Sherwood Chemicals Underperform (17E TP Bt11.70)
Sherwood Chemicals Underperform (17E TP Bt11.70)
Earnings Review
Close Bt11.30
mai ‐ Industrial
Beat forecast/Below forecast/In line
November 11, 2016
3Q16 net profit fell YoY and QoQ, 7% below expectation Price Performance (%)
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
0.980
1.110
KT ZMICO vs. consensus Share data
‐17.3%
‐11.7%
Reuters / Bloomberg
SWC.BK/SWC TB
Paid‐up Shares (m)
150.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
2.00/48.00
Foreign limit / actual (%)
49.00/0.56
52 week High / Low (Bt)
12.70/8.50
Avg. daily T/O (shares 000) NVDR (%)
821.00
Fully‐valued in the short term; still attractive in the long term We still like SWC for its bright earnings outlook, net cash position and an expected dividend yield of 4‐5% p.a. in 2016‐17E. However, the firm’s 4Q16E earnings are likely to weaken QoQ on seasonality and the share price is now almost fully valued vs. our 2017E target price of Bt11.70 (10.5x PER); investors are thus advised to sell to take profit. Therefore, our “Underperform” rating is maintained. 3Q16 net profit fell by 30%YoY and 12%QoQ, 7% below forecast SWC reported a 3Q16 net profit of Bt33mn, down 30%YoY and 12%QoQ. This result fell short of our projection by 7% due to higher‐than‐expected sales expenses. The firm booked sales of Bt287mn (‐3%YoY, ‐10%QoQ) due to lower sales from provincial markets. The firm’s gross profit margin stood at 37.8% vs. 37.3% in 3Q15 and 38.9% in 2Q16 as it launched promotional campaigns and offered freebies to boost sales of products used for agricultural purposes. Operating expenses/sales rose to 23.8% in 3Q16 vs. 18% in 3Q15 and 24.5% in 2Q16 due to the increase in sales expenses arising from promotional campaigns. 2016E earnings forecast is maintained 9M16 net profit amounted to Bt125mn (+14%YoY), accounting for 85% of our 2016E net profit forecast of Bt147mn (+21%YoY). With sales and profit likely to fall seasonally in 4Q16, we thus keep our 2016E earnings projection unchanged. Net cash position remains; good dividend yield is expected The firm’s financial position remained strong as of the end of 3Q16, with net cash of Bt243mn (Bt1.62/share). We expect the firm to pay a DPS of Bt0.25 for 2H16. Note that SWC announced a DPS payment of Bt0.25 for 1H16 with the XD on 17 Nov‐16 and the dividend payment on 2 Dec‐16. The current share price implies a dividend yield of 4.4%.
0.42
Estimated free float (%)
37.69
Financials and Valuation
Beta
0.87
FY Ended 31 Dec
2013
2014
2015
2016E
2017E
URL
www.sherwood.co.th
Revenues (Btmn)
1,143
1,149
1,175
1,194
1,371
Net profit (Btmn)
118
88
122
147
167
EPS (Bt)
0.78
0.59
0.81
0.98
1.11
Norm. EPS (Bt)
0.78
0.59
0.81
0.98
1.11
CGR
Anti‐corruption
n.a.
