Muangthai Leasing Outperform (15E TP Bt22.00)
Muangthai Leasing Earnings Review
Outperform (15E TP Bt22.00) Close Bt18.50
Finance & Securities August 10, 2015
Beat forecast/Below forecast/In line
2Q15 earnings in line with our forecast Price Performance (%)
Source: SET Smart
FY15
FY16
Consensus EPS (Bt)
0.389
0.513
KT ZMICO vs. consensus Share data
2.8%
5.3%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
39.00/1,117.00
Foreign limit / actual (%)
49.00/1.26
52 week High / Low (Bt)
20.70/8.60
Avg. daily T/O (shares 000) NVDR (%)
30,975.00 1.08
Estimated free float (%)
20.1
Beta
1.17
URL
www.muangthaileasing.co.th
CGR
‐
Growth story to continue We maintain an Outperform rating and the 15E target price of Bt22/share. We like MTLS in regard to it being one of the top growth stocks in the financial sector thanks to its outperforming earnings growth over the next three years, the favorable industry outlook as well as the firm’s prudent risk management. 2Q15 net profit in line with our forecast MTLS’s 2Q15 net profit (NP) of Bt183mn (+56% YoY, flat QoQ) was quite in line with our forecast of Bt192mn. Meanwhile, its core earnings were relatively in line with our estimate. 2Q15 net profit grew robustly by 56% YoY but quite flat QoQ The robust NP growth YoY was due mainly to strong loan growth of 44% YoY and 16% QoQ and non‐interest income growth of 15% YoY and 8% QoQ, thanks to its aggressive branch expansion to 782 branches in 2Q15 (an increase of 327 branches YoY and 101 branches QoQ). Moreover, the net interest margin (NIM) improved both YoY and QoQ to 20.7% due to the much lower funding cost both YoY and QoQ. Meanwhile, the flat NP QoQ was due largely to higher operating expenses, especially expenses related to the branch expansion. Balance sheet improving; asset quality remained well controlled Asset quality remained well controlled as the NPL ratio continued to decline to 1.25% in 2Q15 vs. 1.39% and 1.72% in 1Q15 and 2Q14, respectively, and its reserve‐to‐NPL ratio stayed solid at 259% in 2Q15. Meanwhile, its debt‐to‐equity ratio declined YoY to 0.9x from 2.5x in 2Q14, thanks to the new proceeds from the IPO in late 2014. 1H15 NP represents 44% of our FY15 NP forecast The 1H15 net profit stood at Bt365mn (+41% YoY) and represents 44% of our FY15 NP forecast. We will review our earnings forecasts after the analyst meeting tomorrow. We see potential downside risk from higher‐ than‐expected operating expenses due to the firm’s more aggressive branch expansion and lower NIM. However, these could be partly offset by potentially higher‐than‐expected loan growth as well as a lower loss on foreclosed cars and declining provision expenses. Financials and Valuation FY Ended 31 Dec
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
2013
2014
2015E
2016E
2017E
PPOP (Btm)
523
572
908
1,236
1,648
Net profit (Btmn)
351
544
838
1,140
1,497
EPS (Bt)
0.22
0.26
0.40
0.54
0.71
EPS growth (%)
‐9%
15%
54%
36%
31%
BV (Bt)
1.23
2.41
2.67
3.01
3.45
Dividend (Bt)
0.20
0.13
0.20
0.27
0.35
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PER (x)
82.91
72.08
46.81
34.41
26.20
PBV (x)
15.04
7.68
6.92
6.14
5.36
1.09
0.70
1.07
1.45
1.91
20%
15%
16%
19%
22%
