kasikornbank AWS
KASIKORNBANK Underperform (15E TP Bt210.00)
Earnings Review
Close Bt189.00
Banking July 20, 2015
Beat forecast/Below forecast/In line
Solid 2Q15 results, but 2H15 outlook remains challenging
FY15
FY16
Consensus EPS (Bt)
17.957
20.728
KT ZMICO vs. consensus Share data
‐6.8%
‐8.1%
Reuters / Bloomberg
KBANK.BK/KBANK TB
Paid‐up Shares (m)
2,393.26
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
452.00/13,224.00
Foreign limit / actual (%)
48.98/48.97
52 week High / Low (Bt)
252.00/178.00
Avg. daily T/O (shares 000)
6,051.00
NVDR (%)
25.55
Estimated free float (%)
78.45
Beta
1.09
URL
www.kasikornbank.com
CGR
Maintain Underperform on higher economic risk We maintain our Underperform rating for KBANK despite the stronger‐ than‐expected 2Q15 results as we still see higher economic risks on the likelihood of a prolonged sluggish economy. 2Q15 results beat our forecasts on strong non‐interest income KBANK posted the 2Q15 net profit (NP) of Bt11.5bn (‐2% YoY, ‐7% QoQ), which surpassed both our forecast (Bt9.4bn) and the street estimate (Bt10.9bn). The stronger‐than‐expected results vs. our forecast were due largely to the stronger‐than‐expected net premium income from its insurance business (+34% YoY, +32% QoQ) and net fee income (+15% YoY, +6% QoQ), as well as higher‐than‐expected NIM. 2Q15 net profit stood at Bt11.5bn (‐2% YoY, ‐7% QoQ) The main reasons behind the NP drop were a higher provision both YoY and QoQ on higher NPLs. The bank set aside a much higher provision of 154 bps in 2Q15 vs. 82 bps in 2Q14 and 104 bps in 1Q15 (following the bank’s prudent risk management practice) and compared to the bank’s guidance of up to 150 bps in 2015E. Meanwhile, loans for 2Q15 grew slowly by 1.2% QoQ and 2.6% YTD and NIM contracted by 8 bps QoQ and 16 bps YoY on the impacts of the rate cut and especially the higher NPLs. Non‐interest income remains the main bright spot The key bright spot for KBANK remains its sound non‐interest income growth (+17% YoY for 1H15), which was higher than the bank’s target of low‐teen growth and our forecast of +13% for 2015E. However, it may see slower growth momentum in 2H15E on the potential of a prolonged weak economy. Asset quality likely to weaken in 2H15 on weak macro fronts The bank’s NPLs increased 8% QoQ to 2.39% of loans from 2.26%. However, the bank set a higher provision in 2Q15, resulting in its reserve to the BoT’s required reserve and to NPLs in 2Q15 being quite stable QoQ at 181% and 138%, respectively. However, the bank’s asset quality still needs close monitoring, as the weak economy is likely to be prolonged at least for 2H15E. Moreover, note that the bank’s special mention loans in 2Q15 accelerated significantly QoQ to 2.2% of loans from 1.6% in 1Q15 and 1.2% in 2Q14. This could imply a higher NPL ratio and a high provisioning level in 2H15E if these loans cannot be resolved and turn to NPLs. Maintain forecast Although the 1H15 net profit represented 60% of our full‐year 2015E forecast, we maintain our forecast to be conservative in light of the higher economic risk despite slightly higher‐than‐expected non‐interest income and NIM. Moreover, cost to income is normally higher in 4Q. Financials and Valuation FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PPOP (Btm)
56,067
63,365
66,034
71,240
79,124
Net profit (Btm)
41,325
46,153
40,027
45,576
53,473
17.27
19.28
16.73
19.04
22.34
EPS growth (%)
17%
12%
‐13%
14%
17%
Book value (Bt)
91.60
107.41
120.13
135.18
153.02
EPS (Bt)
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Dividend (Bt)
3.50
4.00
4.00
4.50
5.00
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PER (X)
10.95
9.80
11.30
9.92
8.46
PBV (X)
2.06
1.76
1.57
1.40
1.24
Dividend yield (%) ROE (%)
1.85 20%
2.12 19%
2.12 15%
2.38 15%
2.65 16%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: 2Q15 earnings results Statement of comprehensive income (Btmn) Fiscal Year-Ended Dec.
