Media (Digital TV) AWS
Media (Digital TV) Industry Update
Neutral
May 4, 2016
Another good month for Workpoint and MONO29 Price chart
Source: Aspen Share data (Media & Publishing) SET index
1,397.87
Sector index
60.95
52‐week high
74.38
52‐week low
57.05
Market capitalization (Bt m)
227,101.66
% of market cap
1.71
Avg daily turnover (m shares)
160.52
Beta
1.13
Sector Performance (%)
1M
3M
12M
Absolute
‐1.23
3.18
‐15.40
Relative
‐1.06
‐4.64
‐9.14
Anapat Wanuschaiyapruk Analyst, no 57076 [email protected] 66 (0) 2-624‐6289
Top channels retreated, Workpoint and MONO29 set new highs Except for the Workpoint and MONO29 channels, the top ten TV channels have seen a drop in their ratings. Ch8 (RS) retreated 6% while One (GRAMMY) was down 14%. Despite its SMS campaign, the ratings of BEC’s channels in April all dropped from March (Figure 1). BEC has launched a campaign in which audience members send SMS telling the name of the program they are watching when the campaign’s logo appears on Ch3, 3SD or 3Family. Ch3’s rating plunged 12% in April to a two‐year low at 1.599, while the ratings of 3SD and 3Family dropped 2% and 14%, respectively. On the other hand, Workpoint’s rating inched up 6% from 0.850 in March to 0.898 in April, a record‐high rating. MONO29’s rating improved significantly by 10% to 0.537 in April. Long weekends are the high season for MONO29 since movie channels become more attractive during these times. Overall audience share continues to move away from traditional channels to new digital TV, with the share of traditional audience continuing to drop to 56.55% from 64.4% one year ago. New rising stars: GMM25 and Now26 GMM25 (GRAMMY) and Now26 (NMG) are two rising stars that continue to gain a larger audience. GMM25’s rating has climbed up from 0.067 in Nov’15 to 0.133 last month, +23%MoM, driven by its Monday to Tuesday primetime drama series. The channel has been very aggressive in content investment with a total budget of Bt1,500mn. Now26’s rating jumped 35%MoM to 0.135, a record‐high rating. We believe the channel received a windfall from the resignation of BEC’s famous news anchor rather than its strategy to broadcast more documentary programs. Expecting a good quarter for new players…but not for BEC We expect BEC to report net profit of Bt621mn in 1Q16E, down 17%YoY and 8%QoQ from losing market share to new players. We estimate the top line to drop 8%YoY to Bt3,714mn and the gross margin to shrink from 34.7% to 33.1%. BEC’s outlook is getting dimmer as all three channels keep losing their audiences. On the other hand, new players should deliver a turnaround in 1Q16. WORK and RS will turn to profit from losses in 1Q15. We forecast WORK’s net profit at Bt43mn, led by positive momentum from its Workpoint channel’s revenue; meanwhile, RS should report a net profit of Bt107mn, led mainly by the event business. MONO will deliver a much shallower loss at Bt34mn, compared to Bt68mn last year. GRAMMY’s net loss will be quite flat at Bt279mn as the company continues to spend a lot on production of content. Top pick: WORK Workpoint channel’s rating keeps rising on the popularity of its TV programs. The channel is trying to gain a larger audience for its news and drama series programs, where there is room for improvement. As the leading channel among the new players with long experience in the TV industry, we still like WORK for its promising outlook. The stock is now trading at 29.8x 16E PER and 0.2x PEG (lowest among peers). Its Buy recommendation stands.