Muangthai Leasing
Muangthai Leasing Company Update
Outperform (17E TP Bt38.00) Close Bt34.50
Finance & Securities June 21, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Remaining an outperformer Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.059
1.450
KT ZMICO vs. consensus Share data
6.7%
9.7%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
73.00/2,152.00
Foreign limit / actual (%)
49.00/5.69
52 week High / Low (Bt)
35.75/14.00
Avg. daily T/O (shares 000) NVDR (%)
11,669.00 3.57
Estimated free float (%)
31.68
Beta
1.41
URL
www.muangthaileasing.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Among top growth stocks in the financial sector We maintain our Outperform rating for MTLS following our earnings upgrade. It remains appealing for being among the top growth stocks in the financial sector, thanks to its leading position in the field and the supportive industry outlook that still suggests ample room to grow. Expect 2Q17E net profit of Bt582mn (+94% YoY, +9% QoQ) We expect MTLS to post robust 2Q17E net profit (NP) of Bt582mn (+94% YoY, +9% QoQ). The impressive NP growth YoY should be backed mainly by its robust loan growth of around 73% YoY and 15% QoQ (boosted mainly by car and agricultural land products). This should be thanks primarily to its extensive branch expansion to ~2,046 branches at end‐ 2Q17 vs. 1,664 branches at end‐16, with around 172 and 382 new branches opened in 2Q17 and 1H17, respectively, vs. the firm’s original plan to expand around 600 new branches for 2017‐18E. NPLs likely to still increase following its rapid credit expansion Its NPLs for 2Q17 are likely to still increase both YoY and QoQ to 1.1‐1.2% of loans vs. 1.09% in 1Q17 and 0.94% in 2Q16. The increase in NPLs should still stem mainly from NPLs in agricultural land and car products following its rapid loan expansion. The management said that they will try to control the NPL ratio for 2017E below 1.5% through both loan write‐offs and NPL sales as well as with more stringent risk management. Likely to do better than its 2017 financial targets Although MTLS maintained its key financial targets for 2017 (e.g., loan growth of >50%, total branches at end‐17E and 18E at around 2,200 and 2,800 with ~600 new branches opening per year), the firm hints that it will likely do better than its guidance. Specifically, loan growth is likely to end up near 60% and total branches should be around 2,300 and 2,900 at end‐17E and 18E, respectively. It also expects its efficient cost control to help boost its growth, with the cost‐to‐income ratio expected at 43‐44%. Three‐year strategic intents still focus on core business in Thailand For the next few years, MTLS will still focus on its core business (collateralized loans) in the Thailand market, in which it still sees plenty of room to grow and gain a higher share in this field. Regarding the IFRS issue, it expects to determine the potential impact in early 2018 but anticipates a modest impact to the firm. Revise up net profit estimates for 17‐18E by 12‐18% We raised our net profit forecasts for MTLS by 12% for 2017E and 18% for 2018E, mainly to fine‐tune with the firm’s latest business guidance and operating environment. The main revisions are lower‐than‐expected operating expenses as well as the potential for higher‐than‐expected loans, fee income and NIM. On the other hand, we also raised provision expenses to factor in the firm’s weaker asset quality. Following our NP revision, we raised our 17E target price to Bt38/share (for implied target PER of 33x) from Bt33/share previously. Financials and Valuation
