Muangthai Leasing
Muangthai Leasing Company Update
Outperform (15E TP Bt22.00) Close Bt18.70
Finance & Securities June 12, 2015
Earnings upgrade/Earnings downgrade/Overview unchanged
Promising profitability outlook underway
FY15
FY16
Consensus EPS (Bt)
0.408
0.524
KT ZMICO vs. consensus Share data
‐2.0%
3.1%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
40.00/1,176.00
Foreign limit / actual (%)
49.00/0.10
52 week High / Low (Bt)
20.70/8.60
Avg. daily T/O (shares 000) NVDR (%)
38,712.00 0.88
Estimated free float (%)
20.1
Beta
1.26
URL
www.muangthaileasing.co.th
CGR
‐
Among the top growth play stocks We maintain an Outperform call for MTLS in regard to it being one of the top growth stocks in the financial sector. We still expect MTLS to show outstanding earnings growth vs. peers over the next few years thanks to its long‐standing expertise in the business and the favorable industry outlook, which still offers plenty of room to grow. Three‐year targets still indicate promising growth MTLS maintained its targets for top and bottom line growth of >30% over the next three years although the firm recently raised its branch expansion plan in late 1Q15 to 1,400 by 2017E vs. its original target of 1,000 branches by 2017E. Note that MTLS will likely review its growth targets (>30% per year) after the 1H15 results or in 2H15 after assessing the effectiveness of the expansion plan. More aggressive on personal loans; nano‐finance to start in 3Q15E Apart from focusing on its collateralized lending business, from 2015 onwards MTLS will be more aggressive on its non‐collateralized personal loans. Meanwhile, for the nano‐finance business, it expects to see new lending in late 3Q15E. Note that for the non‐collateralized lending businesses, MTLS will lend only to existing clients with good records. Expect 2Q15E net profit to grow robustly by 63% YoY and 6% QoQ We expect MTLS to post 2Q15E net profit of Bt192mn (+63% YoY, +6% QoQ). The strong 2Q15E earnings are likely to be backed by 1) robust loan growth of around 37% YoY and 10% QoQ; and 2) solid non‐interest income growth of 15% YoY and 8% QoQ. This should be thanks to its more aggressive branch expansion of ~230 new branches in 1H15E vs. 91 new branches in 2014 after it received new proceeds from the IPO in late 2014. Financials and Valuation 2013
2014
2015E
2016E
2017E
PPOP (Btm)
523
572
908
1,236
1,648
Net profit (Btmn)
351
544
838
1,140
1,497 0.71
FY Ended 31 Dec
EPS (Bt)
0.22
0.26
0.40
0.54
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
Prapharas Nonthapiboon
PER (x)
83.80
72.86
47.31
34.78
26.48
Analyst, no 17836
PBV (x)
15.20
7.76
6.99
6.20
5.42
1.08
0.70
1.06
1.44
1.89
20%
15%
16%
19%
22%
[email protected] 66 (0) 2695‐5872
Dividend yield (%) ROE (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 7
Three‐year targets still indicate promising growth MTLS maintained its targets for top and bottom line growth of >30% over the next three years although the firm recently raised its branch expansion plan in late 1Q15. The firm now aims to expand its total branches to 1,400 by 2017E (with the opening of around 300 new branches per year) from 506 branches at the end of 2014 vs. its original target of 1,000 branches by 2017E (with the opening of 150‐170 branches per year). Note that MTLS will likely review its growth targets (>30% per year) after the 1H15 results or in 2H15 after assessing the effectiveness of the expansion plan. Moreover, from 2015 onwards the firm will be more aggressive in expanding its non‐ collateralized personal loan business after receiving more capital from the IPO. For the nano‐ finance business, it will not be aggressive and expects to start this business in late 3Q15E. In addition, MTLS has also started to be more aggressive in expanding its product line