WHA: 1Q17 net declined 32.6% YoY and 96.6 ...
WHA Corporation Outperform (17E TP Bt3.20)
Earnings Review
Close Bt2.98
Property Development May 17, 2017
Beat forecast/Below forecast/In line
1Q17 net declined 32.6% YoY and 96.6% QoQ Results date: May 11, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
0.310
0.346
KT ZMICO vs. consensus Share data
‐35.5%
‐39.3%
Reuters / Bloomberg
WHA.BK/WHA TB
Paid‐up Shares (m)
14,322.43
Par (Bt)
0.10
Market cap (Bt bn / US$ m) Foreign limit / actual (%)
43.00/1,236.00 49.00/17.23
52 week High / Low (Bt)
3.70/2.70
Avg. daily T/O (shares 000)
77,028.00
NVDR (%)
2.74
Estimated free float (%)
32.92
Beta
1.30
URL
www.wha.co.th
CGR Anti‐corruption
‐ Level 2 (Declared)
Worarat Powpaka Analyst, no. 17992 [email protected] 66 (0) 2624‐6248
Maintain Outperform and the 2017E TP of Bt3.2 We maintain Outperform and the 2017E TP of Bt3.2. 1Q17 net profit was only 3% of our 2017E forecast. However, we anticipate that 2Q17E net profit will be better QoQ as WHA expects to transfer a big land plot of 473 rai to its customer, namely, Continental Corporation in 2Q17E and 4Q17E earnings will pick up as the best quarter of the year from selling assets as per the normal earnings pattern. 1Q17 net profit declined 32.6% YoY and 96.6% QoQ WHA’s 1Q17 net profit was Bt81mn, declining 32.6% YoY and 96.6% QoQ. 1Q17 revenue from sales of properties, rental and service income was Bt971mn (‐17.1% YoY, ‐93.1% QoQ). The average GPM was 46.5%. WHA realized a shared loss from associates and joint ventures of WHAUP of Bt258mn, which decreased 42.7% YoY due to the lower operating days of GHECO‐ONE to 54 days from planned major maintenance, but improving from a shared loss of Bt155mn in 4Q16. The SG&A expenses were Bt326mn (+16.5% YoY, ‐51.1% QoQ), in line with revenue from land transfers and sales of investment properties. Interest expenses were Bt453mn, declining 25.8% YoY and 21.5% QoQ from debt and loan repayments during 4Q16‐1Q17 and the effective tax rate was 12.9% (1Q16: 2.7% and 4Q16: 23.2%). Maintain 2017E net profit 1Q17 net profit was only 3% of our 2017E net profit at Bt2.9bn (+0.1% YoY). Nonetheless, we maintain the forecast because the bulk of earnings will come in 4Q17 as WHA plans to sell assets worth around Bt5.8bn derived from i) selling WHA’s logistics centers with net leasable area of 160,000 sqm. to WHART and ii) selling HEMRAJ’s ready‐built factories and ready‐built warehouses with an area of 50,000 sqm. in 4Q17E. 2017 land sales target increased to 1,400 rai WHA had 1Q17 land sales at 514 rai from eight customers and had a total backlog of 867 rai at end‐1Q17. Hence, WHA revised up its 2017 land presales target to 1,400 rai (previously 1,200 rai) to reflect the land sales during 1Q17. Financials and Valuation FY Ended 31 Dec Revenues (Btm) Net profit (Btm) EPS (Bt) EPS growth (%) Core EPS (Bt) Core EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) Normalized PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 4,888 979 0.10 (36.3) 0.10 (36.3) 0.00 0.46 2014 29.4 29.4 21.1 6.4 0.0 22.7 152.6
2015 11,437 1,954 0.14 34.4 0.14 34.4 0.00 1.51 2015 21.8 21.8 20.2 2.0 0.0 14.9 201.7
2016 17,821 2,898 0.20 48.3 0.20 48.3 0.15 1.53 2016 14.7 14.7 13.3 1.9 5.2 13.3 170.4
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 12,733 2,900 0.20 0.0 0.20 0.0 0.07 1.62 2017E 14.7 14.7 17.3 1.8 2.4 12.8 159.9
2018E 13,295 3,061 0.21 5.6 0.21 5.6 0.07 1.81 2018E 13.9 13.9 15.9 1.6 2.5 12.4 127.3
Figure 1: Quarterly earnings review Profit and Loss (Btmn) FY Ended 31 Dec Rental and service income
4Q16 958
1Q17 838
% YoY 3.7
% QoQ (12.4)
2017E 3,716
% YoY 64.4
% of 2017E 22.6
362
0
132
(63.5)
N.M.
