Krung Thai Bank
Krung Thai Bank Unrated (16TP Bt18.50)
Company Update
Close Bt16.80
Banking July 6, 2016
Earnings upgrade/Earnings downgrade/Overview unchanged
Concern over asset quality remains Price Performance (%)
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
2.147
2.452
KT ZMICO vs. consensus Share data
‐4.1%
‐2.5%
Reuters / Bloomberg
KTB.BK/KTB TB
Paid‐up Shares (m)
13,976.06
Par (Bt)
5.15
Market cap (Bt bn / US$ m)
235.00/6,684.00
Foreign limit / actual (%)
25.00/11.82
52 week High / Low (Bt)
19.10/15.20
Avg. daily T/O (shares 000) NVDR (%)
46,864.00 4.75
Estimated free float (%)
44.93
Beta
1.20
URL
www.ktb.co.th
CGR
Inexpensive valuations the main share price support We still see some potential downside risk on KTB’s earnings from 2017E onwards in regard to the potential negative impact from the National e‐Payment program. Meanwhile, we see that KTB’s inexpensive valuation and sound dividend yield of 4‐5% remain its main share price supports. Expect 2Q16E net profit of Bt8.2bn (‐3% YoY, +9% QoQ) The weaker earnings YoY should be due largely to the potential for lower NIM on the recent rate cut impact. Meanwhile, the higher NP QoQ should be due to the likelihood of a slightly lower provision QoQ. Note that we assume the bank to have set an extra provision of ~Bt3bn in 2Q16E on top of its normal provision of ~Bt3bn/quarter (excluding KTC) vs. the extra provision of Bt4bn in 1Q16. This should be in line with the bank’s indication that its NPLs for 2Q16 should still increase QoQ but at a slower pace vs. the sharp hike QoQ in 1Q16. Meanwhile, loan growth should remain slow at ~1‐2% YTD vs. the bank’s target for 2016 of 3‐4%. Bank sees potential downside risk on its fee income target KTB will revisit its 2016 targets after the 2Q16 results. The bank sees some downside risk on its fee income growth target of 10% while the conservative loan growth target of 3‐4% should still be achievable. Meanwhile, the NPL outlook could remain in an uptrend until yearend even though the bank is seeing slower growth in new NPL formation. Modest impact from PromptPay to be seen from 2017E onwards KTB made preliminary hints regarding potential exposure related to the National e‐Payment program, especially with respect to 1) PromptPay and 2) the EDC and card acceptance expansion program, which is roughly 5% of its total fee income (mostly the exposure of its online banking) or possibly up to 10% if assuming some migration from traditional banking transactions over the longer term. The potential exposure seems lower than KBANK, which guided ~4.5% of its non‐interest income or 7‐8% of net fee income excluding migration. We see the potential impact to the bank’s 2017E bottom line onwards being in the range of 3‐7% depending on the volume and the migration rate to digital banking from traditional banking, with a gradual migration rate expected in the first stage. Financials and Valuation FY Ended 31 Dec
Anti‐corruption
Level 4 (Certified)
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.
