Outperform (15E TP Bt9.08) Company Update
Pylon Outperform (15E TP Bt9.08) Company Update
Close 9.75
Earnings upgrade/Earnings downgrade/Overview unchanged
MAI ‐ Property & Construction May 29, 2015
Bright outlook and strong momentum
FY15
FY16
Consensus EPS (Bt)
0.620
0.690
KT ZMICO vs. consensus Share data
‐1.6%
‐1.4%
Reuters / Bloomberg
PYLONM.BK/PYLON TB
Paid‐up Shares (m)
374.94
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
4.00/108.00
Foreign limit / actual (%)
49.00/1.30
52 week High / Low (Bt)
11.90/5.75
Avg. daily T/O (shares 000) NVDR (%)
2,327.00 6.76
Estimated free float (%)
38.55
Beta
1.41
URL
www.pylon.co.th
CGR
‐
Bright business outlook PYLON’s earnings continue to gain momentum and its financial position remains firm. The piling business outlook is also promising. PYLON will be moved to trade in the SET in late 2Q15 to 3Q15. All these favorable factors prompt us to maintain “OUTPERFORM” and the 2015E TP of Bt9.08 (15x PER). Massive backlog securing revenue growth in the next two quarters PYLON’s backlog on hand was worth Bt809mn as of May 2015 (i.e., 85% for labor and material work, 13% for labor work, and the remainder for construction work to be realized until 2016). The current backlog secures its revenue realization in the next two quarters. Moreover, the firm is waiting to sign a contract for a state project and it has tendered for piling work for a high‐value double track rail project. 2Q15 earnings preliminarily expected to grow by 10%YoY The firm’s 2Q15 earnings outlook is promising. Despite rather small new orders worth Bt430mn (‐36%YoY) in 5M15, the 2Q15E earnings may still hold up well thanks to a massive backlog, high‐margin projects and good progress on the projects in the backlog. We preliminarily estimate 2Q15 earnings at Bt60mn (+10%YoY and flat QoQ). Hence, we project Bt121mn in 1H15 net profit, accounting for 53% of our full‐year projection calling for 20% earnings growth. Strong financial position with high cash PYLON’s financial position is very strong, with massive net cash of Bt481mn as of the end of 1Q15. The strong financial position allows the firm to be ready for further business and investment expansion. The company is carefully looking for new business opportunities. According to the management, if it decides against any new investment plans, the cash on hand will be distributed as dividends for shareholders. To be moved to trade in SET in late 2Q15 to 3Q15 We believe the trading of PYLON will be moved to the SET, with the transaction likely to be completed by late 2Q15‐3Q15. Financial and Valuation FY Ended 31 Dec
2012
2013
2014
2015E
2016E
Revenues (Btmn)
1,090
1,294
1,368
1,399
1,539
Net profit (Btmn)
64
159
196
227
255
0.39
0.63 0.67 0.61
0.68
0.43
0.63 0.65 0.61
0.68
EPS (Bt) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt)
Phornsri Laysanitsaerekul
14% 0.28
‐7%
12%
0.30 0.50 0.50
45%
3%
0.55
BV (Bt)
2.04
2.21
2.41
2.60
2.78
FY Ended 31 Dec
2012
2013
2014
2015E
2016E
PER (x)
24.87
15.40
14.48
16.02
14.25
[email protected]
EV/EBITDA (x)
15.95
10.01
10.90 9.61
8.43
PBV (x)
4.75
4.40 4.02 3.72
3.49
66 (0) 2624‐6258
Dividend yield (%)
2.89%
3.09%
5.15%
5.18%
5.68%
ROE (%) Net gearing (%)
16.2% ‐9.6
31.1% 0.8
26.3% ‐12.0
24.5% ‐11.1
25.3% ‐11.8
Analyst , no 17621
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: Progress of MRT projects
Source: PYLON Figure 2: Other mega‐projects
Source: PYLON Figure 3: Industry Overview
