Modernform Group Underperform (17E TP Bt5.15) - Global Alliance
Modernform Group Underperform (17E TP Bt5.15)
Company Update
Close Bt4.94
Home & Office Products May 15, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Disappointing 1Q17 earnings; 2017E projection revised down by 19% Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
0.280
0.330
KT ZMICO vs. consensus Share data
‐7.1%
‐6.1%
Reuters / Bloomberg
MODERN.BK/MODERN TB
Paid‐up Shares (m)
750.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
4.00/107.00
Foreign limit / actual (%)
42.00/2.91
52 week High / Low (Bt)
8.10/4.90
Avg. daily T/O (shares 000)
762.00
NVDR (%)
1.61
Estimated free float (%)
64.75
Beta
0.73
URL
www.modernform.com
CGR
1Q17 earnings were disappointing; earnings projections and rating are thus revised down MODERN’s 1Q17earnings fell disappointingly, without a continued recovery from 4Q16. We thus had to revise down our 2017‐18E earnings projections by 19% and 18%, with a new DDM‐based target price of Bt5.15/share. Therefore, we have downgraded our rating to “Underperform” (from Outperform previously). Divided yields of 5.3 ‐ 6.2% are expected for 2017‐18E. 1Q17 net profit fell by 64%YoY and 72%QoQ on sales decline MODERN posted a net profit of Bt19mn in 1Q17, down 64%YoY and 72%QoQ. Its sales dropped by 20%YoY and 17%QoQ to Bt638mn, i.e., a nine‐quarter low. The sales deterioration was caused by a decline of 31% in furniture sales to Bt449mn on the back of postponements of deliveries of products for clients who are property developers amid the slowdown in the property industry and intense competition in the furniture market. Meanwhile, its gross profit margin stood at 31.9% vs. 30.4% in 1Q16 and 32.9% in 4Q16. Net cash position remains The firm maintained its net cash position at Bt254mn, with net cash on hand amounting to Bt301mn (EPS: Bt0.4) and short‐term borrowing of Bt104mn as of the end of 1Q17. The capital base was strong with shareholders’ equity of Bt2.47bn (BV= Bt3.29/share). Note that the firm will pay dividends at Bt0.15/share for its 2H16 performance on 23 May‐ 17. 2017‐18 earnings projections revised down by 19% and 18% The disappointing 1Q17 earnings accounted for a mere 8% of our full‐ year projection. To reflect the sharp drop in furniture sales on a YoY basis and lower‐than‐expected revenue in 1Q17, we have revised down our 2017E earnings projection by 19% to Bt196mn and the 2018E projection by 18% to Bt231mn.
Financial and Valuation Anti‐corruption
n.a.
Phornsri Laysanitsaerekul Analyst , no 17621 [email protected] 66 (0) 2624‐6258
FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 3,550 785 1.05 0.55 ‐1% 1.00 3.58 2014 13.98 12.40 2.16 20.2% 15.2% cash
2015 3,654 624 0.83 0.39 ‐29% 1.00 3.39 2015 19.67 14.46 2.29 20.2% 23.8% cash
2016 2,976 173 0.23 0.22 ‐44% 0.25 3.24 2016 35.30 36.20 2.39 5.1% 7.0% cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 2,933 196 0.26 0.26 19% 0.26 3.25 2017E 29.69 17.93 2.38 5.3% 8.0% cash
2018E 3,079 231 0.31 0.31 18% 0.31 3.30 2018E 25.16 16.22 2.35 6.2% 9.4% cash
Figure 1 : 1Q17 earnings review Consolidated Profit and Loss FY Dec (Btm)
YTD 1Q16
4Q16
1Q17
%YoY
%QoQ
2016 2017E
Revenue
796
765
638
(19.8)
(16.6) 2,976
Gross profit
242
252
204
(15.7)
(19.0)
935
EBITDA
69
76
33
(52.0)
(56.9)
192
Interest expense
(3)
(2)
(2)
(28.0)
(16.1)
Other income
22
23
28
23.5
17.6
112
115
2.6
24.0
Income tax
(53.4)
(59.6)
(40)
(54) 34.7
11.8
(9)
2,933
%YoY (% of 2017E) (1.4)
21.8
938
0.4
21.7
388
101.9
8.5
(7) (23.4)
24.8
(14)
(16)
(6)
Forex gain (loss)
0