2014
2015
2016E
2017E
2018E
PPOP (Btmn)
52,032
59,433
59,996
61,077
63,491
Provision (Btmn)
18,643
30,542
30,573
26,566
22,303
Net Profit (Btmn)
33,191
28,492
28,837
33,466
39,834
2.37
2.04
2.06
2.39
2.85
EPS Growth (%)
EPS (Bt)
‐3.8%
‐14.2%
1.2%
16.1%
19.0%
Book value (Bt)
16.60
17.59
18.93
20.60
22.65
Dividend (Bt)
0.90
0.76
0.76
0.84
1.00
FY Ended 31 Dec
2014
2015
2016E
2017E
2018E
Prapharas Nonthapiboon
PER (X)
7.03
8.20
8.10
6.98
5.86
Analyst, no 17836
PBV (X)
1.01
0.95
0.88
0.81
0.74
[email protected]
Div. Yield (%) ROE (%)
5.39 15.1%
4.55 11.9%
4.57 11.3%
5.02 12.1%
5.97 13.2%
66 (0) 2695‐5872
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
Figure 1: 2Q16 earnings preview Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q15
1Q16
2Q16E % YoY % QoQ
1H15
1H16E % YoY
2015
2016E % YoY % 1H to 16E
Net Interes t Income
20,895
21,341
21,124
1%
‐1% 39,651
42,465
7% 80,868
81,358
1%
52%
Non Interes t Income
8,728
9,382
8,870
2%
‐5% 17,060
18,252
7% 35,741
38,255
7%
48%
Opera ti ng Income
29,624
30,723
29,994
1%
‐2% 56,711
60,717
7% 116,609
119,613
3%
51%
Opera ti ng Expens es
12,166
12,464
12,025
‐1%
‐4% 25,332
24,489
‐3% 50,920
52,141
2%
47%
Provis i on (Revers a l )
7,515
8,623
7,500
0%
‐13% 11,240
16,123
43% 30,542
30,573
0%
53%
Ta x expens es (Revers a l)
1,259
1,775
1,937
54%
9% 3,236
3,712
15% 5,608
6,826
22%
54%
Net Profit
8,449
7,540
8,202
‐3%
9% 16,378
15,742
‐4% 28,492
28,837
1%
55%
PPOP‐a fter ta x EPS (Bt)
15,871
16,146
15,732
‐1%
‐3% 27,412
31,753
16% 59,433
59,996
1%
53%
0.60
0.54
0.59
‐3%
9% 1.17
1.13
‐4% 2.04
2.06
1%
55%
Key Statistics & Ratios
2Q15
1Q16
2Q16E
1H15
1H16E
Gros s NPLs (Btmn)
67,551
90,031
94,031
67,551
94,031
76,371
105,947
Gros s NPLs /Loa ns
2.96%
3.70%
3.83%
2.96%
3.83%
3.20%
4.3%
125.2% 104.3%
112.5%
104.3%
Loa n Los s Res erve/NPLs
125.2% 103.4% 104.3%
2015
2016E
Ti er I to Ri s k As s ets
10.6%
11.9%
N.A.
10.6%
N.A.
11.4%
12.7%
Ca pi ta l Adequa cy Ra tio
14.4%
15.7%
N.A.
14.4%
N.A.
15.2%
15.4%
Loa n to Depos i t Ra ti o
95.0%
95.1%
94.7%
95.0%
94.7%
94.9%
95.1%
Loa n to Depos i ts & Borrowings
90.4%
90.0%
89.7%
90.4%
89.7%
90.0%
90.0%
Provis i on to l oa ns
1.52%
1.73%
1.50%
1.14%
1.61%
1.51%
1.45%
Cos t to Income
41.1%
40.6%
40.1%
44.7%
40.3%
43.7%
43.6%
Non Interes t Inc./Tota l Income
29.5%
30.5%
29.6%
30.1%
30.1%
30.7%
32.0%
Net Interes t Ma rgin
3.10%
3.15%
3.08%
3.00%
3.12%
3.02%
2.96%
Ta x ra te
12.7%
18.4%
18.5%
16.1%
18.5%
16.0%
18.5%
Loa n growth ‐YoY
6.4%
1.9%
1.3%
6.4%
1.3%
3.8%
4.0%
Loa n growth ‐QoQ Source: KTZMICO Research
1.3%
‐1.8%
0.8%
1.3%
0.8%
Figure 2: KTB’s financial targets for 2016 vs. our forecasts Financial targets
Actual 2014 Loa n Growth 11% Net Fee i ncome growth 4% Net i nteres t ma rgi n 3.10% NPL Ra ti o (gros s ) 2.4% Provi s i on (Btmn) 18,643 Provi s i on (% of l oa ns ) 0.95% Cos t to Income 44.6% ROE 15.1% Loa n to Depos i t 90.8%
KTB's targets Actual 2015E 2015 6‐7% 4% 10‐12% 30% N.A. 3.02% Ma i nta i n 3.2% 8,400 (Norma l i zed) + Extra 30,542 N.A. 1.51% N.A. 43.7% Ma i nta i n 11.9% N.A. 94.9%
KTB's targets KTZ's Forecasts 2016E 2016E 3‐4% 4% 10% 9% N.A. 2.96% Ma i nta i n 4.3% 12,000 (Norma l i zed) + Extra 30,573 N.A. 1.45% N.A. 43.6% Ma i nta i n 11.3% 92‐95% 95.1%
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: KTB's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 2.0
2016E
+2 S.D.
1.8
+1.5 S.D.
1.6 1.4
+1 S.D.
1.2
+0.5 S.D. Avg.
