Kiatnakin Bank Underperform (15E TP Bt41.00)
Kiatnakin Bank Underperform (15E TP Bt41.00)
Earnings Review
Close Bt34.00
Banking July 20, 2015
Beat forecast/Below forecast/In line
2Q15 net profit ahead of estimate on lower provision
FY15
FY16
Consensus EPS (Bt)
3.846
4.563
KT ZMICO vs. consensus Share data
9.7%
10.5%
Reuters / Bloomberg
KKP.BK/KKP TB
Paid‐up Shares (m)
846.75
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
29.00/842.00
Foreign limit / actual (%)
44.00/31.68
52 week High / Low (Bt)
46.00/32.75
Avg. daily T/O (shares 000)
986.00
NVDR (%)
5.94
Estimated free float (%)
76.48
Beta
0.65
URL
www.kiatnakin.co.th
CGR
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Higher asset quality risk on RE loans should remain a price overhang We maintain an Underperform rating for KKP despite its undemanding valuations. We still expect the firm to continue facing a tough operating environment from the weakening economy, especially in regard to higher asset quality risk in real estate (RE) loans, which should remain its price overhang. 2Q15 net profit surpassed both our forecast and the street KKP posted 2Q15 net profit (NP) of Bt749mn (+25% YoY, +13% QoQ), beating our forecast (Bt656mn) and the street estimate (Bt707mn). The higher‐than‐expected NP was due largely to a lower‐than‐expected provision and higher gain from the sale of foreclosed assets. 2Q15 net profit up 25% YoY and 13% QoQ, while PPOP was flat The stronger NP both YoY and QoQ was due mainly to 1) a much lower loss from the sale of foreclosed cars (Bt288mn loss in 2Q15 vs. Bt322mn in 1Q15 and Bt497mn in 2Q14); and 2) a lower provision YoY. Meanwhile, loans continued to contract by 3% QoQ and 5% YTD, mainly from auto hire purchase loans (‐5% YTD) and corporate loans (‐21% YTD) due to some loan repayments as well as SME loans (‐2% YTD). NIM improved both YoY and QoQ, thanks to the low interest rate environment. Meanwhile, the performances of the capital market units were weaker QoQ due to unfavorable capital market sentiment in 2Q15. NPLs in 2Q15 increased at a slower pace vs. 1Q15 NPLs and the NPL ratio increased QoQ to 6.9% from 6.5% but the hike was at a slower pace vs. 1Q15 when the bank did a qualitative NPL assessment for its residential project loans. The increase in NPLs continued to stem mainly from SME loans, especially residential project loans in which the bank mainly targets medium to lower end developers. Meanwhile, asset quality for auto hire purchase loans improved from last year. The higher NPLs resulted in a lower reserve to the mandatory reserve QoQ to 144% from 152%, while the reserve‐to‐NPL ratio was quite stable QoQ at 73%. Will revisit earnings forecast after the analyst meeting on 28 July The 1H15 NP represented 40% of our FY15 NP forecast and we will revisit our earnings forecast after the analyst meeting set for 28 Jul‐15. Note that the positive drivers to earnings are lower‐than‐expected losses on foreclosed cars and higher NIM. Meanwhile, downward pressure could come from a higher provision due to higher asset quality risk in RE loans. Financials and Valuation FY Ended 31 Dec 2012 PPOP (Btm) 2,931 Net profit (Btm) 3,392 EPS (Bt) 4.07 EPS growth (%) 13.7% Book value (Bt) 39.51 Dividend (Bt) 2.50 FY Ended 31 Dec 2012 PER (X) 8.35 PBV (X) 0.86 Dividend yield (%) 7.35 ROE (%) 12.1%
