Nok Airlines AWS
Nok Airlines Buy (15E TP Bt15.60)
Company Update
Close Bt11.60
Transport & Logistics April 20, 2015
Earnings upgrade/Earnings downgrade/Overview unchanged
Temporary headwinds
FY15
FY16
Consensus EPS (Bt)
1.389
1.678
KT ZMICO vs. consensus Share data
‐25.1%
‐22.5%
Reuters / Bloomberg
NOK.BK/NOK TB
Paid‐up Shares (m)
625.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
7.00/224.00
Foreign limit / actual (%)
49.00/6.65
52 week High / Low (Bt)
18.60/10.70
Avg. daily T/O (shares 000) NVDR (%)
4,315.00 2.50
Estimated free float (%)
31.75
Beta
0.57
URL
www.nokair.com ‐
CGR
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Maintain BUY, lower SOTP‐based target price to Bt15.60 We lower NOK’s PER‐based target price to Bt15.60, vs. Bt21.40 previously, after our earnings revision. We still peg NOK at PER of 15x, +1SD of the historical average and higher than PER of 11x for peers, owing to expected strong earnings growth prospects and the potential benefit of NOK‐SCOOT in the longer term. Although the ICAO’s assessment to the DCA will have a negative impact to NOK in the short term, we believe the share price at this level factors in the negatives to a certain degree. ICAO’s audit to Thai DCA will impact NOK‐SCOOT, but not NOK The NOK‐SCOOT plan is on hold pending the final result of the ICAO’s assessment to the Thai DCA. However, this will not impact NOK, which mainly focuses on domestic routes. Meanwhile, the three Chinese routes that NOK launched in 1Q15 have already obtained China’s permission for scheduled flights. In the longer term, NOK believes the ICAO’s audit measures will result in a barrier to entry for newcomers and lower competition in the North Asia and China markets for the LCC industry. Revise down earnings in 2015‐16E by 27% and 22% We lower NOK’s net profit estimates in 2015‐16E by 27% and 22% to Bt651mn and Bt815mn, respectively, owing to a lower earnings performance from NOK‐SCOOT and a lower average fare for NOK due to weak domestic consumption. Expect net profit of Bt107mn in 1Q15E NOK is likely to report an earnings turnaround to Bt107mn in 1Q15E, jumping by 162% YoY and 449% QoQ, owing mainly to the expected improvement of the cabin factor to 85%, vs. 80% and 78% in 1Q14 and 4Q14, respectively, and lower fuel expenses. Based on the current hedging position, earnings are likely to be positively impact to the full extent from the decline of global jet fuel prices starting in 2Q15E onward. Financial and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
2013 11,180 1,066 1.71 68.8 1.03 7.27 2013 6.80 1.85 1.60 8.88 39.26 cash
2014 12,160 (472) (0.75) (144.2) 0.00 6.03 2014 n.m. n.m. 1.92 0.00 (11.53) cash
2015E 14,430 651 1.04 n.m. 0.52 6.55 2015E 11.14 82.65 1.77 4.49 16.55 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 7
2016E 23,328 815 1.30 25.2 0.65 7.21 2016E 8.90 2.83 1.61 5.62 18.95 cash
2017E 30,821 1,089 1.74 33.6 0.87 8.08 2017E 6.66 1.08 1.44 7.51 22.80 cash
ICAO’s assessment to Thai DCA to impact NOK‐SCOOT, but not NOK As a result of the safety audit by the International Civil Aviation Organization (ICAO) of the Thai DCA (Department of Civil Aviation), NOK’s plan to launch scheduled flights for its 24%‐owned subsidiary, NOK‐SCOOT, to three countries (Japan, South Korea, and China) is currently on hold. According to the company, the plan will likely be postponed until the DCA’s corrective plan is finalized in the next eight months. However, NOK‐SCOOT can still operate chartered flights to all three destinations (Japan is temporarily allowing flights until the end of May 2015) using SCOOT’s license in Singapore. Even if chartered flights to Japan are banned after May, we don’t believe it will significantly impact NOK‐SCOOT as the high season has