1.0
-0.5 S.D.
0.8 0.6
-1 S.D.
0.4
-1.5 S.D.
0.2
-2 S.D.
Jan-16
Jan-15
Jan-14
Jan-13
Jan-12
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
0.0
Source: Bloomberg, KT ZMICO Research
PBV (x) Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2.0SD
1.8
35
106
+1.5SD
1.6
31
82
+1.0SD
1.4
27
58
+0.5SD
1.2
23
34
Average
1.0
19
11
-0.5SD
0.8
15
-13
-1.0SD
0.6
11
-37
-1.5SD
0.3
7
-61
-2.0SD
0.1
3
-84
Figure 4: KTB's PER band and sensitivity of market prices based on PER at different standard deviation levels (X) 25
2016E
20
Source: Bloomberg, KT ZMICO Research
Jan-16
Jan-15
Jan-14
Jan-13
Jan-12
Jan-11
Jan-10
Jan-09
Jan-08
0
Jan-07
5
Jan-06
10
+1.5 S.D. +1 S.D. +0.5 S.D. Avg. -0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
Jan-05
15
+2 S.D.
PER (x) Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2.0SD
16.3
34
100
+1.5SD
14.6
30
79
+1.0SD
12.9
27
58
+0.5SD
11.2
23
37
Average
9.5
20
16
-0.5SD
7.8
16
-5
-1.0SD
6.1
13
-26
-1.5SD
4.4
9
-46
-2.0SD
2.7
5
-67
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec Total Interest Income Total Interest Expenses Net Interest Income Fee and Service income Gain on exchange Other Income Total Non‐Interest Income Operating Income Personnel Expenses Premises & Equipment Exp. Other Expenses Total Operating Expenses Operating Profit Extraordinary Item Provision for Loan Losses Taxation Minority Interests Net Profit PPOP PPP EPS (Bt)
2014 130,466 51,072 79,394 16,383 4,827 7,447 28,657 108,051 26,067 8,888
2015 132,525 51,657 80,868 21,343 6,701 7,697 35,741 116,609 27,374 9,297
2016E 130,762 49,404 81,358 23,293 7,371 7,591 38,255 119,613 27,921 9,483
2017E 135,016 50,191 84,825 25,414 7,666 7,577 40,656 125,481 29,540 10,052
2018E 146,045 56,153 89,892 27,980 8,049 7,850 43,878 133,770 31,608 10,656
13,191 48,146 59,216 ‐ 18,643 7,184 (887) 33,191 52,032 51,834 2.37
14,249 50,920 65,041 ‐ 30,542 5,608 (1,048) 28,492 59,433 59,033 2.04
14,737 52,141 66,822 ‐ 30,573 6,826 (1,236) 28,837 59,996 59,409 2.06
15,831 55,424 69,558 ‐ 26,566 8,481 (1,545) 33,466 61,077 60,031 2.39
17,093 59,357 73,913 ‐ 22,303 10,422 (1,854) 39,834 63,491 62,137 2.85
2014
2015
2016E
2017E
2018E
74,770 456,721 ‐ 258,495 1,952,996 5,191 1,958,187 (76,021) 1,882,166 30,733 28,116 58,141 2,789,143
71,470 397,358 ‐ 261,732 2,027,440 5,750 2,033,191 (85,935) 1,947,256 30,008 26,355 81,154 2,815,333
72,185 413,252 ‐ 286,733 2,108,473 6,086 2,114,558 (110,508) 2,004,051 29,108 27,145 101,110 2,933,584
72,907 392,590 ‐ 304,698 2,213,812 6,611 2,220,423 (123,073) 2,097,350 28,235 27,417 113,455 3,036,651
73,636 396,516 ‐ 313,687 2,347,695 7,246 2,354,940 (131,376) 2,223,564 27,388 27,691 121,883 3,184,364
2,151,268 167,215 146,971
2,135,499 194,243 116,240
2,216,647 196,185 126,240
2,278,714 202,071 131,240
2,383,534 208,133 132,240
87,822 2,553,276
119,052 2,565,034
125,160 2,664,234
131,590 2,743,615
138,358 2,862,266
72,005 20,834 119,660 ‐ 19,644 232,142
72,005 20,834 135,202 ‐ 17,844 245,884
72,005 20,834 152,812 ‐ 18,976 264,627
72,005 20,834 175,008 ‐ 20,135 287,982
