WHA Corporation - Global Alliance Partners
WHA Corporation Outperform (18E TP Bt3.50)
Earnings Review
Close Bt3.22
Property Development August 15, 2017
Beat forecast/Below forecast/In line
2Q17 net profit rose 190.7% YoY and 1103.8% QoQ Results date: August 11, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
0.258
0.288
KT ZMICO vs. consensus Share data
‐22.5%
‐23.6%
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 (%)
43.00/1,283.00 49.00/18.74
52 week High / Low (Bt)
3.70/2.70
Avg. daily T/O (shares 000)
71,013.00
NVDR (%)
2.50
Estimated free float (%)
39.87
Beta
1.36
URL
www.wha.co.th
CGR Anti‐corruption
‐ Level 2 (Declared)
Worarat Powpaka Analyst, no. 17992
Maintain Outperform with the 2018E TP of Bt3.5 We roll over our TP to the 18E TP at Bt3.5 from the 17E TP of Bt3.2 and maintain Outperform. 1H17 net profit was 37% of our 2017E forecast, which is still in line with our estimate; we anticipate that 4Q17E net profit will be the peak earnings of the year as WHA plans to sell assets as per the normal earnings pattern. 2Q17 net profit rose 190.7% YoY and 1103.8% QoQ WHA’s 2Q17 net profit was Bt972mn (+190.7% YoY, +1103.8% QoQ), 33% our estimate, mainly from higher‐than expected revenue by 9%, GPM and shared gain from associates by 46%. 2Q17 revenue from sales of properties, rental and service income was Bt2.56bn (+86.1% YoY, +164.1% QoQ). In 2Q17, WHA transferred land of about 500 rai, including a big plot of 473 rai of Continental Corporation. The average GPM was 51.3% (our forecast was 48%). WHA realized shared gain from associates and joint ventures of WHAUP of Bt693mn, improving 41.1% YoY and 169.1% QoQ after the operations of Gheco‐One (231 MW equity MW) and Glow IPP (35.7 equity MW), which are major power plants, returned to normal in Apr‐17. Moreover, a new 130 MW SPP (32.5 equity MW), namely, Gulf VTP, began operations in May‐17. The SG&A expense‐to revenue ratio was 18.2%, decreasing from 19.0% in 2Q16 and 33.6% 1Q17. Maintain 2017E net profit 1H17 net profit was 37% of our 2017E net profit at Bt2.9bn (‐2.1% YoY). Nonetheless, we maintain the forecast because WHA plans to sell assets worth Bt3.8‐4bn to be derived from i) selling WHA’s logistics centers with net leasable area of 87,000 sqm. and ii) selling HEMRAJ’s ready‐built factories and ready‐built warehouses with an area of 55,000 sqm. in 4Q17E. 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 31.7 31.7 22.5 6.9 0.0 22.7 152.6
2015 11,437 1,954 0.14 34.4 0.14 34.4 0.00 1.51 2015 23.6 23.6 21.0 2.1 0.0 14.9 201.7
2016 17,821 2,898 0.20 48.3 0.20 48.3 0.15 1.53 2016 15.9 15.9 13.9 2.1 4.8 13.3 170.4
[email protected] 66 (0) 2624‐6248
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 10,921 2,837 0.20 (2.1) 0.20 (2.1) 0.07 1.62 2017E 16.3 16.3 19.1 2.0 2.2 12.6 170.2
2018E 11,756 3,122 0.22 10.0 0.22 10.0 0.08 1.81 2018E 14.8 14.8 17.4 1.8 2.4 12.7 141.1
Figure 1: Quarterly earnings review Profit and Loss (Btmn)
2Q16 917 461 0 1,377 604
1Q17 838 132 0 971 452
2Q17 773 1,790 0 2,563 1,315
% YoY (15.6) 288.6 N.M. 86.1 117.7
% QoQ (7.8) N.M. N.M. 164.1 191.1
1H17 1,612 1,922 0 3,534 1,766