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
FY Ended 31 Dec Net profit (Btmn) EPS (Bt) EPS growth (%) BV (Bt) Dividend (Bt) FY Ended 31 Dec PER (x) PBV (x) Dividend yield (%) ROE (%)
2015 825 0.39 52% 2.67 0.20 2015 88.65 12.94 0.58 15%
2016 1,464 0.69 77% 3.16 0.10 2016 49.95 10.93 0.29 24%
2017E 2,397 1.13 64% 4.19 0.17 2017E 30.52 8.24 0.49 31%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2018E 3,372 1.59 41% 5.61 0.24 2018E 21.69 6.15 0.69 32%
2019E 4,424 2.09 31% 7.46 0.31 2019E 16.53 4.63 0.91 32%
Figure 1: 2Q17E earnings preview Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q16
1Q17
2Q17E % YoY % QoQ
1H16 1H17E % YoY
2016 2017E % YoY % 1H to 17E
Interest Income
897
1,415
1,590
77%
12% 1,667
3,005
80% 4,019
6,850
70%
44%
Interest Expenses
72
122
145
102%
19% 138
267
94% 328
660
101%
41%
Net Interest Income
826
1,293
1,445
75%
12% 1,529
2,738
79% 3,691
6,190
68%
44%
Non Interest Income
106
148
167
57%
12% 202
315
56% 453
671
48%
47%
Operating Income
931
1,441
1,611
73%
12% 1,731
3,052
76% 4,144
6,861
66%
44%
Operating Expenses
457
622
707
55%
14% 847
1,328
57% 1,985
3,038
53%
44%
Operating Profit
475
819
905
90%
10% 884
1,724
95% 2,159
3,823
77%
45%
Provision expenses (Reversal)
106
146
170
61%
17% 163
316
93% 332
778
134%
41%
131
146
119%
11% 136
277
103% 348
609
75%
45%
174%
17% (5) (13) 187% (15) (39) 158%
Taxes
66
Gain(loss) from foreclosed assets
(3) (6) (7)
Net Profit PPOP EPS (Bt)
300 409 0.14
536 688 0.25
2Q16
1Q17
Key Statistics and Ratios
582 759 0.27
94% 86% 94%
9% 580 10% 748 9% 0.27
2Q17E
1,118 1,447 0.53
1H16 1H17E
335
2,397 3,214 1.13
93% 1,464 93% 1,811 93% 0.69
Gross NPLs (Btmn)
162
284
162
335
251
0.94%
1.09%
1.12%
0.94%
1.12%
1.07% 1.33%
Loan Loss Reserve/NPLs
302%
265%
255%
302%
255%
257%
252%
Loan Loss Reserve/Loans
2.8%
2.9%
2.9%
2.8%
2.9%
2.7%
3.3%
Equity/Asset Loan to borrowing ratio
32.3%
27.0%
24.7%
32.3%
24.7%
145%
140%
Debt to equity ratio
2.1
2.7
Cost to Income
49.0%
43.2%
Non Interest Income/Total Income
11.4%
10.3%
Interest Spread
19.9%
20.1%
135%
47% 45% 47%
2016 2017E
Gross NPLs/Loans
492
27.4% 23.5%
145%
135%
139%
2.1
3.0
2.6
43.9%
48.9%
43.5%
47.9% 44.3%
10.3%
11.7%
10.3%
10.9%
19.9%
19.4%
19.8%
19.5% 19.7%
3.0
33%
64% 77% 64%
133% 3.2 9.8%
Net Interest Margin
20.8%
20.9%
20.7%
20.4%
20.5%
20.4% 20.4%
Loan Growth YoY
84.5%
79.6%
73.2%
84.5%
73.2%
86.4% 57.3%
Loan Growth QoQ
19.3%
10.3%
15.0%
19.3%
15.0%
Source: KTZMICO Research
Figure 2: Key changes in our earnings revision 2017E
Net Profi t (Btmn) % Cha nge i n net profi t from previ ous foreca s ts % YoY Cha nge i n net profi t Loa n growth (%) Interes t Sprea d Net i nteres t ma rgi n (NIM) Provi s i on for l oa n l os s (Btmn) Provi s i on for l oa n l os s (% to l oa ns ) Cos t to i ncome ra ti o
New 2,397 12% 64% 57% 19.7% 20.41% 778 2.10% 44.3%
2018E
Previous 2,147
50% 19.3% 20.07% 601 1.70% 47.8%
New 3,372 18% 41% 40% 19.3% 20.05% 1,243 2.40% 43.0%
Previous 2,865
35% 19.0% 19.78% 857 1.80% 47.9%
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 10.0
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
40
15
9.1
38
10
+2.5SD
8.7
36
5
+2.0SD
8.3
35
0
+1.5SD
7.9
33
-4
+1.0SD
7.5
31
-9
+0.5SD
7.1
30
-14
Average
6.7
28
-19
-0.5SD
6.3
26
-24
-1.0SD
5.9
25
-29
-1.5SD
5.5
23
-34
-2.0SD
5.1
21
-38
2017E
PBV (x)
+3.5SD
9.5
+3.0SD
+3.0 S.D.