Dividend yield (%) ROE (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: 2Q15 earnings results
Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q14
1Q15
2Q15 % YoY % QoQ
Interest Income
376
451
502
Interest Expenses
64
58
Net Interest Income
312
393
Non Interest Income
70
Operating Income
382
1H14
1H15 % YoY
2015E % YoY % 1H to 15E
27%
4% 732
954
18% 2,095
34%
46%
50
2%
‐21% 120
108
23% 210
‐21%
52%
452
32%
10% 611
845
17% 1,885
45%
45%
82
81
15%
8% 141
162
28% 363
26%
45%
475
532
39%
12% 752
1,008
34% 2,248
41%
45%
Operating Expenses
222
268
298
34%
11% 424
566
34% 1,127
28%
50%
Operating Profit
161
207
235
46%
13% 329
442
34% 1,121
58%
39%
Provision expenses (Reversal)
11
(21) 5
‐51% ‐124% (2) (16)
628% 54
281%
‐30%
Taxes
30
46
49%
‐2% 66
38% 213
57%
43%
45
91
Gain(loss) from foreclosed assets
(2) (1) (1)
‐51%
‐7% (7) (2)
‐65% (16)
17%
15%
Net Profit
118
183
56%
1% 258
365
41% 838
54%
44%
PPOP
131
161
190
45%
18% 263
351
33% 908
59%
39%
EPS (Bt)
0.75
0.86
0.87
16%
1% 1.64
1.72
5% 3.95
54%
44%
2Q14
1Q15
2Q15
1H14
1H15
112
112
117
112
117
1.72%
1.39%
1.25%
1.72%
1.25%
1.34%
280.5% 258.8%
269.2%
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs
181
280.5% 270.1% 258.8%
Loan Loss Reserve/Loans
2015E 132
4.8%
3.7%
3.2%
4.8%
3.2%
3.6%
28.5%
63.3%
53.3%
28.5%
53.3%
56.4%
141.9% 289.7% 215.2%
141.9% 215.2%
235.4%
Debt to equity ratio
2.5
2.5
0.9
0.8
Cost to Income
58.0%
56.3%
56.1%
Equity/Asset Loan to borrowing ratio
0.6 56.4%
0.9 55.9%
50.1%
Non Interest Income/Total Income
18.3%
17.2%
15.1%
18.7%
16.1%
16.1%
Net Interest Margin
19.9%
19.6%
20.7%
19.8%
19.5%
21.2%
Loan Growth YoY
4.6%
33.6%
43.7%
4.6%
43.7%
31.9%
Loan Growth QoQ
7.6%
8.3%
15.8%
7.6%
15.8%
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 2: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 9.0 8.0 7.0 6.0 5.0 4.0
Upside/ Downside vs. market price
(Bt)
(%)
23
26
56.9
22
21
+2.0SD
54.7
22
17
+1.5SD
52.6
21
12
+1.0SD
50.5
20
8
+0.5SD Average -0.5SD -1.0SD -1.5SD
48.4 46.3 44.2 42.1 40.0
19 18 17 17 16
3 -1 -6 -10 -15
2015E
PER (x)
+3.0SD
59.0
-0.5 S.D. -1.0 S.D. -1.5 S.D. -2 S.D.
+2.5SD
Avg.
25-Nov-14 6-Dec-14 17-Dec-14 28-Dec-14 8-Jan-15 19-Jan-15 30-Jan-15 10-Feb-15 21-Feb-15 4-Mar-15 15-Mar-15 26-Mar-15 6-Apr-15 17-Apr-15 28-Apr-15 9-May-15 20-May-15 31-May-15 11-Jun-15 22-Jun-15 3-Jul-15 14-Jul-15 25-Jul-15 5-Aug-15
3.0 2.0
Implied market price
+2.5 S.D. +2.0 S.D. +1.5 S.D. +1.0 S.D. +0.5 S.D.
Source: Bloomberg, KT ZMICO Research
Figure 3: MTLS's PER band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
23
26
56.9
22
21
+2.0SD
54.7
22
17
+1.5SD
52.6
21
12
30
+1.0SD
50.5
20
8
25
+0.5SD Average -0.5SD -1.0SD -1.5SD
48.4 46.3 44.2 42.1 40.0
19 18 17 17 16
3 -1 -6 -10 -15
55 50 45 40 35
20
+3.0 S.D. +2.5 S.D. +2.0 S.D. +1.5 S.D. +1.0 S.D. +0.5 S.D. -0.5 S.D. -1.0 S.D. -1 .5 S.D. -2.0 S.D.
Avg.
25-Nov-14 6-Dec-14 17-Dec-14 28-Dec-14 8-Jan-15 19-Jan-15 30-Jan-15 10-Feb-15 21-Feb-15 4-Mar-15 15-Mar-15 26-Mar-15 6-Apr-15 17-Apr-15 28-Apr-15 9-May-15 20-May-15 31-May-15 11-Jun-15 22-Jun-15 3-Jul-15 14-Jul-15 25-Jul-15 5-Aug-15
60
Source: Bloomberg, KT ZMICO Research
2015E
PER (x)
+3.0SD
59.0
+2.5SD
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
th
th
th
th
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.