passed. The outcome of the ICAO audit will not significantly impact NOK’s current operation as 98% of revenue comes from domestic routes. Meanwhile, the three Chinese routes that the company launched in 1Q15 (Don Mueang – Hei fei, Don Mueang – Nan Nig, and Phuket – Cheng Du) have already received China’s permission for scheduled flights and are currently operating normally. In the longer term, NOK believes that the ICAO’s audit measures will result in a barrier to entry for newcomers and reduced competition in the North Asia and China market for the LCC industry. Figure 1: Impact from ICAO assessment results on Thai DCA
Source: NOK Revise down earnings in 2015‐16E by 27% and 22% We decided to revise down our net profit estimates in 2015‐16E for NOK by 27% and 22% to Bt651mn and Bt815mn, respectively. Our earnings downgrade came mainly from 1) an upward revision of the net loss contribution from NOK‐SCOOT in 2015E to Bt187mn, vs. Bt57mn previously, as NOK‐SCOOT has to operate only chartered flights in 2015E, vs. scheduled flights as previously expected. We assume NOK‐SCOOT will start to operate scheduled flights in 2Q16E. As such, we lower the net profit contribution from NOK‐SCOOT in 2016E by 26%; and 2), we lower NOK’s average fare growth assumption in 2015E to ‐2%, vs. +0% previously, as NOK’s operation is likely to be negatively impact by the slowdown of domestic consumption, especially consumption in provincial areas. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 7
Figure 2: Key changes to our assumptions and revision to earnings forecasts of NOK
2015E
Ended Dec
Current
No. of aircraft
2016E
Previous
% +/‐
Current
Previous
% +/‐
28
28
31
31
83.3
83.3
84.4
84.4
9.1
9.1
11.0
11.0
Average fare (Bt/passenger)*
1,444
1,473
(2.0)
1,487
1,518
(2.0)
Average fare change (% YoY)*
(2.0)
0.0
3.0
3.0
127
127
133
133
Cabin factor (%) Passengers carried (mn)
Average ancillary (Bt/passenger) Jet fuel price (US$/barrel)
66
66
81
81
NOK‐SCOOT EBITDA
(781)
(236)
230.9
604
821
(26.4)
NOK‐SCOOT net profit (loss) contribution
(187)
(57)
228.1
145
197
(26.4)
651
892
(27.0)
815
1,046
(22.0)
Net profit (Btmn)
Source: KT ZMICO Research Note: Not including average ticket fares of NOK‐SCOOT Expect net profit of Bt107mn in 1Q15E NOK is likely to report an earnings turnaround to Bt107mn in 1Q15E, jumping by 162% YoY and 449% QoQ, owing mainly to the expected improvement of the cabin factor to 85%, vs. 80% and 78% in 1Q14 and 4Q14, respectively, and lower fuel expenses. Passenger volume is likely to increase by 30% YoY and 3% QoQ to 2.3mn owing to tourism industry improvement after being negatively impacted by the political protests in the same period last year. According to AOT’s statistics, LCC passenger volume has increased by 38% YoY in 2M15. However, we expect the average ticket fare to decline by 15% YoY and 3% QoQ to Bt1,384/pax owing to the domestic consumption slowdown as mentioned above, especially in February, which does not have any long holidays to encourage travel. Nevertheless, according to NOK, passenger volume and fares, along with its earnings performance, should improve in Apr and May. On the cost side, we do not expect NOK to be positively impacted to the fullest extent from the global oil price decline in this quarter as the hedging position is still high at 40% of fuel usage with an average cost of around USD100/barrel. However, on a yearly basis, the fuel cost decline is likely to lead to significant improvement in the profit margin, both YoY and QoQ. It should be noted that in 1Q15, the global jet fuel price stood at US$68/barrel, falling by 44% YoY and 26% QoQ. In 2Q15, NOK’s hedging position fell to 35% with the average hedging cost declining to around USD80/barrel, in line with the current market price. As such, the positive impact from a lower jet fuel price will fully benefit NOK’s earnings starting in 2Q15E onwards. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 7
