Outperform (17E TP Bt425.00) Company Update - Amazon Web ...
PTT
Outperform (17E TP Bt425.00)
Company Update
Close Bt394.00
Energy & Utilities February 10, 2017 Solid core earnings in 2016E; moderate growth to continue in years ahead Earnings upgrade/ Earnings downgrade / Overview unchanged Price Performance (%)
Source: SET Smart Consensus EPS (Bt)
FY16
FY17
32.905
35.484
1.9%
3.8%
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)
1,125.00/32,152.00
Foreign limit / actual (%)
30.00/16.33
52 week High / Low (Bt)
430.00/227.00
Avg. daily T/O (shares 000) NVDR (%)
6,056.00 6.94
Estimated free float (%)
48.87
Beta
1.24
URL
www.pttplc.com
CGR Anti‐corruption
Level 5 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
Solid earnings growth; further value enhancement likely We maintain our Outperform rating on PTT (with a newly revised up SOTP‐ based 17E TP to Bt425) given its solid growth continuing in 2017‐18E at 6% CAGR driven by its core gas business and the higher contribution from PTTEP and its downstream affiliates. Meanwhile, the targeted listing of PTT Oil and Retail Business (PTTOR) in late 2017E to early 2018E will color PTT’s share price due to the market’s awareness of the value enhancement, likely through the expansion of oil service stations both domestically and in ASEAN countries, as well as the exciting escalation of its non‐oil business. Weakening NP of Bt21bn in 4Q16E, but expect solid core profit of Bt25bn We expect PTT to deliver Bt21bn NP in 4Q16E, a big jump of 11x YoY from 4Q15 in which massive Bt23bn impairment charges were booked, mainly from PTT’s coal assets, but down 22% QoQ with an expected forex loss and the reporting of PTTEP’s impairment charges in the quarter. Meanwhile, its core profit is likely to mark moderate 15% YoY and 6% QoQ growth to Bt25bn, thanks to the continuing good performance at its GSP business (sustained high sales volume driven by the high utilization of the petrochemical sector and widening product spreads on lower gas cost) and the stronger performance of its downstream affiliates, with improving product spreads (particularly in the case of the market GRM, BZ spread, and ABS spread) and moderate stock gain as the main catalysts. 2016E earnings slightly fine‐tuned We have slightly fine‐tuned our 2016E core profit and NP forecasts for PTT by +5% to Bt99.9bn and +2% to Bt96.6bn, respectively, with a better operational performance and no material one‐off negative items (vs. the huge impairment charges totaling Bt74bn in 2015, mainly from PTTEP and PTT’s coal assets). The higher contribution from PTT’s gas business (mainly from the GSP performance with widening spreads as the main catalyst), oil business (larger volume and higher margin), and its downstream affiliates (a reversal to stock gain and the benefit of the new project kickoff) are behind its solid core profit in 2016E. Solid core earnings to continue in 2017‐18E We negligibly revise up our 2017‐18E core profit and NP for PTT by +3‐4% to reflect the slight revision done on PTTEP and IRPC earlier. Our forecasts call for its core profit to mark moderate growth at 6% CAGR during 2017‐18E, with its gas business as the core driver, along with a larger contribution from PTTEP (due to an improving margin) and its downstream affiliates (given a higher utilization rate, except for IRPC with the entire 30‐day planned shutdown set for 1Q17). We also raise our 2017E SOTP‐based TP by 11% to Bt425/share, mainly due to 1) the increase in the 17E TPs of PTTEP and IRPC done earlier; and 2) the change in the oil business’s valuation to implied 12x EV/EBITDA, pegged with the lower bound EV/EBITDA of peers in the retail business (vs. our DCF methodology earlier, with translating 7x EV/EBITDA). 