Outperform (17E TP Bt360.00) Company Update - Amazon Web ...
PTT Outperform (17E TP Bt360.00)
Company Update
Close Bt327.00
Energy & Utilities August 2, 2016
Earnings upgrade/ Earnings downgrade / Overview unchanged
Continuing solid 2Q16E earnings Price Performance (%)
ST and LT catalysts Given PTT’s continuing strong 2Q16E earnings, our full‐year 2016E forecast is highly achievable with its gas business still the growth catalyst for the year. Moreover, the company’s long‐term growth looks promising with the country remaining dependent on gas as the major fuel; meanwhile, the targeted spinoff of its oil business and the upcoming 21st petroleum bidding with PTTEP’s involvement will be price catalysts in 2017E. Thus, we maintain an “Outperform” rating, with the rolled‐over 2017E SOTP‐based TP at Bt360. Continuing solid NP of Bt26.5bn in 2Q16E
Source: SET Smart Consensus EPS (Bt)
FY16
FY17
28.033
30.858
1.5%
9.4%
KT ZMICO vs. consensus Share data Reuters / Bloomberg
PTT.BK/PTT TB
Paid‐up Shares (m)
2,856.30
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
934.00/26,865.00
Foreign limit / actual (%)
30.00/15.29
52 week High / Low (Bt)
342.00/197.00
Avg. daily T/O (shares 000) NVDR (%)
7,514.00 6.32
Estimated free float (%)
48.87
Beta
1.92
URL
www.pttplc.com
CGR
Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
We expect PTT to deliver solid NP of Bt26.5bn in 2Q16E (+11% YoY, +12% QoQ), thanks to the good operational line, with expected stock gain to help offset the projected forex loss from yen‐denominated loans as well as a derivatives loss from PTTEP. We expect an improving operational performance on all fronts (PTT itself, PTTEP particularly on a YoY basis due to efficient cost control, and profit contributions from affiliates, especially QoQ, due to strong petrochemical spreads and stock gain). PTT’s performance should be driven mainly by 1) higher seasonal gas sales volume of 4,881mmscfd (+5% QoQ, flat YoY); and 2) widening product spreads at its GSP in line with the higher petrochemical prices against the sustained low gas cost; meanwhile, its sales volume should mark a slight drop to 1.473mn tons (‐2% YoY, ‐1.3% QoQ) following the 26‐day planned shutdown at its GSP #6 and the turndown at its GSP #5. Negligible 2016‐18E earnings revision, with rolled‐over 2017E TP to Bt360 We make a negligible earnings revision to PTT’s 2016‐18E NP by +0.1%/+2.2%/+2.4% to reflect the earnings revisions at PTTEP and PTTGC done earlier. The 1H16E NP accounts for 62% of our full‐year 2016E estimate, making it highly achievable, with the solid performance at PTT itself (no planned shutdowns in 2H16E, lower NGV loss, and narrowing mismatched gap between the market price and gas cost for industrial gas sales in 2H16E) and efficient cost control as the cushion for PTTEP’s earnings, while the sustained low crude cost will benefit its downstream affiliates. We also roll over PTT’s SOTP‐based TP to 2017E at Bt360/share (vs. the earlier 2016E TP of Bt335). Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Core profit (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 2,605,062 82,066 58,678 20.34 (37.45) 11.00 239.22 2014 16.08 5.18 1.37 3.4% 8.6% 60.5%
2015 2,026,912 96,251 19,812 6.73 (66.91) 10.00 244.07 2015 48.59 4.57 1.34 3.1% 2.9% 44.9%
2016E 2,096,854 79,480 81,182 28.44 322.55 10.91 260.30 2016E 11.50 4.23 1.26 3.3% 11.3% 41.7%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 2,774,084 95,599 96,379 33.76 18.72 12.83 282.17 2017E 9.69 3.46 1.16 3.9% 12.4% 23.4%
2018E 3,402,364 104,716 104,893 36.74 8.83 12.86 306.05 2018E 8.90 2.98 1.07 3.9% 12.5% 7.9%
Figure 1: PTT’s 2Q16E earnings preview
Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt / equity (x) BVPS (Bt) ROE (%)
2Q15
1Q16
2Q16E
% YoY
% QoQ
1H16E
% YoY
2015
2016E
% YoY
536,678 70,949 83,859 (7,829) 1,390 (8,989) (3,289) 3,096 2,433 (10,254) 23,746 23,939 8.19 13.2 15.6 4.4 2.0 6.0 1.0
386,940 54,268 68,045 (7,235) 4,000 (3,798) 2,349 ‐ 865 (8,730) 23,669 21,320 8.23 14.0 17.6 6.1 2.2 5.0 0.9
384,698 70,479 83,182 (6,975) 1,482 (5,432) (3,728) ‐ 812 (10,305) 26,455 30,184 9.26 18.3 21.6 6.9 2.3 7.3 0.8
(28.3) (0.7) (0.8) (10.9) 6.6 (39.6) 13.3 (100.0) (66.6) 0.5 11.4 26.1 13.1
(0.6) 29.9 22.2 (3.6) (63.0) 43.0 nm nm (6.1) 18.1 11.8 41.6 12.5
771,638 124,747 151,227 (14,210) 5,482 (9,230) (1,380) ‐ 1,677 (19,035) 50,124 51,504 17.49 16.2 19.6 6.5 2.3 6.1 0.8
(26.6) 1.1 (2.4) (9.6) (23.3) (25.8) 2.3 (100.0) (61.2) (8.3) 8.2 15.5 8.8
2,026,912 216,982 272,757 (30,089) 28,361 (24,855) (6,038) (71,811) 6,032 (10,783) 19,812 96,251 6.73
2,096,854 241,231 293,906 (24,215) 14,455 (30,613) 1,702 ‐ ‐ (31,579) 81,182 79,480 28.44
3.5 11.2 7.8 (19.5) (49.0) 23.2 nm (100.0) (100.0) 192.9 309.8 (17.4) 322.6
253.4 13.3
251.2 13.4
256.4 14.6
256.4 13.7
10.71 13.46 0.98 2.16 4.29 0.95 244.07 2.87
11.50 14.02 3.87 1.83 6.25 0.77 260.30 11.27
Source: KT ZMICO Research
Figure 2: Quarterly performance of sales volume
A)
PTT’s gas sales volume (mmscfd)
Source: Company, KT ZMICO Research
B) Sales volume breakdown of GSP products
Source: Company, KT ZMICO Research Note: NGL volume including volume of new product called “Pentane”
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
% YTD 36.8 51.7 51.5 58.7 37.9 30.2 (81.1) nm nm 60.3 61.7 64.8 61.5
Figure 3: PTT’s 2016‐18E earnings revision Gas sales volume (mmscfd) % growth YoY
New 2016E 4,910 2.1%
2017E 5,055 3.0%
2018E 5,206 3.0%
Old 2016E 4,910 2.1%
2017E 5,055 3.0%