Figure 3: 1Q15E earnings preview Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit SG&A expenses EBITDA Other income Income tax Minority interests Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Debt/equity (x) BVPS (Bt) ROE (%) Statistic Passenger volume (mn) Cabin factor (%) Average fare (Bt/pax)
1Q14 3,096 186 (176) 23 40 (9) ‐ 41 41 0.07
4Q14 3,514 31 (209) (150) 62 0 135 20 20 0.03
1Q15E 3,477 177 (237) (32) 19 ‐ 148 107 107 0.17
% YoY 12.3 (4.7) 34.8 (238.3) (53.1) ‐ ‐ 162.4 162.4 162.4
% QoQ (1.1) 469.8 13.3 (78.9) (69.9) ‐ 9.7 448.8 448.8 448.8
2015E 14,430 997 (1,054) 33 114 (0) 593 651 651 1.04
6.0 0.7 1.3 3.7 cash 7.3 3.6 1.77 79.9 1,630
0.9 (4.3) 0.6 2.6 cash 6.0 2.1 2.24 77.7 1,436
5.1 (0.9) 3.1
6.9 0.2 4.5 3.1 cash 6.6 16.6
2.30 85.0 1,384
30.0 (15.0)
2.7 (3.4)
9.10 83.3 1,444
% YoY 18.7 n.m. 28.7 n.m. (25.4) (108.7) 205.7 n.m. n.m. n.m. 20.0 (2.0)
YTD (% of 15E) 24.1 17.8 22.5 (96.0) 16.4 ‐ 25.0 16.5 16.5 16.5 25.3
Source: NOK, KT ZMICO Research Figure 4: International tourist arrivals to Thailand Figure 5: AOT’s LCC passenger & flight volume growth Persons
3,000,000
No. of Tourist (LHS)
% +/- y-y (RHS)
40%
45% 40%
30%
2,500,000
35% 20%
2,000,000 10% 1,500,000 0%
30% 25% 20% 15%
1,000,000 -10%
10%
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
-
-20%
5%
-30%
0%
Flight movement
Passenger volume
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15
500,000
Source: AOT, Department of Tourism REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 7
Maintain BUY with revised target price of Bt15.60 (based on PER of 15x) After the earnings revision as mentioned above, we lower NOK’s PER‐based target price to Bt15.60, vs. Bt21.40 previously. We still peg NOK at PER of 15x, +1SD of the historical average and higher than PER of 11x for peers, owing to expected strong earnings growth prospects and the potential benefit of international revenue (higher fare rates) in the longer term after setting up NOK‐SCOOT. Although the ICAO’s assessment to the DCA will have a negative impact to NOK in the short term, we believe the share price at this level factors in the negatives to a certain degree. Figure 6: NOK’s PER band and sensitivity of market prices based on PER at difference standard deviation levels 2015E +1.0SD +0.5SD Average ‐0.5SD ‐1.0SD ‐1.5SD ‐2.0SD ‐2.5SD
(X)
18 +2.0 S.D.
16
+1.0 S.D.
14 Avg.
12
-1.0 S.D. -2.0 S.D.
10 8
Apr-15
Feb-15
Dec-14
Nov-14
Sep-14
Jul-14
Jun-14
Apr-14
Feb-14
Jan-14
Nov-13
Sep-13
Jun-13
Aug-13
6
PER (x) 15.0 14.3 13.6 12.9 12.2 11.5 10.8 10.1
Implied market price (Bt) 15.60 14.87 14.14 13.42 12.69 11.96 11.23 10.50
Upside/Downside vs. current market price (%) 34.5 28.2 21.9 15.7 9.4 3.1 (3.2) (9.4)
Source: Bloomberg, KT ZMICO Research / Figure 7: Peer comparison COUNTRY AIR ASIA BHD
Malaysia
AIRARABI
UAE
15‐16E
PER (x)
PBV (x)
Yield (%)
ROE (%)
CAGR 14E 15E 16E 14E 15E 16E 14E 15E 16E 230.2 90.7 7.7 7.0 1.7 1.1 1.0 0.0 2.6 3.0
14E 1.7
15E 14.5
EV/EBITDA (x) 16E 14E 15E 16E 14.9 12.4 8.9 8.4
12.8
12.5
9.9
9.2
1.4
1.2
1.2
6.0
6.5
7.3
10.4
13.2
13.6
10.9
7.6
7.0
166.7
60.9
9.1
8.5
2.4
2.0
1.6
1.2
2.0
1.9
4.0
23.1
21.6
9.7
6.4
6.2 7.9
CEBU AIR INC
Philippines
EASYJET PLC
Britain
14.5
12.4
13.7
12.3
2.6
2.9
2.6
3.2
3.4
3.3
21.5
22.3
21.5
7.5
8.5
RYANAIR HOLDINGS PLC
Ireland
36.8
20.6
17.6
15.7
3.2
4.1
3.4
0.0
2.8
0.5
15.9
24.3
23.6
10.3
10.2
9.3
SOUTHWEST AIRLINES
USA
36.5
21.0
12.2
11.4
4.2
3.1
2.6
0.5
0.7
0.8
16.1
29.7
24.9
8.9
5.8
5.4
TIGER AIRWAYS HLDG
Singapore
n.a.
n.a.
n.a.
86.3
6.6
3.7
3.5
0.0
0.0
0.0
n.m.
n.m.
n.m.
n.a.
n.a.
15.0
VIRGIN AUSTRALIA HLDG
Australia
n.a.
n.a.
n.a.
