Muangthai Leasing
Muangthai Leasing Company Update
Buy (17E TP Bt27.00) Close Bt18.90
Earnings upgrade/Earnings downgrade/Overview unchanged
Growth prospects remain intact Remaining among the top growth plays Price Performance (%)
Finance & Securities August 9, 2016
We maintain our Buy rating for MTLS as we see that it remains appealing on its favorable earnings outlook, which should continue outperforming financial peers (we expect robust EPS CARG of 42% in 2016‐18E) thanks to its expertise in the field and the favorable industry outlook. 2Q16 net profit in line MTLS posted 2Q16 net profit (NP) of Bt300mn (+64% YoY, +7% QoQ) and a 1H16 NP of Bt580mn (+59% YoY). The 2Q16 results were in line with both our forecast and the street estimate of Bt301‐304mn. The strong results for 1H16 were due mainly to robust loan growth of 85% YoY and 19% QoQ and non‐interest income growth of 25% YoY. This should be thanks mainly to its continuing branch expansion to 1,236 branches at end‐2Q16 vs. 940 branches at end‐15, with 122 and 296 new branches opened in 2Q16 and 1H16, respectively. Meanwhile, the interest spread improved both YoY and QoQ to 19.9%, thanks mainly to its efficient funding cost management and the low interest environment. 2Q16 core profit ahead of forecast but provision also higher than forecast
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
0.568
0.778
KT ZMICO vs. consensus Share data
3.9%
5.4%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
40.00/1,145.00
Foreign limit / actual (%)
49.00/2.47
52 week High / Low (Bt)
22.10/15.00
Avg. daily T/O (shares 000) NVDR (%)
7,542.00 2.23
Estimated free float (%)
20.07
Beta
0.79
URL
www.muangthaileasing.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Despite the in‐line NP, MTLS’s core profit (PPOP) for 2Q16 of Bt409mn was 10% ahead of our forecast, mainly on the stronger‐than‐expected loan growth and interest spread. However, provision expenses (Bt106mn in 2Q16 vs. Bt57mn in 1Q16) were also far ahead of our forecast, given its robust new lending (it has to set a provision of 1% of gross loans on all new lending for motorcycles and 1% of loans net of collateral for other products) and partly on the slight pickup in NPLs. Its NPL ratio for 2Q16 increased slightly to 0.94% of loans vs. 0.90% in 1Q16 and 0.92% at end‐ 15 but it was still lower vs. 1.25% in 2Q15. Management raised business targets MTLS revised up its business targets for 2016‐17E, which still indicate a promising earnings outlook. MTLS still expects its top line to grow around 50% (+/‐) for 2016‐17E. This should be supported by its ongoing aggressive branch expansion plan, with the firm having now raised its branch expansion target to a total of 1,500‐1,600 branches at end‐2016 and likely >2,000 branches at end‐2017 from its original targets of 1,350 and 1,750 branches, respectively, vs. 940 branches at end‐2015. It will focus more on collateralized loans than non‐collateralized loans. Fine‐tune earnings with the latest results and the new guidance We trimmed our net profit forecasts for MTLS by 2‐3% for 2016‐17E (see figure 2), mainly to fine‐tune with the latest results and the firm’s new business guidance. The main revisions reflect its stronger‐than‐expected loan and non‐interest growth for 2016E as well as a higher interest spread. We also fine‐tune to take into account the potential for a much higher provision and a continuing high cost‐to‐income ratio following its aggressive expansion. Following our NP revision and rolling over to use the 17E target price (TP), our 17E TP stands at Bt27/share for implied target PER of 32x. Financials and Valuation
