Muangthai Leasing Buy (16E TP Bt26.00)
Muangthai Leasing Earnings Review
Buy (16E TP Bt26.00) Close Bt20.10
Finance & Securities May 11, 2016
Beat forecast/Below forecast/In line
Strong results as expected Price Performance (%)
Source: SET Smart
FY16
Consensus EPS (Bt)
0.572
0.76
KT ZMICO vs. consensus Share data
4.9%
10.5%
Reuters / Bloomberg
FY17
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
43.00/1,209.00
Foreign limit / actual (%)
49.00/2.25
52 week High / Low (Bt)
22.10/15.00
Avg. daily T/O (shares 000) NVDR (%)
7,767.00 2.40
Estimated free float (%)
20.1
Beta
0.85
URL
www.muangthaileasing.co.th
CGR
Growth outlook to continue outpacing financial peers We maintain our Buy rating for MTLS. We still expect MTLS to post outstanding earnings growth (we expect robust EPS CARG of 43% in 2016‐18E for MTLS) vs. financial peers over the next three years thanks to its expertise and leading position in the field, as well as the favorable industry outlook. 1Q16 net profit in line MTLS posted 1Q16 net profit (NP) of Bt280mn (+54% YoY, +17% QoQ), which was quite in line with our forecast (Bt290mn) but 8% above the street estimate (Bt260mn). The strong results were due mainly to robust loan growth of 79% YoY and 15% QoQ and non‐interest income growth of 18% YoY and 10% QoQ, thanks to its aggressive branch expansion plan. Meanwhile, NIM improved both YoY and QoQ to 20.7% on much lower funding cost thanks to the benefit of the low interest rate environment and its improving bargaining power with lenders. Branch expansion on track The upbeat earnings results should be thanks mainly to its ongoing aggressive branch expansion to 1,114 branches at end‐1Q16 vs. 681 branches in 1Q15 and 940 branches at end‐2015, with 174 new branches opened in 1Q16. The new branches in 1Q16 accounted for ~42% of MTLS’s target of opening ~400 new branches in 2016‐17E to around 1,350 branches at end‐2016 and 1,750 at end‐2017. This also follows the firm’s aim to speed up branch expansion at the beginning of the year. NPL ratio quite stable QoQ Its NPLs in 1Q16 increased at a higher pace (+11% QoQ) vs. the stable rate in several previous quarters. However, the NPL ratio remained stable QoQ at 0.9% of loans. Given MTLS’s prudent risk management practices, the firm set a higher provision in 1Q16 to cope with both its robust lending growth and higher NPLs. This resulted in a stronger reserve‐to‐NPL ratio both YoY and QoQ to 299%. Financials and Valuation 2014
2015
2016E
2017E
2018E
PPOP (Btm)
572
856
1,373
1,938
2,626
Net profit (Btmn)
544
825
1,276
1,786
2,403
EPS (Bt)
0.26
0.39
0.60
0.84
1.13
EPS growth (%)
15%
52%
55%
40%
35%
FY Ended 31 Dec Anti‐corruption
Level 2 (Declared)
Prapharas Nonthapiboon Analyst, no 17836
BV (Bt)
2.41
2.67
3.07
3.61
4.32
Dividend (Bt)
0.13
0.20
0.30
0.42
0.57
2014 78.31
2015 51.65
2016E 33.39
2017E 23.87
2018E 17.73
FY Ended 31 Dec PER (x)
[email protected]
PBV (x)
8.35
7.54
6.55
5.57
4.65
66 (0) 2695‐5872
Dividend yield (%)
0.65
1.00
1.50
2.10
2.82
ROE (%)
15%
15%
20%
25%
28%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: 1Q16 earnings results Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
1Q15
4Q15
1Q16
% YoY
660
% QoQ
2015
2016E
% YoY
% 1Q to 16E
Interest Income
451
769
70%
17% 2,225 3,551
60%
22%
Interest Expenses
58 61 66
15%
10% 228
371
63%
18%
Net Interest Income
393
703
79%
17% 1,998 3,180
59%
22%
Non Interest Income
82 88 96
18%
10% 334
386
16%
25%
Operating Income
475
687
799
68%
16% 2,331 3,566
53%
22%
Operating Expenses
268
376
390
46%
4% 1,269 1,871
47%
21%
Operating Profit
207
312
409
98%
31% 1,063 1,695
59%
24%
Provision expenses (Reversal)
(21) 28 57
‐368%
101% 25
85
245%