17.2
1.4
1.7
1.6
0.0
0.0
0.2
(33.1)
(5.5)
9.5
81.7
10.9
6.3
WESTJET AIRLINES LTD
Canada
17.8
13.6
8.7
8.7
2.4
1.8
1.6
1.4
1.8
2.2
16.9
21.9
17.2
5.8
3.8
3.7
AAV*
Thailand
145.2
145
15.3
13.4
1.2
1.1
1.1
0.0
2.6
3.0
0.6
7.8
8.4
25.3
6.1
5.1
82.6
45.1
11.7
19.0
2.7
2.3
2.0
1.2
2.2
2.2
6.0
16.8
17.2
19.1
7.6
7.4
Average (simple)
Source: Bloomberg, Note: *KT ZMICO Research estimates
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 7
Financial tables PROFIT & LOSS (Btm) Revenues Cost of sales and service Gross profit SG&A expense EBITDA Depreciation & amortization EBIT Interest expense Equity earnings Other income / exp. EBT Corporate tax Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Minority interests Shareholder equity Total liab. & shareholder equity CASH FLOW (Btm) Net income Depreciation & amortization Change in working capital FX, non‐cash adjustment & others Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) Core EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%) FINANCIAL QUALITY Total debt to capital employed (x) Net debt to equity (x) Interest coverage (x)
2012 8,218 (7,175) 1,043 (564) 529 (51) 478 0 0 (205) 273 (15) 0 258 0.52 0.52 505 1.01 0.50
2013 11,180 (9,478) 1,701 (737) 1,035 (70) 965 0 0 135 1,100 (33) 0 1,066 1.71 1.71 1,066 1.71 1.03
2014 12,160 (12,158) 2 (819) (727) (90) (817) (2) 0 153 (666) 0 194 (472) (0.75) (0.75) (472) (0.75) 0.00
2015E 14,430 (13,432) 997 (1,054) 53 (110) (57) 0 0 114 58 (0) 593 651 1.04 1.04 651 1.04 0.52
2012 1,639 4 81 529 2,252 0 0 1,364 0 888 2,252
2013 5,333 11 93 835 6,272 0 0 1,728 0 4,543 6,272
2014 3,227 17 254 3,071 6,569 0 0 2,220 578 3,771 6,569
2015E 2,868 17 288 3,128 6,302 0 0 2,220 (15) 4,097 6,301
2012 258 50 (129) 264 444 (20) (360) (380) (2) 0 (414) 0 (416) (352) 64 0.13
2013 1,066 51 (49) 35 1,103 1 (2,541) (2,540) 1,205 3,167 (588) 0 3,785 2,348 (1,437) (2.30)
2014 (472) 70 (2,072) 24 (2,450) (82) 2,799 2,717 773 0 (306) 0 467 734 267 0.43
2015E 651 90 (837) 0 (96) (100) 0 (100) 0 0 (163) 0 (163) (359) (196) (0.31)
2012 36.1 73.9 152.8 12.7 6.4 5.8 3.1 6.1 5.6
2013 36.0 95.5 68.8 15.2 9.3 8.6 9.5 9.5 3.0
2014 8.8 (170.3) (144.2) 0.0 (6.0) (6.7) (3.9) (3.9) 0.1
2015E 18.7 (107.3) n.m. 6.9 0.4 (0.4) 4.5 4.5 0.1
2012 cash cash cash
2013 cash cash cash
2014 cash cash cash
2015E cash cash cash
2016E 23,328 (20,636) 2,692 (1,575) 1,248 (130) 1,118 0 0 157 1,275 (1) (459) 815 1.30 1.30 815 1.30 0.65
2016E 3,723 27 334 3,502 7,586 0 0 2,638 444 4,504 7,586
2017E 5,159 36 360 3,856 9,411 0 0 3,005 1,358 5,049 9,411
2016E 815 110 396 0 1,321 (100) 0 (100) 0 0 (366) 0 (366) 854 1,221 1.95
2017E 30,821 (26,946) 3,875 (2,080) 1,944 (150) 1,795 0 0 209 2,004 (1) (914) 1,089 1.74 1.74 1,089 1.74 0.87
2017E 1,089 130 794 0 2,013 (100) 0 (100) 0 0 (476) 0 (476) 1,437 1,913 3.06
2016E 61.7 2,253.4 25.2 11.5 5.3 4.8 3.5 3.5 0.1
2017E 32.1 55.9 33.6 12.6 6.3 5.8 3.5 3.5 0.1
2016E cash cash cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 7
2017E cash cash cash
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.