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
Figure 1: Mar and Apr TV ratings (4+, 24 hours, Nationwide)
Channel
Mar
Apr
Channel
Mar
Apr
%
Channel
Mar
Apr
%
‐1%
0.173
0.152 ‐12%
0.048 0.056
17%
1.822 1.599 ‐12%
0.100
0.135
35%
0.052 0.054
4%
0.850 0.898
6%
0.108
0.133
23%
0.037 0.039
5%
0.488 0.537
10%
0.084
0.095
13%
0.028 0.026
‐7%
0.396 0.373
‐6%
0.104
0.089 ‐14%
0.020 0.025
25%
0.089
0.083
‐7%
0.030 0.024
‐20%
0.082
0.078
‐5%
0.024 0.024
0%
0.059
0.068
15%
0.056
0.056
0%
2.668 2.647
%
0.387 0.333 ‐14% 0.214 0.210
‐2%
0.154 0.181
18%
0.186 0.161 ‐13%
Source: AGB Nielsen, KT Zmico Research
Figure 2: Ratings of Ch7 and Ch3
Figure 3: Ratings of new digital channels 1.0
4 3.5
0.8
3 2.5
0.6
2 1.5
0.4
1
0.2
0.5
CH3
WORK
RS
MONO
Source: AGB Nielsen, KT Zmico Research
Figure 4: Ratings of BEC’s channels
Figure 5: Ratings of GMM25 and Now26
0.50
0.05
0.00
0
CH3 (LHS)
3FAMILY (RHS)
Source: AGB Nielsen, KT Zmico Research
3SD (RHS)
04/16
02/16
Thairath
0.12 0.10
0.04 0.02
GMM25
Now26
Source: AGB Nielsen, KT Zmico Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
04/16
02/16
12/15
10/15
08/15
06/15
04/15
02/15
12/14
10/14
08/14
0.00
06/14
03/16
0.06
01/16
0.1
11/15
1.00
09/15
0.08
07/15
0.15
05/15
1.50
03/15
0.2
01/15
2.00
11/14
0.14
09/14
0.25
07/14
2.50
05/14
0.16
03/14
0.3
12/15
3SD
One
Source: AGB Nielsen, KT Zmico Research
3.00
10/15
08/15
06/15
04/15
02/15
12/14
10/14
08/14
06/14
03/16
01/16
11/15
09/15
07/15
05/15
03/15
01/15
11/14
09/14
07/14
05/14
03/14
CH7
04/14
0.0
0
Figure 6: Average audience share in Apr’15 and Apr’16 April 15
April 16
Other 20.9%
Other 17.1%
Ch7 39.5%
Ch7 32.8%
One 3.1%
One 4.1%
Ch8 4.1%
Ch8 4.6%
MONO 29 3.5%
MONO 29 6.7%
Workpoint1 7.9%
Ch3 19.8%
Workpoint1 11.1%
Ch3 24.9%
Source: AGB Nielsen, KT Zmico Research
Figure 7: Peer comparison COMPANY
Price
TP
EPS
Rating
(Local)
15A
16E
PER (x) 17E
15A 16E
DPS 17E
15A
16E
Div Yield
EV/EBITDA
17E 15A 16E 17E 15A 16E 17E
16‐17E
16E
CAGR
PEG 19.5
THAILAND BEC WORLD PUBLIC CO LTD
25.75 30.50
U/P
1.49
1.41
1.52
20.5 18.3
16.9
1.4
1.1
1.2 5.3 4.2 4.6
7.4
6.8
0.9
WORKPOINT ENTERTAINMENT PCL
38.75 58.50
BUY
0.39
1.30
2.14 111.0 29.8
18.1
0.3
1.0
1.2 0.8 2.5 2.9 23.3 13.3
9.8
133.8
0.2
0.04
67.0
0.0
0.0
0.0 0.0 0.0 0.0 51.3
6.7
n.a.
n.a.
MONO TECHNOLOGY CO LTD GMM GRAMMY PCL RS PCL MCOT PCL
2.54
2.20
U/P
‐0.11 ‐0.01
8.65
8.00
U/P
‐1.40 ‐1.09 ‐0.32
n.a. n.a.
n.a.
0.0
0.0
0.0 0.0 0.0 0.0 n.a. 28.9 10.7
‐52.0
n.a.
12.40 12.40
BUY
0.12
0.21
0.49
84.4 59.9
25.1
0.1
0.1
0.2 0.9 1.1 1.8 12.8 11.8
8.5
102.1
0.6
0.08
0.15
0.19 103.1 60.9
46.4
0.1
0.1
0.1 1.0 1.0 1.4
4.0
3.7
55.3
1.1
69.5 37.5
31.1
1.9 1.9 2.2 19.9 11.8
7.6
40.2
8.2
8.95
Thailand average
n.a. n.a.