2Q14
1Q15
2Q15 % YoY % QoQ
1H14
1H15 % YoY
2015E % YoY % 1H to 15E
Net Interest Income
20,580
20,975
21,119
3%
1% 40,074
42,094
5%
82,091
-1%
51%
Non Interest Income
13,580
15,284
16,637
23%
9% 27,248
31,922
17%
62,636
13%
51%
Operating Income
34,160
36,259
37,756
11%
4% 67,323
74,015
10% 144,727
4%
51%
Operating Expenses
15,137
15,417
15,947
5%
3% 28,384
31,364
10%
66,796
9%
47%
Operating Profit
18,832
20,592
21,642
15%
5% 38,419
42,197
10%
77,930
1%
54%
3,036
4,007
6,037
99%
51%
6,696
10,044
50%
22,449
58%
45%
-12%
Provision Expenses (Reversal) Tax Expenses
3,265
3,321
2,924
-10%
Net Profit
11,732
12,401
11,479
-2%
PPOP-after tax
15,567
17,224
18,718
20%
4.90
5.23
4.80
-2%
EPS (Bt) Key Statistics & Ratios
2Q14
Gross NPLs (Btmn)
34,189
Gross NPLs/Loans
2.14%
Loan Loss Reserve/NPLs
140.8%
1Q15 37,911
6,502
6,245
-4%
11,096
-13%
56%
-7% 23,670
23,880
1%
40,027
-13%
60%
9% 31,918
35,953
13%
66,034
4%
54%
9.98
1%
16.73
-13%
60%
-8%
2Q15
1H14
40,841
2.26%
9.89
34,189
2.39%
2.14%
139.7% 138.1%
1H15
2015E
40,841
48,201
2.39%
2.75%
140.8% 138.1%
128.7%
Tier I/Risk Assets
12.9%
13.2%
13.8%
12.9%
13.8%
14.3%
C apital Adequacy Ratio
16.1%
17.0%
17.4%
16.1%
17.4%
16.8%
Loan to Deposit Ratio
93.9%
93.6%
93.9%
93.9%
93.9%
92.1%
Loan to Deposit & borrowing
89.7%
89.1%
89.4%
89.7%
89.4%
87.7%
Provision to loans
0.82%
1.04%
1.54%
0.91%
1.28%
1.40%
C ost to Income
44.3%
42.5%
42.2%
42.2%
42.4%
46.2%
Non Interest Income/Total Income
39.8%
42.2%
44.1%
40.5%
43.1%
43.3%
Net Interest Margin
3.76%
3.68%
3.60%
3.69%
3.67%
3.55%
Tax rate
20.4%
19.9%
18.5%
20.2%
19.2%
20.0%
Loan Growth YoY
5.9%
6.7%
6.4%
5.9%
6.4%
5.0%
Loan Growth QoQ
1.5%
1.4%
1.2%
1.5%
1.2%
Source: KTZMICO Research
Figure 2: KBANK's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
2015E
3.1 2.6
+2 S.D.
1.6 1.1
to current price (%)
2.5
298
58
+1.5SD
2.3
277
47
+0.5 S.D. Avg. -0.5 S.D. -1 S.D.
+1.0SD
2.1
256
36
+0.5SD
2.0
235
25
Average
1.8
214
13
-2 S.D.
-0.5SD
1.6
193
2
-1.0SD
1.4
173
-9
-1.5SD
1.3
152
-20
-2.0SD
1.1
131
-31
Jul-15
Jan-15
Mar-14
Aug-14
Apr-13
Sep-13
Nov-12
Dec-11
May-12
Jan-11
Source: Bloomberg, KT ZMICO Research
Jun-11
Feb-10
Aug-10
Sep-09
Oct-08
Mar-09
Nov-07
May-08
Jun-07
0.6
Jan-07
Upside/ Downside
price (Bt) +2.0SD
+1 S.D. 2.1
PBV (x) Implied market
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: KBANK's PER band and sensitivity of market prices based on PER at different standard deviation levels PER (x) Implied market
+2 S.D.
to current price (%)
+2.0SD
14.9
249
32
Avg.
+1.5SD
14.0
235
24
+1.0SD
13.1
220
16
+0.5SD
12.2
205
8
Average
11.4
190
1
-0.5SD
10.5
175
-7
-1.0SD
9.6
160
-15
-1.5SD
8.7
145
-23
-2.0SD
7.8
131
-31
Source: Bloomberg, KT ZMICO Research
Jul-15
Jan-15
Mar-14
Aug-14
Apr-13
Sep-13
Nov-12
Dec-11
May-12
Jan-11
Jun-11
Feb-10
Aug-10
Sep-09
Oct-08
Mar-09
-2 S.D.
Nov-07
Upside/ Downside
price (Bt) +1 S.D.
-1 S.D.