67%
Taxes
46 61 70
53%
15% 207
322
56%
22%
Gain(loss) from foreclosed assets
(1) (2) (2)
56%
83%
17%
Net Profit
181
240
280
54%
17% 825 1,276
55%
22%
PPOP
161
251
339
110%
35% 856 1,373
60%
25%
EPS (Bt)
0.09
0.11
0.13
54%
17% 0.39
55%
22%
1Q15
4Q15
1Q16
2015
112
117
130
117
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs
0.60 2016E 164
0.92%
0.90%
0.92%
0.87%
270.1%
287.6%
299.1%
287.6%
239.2%
3.7%
2.7%
2.7%
2.7%
2.1%
Equity/Asset Debt to equity ratio
0% (6) (11)
1.39%
Loan Loss Reserve/Loans Loan to borrowing ratio
600
63.3%
43.2%
38.9%
43.2%
33.4%
289.7%
177.3%
162.5%
177.3%
146.1%
0.6 1.3 1.6
1.3
2.0
Cost to Income
56.4%
54.7%
48.8%
54.4%
Non Interest Income/Total Income
17.2%
12.7%
12.1%
14.3%
52.5% 10.8%
Interest Spread
15.9%
18.7%
19.4%
17.9%
18.8%
Net Interest Margin
19.6%
20.3%
20.7%
19.4%
20.1%
Loan Growth YoY
33.6%
69.6%
79.2%
69.6%
50.0%
Loan Growth QoQ
8.3%
15.1%
14.5%
Source: KTZMICO Research
Figure 2: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0
Upside/ Downside vs. market price
(Bt)
(%)
26
29
8.2
25
23
+1.5SD
7.8
24
17
+1.0SD
7.4
23
12
+0.5SD
7.0
22
6
Average
6.7
20
0
-0.5SD
6.3
19
-6
-1.0SD
5.9
18
-11
-1.5SD
5.5
17
-17
-2.0SD
5.2
16
-23
2016E
PBV (x)
+1.5 S.D. +1.0 S.D. +0.5 S.D.
+2.5SD
8.5
+2.0SD
Avg. -0.5 S.D. -1.0 S.D. -1.5 S.D. -2 S.D.
4.5
Source: Bloomberg, KT ZMICO Research
Apr-16
May-16
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
Nov-15
Jul-15
Aug-15
Jun-15
Apr-15
May-15
Feb-15
Mar-15
Jan-15
Dec-14
Nov-14
4.0
Implied market price
+3.0 S.D. +2.5 S.D. +2.0 S.D.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making 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 3 of 3
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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.
Buy (16E TP Bt26.00) Close Bt20.10
Finance & Securities May 11, 2016
Beat forecast/Below forecast/In line
Strong results as expected Price Performance (%)
Source: SET Smart
FY16
Consensus EPS (Bt)
0.572
0.76
KT ZMICO vs. consensus Share data
4.9%
10.5%
Reuters / Bloomberg
FY17
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
43.00/1,209.00
Foreign limit / actual (%)
49.00/2.25
52 week High / Low (Bt)
22.10/15.00
Avg. daily T/O (shares 000) NVDR (%)
7,767.00 2.40
Estimated free float (%)
20.1
Beta
0.85
URL
www.muangthaileasing.co.th
CGR
Growth outlook to continue outpacing financial peers We maintain our Buy rating for MTLS. We still expect MTLS to post outstanding earnings growth (we expect robust EPS CARG of 43% in 2016‐18E for MTLS) vs. financial peers over the next three years thanks to its expertise and leading position in the field, as well as the favorable industry outlook. 1Q16 net profit in line MTLS posted 1Q16 net profit (NP) of Bt280mn (+54% YoY, +17% QoQ), which was quite in line with our forecast (Bt290mn) but 8% above the street estimate (Bt260mn). The strong results were due mainly to robust loan growth of 79% YoY and 15% QoQ and non‐interest income growth of 18% YoY and 10% QoQ, thanks to its aggressive branch expansion plan. Meanwhile, NIM improved both YoY and QoQ to 20.7% on much lower funding cost thanks to the benefit of the low interest rate environment and its improving bargaining power with lenders. Branch expansion on track The upbeat earnings results should be thanks mainly to its ongoing aggressive branch expansion to 1,114 branches at end‐1Q16 vs. 681 branches in 1Q15 and 940 branches at end‐2015, with 174 new branches opened in 1Q16. The new branches in 1Q16 accounted for ~42% of MTLS’s target of opening ~400 new branches in 2016‐17E to around 1,350 branches at end‐2016 and 1,750 at end‐2017. This also follows the firm’s aim to speed up branch expansion at the beginning of the year. NPL ratio quite stable QoQ Its NPLs in 1Q16 increased at a higher pace (+11% QoQ) vs. the stable rate in several previous quarters. However, the NPL ratio remained stable QoQ at 0.9% of loans. Given MTLS’s prudent risk management practices, the firm set a higher provision in 1Q16 to cope with both its robust lending growth and higher NPLs. This resulted in a stronger reserve‐to‐NPL ratio both YoY and QoQ to 299%. Financials and Valuation 2014