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 19.37 5.92 1.65 2.8% 8.6% 60.5%
2015 2,026,912 96,251 19,936 6.73 (66.91) 10.00 244.07 2015 58.54 5.27 1.61 2.5% 2.9% 44.9%
2016E 1,748,291 99,916 96,571 33.52 398.06 12.85 264.71 2016E 11.75 4.66 1.49 3.3% 13.3% 36.6%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
2017E 2,726,930 104,352 105,132 36.83 9.87 13.26 288.46 2017E 10.70 4.09 1.37 3.4% 13.3% 26.6%
2018E 3,366,434 111,488 111,665 39.12 6.21 13.69 314.08 2018E 10.07 3.50 1.25 3.5% 13.0% 8.0%
Figure 1: PTT’s 4Q16E and 2016E earnings preview Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Profit (loss) from discontinued operations Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
4Q15 469,585 47,437 63,544 (6,840) 9,578 (4,716) 2,261 (23,868) 1,444 (6,159) ‐ 188 21,795 0.07 10.1 13.5 0.0 2.2 4.2 0.95 244.07 0.1
3Q16 435,172 59,681 72,857 (7,237) 3,659 (6,727) 2,361 1,107 1,162 (7,879) 9 26,974 23,497 9.41 13.7 16.7 6.2 2.4 5.6 0.83 258.21 14.7
4Q16E 505,732 69,923 80,906 (7,273) 2,875 (8,816) (3,110) (1,688) 870 (8,754) 863 21,049 24,985 7.37 13.8 16.0 4.2 2.2 6.3 0.75 264.71 11.3
% YoY 7.7 47.4 27.3 6.3 (70.0) 86.9 nm (92.9) (39.8) 42.1 nm 11,091 14.6 11,076
% QoQ 16.2 17.2 11.0 0.5 (21.4) 31.1 nm nm (25.1) 11.1 9,209 (22.0) 6.3 (21.7)
2015 2,026,912 216,982 272,757 (30,089) 28,361 (24,855) (5,993) (71,732) 6,032 (10,783) 19,936 96,251 6.73 10.71 13.46 0.98 2.16 4.29 0.95 244.07 2.89
2016E 1,748,291 250,161 300,885 (28,989) 16,296 (26,252) (3,636) (581) 3,736 (34,844) 872 96,571 99,916 33.52 14.31 17.21 5.52 2.18 5.86 0.75 264.71 13.29
% YoY (13.7) 15.3 10.3 (3.7) (42.5) 5.6 (39.3) (99.2) (38.1) 223.1 nm 384.4 3.8 398.1
Source: KT ZMICO Research
Figure 2: PTT’s 2017E STOP‐based valuation
Gas business Oil business PTTEP PTTGC TOP IRPC GPSC Coal mining SPRC Sub‐total Net Debt Equity Value
Stake (%)
65.3% 49.4% 49.1% 38.5% 22.6% 94.6% 5.4%
Value (Btbn) 618 222 257 158 73 47 12 43 3 1,433 (219) 1,214
Value/ PTT share (Bt/share) 216 78 90 55 26 17 4.3 15 1 502 (77) 425
Proportion (%) 43% 15% 18% 11% 5% 3% 1% 3% 0% 100%
Methodology 10‐yr DCF, WACC 10% 12x 2017E EV/EBITDA Estimated value by 17E TP at Bt99 Estimated value by 17E TP at Bt71 Estimated value by 17E TP at Bt73 Estimated value by 17E TP at Bt6.0 Estimated value by 17E TP at Bt36.5 10‐yr DCF, WACC 10% Estimated value by 17E consensus TP at Bt12.7
Source: KT ZMICO Research REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 3: PTT’s PBV Band
Source: KT ZMICO Research
Figure 4: 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) 243,067 10,404 1,134 54,906 15,684 8,751 28,115 36,921 50,002 3,732 16,753 12,303 11,723 18,497 19,238 4,656 32,145 10,716
PER (x) 16E 17E 115.5 18.4 8.5 9.7 62.0 14.1
PBV (x) 16E 17E 0.9 0.9 2.2 1.9 1.5 1.4
EV/EBITDA (x) 16E 17E 7.7 6.5 7.2 8.1 7.5 7.3
n.a. n.a. n.a.
