Media & Publishing (Digital TV) - Global Alliance Partners
Media & Publishing (Digital TV) Industry Update
Neutral
3 July 2015
Digital TV: sport festival lifted analog’s ratings
Share data (Media & Publishing) SET index
1,491.62
Sector index
72.57
52‐week high
88.88
52‐week low
69.45
Market capitalization (Bt m)
268,485.01
% of market cap
1.91
Avg daily turnover (m shares)
315.67
Beta
1.56
Sector Performance (%)
1M
3M
12M
Absolute
4.49
‐5.33
‐7.50
Relative
3.46
‐2.51
‐6.78
Anapat Wanuschaiyapruk Analyst, no 57076 [email protected] 66 (0) 2-624‐6289
Analog sees higher ratings as SEA games ruled the screen The June ratings of most analog channels jumped thanks to the SEA Games (Figure 2). The event lasted from 29th May until 16th June. CH3 (BEC) and CH9 (MCOT) saw their ratings pick up for a second month. CH5 and NBT, whose ratings have underperformed peers since the start of digital TV, enjoyed ratings increases of 34% and 91%, respectively. However, we think that after this one‐off sport festival, the ratings of analog TV will return to a downward trend. Workpoint1’s ratings dipped, waiting for catalyst in July Workpoint1’s ratings dipped 1% in June. However, it has already promoted Ching‐Roi‐Ching‐Larn (Ching100) on Workpoint1 and we think the teaser looks good (for the target audience). The time slot on CH3 will be replaced by Mr. Triphob’s program “Today Show”. The program features the same host team as the “Tonight Show”. As far as we know, the Tonight Show’s ratings have never been in the top ten of variety programs, but we think Ching100 will at least achieve its target rating of 3.0 and help boost the channel’s performance. MONO29: lost top‐five position despite 11% jump in ratings MONO29 continued with its movie and series strategy and the ratings jumped 11% in June. It also had an important boxing match on 27th Jun, which should help push its ratings up further. While CH9 has already taken back its top‐five position, we think there is a chance that it will lose it again next month. BEC strikes back Analog CH3’s ratings increased for a second month (Figure 5). Higher ratings in May were the result of its popular drama series, and in June they were propelled by the SEA Games. CH3 broadcasted many football, volleyball and badminton games, as well as opening ceremonies, but this might have a negative effect next month when there are no festivals. However, its drama‐rerunning strategy on 3SD seems to be working very well. Both 3SD and 3Family have seen their ratings skyrocket since Feb. Thai PBS is already out of the top ten, replaced by 3SD. Top pick: WORK We think WORK (Buy, TP Bt50.0) will turn a profit in Q2, after a loss of Bt11mn from the movie and publishing business in Q1. We maintain our projection that it will deliver net profit CAGR of 259% during 2015E – 2017E. The current share price (Bt39.50, +13% since our initiation) implies 2015E P/E of 82x and PEG of only 0.32x. MONO (Underperform, TP Bt3.60) should report a net loss of about Bt24mn in Q2, according to our estimate. The company will continue to see low earnings this year but growth will be substantial in 2016E as the TV business will turn to profit.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: May and June ratings
Channel
May