2013 5,058 4,418 5.27 29.3% 41.66 2.65 2013 6.46 0.75 7.79 13.0%
2014 5,752 2,636 3.13 ‐40.6% 42.77 1.85 2014 10.87 0.75 5.44 7.4%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
2015E 5,227 3,561 4.22 35.1% 45.14 2.11 2015E 8.05 0.75 6.21 9.6%
2016E 5,269 4,250 5.04 19.4% 48.08 2.52 2016E 6.74 0.71 7.42 10.8%
Figure 1: 2Q15 earnings results Statement of comprehensive income (Btmn) Fiscal Year-Ended December
2Q14
1Q15
2Q15 % YoY % QoQ
1H14
1H15 % YoY
2015E % YoY % 1H to 15E
Net Interest Income
2,069
2,201
2,202
6%
0%
4,248
4,403
4%
8,899
0%
Non Interest Income
534
1,201
838
57%
-30%
1,378
2,039
48%
4,195
10%
49%
2,603
3,402
3,040
17%
-11%
5,626
6,442
14%
13,094
3%
49%
Operating Income
49%
Operating Expenses
1,509
1,689
1,565
4%
-7%
3,017
3,254
8%
6,764
4%
48%
Operating Profit
1,486
1,488
1,539
4%
3%
3,025
3,027
0%
5,982
-2%
51%
Provision for loan loss (Reversal)
327
918
524
60%
-43%
1,104
1,442
31%
2,013
-37%
72%
Taxes expenses (Reversal)
162
120
191
18%
59%
168
311
85%
734
108%
42%
Net Profit
601
664
749
25%
13%
1,324
1,413
7%
3,561
35%
40%
1,320
1,357
1,337
1%
-1%
2,843
2,694
-5%
5,227
-9%
52%
0.72
0.79
0.89
24%
13%
1.58
1.67
6%
4.22
35%
40%
PPOP-after tax EPS (Bt) Key Statistics & Ratios
2Q14
1Q15
2Q15
1H14
1H15
2015E
10,791
11,812
12,097
10,791
12,097
10,559
5.6%
6.5%
6.9%
5.6%
6.9%
5.8%
Loan Loss Reserve/NPLs
68.8%
73.9%
72.6%
68.8%
72.6%
91.2%
Tier I/Risk Asset
13.3%
15.0%
14.8%
13.3%
14.8%
15.7%
C apital Adequacy Ratio
13.7%
15.4%
15.1%
13.7%
15.1%
16.5%
Gross NPLs (Btmn) Gross NPLs/Loans
Loan to Deposit Ratio
133.1% 147.3% 146.1%
133.1% 146.1%
148.1%
Loan to Deposit & ST borrowing
131.1% 147.0% 145.8%
131.1% 145.8%
147.9%
Provision to loans
0.68%
2.03%
1.20%
1.13%
1.61%
1.10%
C ost to Income
58.0%
49.6%
51.5%
53.6%
50.5%
51.7%
Non-interest Income/Total Income
20.5%
35.3%
27.6%
24.5%
31.6%
32.0%
Net Interest Margin
3.47%
3.96%
4.03%
3.60%
4.00%
3.98%
Interest Spread
3.48%
3.87%
4.05%
3.57%
3.96%
3.93%
Tax rate
21.1%
15.1%
20.1%
11.0%
17.6%
17.0% -0.7%
Loan growth YoY
6.3%
-8.3%
-9.5%
6.3%
-9.5%
Loan growth QoQ
-1.8%
-1.9%
-3.0%
-1.8%
-3.0%
Source: Bloomberg and KTZMICO Research
Figure 2: KKP's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 1.8
Source: Bloomberg, KT ZMICO Research
Jul-15
Jan-15
Mar-14
Aug-14
Apr-13
Sep-13
Oct-08
Mar-09
Nov-07
May-08
Jan-07
Jun-07
0.2
Nov-12
-2S.D.
Dec-11
0.4
May-12
0.6
-1 S.D.
Jan-11
0.8
Avg. -0.5 S.D.
Jun-11
1.0
+1 S.D. +0.5 S.D.
Feb-10
1.2
+2 S.D.
Aug-10
1.4
Sep-09
1.6
2015E
PBV (x)
+3 S.D.
Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2.0SD
1.4
62
81
+1.5SD
1.2
56
65
+1.0SD
1.1
51
49
+0.5SD
1.0
45
34
Average
0.9
40
18
-0.5SD
0.8
35
2
-1.0SD
0.6
29
-14
-1.5SD
0.5
24
-30
-2.0SD
0.4
19
-45
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: KKP's PER band and sensitivity of market prices based on PER at different standard deviation levels 2015E
(X) 18
PER (x)
16
Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2 S.D.
+2.0SD
13.9
59
73
12
+1 S.D.
+1.5SD
12.5
53
55
10
Avg
+1.0SD
11.1
47
38
-1 S.D.
+0.5SD
9.6
41
20
Average
8.2
35
2
2
-0.5SD
6.8
29
-16
0
-1.0SD
5.3
22
-34
-1.5SD
3.9
16
-52
-2.0SD
2.4
10
-70
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.
