLs resulted in a lower reserve to NPL ratio, while the reserve to the mandatory reserve in 1Q15 decreased QoQ to 152% from 158%. Maintain 2015 earnings forecast Although the 1Q15 NP represented 19% of our FY15 NP forecast, we maintain our 2015E NP forecast. Note that a positive surprise to earnings could arise from the potential for lower‐than‐expected losses on foreclosed cars. Meanwhile, downward pressure could come from a higher provision from asset quality risk, especially in RE loans. Financials and Valuation FY Ended 31 Dec 2012 PPOP (Btm) 2,931 Net profit (Btm) 3,392 EPS (Bt) 4.07 EPS growth (%) 13.7% Book value (Bt) 39.51 Dividend (Bt) 2.50 FY Ended 31 Dec 2012 PER (X) 9.70 PBV (X) 1.00 Dividend yield (%) 6.33 ROE (%) 12.1%
2013 5,058 4,418 5.27 29.3% 41.66 2.65 2013 7.50 0.87 6.71 13.0%
2014 5,752 2,636 3.13 ‐40.6% 42.77 1.85 2014 12.63 0.87 4.68 7.4%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
2015E 5,227 3,561 4.22 35.1% 45.14 2.11 2015E 9.35 0.87 5.35 9.6%
2016E 5,269 4,250 5.04 19.4% 48.08 2.52 2016E 7.83 0.82 6.38 10.8%
Figure 1: 1Q15 earnings results Statement of comprehensive income (Btmn) Fiscal Year-Ended December
1Q14
4Q14
1Q15 % YoY % QoQ
2015E % YoY % 1Q to 15E
Net Interest Income
2,179
2,374
2,201
1%
-7%
8,899
0%
25%
Non Interest Income
844
1,448
1,201
42%
-17%
4,195
10%
29%
Operating Income
3,023
3,822
3,402
13%
-11%
13,094
3%
26%
Operating Expenses
1,508
1,802
1,689
12%
-6%
6,764
4%
25%
Operating Profit
1,540
1,464
1,488
-3%
2%
5,982
-2%
25%
777
1,525
918
18%
-40%
2,013
-37%
46%
6
5
120
1763%
2426%
734
108%
16%
Provision for loan loss (Reversal) Taxes expenses (Reversal) Net Profit
722
488
664
-8%
36%
3,561
35%
19%
1,524
1,457
1,357
-11%
-7%
5,227
-9%
26%
EPS (Bt)
0.86
0.58
0.79
-9%
36%
4.22
35%
19%
Key Statistics & Ratios
1Q14
4Q14
1Q15
2015E
Gross NPLs (Btmn)
8,282
10,352
11,812
10,559
Gross NPLs/Loans
4.2%
5.6%
6.5%
5.8%
Loan Loss Reserve/NPLs
91.2%
81.5%
73.9%
91.2%
Tier I/Risk Asset
12.8%
14.8%
15.0%
15.7%
C apital Adequacy Ratio
13.3%
15.2%
15.4%
16.5%
Loan to Deposit Ratio
143.1%
144.9%
147.3%
148.1%
Loan to Deposit & ST borrowing
PPOP-after tax
139.6%
144.7%
147.0%
147.9%
Provision to loans
1.58%
3.31%
2.03%
1.10%
C ost to Income
49.9%
47.1%
49.6%
51.7%
Non-interest Income/Total Income
27.9%
37.9%
35.3%
32.0% 3.98%
Net Interest Margin
3.73%
3.69%
3.96%
Interest Spread
3.65%
4.02%
3.87%
3.93%
0.9%
1.0%
15.1%
17.0%
12.1%
-3.2%
-8.3%
-0.7%
3.6%
-1.7%
-1.9%
Tax rate Loan growth YoY Loan growth QoQ Source: Bloomberg and KTZMICO Research
Figure 2: KKP's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 1.8
62
60
+1 S.D.
1.3
56
46
+1.0SD
1.1
51
32
+0.5SD
1.0
46
18
Average
0.9
40
4
-0.5SD
0.8
35
-10
-1.0SD
0.6
29
-24
-1.5SD
0.5
24
-38
-2.0SD
0.4
18
-52
+0.5 S.D. Avg. -0.5 S.D. -1 S.D.
Source: Bloomberg, KT ZMICO Research
Apr-15
Nov-14
Jan-14
Jun-14
Aug-13
Oct-12
Mar-13
Nov-09
Jan-09
Jun-09
Aug-08
Oct-07
Mar-08
Jan-07
Jun-07
0.2
May-12
-2S.D.
Jul-11
0.4
to current price (%)
1.4
Dec-11
0.6
Upside/ Downside
price (Bt) +1.5SD
1.0 0.8
Implied market
+2.0SD
Feb-11
1.2
PBV (x)
+2 S.D.