72,005 20,834 202,529 ‐ 21,322 316,689
Statement of Financial Position (Btmn) Year‐end 31 Dec Assets Cash Interbank & Money Market REPO Net Investment in Securities Loans Accrued Interest Receivables Loans & Accrued Int.Rec. Less: Loan Loss Reserves Net Loans and Receivables Properties Foreclosed Premises and Equipment, Net Other Assets Total Assets Liabilities & Equity Total Deposits Interbank & Money Market Total Borrowings Other Liabilities Total Liabilities Paid‐up Capital (Bt5.15 Par) Premium on Share Capital Retained Earnings Unrealized Loss on LT Securities Other Equity Items Total Shareholders' Equity
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Key Statistics and Ratios Year‐end 31 Dec Per share Data (Bt) EPS DPS BVPS
2014
2015
2016E
2017E
2018E
2.37 0.90 16.60
2.04 0.76 17.59
2.06 0.76 18.93
2.39 0.84 20.60
2.85 1.00 22.65
Valuation analysis PER (X) P/BV (X) Dividend yield (%)
7.08 1.01 5.36
8.24 0.96 4.52
8.15 0.89 4.54
7.02 0.82 4.99
5.90 0.74 5.94
Growth (%) Net Profit EPS Net Interest Income Non Interest Income
‐3.8% ‐3.8% 23.1% 4.0%
‐14.2% ‐14.2% 1.9% 24.7%
1.2% 1.2% 0.6% 7.0%
16.1% 16.1% 4.3% 6.3%
19.0% 19.0% 6.0% 7.9%
Net Fee & Service Income Operating Income Operating Expenses Operating Profit PPOP PPP Loans ‐ Net Deposits Gross NPLs
4.3% 17.4% 21.6% 13.5% 17.6% 10.7% 10.8% 14.3% 1.6%
30.3% 7.9% 5.8% 9.8% 14.2% 13.9% 3.8% ‐0.7% 32.8%
9.1% 2.6% 2.4% 2.7% 0.9% 0.6% 4.0% 3.8% 38.7%
9.1% 4.9% 6.3% 4.1% 1.8% 1.0% 5.0% 2.8% ‐2.0%
10.1% 6.6% 7.1% 6.3% 4.0% 3.5% 6.0% 4.6% ‐9.7%
Asset Quality Ratio Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs Accrued Interest/Loans Loan Loss Reserve/Loans Property Foreclosed/Loans
57,489 76,371 105,947 103,869 93,831 2.4% 3.2% 4.3% 4.0% 3.5% 132.2% 112.5% 104.3% 118.5% 140.0% 0.3% 0.3% 0.3% 0.3% 0.3% 3.9% 4.2% 5.2% 5.6% 5.6% 1.6% 1.5% 1.4% 1.3% 1.2%
Capital & Liquidity Ratio Equity/Asset Tier I to Risk Assets Capital Adequacy Ratio Loan to Deposit Ratio Loan to Deposit and Borrowing Ratio Profitability Ratio ROA ROE Cost to Income Non Interest Income/Total Income Net Interest Margin (NIM)
Key Assumptions Loan Growth ‐ Net Cost to Income Net Interest Margin (NIM) Provision expenses (Btmn) Provision (% of loans) Source: KTZMICO Research
8.3% 10.9% 14.8% 90.8% 85.0%
8.7% 11.4% 15.2% 94.9% 90.0%
9.0% 12.7% 15.4% 95.1% 90.0%
9.5% 13.1% 15.5% 97.2% 91.9%
9.9% 13.5% 15.7% 98.5% 93.3%
1.2% 15.1% 44.6% 26.5% 3.10%
1.0% 11.9% 43.7% 30.7% 3.02%
1.0% 11.3% 43.6% 32.0% 2.96%
1.1% 12.1% 44.2% 32.4% 2.97%
1.3% 13.2% 44.4% 32.8% 3.01%
2014 2015 2016E 2017E 2018E 10.8% 3.8% 4.0% 5.0% 6.0% 44.6% 43.7% 43.6% 44.2% 44.4% 3.10% 3.02% 2.96% 2.97% 3.01% 18,643 30,542 30,573 26,566 22,303 0.95% 1.51% 1.45% 1.20% 0.95%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
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, PACE, PLE, TPOLY. KT ZMICO is a co‐underwriter of ALT.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 6
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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.