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
FY Ended 31 Dec PPOP (Btm) Net profit (Btmn) EPS (Bt) EPS growth (%) BV (Bt) Dividend (Bt) FY Ended 31 Dec PER (x) PBV (x) Dividend yield (%) ROE (%)
2014 572 544 0.26 15% 2.41 0.13 2014 73.64 7.85 0.69 15%
2015 856 825 0.39 52% 2.67 0.20 2015 48.57 7.09 1.06 15%
2016E 1,622 1,255 0.59 52% 3.06 0.30 2016E 31.92 6.18 1.57 21%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 2,304 1,736 0.82 38% 3.58 0.41 2017E 23.08 5.28 2.17 25%
2018E 3,123 2,373 1.12 37% 4.29 0.56 2018E 16.88 4.40 2.96 28%
Figure 1: 2Q16 earnings review Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q15
1Q16
Interest Income
502
769
897
79%
17% 954
1,667
75% 2,225
3,793
70%
44%
Interest Expenses
50
66
72
42%
8% 108
138
27% 228
308
35%
45%
Net Interest Income
452
703
826
83%
17% 845
1,529
81% 1,998
3,485
74%
44%
Non Interest Income
81
96
106
32%
10% 162
202
25% 334
447
34%
45%
Operating Income
532
799
931
75%
17% 1,008
1,731
72% 2,331
3,932
69%
44%
Operating Expenses
298
390
457
53%
17% 566
847
50% 1,269
1,993
57%
42%
Operating Profit
235
409
475
102%
16% 442
884
100% 1,063
1,939
82%
46%
Provision expenses (Reversal)
5
57
106 1951%
84% (16) 163
N.M. 25
355 1334%
46%
Taxes
45
70
66
‐5% 91
50% 207
317
43%
Gain(loss) from foreclosed assets
(1) (2) (3)
Net Profit PPOP EPS (Bt)
183 190 0.09
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs
280 339 0.13
2Q16 % YoY % QoQ
300 409 0.14
47%
1H16 % YoY
136
117%
29% (2) (5)
64% 115% 64%
7% 365 20% 351 7% 0.17
580 748 0.27
2015
2Q15
1Q16
2Q16
1H15
1H16
2015
130
162
117
162
117
1.25%
0.90%
0.94%
1.25%
3.2%
2.7%
2.8%
53.3%
38.9%
32.3%
0.94%
258.8% 301.9% 3.2%
2.8%
53.3%
32.3%
2016E % YoY % 1H to 16E
85% (6) (12) 59% 825 113% 856 59% 0.39
117
258.8% 299.1% 301.9%
Loan Loss Reserve/Loans
1H15
1,255 1,622 0.59
53% 97%
37%
52% 90% 52%
46% 46% 46%
2016E 198
0.92%
0.93%
287.6% 335.9% 2.7%
3.1%
43.2%
29.8%
Equity/Asset Loan to borrowing ratio
215.2% 162.5% 145.3%
215.2% 145.3%
177.3% 143.1%
Debt to equity ratio
1.3
0.9
1.6
2.1
0.9
2.1
Cost to Income
55.9%
48.8%
49.0%
56.1%
48.9%
54.4%
2.4 50.7%
Non Interest Income/Total Income
15.1%
12.1%
11.4%
16.1%
11.7%
14.3%
11.4% 19.5%
Interest Spread
17.4%
19.4%
19.9%
17.2%
19.4%
17.9%
Net Interest Margin
20.7%
20.7%
20.8%
19.5%
20.4%
19.4%
20.5%
Loan Growth YoY
43.7%
79.2%
84.5%
43.7%
84.5%
69.6%
69.1%
Loan Growth QoQ
15.8%
14.5%
19.3%
15.8%
19.3%
Source: KTZMICO Research
Figure 2: Key changes in our earnings revision
Net Profi t (Btmn) % Cha nge i n net profi t from previ ous foreca s ts % YoY Cha nge i n net profi t Loa n growth (%) Interes t Sprea d Provi s i on for l oa n l os s (Btmn) Provi s i on for l oa n l os s (% to l oa ns ) Net fee a nd other i ncome growth Cos t to i ncome ra ti o Source: KT ZMICO Research
New 1,255 ‐2% 52% 69% 19.5% 355 1.66% 34% 50.7%
2016E Previous 1,276
50% 18.8% 85 0.5% 16% 52.5%
2017E
New 1,736 ‐3% 38% 45% 19.1% 544 1.75% 11% 52.0%
Previous 1,786
45% 18.6% 137 0.50% 15% 52.2%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) +3.0 S.D.
9.0 8.5
+2.5 S.D. +2.0 S.D.
8.0
+1.5 S.D.
7.5
+1.0 S.D. +0.5 S.D.
7.0
Avg.
6.5
-0.5 S.D. -1.0 S.D.
6.0
-1.5 S.D. -2 S.D.