2018E 5,206 3.0%
2016E 0%
GSP sales volume (k tons) % growth YoY
6,402 0%
6,402 0%
6,402 0%
6,402 0%
6,402 0%
6,402 0%
0%
0%
0%
9,879 7,277 3,384 10,841 79,480 81,182
16,742 7,194 3,607 14,096 95,599 96,379 360
20,617 6,904 3,666 14,242 104,716 104,893
8,174 7,277 3,384 12,486 78,995 81,127 335
14,687 7,194 3,607 14,096 93,517 94,331
18,001 6,904 3,666 14,242 102,238 102,415
21% 0% 0% ‐13% 1% 0.1%
14% 0% 0% 0% 2% 2.2%
15% 0% 0% 0% 2% 2.4%
Profit‐sharing from subsidiary & associates (Btmn) PTTEP (on 65.3% stake) TOP (on 49.1% stake) IRPC (on 38.5% stake) PTTGC (on 48.9% stake) Core profit (Btmn) Net profit (Btmn) 2017E SOTP‐based TP (Bt)
% chg. from old 2017E 2018E 0% 0%
Source: KT ZMICO Research
Figure 4: PTT’s PBV band
Source: Bloomberg, KT ZMICO Research
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Figure 5: PTT’s valuation comparison with regional peers NAME PETROCHINA CO LTD‐H SINOPEC SHANGHAI PETROCHEM‐H CHINA CITIC RESOURCES HOLDINGS LTD CNOOC LTD HONG KONG BHARAT PETROLEUM CORP LTD HINDUSTAN PETROLEUM CORP INDIAN OIL CORP LTD OIL & NATURAL GAS CORP LTD RELIANCE INDUSTRIES LTD INDIA HANWHA CHEMICAL CORP LG CHEM LTD SK INNOVATION CO LTD LOTTE CHEMICAL CORP S. KOREA FORMOSA PLASTICS CORP NAN YA PLASTICS CORP FAR EASTERN NEW CENTURY CORP TAIWAN PTT PCL PTT EXPLOR & PROD PUBLIC CO THAILAND AVERAGE
Mkt Cap (US$Mn) 222,522 9,620 841 53,285 12,939 6,450 19,727 28,051 48,995 3,859 15,369 12,516 9,804 15,774 15,481 4,224 26,865 9,335
PER (x) 16E 17E nm 17.9 8.5 9.5 8.5 13.7
PBV (x) 16E 17E 0.8 0.8 1.8 1.6 1.3 1.2
EV/EBITDA (x) 16E 17E 7.7 6.5 8.0 8.6 7.9 7.5
na na na
na 15.2 15.2
1.9 1.1 1.5
2.5 1.1 1.8
nm 6.3 6.3
nm 4.5 4.5
12.0 10.2 10.0 11.2 11.5 11.0
10.9 10.1 9.1 9.1 9.9 9.8
2.7 2.1 1.6 1.0 1.2 1.7
2.3 1.9 1.4 0.9 1.1 1.5
8.0 6.4 6.6 4.7 9.3 7.0
7.1 6.2 6.1 4.0 7.5 6.2
9.5 12.1 7.4 7.4 9.1
8.6 11.0 7.6 7.9 8.8
0.8 1.3 0.8 1.2 1.0
0.8 1.2 0.7 1.1 0.9
7.9 5.0 4.5 4.0 5.4
7.6 4.7 4.8 4.2 5.3
15.7 14.7 14.3 14.9
14.7 15.1 13.8 14.6
1.7 1.5 0.7 1.3
1.7 1.4 0.7 1.3
24.5 14.3 10.6 16.5
20.3 13.7 9.9 14.6
11.5 21.4 16.5 12.0
9.7 12.7 11.2 12.2
1.3 0.8 1.1 1.3
1.2 0.8 1.0 1.3
4.2 3.5 3.9 7.8
3.5 3.0 3.2 6.9
YLD (%) 16E 17E 0.9 2.1 3.3 3.1 2.1 2.6 ‐ ‐ 2.6 3.2 2.6 3.2 2.5 2.7 2.7 2.8 2.8 3.0 3.7 4.1 1.1 1.3 2.6 2.8 0.7 0.7 1.8 1.8 2.6 2.6 0.8 0.8 1.5 1.5 4.6 4.6 5.0 4.5 4.2 5.4 4.6 4.8 3.3 3.9 3.7 3.8 3.5 3.9 2.8 3.1
Source: KT ZMICO Research REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
ROE (%) 16E 17E 0.8 3.5 19.2 15.1 10.0 9.3 (33.4) (0.3) (16.9)
(27.9) 5.4 (11.2)
23.9 22.5 16.0 8.5 10.7 16.3
22.8 19.8 15.6 10.1 11.3 15.9
9.3 10.9 11.4 17.8 12.3
9.3 10.9 10.2 14.3 11.2
10.9 9.7 4.4 8.3
11.1 9.3 4.9 8.5
11.3 3.8 7.5 6.3
12.4 6.6 9.5 7.2