Company Update
Close Bt11.60
Transport & Logistics April 20, 2015
Earnings upgrade/Earnings downgrade/Overview unchanged
Temporary headwinds
FY15
FY16
Consensus EPS (Bt)
1.389
1.678
KT ZMICO vs. consensus Share data
‐25.1%
‐22.5%
Reuters / Bloomberg
NOK.BK/NOK TB
Paid‐up Shares (m)
625.00
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
7.00/224.00
Foreign limit / actual (%)
49.00/6.65
52 week High / Low (Bt)
18.60/10.70
Avg. daily T/O (shares 000) NVDR (%)
4,315.00 2.50
Estimated free float (%)
31.75
Beta
0.57
URL
www.nokair.com ‐
CGR
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Maintain BUY, lower SOTP‐based target price to Bt15.60 We lower NOK’s PER‐based target price to Bt15.60, vs. Bt21.40 previously, after our earnings revision. We still peg NOK at PER of 15x, +1SD of the historical average and higher than PER of 11x for peers, owing to expected strong earnings growth prospects and the potential benefit of NOK‐SCOOT in the longer term. Although the ICAO’s assessment to the DCA will have a negative impact to NOK in the short term, we believe the share price at this level factors in the negatives to a certain degree. ICAO’s audit to Thai DCA will impact NOK‐SCOOT, but not NOK The NOK‐SCOOT plan is on hold pending the final result of the ICAO’s assessment to the Thai DCA. However, this will not impact NOK, which mainly focuses on domestic routes. Meanwhile, the three Chinese routes that NOK launched in 1Q15 have already obtained China’s permission for scheduled flights. In the longer term, NOK believes the ICAO’s audit measures will result in a barrier to entry for newcomers and lower competition in the North Asia and China markets for the LCC industry. Revise down earnings in 2015‐16E by 27% and 22% We lower NOK’s net profit estimates in 2015‐16E by 27% and 22% to Bt651mn and Bt815mn, respectively, owing to a lower earnings performance from NOK‐SCOOT and a lower average fare for NOK due to weak domestic consumption. Expect net profit of Bt107mn in 1Q15E NOK is likely to report an earnings turnaround to Bt107mn in 1Q15E, jumping by 162% YoY and 449% QoQ, owing mainly to the expected improvement of the cabin factor to 85%, vs. 80% and 78% in 1Q14 and 4Q14, respectively, and lower fuel expenses. Based on the current hedging position, earnings are likely to be positively impact to the full extent from the decline of global jet fuel prices starting in 2Q15E onward. Financial and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
2013 11,180 1,066 1.71 68.8 1.03 7.27 2013 6.80 1.85 1.60 8.88 39.26 cash
2014 12,160 (472) (0.75) (144.2) 0.00 6.03 2014 n.m. n.m. 1.92 0.00 (11.53) cash
2015E 14,430 651 1.04 n.m. 0.52 6.55 2015E 11.14 82.65 1.77 4.49 16.55 cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 7
2016E 23,328 815 1.30 25.2 0.65 7.21 2016E 8.90 2.83 1.61 5.62 18.95 cash
2017E 30,821 1,089 1.74 33.6 0.87 8.08 2017E 6.66 1.08 1.44 7.51 22.80 cash
ICAO’s assessment to Thai DCA to impact NOK‐SCOOT, but not NOK As a result of the safety audit by the International Civil Aviation Organization (ICAO) of the Thai DCA (Department of Civil Aviation), NOK’s plan to launch scheduled flights for its 24%‐owned subsidiary, NOK‐SCOOT, to three countries (Japan, South Korea, and China) is currently on hold. According to the company, the plan will likely be postponed until the DCA’s corrective plan is finalized in the next eight months. However, NOK‐SCOOT can still operate chartered flights to all three destinations (Japan is temporarily allowing flights until the end of May 2015) using SCOOT’s license in Singapore. Even if chartered flights to Japan are banned after May, we don’t believe it will significantly impact NOK‐SCOOT as the high season has passed. The outcome of the ICAO audit