Norm. EPS growth (%) Dividend (Bt) BV (Bt)
Phornsri Laysanitsaerekul Analyst , no 17621 [email protected] 66 (0) 2624‐6258
FY Ended 31 Dec
21%
‐25%
39%
21%
13%
0.19
0.40
0.45
0.50
0.55
3.64
3.80
4.19
4.70
5.29 2017E
2013
2014
2015
2016E
PER (x)
14.40
19.30
13.89
11.51
10.15
EV/EBITDA (x)
6.76
9.20
6.38
5.66
4.72
PBV (x)
3.10
2.98
2.70
2.41
2.14
Dividend yield (%) ROE (%) Net gearing (%)
1.68% 22.7% cash
3.54% 15.7% cash
3.98% 20.4% cash
4.43% 22.1% cash
4.88% 22.3% cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: 3Q16 earnings review
(Bt m) Sales COGS Gross profit SG&A expense Others income EBIT Interest expense EBT Tax expense Equity income MI Norm. profit Extra. Items Net profit
3Q15 297 (186) 111 (53) 1 58 ‐ 58 (12) ‐ (0) 47 ‐ 47
EPS (Bt)
0.31 0.25 0.22 ‐29.6% ‐12.0% 0.73 0.84 13.9% 0.81 0.98 20.6%
Gross margin SG&A /Sales EBIT margin Norm. profit margin Net profit margin
37.3% 17.8% 19.7% 15.8% 15.8%
2Q16 317 (194) 123 (78) 0 46 ‐ 46 (9) ‐ (1) 38 ‐ 38
38.9% 24.5% 14.5% 11.8% 11.8%
3Q16 287 (179) 108 (68) 2 42 ‐ 42 (9) ‐ (0) 33 ‐ 33
37.8% 23.8% 14.7% 11.5% 11.5%
Source: SET and KTZMICO Research
% YoY ‐3.2% ‐4.0% ‐1.9% 29.5% 236.3% ‐28.1% nm ‐28.1% ‐22.0% nm nm ‐29.6% nm ‐29.6%
%QoQ ‐9.5% ‐7.9% ‐12.0% ‐12.2% 528.2% ‐8.3% nm ‐8.3% 4.9% nm nm ‐12.0% nm ‐12.0%
9M15 867 (559) 308 (172) 3 139 ‐ 139 (28) ‐ 1 110 ‐ 110
35.6% 19.8% 16.0% 12.7% 12.7%
9M16 920 (562) 358 (203) 4 159 ‐ 159 (33) ‐ 1 125 ‐ 125
38.9% 22.0% 17.3% 13.6% 13.6%
% YoY 6.1% 0.6% 16.0% 18.0% 59.5% 14.3% nm 14.3% 16.0% nm nm 13.9% nm 13.9%
2015 1,175 (727) 448 (295) 2 155 ‐ 155 (32) ‐ 1 122 ‐ 122
38.1% 25.1% 13.2% 10.4% 10.4%
2016E 1,194 (742) 451 (271) 3 183 ‐ 183 (37) ‐ (1) 147 ‐ 147
37.8% 22.7% 15.3% 12.3% 12.3%
% YoY YTD (% of 2016E) 1.6% 77.0% 2.1% 75.7% 0.7% 79.2% ‐8.2% 74.8% 20.0% 156.2% 17.8% 87.0% nm nm 17.8% 87.0% 14.3% 89.9% nm nm nm nm 20.6% 85.2% nm nm 20.6% 85.2% 85.2%
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, PACE, TPOLY, M‐CHAI, TFD, SUTHA.
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 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
Earnings Review
Close Bt11.30
mai ‐ Industrial
Beat forecast/Below forecast/In line
November 11, 2016
3Q16 net profit fell YoY and QoQ, 7% below expectation Price Performance (%)
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
0.980
1.110
KT ZMICO vs. consensus Share data
‐17.3%
‐11.7%
Reuters / Bloomberg
SWC.BK/SWC TB
Paid‐up Shares (m)
150.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
2.00/48.00
Foreign limit / actual (%)
49.00/0.56
52 week High / Low (Bt)
12.70/8.50
Avg. daily T/O (shares 000) NVDR (%)
821.00
Fully‐valued in the short term; still attractive in the long term We still like SWC for its bright earnings outlook, net cash position and an expected dividend yield of 4‐5% p.a. in 2016‐17E. However, the firm’s 4Q16E earnings are likely to weaken QoQ on seasonality and the share price is now almost fully valued vs. our 2017E target price of Bt11.70 (10.5x PER); investors are thus advised to sell to take profit. Therefore, our “Underperform” rating is maintained. 3Q16 net profit fell by 30%YoY and 12%QoQ, 7% below forecast SWC reported a 3Q16 net profit of Bt33mn, down 30%YoY and 12%QoQ. This result fell short of our projection by 7% due to higher‐than‐expected sales expenses. The firm booked sales of Bt287mn (‐3%YoY, ‐10%QoQ) due to lower sales from provincial markets. The firm’s gross profit margin stood at 37.8% vs. 37.3% in 3Q15 and 38.9% in 2Q16 as it launched promotional campaigns and offered freebies to boost sales of products used for agricultural purposes. Operating expenses/sales rose to 23.8% in 3Q16 vs. 18% in 3Q15 and 24.5% in 2Q16 due to the increase in sales expenses arising from promotional campaigns. 2016E earnings forecast is maintained 9M16 net profit amounted to Bt125mn (+14%YoY), accounting for 85% of our 2016E net profit forecast of Bt147mn (+21%YoY). With sales and profit likely to fall seasonally in 4Q16, we thus keep our 2016E earnings projection unchanged. Net cash position remains; good dividend yield is expected The firm’s financial position remained strong as of the end of 3Q16, with net cash of Bt243mn (Bt1.62/share). We expect the firm to pay a DPS of Bt0.25 for 2H16. Note that SWC announced a DPS payment of Bt0.25 for 1H16 with the XD on 17 Nov‐16 and the dividend payment on 2 Dec‐16. The current share price implies a dividend yield of 4.4%.