June
%
2.652 2.604
‐2%
1.981 2.151
9%
0.614 0.608
‐1%
Channel
June
%
Channel
May
June
%
0.129 0.147 14%
0.040 0.051 28%
0.121 0.113
‐7%
0.046 0.049
7%
0.047 0.090 91%
0.051 0.048
‐6%
0.314 0.350 11%
0.083 0.082
‐1%
0.037 0.039
5%
0.236 0.292 24%
0.062 0.080 29%
0.033 0.035
6%
0.253 0.284 12%
0.061 0.068 11%
0.024 0.023
‐4%
0.044 0.057 30%
0.020 0.020
0%
0.045 0.053 18%
0.011 0.019 73%
0.048 0.051
0.015 0.015
0.195 0.194
‐1%
0.125 0.167 34%
May
0.101 0.162 60%
6%
0%
Source: AGB Nielsen, KT Zmico
Figure 2: Ratings of analog channels
Figure 3: Ratings of digital channels
4.00 3.50
0.60
0.7
0.50
0.6
3.00 0.40
2.50
0.5 0.4
0.30
2.00
0.3
CH3
CH5
CH9
NBT
CH7 and CH3 on left hand side. CH5, CH9, and NBT on right hand side. Source: AGB Nielsen, KT Zmico
WORK 3SD
RS MCOT
MONO Thairath
Source: AGB Nielsen, KT Zmico
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Jun 15
May 15
Apr 15
Mar 15
Feb 15
Jan 15
Dec 14
Nov 14
Oct 14
Sep 14
Jun 15
Apr 15
May 15
Mar 15
Jan 15
Feb 15
Dec 14
Oct 14
Nov 14
Sep 14
Jul 14
Aug 14
Jun 14
Apr 14
May 14
Mar 14
CH7
0 Aug 14
0.00
0.00
0.1
Jul 14
0.10
0.50
0.2
Jun 14
1.00
May 14
0.20
Apr 14
1.50
OneHD
Figure 4: Ratings of BEC
Figure 5: Ratings of CH5, CH9, Thai PBS 0.6
0.18
3.00
0.16
0.5
2.50 0.14
0.4
0.12
2.00
0.10
0.3
1.50 0.08
0.2
0.06
1.00
0.04
0.1
0.50 0.02
3FAMILY (RHS)
Source: AGB Nielsen, KT Zmico
CH5
TPBS
Source: AGB Nielsen, KT Zmico
Figure 6: Peer comparison Ticker BEC TB WORK TB MCOT TB RS TB GRAMMY TB MONO TB
Price (Local) 37.50 39.50 12.70 13.40 13.60 3.16
THAILAND'S AVERAGE
Mkt Cap (US$m) 2,240 492 259 415 331 302
14 4,415 21 504 371 ‐1,085 39
15E 3,967 201 373 542 ‐101 45
16E 4,269 499 409 728 103 225
14 23.1 749 22.1 44.6 n.a. 396 247
15E 18.9 84.2 23.5 26.1 n.a. 344 99.3
16E 17.6 33.8 21.2 20.4 n.a. 68.5 32.3
Yield (%) 15E 4.8 0.9 3.1 3.0 0.0 0.3 2.0
Net Income
PER (x)
ROE (%) 15E 46.0 7.3 4.6 27.5 ‐3.4 1.5 13.9
CAGR (%) 15‐16E ‐1.4 371 ‐9.5 34.4 ‐55.9 140
PEG 15E ‐13.6 0.2 ‐2.5 0.8 n.a. 2.4
SCMA IJ Equity 2,970 MNCN IJ Equity 2,025 BMTR IJ Equity 1,205 MDIA IJ Equity 4,000 VIVA IJ Equity 439 INDONESIA'S AVERAGE
3,266 2,174 1,287 1,180 544
1,453,644 1,761,994 704,981 353,165 143,930
1,648,837 1,992,083 1,344,026 n.a. 232,209
2,002,336 2,340,903 1,551,501 n.a. 382,266
35.2 20.2 27.4 34.3 54.7 34.4
26.4 14.5 14.3 n.a. 32.7 22.0
21.6 12.2 11.6 n.a. 18.4 16.0
2.4 3.1 1.4 n.a. 0.0 1.7
43.1 20.6 11.6 n.a. 8.4 20.9
17.5 14.7 41.1 n.a. 65.1
1.5 1.0 0.3 n.a. 0.5
9404 JP 4676 JP 9401 JP 9409 JP 9405 JP 9407 JP JAPAN'S AVERAGE
4,500 3,114 2,548 1,879 338 89
27,827 17,282 9,644 11,678 3,254 1,101
30,467 19,908 12,811 10,994 2,203 1,031
33,939 20,494 10,625 11,255 3,400 n.a.
15.4 25.4 19.5 16.1 7.8 13.4 16.3
16.7 19.8 19.2 19.8 19.8 10.5 17.6
15.9 18.0 26.3 20.3 12.1 n.a. 18.5
1.5 2.3 1.5 1.5 1.7 1.5 1.7
5.6 3.3 3.2 3.9 3.9 3.7 3.9
10.3 10.6 1.8 ‐4.3 2.2 n.a.
1.6 1.9 10.8 ‐4.6 9.0 n.a.
2,128 1,643 1,669 2,160 1,008 987
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
Jun 15
Apr 15
May 15
Feb 15
Mar 15
Jan 15
Dec 14
Oct 14
MCOT
3SD (RHS)
Nov 14
Sep 14
Aug 14
Jul 14
Jun 14
May 14
Mar 14
Jun 15
Apr 15
May 15
Mar 15
Jan 15
Feb 15
Dec 14
Oct 14
Nov 14
Sep 14
Jul 14
Aug 14
Jun 14
Apr 14
May 14
CH3 (LHS)
Apr 14
0
0.00
Mar 14
0.00
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.