will not significantly impact NOK’s current operation as 98% of revenue comes from domestic routes. Meanwhile, the three Chinese routes that the company launched in 1Q15 (Don Mueang – Hei fei, Don Mueang – Nan Nig, and Phuket – Cheng Du) have already received China’s permission for scheduled flights and are currently operating normally. In the longer term, NOK believes that the ICAO’s audit measures will result in a barrier to entry for newcomers and reduced competition in the North Asia and China market for the LCC industry. Figure 1: Impact from ICAO assessment results on Thai DCA
Source: NOK Revise down earnings in 2015‐16E by 27% and 22% We decided to revise down our net profit estimates in 2015‐16E for NOK by 27% and 22% to Bt651mn and Bt815mn, respectively. Our earnings downgrade came mainly from 1) an upward revision of the net loss contribution from NOK‐SCOOT in 2015E to Bt187mn, vs. Bt57mn previously, as NOK‐SCOOT has to operate only chartered flights in 2015E, vs. scheduled flights as previously expected. We assume NOK‐SCOOT will start to operate scheduled flights in 2Q16E. As such, we lower the net profit contribution from NOK‐SCOOT in 2016E by 26%; and 2), we lower NOK’s average fare growth assumption in 2015E to ‐2%, vs. +0% previously, as NOK’s operation is likely to be negatively impact by the slowdown of domestic consumption, especially consumption in provincial areas. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 7
Figure 2: Key changes to our assumptions and revision to earnings forecasts of NOK
2015E
Ended Dec
Current
No. of aircraft
2016E
Previous
% +/‐
Current
Previous
% +/‐
28
28
31
31
83.3
83.3
84.4
84.4
9.1
9.1
11.0
11.0
Average fare (Bt/passenger)*
1,444
1,473
(2.0)
1,487
1,518
(2.0)
Average fare change (% YoY)*
(2.0)
0.0
3.0
3.0
127
127
133
133
Cabin factor (%) Passengers carried (mn)
Average ancillary (Bt/passenger) Jet fuel price (US$/barrel)
66
66
81
81
NOK‐SCOOT EBITDA
(781)
(236)
230.9
604
821
(26.4)
NOK‐SCOOT net profit (loss) contribution
(187)
(57)
228.1
145
197
(26.4)
651
892
(27.0)
815
1,046
(22.0)
Net profit (Btmn)
Source: KT ZMICO Research Note: Not including average ticket fares of NOK‐SCOOT Expect net profit of Bt107mn in 1Q15E NOK is likely to report an earnings turnaround to Bt107mn in 1Q15E, jumping by 162% YoY and 449% QoQ, owing mainly to the expected improvement of the cabin factor to 85%, vs. 80% and 78% in 1Q14 and 4Q14, respectively, and lower fuel expenses. Passenger volume is likely to increase by 30% YoY and 3% QoQ to 2.3mn owing to tourism industry improvement after being negatively impacted by the political protests in the same period last year. According to AOT’s statistics, LCC passenger volume has increased by 38% YoY in 2M15. However, we expect the average ticket fare to decline by 15% YoY and 3% QoQ to Bt1,384/pax owing to the domestic consumption slowdown as mentioned above, especially in February, which does not have any long holidays to encourage travel. Nevertheless, according to NOK, passenger volume and fares, along with its earnings performance, should improve in Apr and May. On the cost side, we do not expect NOK to be positively impacted to the fullest extent from the global oil price decline in this quarter as the hedging position is still high at 40% of fuel usage with an average cost of around USD100/barrel. However, on a yearly basis, the fuel cost decline is likely to lead to significant improvement in the profit margin, both YoY and QoQ. It should be noted that in 1Q15, the global jet fuel price stood at US$68/barrel, falling by 44% YoY and 26% QoQ. In 2Q15, NOK’s hedging position fell to 35% with the average hedging cost declining to around USD80/barrel, in line with the current market price. As such, the positive impact from a lower jet fuel price will fully benefit NOK’s earnings starting in 2Q15E onwards. REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 7