to car and agricultural vehicle title loans. Note that lending to these two segments increased to 24% of total loans in 1Q15 vs. 20% in 4Q14 and 15% in 1Q14. Meanwhile, lending to the motorcycle segment declined to 74% in 1Q15 from 79% in 4Q14 and 85% in 1Q14. The firm also just started to lend for land title loans in Jun‐15 with lending size of Bt30,000‐50,000 per bill. However, all these segments provide less return vs. the motorcycle segment. More aggressive on personal loans as planned; nano‐finance business to start in 3Q15E Apart from focusing on its collateralized lending business, from 2015 onwards MTLS will be more aggressive on its non‐collateralized personal loans. Note that the firm targets to grow personal loans by around Bt50mn/month and will focus only on its current customers with a good record. Note also that as of 1Q15 its personal loan portfolio grew sharply by 338% YoY to Bt149mn (~2% of total loan portfolio) from Bt34mn in 4Q14 (0.5% of loans). For the nano‐finance business, the firm just got a license in late May‐15 and it will also focus on its current clients with good records, not mass market expansion. It has set a budget for the nano‐finance business of no more than Bt10mn/month with an expected rate charge of 29.5% vs. the ceiling rate set by the BoT of 36%. Note that we have already included the potential expansion of both businesses (personal loans from 2015E and nano‐finance from 2016E onwards) in our earnings projections, expecting both businesses to contribute around 7% of total lending in 2017E from 0.5% in 2014. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 7
Expect 2Q15E net profit to grow robustly by 63% YoY and 6% QoQ We expect MTLS to post 2Q15E net profit of Bt192mn (+63% YoY, +6% QoQ). The strong 2Q15E earnings are likely to be backed by 1) robust loan growth of around 37% YoY and 10% QoQ; and 2) solid non‐interest income growth of 15% YoY and 8% QoQ. This should be thanks to its more aggressive branch expansion of around 230 new branches in 1H15E (170 branches in 1Q15 and likely >50 branches in 2Q15E) vs. 91 new branches in 2014 after the firm received new proceeds from the IPO in late 2014. Meanwhile, NIM is likely to improve QoQ as we expect MTLS to start gaining greater benefit from much lower funding costs for the full quarter after obtaining new proceeds from the IPO in late 4Q14 as it has started to repay some of its high‐cost, long‐term borrowings and also refinanced some debts with cheaper funding costs (likely by ~1.0‐1.5%). Moreover, its asset quality is likely to remain under control with the NPL ratio likely to decline QoQ due to the company’s prudent risk management and NPL control. Figure 1: 2Q15E earnings preview Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec. Interest Income
2Q14
1Q15
2Q15E % YoY % QoQ
376
451
478
1H14
1H15E % YoY
2015E % YoY % 1H to 15E
27%
4% 732
404
18% 2,095
34%
22% 28%
Interest Expenses
64
58
48
2%
‐21% 120
72
23% 210
‐21%
Net Interest Income
312
393
430
32%
10% 611
332
17% 1,885
45%
21%
Non Interest Income
70
82
89
15%
8% 141
72
28% 363
26%
23%
Operating Income
382
475
519
36%
9% 752
994
32% 2,248
41%
44%
Operating Expenses
222
268
273
23%
2% 424
541
28% 1,127
28%
48%
Operating Profit
161
207
246
53%
19% 329
453
38% 1,121
58%
40%
680% 54
281%
‐32%
43% 213
57%
44%
‐64% (16)
17%
16%
Provision expenses (Reversal)
11
(21) 4
‐62% ‐119% (2) (17)
Taxes
30
46
60%
5% 66
Gain(loss) from foreclosed assets
(2) (1) (1)
‐48%
0% (7) (3)
Net Profit
118
181
192
63%
6% 258
373
45% 838
54%
45%
PPOP
131
161
197
51%
22% 263
359
36% 908
59%
39%
EPS (Bt)
0.75
0.86
0.91
21%
6% 1.64
1.76
7% 3.95
54%
45%
2Q14
1Q15
112
112
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs Loan Loss Reserve/Loans Equity/Asset Loan to borrowing ratio
1H14
1H15E
2015E
114
112
114