5.5 5.0
Jul-16
Aug-16
Jun-16
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
Mar-15
Jan-15
Dec-14
Nov-14
4.0
Feb-15
4.5
Source: Bloomberg, KT ZMICO Research
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
26
36
8.0
25
30
+1.5SD
7.7
24
24
+1.0SD
7.3
22
19
+0.5SD
7.0
21
13
Average
6.6
20
7
-0.5SD
6.3
19
1
-1.0SD
5.9
18
-4
-1.5SD
5.6
17
-10
-2.0SD
5.2
16
-16
2016E
PBV (x)
+2.5SD
8.4
+2.0SD
Figure 4: MTLS's PER band and sensitivity of market prices based on PER at different standard deviation levels (X)
+0.5 S.D.
Avg.
40.0
-0.5 S.D.
35.0
-1.0 S.D.
30.0
-1.5 S.D.
Source: Bloomberg, KT ZMICO Research
Jul-16
Aug-16
Jun-16
Apr-16
May-16
Feb-16
Mar-16
Jan-16
Dec-15
Nov-15
Oct-15
Jul-15
Feb-15
Mar-15
Jan-15
Nov-14
Dec-14
-2 S.D.
25.0
Aug-15
45.0
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
34
78
53.3
32
67
+1.0SD
49.6
29
55
+0.5SD Average -0.5SD -1.0SD -1.5SD -2.0SD
45.9 42.3 38.6 34.9 31.3 27.6
27 25 23 21 19 16
44 32 21 9 -2 -14
2016E
PER (x)
+2.0SD
56.9
+1.5SD
+1.5 S.D. +1.0 S.D.
Jun-15
50.0
May-15
55.0
+2 0 S D
Apr-15
60.0
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec Tota l Interes t Income Tota l Interes t Expens es Net Interes t Income Fee a nd Servi ce i ncome Other income Tota l Non‐Interes t Income Opera ti ng Income Pers onnel expens es Reta l expens es Tota l Opera ting Expens es Opera ti ng Profi t Provi s i on expens es Extra ordi na ry Items Income Ta x expens e Mi nori ty Interes ts Net Profi t Pre Provi s i oning Opera ti ng Profi t (PPOP) EPS (Bt)
2014 1,567 266 1,301 279 9 289 1,590 514 97 883 708 14 (13) 136 ‐ 544 572 0.26
2015 2,225 228 1,998 317 17 334 2,331 710 164 1,269 1,063 25 (6) 207 ‐ 825 856 0.39
2016E 3,793 308 3,485 428 19 447 3,932 1,101 271 1,993 1,939 355 (12) 317 ‐ 1,255 1,622 0.59
2017E 5,755 536 5,219 475 22 498 5,717 1,651 429 2,973 2,744 544 (24) 440 ‐ 1,736 2,304 0.82
2018E 7,916 807 7,109 592 27 619 7,728 2,246 587 4,002 3,726 711 (39) 603 ‐ 2,373 3,123 1.12
Statement of Financial Position (Btmn) As at 31 Dec
2014
2015
2016E
2017E
2018E
Assets Ca s h Depos i ts wi th ba nks /Loa ns to rel a ted pa rti es Net Inves tment Gros s Loa ns Accrued Interes t Recei va bl e Les s : Loa n Los s Res erves Net Loa ns
706 19 501 7,448 ‐ (325) 7,123
153 18 1 12,630 ‐ (336) 12,295
168 27 ‐ 21,360 ‐ (665) 20,695
185 30 ‐ 31,070 ‐ (1,159) 29,911
203 33 ‐ 41,830 ‐ (1,790) 40,040
Premi s es a nd Equi pment, Net Other As s ets Total Assets
362 66 8,777
520 97 13,083
718 178 21,786
838 181 31,145
928 219 41,422
Liabilities & Equity O/D a nd Short‐term borrowi ngs from ba nks Other Borrowi ng Other Li a bi l i ti es Total Liabilities
500 2,967 204 3,671
3,218 3,907 306 7,431
7,460 7,470 373 15,303
11,873 11,250 430 23,553
16,485 15,350 490 32,325
2,120 2,380 538 68 ‐ 5,106 8,777
2,120 2,380 1,043 109 ‐ 5,652 13,083
2,120 2,380 1,834 149 ‐ 6,483 21,786
2,120 2,380 2,903 189 ‐ 7,592 31,145
2,120 2,380 4,368 229 ‐ 9,097 41,422
Pa i d‐up Ca pi ta l Premi um on Sha re Ca pi ta l Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t Total Shareholders' Equity of the bank Total Liabilities and Shareholders Equity Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Valuation and Ratio Analysis Year‐end 31 Dec
2014
2015
2016E
2017E
2018E
Per/Share Data (Bt) EPS DPS BVPS
0.26 0.13 2.41
0.39 0.20 2.67
0.59 0.30 3.06
0.82 0.41 3.58