Apr-10
1.4
Sep-10
1.6
2015E +3 S.D.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: KKP's PER band and sensitivity of market prices based on PER at different standard deviation levels 2015E
(X) 18
PER (x)
16
Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2 S.D.
+2.0SD
14.0
59
53
12
+1 S.D.
+1.5SD
12.6
53
37
10
Avg
+1.0SD
11.1
47
21
-1 S.D.
+0.5SD
9.6
41
5
Average
8.2
35
-11
-0.5SD
6.7
28
-27
-1.0SD
5.3
22
-43
-1.5SD
3.8
16
-58
-2.0SD
2.3
10
-74
14
8 6 4
-2 S.D.
2
Source: Bloomberg, KT ZMICO Research
Apr-15
Nov-14
Jan-14
Jun-14
Aug-13
Oct-12
Mar-13
May-12
Jul-11
Dec-11
Feb-11
Apr-10
Sep-10
Nov-09
Jan-09
Jun-09
Aug-08
Oct-07
Mar-08
Jan-07
Jun-07
0
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
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.
Earnings Review
Close Bt39.50
Banking April 20, 2015
Beat forecast/Below forecast/In line
1Q15 net profit missed estimate on higher provision
FY15
FY16
Consensus EPS (Bt)
4.192
5.038
KT ZMICO vs. consensus Share data
0.7%
0.0%
Reuters / Bloomberg
KKP.BK/KKP TB
Paid‐up Shares (m)
844.45
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
33.00/1,032.00
Foreign limit / actual (%)
44.00/32.12
52 week High / Low (Bt)
48.00/36.75
Avg. daily T/O (shares 000) NVDR (%)
1,402.00 5.91
Estimated free float (%)
76.79
Beta
0.84
URL
www.kiatnakinphatra.com
CGR
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Real estate loans need closer monitoring We maintain the Underperform rating for KKP despite its undemanding valuations. We still expect the firm to continue facing a tough operating environment in the lending businesses, especially in regard to higher asset quality risk in real estate (RE) loans and the weak recovery of auto hire purchase businesses. 1Q15 net profit below both our forecast and the street by 12‐18% KKP posted 1Q15 net profit (NP) of Bt664mn (‐8% YoY, +36% QoQ), below our forecast (Bt814mn) by 18% and the street estimate (Bt755mn) by 12%. The lower‐than‐expected NP was due largely to a higher‐than‐ expected provision (by ~Bt200mn) due to higher NPLs QoQ. 1015 net profit down 8% YoY but up 36% QoQ The lower NP YoY was due mainly to 1) a much higher tax rate YoY; 2) a higher provision; 3) higher operating expenses; and 4) loans continuing to contract by 8% YoY and 2% QoQ, mainly from auto hire purchase loans (‐10% YoY, ‐3% QoQ) and SME loans. Meanwhile, all of this was partly offset by much higher NIM YoY. Moreover, the capital market units performed quite well this quarter, especially the investment business as it booked gain on investment of Bt59mn in 1Q15 (vs. a loss of Bt56mn in 1Q14) along with higher dividend income. In addition, it booked a lower loss on foreclosed cars YoY (Bt322mn in 1Q15 vs. Bt412mn in 1Q14), which is likely to be a good sign. The QoQ jump in NP was due largely to a much lower provision QoQ as KKP set a huge provision of Bt1.5bn in 4Q14 (including a massive general provision of Bt900mn to counter economic uncertainty). Asset quality deteriorated sharply QoQ mainly from real estate loans NPLs and the NPL ratio increased QoQ mainly from 1) qualitative NPL assessment in RE loans (after it did a major qualitative assessment in 1H14); and 2) auto hire purchase loans, mainly from the new car segment. Meanwhile, NPLs in used cars have seen a steady trend. The higher NPLs resulted in a lower reserve to NPL ratio, while the reserve to the mandatory reserve in 1Q15 decreased QoQ to 152% from 158%. Maintain 2015 earnings forecast Although the 1Q15 NP represented 19% of our FY15 NP forecast, we maintain our 2015E NP forecast. Note that a positive surprise to earnings could arise from the potential for lower‐than‐expected losses on foreclosed cars. Meanwhile, downward pressure could come from a higher provision from asset quality risk, especially in RE loans. Financials and Valuation FY Ended 31 Dec 2012 PPOP (Btm) 2,931 Net profit (Btm) 3,392 EPS (Bt) 4.07 EPS growth (%) 13.7% Book value (Bt) 39.51 Dividend (Bt) 2.50 FY Ended 31 Dec 2012 PER (X) 9.70 PBV (X) 1.00 Dividend yield (%) 6.33 ROE (%) 12.1%