1.39%
1.28%
1.72%
1.28%
1.34%
280.5%
270.1%
270.2%
280.5% 270.2%
269.2%
4.8%
3.7%
3.5%
4.8%
3.5%
3.6%
28.5%
63.3%
56.4%
28.5%
56.4%
56.4%
2.5
Cost to Income
2Q15E
94
1.72%
141.9%
Debt to equity ratio
48
58.0%
132
289.7%
238.0%
141.9% 238.0%
235.4%
0.6
0.8
2.5
0.8
0.8
52.7%
56.3%
54.5%
56.4%
50.1%
Non Interest Income/Total Income
18.3%
17.2%
17.1%
18.7%
17.1%
16.1%
Net Interest Margin
19.9%
19.6%
20.2%
19.8%
19.5%
21.2%
Loan Growth YoY
4.6%
33.6%
37.0%
4.6%
37.0%
31.9%
Loan Growth QoQ
7.6%
8.3%
10.4%
7.6%
10.4%
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 7
Figure 2: Financial and valuation summary vs. peers Net Profit (Btmn)
Name
13
14
NP Growth(%)
PER (X)
P/BV (X)
PEG (X)
PBV/ROE(%) Div.Yield(%)
ROE (%)
15E
14
15E
14
15E
14
15E
14
15E
14
15E
14
15E
14
15E
Aeon Thana Sinsap Thailand* KrungThai Card Asia Sermkij Leasing Ratchthani Leasing Thitikorn Large companies
2,501 2,418 2,879 1,283 1,755 2,094 641 671 839 754 704 815 429 196 294 5,608 5,743 6,920
‐3 37 5 ‐7 ‐54 2
19 19 25 16 50 20
10.0 13.6 10.4 10.1 24.9 13.8
8.4 11.4 8.3 n.a. 12.8 10.2
n.a. 3.2 1.7 1.8 1.2 2.0
1.8 2.7 1.6 1.7 1.2 1.8
‐2.94 0.37 2.20 ‐1.47 ‐0.46 ‐0.46
0.46 0.59 0.33 n.a. 0.13 0.38
n.a. 0.12 0.10 0.09 0.25 0.14
0.08 0.11 0.08 0.08 0.16 0.10
n.a. 3.0 6.5 0.7 1.9 3.0
4.0 3.5 8.6 6.6 3.0 5.1
n.a. 26.0 16.9 19.8 4.9 16.9
23.3 26.0 20.8 20.8 7.1 19.6
Group Lease IFS Capital Thailand Krungthai Car Rent & Lease Lease It Singer Thailand Muang Thai Leasing Srisawad Power 1979 Small companies
240 115 509 125 138 n.a. 273 214 n.a. 32 48 63 321 241 241 351 544 838 575 855 1,106 1,280 1,688 2,248
‐52 10 ‐22 49 ‐25 55 49 32
344 122.9 n.a. 11.5 n.a. 12.1 31 23.8 0 15.7 54 72.9 29 47.4 33 30.6
29.8 n.a. n.a. 20.0 15.6 47.3 37.4 30.1
5.8 1.5 n.a. 3.4 2.4 7.8 11.8 5.4
3.7 1.4 1.4 3.1 2.2 7.0 9.1 4.0
‐2.18 1.55 ‐0.55 ‐2.31 ‐0.62 4.85 4.16 1.5
0.10 n.a. n.a. 1.04 27.8 0.88 1.39 7.8
n.a. n.a. n.a. 0.20 0.15 0.50 0.31 0.29
0.29 n.a. n.a. 1.04 0.13 0.45 0.33 0.45
0.4 4.3 n.a. n.a. 3.8 0.7 0.1 1.9
1.6 5.1 5.9 2.4 3.8 1.1 1.3 3.0
4.8 13.8 n.a. 17.2 16.0 15.5 37.5 17.5
12.7 14.5 14.8 16.5 16.7 15.6 27.8 16.9
Sector average
6,887 7,431 9,168
8
20.2
3.7
2.9 0.53
4.08
0.22
0.27
2.4
4.1 17.2 18.3
23
22.2
Source: KTZMICO Research, Bloomberg * Fiscal year ended March
Figure 3: 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)
(%)
27
42
9.4
25
35
+2.5SD
8.9
24
28
+2.0SD
8.4
23
21
+1.5SD
7.9
21
13
+1.0SD
7.4
20
6
+0.5SD
6.9
19
-1
Average
6.4
17
-8
-0.5SD
5.9
16
-15
-1.5SD
4.9
13
-30
2015E
PBV (x)
+3.5SD
9.9
-0.5 S.D. -1.0 S.D. -1.5 S.D. -2 S.D.
+3.0SD
Avg.
11-Jun-15
31-May-15
9-May-15
20-May-15
28-Apr-15
6-Apr-15
17-Apr-15
26-Mar-15
4-Mar-15
15-Mar-15
21-Feb-15
30-Jan-15
10-Feb-15
8-Jan-15
19-Jan-15
28-Dec-14
6-Dec-14
17-Dec-14
25-Nov-14
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 4: MTLS's PER band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 60 55 50 45 40 35
+3.0 S.D. +2.5 S.D. +2.0 S.D. +1.5 S.D. +1.0 S.D. +0.5 S.D.
Avg.
-0.5 S.D. -1.0 S.D. -1 .5 S.D. -2.0 S.D.
30
Source: Bloomberg, KT ZMICO Research
11-Jun-15
31-May-15
20-May-15
9-May-15
28-Apr-15
17-Apr-15
6-Apr-15
26-Mar-15
15-Mar-15
4-Mar-15
21-Feb-15
10-Feb-15
30-Jan-15
19-Jan-15
8-Jan-15
28-Dec-14
17-Dec-14
6-Dec-14
20
25-Nov-14
25
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
24
27
57.6
23
22
+2.0SD
55.3
22
17
+1.5SD
52.9
21
12
+1.0SD
50.6
20
7
+0.5SD Average -0.5SD -1.0SD -1.5SD
48.2 45.9 43.5 41.1 38.8
19 18 17 16 15
2 -3 -8 -13 -18
2015E
PER (x)
+3.0SD
60.0
+2.5SD
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 7
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec
2013
2014
Total Interest Income
1,301
1,567
2,095
2015E
2,786
2016E
3,717
2017E
Total Interest Expenses
214
266
210
289
442
Net Interest Income
1,087
1,301
1,885
2,497
3,275
Fee and Service income
238
279
349
435
535