9.0 +2.0 S.D.
8.0
+1.0 S.D.
7.0 6.0 5.0
Avg. -1.0 S.D. -2.0 S.D.
Jun-17
Feb-17
Nov-16
Aug-16
Apr-16
Jan-16
Sep-15
Jun-15
Mar-15
Nov-14
4.0
Source: Bloomberg, KT ZMICO Research
Figure 4: MTLS's PER band and sensitivity of market prices based on PER at different standard deviation levels (X) 60.0
+2.0 S.D.
55.0
Upside/ Downside vs. market price
(Bt)
(%)
63
84
51.2
58
68
+1.0SD
46.2
52
51
+0.5SD Average -0.5SD -1.0SD -1.5SD -2.0SD
41.3 36.3 31.4 26.4 21.5 16.6
47 41 35 30 24 19
35 19 3 -13 -30 -46
PER (x)
+2.0SD
56.1
+1.5SD
+1.5 S.D.
50.0
Source: Bloomberg, KT ZMICO Research
Jun-17
Nov-14
20.0
Feb-17
-1.5 S.D.
Nov-16
25.0
Aug-16
30.0
-1.0 S.D.
Apr-16
-0.5 S.D.
Sep-15
35.0
Jun-15
Avg.
Mar-15
40.0
Jan-16
+1.0 S.D.
45.0
Implied market price
2017E
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec
2015
2016
2017E
2018E
2019E
Tota l Interes t Income Tota l Interes t Expens es Net Interes t Income Fee a nd Servi ce i ncome Other i ncome Tota l Non‐Interes t Income Opera ti ng Income Pers onnel expens es Reta l expens es Tota l Opera ti ng Expens es Opera ti ng Profi t Provi s i on expens es Extra ordi na ry Items Income Ta x expens e Mi nori ty Interes ts Net Profi t Pre Provi s i oni ng Opera ti ng Profi t (PPOP) EPS (Bt)
2,225 228 1,998 317 17 334 2,331 710 164 1,269 1,063 25 (6) 207 ‐ 825 856 0.39
4,019 328 3,691 436 17 453 4,144 1,097 250 1,985 2,159 332 (15) 348 ‐ 1,464 1,811 0.69
6,850 660 6,190 646 25 671 6,861 1,646 388 3,038 3,823 778 (39) 609 ‐ 2,397 3,214 1.13
9,990 1,081 8,909 804 29 833 9,742 2,172 543 4,188 5,554 1,243 (77) 862 ‐ 3,372 4,692 1.59
13,662 1,618 12,045 925 33 958 13,002 2,824 695 5,535 7,468 1,784 (123) 1,137 ‐ 4,424 6,331 2.09
Statement of Financial Position (Btmn) As at 31 Dec
2015
2016
2017E
2018E
2019E
Assets Ca s h Depos i ts wi th ba nks /Loa ns to rel a ted pa rti es Net Inves tment Gros s Loa ns Les s : Loa n Los s Res erves Net Loa ns
153 18 1 12,630 (336) 12,295
539 32 1 23,541 (646) 22,896
593 36 1 37,032 (1,238) 35,794
653 39 1 51,774 (2,144) 49,630
718 42 1 69,961 (3,369) 66,593
Premi s es a nd Equi pment, Net Other As s ets Total Assets
520 97 13,083
772 185 24,426
963 312 37,700
1,143 346 51,813
1,323 469 69,147
Liabilities & Equity O/D a nd Short‐term borrowi ngs from ba nks Other Borrowi ng Other Li a bi l i ti es Total Liabilities
3,218 3,907 306 7,431
10,288 6,673 772 17,733
13,074 14,863 887 28,823
15,959 22,948 1,016 39,923
20,819 31,354 1,166 53,339
2,120 2,380 1,043 109 ‐ 5,652 13,083