Company Update
Close Bt16.80
Banking July 6, 2016
Earnings upgrade/Earnings downgrade/Overview unchanged
Concern over asset quality remains Price Performance (%)
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
2.147
2.452
KT ZMICO vs. consensus Share data
‐4.1%
‐2.5%
Reuters / Bloomberg
KTB.BK/KTB TB
Paid‐up Shares (m)
13,976.06
Par (Bt)
5.15
Market cap (Bt bn / US$ m)
235.00/6,684.00
Foreign limit / actual (%)
25.00/11.82
52 week High / Low (Bt)
19.10/15.20
Avg. daily T/O (shares 000) NVDR (%)
46,864.00 4.75
Estimated free float (%)
44.93
Beta
1.20
URL
www.ktb.co.th
CGR
Inexpensive valuations the main share price support We still see some potential downside risk on KTB’s earnings from 2017E onwards in regard to the potential negative impact from the National e‐Payment program. Meanwhile, we see that KTB’s inexpensive valuation and sound dividend yield of 4‐5% remain its main share price supports. Expect 2Q16E net profit of Bt8.2bn (‐3% YoY, +9% QoQ) The weaker earnings YoY should be due largely to the potential for lower NIM on the recent rate cut impact. Meanwhile, the higher NP QoQ should be due to the likelihood of a slightly lower provision QoQ. Note that we assume the bank to have set an extra provision of ~Bt3bn in 2Q16E on top of its normal provision of ~Bt3bn/quarter (excluding KTC) vs. the extra provision of Bt4bn in 1Q16. This should be in line with the bank’s indication that its NPLs for 2Q16 should still increase QoQ but at a slower pace vs. the sharp hike QoQ in 1Q16. Meanwhile, loan growth should remain slow at ~1‐2% YTD vs. the bank’s target for 2016 of 3‐4%. Bank sees potential downside risk on its fee income target KTB will revisit its 2016 targets after the 2Q16 results. The bank sees some downside risk on its fee income growth target of 10% while the conservative loan growth target of 3‐4% should still be achievable. Meanwhile, the NPL outlook could remain in an uptrend until yearend even though the bank is seeing slower growth in new NPL formation. Modest impact from PromptPay to be seen from 2017E onwards KTB made preliminary hints regarding potential exposure related to the National e‐Payment program, especially with respect to 1) PromptPay and 2) the EDC and card acceptance expansion program, which is roughly 5% of its total fee income (mostly the exposure of its online banking) or possibly up to 10% if assuming some migration from traditional banking transactions over the longer term. The potential exposure seems lower than KBANK, which guided ~4.5% of its non‐interest income or 7‐8% of net fee income excluding migration. We see the potential impact to the bank’s 2017E bottom line onwards being in the range of 3‐7% depending on the volume and the migration rate to digital banking from traditional banking, with a gradual migration rate expected in the first stage. Financials and Valuation FY Ended 31 Dec
Anti‐corruption
Level 4 (Certified)
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.
2014
2015
2016E
2017E
2018E
PPOP (Btmn)
52,032
59,433
59,996
61,077
63,491
Provision (Btmn)
18,643
30,542
30,573
26,566
22,303
Net Profit (Btmn)
33,191
28,492
28,837
33,466
39,834
2.37
2.04
2.06
2.39
2.85
EPS Growth (%)