Other income
9
9
14
21
27
Total Non‐Interest Income
247
289
363
456
562
Operating Income
1,335
1,590
2,248
2,953
3,837
Personnel expenses
413
514
653
829
1,053
Retal expenses
79
97
131
173
228
Total Operating Expenses
723
883
1,127
1,429
1,809
Operating Profit
611
708
1,121
1,525
2,028
Provision expenses
156
14
54
79
130
Extraordinary Items
(15) (13) (16) (17) (21)
Income Tax expense
89
136
213
289
379
Minority Interests
‐
‐
‐
‐
‐
Net Profit
351
544
838
1,140
1,497
Pre Provisioning Operating Profit (PPOP)
523
572
908
1,236
1,648
EPS (Bt)
0.22
0.26
0.40
0.54
0.71
2013
2014
Statement of Financial Position (Btmn) As at 31 Dec
2015E
2016E
2017E
Assets Cash
94
706
90
99
109
Deposits with banks/Loans to related parties
13
19
2
2
2
Net Investment
1
501
‐
‐
‐
Gross Loans
5,835
7,448
9,827
13,124
17,387
Accrued Interest Receivable
‐
‐
‐
‐
‐
Less: Loan Loss Reserves
(322) (325) (354) (394) (472)
Net Loans
5,513
7,123
9,472
12,730
16,915
Premises and Equipment, Net
335
362
413
470
511
Other Assets
60
66
80
90
93
Total Assets
6,016
8,777
10,058
13,391
17,629
Liabilities & Equity O/D and Short‐term borrowings from banks
230
500
678
1,306
2,232
Other Borrowing
3,669
2,967
3,497
5,446
7,790
Other Liabilities
180
204
215
250
291
Total Liabilities
4,079
3,671
4,390
7,002
10,313
Paid‐up Capital
1,575
2,120
2,120
2,120
2,120
Premium on Share Capital
‐
2,380
2,380
2,380
2,380
Retained Earning
338
538
1,070
1,761
2,658
Other Equity Items
24
68
98
128
158
Minority Interest
‐
‐
‐
‐
‐
Total Shareholders' Equity of the bank
1,937
5,106
5,668
6,389
7,316
Total Liabilities and Shareholders Equity Source: KTZMICO Research
6,016
8,777
10,058
13,391
17,629
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 7
Valuation and Ratio Analysis Year‐end 31 Dec
2013
2014
2015E
2016E
2017E
EPS
0.22
0.26
0.40
0.54
0.71
DPS
0.20
0.13
0.20
0.27
0.35
BVPS
1.23
2.41
2.67
3.01
3.45
Per/Share Data (Bt)
Multiplier (X) P/E
83.80
72.86
47.31
34.78
26.48
P/BV
15.20
7.76
6.99
6.20
5.42
Dividend yield (%)
1.08
0.70
1.06
1.44
1.89
Growth YoY (%) Net Profit
13.9%
54.8%
54.0%
36.0%
31.4%
EPS
‐8.8%
15.0%
54.0%
36.0%
31.4%
Net Interest Income
19.3%
19.7%
44.9%
32.5%
31.1%
Non Interest Income
14.5%
35.4%
42.4%
38.8%
33.2% 22.9%
Fee and Service income
33.4%
17.3%
24.8%
24.8%
Operating Income
21.6%
19.1%
41.4%
31.4%
29.9%
Operating Expenses
26.2%
22.0%
27.7%
26.8%
26.7%
Operating Profit
16.6%
15.7%
58.5%
36.0%
33.0% 33.4%
PPOP
20.9%
9.4%
58.7%
36.1%
Loans
22.2%
27.6%
31.9%
33.6%
32.5%
NPLs
163.7%
‐10.4%
17.5%
44.9%
54.7%
Financial Ratio Gross NPLs (Btmn)
125
Gross NPLs/Loans Loan Loss Reserve/NPLs Loan Loss Reserve/Loans Provision expenses (Reversal)/Total loans Equity/Asset Loan to borrowing ratio Debt to Equity ratio
112
132
191
295
2.1%
1.5%
1.3%
1.5%
1.7%
257.7%
290.2%
269.2%
206.5%
160.0%
5.5%
4.4%
3.6%
3.0%
2.7%
2.7%
0.2%
0.6%
0.6%
0.8%
32.2%
58.2%
56.4%
47.7%
41.5%
149.7%
214.8%
235.4%
194.4%
173.5%
2.11
0.72
0.77
1.10
1.41
Profitability Ratio ROA
6.5%
7.4%
8.9%
9.7%
9.7%
ROE
20.0%
15.5%
15.6%
18.9%
21.8%
Cost to Income
54.2%
55.5%
50.1%
48.4%
47.2%
18.5%
18.2%
16.1%
15.4%
14.7%
Net Interest Margin (NIM)
20.44%
18.84%
21.19%
21.76%
21.46%
Net profit Margin
22.70%
29.32%
34.09%
35.15%
34.99%
20.2%
20.0%
20.0%
20.0%
20.0%
2013
2014
2015E
2016E
2017E
22.2%
27.6%
31.9%
33.6%
32.5%
Non Interest Income/Total Income
Tax rate
Key Assumptions Loan Growth ‐ Net Cost to Income
54.2%
55.5%
50.1%
48.4%
47.2%
Net Interest Margin
20.4%
18.8%
21.2%
21.8%
21.5%
Provision expenses (Reversal) (Btmn) Provision expenses (Reversal)/Total loans Source: KTZMICO Research
156 14 54 79 130 2.7%
0.2%
0.6%
0.6%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 7
0.8%
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 7 of 7
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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 Bt18.70