May-08
Jan-07
2015E
Jun-07
(X) 17 16 15 14 13 12 11 10 9 8 7 6 5
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
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 BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
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KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
Earnings Review
Close Bt189.00
Banking July 20, 2015
Beat forecast/Below forecast/In line
Solid 2Q15 results, but 2H15 outlook remains challenging
FY15
FY16
Consensus EPS (Bt)
17.957
20.728
KT ZMICO vs. consensus Share data
‐6.8%
‐8.1%
Reuters / Bloomberg
KBANK.BK/KBANK TB
Paid‐up Shares (m)
2,393.26
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
452.00/13,224.00
Foreign limit / actual (%)
48.98/48.97
52 week High / Low (Bt)
252.00/178.00
Avg. daily T/O (shares 000)
6,051.00
NVDR (%)
25.55
Estimated free float (%)
78.45
Beta
1.09
URL
www.kasikornbank.com
CGR
Maintain Underperform on higher economic risk We maintain our Underperform rating for KBANK despite the stronger‐ than‐expected 2Q15 results as we still see higher economic risks on the likelihood of a prolonged sluggish economy. 2Q15 results beat our forecasts on strong non‐interest income KBANK posted the 2Q15 net profit (NP) of Bt11.5bn (‐2% YoY, ‐7% QoQ), which surpassed both our forecast (Bt9.4bn) and the street estimate (Bt10.9bn). The stronger‐than‐expected results vs. our forecast were due largely to the stronger‐than‐expected net premium income from its insurance business (+34% YoY, +32% QoQ) and net fee income (+15% YoY, +6% QoQ), as well as higher‐than‐expected NIM. 2Q15 net profit stood at Bt11.5bn (‐2% YoY, ‐7% QoQ) The main reasons behind the NP drop were a higher provision both YoY and QoQ on higher NPLs. The bank set aside a much higher provision of 154 bps in 2Q15 vs. 82 bps in 2Q14 and 104 bps in 1Q15 (following the bank’s prudent risk management practice) and compared to the bank’s guidance of up to 150 bps in 2015E. Meanwhile, loans for 2Q15 grew slowly by 1.2% QoQ and 2.6% YTD and NIM contracted by 8 bps QoQ and 16 bps YoY on the impacts of the rate cut and especially the higher NPLs. Non‐interest income remains the main bright spot The key bright spot for KBANK remains its sound non‐interest income growth (+17% YoY for 1H15), which was higher than the bank’s target of low‐teen growth and our forecast of +13% for 2015E. However, it may see slower growth momentum in 2H15E on the potential of a prolonged weak economy. Asset quality likely to weaken in 2H15 on weak macro fronts The bank’s NPLs increased 8% QoQ to 2.39% of loans from 2.26%. However, the bank set a higher provision in 2Q15, resulting in its reserve to the BoT’s required reserve and to NPLs in 2Q15 being quite stable QoQ at 181% and 138%, respectively. However, the bank’s asset quality still needs close monitoring, as the weak economy is likely to be prolonged at least for 2H15E. Moreover, note that the bank’s special mention loans in 2Q15 accelerated significantly QoQ to 2.2% of loans from 1.6% in 1Q15 and 1.2% in 2Q14. This could imply a higher NPL ratio and a high provisioning level in 2H15E if these loans cannot be resolved and turn to NPLs. Maintain forecast Although the 1H15 net profit represented 60% of our full‐year 2015E forecast, we maintain our forecast to be conservative in light of the higher economic risk despite slightly higher‐than‐expected non‐interest income and NIM. Moreover, cost to income is normally higher in 4Q. Financials and Valuation FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PPOP (Btm)
56,067
63,365
66,034
71,240
79,124
Net profit (Btm)
41,325
46,153
40,027
45,576
53,473
17.27
19.28
16.73
19.04
22.34
EPS growth (%)
17%
12%
‐13%
14%
17%
Book value (Bt)
91.60
107.41
120.13
135.18
153.02
EPS (Bt)
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Dividend (Bt)
3.50
4.00
4.00
4.50
5.00
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PER (X)
10.95
9.80
11.30
9.92
8.46
PBV (X)
2.06
1.76
1.57
1.40
1.24
Dividend yield (%) ROE (%)
1.85 20%
2.12 19%
2.12 15%
2.38 15%
2.65 16%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: 2Q15 earnings results Statement of comprehensive income (Btmn) Fiscal Year-Ended Dec.