8.4
3.7
9.5
JAPAN NIPPON TELEVISION HOLDINGS
1,734.0
120
142
151
16.7 12.2
11.5 30.0 33.1 32.5 1.5 1.9 1.9
8.0
5.7
5.4
12.3
1.0
FUJI MEDIA HOLDINGS INC
1,151.0
86
77
78
19.8 14.9
14.8 40.0 40.0 40.0 2.3 3.5 3.5
8.9
6.7
6.8
‐5.0
‐3.0
TOKYO BROADCASTING SYSTEM
1,587.0
79
67
64
19.2 23.5
24.6 22.0 18.3 18.3 1.5 1.1 1.2
9.0
9.4
9.5
‐9.7
‐2.4
TV ASAHI HOLDINGS CORP
1,861.0
101
105
111
19.8 17.7
16.8 30.0 38.8 40.0 1.5 2.1 2.1
5.6
4.7
4.7
4.4
4.0
ASAHI BROADCASTING CORP
650.0
54
n.a.
n.a.
19.8 n.a.
n.a. 18.0
n.a.
n.a. 1.7 n.a. n.a.
3.7 n.a. n.a.
n.a.
n.a.
RKB MAINICHI HOLDINGS CORPOR
980.0
94
n.a.
n.a.
10.5 n.a.
n.a. 15.0
n.a.
n.a. 1.5 n.a. n.a.
2.8 n.a. n.a.
n.a.
n.a.
17.6 17.1
16.9
6.3
6.6
0.5
‐0.1
Japan average
1.7 2.2 2.2
6.6
INDONESIA SURYA CITRA MEDIA PT TBK
3,200.0
104.2 115.7 133.8
29.7 27.7
23.9
n.a. 76.7 86.5 n.a. 2.4 2.7 21.1 19.9 17.2
13.3
2.1
MEDIA NUSANTARA CITRA TBK PT
2,145.0
n.a. 132.6 152.3
n.a. 16.2
14.1
n.a. 55.8 63.7 n.a. 2.6 3.0 n.a. 11.4
n.a.
n.a.
GLOBAL MEDIACOM TBK PT
1,080.0
n.a.
87.3 103.3
n.a. 12.4
10.5
n.a. 12.6 30.7 n.a. 1.2 2.8 n.a.
6.3
5.5
n.a.
n.a.
360.0
n.a.
21.9
n.a. 16.4
10.0
n.a.
7.4
6.3
n.a.
n.a.
29.7 18.2
14.6
n.a. 1.6 2.2 21.1 11.3
9.7
13.3
2.1
VISI MEDIA ASIA TBK PT Indonesia average
36.2
0.2
0.4 n.a. 0.1 0.1 n.a.
Source: Bloomberg, KT Zmico Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
9.9
Figure 8: BEC’s 1Q16 earnings preview
Profit and Loss (Btmn)
YTD
Year‐end 31 Dec
1Q15 4,044 1,404 1,679 (3) 68 (197) (0) 744 744 0.37 34.7 41.5 18.4
Revenue Gross profit EBITDA Interest expense Other income Income tax Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: BEC, KT ZMICO Research
4Q15 3,675 1,433 1,621 (176) 128 (178) 11 673 673 0.34 39.0 44.1 18.3
1Q16 3,714 1,229 1,644 (43) 50 (150) 10 621 621 0.31 33.1 44.3 16.7
% YoY (8.2) (12.4) (2.1) 1,570.1 (26.5) (23.8) n.m. (16.5) (16.5) (16.5)
% QoQ 1.1 (14.2) 1.4 (75.7) (61.0) (15.7) (11.7) (7.7) (7.7) (7.7)
2016E 15,885 5,644 7,026 (143) 200 (697) 74 2,812 2,812 1.41 35.5 44.2 17.7
%YoY 1.5 (1.7) 2.2 (23.5) (38.8) (9.9) 102.1 (5.7) (5.7) (5.7)
(% 16E) 23.4 21.8 23.4 30.0 25.0 21.6 13.5 22.1 22.1 22.1
Figure 9: WORK’s 1Q16 earnings preview
Profit and Loss (Btmn)
YTD
Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: WORK, KT ZMICO Research
1Q15 427 146 110 (11) 16 2 (10) (11) (11) (0.03) 34.1 25.6 (2.7)
4Q15 641 303 181 (94) 44 (6) 11 8 8 0.01 47.2 28.3 1.2
1Q16 605 217 190 (32) 20 (9) 5 43 43 0.10 35.9 31.5 7.1
% YoY 41.6 49.3 73.7 186.6 23.3 (616.2) (152.1) (478.6) (478.6) (469.9)
% QoQ (5.6) (28.2) 5.0 (65.8) (54.9) 43.9 (54.2) 447.4 447.4 639.9
2016E 3,068 1,518 1,243 (107) 50 (131) 20 542 542 1.30 49.5 40.5 17.7
%YoY 28.5 49.5 61.8 (19.3) (24.7) 188.2 38.6 231.4 231.4 231.4
(% 16E) 19.7 14.3 15.3 30.0 40.0 6.9 25.0 8.0 8.0 8.0
Figure 10: MONO’s 1Q16 earnings preview
Profit and Loss (Btmn)