Finance & Securities June 12, 2015
Earnings upgrade/Earnings downgrade/Overview unchanged
Promising profitability outlook underway
FY15
FY16
Consensus EPS (Bt)
0.408
0.524
KT ZMICO vs. consensus Share data
‐2.0%
3.1%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
40.00/1,176.00
Foreign limit / actual (%)
49.00/0.10
52 week High / Low (Bt)
20.70/8.60
Avg. daily T/O (shares 000) NVDR (%)
38,712.00 0.88
Estimated free float (%)
20.1
Beta
1.26
URL
www.muangthaileasing.co.th
CGR
‐
Among the top growth play stocks We maintain an Outperform call for MTLS in regard to it being one of the top growth stocks in the financial sector. We still expect MTLS to show outstanding earnings growth vs. peers over the next few years thanks to its long‐standing expertise in the business and the favorable industry outlook, which still offers plenty of room to grow. Three‐year targets still indicate promising growth MTLS maintained its targets for top and bottom line growth of >30% over the next three years although the firm recently raised its branch expansion plan in late 1Q15 to 1,400 by 2017E vs. its original target of 1,000 branches by 2017E. Note that MTLS will likely review its growth targets (>30% per year) after the 1H15 results or in 2H15 after assessing the effectiveness of the expansion plan. More aggressive on personal loans; nano‐finance to start in 3Q15E Apart from focusing on its collateralized lending business, from 2015 onwards MTLS will be more aggressive on its non‐collateralized personal loans. Meanwhile, for the nano‐finance business, it expects to see new lending in late 3Q15E. Note that for the non‐collateralized lending businesses, MTLS will lend only to existing clients with good records. Expect 2Q15E net profit to grow robustly by 63% YoY and 6% QoQ We expect MTLS to post 2Q15E net profit of Bt192mn (+63% YoY, +6% QoQ). The strong 2Q15E earnings are likely to be backed by 1) robust loan growth of around 37% YoY and 10% QoQ; and 2) solid non‐interest income growth of 15% YoY and 8% QoQ. This should be thanks to its more aggressive branch expansion of ~230 new branches in 1H15E vs. 91 new branches in 2014 after it received new proceeds from the IPO in late 2014. Financials and Valuation 2013
2014
2015E
2016E
2017E
PPOP (Btm)
523
572
908
1,236
1,648
Net profit (Btmn)
351
544
838
1,140
1,497 0.71
FY Ended 31 Dec
EPS (Bt)
0.22
0.26
0.40
0.54
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
Prapharas Nonthapiboon
PER (x)
83.80
72.86
47.31
34.78
26.48
Analyst, no 17836
PBV (x)
15.20
7.76
6.99
6.20
5.42
1.08
0.70
1.06
1.44
1.89
20%
15%
16%
19%
22%
[email protected] 66 (0) 2695‐5872
Dividend yield (%) ROE (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 7
Three‐year targets still indicate promising growth MTLS maintained its targets for top and bottom line growth of >30% over the next three years although the firm recently raised its branch expansion plan in late 1Q15. The firm now aims to expand its total branches to 1,400 by 2017E (with the opening of around 300 new branches per year) from 506 branches at the end of 2014 vs. its original target of 1,000 branches by 2017E (with the opening of 150‐170 branches per year). Note that MTLS will likely review its growth targets (>30% per year) after the 1H15 results or in 2H15 after assessing the effectiveness of the expansion plan. Moreover, from 2015 onwards the firm will be more aggressive in expanding its non‐ collateralized personal loan business after receiving more capital from the IPO. For the nano‐ finance business, it will not be aggressive and expects to start this business in late 3Q15E. In addition, MTLS has also started to be more aggressive in expanding its product line to car and agricultural vehicle title loans. Note that lending