Figure 3: 1Q15E earnings preview Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit SG&A expenses EBITDA Other income Income tax Minority interests Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Debt/equity (x) BVPS (Bt) ROE (%) Statistic Passenger volume (mn) Cabin factor (%) Average fare (Bt/pax)
1Q14 3,096 186 (176) 23 40 (9) ‐ 41 41 0.07
4Q14 3,514 31 (209) (150) 62 0 135 20 20 0.03
1Q15E 3,477 177 (237) (32) 19 ‐ 148 107 107 0.17
% YoY 12.3 (4.7) 34.8 (238.3) (53.1) ‐ ‐ 162.4 162.4 162.4
% QoQ (1.1) 469.8 13.3 (78.9) (69.9) ‐ 9.7 448.8 448.8 448.8
2015E 14,430 997 (1,054) 33 114 (0) 593 651 651 1.04
6.0 0.7 1.3 3.7 cash 7.3 3.6 1.77 79.9 1,630
0.9 (4.3) 0.6 2.6 cash 6.0 2.1 2.24 77.7 1,436
5.1 (0.9) 3.1
6.9 0.2 4.5 3.1 cash 6.6 16.6
2.30 85.0 1,384
30.0 (15.0)
2.7 (3.4)
9.10 83.3 1,444
% YoY 18.7 n.m. 28.7 n.m. (25.4) (108.7) 205.7 n.m. n.m. n.m. 20.0 (2.0)
YTD (% of 15E) 24.1 17.8 22.5 (96.0) 16.4 ‐ 25.0 16.5 16.5 16.5 25.3
Source: NOK, KT ZMICO Research Figure 4: International tourist arrivals to Thailand Figure 5: AOT’s LCC passenger & flight volume growth Persons
3,000,000
No. of Tourist (LHS)
% +/- y-y (RHS)
40%
45% 40%
30%
2,500,000
35% 20%
2,000,000 10% 1,500,000 0%
30% 25% 20% 15%
1,000,000 -10%
10%
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
-
-20%
5%
-30%
0%
Flight movement
Passenger volume
Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15
500,000
Source: AOT, Department of Tourism REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 7
Maintain BUY with revised target price of Bt15.60 (based on PER of 15x) After the earnings revision as mentioned above, we lower NOK’s PER‐based target price to Bt15.60, vs. Bt21.40 previously. We still peg NOK at PER of 15x, +1SD of the historical average and higher than PER of 11x for peers, owing to expected strong earnings growth prospects and the potential benefit of international revenue (higher fare rates) in the longer term after setting up NOK‐SCOOT. Although the ICAO’s assessment to the DCA will have a negative impact to NOK in the short term, we believe the share price at this level factors in the negatives to a certain degree. Figure 6: NOK’s PER band and sensitivity of market prices based on PER at difference standard deviation levels 2015E +1.0SD +0.5SD Average ‐0.5SD ‐1.0SD ‐1.5SD ‐2.0SD ‐2.5SD
(X)
18 +2.0 S.D.
16
+1.0 S.D.
14 Avg.
12
-1.0 S.D. -2.0 S.D.
10 8
Apr-15
Feb-15
Dec-14
Nov-14
Sep-14
Jul-14
Jun-14
Apr-14
Feb-14
Jan-14
Nov-13
Sep-13
Jun-13
Aug-13
6
PER (x) 15.0 14.3 13.6 12.9 12.2 11.5 10.8 10.1
Implied market price (Bt) 15.60 14.87 14.14 13.42 12.69 11.96 11.23 10.50
Upside/Downside vs. current market price (%) 34.5 28.2 21.9 15.7 9.4 3.1 (3.2) (9.4)
Source: Bloomberg, KT ZMICO Research / Figure 7: Peer comparison COUNTRY AIR ASIA BHD
Malaysia
AIRARABI
UAE
15‐16E
PER (x)
PBV (x)
Yield (%)
ROE (%)
CAGR 14E 15E 16E 14E 15E 16E 14E 15E 16E 230.2 90.7 7.7 7.0 1.7 1.1 1.0 0.0 2.6 3.0
14E 1.7
15E 14.5
EV/EBITDA (x) 16E 14E 15E 16E 14.9 12.4 8.9 8.4
12.8
12.5
9.9
9.2
1.4
1.2
1.2
6.0
6.5
7.3
10.4
13.2
13.6
10.9
7.6
7.0
166.7
60.9
9.1
8.5
2.4
2.0
1.6
1.2
2.0
1.9
4.0
23.1
21.6
9.7
6.4
6.2 7.9
CEBU AIR INC
Philippines
EASYJET PLC
Britain
14.5
12.4
13.7
12.3
2.6
2.9
2.6
3.2
3.4
3.3
21.5
22.3
21.5
7.5
8.5
RYANAIR HOLDINGS PLC
Ireland
36.8
20.6
17.6
15.7
3.2
4.1
3.4
0.0
2.8
0.5
15.9
24.3
23.6
10.3
10.2
9.3
SOUTHWEST AIRLINES
USA
36.5
21.0
12.2
11.4
4.2
3.1
2.6
0.5
0.7
0.8
16.1
29.7
24.9
8.9
5.8
5.4
TIGER AIRWAYS HLDG
Singapore
n.a.
n.a.
n.a.
86.3
6.6
3.7
3.5
0.0
0.0
0.0
n.m.
n.m.
n.m.
n.a.
n.a.
15.0
VIRGIN AUSTRALIA HLDG
Australia
n.a.
n.a.
n.a.