n.a. 13.8 13.8
n.a. 1.2 1.2
n.a. 1.1 1.1
n.a. 6.2 6.2
n.a. 4.0 4.0
12.9 10.5 9.2 12.0 11.1 11.1
12.0 10.6 9.5 9.7 10.9 10.5
2.9 2.8 2.0 1.2 1.2 2.0
2.5 2.3 1.8 1.2 1.1 1.8
9.0 7.3 7.1 5.4 10.0 7.8
8.0 7.4 7.1 4.6 8.3 7.1
5.6 12.0 7.3 6.7 7.9
6.2 11.5 7.1 7.2 8.0
0.8 1.3 0.8 1.2 1.0
0.7 1.2 0.7 1.0 0.9
6.3 5.3 4.3 4.4 5.1
6.8 5.1 4.2 4.5 5.1
15.8 16.8 24.1 18.9
16.2 18.0 19.0 17.8
1.8 1.8 0.7 1.5
1.8 1.7 0.7 1.4
23.0 19.3 11.4 17.9
24.3 17.0 10.6 17.3
11.8 34.2 23.0 13.9
10.7 14.4 12.6 12.8
1.5 0.9 1.2 1.4
1.4 0.9 1.1 1.3
4.7 3.1 3.9 8.0
4.1 2.9 3.5 7.4
YLD (%) 16E 17E 0.7 2.2 3.3 3.0 2.0 2.6 n.a. n.a. 2.6 3.3 2.6 3.3 2.5 2.7 2.4 2.4 3.1 3.0 3.6 4.1 1.1 1.2 2.5 2.7 1.0 1.0 1.8 1.9 3.4 3.4 0.8 0.8 1.8 1.8 4.5 4.4 4.2 3.9 3.4 3.9 4.0 4.1 3.3 3.4 3.4 3.5 3.4 3.4 2.7 3.0
Source: KT ZMICO Research REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
ROE (%) 16E 17E 0.7 4.4 24.8 18.1 12.8 11.2 n.a. n.m. n.m.
n.a. 7.2 7.2
25.6 29.7 22.1 10.4 11.0 19.8
23.8 24.7 19.3 12.1 10.4 18.1
15.2 11.2 11.0 20.0 14.4
12.2 10.8 10.4 15.9 12.3
11.7 10.3 3.1 8.3
11.3 9.3 3.9 8.2
13.3 3.1 8.2 10.5
13.3 6.3 9.8 11.1
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) (5,993) (71,732) 6,032 (10,783) 19,936 6.73 6.73 96,251 33.70 10.00
2016E 1,748,291 (1,498,130) 250,161 (80,190) 300,885 130,915 169,970 (28,989) 16,296 157,277 (26,252) (3,636) 291 3,736 (34,844) 96,571 33.52 33.52 99,916 34.98 12.85
2017E 2,726,930 (2,424,990) 301,940 (112,258) 328,538 138,855 189,682 (21,816) 13,147 181,013 (40,045) 780 0 3,400 (40,016) 105,132 36.83 36.83 104,352 36.53 13.26
2018E 3,366,434 (3,026,160) 340,274 (138,226) 341,689 139,641 202,048 (19,805) 12,947 195,189 (43,950) 177 0 3,400 (43,151) 111,665 39.12 39.12 111,488 39.03 13.69
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 292,129 194,411 142,661 1,129,195 389,471 2,147,867 96,429 472,235 966,391 28,563 756,092 425,385 2,147,867
2017E 290,934 259,733 181,223 1,113,725 388,021 2,233,635 103,520 406,213 944,303 28,563 823,931 465,401 2,233,635
2018E 381,922 306,511 212,905 1,065,424 387,407 2,354,169 119,447 334,684 948,507 28,563 897,109 508,552 2,354,169
2014 58,678 (11,610) 135,563 (86,852) 95,779 (344,007)
2015 19,936 5,993 143,761 18,163 187,854 (130,431)
2016E 96,571 3,636 130,915 (28,078) 203,044 (135,145)
2017E 105,132 (780) 138,855 (37,229) 205,978 (123,385)
2018E 111,665 (177) 139,641 12,153 263,282 (91,340)
(344,007) 243,751 (31,715) (34,276) 226,855 404,615 156,387 (248,228) (86.95)
(130,431) (70,253) 19,164 (29,991) 53,626 (27,454) 29,968 57,422 20.11
(135,145) (91,183) (36,095) (32,640) 37,423 (122,495) (54,597) 67,898 23.78
(123,385) (58,931) (36,616) (37,293) 49,052 (83,788) (1,195) 82,593 28.93
(91,340) (55,602) (39,751) (38,487) 52,885 (80,954) 90,988 171,943 60.23
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 (13.7) 10.3 398.1 14.3 17.2 9.7 5.5 5.7 16.7
2017E 56.0 9.2 9.9 11.1 12.0 7.0 3.9 3.8 22.1
2018E 23.5 4.0 6.2 10.1 10.1 6.0 3.3 3.3 22.5
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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, M‐CHAI, TFD. KT ZMICO is a co underwriter of RPH.