1.12 0.56 4.29
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
73.64 7.85 0.69
48.57 7.09 1.06
31.92 6.18 1.57
23.08 5.28 2.17
16.88 4.40 2.96
54.8% 15.0% 19.7% 35.4% 17.3% 19.1% 22.0% 15.7% 9.4% 27.6% ‐10.4%
51.6% 51.6% 53.5% 31.1% 13.6% 46.6% 43.7% 50.2% 49.7% 69.6% 4.2%
52.1% 52.1% 74.4% 49.2% 35.0% 68.6% 57.1% 82.5% 89.5% 69.1% 69.6%
38.3% 38.3% 49.8% 20.5% 11.0% 45.4% 49.2% 41.5% 42.0% 45.5% 61.2%
36.7% 36.7% 36.2% 33.5% 24.6% 35.2% 34.6% 35.8% 35.6% 34.6% 52.4%
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Fee a nd Servi ce i ncome Opera ti ng Income Opera ti ng Expens es Opera ti ng Profi t PPOP Loa ns NPLs Financial Ratio Gros s NPLs (Btmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs Loa n Los s Res erve/Loa ns Provi s i on expens es (Revers a l )/Tota l l oa ns Equi ty/As s et Loa n to borrowi ng ra ti o Debt to Equi ty ra ti o Profitability Ratio ROA ROE Cos t to Income Non Interes t Income/Tota l Income Interes t Sprea d Net Interes t Ma rgi n (NIM) Net profi t Ma rgi n Ta x ra te
Key Assumptions Loa n Growth ‐ Net Cos t to Income Net Interes t Ma rgi n Provi s i on expens es (Revers a l ) (Btmn) Provi s i on expens es (Revers a l )/Tota l l oa ns Source: KTZMICO Research
112 117 198 319 486 1.5% 0.9% 0.9% 1.0% 1.2% 290.2% 287.6% 335.9% 363.2% 368.1% 4.4% 2.7% 3.1% 3.7% 4.3% 0.2% 0.2% 1.7% 1.8% 1.7% 58.2% 43.2% 29.8% 24.4% 22.0% 214.8% 177.3% 143.1% 134.4% 131.4% 0.72 1.31 2.36 3.10 3.55
7.4% 15.5% 55.5% 18.2% 16.4% 18.8% 29.3% 20.0%
7.5% 15.3% 54.4% 14.3% 17.9% 19.4% 32.2% 20.0%
7.2% 20.7% 50.7% 11.4% 19.5% 20.5% 29.6% 20.0%
6.6% 24.7% 52.0% 8.7% 19.1% 19.9% 27.8% 20.0%
6.5% 28.4% 51.8% 8.0% 18.8% 19.5% 27.8% 20.0%
2014 2015 2016E 2017E 2018E 27.6% 69.6% 69.1% 45.5% 34.6% 55.5% 54.4% 50.7% 52.0% 51.8% 18.8% 19.4% 20.5% 19.9% 19.5% 14 25 355 544 711 0.2% 0.2% 1.7% 1.8% 1.7%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the 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, M‐CHAI. KT ZMICO is a co‐underwriter of ALT, EKH, RJH.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
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
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 6
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th
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KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
Buy (17E TP Bt27.00) Close Bt18.90
Earnings upgrade/Earnings downgrade/Overview unchanged
Growth prospects remain intact Remaining among the top growth plays Price Performance (%)
Finance & Securities August 9, 2016
We maintain our Buy rating for MTLS as we see that it remains appealing on its favorable earnings outlook, which should continue outperforming financial peers (we expect robust EPS CARG of 42% in 2016‐18E) thanks to its expertise in the field and the favorable industry outlook. 2Q16 net profit in line MTLS posted 2Q16 net profit (NP) of Bt300mn (+64% YoY, +7% QoQ) and a 1H16 NP of Bt580mn (+59% YoY). The 2Q16 results were in line with both our forecast and the street estimate of Bt301‐304mn. The strong results for 1H16 were due mainly to robust loan growth of 85% YoY and 19% QoQ and non‐interest income growth of 25% YoY. This should be thanks mainly to its continuing branch expansion to 1,236 branches at end‐2Q16 vs. 940 branches at end‐15, with 122 and 296 new branches opened in 2Q16 and 1H16, respectively. Meanwhile, the interest spread improved both YoY and QoQ to 19.9%, thanks mainly to its efficient funding cost management and the low interest environment. 2Q16 core profit ahead of forecast but provision also higher than forecast