2,120 2,380 2,008 184 ‐ 6,692 24,426
2,120 2,380 4,118 259 ‐ 8,877 37,700
2,120 2,380 7,055 334 ‐ 11,890 51,813
2,120 2,380 10,899 409 ‐ 15,808 69,147
Pa i d‐up Ca pi ta l Premi um on Sha re Ca pi ta l Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t Total Shareholders' Equity of the bank Total Liabilities and Shareholders Equity Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Valuation and Ratio Analysis Year‐end 31 Dec
2015
2016
2017E
2018E
2019E
Per/Share Data (Bt) EPS DPS BVPS
0.39 0.20 2.67
0.69 0.10 3.16
1.13 0.17 4.19
1.59 0.24 5.61
2.09 0.31 7.46
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
88.65 12.94 0.58
49.95 10.93 0.29
30.52 8.24 0.49
21.69 6.15 0.69
16.53 4.63 0.91
51.6% 51.6% 53.5% 31.1% 13.6% 46.6% 43.7% 50.2% 49.7% 69.6% 4.2%
77.5% 77.5% 84.8% 51.0% 37.4% 77.7% 56.4% 103.2% 111.6% 86.4% 115.0%
63.7% 63.7% 67.7% 60.2% 48.1% 65.6% 53.1% 77.0% 77.4% 57.3% 95.9%
40.7% 40.7% 43.9% 30.8% 24.5% 42.0% 37.8% 45.3% 46.0% 39.8% 73.7%
31.2% 31.2% 35.2% 19.9% 15.0% 33.5% 32.2% 34.5% 34.9% 35.1% 59.8%
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Fee a nd Servi ce i ncome Opera ti ng Income Opera ti ng Expens es Opera ti ng Profi t PPOP Loa ns NPLs Financial Ratio Gros s NPLs (Btmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs Loa n Los s Res erve/Loa ns Provi s i on expens es (Revers a l )/Tota l l oa ns Equi ty/As s et Loa n to borrowi ng ra ti o Debt to Equi ty ra ti o Profitability Ratio ROA ROE Cos t to Income Non Interes t Income/Tota l Income Interes t Sprea d Net Interes t Ma rgi n (NIM) Net profi t Ma rgi n Ta x ra te
Key Assumptions Loa n Growth ‐ Net Cos t to Income Net Interes t Ma rgi n Provi s i on expens es (Revers a l ) (Btmn) Provi s i on expens es (Revers a l )/Tota l l oa ns
117 251 492 854 1,365 0.9% 1.1% 1.3% 1.6% 2.0% 287.6% 257.3% 251.9% 251.1% 246.8% 2.7% 2.7% 3.3% 4.1% 4.8% 0.2% 1.4% 2.1% 2.4% 2.6% 43.2% 27.4% 23.5% 22.9% 22.9% 177.3% 138.8% 132.6% 133.1% 134.1% 1.31 2.65 3.25 3.36 3.37
7.5% 15.3% 54.4% 14.3% 17.9% 19.4% 32.2% 20.0%
7.8% 23.7% 47.9% 10.9% 19.5% 20.4% 32.7% 19.2%
7.7% 30.8% 44.3% 9.8% 19.7% 20.4% 31.9% 20.0%
7.5% 32.5% 43.0% 8.5% 19.3% 20.0% 31.2% 20.0%
7.3% 31.9% 42.6% 7.4% 18.9% 19.8% 30.3% 20.0%
2015 2016 2017E 2018E 2019E 69.6% 86.4% 57.3% 39.8% 35.1% 54.4% 47.9% 44.3% 43.0% 42.6% 19.4% 20.4% 20.4% 20.0% 19.8% 25 332 778 1,243 1,784 0.2% 1.4% 2.1% 2.4% 2.6%
Source: KTZMICO Research
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, M‐CHAI, POMPUI, TTL, NMG, SAWAD.