2015
2016E
2017E
2018E
PPOP (Btm)
572
856
1,373
1,938
2,626
Net profit (Btmn)
544
825
1,276
1,786
2,403
EPS (Bt)
0.26
0.39
0.60
0.84
1.13
EPS growth (%)
15%
52%
55%
40%
35%
FY Ended 31 Dec Anti‐corruption
Level 2 (Declared)
Prapharas Nonthapiboon Analyst, no 17836
BV (Bt)
2.41
2.67
3.07
3.61
4.32
Dividend (Bt)
0.13
0.20
0.30
0.42
0.57
2014 78.31
2015 51.65
2016E 33.39
2017E 23.87
2018E 17.73
FY Ended 31 Dec PER (x)
[email protected]
PBV (x)
8.35
7.54
6.55
5.57
4.65
66 (0) 2695‐5872
Dividend yield (%)
0.65
1.00
1.50
2.10
2.82
ROE (%)
15%
15%
20%
25%
28%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: 1Q16 earnings results Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
1Q15
4Q15
1Q16
% YoY
660
% QoQ
2015
2016E
% YoY
% 1Q to 16E
Interest Income
451
769
70%
17% 2,225 3,551
60%
22%
Interest Expenses
58 61 66
15%
10% 228
371
63%
18%
Net Interest Income
393
703
79%
17% 1,998 3,180
59%
22%
Non Interest Income
82 88 96
18%
10% 334
386
16%
25%
Operating Income
475
687
799
68%
16% 2,331 3,566
53%
22%
Operating Expenses
268
376
390
46%
4% 1,269 1,871
47%
21%
Operating Profit
207
312
409
98%
31% 1,063 1,695
59%
24%
Provision expenses (Reversal)
(21) 28 57
‐368%
101% 25
85
245%
67%
Taxes
46 61 70
53%
15% 207
322
56%
22%
Gain(loss) from foreclosed assets
(1) (2) (2)
56%
83%
17%
Net Profit
181
240
280
54%
17% 825 1,276
55%
22%
PPOP
161
251
339
110%
35% 856 1,373
60%
25%
EPS (Bt)
0.09
0.11
0.13
54%
17% 0.39
55%
22%
1Q15
4Q15
1Q16
2015
112
117
130
117
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs
0.60 2016E 164
0.92%
0.90%
0.92%
0.87%
270.1%
287.6%
299.1%
287.6%
239.2%
3.7%
2.7%
2.7%
2.7%
2.1%
Equity/Asset Debt to equity ratio
0% (6) (11)
1.39%
Loan Loss Reserve/Loans Loan to borrowing ratio
600
63.3%
43.2%
38.9%
43.2%
33.4%
289.7%
177.3%
162.5%
177.3%
146.1%
0.6 1.3 1.6
1.3
2.0
Cost to Income
56.4%
54.7%
48.8%
54.4%
Non Interest Income/Total Income
17.2%
12.7%
12.1%
14.3%
52.5% 10.8%
Interest Spread
15.9%
18.7%
19.4%
17.9%
18.8%
Net Interest Margin
19.6%
20.3%
20.7%
19.4%
20.1%
Loan Growth YoY
33.6%
69.6%
79.2%
69.6%
50.0%
Loan Growth QoQ
8.3%
15.1%
14.5%
Source: KTZMICO Research
Figure 2: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0
Upside/ Downside vs. market price
(Bt)
(%)
26
29
8.2
25
23
+1.5SD
7.8
24
17
+1.0SD
7.4
23
12
+0.5SD
7.0
22
6
Average
6.7
20
0
-0.5SD
6.3
19
-6
-1.0SD
5.9
18
-11
-1.5SD
5.5
17
-17
-2.0SD
5.2
16
-23
2016E
PBV (x)
+1.5 S.D. +1.0 S.D. +0.5 S.D.
+2.5SD
8.5
+2.0SD
Avg. -0.5 S.D. -1.0 S.D. -1.5 S.D. -2 S.D.
4.5
Source: Bloomberg, KT ZMICO Research
Apr-16
May-16
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
Nov-15
Jul-15
Aug-15
Jun-15
Apr-15
May-15
Feb-15
Mar-15
Jan-15
Dec-14
Nov-14
4.0
Implied market price
+3.0 S.D. +2.5 S.D. +2.0 S.D.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making 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 3 of 3
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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
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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
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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.