Jan-07
4
Nov-07
6
May-08
8
Jun-07
14
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 Bt34.00
Banking July 20, 2015
Beat forecast/Below forecast/In line
2Q15 net profit ahead of estimate on lower provision
FY15
FY16
Consensus EPS (Bt)
3.846
4.563
KT ZMICO vs. consensus Share data
9.7%
10.5%
Reuters / Bloomberg
KKP.BK/KKP TB
Paid‐up Shares (m)
846.75
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
29.00/842.00
Foreign limit / actual (%)
44.00/31.68
52 week High / Low (Bt)
46.00/32.75
Avg. daily T/O (shares 000)
986.00
NVDR (%)
5.94
Estimated free float (%)
76.48
Beta
0.65
URL
www.kiatnakin.co.th
CGR
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
Higher asset quality risk on RE loans should remain a price overhang We maintain an Underperform rating for KKP despite its undemanding valuations. We still expect the firm to continue facing a tough operating environment from the weakening economy, especially in regard to higher asset quality risk in real estate (RE) loans, which should remain its price overhang. 2Q15 net profit surpassed both our forecast and the street KKP posted 2Q15 net profit (NP) of Bt749mn (+25% YoY, +13% QoQ), beating our forecast (Bt656mn) and the street estimate (Bt707mn). The higher‐than‐expected NP was due largely to a lower‐than‐expected provision and higher gain from the sale of foreclosed assets. 2Q15 net profit up 25% YoY and 13% QoQ, while PPOP was flat The stronger NP both YoY and QoQ was due mainly to 1) a much lower loss from the sale of foreclosed cars (Bt288mn loss in 2Q15 vs. Bt322mn in 1Q15 and Bt497mn in 2Q14); and 2) a lower provision YoY. Meanwhile, loans continued to contract by 3% QoQ and 5% YTD, mainly from auto hire purchase loans (‐5% YTD) and corporate loans (‐21% YTD) due to some loan repayments as well as SME loans (‐2% YTD). NIM improved both YoY and QoQ, thanks to the low interest rate environment. Meanwhile, the performances of the capital market units were weaker QoQ due to unfavorable capital market sentiment in 2Q15. NPLs in 2Q15 increased at a slower pace vs. 1Q15 NPLs and the NPL ratio increased QoQ to 6.9% from 6.5% but the hike was at a slower pace vs. 1Q15 when the bank did a qualitative NPL assessment for its residential project loans. The increase in NPLs continued to stem mainly from SME loans, especially residential project loans in which the bank mainly targets medium to lower end developers. Meanwhile, asset quality for auto hire purchase loans improved from last year. The higher NPLs resulted in a lower reserve to the mandatory reserve QoQ to 144% from 152%, while the reserve‐to‐NPL ratio was quite stable QoQ at 73%. Will revisit earnings forecast after the analyst meeting on 28 July The 1H15 NP represented 40% of our FY15 NP forecast and we will revisit our earnings forecast after the analyst meeting set for 28 Jul‐15. Note that the positive drivers to earnings are lower‐than‐expected losses on foreclosed cars and higher NIM. Meanwhile, downward pressure could come from a higher provision due to higher asset quality risk in RE loans. Financials and Valuation FY Ended 31 Dec 2012 PPOP (Btm) 2,931 Net profit (Btm) 3,392 EPS (Bt) 4.07 EPS growth (%) 13.7% Book value (Bt) 39.51 Dividend (Bt) 2.50 FY Ended 31 Dec 2012 PER (X) 8.35 PBV (X) 0.86 Dividend yield (%) 7.35 ROE (%) 12.1%
2013 5,058 4,418 5.27 29.3% 41.66 2.65 2013 6.46 0.75 7.79 13.0%