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
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
Outperform (17E TP Bt38.00) Close Bt34.50
Finance & Securities June 21, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Remaining an outperformer Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
1.059
1.450
KT ZMICO vs. consensus Share data
6.7%
9.7%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
73.00/2,152.00
Foreign limit / actual (%)
49.00/5.69
52 week High / Low (Bt)
35.75/14.00
Avg. daily T/O (shares 000) NVDR (%)
11,669.00 3.57
Estimated free float (%)
31.68
Beta
1.41
URL
www.muangthaileasing.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Among top growth stocks in the financial sector We maintain our Outperform rating for MTLS following our earnings upgrade. It remains appealing for being among the top growth stocks in the financial sector, thanks to its leading position in the field and the supportive industry outlook that still suggests ample room to grow. Expect 2Q17E net profit of Bt582mn (+94% YoY, +9% QoQ) We expect MTLS to post robust 2Q17E net profit (NP) of Bt582mn (+94% YoY, +9% QoQ). The impressive NP growth YoY should be backed mainly by its robust loan growth of around 73% YoY and 15% QoQ (boosted mainly by car and agricultural land products). This should be thanks primarily to its extensive branch expansion to ~2,046 branches at end‐ 2Q17 vs. 1,664 branches at end‐16, with around 172 and 382 new branches opened in 2Q17 and 1H17, respectively, vs. the firm’s original plan to expand around 600 new branches for 2017‐18E. NPLs likely to still increase following its rapid credit expansion Its NPLs for 2Q17 are likely to still increase both YoY and QoQ to 1.1‐1.2% of loans vs. 1.09% in 1Q17 and 0.94% in 2Q16. The increase in NPLs should still stem mainly from NPLs in agricultural land and car products following its rapid loan expansion. The management said that they will try to control the NPL ratio for 2017E below 1.5% through both loan write‐offs and NPL sales as well as with more stringent risk management. Likely to do better than its 2017 financial targets Although MTLS maintained its key financial targets for 2017 (e.g., loan growth of >50%, total branches at end‐17E and 18E at around 2,200 and 2,800 with ~600 new branches opening per year), the firm hints that it will likely do better than its guidance. Specifically, loan growth is likely to end up near 60% and total branches should be around 2,300 and 2,900 at end‐17E and 18E, respectively. It also expects its efficient cost control to help boost its growth, with the cost‐to‐income ratio expected at 43‐44%. Three‐year strategic intents still focus on core business in Thailand For the next few years, MTLS will still focus on its core business (collateralized loans) in the Thailand market, in which it still sees plenty of room to grow and gain a higher share in this field. Regarding the IFRS issue, it expects to determine the potential impact in early 2018 but anticipates a modest impact to the firm. Revise up net profit estimates for 17‐18E by 12‐18% We raised our net profit forecasts for MTLS by 12% for 2017E and 18% for 2018E, mainly to fine‐tune with the firm’s latest business guidance and operating environment. The main revisions are lower‐than‐expected operating expenses as well as the potential for higher‐than‐expected loans, fee income and NIM. On the other hand, we also raised provision expenses to factor in the firm’s weaker asset quality. Following our NP revision, we raised our 17E target price to Bt38/share (for implied target PER of 33x) from Bt33/share previously. Financials and Valuation