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
0.568
0.778
KT ZMICO vs. consensus Share data
3.9%
5.4%
Reuters / Bloomberg
MTLS.BK/MTLS TB
Paid‐up Shares (m)
2,120.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
40.00/1,145.00
Foreign limit / actual (%)
49.00/2.47
52 week High / Low (Bt)
22.10/15.00
Avg. daily T/O (shares 000) NVDR (%)
7,542.00 2.23
Estimated free float (%)
20.07
Beta
0.79
URL
www.muangthaileasing.co.th
CGR
Anti‐corruption
Level 2 (Declared)
Despite the in‐line NP, MTLS’s core profit (PPOP) for 2Q16 of Bt409mn was 10% ahead of our forecast, mainly on the stronger‐than‐expected loan growth and interest spread. However, provision expenses (Bt106mn in 2Q16 vs. Bt57mn in 1Q16) were also far ahead of our forecast, given its robust new lending (it has to set a provision of 1% of gross loans on all new lending for motorcycles and 1% of loans net of collateral for other products) and partly on the slight pickup in NPLs. Its NPL ratio for 2Q16 increased slightly to 0.94% of loans vs. 0.90% in 1Q16 and 0.92% at end‐ 15 but it was still lower vs. 1.25% in 2Q15. Management raised business targets MTLS revised up its business targets for 2016‐17E, which still indicate a promising earnings outlook. MTLS still expects its top line to grow around 50% (+/‐) for 2016‐17E. This should be supported by its ongoing aggressive branch expansion plan, with the firm having now raised its branch expansion target to a total of 1,500‐1,600 branches at end‐2016 and likely >2,000 branches at end‐2017 from its original targets of 1,350 and 1,750 branches, respectively, vs. 940 branches at end‐2015. It will focus more on collateralized loans than non‐collateralized loans. Fine‐tune earnings with the latest results and the new guidance We trimmed our net profit forecasts for MTLS by 2‐3% for 2016‐17E (see figure 2), mainly to fine‐tune with the latest results and the firm’s new business guidance. The main revisions reflect its stronger‐than‐expected loan and non‐interest growth for 2016E as well as a higher interest spread. We also fine‐tune to take into account the potential for a much higher provision and a continuing high cost‐to‐income ratio following its aggressive expansion. Following our NP revision and rolling over to use the 17E target price (TP), our 17E TP stands at Bt27/share for implied target PER of 32x. Financials and Valuation
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
FY Ended 31 Dec PPOP (Btm) Net profit (Btmn) EPS (Bt) EPS growth (%) BV (Bt) Dividend (Bt) FY Ended 31 Dec PER (x) PBV (x) Dividend yield (%) ROE (%)
2014 572 544 0.26 15% 2.41 0.13 2014 73.64 7.85 0.69 15%
2015 856 825 0.39 52% 2.67 0.20 2015 48.57 7.09 1.06 15%
2016E 1,622 1,255 0.59 52% 3.06 0.30 2016E 31.92 6.18 1.57 21%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 2,304 1,736 0.82 38% 3.58 0.41 2017E 23.08 5.28 2.17 25%
2018E 3,123 2,373 1.12 37% 4.29 0.56 2018E 16.88 4.40 2.96 28%
Figure 1: 2Q16 earnings review Statement of comprehensive income (Btmn) Fiscal Year‐Ended Dec.