EPS (Bt)
‐3.8%
‐14.2%
1.2%
16.1%
19.0%
Book value (Bt)
16.60
17.59
18.93
20.60
22.65
Dividend (Bt)
0.90
0.76
0.76
0.84
1.00
FY Ended 31 Dec
2014
2015
2016E
2017E
2018E
Prapharas Nonthapiboon
PER (X)
7.03
8.20
8.10
6.98
5.86
Analyst, no 17836
PBV (X)
1.01
0.95
0.88
0.81
0.74
[email protected]
Div. Yield (%) ROE (%)
5.39 15.1%
4.55 11.9%
4.57 11.3%
5.02 12.1%
5.97 13.2%
66 (0) 2695‐5872
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
Figure 1: 2Q16 earnings preview Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q15
1Q16
2Q16E % YoY % QoQ
1H15
1H16E % YoY
2015
2016E % YoY % 1H to 16E
Net Interes t Income
20,895
21,341
21,124
1%
‐1% 39,651
42,465
7% 80,868
81,358
1%
52%
Non Interes t Income
8,728
9,382
8,870
2%
‐5% 17,060
18,252
7% 35,741
38,255
7%
48%
Opera ti ng Income
29,624
30,723
29,994
1%
‐2% 56,711
60,717
7% 116,609
119,613
3%
51%
Opera ti ng Expens es
12,166
12,464
12,025
‐1%
‐4% 25,332
24,489
‐3% 50,920
52,141
2%
47%
Provis i on (Revers a l )
7,515
8,623
7,500
0%
‐13% 11,240
16,123
43% 30,542
30,573
0%
53%
Ta x expens es (Revers a l)
1,259
1,775
1,937
54%
9% 3,236
3,712
15% 5,608
6,826
22%
54%
Net Profit
8,449
7,540
8,202
‐3%
9% 16,378
15,742
‐4% 28,492
28,837
1%
55%
PPOP‐a fter ta x EPS (Bt)
15,871
16,146
15,732
‐1%
‐3% 27,412
31,753
16% 59,433
59,996
1%
53%
0.60
0.54
0.59
‐3%
9% 1.17
1.13
‐4% 2.04
2.06
1%
55%
Key Statistics & Ratios
2Q15
1Q16
2Q16E
1H15
1H16E
Gros s NPLs (Btmn)
67,551
90,031
94,031
67,551
94,031
76,371
105,947
Gros s NPLs /Loa ns
2.96%
3.70%
3.83%
2.96%
3.83%
3.20%
4.3%
125.2% 104.3%
112.5%
104.3%
Loa n Los s Res erve/NPLs
125.2% 103.4% 104.3%
2015
2016E
Ti er I to Ri s k As s ets
10.6%
11.9%
N.A.
10.6%
N.A.
11.4%
12.7%
Ca pi ta l Adequa cy Ra tio
14.4%
15.7%
N.A.
14.4%
N.A.
15.2%
15.4%
Loa n to Depos i t Ra ti o
95.0%
95.1%
94.7%
95.0%
94.7%
94.9%
95.1%
Loa n to Depos i ts & Borrowings
90.4%
90.0%
89.7%
90.4%
89.7%
90.0%
90.0%
Provis i on to l oa ns
1.52%
1.73%
1.50%
1.14%
1.61%
1.51%
1.45%
Cos t to Income
41.1%
40.6%
40.1%
44.7%
40.3%
43.7%
43.6%
Non Interes t Inc./Tota l Income
29.5%
30.5%
29.6%
30.1%
30.1%
30.7%
32.0%
Net Interes t Ma rgin
3.10%
3.15%
3.08%
3.00%
3.12%
3.02%
2.96%
Ta x ra te
12.7%
18.4%
18.5%
16.1%
18.5%
16.0%
18.5%
Loa n growth ‐YoY
6.4%
1.9%
1.3%
6.4%
1.3%
3.8%
4.0%
Loa n growth ‐QoQ Source: KTZMICO Research
1.3%
‐1.8%
0.8%
1.3%
0.8%
Figure 2: KTB’s financial targets for 2016 vs. our forecasts Financial targets
Actual 2014 Loa n Growth 11% Net Fee i ncome growth 4% Net i nteres t ma rgi n 3.10% NPL Ra ti o (gros s ) 2.4% Provi s i on (Btmn) 18,643 Provi s i on (% of l oa ns ) 0.95% Cos t to Income 44.6% ROE 15.1% Loa n to Depos i t 90.8%
KTB's targets Actual 2015E 2015 6‐7% 4% 10‐12% 30% N.A. 3.02% Ma i nta i n 3.2% 8,400 (Norma l i zed) + Extra 30,542 N.A. 1.51% N.A. 43.7% Ma i nta i n 11.9% N.A. 94.9%
KTB's targets KTZ's Forecasts 2016E 2016E 3‐4% 4% 10% 9% N.A. 2.96% Ma i nta i n 4.3% 12,000 (Norma l i zed) + Extra 30,573 N.A. 1.45% N.A. 43.6% Ma i nta i n 11.3% 92‐95% 95.1%
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: KTB's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 2.0
2016E
+2 S.D.
1.8
+1.5 S.D.
1.6 1.4
+1 S.D.
1.2
+0.5 S.D. Avg.
1.0
-0.5 S.D.