YTD
Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: MONO, KT ZMICO Research
1Q15 466 110 56 (7) 13 10 (68) (68) (0.02) 23.5 12.1 (14.6)
4Q15 512 88 143 (104) (5) 11 (129) (129) (0.04) 17.2 27.8 (25.1)
1Q16 486 130 209 (43) 8 5 (34) (34) (0.01) 26.7 42.9 (7.0)
% YoY 4.3 18.3 270.8 524.7 (40.4) (50.3) (50.2) (50.2) (46.2)
% QoQ (5.1) 46.7 46.4 (58.8) (254.6) (53.7) (73.6) (73.6) (74.4)
2016E 2,199 579 754 (143) 32 13 (52) (52) (0.02) 26.4 34.3 (2.4)
%YoY 16.1 141.1 249.3 7.2 0.0 (75.6) (89.2) (89.2) (89.6)
(% 16E) 22.1 22.4 27.7 30.0 24.9 38.1 64.6 64.6 65.6
Figure 11: GRAMMY’s 1Q16 earnings preview
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Profit and Loss (Btmn) Year‐end 31 Dec
YTD 1Q15
2,246 572 (60) (60) 105 39 654 6 377 (277) 0.46 25.5 Gross margin (%) (2.7) EBITDA margin (%) (12.4) Net margin (%) Source: GRAMMY, KT ZMICO Research Revenue Gross profit EBITDA Interest expense Other income Income tax Other extraordinary items Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt)
4Q15 2,249 809 (11) (151) 30 70 (934) (133) (1,289 (354) (1.57) 36.0 (0.5) (15.7)
1Q16 2,170 776 (91) (83) 50 0 0 (140) (279) (279) (0.34) 35.8 (4.2) (12.8)
% YoY (3.4) 35.7 52.7 38.9 (52.5) n.a. n.a. n.a. (174.0) 0.4 (173.9)
% QoQ (3.5) (4.1) 710.8 (45.2) 65.6 n.a. n.a. 5.1 (78.4) (21.3) (78.4)
2016E 8,713 3,137 244 (295) 150 0 0 (344) (894) (894) (1.09) 36.0 2.8 (10.3)
%YoY 1.3 9.9 18.7 8.7 2.9 n.a. n.a. 3.1 (21.9) (9.3) (21.9)
(% 16E) 24.9 24.7 (37.2) 28.0 33.3 n.a. n.a. 40.8 31.2 31.2 31.2
Figure 12: RS’s 1Q16 earnings preview
Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: RS, KT ZMICO Research
YTD 1Q15 805 160 114 (24) 2 7 0 (58) (58) (0.04) 19.9 14.2 (7.2)
4Q15 1,240 428 163 (15) 42 (19) (35) 135 135 0.09 34.5 13.1 10.9
1Q16 1,128 368 271 (20) 8 (27) 0 107 107 0.11 32.6 24.1 9.5
% YoY 40.1 129.5 137.1 (19.3) 218.2 (487.3) n.a. (285.0) (285.0) (358.8)
% QoQ (9.1) (14.1) 66.4 29.4 (81.9) 41.2 n.a. (21.1) (21.1) 17.9
2016E 4,073 1,139 892 (68) 30 (54) 0 205 205 0.21 28.0 21.9 5.0
%YoY 9.2 11.4 22.0 (16.1) (41.7) (535.3) n.a. 68.3 30.7 71.5
(% 16E) 27.7 32.3 30.4 28.7 25.0 50.8 n.a. 52.1 52.1 51.7
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investment in the securities of KTB and ZMICO, investor should consider risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, PACE, PLE, TPOLY, BIGC, BJC. KT ZMICO is a co‐underwriter of TPBI.
Anti‐corruption Progress Indicator
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 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 returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to 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 6 of 6
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th
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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.