2014 5,752 2,636 3.13 ‐40.6% 42.77 1.85 2014 10.87 0.75 5.44 7.4%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
2015E 5,227 3,561 4.22 35.1% 45.14 2.11 2015E 8.05 0.75 6.21 9.6%
2016E 5,269 4,250 5.04 19.4% 48.08 2.52 2016E 6.74 0.71 7.42 10.8%
Figure 1: 2Q15 earnings results Statement of comprehensive income (Btmn) Fiscal Year-Ended December
2Q14
1Q15
2Q15 % YoY % QoQ
1H14
1H15 % YoY
2015E % YoY % 1H to 15E
Net Interest Income
2,069
2,201
2,202
6%
0%
4,248
4,403
4%
8,899
0%
Non Interest Income
534
1,201
838
57%
-30%
1,378
2,039
48%
4,195
10%
49%
2,603
3,402
3,040
17%
-11%
5,626
6,442
14%
13,094
3%
49%
Operating Income
49%
Operating Expenses
1,509
1,689
1,565
4%
-7%
3,017
3,254
8%
6,764
4%
48%
Operating Profit
1,486
1,488
1,539
4%
3%
3,025
3,027
0%
5,982
-2%
51%
Provision for loan loss (Reversal)
327
918
524
60%
-43%
1,104
1,442
31%
2,013
-37%
72%
Taxes expenses (Reversal)
162
120
191
18%
59%
168
311
85%
734
108%
42%
Net Profit
601
664
749
25%
13%
1,324
1,413
7%
3,561
35%
40%
1,320
1,357
1,337
1%
-1%
2,843
2,694
-5%
5,227
-9%
52%
0.72
0.79
0.89
24%
13%
1.58
1.67
6%
4.22
35%
40%
PPOP-after tax EPS (Bt) Key Statistics & Ratios
2Q14
1Q15
2Q15
1H14
1H15
2015E
10,791
11,812
12,097
10,791
12,097
10,559
5.6%
6.5%
6.9%
5.6%
6.9%
5.8%
Loan Loss Reserve/NPLs
68.8%
73.9%
72.6%
68.8%
72.6%
91.2%
Tier I/Risk Asset
13.3%
15.0%
14.8%
13.3%
14.8%
15.7%
C apital Adequacy Ratio
13.7%
15.4%
15.1%
13.7%
15.1%
16.5%
Gross NPLs (Btmn) Gross NPLs/Loans
Loan to Deposit Ratio
133.1% 147.3% 146.1%
133.1% 146.1%
148.1%
Loan to Deposit & ST borrowing
131.1% 147.0% 145.8%
131.1% 145.8%
147.9%
Provision to loans
0.68%
2.03%
1.20%
1.13%
1.61%
1.10%
C ost to Income
58.0%
49.6%
51.5%
53.6%
50.5%
51.7%
Non-interest Income/Total Income
20.5%
35.3%
27.6%
24.5%
31.6%
32.0%
Net Interest Margin
3.47%
3.96%
4.03%
3.60%
4.00%
3.98%
Interest Spread
3.48%
3.87%
4.05%
3.57%
3.96%
3.93%
Tax rate
21.1%
15.1%
20.1%
11.0%
17.6%
17.0% -0.7%
Loan growth YoY
6.3%
-8.3%
-9.5%
6.3%
-9.5%
Loan growth QoQ
-1.8%
-1.9%
-3.0%
-1.8%
-3.0%
Source: Bloomberg and KTZMICO Research
Figure 2: KKP's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 1.8
Source: Bloomberg, KT ZMICO Research
Jul-15
Jan-15
Mar-14
Aug-14
Apr-13
Sep-13
Oct-08
Mar-09
Nov-07
May-08
Jan-07
Jun-07
0.2
Nov-12
-2S.D.
Dec-11
0.4
May-12
0.6
-1 S.D.
Jan-11
0.8
Avg. -0.5 S.D.
Jun-11
1.0
+1 S.D. +0.5 S.D.
Feb-10
1.2
+2 S.D.
Aug-10
1.4
Sep-09
1.6
2015E
PBV (x)
+3 S.D.
Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2.0SD
1.4
62
81
+1.5SD
1.2
56
65
+1.0SD
1.1
51
49
+0.5SD
1.0
45
34
Average
0.9
40
18
-0.5SD
0.8
35
2
-1.0SD
0.6
29
-14
-1.5SD
0.5
24
-30
-2.0SD
0.4
19
-45
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: KKP's PER band and sensitivity of market prices based on PER at different standard deviation levels 2015E
(X) 18
PER (x)
16
Implied market
Upside/ Downside
price (Bt)
to current price (%)
+2 S.D.
+2.0SD
13.9
59
73
12
+1 S.D.
+1.5SD
12.5
53
55
10
Avg
+1.0SD
11.1
47
38
-1 S.D.
+0.5SD
9.6
41
20
Average
8.2
35
2
2
-0.5SD
6.8
29
-16
0
-1.0SD
5.3
22
-34
-1.5SD
3.9
16
-52
-2.0SD
2.4
10
-70
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.
Jan-07
4
Nov-07
6
May-08
8
Jun-07
14
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
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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
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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.