Source: PYLON REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 4: Valuation comparison with other contractors
Company
Rating BUY OUTPERFORM OUTPERFORM OUTPERFORM BUY BUY OUTPERFORM BUY BUY
CK ITD NWR PYLON SEAFCO SRICHA STEC STPI TTCL
Price Target Par Mkt Cap FY (Bt) (Bt) (Bt) (Bt m) 26.00 7.55 1.78 9.75 11.00 27.75 22.20 16.70 34.00
31.00 7.90 2.43 9.08 13.73 38.30 22.00 24.01 42.50
1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.25 1.00
44,041 39,862 4,602 3,655 3,362 8,561 33,857 27,140 19,040
DEC DEC DEC DEC DEC DEC DEC DEC DEC
Norm. EPS (Bt)
Norm. EPS (%)
14A 15F 16F
14A
0.74 0.04 (0.01) 0.65 0.70 2.77 1.00 1.89 0.81
0.55 0.12 0.06 0.61 0.90 3.19 0.94 1.74 1.25
0.70 0.14 0.07 0.68 1.02 3.33 1.10 1.71 2.01
14.17 (73.97) n.m. 3.13 43.83 (7.97) 1.50 53.28 (41.69)
PER (x)
15F 16F (25.28) 179.38 n.m. (6.82) 27.49 15.21 (5.72) (7.97) 54.89
26.58 11.54 22.75 12.45 13.73 4.37 17.37 (1.29) 60.42
14A
15F
35.35 169.46 n.m. 14.49 15.64 9.15 22.27 8.85 42.12
47.31 60.65 31.21 16.10 12.27 7.86 23.62 9.62 27.20
PBV (x)
Yield (%)
ROE (%)
16F 14A 15F 16F 14A 15F 16F 14A 15F 16F 37.38 54.38 25.43 14.32 10.79 7.51 20.12 9.74 16.95
2.30 2.84 1.20 3.15 3.55 3.45 4.05 2.79 3.58
2.25 2.75 1.16 3.74 3.16 2.89 3.68 2.32 3.38
2.18 2.65 1.12 3.50 2.73 2.46 3.31 1.87 3.12
2.12 0.00 0.00 5.13 3.09 5.59 1.80 3.14 1.76
1.06 0.49 1.03 5.15 4.08 5.75 1.70 3.07 2.19
Source: KTZ Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
1.34 0.55 1.06 5.66 4.64 6.00 1.99 3.03 3.37
6.98 1.84 ‐0.44 25.52 24.62 38.22 19.08 37.78 8.54
4.81 4.60 3.77 24.55 27.85 40.05 16.33 27.46 12.80
5.93 4.96 4.47 25.27 27.16 35.35 17.32 21.27 19.14
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
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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.
Close 9.75
Earnings upgrade/Earnings downgrade/Overview unchanged
MAI ‐ Property & Construction May 29, 2015
Bright outlook and strong momentum
FY15
FY16
Consensus EPS (Bt)
0.620
0.690
KT ZMICO vs. consensus Share data
‐1.6%
‐1.4%
Reuters / Bloomberg
PYLONM.BK/PYLON TB
Paid‐up Shares (m)
374.94
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
4.00/108.00
Foreign limit / actual (%)
49.00/1.30
52 week High / Low (Bt)
11.90/5.75
Avg. daily T/O (shares 000) NVDR (%)
2,327.00 6.76
Estimated free float (%)
38.55
Beta
1.41
URL
www.pylon.co.th
CGR
‐
Bright business outlook PYLON’s earnings continue to gain momentum and its financial position remains firm. The piling business outlook is also promising. PYLON will be moved to trade in the SET in late 2Q15 to 3Q15. All these favorable factors prompt us to maintain “OUTPERFORM” and the 2015E TP of Bt9.08 (15x PER). Massive backlog securing revenue growth in the next two quarters PYLON’s backlog on hand was worth Bt809mn as of May 2015 (i.e., 85% for labor and material work, 13% for labor work, and the remainder for construction work to be realized until 2016). The current backlog secures its revenue realization in the next two quarters. Moreover, the firm is waiting to sign a contract for a state project and it has tendered for piling work for a high‐value double track rail project. 