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
FY Ended 31 Dec Net profit (Btmn) EPS (Bt) EPS growth (%) BV (Bt) Dividend (Bt) FY Ended 31 Dec PER (x) PBV (x) Dividend yield (%) ROE (%)
2015 825 0.39 52% 2.67 0.20 2015 88.65 12.94 0.58 15%
2016 1,464 0.69 77% 3.16 0.10 2016 49.95 10.93 0.29 24%
2017E 2,397 1.13 64% 4.19 0.17 2017E 30.52 8.24 0.49 31%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2018E 3,372 1.59 41% 5.61 0.24 2018E 21.69 6.15 0.69 32%
2019E 4,424 2.09 31% 7.46 0.31 2019E 16.53 4.63 0.91 32%
Figure 1: 2Q17E earnings preview Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q16
1Q17
2Q17E % YoY % QoQ
1H16 1H17E % YoY
2016 2017E % YoY % 1H to 17E
Interest Income
897
1,415
1,590
77%
12% 1,667
3,005
80% 4,019
6,850
70%
44%
Interest Expenses
72
122
145
102%
19% 138
267
94% 328
660
101%
41%
Net Interest Income
826
1,293
1,445
75%
12% 1,529
2,738
79% 3,691
6,190
68%
44%
Non Interest Income
106
148
167
57%
12% 202
315
56% 453
671
48%
47%
Operating Income
931
1,441
1,611
73%
12% 1,731
3,052
76% 4,144
6,861
66%
44%
Operating Expenses
457
622
707
55%
14% 847
1,328
57% 1,985
3,038
53%
44%
Operating Profit
475
819
905
90%
10% 884
1,724
95% 2,159
3,823
77%
45%
Provision expenses (Reversal)
106
146
170
61%
17% 163
316
93% 332
778
134%
41%
131
146
119%
11% 136
277
103% 348
609
75%
45%
174%
17% (5) (13) 187% (15) (39) 158%
Taxes
66
Gain(loss) from foreclosed assets
(3) (6) (7)
Net Profit PPOP EPS (Bt)
300 409 0.14
536 688 0.25
2Q16
1Q17
Key Statistics and Ratios
582 759 0.27
94% 86% 94%
9% 580 10% 748 9% 0.27
2Q17E
1,118 1,447 0.53
1H16 1H17E
335
2,397 3,214 1.13
93% 1,464 93% 1,811 93% 0.69
Gross NPLs (Btmn)
162
284
162
335
251
0.94%
1.09%
1.12%
0.94%
1.12%
1.07% 1.33%
Loan Loss Reserve/NPLs
302%
265%
255%
302%
255%
257%
252%
Loan Loss Reserve/Loans
2.8%
2.9%
2.9%
2.8%
2.9%
2.7%
3.3%
Equity/Asset Loan to borrowing ratio
32.3%
27.0%
24.7%
32.3%
24.7%
145%
140%
Debt to equity ratio
2.1
2.7
Cost to Income
49.0%
43.2%
Non Interest Income/Total Income
11.4%
10.3%
Interest Spread
19.9%
20.1%
135%
47% 45% 47%
2016 2017E
Gross NPLs/Loans
492
27.4% 23.5%
145%
135%
139%
2.1
3.0
2.6
43.9%
48.9%
43.5%
47.9% 44.3%
10.3%
11.7%
10.3%
10.9%
19.9%
19.4%
19.8%
19.5% 19.7%
3.0
33%
64% 77% 64%
133% 3.2 9.8%
Net Interest Margin
20.8%
20.9%
20.7%
20.4%
20.5%
20.4% 20.4%
Loan Growth YoY
84.5%
79.6%
73.2%
84.5%
73.2%
86.4% 57.3%
Loan Growth QoQ
19.3%
10.3%
15.0%
19.3%
15.0%
Source: KTZMICO Research
Figure 2: Key changes in our earnings revision 2017E
Net Profi t (Btmn) % Cha nge i n net profi t from previ ous foreca s ts % YoY Cha nge i n net profi t Loa n growth (%) Interes t Sprea d Net i nteres t ma rgi n (NIM) Provi s i on for l oa n l os s (Btmn) Provi s i on for l oa n l os s (% to l oa ns ) Cos t to i ncome ra ti o
New 2,397 12% 64% 57% 19.7% 20.41% 778 2.10% 44.3%
2018E
Previous 2,147
50% 19.3% 20.07% 601 1.70% 47.8%
New 3,372 18% 41% 40% 19.3% 20.05% 1,243 2.40% 43.0%
Previous 2,865
35% 19.0% 19.78% 857 1.80% 47.9%
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 10.0
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
40
15
9.1
38
10
+2.5SD
8.7
36
5
+2.0SD
8.3
35
0
+1.5SD
7.9
33
-4
+1.0SD
7.5
31
-9
+0.5SD
7.1
30
-14
Average
6.7
28
-19
-0.5SD
6.3
26
-24
-1.0SD
5.9
25
-29
-1.5SD
5.5
23
-34
-2.0SD
5.1
21
-38
2017E
PBV (x)
+3.5SD
9.5
+3.0SD
+3.0 S.D.