Financial tables PROFIT & LOSS (Btm) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Accounts receivable Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Paid‐up shares Shareholder equity Minority interests Total liab. & shareholder equity CASH FLOW (Btm) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital 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 (%) EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
2014 2,605,062 (2,384,840) 220,222 (95,753) 260,033 135,563 124,469 (33,033) 36,926 128,361 (38,006) 11,610 (34,999) 860 (9,149) 58,678 20.34 20.34 82,066 28.73 11.00
2015 2,026,912 (1,809,930) 216,982 (87,986) 272,757 143,761 128,996 (30,089) 28,361 127,267 (24,855) (6,038) (71,811) 6,032 (10,783) 19,812 6.73 6.73 96,251 33.70 10.00
2016E 2,096,854 (1,855,623) 241,231 (89,799) 293,906 142,474 151,432 (24,215) 14,455 141,672 (30,613) 1,702 0 0 (31,579) 81,182 28.44 28.44 79,480 27.83 10.91
2017E 2,774,084 (2,479,553) 294,531 (113,934) 324,002 143,406 180,597 (21,254) 14,251 173,594 (38,572) 780 0 0 (39,423) 96,379 33.76 33.76 95,599 33.47 12.83
2018E 3,402,364 (3,071,735) 330,629 (136,295) 336,786 142,452 194,334 (18,802) 14,058 189,590 (42,920) 177 0 0 (41,955) 104,893 36.74 36.74 104,716 36.66 12.86
2014 316,757 220,142 147,930 1,111,484 454,038 2,250,351 137,118 592,982 1,195,657 28,563 683,287 371,408 2,250,351
2015 346,725 195,484 115,729 1,124,965 391,093 2,173,996 81,094 578,753 1,086,309 28,563 697,147 390,540 2,173,996
2016E 264,839 181,288 134,242 1,187,738 392,423 2,160,530 105,102 470,100 994,925 28,563 743,485 422,119 2,160,530
2017E 332,212 221,928 151,972 1,164,707 395,584 2,266,403 116,991 403,811 998,894 28,563 805,967 461,542 2,266,403
2018E 392,956 256,773 173,734 1,137,605 400,855 2,361,923 129,993 332,016 984,256 28,563 874,171 503,497 2,361,923
2014 58,678 (11,610) 135,563 (86,852) 95,779 (344,007)
2015 19,812 6,038 143,761 18,163 187,775 (130,431)
2016E 81,182 (1,702) 142,474 16,346 238,300 (205,247)
2017E 96,379 (780) 143,406 33,123 272,128 (120,375)
2018E 104,893 (177) 142,452 21,174 268,341 (115,350)
(344,007) 243,751 (31,715) (34,276) 226,855 404,615 156,387 (248,228) (86.95)
(130,431) (70,253) 19,289 (29,991) 53,580 (27,375) 29,968 57,343 20.09
(205,247) (84,645) (36,566) (29,857) 36,128 (114,939) (81,886) 33,053 11.58
(120,375) (54,400) (39,423) (33,897) 43,339 (84,381) 67,372 151,753 53.16
(115,350) (58,793) (41,955) (36,689) 45,191 (92,246) 60,745 152,991 53.59
2014 (8.4) 19.3 (37.5) 8.5 10.0 4.8 2.3 3.2 29.6
2015 (22.2) 4.9 (66.9) 10.7 13.5 6.4 1.0 4.7 19.5
2016E 3.5 7.8 322.6 11.5 14.0 7.2 3.9 3.8 21.6
2017E 32.3 10.2 18.7 10.6 11.7 6.5 3.5 3.4 22.2
2018E 22.6 3.9 8.8 9.7 9.9 5.7 3.1 3.1 22.6
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.