Neutral
May 4, 2016
Another good month for Workpoint and MONO29 Price chart
Source: Aspen Share data (Media & Publishing) SET index
1,397.87
Sector index
60.95
52‐week high
74.38
52‐week low
57.05
Market capitalization (Bt m)
227,101.66
% of market cap
1.71
Avg daily turnover (m shares)
160.52
Beta
1.13
Sector Performance (%)
1M
3M
12M
Absolute
‐1.23
3.18
‐15.40
Relative
‐1.06
‐4.64
‐9.14
Anapat Wanuschaiyapruk Analyst, no 57076 [email protected] 66 (0) 2-624‐6289
Top channels retreated, Workpoint and MONO29 set new highs Except for the Workpoint and MONO29 channels, the top ten TV channels have seen a drop in their ratings. Ch8 (RS) retreated 6% while One (GRAMMY) was down 14%. Despite its SMS campaign, the ratings of BEC’s channels in April all dropped from March (Figure 1). BEC has launched a campaign in which audience members send SMS telling the name of the program they are watching when the campaign’s logo appears on Ch3, 3SD or 3Family. Ch3’s rating plunged 12% in April to a two‐year low at 1.599, while the ratings of 3SD and 3Family dropped 2% and 14%, respectively. On the other hand, Workpoint’s rating inched up 6% from 0.850 in March to 0.898 in April, a record‐high rating. MONO29’s rating improved significantly by 10% to 0.537 in April. Long weekends are the high season for MONO29 since movie channels become more attractive during these times. Overall audience share continues to move away from traditional channels to new digital TV, with the share of traditional audience continuing to drop to 56.55% from 64.4% one year ago. New rising stars: GMM25 and Now26 GMM25 (GRAMMY) and Now26 (NMG) are two rising stars that continue to gain a larger audience. GMM25’s rating has climbed up from 0.067 in Nov’15 to 0.133 last month, +23%MoM, driven by its Monday to Tuesday primetime drama series. The channel has been very aggressive in content investment with a total budget of Bt1,500mn. Now26’s rating jumped 35%MoM to 0.135, a record‐high rating. We believe the channel received a windfall from the resignation of BEC’s famous news anchor rather than its strategy to broadcast more documentary programs. Expecting a good quarter for new players…but not for BEC We expect BEC to report net profit of Bt621mn in 1Q16E, down 17%YoY and 8%QoQ from losing market share to new players. We estimate the top line to drop 8%YoY to Bt3,714mn and the gross margin to shrink from 34.7% to 33.1%. BEC’s outlook is getting dimmer as all three channels keep losing their audiences. On the other hand, new players should deliver a turnaround in 1Q16. WORK and RS will turn to profit from losses in 1Q15. We forecast WORK’s net profit at Bt43mn, led by positive momentum from its Workpoint channel’s revenue; meanwhile, RS should report a net profit of Bt107mn, led mainly by the event business. MONO will deliver a much shallower loss at Bt34mn, compared to Bt68mn last year. GRAMMY’s net loss will be quite flat at Bt279mn as the company continues to spend a lot on production of content. Top pick: WORK Workpoint channel’s rating keeps rising on the popularity of its TV programs. The channel is trying to gain a larger audience for its news and drama series programs, where there is room for improvement. As the leading channel among the new players with long experience in the TV industry, we still like WORK for its promising outlook. The stock is now trading at 29.8x 16E PER and 0.2x PEG (lowest among peers). Its Buy recommendation stands.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