3,197
31.8
47.0
0
13,023
0
N.M.
N.M.
5,820
(50.4)
0.0
1,170
13,981
971
(17.1)
(93.1)
12,733
(28.5)
7.6
492
4,639
452
(8.3)
(90.3)
5,054
(21.1)
8.9
1Q16 809
Sales of real estate Sales of investment properties Total revenue Gross profit EBITDA Interest expense Other income Income tax
471
4,284
399
(15.4)
(90.7)
4,610
(23.6)
8.6
(611)
(577)
(453)
(25.8)
(21.5)
(1,710)
(29.7)
26.5
104
163
137
32.1
(16.1)
442
(11.3)
31.0
8
(826)
25
207.9
(103.0)
(454)
(44.2)
‐5.4
Gn (Ls) from affiliates Net profit (loss)
450
(155)
258
(42.7)
(266.2)
1,477
46.8
17.4
120
2,401
81
(32.6)
(96.6)
2,900
0.1
2.8
Core net profit (loss)
120
2,401
81
(32.6)
(96.6)
2,900
0.1
2.8
Reported EPS (THB)
0.01
0.17
0.01
(32.6)
(96.6)
0.20
0.0
2.8
Core EPS (THB)
0.01
0.17
0.01
(32.6)
(96.6)
0.20
0.0
2.8
Gross margin ‐ overall (%)
42.1
33.2
46.5
39.7
EBITDA margin (%)
40.3
30.6
41.1
36.2
Net margin (%)
10.2
17.2
8.3
22.8
Current ratio (x)
0.9
1.4
1.3
1.4
Interest coverage (x)
0.5
7.2
0.6
2.4
Debt / equity (x)
3.0
2.4
2.3
2.0
BVPS (Bt)
1.32
1.50
1.50
1.62
ROE (%)
10.1
13.9
13.0
12.8
Source: WHA, KT ZMICO 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, NUSA.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Satisfactory (scores: 60 – 69) Very Good (scores: 80 – 89) Pass (scores: 50 – 59) Good (scores: 70 – 79) 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 Bt2.98
Property Development May 17, 2017
Beat forecast/Below forecast/In line
1Q17 net declined 32.6% YoY and 96.6% QoQ Results date: May 11, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
0.310
0.346
KT ZMICO vs. consensus Share data
‐35.5%
‐39.3%
Reuters / Bloomberg
WHA.BK/WHA TB
Paid‐up Shares (m)
14,322.43
Par (Bt)
0.10
Market cap (Bt bn / US$ m) Foreign limit / actual (%)
43.00/1,236.00 49.00/17.23
52 week High / Low (Bt)
3.70/2.70
Avg. daily T/O (shares 000)
77,028.00
NVDR (%)
2.74
Estimated free float (%)
32.92
Beta
1.30
URL
www.wha.co.th
CGR Anti‐corruption
‐ Level 2 (Declared)
Worarat Powpaka Analyst, no. 17992 [email protected] 66 (0) 2624‐6248
Maintain Outperform and the 2017E TP of Bt3.2 We maintain Outperform and the 2017E TP of Bt3.2. 1Q17 net profit was only 3% of our 2017E forecast. However, we anticipate that 2Q17E net profit will be better QoQ as WHA expects to transfer a big land plot of 473 rai to its customer, namely, Continental Corporation in 2Q17E and 4Q17E earnings will pick up as the best quarter of the year from selling assets as per the normal earnings pattern. 1Q17 net profit declined 32.6% YoY and 96.6% QoQ WHA’s 1Q17 net profit was Bt81mn, declining 32.6% YoY and 96.6% QoQ. 1Q17 revenue from sales of properties, rental and service income was Bt971mn (‐17.1% YoY, ‐93.1% QoQ). The average GPM was 46.5%. WHA realized a shared loss from associates and joint ventures of WHAUP of Bt258mn, which decreased 42.7% YoY due to the lower operating days of GHECO‐ONE to 54 days from planned major maintenance, but improving from a shared loss of Bt155mn in 4Q16. The SG&A expenses were Bt326mn (+16.5% YoY, ‐51.1% QoQ), in line with revenue from land transfers and sales of investment properties. Interest expenses were Bt453mn, declining 