% YoY (6.6) 38.7 21.8 38.7 61.1
2017E 3,783 3,197 3,942 10,921 4,874
% YoY 67.3 31.8 (66.4) (38.7) (23.9)
YTD (% 2017E) 42.6 79.3 0.0 32.4 36.2
EBITDA
614
399
1,124
83.2
182.0
1,523
40.4
4,482
(25.7)
34.0
Interest expense
(617)
(453)
(419)
(32.1)
(7.5)
(872)
(29.0)
(1,622)
(33.3)
53.7
115
137
151
31.0
10.4
288
31.6
442
(11.3)
65.2
FY Ended 31 Dec Rental and service income Sales of real estate Sales of investment properties Total revenue Gross profit
Other income Income tax
17
25
(67)
(485.3)
(370.4)
(42)
(266.0)
(436)
(46.3)
9.6
Gn (Ls) from affiliates Net profit (loss)
491
258
693
41.1
169.1
951
1.1
1,477
46.8
64.4
334
81
972
190.7
1,103.8
1,053
131.8
2,837
(2.1)
37.1
Core net profit (loss)
334
81
972
190.7
1,103.8
1,053
131.8
2,837
(2.1)
37.1
Reported EPS (THB)
0.02
0.01
0.07
190.7
1,103.8
0.07
131.8
0.20
(2.1)
37.1
Core EPS (THB)
0.02
0.01
0.07
190.7
1,103.8
0.07
131.8
0.20
(2.1)
37.1
Gross margin ‐ overall (%)
43.8
46.5
51.3
50.0
44.6
EBITDA margin (%)
44.6
41.1
43.9
43.1
41.0
Net margin (%)
24.3
8.3
37.9
29.8
26.0
Current ratio (x)
1.0
1.3
2.1
2.1
1.1
Interest coverage (x)
0.7
0.6
2.4
1.4
2.4
Debt / equity (x)
3.0
2.3
1.8
1.8
2.1
BVPS (Bt)
1.34
1.50
1.42
1.42
1.62
ROE (%)
11.1
13.0
14.4
14.4
12.6
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, TTL, NMG, SAWAD.
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 returns over a six‐month period due to specific UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant catalysts SELL: Expecting negative total returns of 10% or more primary market index by 10% over the next 12 months. 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 Bt3.22
Property Development August 15, 2017
Beat forecast/Below forecast/In line
2Q17 net profit rose 190.7% YoY and 1103.8% QoQ Results date: August 11, 2017 Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
0.258
0.288
KT ZMICO vs. consensus Share data
‐22.5%
‐23.6%
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 (%)
43.00/1,283.00 49.00/18.74
52 week High / Low (Bt)
3.70/2.70
Avg. daily T/O (shares 000)
71,013.00
NVDR (%)
2.50
Estimated free float (%)
39.87
Beta
1.36
URL
www.wha.co.th
CGR Anti‐corruption
‐ Level 2 (Declared)
Worarat Powpaka Analyst, no. 17992
Maintain Outperform with the 2018E TP of Bt3.5 We roll over our TP to the 18E TP at Bt3.5 from the 17E TP of Bt3.2 and maintain Outperform. 1H17 net profit was 37% of our 2017E forecast, which is still in line with our estimate; we anticipate that 4Q17E net profit will be the peak earnings of the year as WHA plans to sell assets as per the normal earnings pattern. 2Q17 net profit rose 190.7% YoY and 1103.8% QoQ WHA’s 2Q17 net profit was Bt972mn (+190.7% YoY, +1103.8% QoQ), 33% our estimate, mainly from higher‐than expected revenue by 9%, GPM and shared gain from associates by 46%. 