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 5 of 5
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
Outperform (17E TP Bt425.00)
Company Update
Close Bt394.00
Energy & Utilities February 10, 2017 Solid core earnings in 2016E; moderate growth to continue in years ahead Earnings upgrade/ Earnings downgrade / Overview unchanged Price Performance (%)
Source: SET Smart Consensus EPS (Bt)
FY16
FY17
32.905
35.484
1.9%
3.8%
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)
1,125.00/32,152.00
Foreign limit / actual (%)
30.00/16.33
52 week High / Low (Bt)
430.00/227.00
Avg. daily T/O (shares 000) NVDR (%)
6,056.00 6.94
Estimated free float (%)
48.87
Beta
1.24
URL
www.pttplc.com
CGR Anti‐corruption
Level 5 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
Solid earnings growth; further value enhancement likely We maintain our Outperform rating on PTT (with a newly revised up SOTP‐ based 17E TP to Bt425) given its solid growth continuing in 2017‐18E at 6% CAGR driven by its core gas business and the higher contribution from PTTEP and its downstream affiliates. Meanwhile, the targeted listing of PTT Oil and Retail Business (PTTOR) in late 2017E to early 2018E will color PTT’s share price due to the market’s awareness of the value enhancement, likely through the expansion of oil service stations both domestically and in ASEAN countries, as well as the exciting escalation of its non‐oil business. Weakening NP of Bt21bn in 4Q16E, but expect solid core profit of Bt25bn We expect PTT to deliver Bt21bn NP in 4Q16E, a big jump of 11x YoY from 4Q15 in which massive Bt23bn impairment charges were booked, mainly from PTT’s coal assets, but down 22% QoQ with an expected forex loss and the reporting of PTTEP’s impairment charges in the quarter. Meanwhile, its core profit is likely to mark moderate 15% YoY and 6% QoQ growth to Bt25bn, thanks to the continuing good performance at its GSP business (sustained high sales volume driven by the high utilization of the petrochemical sector and widening product spreads on lower gas cost) and the stronger performance of its downstream affiliates, with improving product spreads (particularly in the case of the market GRM, BZ spread, and ABS spread) and moderate stock gain as the main catalysts. 2016E earnings slightly fine‐tuned We have slightly fine‐tuned our 2016E core profit and NP forecasts for PTT by +5% to Bt99.9bn and +2% to Bt96.6bn, respectively, with a better operational performance and no material one‐off negative items (vs. the huge impairment charges totaling Bt74bn in 2015, mainly from PTTEP and PTT’s coal assets). The higher contribution from PTT’s gas business (mainly from the GSP performance with widening spreads as the main catalyst), oil business (larger volume and higher margin), and its downstream affiliates (a reversal to stock gain and the benefit of the new project kickoff) are behind its solid core profit in 2016E. Solid core earnings to continue in 2017‐18E We negligibly revise up our 2017‐18E core profit and NP for PTT by +3‐4% to reflect the slight revision done on PTTEP and IRPC earlier. Our forecasts call for its core profit to mark moderate growth at 6% CAGR during 2017‐18E, with its gas business as the core driver, along with a larger contribution from PTTEP (due to an improving margin) and its downstream affiliates (given a higher utilization rate, except for IRPC with the entire 30‐day planned shutdown set for 1Q17). We also raise our 2017E SOTP‐based TP by 11% to Bt425/share, mainly due to 1) the increase in the 17E TPs of PTTEP and IRPC done earlier; and 2) the change in the oil business’s valuation to implied 12x EV/EBITDA, pegged with the lower bound EV/EBITDA of peers in the retail business (vs. our DCF methodology earlier, with translating 7x EV/EBITDA). 