25.8% YoY and 21.5% QoQ from debt and loan repayments during 4Q16‐1Q17 and the effective tax rate was 12.9% (1Q16: 2.7% and 4Q16: 23.2%). Maintain 2017E net profit 1Q17 net profit was only 3% of our 2017E net profit at Bt2.9bn (+0.1% YoY). Nonetheless, we maintain the forecast because the bulk of earnings will come in 4Q17 as WHA plans to sell assets worth around Bt5.8bn derived from i) selling WHA’s logistics centers with net leasable area of 160,000 sqm. to WHART and ii) selling HEMRAJ’s ready‐built factories and ready‐built warehouses with an area of 50,000 sqm. in 4Q17E. 2017 land sales target increased to 1,400 rai WHA had 1Q17 land sales at 514 rai from eight customers and had a total backlog of 867 rai at end‐1Q17. Hence, WHA revised up its 2017 land presales target to 1,400 rai (previously 1,200 rai) to reflect the land sales during 1Q17. Financials and Valuation FY Ended 31 Dec Revenues (Btm) Net profit (Btm) EPS (Bt) EPS growth (%) Core EPS (Bt) Core EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) Normalized PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 4,888 979 0.10 (36.3) 0.10 (36.3) 0.00 0.46 2014 29.4 29.4 21.1 6.4 0.0 22.7 152.6
2015 11,437 1,954 0.14 34.4 0.14 34.4 0.00 1.51 2015 21.8 21.8 20.2 2.0 0.0 14.9 201.7
2016 17,821 2,898 0.20 48.3 0.20 48.3 0.15 1.53 2016 14.7 14.7 13.3 1.9 5.2 13.3 170.4
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 12,733 2,900 0.20 0.0 0.20 0.0 0.07 1.62 2017E 14.7 14.7 17.3 1.8 2.4 12.8 159.9
2018E 13,295 3,061 0.21 5.6 0.21 5.6 0.07 1.81 2018E 13.9 13.9 15.9 1.6 2.5 12.4 127.3
Figure 1: Quarterly earnings review Profit and Loss (Btmn) FY Ended 31 Dec Rental and service income
4Q16 958
1Q17 838
% YoY 3.7
% QoQ (12.4)
2017E 3,716
% YoY 64.4
% of 2017E 22.6
362
0
132
(63.5)
N.M.
3,197
31.8
47.0
0
13,023
0
N.M.
N.M.
5,820
(50.4)
0.0
1,170
13,981
971
(17.1)
(93.1)
12,733
(28.5)
7.6
492
4,639
452
(8.3)
(90.3)
5,054
(21.1)
8.9
1Q16 809
Sales of real estate Sales of investment properties Total revenue Gross profit EBITDA Interest expense Other income Income tax
471
4,284
399
(15.4)
(90.7)
4,610
(23.6)
8.6
(611)
(577)
(453)
(25.8)
(21.5)
(1,710)
(29.7)
26.5
104
163
137
32.1
(16.1)
442
(11.3)
31.0
8
(826)
25
207.9
(103.0)
(454)
(44.2)
‐5.4
Gn (Ls) from affiliates Net profit (loss)
450
(155)
258
(42.7)
(266.2)
1,477
46.8
17.4
120
2,401
81
(32.6)
(96.6)
2,900
0.1
2.8
Core net profit (loss)
120
2,401
81
(32.6)
(96.6)
2,900
0.1
2.8
Reported EPS (THB)
0.01
0.17
0.01
(32.6)
(96.6)
0.20
0.0
2.8
Core EPS (THB)
0.01
0.17
0.01
(32.6)
(96.6)
0.20
0.0
2.8
Gross margin ‐ overall (%)
42.1
33.2
46.5
39.7
EBITDA margin (%)
40.3
30.6
41.1
36.2
Net margin (%)
10.2
17.2
8.3
22.8
Current ratio (x)
0.9
1.4
1.3
1.4
Interest coverage (x)
0.5
7.2
0.6
2.4
Debt / equity (x)
3.0
2.4
2.3
2.0
BVPS (Bt)
1.32
1.50
1.50
1.62
ROE (%)
10.1
13.9
13.0
12.8
Source: WHA, KT ZMICO 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, NUSA.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Satisfactory (scores: 60 – 69) Very Good (scores: 80 – 89) Pass (scores: 50 – 59) Good (scores: 70 – 79) 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