0
0
nm
nm
0
0
nm
nm
Other extraordinary Items
0
8
0
nm
nm
8
0
nm
nm
Gn (Ls) from affiliates
2
(1)
(2) (230.8) 236.9
1
(10)
(845.7)
24.2
Net profit (loss)
52
66
19
(63.9)
(71.5)
173
196
13.2
9.7
Normalized profit (loss)
52
58
19
(63.9)
(67.4)
165
196
18.9
9.7
Reported EPS (THB)
0.07
0.09 0.03
(63.9) (71.5) 0.23 0.26
Gross margin
30.4
32.9 31.9
31.4 32.0
EBITDA margin
8.6
10.0
5.2
6.5 13.2
Norm. profit margin
6.6
7.6
3.0
5.5
6.7
Net debt to equity (x)
cash
cash
cash
cash
cash
Source: MODERN and KTZMICO Research
Figure 2: 2017‐18E earnings revision Previous Current Bt m 2017E 2018E 2017E 2018E Revenues 3,176 3,335 2,933 3,079 Gross margin 32.0% 33.0% 32.0% 33.0% SG&A expense (858) (900) (792) (831) Dividend income 25 25 10 10 Norm profit 241 282 196 231 EPS (Bt) 0.32 0.38 0.26 0.31
13.2 9.7
% Change 2017E 2018E ‐7.7% ‐7.7% 0.0% 0.0% ‐7.7% ‐7.7% ‐60.0% ‐60.0% ‐18.8% ‐18.1% ‐18.8% ‐18.1%
Source: KTZ Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, M‐CHAI, POMPUI, TFD, TTL, NMG.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Anti‐corruption Progress Indicator
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy DISCLAIMER
This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
Company Update
Close Bt4.94
Home & Office Products May 15, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Disappointing 1Q17 earnings; 2017E projection revised down by 19% Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
0.280
0.330
KT ZMICO vs. consensus Share data
‐7.1%
‐6.1%
Reuters / Bloomberg
MODERN.BK/MODERN TB
Paid‐up Shares (m)
750.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
4.00/107.00
Foreign limit / actual (%)
42.00/2.91
52 week High / Low (Bt)
8.10/4.90
Avg. daily T/O (shares 000)
762.00
NVDR (%)
1.61
Estimated free float (%)
64.75
Beta
0.73
URL
www.modernform.com
CGR
1Q17 earnings were disappointing; earnings projections and rating are thus revised down MODERN’s 1Q17earnings fell disappointingly, without a continued recovery from 4Q16. We thus had to revise down our 2017‐18E earnings projections by 19% and 18%, with a new DDM‐based target price of Bt5.15/share. Therefore, we have downgraded our rating to “Underperform” (from Outperform previously). Divided yields of 5.3 ‐ 6.2% are expected for 2017‐18E. 1Q17 net profit fell by 64%YoY and 72%QoQ on sales decline MODERN posted a net profit of Bt19mn in 1Q17, down 64%YoY and 72%QoQ. Its sales dropped by 20%YoY and 17%QoQ to Bt638mn, i.e., a nine‐quarter low. The sales deterioration was caused by a decline of 31% in furniture sales to Bt449mn on the back of postponements of deliveries of products for clients who are property developers amid the slowdown in the property industry and intense competition in the furniture market. Meanwhile, its gross profit margin stood at 31.9% vs. 30.4% in 1Q16 and 32.9% in 4Q16. Net cash position remains The firm maintained its net cash position at Bt254mn, with net cash on hand amounting to Bt301mn (EPS: Bt0.4) and short‐term borrowing of Bt104mn as of the end of 1Q17. The capital base was strong with shareholders’ equity of Bt2.47bn (BV= Bt3.29/share). Note that the firm will pay dividends at Bt0.15/share for its 2H16 performance on 23 May‐ 17. 2017‐18 earnings projections revised down by 19% and 18% The disappointing 1Q17 earnings accounted for a mere 8% of our full‐ year projection. To reflect the sharp drop in furniture sales on a YoY basis and lower‐than‐expected revenue in 1Q17, we have revised down our 2017E earnings projection by 19% to Bt196mn and the 2018E projection by 18% to Bt231mn.