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.
Company Update
Close Bt327.00
Energy & Utilities August 2, 2016
Earnings upgrade/ Earnings downgrade / Overview unchanged
Continuing solid 2Q16E earnings Price Performance (%)
ST and LT catalysts Given PTT’s continuing strong 2Q16E earnings, our full‐year 2016E forecast is highly achievable with its gas business still the growth catalyst for the year. Moreover, the company’s long‐term growth looks promising with the country remaining dependent on gas as the major fuel; meanwhile, the targeted spinoff of its oil business and the upcoming 21st petroleum bidding with PTTEP’s involvement will be price catalysts in 2017E. Thus, we maintain an “Outperform” rating, with the rolled‐over 2017E SOTP‐based TP at Bt360. Continuing solid NP of Bt26.5bn in 2Q16E
Source: SET Smart Consensus EPS (Bt)
FY16
FY17
28.033
30.858
1.5%
9.4%
KT ZMICO vs. consensus Share data Reuters / Bloomberg
PTT.BK/PTT TB
Paid‐up Shares (m)
2,856.30
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
934.00/26,865.00
Foreign limit / actual (%)
30.00/15.29
52 week High / Low (Bt)
342.00/197.00
Avg. daily T/O (shares 000) NVDR (%)
7,514.00 6.32
Estimated free float (%)
48.87
Beta
1.92
URL
www.pttplc.com
CGR
Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
We expect PTT to deliver solid NP of Bt26.5bn in 2Q16E (+11% YoY, +12% QoQ), thanks to the good operational line, with expected stock gain to help offset the projected forex loss from yen‐denominated loans as well as a derivatives loss from PTTEP. We expect an improving operational performance on all fronts (PTT itself, PTTEP particularly on a YoY basis due to efficient cost control, and profit contributions from affiliates, especially QoQ, due to strong petrochemical spreads and stock gain). PTT’s performance should be driven mainly by 1) higher seasonal gas sales volume of 4,881mmscfd (+5% QoQ, flat YoY); and 2) widening product spreads at its GSP in line with the higher petrochemical prices against the sustained low gas cost; meanwhile, its sales volume should mark a slight drop to 1.473mn tons (‐2% YoY, ‐1.3% QoQ) following the 26‐day planned shutdown at its GSP #6 and the turndown at its GSP #5. Negligible 2016‐18E earnings revision, with rolled‐over 2017E TP to Bt360 We make a negligible earnings revision to PTT’s 2016‐18E NP by +0.1%/+2.2%/+2.4% to reflect the earnings revisions at PTTEP and PTTGC done earlier. The 1H16E NP accounts for 62% of our full‐year 2016E estimate, making it highly achievable, with the solid performance at PTT itself (no planned shutdowns in 2H16E, lower NGV loss, and narrowing mismatched gap between the market price and gas cost for industrial gas sales in 2H16E) and efficient cost control as the cushion for PTTEP’s earnings, while the sustained low crude cost will benefit its downstream affiliates. We also roll over PTT’s SOTP‐based TP to 2017E at Bt360/share (vs. the earlier 2016E TP of Bt335). Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Core profit (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 2,605,062 82,066 58,678 20.34 (37.45) 11.00 239.22 2014 16.08 5.18 1.37 3.4% 8.6% 60.5%