2013 5,058 4,418 5.27 29.3% 41.66 2.65 2013 7.50 0.87 6.71 13.0%
2014 5,752 2,636 3.13 ‐40.6% 42.77 1.85 2014 12.63 0.87 4.68 7.4%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
2015E 5,227 3,561 4.22 35.1% 45.14 2.11 2015E 9.35 0.87 5.35 9.6%
2016E 5,269 4,250 5.04 19.4% 48.08 2.52 2016E 7.83 0.82 6.38 10.8%
Figure 1: 1Q15 earnings results Statement of comprehensive income (Btmn) Fiscal Year-Ended December
1Q14
4Q14
1Q15 % YoY % QoQ
2015E % YoY % 1Q to 15E
Net Interest Income
2,179
2,374
2,201
1%
-7%
8,899
0%
25%
Non Interest Income
844
1,448
1,201
42%
-17%
4,195
10%
29%
Operating Income
3,023
3,822
3,402
13%
-11%
13,094
3%
26%
Operating Expenses
1,508
1,802
1,689
12%
-6%
6,764
4%
25%
Operating Profit
1,540
1,464
1,488
-3%
2%
5,982
-2%
25%
777
1,525
918
18%
-40%
2,013
-37%
46%
6
5
120
1763%
2426%
734
108%
16%
Provision for loan loss (Reversal) Taxes expenses (Reversal) Net Profit
722
488
664
-8%
36%
3,561
35%
19%
1,524
1,457
1,357
-11%
-7%
5,227
-9%
26%
EPS (Bt)
0.86
0.58
0.79
-9%
36%
4.22
35%
19%
Key Statistics & Ratios
1Q14
4Q14
1Q15
2015E
Gross NPLs (Btmn)
8,282
10,352
11,812
10,559
Gross NPLs/Loans
4.2%
5.6%
6.5%
5.8%
Loan Loss Reserve/NPLs
91.2%
81.5%
73.9%
91.2%
Tier I/Risk Asset
12.8%
14.8%
15.0%
15.7%
C apital Adequacy Ratio
13.3%
15.2%
15.4%
16.5%
Loan to Deposit Ratio
143.1%
144.9%
147.3%
148.1%
Loan to Deposit & ST borrowing
PPOP-after tax
139.6%
144.7%
147.0%
147.9%
Provision to loans
1.58%
3.31%
2.03%
1.10%
C ost to Income
49.9%
47.1%
49.6%
51.7%
Non-interest Income/Total Income
27.9%
37.9%
35.3%
32.0% 3.98%
Net Interest Margin
3.73%
3.69%
3.96%
Interest Spread
3.65%
4.02%
3.87%
3.93%
0.9%
1.0%
15.1%
17.0%
12.1%
-3.2%
-8.3%
-0.7%
3.6%
-1.7%
-1.9%
Tax rate Loan growth YoY Loan growth QoQ Source: Bloomberg and KTZMICO Research
Figure 2: KKP's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 1.8
62
60
+1 S.D.
1.3
56
46
+1.0SD
1.1
51
32
+0.5SD
1.0
46
18
Average
0.9
40
4
-0.5SD
0.8
35
-10
-1.0SD
0.6
29
-24
-1.5SD
0.5
24
-38
-2.0SD
0.4
18
-52
+0.5 S.D. Avg. -0.5 S.D. -1 S.D.
Source: Bloomberg, KT ZMICO Research
Apr-15
Nov-14
Jan-14
Jun-14
Aug-13
Oct-12
Mar-13
Nov-09
Jan-09
Jun-09
Aug-08
Oct-07
Mar-08
Jan-07
Jun-07
0.2
May-12
-2S.D.
Jul-11
0.4
to current price (%)
1.4
Dec-11
0.6
Upside/ Downside
price (Bt) +1.5SD
1.0 0.8
Implied market
+2.0SD
Feb-11
1.2
PBV (x)
+2 S.D.
Apr-10
1.4
Sep-10
1.6
2015E +3 S.D.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: KKP's PER band and sensitivity of market prices based on PER at different standard deviation levels 2015E
(X) 18
PER (x)
16
Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2 S.D.
+2.0SD
14.0
59
53
12
+1 S.D.
+1.5SD
12.6
53
37
10
Avg
+1.0SD
11.1
47
21
-1 S.D.
+0.5SD
9.6
41
5
Average
8.2
35
-11
-0.5SD
6.7
28
-27
-1.0SD
5.3
22
-43
-1.5SD
3.8
16
-58
-2.0SD
2.3
10
-74
14
8 6 4
-2 S.D.
2
Source: Bloomberg, KT ZMICO Research
Apr-15
Nov-14
Jan-14
Jun-14
Aug-13
Oct-12
Mar-13
May-12
Jul-11
Dec-11
Feb-11
Apr-10
Sep-10
Nov-09
Jan-09
Jun-09
Aug-08
Oct-07
Mar-08
Jan-07
Jun-07
0
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
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.