0.8 0.6
-1 S.D.
0.4
-1.5 S.D.
0.2
-2 S.D.
Jan-16
Jan-15
Jan-14
Jan-13
Jan-12
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
0.0
Source: Bloomberg, KT ZMICO Research
PBV (x) Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2.0SD
1.8
35
106
+1.5SD
1.6
31
82
+1.0SD
1.4
27
58
+0.5SD
1.2
23
34
Average
1.0
19
11
-0.5SD
0.8
15
-13
-1.0SD
0.6
11
-37
-1.5SD
0.3
7
-61
-2.0SD
0.1
3
-84
Figure 4: KTB's PER band and sensitivity of market prices based on PER at different standard deviation levels (X) 25
2016E
20
Source: Bloomberg, KT ZMICO Research
Jan-16
Jan-15
Jan-14
Jan-13
Jan-12
Jan-11
Jan-10
Jan-09
Jan-08
0
Jan-07
5
Jan-06
10
+1.5 S.D. +1 S.D. +0.5 S.D. Avg. -0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
Jan-05
15
+2 S.D.
PER (x) Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2.0SD
16.3
34
100
+1.5SD
14.6
30
79
+1.0SD
12.9
27
58
+0.5SD
11.2
23
37
Average
9.5
20
16
-0.5SD
7.8
16
-5
-1.0SD
6.1
13
-26
-1.5SD
4.4
9
-46
-2.0SD
2.7
5
-67
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec Total Interest Income Total Interest Expenses Net Interest Income Fee and Service income Gain on exchange Other Income Total Non‐Interest Income Operating Income Personnel Expenses Premises & Equipment Exp. Other Expenses Total Operating Expenses Operating Profit Extraordinary Item Provision for Loan Losses Taxation Minority Interests Net Profit PPOP PPP EPS (Bt)
2014 130,466 51,072 79,394 16,383 4,827 7,447 28,657 108,051 26,067 8,888
2015 132,525 51,657 80,868 21,343 6,701 7,697 35,741 116,609 27,374 9,297
2016E 130,762 49,404 81,358 23,293 7,371 7,591 38,255 119,613 27,921 9,483
2017E 135,016 50,191 84,825 25,414 7,666 7,577 40,656 125,481 29,540 10,052
2018E 146,045 56,153 89,892 27,980 8,049 7,850 43,878 133,770 31,608 10,656
13,191 48,146 59,216 ‐ 18,643 7,184 (887) 33,191 52,032 51,834 2.37
14,249 50,920 65,041 ‐ 30,542 5,608 (1,048) 28,492 59,433 59,033 2.04
14,737 52,141 66,822 ‐ 30,573 6,826 (1,236) 28,837 59,996 59,409 2.06
15,831 55,424 69,558 ‐ 26,566 8,481 (1,545) 33,466 61,077 60,031 2.39
17,093 59,357 73,913 ‐ 22,303 10,422 (1,854) 39,834 63,491 62,137 2.85
2014
2015
2016E
2017E
2018E
74,770 456,721 ‐ 258,495 1,952,996 5,191 1,958,187 (76,021) 1,882,166 30,733 28,116 58,141 2,789,143
71,470 397,358 ‐ 261,732 2,027,440 5,750 2,033,191 (85,935) 1,947,256 30,008 26,355 81,154 2,815,333
72,185 413,252 ‐ 286,733 2,108,473 6,086 2,114,558 (110,508) 2,004,051 29,108 27,145 101,110 2,933,584
72,907 392,590 ‐ 304,698 2,213,812 6,611 2,220,423 (123,073) 2,097,350 28,235 27,417 113,455 3,036,651
73,636 396,516 ‐ 313,687 2,347,695 7,246 2,354,940 (131,376) 2,223,564 27,388 27,691 121,883 3,184,364
2,151,268 167,215 146,971
2,135,499 194,243 116,240
2,216,647 196,185 126,240
2,278,714 202,071 131,240
2,383,534 208,133 132,240
87,822 2,553,276
119,052 2,565,034
125,160 2,664,234
131,590 2,743,615
138,358 2,862,266
72,005 20,834 119,660 ‐ 19,644 232,142
72,005 20,834 135,202 ‐ 17,844 245,884
72,005 20,834 152,812 ‐ 18,976 264,627