9.0 +2.0 S.D.
8.0
+1.0 S.D.
7.0 6.0 5.0
Avg. -1.0 S.D. -2.0 S.D.
Jun-17
Feb-17
Nov-16
Aug-16
Apr-16
Jan-16
Sep-15
Jun-15
Mar-15
Nov-14
4.0
Source: Bloomberg, KT ZMICO Research
Figure 4: MTLS's PER band and sensitivity of market prices based on PER at different standard deviation levels (X) 60.0
+2.0 S.D.
55.0
Upside/ Downside vs. market price
(Bt)
(%)
63
84
51.2
58
68
+1.0SD
46.2
52
51
+0.5SD Average -0.5SD -1.0SD -1.5SD -2.0SD
41.3 36.3 31.4 26.4 21.5 16.6
47 41 35 30 24 19
35 19 3 -13 -30 -46
PER (x)
+2.0SD
56.1
+1.5SD
+1.5 S.D.
50.0
Source: Bloomberg, KT ZMICO Research
Jun-17
Nov-14
20.0
Feb-17
-1.5 S.D.
Nov-16
25.0
Aug-16
30.0
-1.0 S.D.
Apr-16
-0.5 S.D.
Sep-15
35.0
Jun-15
Avg.
Mar-15
40.0
Jan-16
+1.0 S.D.
45.0
Implied market price
2017E
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec
2015
2016
2017E
2018E
2019E
Tota l Interes t Income Tota l Interes t Expens es Net Interes t Income Fee a nd Servi ce i ncome Other i ncome Tota l Non‐Interes t Income Opera ti ng Income Pers onnel expens es Reta l expens es Tota l Opera ti ng Expens es Opera ti ng Profi t Provi s i on expens es Extra ordi na ry Items Income Ta x expens e Mi nori ty Interes ts Net Profi t Pre Provi s i oni ng Opera ti ng Profi t (PPOP) EPS (Bt)
2,225 228 1,998 317 17 334 2,331 710 164 1,269 1,063 25 (6) 207 ‐ 825 856 0.39
4,019 328 3,691 436 17 453 4,144 1,097 250 1,985 2,159 332 (15) 348 ‐ 1,464 1,811 0.69
6,850 660 6,190 646 25 671 6,861 1,646 388 3,038 3,823 778 (39) 609 ‐ 2,397 3,214 1.13
9,990 1,081 8,909 804 29 833 9,742 2,172 543 4,188 5,554 1,243 (77) 862 ‐ 3,372 4,692 1.59
13,662 1,618 12,045 925 33 958 13,002 2,824 695 5,535 7,468 1,784 (123) 1,137 ‐ 4,424 6,331 2.09
Statement of Financial Position (Btmn) As at 31 Dec
2015
2016
2017E
2018E
2019E
Assets Ca s h Depos i ts wi th ba nks /Loa ns to rel a ted pa rti es Net Inves tment Gros s Loa ns Les s : Loa n Los s Res erves Net Loa ns
153 18 1 12,630 (336) 12,295
539 32 1 23,541 (646) 22,896
593 36 1 37,032 (1,238) 35,794
653 39 1 51,774 (2,144) 49,630
718 42 1 69,961 (3,369) 66,593
Premi s es a nd Equi pment, Net Other As s ets Total Assets
520 97 13,083
772 185 24,426
963 312 37,700
1,143 346 51,813
1,323 469 69,147
Liabilities & Equity O/D a nd Short‐term borrowi ngs from ba nks Other Borrowi ng Other Li a bi l i ti es Total Liabilities
3,218 3,907 306 7,431
10,288 6,673 772 17,733
13,074 14,863 887 28,823
15,959 22,948 1,016 39,923
20,819 31,354 1,166 53,339
2,120 2,380 1,043 109 ‐ 5,652 13,083
2,120 2,380 2,008 184 ‐ 6,692 24,426
2,120 2,380 4,118 259 ‐ 8,877 37,700