Financial and Valuation Anti‐corruption
n.a.
Phornsri Laysanitsaerekul Analyst , no 17621 [email protected] 66 (0) 2624‐6258
FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 3,550 785 1.05 0.55 ‐1% 1.00 3.58 2014 13.98 12.40 2.16 20.2% 15.2% cash
2015 3,654 624 0.83 0.39 ‐29% 1.00 3.39 2015 19.67 14.46 2.29 20.2% 23.8% cash
2016 2,976 173 0.23 0.22 ‐44% 0.25 3.24 2016 35.30 36.20 2.39 5.1% 7.0% cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 2,933 196 0.26 0.26 19% 0.26 3.25 2017E 29.69 17.93 2.38 5.3% 8.0% cash
2018E 3,079 231 0.31 0.31 18% 0.31 3.30 2018E 25.16 16.22 2.35 6.2% 9.4% cash
Figure 1 : 1Q17 earnings review Consolidated Profit and Loss FY Dec (Btm)
YTD 1Q16
4Q16
1Q17
%YoY
%QoQ
2016 2017E
Revenue
796
765
638
(19.8)
(16.6) 2,976
Gross profit
242
252
204
(15.7)
(19.0)
935
EBITDA
69
76
33
(52.0)
(56.9)
192
Interest expense
(3)
(2)
(2)
(28.0)
(16.1)
Other income
22
23
28
23.5
17.6
112
115
2.6
24.0
Income tax
(53.4)
(59.6)
(40)
(54) 34.7
11.8
(9)
2,933
%YoY (% of 2017E) (1.4)
21.8
938
0.4
21.7
388
101.9
8.5
(7) (23.4)
24.8
(14)
(16)
(6)
Forex gain (loss)
0
0
0
nm
nm
0
0
nm
nm
Other extraordinary Items
0
8
0
nm
nm
8
0
nm
nm
Gn (Ls) from affiliates
2
(1)
(2) (230.8) 236.9
1
(10)
(845.7)
24.2
Net profit (loss)
52
66
19
(63.9)
(71.5)
173
196
13.2
9.7
Normalized profit (loss)
52
58
19
(63.9)
(67.4)
165
196
18.9
9.7
Reported EPS (THB)
0.07
0.09 0.03
(63.9) (71.5) 0.23 0.26
Gross margin
30.4
32.9 31.9
31.4 32.0
EBITDA margin
8.6
10.0
5.2
6.5 13.2
Norm. profit margin
6.6
7.6
3.0
5.5
6.7
Net debt to equity (x)
cash
cash
cash
cash
cash
Source: MODERN and KTZMICO Research
Figure 2: 2017‐18E earnings revision Previous Current Bt m 2017E 2018E 2017E 2018E Revenues 3,176 3,335 2,933 3,079 Gross margin 32.0% 33.0% 32.0% 33.0% SG&A expense (858) (900) (792) (831) Dividend income 25 25 10 10 Norm profit 241 282 196 231 EPS (Bt) 0.32 0.38 0.26 0.31
13.2 9.7
% Change 2017E 2018E ‐7.7% ‐7.7% 0.0% 0.0% ‐7.7% ‐7.7% ‐60.0% ‐60.0% ‐18.8% ‐18.1% ‐18.8% ‐18.1%
Source: KTZ Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, M‐CHAI, POMPUI, TFD, TTL, NMG.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Anti‐corruption Progress Indicator
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy DISCLAIMER
This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