Figure 1: Mar and Apr TV ratings (4+, 24 hours, Nationwide)
Channel
Mar
Apr
Channel
Mar
Apr
%
Channel
Mar
Apr
%
‐1%
0.173
0.152 ‐12%
0.048 0.056
17%
1.822 1.599 ‐12%
0.100
0.135
35%
0.052 0.054
4%
0.850 0.898
6%
0.108
0.133
23%
0.037 0.039
5%
0.488 0.537
10%
0.084
0.095
13%
0.028 0.026
‐7%
0.396 0.373
‐6%
0.104
0.089 ‐14%
0.020 0.025
25%
0.089
0.083
‐7%
0.030 0.024
‐20%
0.082
0.078
‐5%
0.024 0.024
0%
0.059
0.068
15%
0.056
0.056
0%
2.668 2.647
%
0.387 0.333 ‐14% 0.214 0.210
‐2%
0.154 0.181
18%
0.186 0.161 ‐13%
Source: AGB Nielsen, KT Zmico Research
Figure 2: Ratings of Ch7 and Ch3
Figure 3: Ratings of new digital channels 1.0
4 3.5
0.8
3 2.5
0.6
2 1.5
0.4
1
0.2
0.5
CH3
WORK
RS
MONO
Source: AGB Nielsen, KT Zmico Research
Figure 4: Ratings of BEC’s channels
Figure 5: Ratings of GMM25 and Now26
0.50
0.05
0.00
0
CH3 (LHS)
3FAMILY (RHS)
Source: AGB Nielsen, KT Zmico Research
3SD (RHS)
04/16
02/16
Thairath
0.12 0.10
0.04 0.02
GMM25
Now26
Source: AGB Nielsen, KT Zmico Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
04/16
02/16
12/15
10/15
08/15
06/15
04/15
02/15
12/14
10/14
08/14
0.00
06/14
03/16
0.06
01/16
0.1
11/15
1.00
09/15
0.08
07/15
0.15
05/15
1.50
03/15
0.2
01/15
2.00
11/14
0.14
09/14
0.25
07/14
2.50
05/14
0.16
03/14
0.3
12/15
3SD
One
Source: AGB Nielsen, KT Zmico Research
3.00
10/15
08/15
06/15
04/15
02/15
12/14
10/14
08/14
06/14
03/16
01/16
11/15
09/15
07/15
05/15
03/15
01/15
11/14
09/14
07/14
05/14
03/14
CH7
04/14
0.0
0
Figure 6: Average audience share in Apr’15 and Apr’16 April 15
April 16
Other 20.9%
Other 17.1%
Ch7 39.5%
Ch7 32.8%
One 3.1%
One 4.1%
Ch8 4.1%
Ch8 4.6%
MONO 29 3.5%
MONO 29 6.7%
Workpoint1 7.9%
Ch3 19.8%
Workpoint1 11.1%
Ch3 24.9%
Source: AGB Nielsen, KT Zmico Research
Figure 7: Peer comparison COMPANY
Price
TP
EPS
Rating
(Local)
15A
16E
PER (x) 17E
15A 16E
DPS 17E
15A
16E
Div Yield
EV/EBITDA
17E 15A 16E 17E 15A 16E 17E
16‐17E
16E
CAGR
PEG 19.5
THAILAND BEC WORLD PUBLIC CO LTD
25.75 30.50
U/P
1.49
1.41
1.52
20.5 18.3
16.9
1.4
1.1
1.2 5.3 4.2 4.6
7.4
6.8
0.9
WORKPOINT ENTERTAINMENT PCL
38.75 58.50
BUY
0.39
1.30
2.14 111.0 29.8
18.1
0.3
1.0
1.2 0.8 2.5 2.9 23.3 13.3
9.8
133.8
0.2
0.04
67.0
0.0
0.0
0.0 0.0 0.0 0.0 51.3
6.7
n.a.
n.a.
MONO TECHNOLOGY CO LTD GMM GRAMMY PCL RS PCL MCOT PCL
2.54
2.20
U/P
‐0.11 ‐0.01
8.65
8.00
U/P
‐1.40 ‐1.09 ‐0.32
n.a. n.a.
n.a.
0.0
0.0
0.0 0.0 0.0 0.0 n.a. 28.9 10.7
‐52.0
n.a.
12.40 12.40
BUY
0.12
0.21
0.49
84.4 59.9
25.1
0.1
0.1
0.2 0.9 1.1 1.8 12.8 11.8
8.5
102.1
0.6
0.08
0.15
0.19 103.1 60.9
46.4
0.1
0.1
0.1 1.0 1.0 1.4
4.0
3.7
55.3
1.1
69.5 37.5
31.1
1.9 1.9 2.2 19.9 11.8
7.6
40.2
8.2
8.95
Thailand average
n.a. n.a.