2Q15 earnings preliminarily expected to grow by 10%YoY The firm’s 2Q15 earnings outlook is promising. Despite rather small new orders worth Bt430mn (‐36%YoY) in 5M15, the 2Q15E earnings may still hold up well thanks to a massive backlog, high‐margin projects and good progress on the projects in the backlog. We preliminarily estimate 2Q15 earnings at Bt60mn (+10%YoY and flat QoQ). Hence, we project Bt121mn in 1H15 net profit, accounting for 53% of our full‐year projection calling for 20% earnings growth. Strong financial position with high cash PYLON’s financial position is very strong, with massive net cash of Bt481mn as of the end of 1Q15. The strong financial position allows the firm to be ready for further business and investment expansion. The company is carefully looking for new business opportunities. According to the management, if it decides against any new investment plans, the cash on hand will be distributed as dividends for shareholders. To be moved to trade in SET in late 2Q15 to 3Q15 We believe the trading of PYLON will be moved to the SET, with the transaction likely to be completed by late 2Q15‐3Q15. Financial and Valuation FY Ended 31 Dec
2012
2013
2014
2015E
2016E
Revenues (Btmn)
1,090
1,294
1,368
1,399
1,539
Net profit (Btmn)
64
159
196
227
255
0.39
0.63 0.67 0.61
0.68
0.43
0.63 0.65 0.61
0.68
EPS (Bt) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt)
Phornsri Laysanitsaerekul
14% 0.28
‐7%
12%
0.30 0.50 0.50
45%
3%
0.55
BV (Bt)
2.04
2.21
2.41
2.60
2.78
FY Ended 31 Dec
2012
2013
2014
2015E
2016E
PER (x)
24.87
15.40
14.48
16.02
14.25
[email protected]
EV/EBITDA (x)
15.95
10.01
10.90 9.61
8.43
PBV (x)
4.75
4.40 4.02 3.72
3.49
66 (0) 2624‐6258
Dividend yield (%)
2.89%
3.09%
5.15%
5.18%
5.68%
ROE (%) Net gearing (%)
16.2% ‐9.6
31.1% 0.8
26.3% ‐12.0
24.5% ‐11.1
25.3% ‐11.8
Analyst , no 17621
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: Progress of MRT projects
Source: PYLON Figure 2: Other mega‐projects
Source: PYLON Figure 3: Industry Overview
Source: PYLON REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 4: Valuation comparison with other contractors
Company
Rating BUY OUTPERFORM OUTPERFORM OUTPERFORM BUY BUY OUTPERFORM BUY BUY
CK ITD NWR PYLON SEAFCO SRICHA STEC STPI TTCL
Price Target Par Mkt Cap FY (Bt) (Bt) (Bt) (Bt m) 26.00 7.55 1.78 9.75 11.00 27.75 22.20 16.70 34.00
31.00 7.90 2.43 9.08 13.73 38.30 22.00 24.01 42.50
1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.25 1.00
44,041 39,862 4,602 3,655 3,362 8,561 33,857 27,140 19,040
DEC DEC DEC DEC DEC DEC DEC DEC DEC
Norm. EPS (Bt)
Norm. EPS (%)
14A 15F 16F
14A
0.74 0.04 (0.01) 0.65 0.70 2.77 1.00 1.89 0.81
0.55 0.12 0.06 0.61 0.90 3.19 0.94 1.74 1.25
0.70 0.14 0.07 0.68 1.02 3.33 1.10 1.71 2.01
14.17 (73.97) n.m. 3.13 43.83 (7.97) 1.50 53.28 (41.69)
PER (x)
15F 16F (25.28) 179.38 n.m. (6.82) 27.49 15.21 (5.72) (7.97) 54.89
26.58 11.54 22.75 12.45 13.73 4.37 17.37 (1.29) 60.42
14A
15F
35.35 169.46 n.m. 14.49 15.64 9.15 22.27 8.85 42.12
47.31 60.65 31.21 16.10 12.27 7.86 23.62 9.62 27.20
PBV (x)
Yield (%)
ROE (%)
16F 14A 15F 16F 14A 15F 16F 14A 15F 16F 37.38 54.38 25.43 14.32 10.79 7.51 20.12 9.74 16.95
2.30 2.84 1.20 3.15 3.55 3.45 4.05 2.79 3.58
2.25 2.75 1.16 3.74 3.16 2.89 3.68 2.32 3.38
2.18 2.65 1.12 3.50 2.73 2.46 3.31 1.87 3.12
2.12 0.00 0.00 5.13 3.09 5.59 1.80 3.14 1.76
1.06 0.49 1.03 5.15 4.08 5.75 1.70 3.07 2.19
Source: KTZ Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
1.34 0.55 1.06 5.66 4.64 6.00 1.99 3.03 3.37
6.98 1.84 ‐0.44 25.52 24.62 38.22 19.08 37.78 8.54
4.81 4.60 3.77 24.55 27.85 40.05 16.33 27.46 12.80
5.93 4.96 4.47 25.27 27.16 35.35 17.32 21.27 19.14
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
th
th
th
th
KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