Outperform (15E TP Bt22.00) Close Bt18.50
Finance & Securities August 10, 2015
Beat forecast/Below forecast/In line
2Q15 earnings in line with our forecast Price Performance (%)
Source: SET Smart
FY15
FY16
Consensus EPS (Bt)
0.389
0.513
KT ZMICO vs. consensus Share data
2.8%
5.3%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
39.00/1,117.00
Foreign limit / actual (%)
49.00/1.26
52 week High / Low (Bt)
20.70/8.60
Avg. daily T/O (shares 000) NVDR (%)
30,975.00 1.08
Estimated free float (%)
20.1
Beta
1.17
URL
www.muangthaileasing.co.th
CGR
‐
Growth story to continue We maintain an Outperform rating and the 15E target price of Bt22/share. We like MTLS in regard to it being one of the top growth stocks in the financial sector thanks to its outperforming earnings growth over the next three years, the favorable industry outlook as well as the firm’s prudent risk management. 2Q15 net profit in line with our forecast MTLS’s 2Q15 net profit (NP) of Bt183mn (+56% YoY, flat QoQ) was quite in line with our forecast of Bt192mn. Meanwhile, its core earnings were relatively in line with our estimate. 2Q15 net profit grew robustly by 56% YoY but quite flat QoQ The robust NP growth YoY was due mainly to strong loan growth of 44% YoY and 16% QoQ and non‐interest income growth of 15% YoY and 8% QoQ, thanks to its aggressive branch expansion to 782 branches in 2Q15 (an increase of 327 branches YoY and 101 branches QoQ). Moreover, the net interest margin (NIM) improved both YoY and QoQ to 20.7% due to the much lower funding cost both YoY and QoQ. Meanwhile, the flat NP QoQ was due largely to higher operating expenses, especially expenses related to the branch expansion. Balance sheet improving; asset quality remained well controlled Asset quality remained well controlled as the NPL ratio continued to decline to 1.25% in 2Q15 vs. 1.39% and 1.72% in 1Q15 and 2Q14, respectively, and its reserve‐to‐NPL ratio stayed solid at 259% in 2Q15. Meanwhile, its debt‐to‐equity ratio declined YoY to 0.9x from 2.5x in 2Q14, thanks to the new proceeds from the IPO in late 2014. 1H15 NP represents 44% of our FY15 NP forecast The 1H15 net profit stood at Bt365mn (+41% YoY) and represents 44% of our FY15 NP forecast. We will review our earnings forecasts after the analyst meeting tomorrow. We see potential downside risk from higher‐ than‐expected operating expenses due to the firm’s more aggressive branch expansion and lower NIM. However, these could be partly offset by potentially higher‐than‐expected loan growth as well as a lower loss on foreclosed cars and declining provision expenses. Financials and Valuation FY Ended 31 Dec
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
2013
2014
2015E
2016E
2017E
PPOP (Btm)
523
572
908
1,236
1,648
Net profit (Btmn)
351
544
838
1,140
1,497
EPS (Bt)
0.22
0.26
0.40
0.54
0.71
EPS growth (%)
‐9%
15%
54%
36%
31%
BV (Bt)
1.23
2.41
2.67
3.01
3.45
Dividend (Bt)
0.20
0.13
0.20
0.27
0.35
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PER (x)
82.91
72.08
46.81
34.41
26.20
PBV (x)
15.04
7.68
6.92
6.14
5.36
1.09
0.70
1.07
1.45
1.91
20%
15%
16%
19%
22%
Dividend yield (%) ROE (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: 2Q15 earnings results
Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q14
1Q15
2Q15 % YoY % QoQ
Interest Income
376
451
502
Interest Expenses
64
58
Net Interest Income
312
393
Non Interest Income
70
Operating Income
382
1H14
1H15 % YoY
2015E % YoY % 1H to 15E
27%
4% 732
954
18% 2,095
34%
46%
50
2%
‐21% 120
108
23% 210
‐21%
52%
452
32%
10% 611
845
17% 1,885
45%
45%
82
81
15%
8% 141
162
28% 363
26%
45%
475
532
39%
12% 752
1,008
34% 2,248
41%
45%
Operating Expenses
222
268
298
34%
11% 424
566
34% 1,127
28%
50%
Operating Profit
161
207
235
46%
13% 329
442
34% 1,121
58%
39%
Provision expenses (Reversal)
11
(21) 5
‐51% ‐124% (2) (16)
628% 54
281%
‐30%
Taxes
30
46
49%
‐2% 66
38% 213
57%
43%
45
91
Gain(loss) from foreclosed assets
(2) (1) (1)
‐51%
‐7% (7) (2)
‐65% (16)
17%
15%
Net Profit
118
183
56%
1% 258
365
41% 838
54%
44%
PPOP
131
161
190
45%
18% 263
351
33% 908
59%
39%
EPS (Bt)
0.75
0.86
0.87
16%
1% 1.64
1.72
5% 3.95
54%
44%
2Q14
1Q15
2Q15
1H14
1H15
112
112
117
112
117
1.72%
1.39%
1.25%
1.72%
1.25%
1.34%
280.5% 258.8%
269.2%
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs
181
280.5% 270.1% 258.8%
Loan Loss Reserve/Loans
2015E 132
4.8%
3.7%
3.2%
4.8%
3.2%
3.6%
28.5%
63.3%
53.3%
28.5%
53.3%
56.4%
141.9% 289.7% 215.2%
141.9% 215.2%
235.4%
Debt to equity ratio
2.5
2.5
0.9
0.8
Cost to Income
58.0%
56.3%
56.1%
Equity/Asset Loan to borrowing ratio
0.6 56.4%
0.9 55.9%
50.1%
Non Interest Income/Total Income
18.3%
17.2%
15.1%
18.7%
16.1%
16.1%
Net Interest Margin
19.9%
19.6%
20.7%
19.8%
19.5%
21.2%
Loan Growth YoY
4.6%
33.6%
43.7%
4.6%
43.7%
31.9%
Loan Growth QoQ
7.6%
8.3%
15.8%
7.6%
15.8%
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 2: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 9.0 8.0 7.0 6.0 5.0 4.0
Upside/ Downside vs. market price
(Bt)
(%)
23
26
56.9
22
21
+2.0SD
54.7
22
17
+1.5SD
52.6
21
12
+1.0SD
50.5
20
8
+0.5SD Average -0.5SD -1.0SD -1.5SD
48.4 46.3 44.2 42.1 40.0
19 18 17 17 16
3 -1 -6 -10 -15
2015E
PER (x)
+3.0SD
59.0
-0.5 S.D. -1.0 S.D. -1.5 S.D. -2 S.D.
+2.5SD
Avg.
25-Nov-14 6-Dec-14 17-Dec-14 28-Dec-14 8-Jan-15 19-Jan-15 30-Jan-15 10-Feb-15 21-Feb-15 4-Mar-15 15-Mar-15 26-Mar-15 6-Apr-15 17-Apr-15 28-Apr-15 9-May-15 20-May-15 31-May-15 11-Jun-15 22-Jun-15 3-Jul-15 14-Jul-15 25-Jul-15 5-Aug-15
3.0 2.0
Implied market price
+2.5 S.D. +2.0 S.D. +1.5 S.D. +1.0 S.D. +0.5 S.D.
Source: Bloomberg, KT ZMICO Research
Figure 3: MTLS's PER band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
23
26
56.9
22
21
+2.0SD
54.7
22
17
+1.5SD
52.6
21
12
30
+1.0SD
50.5
20
8
25
+0.5SD Average -0.5SD -1.0SD -1.5SD
48.4 46.3 44.2 42.1 40.0
19 18 17 17 16
3 -1 -6 -10 -15
55 50 45 40 35
20
+3.0 S.D. +2.5 S.D. +2.0 S.D. +1.5 S.D. +1.0 S.D. +0.5 S.D. -0.5 S.D. -1.0 S.D. -1 .5 S.D. -2.0 S.D.
Avg.
25-Nov-14 6-Dec-14 17-Dec-14 28-Dec-14 8-Jan-15 19-Jan-15 30-Jan-15 10-Feb-15 21-Feb-15 4-Mar-15 15-Mar-15 26-Mar-15 6-Apr-15 17-Apr-15 28-Apr-15 9-May-15 20-May-15 31-May-15 11-Jun-15 22-Jun-15 3-Jul-15 14-Jul-15 25-Jul-15 5-Aug-15
60
Source: Bloomberg, KT ZMICO Research
2015E
PER (x)
+3.0SD
59.0
+2.5SD
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
th
th
th
th
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.