17.2
1.4
1.7
1.6
0.0
0.0
0.2
(33.1)
(5.5)
9.5
81.7
10.9
6.3
WESTJET AIRLINES LTD
Canada
17.8
13.6
8.7
8.7
2.4
1.8
1.6
1.4
1.8
2.2
16.9
21.9
17.2
5.8
3.8
3.7
AAV*
Thailand
145.2
145
15.3
13.4
1.2
1.1
1.1
0.0
2.6
3.0
0.6
7.8
8.4
25.3
6.1
5.1
82.6
45.1
11.7
19.0
2.7
2.3
2.0
1.2
2.2
2.2
6.0
16.8
17.2
19.1
7.6
7.4
Average (simple)
Source: Bloomberg, Note: *KT ZMICO Research estimates
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 7
Financial tables PROFIT & LOSS (Btm) Revenues Cost of sales and service Gross profit SG&A expense EBITDA Depreciation & amortization EBIT Interest expense Equity earnings Other income / exp. EBT Corporate tax Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Minority interests Shareholder equity Total liab. & shareholder equity CASH FLOW (Btm) Net income Depreciation & amortization Change in working capital FX, non‐cash adjustment & others Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) Core EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%) FINANCIAL QUALITY Total debt to capital employed (x) Net debt to equity (x) Interest coverage (x)
2012 8,218 (7,175) 1,043 (564) 529 (51) 478 0 0 (205) 273 (15) 0 258 0.52 0.52 505 1.01 0.50
2013 11,180 (9,478) 1,701 (737) 1,035 (70) 965 0 0 135 1,100 (33) 0 1,066 1.71 1.71 1,066 1.71 1.03
2014 12,160 (12,158) 2 (819) (727) (90) (817) (2) 0 153 (666) 0 194 (472) (0.75) (0.75) (472) (0.75) 0.00
2015E 14,430 (13,432) 997 (1,054) 53 (110) (57) 0 0 114 58 (0) 593 651 1.04 1.04 651 1.04 0.52
2012 1,639 4 81 529 2,252 0 0 1,364 0 888 2,252
2013 5,333 11 93 835 6,272 0 0 1,728 0 4,543 6,272
2014 3,227 17 254 3,071 6,569 0 0 2,220 578 3,771 6,569
2015E 2,868 17 288 3,128 6,302 0 0 2,220 (15) 4,097 6,301
2012 258 50 (129) 264 444 (20) (360) (380) (2) 0 (414) 0 (416) (352) 64 0.13
2013 1,066 51 (49) 35 1,103 1 (2,541) (2,540) 1,205 3,167 (588) 0 3,785 2,348 (1,437) (2.30)
2014 (472) 70 (2,072) 24 (2,450) (82) 2,799 2,717 773 0 (306) 0 467 734 267 0.43
2015E 651 90 (837) 0 (96) (100) 0 (100) 0 0 (163) 0 (163) (359) (196) (0.31)
2012 36.1 73.9 152.8 12.7 6.4 5.8 3.1 6.1 5.6
2013 36.0 95.5 68.8 15.2 9.3 8.6 9.5 9.5 3.0
2014 8.8 (170.3) (144.2) 0.0 (6.0) (6.7) (3.9) (3.9) 0.1
2015E 18.7 (107.3) n.m. 6.9 0.4 (0.4) 4.5 4.5 0.1
2012 cash cash cash
2013 cash cash cash
2014 cash cash cash
2015E cash cash cash
2016E 23,328 (20,636) 2,692 (1,575) 1,248 (130) 1,118 0 0 157 1,275 (1) (459) 815 1.30 1.30 815 1.30 0.65
2016E 3,723 27 334 3,502 7,586 0 0 2,638 444 4,504 7,586
2017E 5,159 36 360 3,856 9,411 0 0 3,005 1,358 5,049 9,411
2016E 815 110 396 0 1,321 (100) 0 (100) 0 0 (366) 0 (366) 854 1,221 1.95
2017E 30,821 (26,946) 3,875 (2,080) 1,944 (150) 1,795 0 0 209 2,004 (1) (914) 1,089 1.74 1.74 1,089 1.74 0.87
2017E 1,089 130 794 0 2,013 (100) 0 (100) 0 0 (476) 0 (476) 1,437 1,913 3.06
2016E 61.7 2,253.4 25.2 11.5 5.3 4.8 3.5 3.5 0.1
2017E 32.1 55.9 33.6 12.6 6.3 5.8 3.5 3.5 0.1
2016E cash cash cash
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 6 of 7
2017E cash cash cash
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
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.