2,120 2,380 7,055 334 ‐ 11,890 51,813
2,120 2,380 10,899 409 ‐ 15,808 69,147
Pa i d‐up Ca pi ta l Premi um on Sha re Ca pi ta l Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t Total Shareholders' Equity of the bank Total Liabilities and Shareholders Equity Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Valuation and Ratio Analysis Year‐end 31 Dec
2015
2016
2017E
2018E
2019E
Per/Share Data (Bt) EPS DPS BVPS
0.39 0.20 2.67
0.69 0.10 3.16
1.13 0.17 4.19
1.59 0.24 5.61
2.09 0.31 7.46
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
88.65 12.94 0.58
49.95 10.93 0.29
30.52 8.24 0.49
21.69 6.15 0.69
16.53 4.63 0.91
51.6% 51.6% 53.5% 31.1% 13.6% 46.6% 43.7% 50.2% 49.7% 69.6% 4.2%
77.5% 77.5% 84.8% 51.0% 37.4% 77.7% 56.4% 103.2% 111.6% 86.4% 115.0%
63.7% 63.7% 67.7% 60.2% 48.1% 65.6% 53.1% 77.0% 77.4% 57.3% 95.9%
40.7% 40.7% 43.9% 30.8% 24.5% 42.0% 37.8% 45.3% 46.0% 39.8% 73.7%
31.2% 31.2% 35.2% 19.9% 15.0% 33.5% 32.2% 34.5% 34.9% 35.1% 59.8%
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Fee a nd Servi ce i ncome Opera ti ng Income Opera ti ng Expens es Opera ti ng Profi t PPOP Loa ns NPLs Financial Ratio Gros s NPLs (Btmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs Loa n Los s Res erve/Loa ns Provi s i on expens es (Revers a l )/Tota l l oa ns Equi ty/As s et Loa n to borrowi ng ra ti o Debt to Equi ty ra ti o Profitability Ratio ROA ROE Cos t to Income Non Interes t Income/Tota l Income Interes t Sprea d Net Interes t Ma rgi n (NIM) Net profi t Ma rgi n Ta x ra te
Key Assumptions Loa n Growth ‐ Net Cos t to Income Net Interes t Ma rgi n Provi s i on expens es (Revers a l ) (Btmn) Provi s i on expens es (Revers a l )/Tota l l oa ns
117 251 492 854 1,365 0.9% 1.1% 1.3% 1.6% 2.0% 287.6% 257.3% 251.9% 251.1% 246.8% 2.7% 2.7% 3.3% 4.1% 4.8% 0.2% 1.4% 2.1% 2.4% 2.6% 43.2% 27.4% 23.5% 22.9% 22.9% 177.3% 138.8% 132.6% 133.1% 134.1% 1.31 2.65 3.25 3.36 3.37
7.5% 15.3% 54.4% 14.3% 17.9% 19.4% 32.2% 20.0%
7.8% 23.7% 47.9% 10.9% 19.5% 20.4% 32.7% 19.2%
7.7% 30.8% 44.3% 9.8% 19.7% 20.4% 31.9% 20.0%
7.5% 32.5% 43.0% 8.5% 19.3% 20.0% 31.2% 20.0%
7.3% 31.9% 42.6% 7.4% 18.9% 19.8% 30.3% 20.0%
2015 2016 2017E 2018E 2019E 69.6% 86.4% 57.3% 39.8% 35.1% 54.4% 47.9% 44.3% 43.0% 42.6% 19.4% 20.4% 20.4% 20.0% 19.8% 25 332 778 1,243 1,784 0.2% 1.4% 2.1% 2.4% 2.6%
Source: KTZMICO Research
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, M‐CHAI, POMPUI, TTL, NMG, SAWAD.
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
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