2Q17 revenue from sales of properties, rental and service income was Bt2.56bn (+86.1% YoY, +164.1% QoQ). In 2Q17, WHA transferred land of about 500 rai, including a big plot of 473 rai of Continental Corporation. The average GPM was 51.3% (our forecast was 48%). WHA realized shared gain from associates and joint ventures of WHAUP of Bt693mn, improving 41.1% YoY and 169.1% QoQ after the operations of Gheco‐One (231 MW equity MW) and Glow IPP (35.7 equity MW), which are major power plants, returned to normal in Apr‐17. Moreover, a new 130 MW SPP (32.5 equity MW), namely, Gulf VTP, began operations in May‐17. The SG&A expense‐to revenue ratio was 18.2%, decreasing from 19.0% in 2Q16 and 33.6% 1Q17. Maintain 2017E net profit 1H17 net profit was 37% of our 2017E net profit at Bt2.9bn (‐2.1% YoY). Nonetheless, we maintain the forecast because WHA plans to sell assets worth Bt3.8‐4bn to be derived from i) selling WHA’s logistics centers with net leasable area of 87,000 sqm. and ii) selling HEMRAJ’s ready‐built factories and ready‐built warehouses with an area of 55,000 sqm. in 4Q17E. 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 31.7 31.7 22.5 6.9 0.0 22.7 152.6
2015 11,437 1,954 0.14 34.4 0.14 34.4 0.00 1.51 2015 23.6 23.6 21.0 2.1 0.0 14.9 201.7
2016 17,821 2,898 0.20 48.3 0.20 48.3 0.15 1.53 2016 15.9 15.9 13.9 2.1 4.8 13.3 170.4
[email protected] 66 (0) 2624‐6248
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 10,921 2,837 0.20 (2.1) 0.20 (2.1) 0.07 1.62 2017E 16.3 16.3 19.1 2.0 2.2 12.6 170.2
2018E 11,756 3,122 0.22 10.0 0.22 10.0 0.08 1.81 2018E 14.8 14.8 17.4 1.8 2.4 12.7 141.1
Figure 1: Quarterly earnings review Profit and Loss (Btmn)
2Q16 917 461 0 1,377 604
1Q17 838 132 0 971 452
2Q17 773 1,790 0 2,563 1,315
% YoY (15.6) 288.6 N.M. 86.1 117.7
% QoQ (7.8) N.M. N.M. 164.1 191.1
1H17 1,612 1,922 0 3,534 1,766
% YoY (6.6) 38.7 21.8 38.7 61.1
2017E 3,783 3,197 3,942 10,921 4,874
% YoY 67.3 31.8 (66.4) (38.7) (23.9)
YTD (% 2017E) 42.6 79.3 0.0 32.4 36.2
EBITDA
614
399
1,124
83.2
182.0
1,523
40.4
4,482
(25.7)
34.0
Interest expense
(617)
(453)
(419)
(32.1)
(7.5)
(872)
(29.0)
(1,622)
(33.3)
53.7
115
137
151
31.0
10.4
288
31.6
442
(11.3)
65.2
FY Ended 31 Dec Rental and service income Sales of real estate Sales of investment properties Total revenue Gross profit
Other income Income tax
17
25
(67)
(485.3)
(370.4)
(42)
(266.0)
(436)
(46.3)
9.6
Gn (Ls) from affiliates Net profit (loss)
491
258
693
41.1
169.1
951
1.1
1,477
46.8
64.4
334
81
972
190.7
1,103.8
1,053
131.8
2,837
(2.1)
37.1
Core net profit (loss)
334
81
972
190.7
1,103.8
1,053
131.8
2,837
(2.1)
37.1
Reported EPS (THB)
0.02
0.01
0.07
190.7
1,103.8
0.07
131.8
0.20
(2.1)
37.1
Core EPS (THB)
0.02
0.01
0.07
190.7
1,103.8
0.07
131.8
0.20
(2.1)
37.1
Gross margin ‐ overall (%)
43.8
46.5
51.3
50.0
44.6
EBITDA margin (%)
44.6
41.1
43.9
43.1
41.0
Net margin (%)
24.3
8.3
37.9
29.8
26.0
Current ratio (x)
1.0
1.3
2.1
2.1
1.1
Interest coverage (x)
0.7
0.6
2.4
1.4
2.4
Debt / equity (x)
3.0
2.3
1.8
1.8
2.1
BVPS (Bt)
1.34
1.50
1.42
1.42
1.62
ROE (%)
11.1
13.0
14.4
14.4
12.6
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, TTL, NMG, SAWAD.
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 returns over a six‐month period due to specific UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant catalysts SELL: Expecting negative total returns of 10% or more primary market index by 10% over the next 12 months. 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