to these two segments increased to 24% of total loans in 1Q15 vs. 20% in 4Q14 and 15% in 1Q14. Meanwhile, lending to the motorcycle segment declined to 74% in 1Q15 from 79% in 4Q14 and 85% in 1Q14. The firm also just started to lend for land title loans in Jun‐15 with lending size of Bt30,000‐50,000 per bill. However, all these segments provide less return vs. the motorcycle segment. More aggressive on personal loans as planned; nano‐finance business to start in 3Q15E Apart from focusing on its collateralized lending business, from 2015 onwards MTLS will be more aggressive on its non‐collateralized personal loans. Note that the firm targets to grow personal loans by around Bt50mn/month and will focus only on its current customers with a good record. Note also that as of 1Q15 its personal loan portfolio grew sharply by 338% YoY to Bt149mn (~2% of total loan portfolio) from Bt34mn in 4Q14 (0.5% of loans). For the nano‐finance business, the firm just got a license in late May‐15 and it will also focus on its current clients with good records, not mass market expansion. It has set a budget for the nano‐finance business of no more than Bt10mn/month with an expected rate charge of 29.5% vs. the ceiling rate set by the BoT of 36%. Note that we have already included the potential expansion of both businesses (personal loans from 2015E and nano‐finance from 2016E onwards) in our earnings projections, expecting both businesses to contribute around 7% of total lending in 2017E from 0.5% in 2014. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 7
Expect 2Q15E net profit to grow robustly by 63% YoY and 6% QoQ We expect MTLS to post 2Q15E net profit of Bt192mn (+63% YoY, +6% QoQ). The strong 2Q15E earnings are likely to be backed by 1) robust loan growth of around 37% YoY and 10% QoQ; and 2) solid non‐interest income growth of 15% YoY and 8% QoQ. This should be thanks to its more aggressive branch expansion of around 230 new branches in 1H15E (170 branches in 1Q15 and likely >50 branches in 2Q15E) vs. 91 new branches in 2014 after the firm received new proceeds from the IPO in late 2014. Meanwhile, NIM is likely to improve QoQ as we expect MTLS to start gaining greater benefit from much lower funding costs for the full quarter after obtaining new proceeds from the IPO in late 4Q14 as it has started to repay some of its high‐cost, long‐term borrowings and also refinanced some debts with cheaper funding costs (likely by ~1.0‐1.5%). Moreover, its asset quality is likely to remain under control with the NPL ratio likely to decline QoQ due to the company’s prudent risk management and NPL control. Figure 1: 2Q15E earnings preview Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec. Interest Income
2Q14
1Q15
2Q15E % YoY % QoQ
376
451
478
1H14
1H15E % YoY
2015E % YoY % 1H to 15E
27%
4% 732
404
18% 2,095
34%
22% 28%
Interest Expenses
64
58
48
2%
‐21% 120
72
23% 210
‐21%
Net Interest Income
312
393
430
32%
10% 611
332
17% 1,885
45%
21%
Non Interest Income
70
82
89
15%
8% 141
72
28% 363
26%
23%
Operating Income
382
475
519
36%
9% 752
994
32% 2,248
41%
44%
Operating Expenses
222
268
273
23%
2% 424
541
28% 1,127
28%
48%
Operating Profit
161
207
246
53%
19% 329
453
38% 1,121
58%
40%
680% 54
281%
‐32%
43% 213
57%
44%
‐64% (16)
17%
16%
Provision expenses (Reversal)
11
(21) 4
‐62% ‐119% (2) (17)
Taxes
30
46
60%
5% 66
Gain(loss) from foreclosed assets
(2) (1) (1)
‐48%
0% (7) (3)
Net Profit
118
181
192
63%
6% 258
373
45% 838
54%
45%
PPOP
131
161
197
51%
22% 263
359
36% 908
59%
39%
EPS (Bt)
0.75
0.86
0.91
21%
6% 1.64
1.76
7% 3.95
54%
45%
2Q14
1Q15
112
112
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs Loan Loss Reserve/Loans Equity/Asset Loan to borrowing ratio
1H14
1H15E
2015E
114
112
114
1.39%
1.28%
1.72%
1.28%
1.34%
280.5%
270.1%
270.2%
280.5% 270.2%