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 19.37 5.92 1.65 2.8% 8.6% 60.5%
2015 2,026,912 96,251 19,936 6.73 (66.91) 10.00 244.07 2015 58.54 5.27 1.61 2.5% 2.9% 44.9%
2016E 1,748,291 99,916 96,571 33.52 398.06 12.85 264.71 2016E 11.75 4.66 1.49 3.3% 13.3% 36.6%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 5
2017E 2,726,930 104,352 105,132 36.83 9.87 13.26 288.46 2017E 10.70 4.09 1.37 3.4% 13.3% 26.6%
2018E 3,366,434 111,488 111,665 39.12 6.21 13.69 314.08 2018E 10.07 3.50 1.25 3.5% 13.0% 8.0%
Figure 1: PTT’s 4Q16E and 2016E earnings preview Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Profit (loss) from discontinued operations Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
4Q15 469,585 47,437 63,544 (6,840) 9,578 (4,716) 2,261 (23,868) 1,444 (6,159) ‐ 188 21,795 0.07 10.1 13.5 0.0 2.2 4.2 0.95 244.07 0.1
3Q16 435,172 59,681 72,857 (7,237) 3,659 (6,727) 2,361 1,107 1,162 (7,879) 9 26,974 23,497 9.41 13.7 16.7 6.2 2.4 5.6 0.83 258.21 14.7
4Q16E 505,732 69,923 80,906 (7,273) 2,875 (8,816) (3,110) (1,688) 870 (8,754) 863 21,049 24,985 7.37 13.8 16.0 4.2 2.2 6.3 0.75 264.71 11.3
% YoY 7.7 47.4 27.3 6.3 (70.0) 86.9 nm (92.9) (39.8) 42.1 nm 11,091 14.6 11,076
% QoQ 16.2 17.2 11.0 0.5 (21.4) 31.1 nm nm (25.1) 11.1 9,209 (22.0) 6.3 (21.7)
2015 2,026,912 216,982 272,757 (30,089) 28,361 (24,855) (5,993) (71,732) 6,032 (10,783) 19,936 96,251 6.73 10.71 13.46 0.98 2.16 4.29 0.95 244.07 2.89
2016E 1,748,291 250,161 300,885 (28,989) 16,296 (26,252) (3,636) (581) 3,736 (34,844) 872 96,571 99,916 33.52 14.31 17.21 5.52 2.18 5.86 0.75 264.71 13.29
% YoY (13.7) 15.3 10.3 (3.7) (42.5) 5.6 (39.3) (99.2) (38.1) 223.1 nm 384.4 3.8 398.1
Source: KT ZMICO Research
Figure 2: PTT’s 2017E STOP‐based valuation
Gas business Oil business PTTEP PTTGC TOP IRPC GPSC Coal mining SPRC Sub‐total Net Debt Equity Value
Stake (%)
65.3% 49.4% 49.1% 38.5% 22.6% 94.6% 5.4%
Value (Btbn) 618 222 257 158 73 47 12 43 3 1,433 (219) 1,214
Value/ PTT share (Bt/share) 216 78 90 55 26 17 4.3 15 1 502 (77) 425
Proportion (%) 43% 15% 18% 11% 5% 3% 1% 3% 0% 100%
Methodology 10‐yr DCF, WACC 10% 12x 2017E EV/EBITDA Estimated value by 17E TP at Bt99 Estimated value by 17E TP at Bt71 Estimated value by 17E TP at Bt73 Estimated value by 17E TP at Bt6.0 Estimated value by 17E TP at Bt36.5 10‐yr DCF, WACC 10% Estimated value by 17E consensus TP at Bt12.7
Source: KT ZMICO Research REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 3: PTT’s PBV Band
Source: KT ZMICO Research
Figure 4: 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) 243,067 10,404 1,134 54,906 15,684 8,751 28,115 36,921 50,002 3,732 16,753 12,303 11,723 18,497 19,238 4,656 32,145 10,716
PER (x) 16E 17E 115.5 18.4 8.5 9.7 62.0 14.1
PBV (x) 16E 17E 0.9 0.9 2.2 1.9 1.5 1.4
EV/EBITDA (x) 16E 17E 7.7 6.5 7.2 8.1 7.5 7.3
n.a. n.a. n.a.