2015 2,026,912 96,251 19,812 6.73 (66.91) 10.00 244.07 2015 48.59 4.57 1.34 3.1% 2.9% 44.9%
2016E 2,096,854 79,480 81,182 28.44 322.55 10.91 260.30 2016E 11.50 4.23 1.26 3.3% 11.3% 41.7%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 2,774,084 95,599 96,379 33.76 18.72 12.83 282.17 2017E 9.69 3.46 1.16 3.9% 12.4% 23.4%
2018E 3,402,364 104,716 104,893 36.74 8.83 12.86 306.05 2018E 8.90 2.98 1.07 3.9% 12.5% 7.9%
Figure 1: PTT’s 2Q16E earnings preview
Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt / equity (x) BVPS (Bt) ROE (%)
2Q15
1Q16
2Q16E
% YoY
% QoQ
1H16E
% YoY
2015
2016E
% YoY
536,678 70,949 83,859 (7,829) 1,390 (8,989) (3,289) 3,096 2,433 (10,254) 23,746 23,939 8.19 13.2 15.6 4.4 2.0 6.0 1.0
386,940 54,268 68,045 (7,235) 4,000 (3,798) 2,349 ‐ 865 (8,730) 23,669 21,320 8.23 14.0 17.6 6.1 2.2 5.0 0.9
384,698 70,479 83,182 (6,975) 1,482 (5,432) (3,728) ‐ 812 (10,305) 26,455 30,184 9.26 18.3 21.6 6.9 2.3 7.3 0.8
(28.3) (0.7) (0.8) (10.9) 6.6 (39.6) 13.3 (100.0) (66.6) 0.5 11.4 26.1 13.1
(0.6) 29.9 22.2 (3.6) (63.0) 43.0 nm nm (6.1) 18.1 11.8 41.6 12.5
771,638 124,747 151,227 (14,210) 5,482 (9,230) (1,380) ‐ 1,677 (19,035) 50,124 51,504 17.49 16.2 19.6 6.5 2.3 6.1 0.8
(26.6) 1.1 (2.4) (9.6) (23.3) (25.8) 2.3 (100.0) (61.2) (8.3) 8.2 15.5 8.8
2,026,912 216,982 272,757 (30,089) 28,361 (24,855) (6,038) (71,811) 6,032 (10,783) 19,812 96,251 6.73
2,096,854 241,231 293,906 (24,215) 14,455 (30,613) 1,702 ‐ ‐ (31,579) 81,182 79,480 28.44
3.5 11.2 7.8 (19.5) (49.0) 23.2 nm (100.0) (100.0) 192.9 309.8 (17.4) 322.6
253.4 13.3
251.2 13.4
256.4 14.6
256.4 13.7
10.71 13.46 0.98 2.16 4.29 0.95 244.07 2.87
11.50 14.02 3.87 1.83 6.25 0.77 260.30 11.27
Source: KT ZMICO Research
Figure 2: Quarterly performance of sales volume
A)
PTT’s gas sales volume (mmscfd)
Source: Company, KT ZMICO Research
B) Sales volume breakdown of GSP products
Source: Company, KT ZMICO Research Note: NGL volume including volume of new product called “Pentane”
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
% YTD 36.8 51.7 51.5 58.7 37.9 30.2 (81.1) nm nm 60.3 61.7 64.8 61.5
Figure 3: PTT’s 2016‐18E earnings revision Gas sales volume (mmscfd) % growth YoY
New 2016E 4,910 2.1%
2017E 5,055 3.0%
2018E 5,206 3.0%
Old 2016E 4,910 2.1%
2017E 5,055 3.0%
2018E 5,206 3.0%
2016E 0%
GSP sales volume (k tons) % growth YoY
6,402 0%
6,402 0%
6,402 0%
6,402 0%