8.4
3.7
9.5
JAPAN NIPPON TELEVISION HOLDINGS
1,734.0
120
142
151
16.7 12.2
11.5 30.0 33.1 32.5 1.5 1.9 1.9
8.0
5.7
5.4
12.3
1.0
FUJI MEDIA HOLDINGS INC
1,151.0
86
77
78
19.8 14.9
14.8 40.0 40.0 40.0 2.3 3.5 3.5
8.9
6.7
6.8
‐5.0
‐3.0
TOKYO BROADCASTING SYSTEM
1,587.0
79
67
64
19.2 23.5
24.6 22.0 18.3 18.3 1.5 1.1 1.2
9.0
9.4
9.5
‐9.7
‐2.4
TV ASAHI HOLDINGS CORP
1,861.0
101
105
111
19.8 17.7
16.8 30.0 38.8 40.0 1.5 2.1 2.1
5.6
4.7
4.7
4.4
4.0
ASAHI BROADCASTING CORP
650.0
54
n.a.
n.a.
19.8 n.a.
n.a. 18.0
n.a.
n.a. 1.7 n.a. n.a.
3.7 n.a. n.a.
n.a.
n.a.
RKB MAINICHI HOLDINGS CORPOR
980.0
94
n.a.
n.a.
10.5 n.a.
n.a. 15.0
n.a.
n.a. 1.5 n.a. n.a.
2.8 n.a. n.a.
n.a.
n.a.
17.6 17.1
16.9
6.3
6.6
0.5
‐0.1
Japan average
1.7 2.2 2.2
6.6
INDONESIA SURYA CITRA MEDIA PT TBK
3,200.0
104.2 115.7 133.8
29.7 27.7
23.9
n.a. 76.7 86.5 n.a. 2.4 2.7 21.1 19.9 17.2
13.3
2.1
MEDIA NUSANTARA CITRA TBK PT
2,145.0
n.a. 132.6 152.3
n.a. 16.2
14.1
n.a. 55.8 63.7 n.a. 2.6 3.0 n.a. 11.4
n.a.
n.a.
GLOBAL MEDIACOM TBK PT
1,080.0
n.a.
87.3 103.3
n.a. 12.4
10.5
n.a. 12.6 30.7 n.a. 1.2 2.8 n.a.
6.3
5.5
n.a.
n.a.
360.0
n.a.
21.9
n.a. 16.4
10.0
n.a.
7.4
6.3
n.a.
n.a.
29.7 18.2
14.6
n.a. 1.6 2.2 21.1 11.3
9.7
13.3
2.1
VISI MEDIA ASIA TBK PT Indonesia average
36.2
0.2
0.4 n.a. 0.1 0.1 n.a.
Source: Bloomberg, KT Zmico Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
9.9
Figure 8: BEC’s 1Q16 earnings preview
Profit and Loss (Btmn)
YTD
Year‐end 31 Dec
1Q15 4,044 1,404 1,679 (3) 68 (197) (0) 744 744 0.37 34.7 41.5 18.4
Revenue Gross profit EBITDA Interest expense Other income Income tax Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: BEC, KT ZMICO Research
4Q15 3,675 1,433 1,621 (176) 128 (178) 11 673 673 0.34 39.0 44.1 18.3
1Q16 3,714 1,229 1,644 (43) 50 (150) 10 621 621 0.31 33.1 44.3 16.7
% YoY (8.2) (12.4) (2.1) 1,570.1 (26.5) (23.8) n.m. (16.5) (16.5) (16.5)
% QoQ 1.1 (14.2) 1.4 (75.7) (61.0) (15.7) (11.7) (7.7) (7.7) (7.7)
2016E 15,885 5,644 7,026 (143) 200 (697) 74 2,812 2,812 1.41 35.5 44.2 17.7
%YoY 1.5 (1.7) 2.2 (23.5) (38.8) (9.9) 102.1 (5.7) (5.7) (5.7)
(% 16E) 23.4 21.8 23.4 30.0 25.0 21.6 13.5 22.1 22.1 22.1
Figure 9: WORK’s 1Q16 earnings preview
Profit and Loss (Btmn)
YTD
Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: WORK, KT ZMICO Research
1Q15 427 146 110 (11) 16 2 (10) (11) (11) (0.03) 34.1 25.6 (2.7)
4Q15 641 303 181 (94) 44 (6) 11 8 8 0.01 47.2 28.3 1.2
1Q16 605 217 190 (32) 20 (9) 5 43 43 0.10 35.9 31.5 7.1
% YoY 41.6 49.3 73.7 186.6 23.3 (616.2) (152.1) (478.6) (478.6) (469.9)
% QoQ (5.6) (28.2) 5.0 (65.8) (54.9) 43.9 (54.2) 447.4 447.4 639.9
2016E 3,068 1,518 1,243 (107) 50 (131) 20 542 542 1.30 49.5 40.5 17.7
%YoY 28.5 49.5 61.8 (19.3) (24.7) 188.2 38.6 231.4 231.4 231.4
(% 16E) 19.7 14.3 15.3 30.0 40.0 6.9 25.0 8.0 8.0 8.0
Figure 10: MONO’s 1Q16 earnings preview
Profit and Loss (Btmn)
YTD
Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: MONO, KT ZMICO Research
1Q15 466 110 56 (7) 13 10 (68) (68) (0.02) 23.5 12.1 (14.6)
4Q15 512 88 143 (104) (5) 11 (129) (129) (0.04) 17.2 27.8 (25.1)
1Q16 486 130 209 (43) 8 5 (34) (34) (0.01) 26.7 42.9 (7.0)
% YoY 4.3 18.3 270.8 524.7 (40.4) (50.3) (50.2) (50.2) (46.2)
% QoQ (5.1) 46.7 46.4 (58.8) (254.6) (53.7) (73.6) (73.6) (74.4)
2016E 2,199 579 754 (143) 32 13 (52) (52) (0.02) 26.4 34.3 (2.4)
%YoY 16.1 141.1 249.3 7.2 0.0 (75.6) (89.2) (89.2) (89.6)
(% 16E) 22.1 22.4 27.7 30.0 24.9 38.1 64.6 64.6 65.6
Figure 11: GRAMMY’s 1Q16 earnings preview
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Profit and Loss (Btmn) Year‐end 31 Dec
YTD 1Q15
2,246 572 (60) (60) 105 39 654 6 377 (277) 0.46 25.5 Gross margin (%) (2.7) EBITDA margin (%) (12.4) Net margin (%) Source: GRAMMY, KT ZMICO Research Revenue Gross profit EBITDA Interest expense Other income Income tax Other extraordinary items Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt)
4Q15 2,249 809 (11) (151) 30 70 (934) (133) (1,289 (354) (1.57) 36.0 (0.5) (15.7)
1Q16 2,170 776 (91) (83) 50 0 0 (140) (279) (279) (0.34) 35.8 (4.2) (12.8)
% YoY (3.4) 35.7 52.7 38.9 (52.5) n.a. n.a. n.a. (174.0) 0.4 (173.9)
% QoQ (3.5) (4.1) 710.8 (45.2) 65.6 n.a. n.a. 5.1 (78.4) (21.3) (78.4)
2016E 8,713 3,137 244 (295) 150 0 0 (344) (894) (894) (1.09) 36.0 2.8 (10.3)
%YoY 1.3 9.9 18.7 8.7 2.9 n.a. n.a. 3.1 (21.9) (9.3) (21.9)
(% 16E) 24.9 24.7 (37.2) 28.0 33.3 n.a. n.a. 40.8 31.2 31.2 31.2
Figure 12: RS’s 1Q16 earnings preview
Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Gn (Ls) from affiliates Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Source: RS, KT ZMICO Research
YTD 1Q15 805 160 114 (24) 2 7 0 (58) (58) (0.04) 19.9 14.2 (7.2)
4Q15 1,240 428 163 (15) 42 (19) (35) 135 135 0.09 34.5 13.1 10.9
1Q16 1,128 368 271 (20) 8 (27) 0 107 107 0.11 32.6 24.1 9.5
% YoY 40.1 129.5 137.1 (19.3) 218.2 (487.3) n.a. (285.0) (285.0) (358.8)
% QoQ (9.1) (14.1) 66.4 29.4 (81.9) 41.2 n.a. (21.1) (21.1) 17.9
2016E 4,073 1,139 892 (68) 30 (54) 0 205 205 0.21 28.0 21.9 5.0
%YoY 9.2 11.4 22.0 (16.1) (41.7) (535.3) n.a. 68.3 30.7 71.5
(% 16E) 27.7 32.3 30.4 28.7 25.0 50.8 n.a. 52.1 52.1 51.7
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investment in the securities of KTB and ZMICO, investor should consider risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, PACE, PLE, TPOLY, BIGC, BJC. KT ZMICO is a co‐underwriter of TPBI.
Anti‐corruption Progress Indicator
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 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 returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to 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 6 of 6
th
th
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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.