n.a. 13.8 13.8
n.a. 1.2 1.2
n.a. 1.1 1.1
n.a. 6.2 6.2
n.a. 4.0 4.0
12.9 10.5 9.2 12.0 11.1 11.1
12.0 10.6 9.5 9.7 10.9 10.5
2.9 2.8 2.0 1.2 1.2 2.0
2.5 2.3 1.8 1.2 1.1 1.8
9.0 7.3 7.1 5.4 10.0 7.8
8.0 7.4 7.1 4.6 8.3 7.1
5.6 12.0 7.3 6.7 7.9
6.2 11.5 7.1 7.2 8.0
0.8 1.3 0.8 1.2 1.0
0.7 1.2 0.7 1.0 0.9
6.3 5.3 4.3 4.4 5.1
6.8 5.1 4.2 4.5 5.1
15.8 16.8 24.1 18.9
16.2 18.0 19.0 17.8
1.8 1.8 0.7 1.5
1.8 1.7 0.7 1.4
23.0 19.3 11.4 17.9
24.3 17.0 10.6 17.3
11.8 34.2 23.0 13.9
10.7 14.4 12.6 12.8
1.5 0.9 1.2 1.4
1.4 0.9 1.1 1.3
4.7 3.1 3.9 8.0
4.1 2.9 3.5 7.4
YLD (%) 16E 17E 0.7 2.2 3.3 3.0 2.0 2.6 n.a. n.a. 2.6 3.3 2.6 3.3 2.5 2.7 2.4 2.4 3.1 3.0 3.6 4.1 1.1 1.2 2.5 2.7 1.0 1.0 1.8 1.9 3.4 3.4 0.8 0.8 1.8 1.8 4.5 4.4 4.2 3.9 3.4 3.9 4.0 4.1 3.3 3.4 3.4 3.5 3.4 3.4 2.7 3.0
Source: KT ZMICO Research REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
ROE (%) 16E 17E 0.7 4.4 24.8 18.1 12.8 11.2 n.a. n.m. n.m.
n.a. 7.2 7.2
25.6 29.7 22.1 10.4 11.0 19.8
23.8 24.7 19.3 12.1 10.4 18.1
15.2 11.2 11.0 20.0 14.4
12.2 10.8 10.4 15.9 12.3
11.7 10.3 3.1 8.3
11.3 9.3 3.9 8.2
13.3 3.1 8.2 10.5
13.3 6.3 9.8 11.1
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) (5,993) (71,732) 6,032 (10,783) 19,936 6.73 6.73 96,251 33.70 10.00
2016E 1,748,291 (1,498,130) 250,161 (80,190) 300,885 130,915 169,970 (28,989) 16,296 157,277 (26,252) (3,636) 291 3,736 (34,844) 96,571 33.52 33.52 99,916 34.98 12.85
2017E 2,726,930 (2,424,990) 301,940 (112,258) 328,538 138,855 189,682 (21,816) 13,147 181,013 (40,045) 780 0 3,400 (40,016) 105,132 36.83 36.83 104,352 36.53 13.26
2018E 3,366,434 (3,026,160) 340,274 (138,226) 341,689 139,641 202,048 (19,805) 12,947 195,189 (43,950) 177 0 3,400 (43,151) 111,665 39.12 39.12 111,488 39.03 13.69
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 292,129 194,411 142,661 1,129,195 389,471 2,147,867 96,429 472,235 966,391 28,563 756,092 425,385 2,147,867
2017E 290,934 259,733 181,223 1,113,725 388,021 2,233,635 103,520 406,213 944,303 28,563 823,931 465,401 2,233,635
2018E 381,922 306,511 212,905 1,065,424 387,407 2,354,169 119,447 334,684 948,507 28,563 897,109 508,552 2,354,169
2014 58,678 (11,610) 135,563 (86,852) 95,779 (344,007)
2015 19,936 5,993 143,761 18,163 187,854 (130,431)
2016E 96,571 3,636 130,915 (28,078) 203,044 (135,145)
2017E 105,132 (780) 138,855 (37,229) 205,978 (123,385)
2018E 111,665 (177) 139,641 12,153 263,282 (91,340)
(344,007) 243,751 (31,715) (34,276) 226,855 404,615 156,387 (248,228) (86.95)
(130,431) (70,253) 19,164 (29,991) 53,626 (27,454) 29,968 57,422 20.11
(135,145) (91,183) (36,095) (32,640) 37,423 (122,495) (54,597) 67,898 23.78
(123,385) (58,931) (36,616) (37,293) 49,052 (83,788) (1,195) 82,593 28.93