269.2%
4.8%
3.7%
3.5%
4.8%
3.5%
3.6%
28.5%
63.3%
56.4%
28.5%
56.4%
56.4%
2.5
Cost to Income
2Q15E
94
1.72%
141.9%
Debt to equity ratio
48
58.0%
132
289.7%
238.0%
141.9% 238.0%
235.4%
0.6
0.8
2.5
0.8
0.8
52.7%
56.3%
54.5%
56.4%
50.1%
Non Interest Income/Total Income
18.3%
17.2%
17.1%
18.7%
17.1%
16.1%
Net Interest Margin
19.9%
19.6%
20.2%
19.8%
19.5%
21.2%
Loan Growth YoY
4.6%
33.6%
37.0%
4.6%
37.0%
31.9%
Loan Growth QoQ
7.6%
8.3%
10.4%
7.6%
10.4%
Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 7
Figure 2: Financial and valuation summary vs. peers Net Profit (Btmn)
Name
13
14
NP Growth(%)
PER (X)
P/BV (X)
PEG (X)
PBV/ROE(%) Div.Yield(%)
ROE (%)
15E
14
15E
14
15E
14
15E
14
15E
14
15E
14
15E
14
15E
Aeon Thana Sinsap Thailand* KrungThai Card Asia Sermkij Leasing Ratchthani Leasing Thitikorn Large companies
2,501 2,418 2,879 1,283 1,755 2,094 641 671 839 754 704 815 429 196 294 5,608 5,743 6,920
‐3 37 5 ‐7 ‐54 2
19 19 25 16 50 20
10.0 13.6 10.4 10.1 24.9 13.8
8.4 11.4 8.3 n.a. 12.8 10.2
n.a. 3.2 1.7 1.8 1.2 2.0
1.8 2.7 1.6 1.7 1.2 1.8
‐2.94 0.37 2.20 ‐1.47 ‐0.46 ‐0.46
0.46 0.59 0.33 n.a. 0.13 0.38
n.a. 0.12 0.10 0.09 0.25 0.14
0.08 0.11 0.08 0.08 0.16 0.10
n.a. 3.0 6.5 0.7 1.9 3.0
4.0 3.5 8.6 6.6 3.0 5.1
n.a. 26.0 16.9 19.8 4.9 16.9
23.3 26.0 20.8 20.8 7.1 19.6
Group Lease IFS Capital Thailand Krungthai Car Rent & Lease Lease It Singer Thailand Muang Thai Leasing Srisawad Power 1979 Small companies
240 115 509 125 138 n.a. 273 214 n.a. 32 48 63 321 241 241 351 544 838 575 855 1,106 1,280 1,688 2,248
‐52 10 ‐22 49 ‐25 55 49 32
344 122.9 n.a. 11.5 n.a. 12.1 31 23.8 0 15.7 54 72.9 29 47.4 33 30.6
29.8 n.a. n.a. 20.0 15.6 47.3 37.4 30.1
5.8 1.5 n.a. 3.4 2.4 7.8 11.8 5.4
3.7 1.4 1.4 3.1 2.2 7.0 9.1 4.0
‐2.18 1.55 ‐0.55 ‐2.31 ‐0.62 4.85 4.16 1.5
0.10 n.a. n.a. 1.04 27.8 0.88 1.39 7.8
n.a. n.a. n.a. 0.20 0.15 0.50 0.31 0.29
0.29 n.a. n.a. 1.04 0.13 0.45 0.33 0.45
0.4 4.3 n.a. n.a. 3.8 0.7 0.1 1.9
1.6 5.1 5.9 2.4 3.8 1.1 1.3 3.0
4.8 13.8 n.a. 17.2 16.0 15.5 37.5 17.5
12.7 14.5 14.8 16.5 16.7 15.6 27.8 16.9
Sector average
6,887 7,431 9,168
8
20.2
3.7
2.9 0.53
4.08
0.22
0.27
2.4
4.1 17.2 18.3
23
22.2
Source: KTZMICO Research, Bloomberg * Fiscal year ended March
Figure 3: 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)
(%)
27
42
9.4
25
35
+2.5SD
8.9
24
28
+2.0SD
8.4
23
21
+1.5SD
7.9
21
13
+1.0SD
7.4
20
6
+0.5SD
6.9
19
-1
Average
6.4
17
-8
-0.5SD
5.9
16
-15
-1.5SD
4.9
13
-30
2015E
PBV (x)
+3.5SD
9.9
-0.5 S.D. -1.0 S.D. -1.5 S.D. -2 S.D.
+3.0SD
Avg.
11-Jun-15
31-May-15
9-May-15
20-May-15
28-Apr-15
6-Apr-15
17-Apr-15
26-Mar-15
4-Mar-15
15-Mar-15
21-Feb-15
30-Jan-15
10-Feb-15
8-Jan-15
19-Jan-15
28-Dec-14
6-Dec-14
17-Dec-14
25-Nov-14
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 4: MTLS's PER band and sensitivity of market prices based on P/BV at different standard deviation levels (X) 60 55 50 45 40 35
+3.0 S.D. +2.5 S.D. +2.0 S.D. +1.5 S.D. +1.0 S.D. +0.5 S.D.
Avg.
-0.5 S.D. -1.0 S.D. -1 .5 S.D. -2.0 S.D.
30
Source: Bloomberg, KT ZMICO Research
11-Jun-15
31-May-15
20-May-15
9-May-15
28-Apr-15
17-Apr-15
6-Apr-15
26-Mar-15
15-Mar-15
4-Mar-15
21-Feb-15
10-Feb-15
30-Jan-15
19-Jan-15
8-Jan-15
28-Dec-14
17-Dec-14
6-Dec-14
20
25-Nov-14
25
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
24
27
57.6
23
22
+2.0SD
55.3
22
17
+1.5SD
52.9
21
12
+1.0SD
50.6
20
7
+0.5SD Average -0.5SD -1.0SD -1.5SD
48.2 45.9 43.5 41.1 38.8
19 18 17 16 15
2 -3 -8 -13 -18
2015E
PER (x)
+3.0SD
60.0
+2.5SD
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 7
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec
2013
2014
Total Interest Income
1,301
1,567
2,095
2015E
2,786
2016E
3,717
2017E
Total Interest Expenses
214
266
210
289
442
Net Interest Income
1,087
1,301
1,885
2,497
3,275
Fee and Service income
238
279
349
435
535
Other income
9
9
14
21
27