2Q15
1Q16
Interest Income
502
769
897
79%
17% 954
1,667
75% 2,225
3,793
70%
44%
Interest Expenses
50
66
72
42%
8% 108
138
27% 228
308
35%
45%
Net Interest Income
452
703
826
83%
17% 845
1,529
81% 1,998
3,485
74%
44%
Non Interest Income
81
96
106
32%
10% 162
202
25% 334
447
34%
45%
Operating Income
532
799
931
75%
17% 1,008
1,731
72% 2,331
3,932
69%
44%
Operating Expenses
298
390
457
53%
17% 566
847
50% 1,269
1,993
57%
42%
Operating Profit
235
409
475
102%
16% 442
884
100% 1,063
1,939
82%
46%
Provision expenses (Reversal)
5
57
106 1951%
84% (16) 163
N.M. 25
355 1334%
46%
Taxes
45
70
66
‐5% 91
50% 207
317
43%
Gain(loss) from foreclosed assets
(1) (2) (3)
Net Profit PPOP EPS (Bt)
183 190 0.09
Key Statistics and Ratios Gross NPLs (Btmn) Gross NPLs/Loans Loan Loss Reserve/NPLs
280 339 0.13
2Q16 % YoY % QoQ
300 409 0.14
47%
1H16 % YoY
136
117%
29% (2) (5)
64% 115% 64%
7% 365 20% 351 7% 0.17
580 748 0.27
2015
2Q15
1Q16
2Q16
1H15
1H16
2015
130
162
117
162
117
1.25%
0.90%
0.94%
1.25%
3.2%
2.7%
2.8%
53.3%
38.9%
32.3%
0.94%
258.8% 301.9% 3.2%
2.8%
53.3%
32.3%
2016E % YoY % 1H to 16E
85% (6) (12) 59% 825 113% 856 59% 0.39
117
258.8% 299.1% 301.9%
Loan Loss Reserve/Loans
1H15
1,255 1,622 0.59
53% 97%
37%
52% 90% 52%
46% 46% 46%
2016E 198
0.92%
0.93%
287.6% 335.9% 2.7%
3.1%
43.2%
29.8%
Equity/Asset Loan to borrowing ratio
215.2% 162.5% 145.3%
215.2% 145.3%
177.3% 143.1%
Debt to equity ratio
1.3
0.9
1.6
2.1
0.9
2.1
Cost to Income
55.9%
48.8%
49.0%
56.1%
48.9%
54.4%
2.4 50.7%
Non Interest Income/Total Income
15.1%
12.1%
11.4%
16.1%
11.7%
14.3%
11.4% 19.5%
Interest Spread
17.4%
19.4%
19.9%
17.2%
19.4%
17.9%
Net Interest Margin
20.7%
20.7%
20.8%
19.5%
20.4%
19.4%
20.5%
Loan Growth YoY
43.7%
79.2%
84.5%
43.7%
84.5%
69.6%
69.1%
Loan Growth QoQ
15.8%
14.5%
19.3%
15.8%
19.3%
Source: KTZMICO Research
Figure 2: Key changes in our earnings revision
Net Profi t (Btmn) % Cha nge i n net profi t from previ ous foreca s ts % YoY Cha nge i n net profi t Loa n growth (%) Interes t Sprea d Provi s i on for l oa n l os s (Btmn) Provi s i on for l oa n l os s (% to l oa ns ) Net fee a nd other i ncome growth Cos t to i ncome ra ti o Source: KT ZMICO Research
New 1,255 ‐2% 52% 69% 19.5% 355 1.66% 34% 50.7%
2016E Previous 1,276
50% 18.8% 85 0.5% 16% 52.5%
2017E
New 1,736 ‐3% 38% 45% 19.1% 544 1.75% 11% 52.0%
Previous 1,786
45% 18.6% 137 0.50% 15% 52.2%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
Figure 3: MTLS's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X) +3.0 S.D.
9.0 8.5
+2.5 S.D. +2.0 S.D.
8.0
+1.5 S.D.
7.5
+1.0 S.D. +0.5 S.D.
7.0
Avg.
6.5
-0.5 S.D. -1.0 S.D.
6.0
-1.5 S.D. -2 S.D.
5.5 5.0
Jul-16
Aug-16
Jun-16
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
Mar-15
Jan-15
Dec-14
Nov-14
4.0
Feb-15
4.5
Source: Bloomberg, KT ZMICO Research
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
26
36
8.0
25
30
+1.5SD
7.7
24
24
+1.0SD
7.3
22
19
+0.5SD
7.0
21
13
Average
6.6
20
7
-0.5SD
6.3
19
1
-1.0SD
5.9
18
-4
-1.5SD
5.6
17
-10
-2.0SD
5.2
16
-16
2016E
PBV (x)
+2.5SD
8.4
+2.0SD
Figure 4: MTLS's PER band and sensitivity of market prices based on PER at different standard deviation levels (X)
+0.5 S.D.
Avg.
40.0
-0.5 S.D.
35.0
-1.0 S.D.
30.0
-1.5 S.D.