72,005 20,834 175,008 ‐ 20,135 287,982
72,005 20,834 202,529 ‐ 21,322 316,689
Statement of Financial Position (Btmn) Year‐end 31 Dec Assets Cash Interbank & Money Market REPO Net Investment in Securities Loans Accrued Interest Receivables Loans & Accrued Int.Rec. Less: Loan Loss Reserves Net Loans and Receivables Properties Foreclosed Premises and Equipment, Net Other Assets Total Assets Liabilities & Equity Total Deposits Interbank & Money Market Total Borrowings Other Liabilities Total Liabilities Paid‐up Capital (Bt5.15 Par) Premium on Share Capital Retained Earnings Unrealized Loss on LT Securities Other Equity Items Total Shareholders' Equity
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Key Statistics and Ratios Year‐end 31 Dec Per share Data (Bt) EPS DPS BVPS
2014
2015
2016E
2017E
2018E
2.37 0.90 16.60
2.04 0.76 17.59
2.06 0.76 18.93
2.39 0.84 20.60
2.85 1.00 22.65
Valuation analysis PER (X) P/BV (X) Dividend yield (%)
7.08 1.01 5.36
8.24 0.96 4.52
8.15 0.89 4.54
7.02 0.82 4.99
5.90 0.74 5.94
Growth (%) Net Profit EPS Net Interest Income Non Interest Income
‐3.8% ‐3.8% 23.1% 4.0%
‐14.2% ‐14.2% 1.9% 24.7%
1.2% 1.2% 0.6% 7.0%
16.1% 16.1% 4.3% 6.3%
19.0% 19.0% 6.0% 7.9%
Net Fee & Service Income Operating Income Operating Expenses Operating Profit PPOP PPP Loans ‐ Net Deposits Gross NPLs
4.3% 17.4% 21.6% 13.5% 17.6% 10.7% 10.8% 14.3% 1.6%
30.3% 7.9% 5.8% 9.8% 14.2% 13.9% 3.8% ‐0.7% 32.8%
9.1% 2.6% 2.4% 2.7% 0.9% 0.6% 4.0% 3.8% 38.7%
9.1% 4.9% 6.3% 4.1% 1.8% 1.0% 5.0% 2.8% ‐2.0%
10.1% 6.6% 7.1% 6.3% 4.0% 3.5% 6.0% 4.6% ‐9.7%
Asset Quality Ratio Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs Accrued Interest/Loans Loan Loss Reserve/Loans Property Foreclosed/Loans
57,489 76,371 105,947 103,869 93,831 2.4% 3.2% 4.3% 4.0% 3.5% 132.2% 112.5% 104.3% 118.5% 140.0% 0.3% 0.3% 0.3% 0.3% 0.3% 3.9% 4.2% 5.2% 5.6% 5.6% 1.6% 1.5% 1.4% 1.3% 1.2%
Capital & Liquidity Ratio Equity/Asset Tier I to Risk Assets Capital Adequacy Ratio Loan to Deposit Ratio Loan to Deposit and Borrowing Ratio Profitability Ratio ROA ROE Cost to Income Non Interest Income/Total Income Net Interest Margin (NIM)
Key Assumptions Loan Growth ‐ Net Cost to Income Net Interest Margin (NIM) Provision expenses (Btmn) Provision (% of loans) Source: KTZMICO Research
8.3% 10.9% 14.8% 90.8% 85.0%
8.7% 11.4% 15.2% 94.9% 90.0%
9.0% 12.7% 15.4% 95.1% 90.0%
9.5% 13.1% 15.5% 97.2% 91.9%
9.9% 13.5% 15.7% 98.5% 93.3%
1.2% 15.1% 44.6% 26.5% 3.10%
1.0% 11.9% 43.7% 30.7% 3.02%
1.0% 11.3% 43.6% 32.0% 2.96%
1.1% 12.1% 44.2% 32.4% 2.97%
1.3% 13.2% 44.4% 32.8% 3.01%
2014 2015 2016E 2017E 2018E 10.8% 3.8% 4.0% 5.0% 6.0% 44.6% 43.7% 43.6% 44.2% 44.4% 3.10% 3.02% 2.96% 2.97% 3.01% 18,643 30,542 30,573 26,566 22,303 0.95% 1.51% 1.45% 1.20% 0.95%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
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, PACE, PLE, TPOLY. KT ZMICO is a co‐underwriter of ALT.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 6
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.