6,402 0%
6,402 0%
0%
0%
0%
9,879 7,277 3,384 10,841 79,480 81,182
16,742 7,194 3,607 14,096 95,599 96,379 360
20,617 6,904 3,666 14,242 104,716 104,893
8,174 7,277 3,384 12,486 78,995 81,127 335
14,687 7,194 3,607 14,096 93,517 94,331
18,001 6,904 3,666 14,242 102,238 102,415
21% 0% 0% ‐13% 1% 0.1%
14% 0% 0% 0% 2% 2.2%
15% 0% 0% 0% 2% 2.4%
Profit‐sharing from subsidiary & associates (Btmn) PTTEP (on 65.3% stake) TOP (on 49.1% stake) IRPC (on 38.5% stake) PTTGC (on 48.9% stake) Core profit (Btmn) Net profit (Btmn) 2017E SOTP‐based TP (Bt)
% chg. from old 2017E 2018E 0% 0%
Source: KT ZMICO Research
Figure 4: PTT’s PBV band
Source: Bloomberg, KT ZMICO Research
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Figure 5: PTT’s valuation comparison with regional peers NAME PETROCHINA CO LTD‐H SINOPEC SHANGHAI PETROCHEM‐H CHINA CITIC RESOURCES HOLDINGS LTD CNOOC LTD HONG KONG BHARAT PETROLEUM CORP LTD HINDUSTAN PETROLEUM CORP INDIAN OIL CORP LTD OIL & NATURAL GAS CORP LTD RELIANCE INDUSTRIES LTD INDIA HANWHA CHEMICAL CORP LG CHEM LTD SK INNOVATION CO LTD LOTTE CHEMICAL CORP S. KOREA FORMOSA PLASTICS CORP NAN YA PLASTICS CORP FAR EASTERN NEW CENTURY CORP TAIWAN PTT PCL PTT EXPLOR & PROD PUBLIC CO THAILAND AVERAGE
Mkt Cap (US$Mn) 222,522 9,620 841 53,285 12,939 6,450 19,727 28,051 48,995 3,859 15,369 12,516 9,804 15,774 15,481 4,224 26,865 9,335
PER (x) 16E 17E nm 17.9 8.5 9.5 8.5 13.7
PBV (x) 16E 17E 0.8 0.8 1.8 1.6 1.3 1.2
EV/EBITDA (x) 16E 17E 7.7 6.5 8.0 8.6 7.9 7.5
na na na
na 15.2 15.2
1.9 1.1 1.5
2.5 1.1 1.8
nm 6.3 6.3
nm 4.5 4.5
12.0 10.2 10.0 11.2 11.5 11.0
10.9 10.1 9.1 9.1 9.9 9.8
2.7 2.1 1.6 1.0 1.2 1.7
2.3 1.9 1.4 0.9 1.1 1.5
8.0 6.4 6.6 4.7 9.3 7.0
7.1 6.2 6.1 4.0 7.5 6.2
9.5 12.1 7.4 7.4 9.1
8.6 11.0 7.6 7.9 8.8
0.8 1.3 0.8 1.2 1.0
0.8 1.2 0.7 1.1 0.9
7.9 5.0 4.5 4.0 5.4
7.6 4.7 4.8 4.2 5.3
15.7 14.7 14.3 14.9
14.7 15.1 13.8 14.6
1.7 1.5 0.7 1.3
1.7 1.4 0.7 1.3
24.5 14.3 10.6 16.5
20.3 13.7 9.9 14.6
11.5 21.4 16.5 12.0
9.7 12.7 11.2 12.2
1.3 0.8 1.1 1.3
1.2 0.8 1.0 1.3
4.2 3.5 3.9 7.8
3.5 3.0 3.2 6.9
YLD (%) 16E 17E 0.9 2.1 3.3 3.1 2.1 2.6 ‐ ‐ 2.6 3.2 2.6 3.2 2.5 2.7 2.7 2.8 2.8 3.0 3.7 4.1 1.1 1.3 2.6 2.8 0.7 0.7 1.8 1.8 2.6 2.6 0.8 0.8 1.5 1.5 4.6 4.6 5.0 4.5 4.2 5.4 4.6 4.8 3.3 3.9 3.7 3.8 3.5 3.9 2.8 3.1
Source: KT ZMICO Research REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
ROE (%) 16E 17E 0.8 3.5 19.2 15.1 10.0 9.3 (33.4) (0.3) (16.9)
(27.9) 5.4 (11.2)
23.9 22.5 16.0 8.5 10.7 16.3
22.8 19.8 15.6 10.1 11.3 15.9
9.3 10.9 11.4 17.8 12.3
9.3 10.9 10.2 14.3 11.2
10.9 9.7 4.4 8.3
11.1 9.3 4.9 8.5
11.3 3.8 7.5 6.3
12.4 6.6 9.5 7.2