Source: Bloomberg, KT ZMICO Research
Jul-16
Aug-16
Jun-16
Apr-16
May-16
Feb-16
Mar-16
Jan-16
Dec-15
Nov-15
Oct-15
Jul-15
Feb-15
Mar-15
Jan-15
Nov-14
Dec-14
-2 S.D.
25.0
Aug-15
45.0
Implied market price
Upside/ Downside vs. market price
(Bt)
(%)
34
78
53.3
32
67
+1.0SD
49.6
29
55
+0.5SD Average -0.5SD -1.0SD -1.5SD -2.0SD
45.9 42.3 38.6 34.9 31.3 27.6
27 25 23 21 19 16
44 32 21 9 -2 -14
2016E
PER (x)
+2.0SD
56.9
+1.5SD
+1.5 S.D. +1.0 S.D.
Jun-15
50.0
May-15
55.0
+2 0 S D
Apr-15
60.0
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Statement of Comprehensive Income (Btmn) Year‐end 31 Dec Tota l Interes t Income Tota l Interes t Expens es Net Interes t Income Fee a nd Servi ce i ncome Other income Tota l Non‐Interes t Income Opera ti ng Income Pers onnel expens es Reta l expens es Tota l Opera ting Expens es Opera ti ng Profi t Provi s i on expens es Extra ordi na ry Items Income Ta x expens e Mi nori ty Interes ts Net Profi t Pre Provi s i oning Opera ti ng Profi t (PPOP) EPS (Bt)
2014 1,567 266 1,301 279 9 289 1,590 514 97 883 708 14 (13) 136 ‐ 544 572 0.26
2015 2,225 228 1,998 317 17 334 2,331 710 164 1,269 1,063 25 (6) 207 ‐ 825 856 0.39
2016E 3,793 308 3,485 428 19 447 3,932 1,101 271 1,993 1,939 355 (12) 317 ‐ 1,255 1,622 0.59
2017E 5,755 536 5,219 475 22 498 5,717 1,651 429 2,973 2,744 544 (24) 440 ‐ 1,736 2,304 0.82
2018E 7,916 807 7,109 592 27 619 7,728 2,246 587 4,002 3,726 711 (39) 603 ‐ 2,373 3,123 1.12
Statement of Financial Position (Btmn) As at 31 Dec
2014
2015
2016E
2017E
2018E
Assets Ca s h Depos i ts wi th ba nks /Loa ns to rel a ted pa rti es Net Inves tment Gros s Loa ns Accrued Interes t Recei va bl e Les s : Loa n Los s Res erves Net Loa ns
706 19 501 7,448 ‐ (325) 7,123
153 18 1 12,630 ‐ (336) 12,295
168 27 ‐ 21,360 ‐ (665) 20,695
185 30 ‐ 31,070 ‐ (1,159) 29,911
203 33 ‐ 41,830 ‐ (1,790) 40,040
Premi s es a nd Equi pment, Net Other As s ets Total Assets
362 66 8,777
520 97 13,083
718 178 21,786
838 181 31,145
928 219 41,422
Liabilities & Equity O/D a nd Short‐term borrowi ngs from ba nks Other Borrowi ng Other Li a bi l i ti es Total Liabilities
500 2,967 204 3,671
3,218 3,907 306 7,431
7,460 7,470 373 15,303
11,873 11,250 430 23,553
16,485 15,350 490 32,325
2,120 2,380 538 68 ‐ 5,106 8,777
2,120 2,380 1,043 109 ‐ 5,652 13,083
2,120 2,380 1,834 149 ‐ 6,483 21,786
2,120 2,380 2,903 189 ‐ 7,592 31,145
2,120 2,380 4,368 229 ‐ 9,097 41,422
Pa i d‐up Ca pi ta l Premi um on Sha re Ca pi ta l Reta i ned Ea rni ng Other Equi ty Items Mi nori ty Interes t Total Shareholders' Equity of the bank Total Liabilities and Shareholders Equity Source: KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
Valuation and Ratio Analysis Year‐end 31 Dec
2014
2015
2016E
2017E
2018E
Per/Share Data (Bt) EPS DPS BVPS
0.26 0.13 2.41
0.39 0.20 2.67
0.59 0.30 3.06
0.82 0.41 3.58
1.12 0.56 4.29
Multiplier (X) P/E P/BV Di vi dend yi el d (%)
73.64 7.85 0.69
48.57 7.09 1.06
31.92 6.18 1.57
23.08 5.28 2.17
16.88 4.40 2.96
54.8% 15.0% 19.7% 35.4% 17.3% 19.1% 22.0% 15.7% 9.4% 27.6% ‐10.4%
51.6% 51.6% 53.5% 31.1% 13.6% 46.6% 43.7% 50.2% 49.7% 69.6% 4.2%
52.1% 52.1% 74.4% 49.2% 35.0% 68.6% 57.1% 82.5% 89.5% 69.1% 69.6%