Total Non‐Interest Income
247
289
363
456
562
Operating Income
1,335
1,590
2,248
2,953
3,837
Personnel expenses
413
514
653
829
1,053
Retal expenses
79
97
131
173
228
Total Operating Expenses
723
883
1,127
1,429
1,809
Operating Profit
611
708
1,121
1,525
2,028
Provision expenses
156
14
54
79
130
Extraordinary Items
(15) (13) (16) (17) (21)
Income Tax expense
89
136
213
289
379
Minority Interests
‐
‐
‐
‐
‐
Net Profit
351
544
838
1,140
1,497
Pre Provisioning Operating Profit (PPOP)
523
572
908
1,236
1,648
EPS (Bt)
0.22
0.26
0.40
0.54
0.71
2013
2014
Statement of Financial Position (Btmn) As at 31 Dec
2015E
2016E
2017E
Assets Cash
94
706
90
99
109
Deposits with banks/Loans to related parties
13
19
2
2
2
Net Investment
1
501
‐
‐
‐
Gross Loans
5,835
7,448
9,827
13,124
17,387
Accrued Interest Receivable
‐
‐
‐
‐
‐
Less: Loan Loss Reserves
(322) (325) (354) (394) (472)
Net Loans
5,513
7,123
9,472
12,730
16,915
Premises and Equipment, Net
335
362
413
470
511
Other Assets
60
66
80
90
93
Total Assets
6,016
8,777
10,058
13,391
17,629
Liabilities & Equity O/D and Short‐term borrowings from banks
230
500
678
1,306
2,232
Other Borrowing
3,669
2,967
3,497
5,446
7,790
Other Liabilities
180
204
215
250
291
Total Liabilities
4,079
3,671
4,390
7,002
10,313
Paid‐up Capital
1,575
2,120
2,120
2,120
2,120
Premium on Share Capital
‐
2,380
2,380
2,380
2,380
Retained Earning
338
538
1,070
1,761
2,658
Other Equity Items
24
68
98
128
158
Minority Interest
‐
‐
‐
‐
‐
Total Shareholders' Equity of the bank
1,937
5,106
5,668
6,389
7,316
Total Liabilities and Shareholders Equity Source: KTZMICO Research
6,016
8,777
10,058
13,391
17,629
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 7
Valuation and Ratio Analysis Year‐end 31 Dec
2013
2014
2015E
2016E
2017E
EPS
0.22
0.26
0.40
0.54
0.71
DPS
0.20
0.13
0.20
0.27
0.35
BVPS
1.23
2.41
2.67
3.01
3.45
Per/Share Data (Bt)
Multiplier (X) P/E
83.80
72.86
47.31
34.78
26.48
P/BV
15.20
7.76
6.99
6.20
5.42
Dividend yield (%)
1.08
0.70
1.06
1.44
1.89
Growth YoY (%) Net Profit
13.9%
54.8%
54.0%
36.0%
31.4%
EPS
‐8.8%
15.0%
54.0%
36.0%
31.4%
Net Interest Income
19.3%
19.7%
44.9%
32.5%
31.1%
Non Interest Income
14.5%
35.4%
42.4%
38.8%
33.2% 22.9%
Fee and Service income
33.4%
17.3%
24.8%
24.8%
Operating Income
21.6%
19.1%
41.4%
31.4%
29.9%
Operating Expenses
26.2%
22.0%
27.7%
26.8%
26.7%
Operating Profit
16.6%
15.7%
58.5%
36.0%
33.0% 33.4%
PPOP
20.9%
9.4%
58.7%
36.1%
Loans
22.2%
27.6%
31.9%
33.6%
32.5%
NPLs
163.7%
‐10.4%
17.5%
44.9%
54.7%
Financial Ratio Gross NPLs (Btmn)
125
Gross NPLs/Loans Loan Loss Reserve/NPLs Loan Loss Reserve/Loans Provision expenses (Reversal)/Total loans Equity/Asset Loan to borrowing ratio Debt to Equity ratio
112
132
191
295
2.1%
1.5%
1.3%
1.5%
1.7%
257.7%
290.2%
269.2%
206.5%
160.0%
5.5%
4.4%
3.6%
3.0%
2.7%
2.7%
0.2%
0.6%
0.6%
0.8%
32.2%
58.2%
56.4%
47.7%
41.5%
149.7%
214.8%
235.4%
194.4%
173.5%
2.11
0.72
0.77
1.10
1.41
Profitability Ratio ROA
6.5%
7.4%
8.9%
9.7%
9.7%
ROE
20.0%
15.5%
15.6%
18.9%
21.8%
Cost to Income
54.2%
55.5%
50.1%
48.4%
47.2%
18.5%
18.2%
16.1%
15.4%
14.7%
Net Interest Margin (NIM)
20.44%
18.84%
21.19%
21.76%
21.46%
Net profit Margin
22.70%
29.32%
34.09%
35.15%
34.99%
20.2%
20.0%
20.0%
20.0%
20.0%
2013
2014
2015E
2016E
2017E
22.2%
27.6%
31.9%
33.6%
32.5%
Non Interest Income/Total Income
Tax rate
Key Assumptions Loan Growth ‐ Net Cost to Income
54.2%
55.5%
50.1%
48.4%
47.2%
Net Interest Margin
20.4%
18.8%
21.2%
21.8%
21.5%
Provision expenses (Reversal) (Btmn) Provision expenses (Reversal)/Total loans Source: KTZMICO Research
156 14 54 79 130 2.7%
0.2%
0.6%
0.6%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 7
0.8%
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 7 of 7
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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.