Financial tables PROFIT & LOSS (Btm) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Minority interests Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Accounts receivable Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Paid‐up shares Shareholder equity Minority interests Total liab. & shareholder equity CASH FLOW (Btm) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital 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 (%) EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
2014 2,605,062 (2,384,840) 220,222 (95,753) 260,033 135,563 124,469 (33,033) 36,926 128,361 (38,006) 11,610 (34,999) 860 (9,149) 58,678 20.34 20.34 82,066 28.73 11.00
2015 2,026,912 (1,809,930) 216,982 (87,986) 272,757 143,761 128,996 (30,089) 28,361 127,267 (24,855) (6,038) (71,811) 6,032 (10,783) 19,812 6.73 6.73 96,251 33.70 10.00
2016E 2,096,854 (1,855,623) 241,231 (89,799) 293,906 142,474 151,432 (24,215) 14,455 141,672 (30,613) 1,702 0 0 (31,579) 81,182 28.44 28.44 79,480 27.83 10.91
2017E 2,774,084 (2,479,553) 294,531 (113,934) 324,002 143,406 180,597 (21,254) 14,251 173,594 (38,572) 780 0 0 (39,423) 96,379 33.76 33.76 95,599 33.47 12.83
2018E 3,402,364 (3,071,735) 330,629 (136,295) 336,786 142,452 194,334 (18,802) 14,058 189,590 (42,920) 177 0 0 (41,955) 104,893 36.74 36.74 104,716 36.66 12.86
2014 316,757 220,142 147,930 1,111,484 454,038 2,250,351 137,118 592,982 1,195,657 28,563 683,287 371,408 2,250,351
2015 346,725 195,484 115,729 1,124,965 391,093 2,173,996 81,094 578,753 1,086,309 28,563 697,147 390,540 2,173,996
2016E 264,839 181,288 134,242 1,187,738 392,423 2,160,530 105,102 470,100 994,925 28,563 743,485 422,119 2,160,530
2017E 332,212 221,928 151,972 1,164,707 395,584 2,266,403 116,991 403,811 998,894 28,563 805,967 461,542 2,266,403
2018E 392,956 256,773 173,734 1,137,605 400,855 2,361,923 129,993 332,016 984,256 28,563 874,171 503,497 2,361,923
2014 58,678 (11,610) 135,563 (86,852) 95,779 (344,007)
2015 19,812 6,038 143,761 18,163 187,775 (130,431)
2016E 81,182 (1,702) 142,474 16,346 238,300 (205,247)
2017E 96,379 (780) 143,406 33,123 272,128 (120,375)
2018E 104,893 (177) 142,452 21,174 268,341 (115,350)
(344,007) 243,751 (31,715) (34,276) 226,855 404,615 156,387 (248,228) (86.95)
(130,431) (70,253) 19,289 (29,991) 53,580 (27,375) 29,968 57,343 20.09
(205,247) (84,645) (36,566) (29,857) 36,128 (114,939) (81,886) 33,053 11.58
(120,375) (54,400) (39,423) (33,897) 43,339 (84,381) 67,372 151,753 53.16
(115,350) (58,793) (41,955) (36,689) 45,191 (92,246) 60,745 152,991 53.59
2014 (8.4) 19.3 (37.5) 8.5 10.0 4.8 2.3 3.2 29.6
2015 (22.2) 4.9 (66.9) 10.7 13.5 6.4 1.0 4.7 19.5
2016E 3.5 7.8 322.6 11.5 14.0 7.2 3.9 3.8 21.6
2017E 32.3 10.2 18.7 10.6 11.7 6.5 3.5 3.4 22.2
2018E 22.6 3.9 8.8 9.7 9.9 5.7 3.1 3.1 22.6
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.
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
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.