38.3% 38.3% 49.8% 20.5% 11.0% 45.4% 49.2% 41.5% 42.0% 45.5% 61.2%
36.7% 36.7% 36.2% 33.5% 24.6% 35.2% 34.6% 35.8% 35.6% 34.6% 52.4%
Growth YoY (%) Net Profi t EPS Net Interes t Income Non Interes t Income Fee a nd Servi ce i ncome Opera ti ng Income Opera ti ng Expens es Opera ti ng Profi t PPOP Loa ns NPLs Financial Ratio Gros s NPLs (Btmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs Loa n Los s Res erve/Loa ns Provi s i on expens es (Revers a l )/Tota l l oa ns Equi ty/As s et Loa n to borrowi ng ra ti o Debt to Equi ty ra ti o Profitability Ratio ROA ROE Cos t to Income Non Interes t Income/Tota l Income Interes t Sprea d Net Interes t Ma rgi n (NIM) Net profi t Ma rgi n Ta x ra te
Key Assumptions Loa n Growth ‐ Net Cos t to Income Net Interes t Ma rgi n Provi s i on expens es (Revers a l ) (Btmn) Provi s i on expens es (Revers a l )/Tota l l oa ns Source: KTZMICO Research
112 117 198 319 486 1.5% 0.9% 0.9% 1.0% 1.2% 290.2% 287.6% 335.9% 363.2% 368.1% 4.4% 2.7% 3.1% 3.7% 4.3% 0.2% 0.2% 1.7% 1.8% 1.7% 58.2% 43.2% 29.8% 24.4% 22.0% 214.8% 177.3% 143.1% 134.4% 131.4% 0.72 1.31 2.36 3.10 3.55
7.4% 15.5% 55.5% 18.2% 16.4% 18.8% 29.3% 20.0%
7.5% 15.3% 54.4% 14.3% 17.9% 19.4% 32.2% 20.0%
7.2% 20.7% 50.7% 11.4% 19.5% 20.5% 29.6% 20.0%
6.6% 24.7% 52.0% 8.7% 19.1% 19.9% 27.8% 20.0%
6.5% 28.4% 51.8% 8.0% 18.8% 19.5% 27.8% 20.0%
2014 2015 2016E 2017E 2018E 27.6% 69.6% 69.1% 45.5% 34.6% 55.5% 54.4% 50.7% 52.0% 51.8% 18.8% 19.4% 20.5% 19.9% 19.5% 14 25 355 544 711 0.2% 0.2% 1.7% 1.8% 1.7%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the 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, M‐CHAI. KT ZMICO is a co‐underwriter of ALT, EKH, RJH.
Corporate Governance Report (CGR) Source: Sec, Thai Institute of Directors Association (IOD) Excellent (scores: 90 ‐ 100) Very Good (scores: 80 – 89) Good (scores: 70 – 79)
Satisfactory (scores: 60 – 69) Pass (scores: 50 – 59) No Logo N/A (scores: below 50)
Anti‐corruption Progress Indicator Source: Sec, Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
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
SECTOR RECOMMENDATIONS
BUY: Expecting positive total returns of 15% or more OVERWEIGHT: The industry, as defined by the analyst's over the next 12 months coverage universe, is expected to outperform the relevant OUTPERFORM: Expecting total returns between ‐10% primary market index by at least 10% over the next 12 months. to +15%; returns expected to exceed market returns NEUTRAL: The industry, as defined by the analyst's coverage over a six‐month period due to specific catalysts universe, is expected to perform in line with the relevant UNDERPERFORM: Expecting total returns between primary market index over the next 12 months. ‐10% to +15%; returns expected to be below market UNDERWEIGHT: The industry, as defined by the analyst's returns over a six‐month period due to specific coverage universe, is expected to underperform the relevant catalysts primary market index by 10% over the next 12 months. SELL: Expecting negative total returns of 10% or more over the next 12 months
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 6
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.