2Q14
1Q15
2Q15 % YoY % QoQ
1H14
1H15 % YoY
2015E % YoY % 1H to 15E
Net Interest Income
20,580
20,975
21,119
3%
1% 40,074
42,094
5%
82,091
-1%
51%
Non Interest Income
13,580
15,284
16,637
23%
9% 27,248
31,922
17%
62,636
13%
51%
Operating Income
34,160
36,259
37,756
11%
4% 67,323
74,015
10% 144,727
4%
51%
Operating Expenses
15,137
15,417
15,947
5%
3% 28,384
31,364
10%
66,796
9%
47%
Operating Profit
18,832
20,592
21,642
15%
5% 38,419
42,197
10%
77,930
1%
54%
3,036
4,007
6,037
99%
51%
6,696
10,044
50%
22,449
58%
45%
-12%
Provision Expenses (Reversal) Tax Expenses
3,265
3,321
2,924
-10%
Net Profit
11,732
12,401
11,479
-2%
PPOP-after tax
15,567
17,224
18,718
20%
4.90
5.23
4.80
-2%
EPS (Bt) Key Statistics & Ratios
2Q14
Gross NPLs (Btmn)
34,189
Gross NPLs/Loans
2.14%
Loan Loss Reserve/NPLs
140.8%
1Q15 37,911
6,502
6,245
-4%
11,096
-13%
56%
-7% 23,670
23,880
1%
40,027
-13%
60%
9% 31,918
35,953
13%
66,034
4%
54%
9.98
1%
16.73
-13%
60%
-8%
2Q15
1H14
40,841
2.26%
9.89
34,189
2.39%
2.14%
139.7% 138.1%
1H15
2015E
40,841
48,201
2.39%
2.75%
140.8% 138.1%
128.7%
Tier I/Risk Assets
12.9%
13.2%
13.8%
12.9%
13.8%
14.3%
C apital Adequacy Ratio
16.1%
17.0%
17.4%
16.1%
17.4%
16.8%
Loan to Deposit Ratio
93.9%
93.6%
93.9%
93.9%
93.9%
92.1%
Loan to Deposit & borrowing
89.7%
89.1%
89.4%
89.7%
89.4%
87.7%
Provision to loans
0.82%
1.04%
1.54%
0.91%
1.28%
1.40%
C ost to Income
44.3%
42.5%
42.2%
42.2%
42.4%
46.2%
Non Interest Income/Total Income
39.8%
42.2%
44.1%
40.5%
43.1%
43.3%
Net Interest Margin
3.76%
3.68%
3.60%
3.69%
3.67%
3.55%
Tax rate
20.4%
19.9%
18.5%
20.2%
19.2%
20.0%
Loan Growth YoY
5.9%
6.7%
6.4%
5.9%
6.4%
5.0%
Loan Growth QoQ
1.5%
1.4%
1.2%
1.5%
1.2%
Source: KTZMICO Research
Figure 2: KBANK's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
2015E
3.1 2.6
+2 S.D.
1.6 1.1
to current price (%)
2.5
298
58
+1.5SD
2.3
277
47
+0.5 S.D. Avg. -0.5 S.D. -1 S.D.
+1.0SD
2.1
256
36
+0.5SD
2.0
235
25
Average
1.8
214
13
-2 S.D.
-0.5SD
1.6
193
2
-1.0SD
1.4
173
-9
-1.5SD
1.3
152
-20
-2.0SD
1.1
131
-31
Jul-15
Jan-15
Mar-14
Aug-14
Apr-13
Sep-13
Nov-12
Dec-11
May-12
Jan-11
Source: Bloomberg, KT ZMICO Research
Jun-11
Feb-10
Aug-10
Sep-09
Oct-08
Mar-09
Nov-07
May-08
Jun-07
0.6
Jan-07
Upside/ Downside
price (Bt) +2.0SD
+1 S.D. 2.1
PBV (x) Implied market
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: KBANK's PER band and sensitivity of market prices based on PER at different standard deviation levels PER (x) Implied market
+2 S.D.
to current price (%)
+2.0SD
14.9
249
32
Avg.
+1.5SD
14.0
235
24
+1.0SD
13.1
220
16
+0.5SD
12.2
205
8
Average
11.4
190
1
-0.5SD
10.5
175
-7
-1.0SD
9.6
160
-15
-1.5SD
8.7
145
-23
-2.0SD
7.8
131
-31
Source: Bloomberg, KT ZMICO Research
Jul-15
Jan-15
Mar-14
Aug-14
Apr-13
Sep-13
Nov-12
Dec-11
May-12
Jan-11
Jun-11
Feb-10
Aug-10
Sep-09
Oct-08
Mar-09
-2 S.D.
Nov-07
Upside/ Downside
price (Bt) +1 S.D.
-1 S.D.
May-08
Jan-07
2015E
Jun-07
(X) 17 16 15 14 13 12 11 10 9 8 7 6 5
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
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 BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
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KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