Neutral
3 July 2015
Digital TV: sport festival lifted analog’s ratings
Share data (Media & Publishing) SET index
1,491.62
Sector index
72.57
52‐week high
88.88
52‐week low
69.45
Market capitalization (Bt m)
268,485.01
% of market cap
1.91
Avg daily turnover (m shares)
315.67
Beta
1.56
Sector Performance (%)
1M
3M
12M
Absolute
4.49
‐5.33
‐7.50
Relative
3.46
‐2.51
‐6.78
Anapat Wanuschaiyapruk Analyst, no 57076 [email protected] 66 (0) 2-624‐6289
Analog sees higher ratings as SEA games ruled the screen The June ratings of most analog channels jumped thanks to the SEA Games (Figure 2). The event lasted from 29th May until 16th June. CH3 (BEC) and CH9 (MCOT) saw their ratings pick up for a second month. CH5 and NBT, whose ratings have underperformed peers since the start of digital TV, enjoyed ratings increases of 34% and 91%, respectively. However, we think that after this one‐off sport festival, the ratings of analog TV will return to a downward trend. Workpoint1’s ratings dipped, waiting for catalyst in July Workpoint1’s ratings dipped 1% in June. However, it has already promoted Ching‐Roi‐Ching‐Larn (Ching100) on Workpoint1 and we think the teaser looks good (for the target audience). The time slot on CH3 will be replaced by Mr. Triphob’s program “Today Show”. The program features the same host team as the “Tonight Show”. As far as we know, the Tonight Show’s ratings have never been in the top ten of variety programs, but we think Ching100 will at least achieve its target rating of 3.0 and help boost the channel’s performance. MONO29: lost top‐five position despite 11% jump in ratings MONO29 continued with its movie and series strategy and the ratings jumped 11% in June. It also had an important boxing match on 27th Jun, which should help push its ratings up further. While CH9 has already taken back its top‐five position, we think there is a chance that it will lose it again next month. BEC strikes back Analog CH3’s ratings increased for a second month (Figure 5). Higher ratings in May were the result of its popular drama series, and in June they were propelled by the SEA Games. CH3 broadcasted many football, volleyball and badminton games, as well as opening ceremonies, but this might have a negative effect next month when there are no festivals. However, its drama‐rerunning strategy on 3SD seems to be working very well. Both 3SD and 3Family have seen their ratings skyrocket since Feb. Thai PBS is already out of the top ten, replaced by 3SD. Top pick: WORK We think WORK (Buy, TP Bt50.0) will turn a profit in Q2, after a loss of Bt11mn from the movie and publishing business in Q1. We maintain our projection that it will deliver net profit CAGR of 259% during 2015E – 2017E. The current share price (Bt39.50, +13% since our initiation) implies 2015E P/E of 82x and PEG of only 0.32x. MONO (Underperform, TP Bt3.60) should report a net loss of about Bt24mn in Q2, according to our estimate. The company will continue to see low earnings this year but growth will be substantial in 2016E as the TV business will turn to profit.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: May and June ratings
Channel
May
June
%
2.652 2.604
‐2%
1.981 2.151
9%
0.614 0.608
‐1%