0.42
Estimated free float (%)
37.69
Financials and Valuation
Beta
0.87
FY Ended 31 Dec
2013
2014
2015
2016E
2017E
URL
www.sherwood.co.th
Revenues (Btmn)
1,143
1,149
1,175
1,194
1,371
Net profit (Btmn)
118
88
122
147
167
EPS (Bt)
0.78
0.59
0.81
0.98
1.11
Norm. EPS (Bt)
0.78
0.59
0.81
0.98
1.11
CGR
Anti‐corruption
n.a.
Norm. EPS growth (%) Dividend (Bt) BV (Bt)
Phornsri Laysanitsaerekul Analyst , no 17621 [email protected] 66 (0) 2624‐6258
FY Ended 31 Dec
21%
‐25%
39%
21%
13%
0.19
0.40
0.45
0.50
0.55
3.64
3.80
4.19
4.70
5.29 2017E
2013
2014
2015
2016E
PER (x)
14.40
19.30
13.89
11.51
10.15
EV/EBITDA (x)
6.76
9.20
6.38
5.66
4.72
PBV (x)
3.10
2.98
2.70
2.41
2.14
Dividend yield (%) ROE (%) Net gearing (%)
1.68% 22.7% cash
3.54% 15.7% cash
3.98% 20.4% cash
4.43% 22.1% cash
4.88% 22.3% cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: 3Q16 earnings review
(Bt m) Sales COGS Gross profit SG&A expense Others income EBIT Interest expense EBT Tax expense Equity income MI Norm. profit Extra. Items Net profit
3Q15 297 (186) 111 (53) 1 58 ‐ 58 (12) ‐ (0) 47 ‐ 47
EPS (Bt)
0.31 0.25 0.22 ‐29.6% ‐12.0% 0.73 0.84 13.9% 0.81 0.98 20.6%
Gross margin SG&A /Sales EBIT margin Norm. profit margin Net profit margin
37.3% 17.8% 19.7% 15.8% 15.8%
2Q16 317 (194) 123 (78) 0 46 ‐ 46 (9) ‐ (1) 38 ‐ 38
38.9% 24.5% 14.5% 11.8% 11.8%
3Q16 287 (179) 108 (68) 2 42 ‐ 42 (9) ‐ (0) 33 ‐ 33
37.8% 23.8% 14.7% 11.5% 11.5%
Source: SET and KTZMICO Research
% YoY ‐3.2% ‐4.0% ‐1.9% 29.5% 236.3% ‐28.1% nm ‐28.1% ‐22.0% nm nm ‐29.6% nm ‐29.6%
%QoQ ‐9.5% ‐7.9% ‐12.0% ‐12.2% 528.2% ‐8.3% nm ‐8.3% 4.9% nm nm ‐12.0% nm ‐12.0%
9M15 867 (559) 308 (172) 3 139 ‐ 139 (28) ‐ 1 110 ‐ 110
35.6% 19.8% 16.0% 12.7% 12.7%
9M16 920 (562) 358 (203) 4 159 ‐ 159 (33) ‐ 1 125 ‐ 125
38.9% 22.0% 17.3% 13.6% 13.6%
% YoY 6.1% 0.6% 16.0% 18.0% 59.5% 14.3% nm 14.3% 16.0% nm nm 13.9% nm 13.9%
2015 1,175 (727) 448 (295) 2 155 ‐ 155 (32) ‐ 1 122 ‐ 122
38.1% 25.1% 13.2% 10.4% 10.4%
2016E 1,194 (742) 451 (271) 3 183 ‐ 183 (37) ‐ (1) 147 ‐ 147
37.8% 22.7% 15.3% 12.3% 12.3%
% YoY YTD (% of 2016E) 1.6% 77.0% 2.1% 75.7% 0.7% 79.2% ‐8.2% 74.8% 20.0% 156.2% 17.8% 87.0% nm nm 17.8% 87.0% 14.3% 89.9% nm nm nm nm 20.6% 85.2% nm nm 20.6% 85.2% 85.2%
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, PACE, TPOLY, M‐CHAI, TFD, SUTHA.
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 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