Channel
June
%
Channel
May
June
%
0.129 0.147 14%
0.040 0.051 28%
0.121 0.113
‐7%
0.046 0.049
7%
0.047 0.090 91%
0.051 0.048
‐6%
0.314 0.350 11%
0.083 0.082
‐1%
0.037 0.039
5%
0.236 0.292 24%
0.062 0.080 29%
0.033 0.035
6%
0.253 0.284 12%
0.061 0.068 11%
0.024 0.023
‐4%
0.044 0.057 30%
0.020 0.020
0%
0.045 0.053 18%
0.011 0.019 73%
0.048 0.051
0.015 0.015
0.195 0.194
‐1%
0.125 0.167 34%
May
0.101 0.162 60%
6%
0%
Source: AGB Nielsen, KT Zmico
Figure 2: Ratings of analog channels
Figure 3: Ratings of digital channels
4.00 3.50
0.60
0.7
0.50
0.6
3.00 0.40
2.50
0.5 0.4
0.30
2.00
0.3
CH3
CH5
CH9
NBT
CH7 and CH3 on left hand side. CH5, CH9, and NBT on right hand side. Source: AGB Nielsen, KT Zmico
WORK 3SD
RS MCOT
MONO Thairath
Source: AGB Nielsen, KT Zmico
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Jun 15
May 15
Apr 15
Mar 15
Feb 15
Jan 15
Dec 14
Nov 14
Oct 14
Sep 14
Jun 15
Apr 15
May 15
Mar 15
Jan 15
Feb 15
Dec 14
Oct 14
Nov 14
Sep 14
Jul 14
Aug 14
Jun 14
Apr 14
May 14
Mar 14
CH7
0 Aug 14
0.00
0.00
0.1
Jul 14
0.10
0.50
0.2
Jun 14
1.00
May 14
0.20
Apr 14
1.50
OneHD
Figure 4: Ratings of BEC
Figure 5: Ratings of CH5, CH9, Thai PBS 0.6
0.18
3.00
0.16
0.5
2.50 0.14
0.4
0.12
2.00
0.10
0.3
1.50 0.08
0.2
0.06
1.00
0.04
0.1
0.50 0.02
3FAMILY (RHS)
Source: AGB Nielsen, KT Zmico
CH5
TPBS
Source: AGB Nielsen, KT Zmico
Figure 6: Peer comparison Ticker BEC TB WORK TB MCOT TB RS TB GRAMMY TB MONO TB
Price (Local) 37.50 39.50 12.70 13.40 13.60 3.16
THAILAND'S AVERAGE
Mkt Cap (US$m) 2,240 492 259 415 331 302
14 4,415 21 504 371 ‐1,085 39
15E 3,967 201 373 542 ‐101 45
16E 4,269 499 409 728 103 225
14 23.1 749 22.1 44.6 n.a. 396 247
15E 18.9 84.2 23.5 26.1 n.a. 344 99.3
16E 17.6 33.8 21.2 20.4 n.a. 68.5 32.3
Yield (%) 15E 4.8 0.9 3.1 3.0 0.0 0.3 2.0
Net Income
PER (x)
ROE (%) 15E 46.0 7.3 4.6 27.5 ‐3.4 1.5 13.9
CAGR (%) 15‐16E ‐1.4 371 ‐9.5 34.4 ‐55.9 140
PEG 15E ‐13.6 0.2 ‐2.5 0.8 n.a. 2.4
SCMA IJ Equity 2,970 MNCN IJ Equity 2,025 BMTR IJ Equity 1,205 MDIA IJ Equity 4,000 VIVA IJ Equity 439 INDONESIA'S AVERAGE
3,266 2,174 1,287 1,180 544
1,453,644 1,761,994 704,981 353,165 143,930
1,648,837 1,992,083 1,344,026 n.a. 232,209
2,002,336 2,340,903 1,551,501 n.a. 382,266
35.2 20.2 27.4 34.3 54.7 34.4
26.4 14.5 14.3 n.a. 32.7 22.0
21.6 12.2 11.6 n.a. 18.4 16.0
2.4 3.1 1.4 n.a. 0.0 1.7
43.1 20.6 11.6 n.a. 8.4 20.9
17.5 14.7 41.1 n.a. 65.1
1.5 1.0 0.3 n.a. 0.5
9404 JP 4676 JP 9401 JP 9409 JP 9405 JP 9407 JP JAPAN'S AVERAGE
4,500 3,114 2,548 1,879 338 89
27,827 17,282 9,644 11,678 3,254 1,101
30,467 19,908 12,811 10,994 2,203 1,031
33,939 20,494 10,625 11,255 3,400 n.a.
15.4 25.4 19.5 16.1 7.8 13.4 16.3
16.7 19.8 19.2 19.8 19.8 10.5 17.6
15.9 18.0 26.3 20.3 12.1 n.a. 18.5
1.5 2.3 1.5 1.5 1.7 1.5 1.7
5.6 3.3 3.2 3.9 3.9 3.7 3.9
10.3 10.6 1.8 ‐4.3 2.2 n.a.
1.6 1.9 10.8 ‐4.6 9.0 n.a.
2,128 1,643 1,669 2,160 1,008 987
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
Jun 15
Apr 15
May 15
Feb 15
Mar 15
Jan 15
Dec 14
Oct 14
MCOT
3SD (RHS)
Nov 14
Sep 14
Aug 14
Jul 14
Jun 14
May 14
Mar 14
Jun 15
Apr 15
May 15
Mar 15
Jan 15
Feb 15
Dec 14
Oct 14
Nov 14
Sep 14
Jul 14
Aug 14
Jun 14
Apr 14
May 14
CH3 (LHS)
Apr 14
0
0.00
Mar 14
0.00
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.