(91,340) (55,602) (39,751) (38,487) 52,885 (80,954) 90,988 171,943 60.23
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 (13.7) 10.3 398.1 14.3 17.2 9.7 5.5 5.7 16.7
2017E 56.0 9.2 9.9 11.1 12.0 7.0 3.9 3.8 22.1
2018E 23.5 4.0 6.2 10.1 10.1 6.0 3.3 3.3 22.5
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
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, M‐CHAI, TFD. KT ZMICO is a co underwriter of RPH.
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 5 of 5
KT ZMICO Securities Company Limited Head Office
WWW.KTZMICO.COM
8th, 15th‐17th,19th, 21st Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok, Thailand 10500 Telephone: (66‐2) 695‐5000 Fax: (66‐2) 695‐5173 KT ZMICO Connect 662 695 5555
Central World Branch
Amarin Branch
22nd Floor, Amarin Building, 496‐502 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 018‐6200 Fax: (66‐2) 018‐6298, (66‐2) 018‐6299
8th Floor, Ton Son Tower, 900 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 626‐6000 Fax: (66‐2) 626‐6111
Phaholyothin Branch
Sindhorn Branch
Viphavadee Branch
2nd Floor, Sindhorn Tower 1, 130‐132 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 Telephone: (66‐2) 627‐3550 Fax: (66‐2) 627‐3582, 627‐3600
G Floor, Lao Peng Nguan 1 Bldg., 333 Soi Cheypuand, Viphavadee‐Rangsit Road, Ladyao, Jatujak, Bangkok 10900 Telephone: (66‐2) 013‐8600 Fax: (66‐2) 618‐8569
BangKhae Branch
Chiang Mai Branch
Pak Chong Branch
999/9 The Offices at Central World, 16th Fl., Rama 1 Rd, Pathumwan, Bangkok 10330 Telephone: (66‐2) 264‐5888 Fax: (66‐2) 264 5899
1291/1, Shinnawatra Tower II, 3rd Floor, Phaholyothin Road, Phayathai, Bangkok 10400 Telephone: (66‐2) 686‐1500 Fax: (66‐2) 686‐1666
Ploenchit Branch
518 The Mall Group Building Bangkhae Branch, 6th Floor, Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Telephone: (66‐2) 454‐9979 Fax: (66‐2) 454‐9970
422/49 Changklan Road, Changklan Subdistrict, Amphoe Meuang, Chiang Mai 50100 Telephone: (053) 270‐072 Fax: (053) 272‐618
173 175, Mittapap Road, Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Telephone: (044) 279‐511 Fax: (044) 279‐574
Korat Branch
Khon Kaen Branch
Chonburi Branch
624/9 Changphuek Road, T.Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171
5th Floor, Charoen Thani Princess Hotel, 260 Srichan Road, T. Naimuang, A. Muang, Khon Kaen 40000 Telephone: (043) 389‐171‐193 Fax: (043) 389‐209
4th Floor, Forum Plaza Bldg., 870/52 Sukhumvit Road, T. Bangplasoy, A. Muang, Cholburi 20000 Telephone: (038) 287‐635 Fax: (038) 287‐637
Pattaya Branch
Chachoengsao Branch
Hat Yai Branch
Easy Point 2, 392/65 Moo.9, T.Nong Prue, A. Bang Lamung, Chonburi 20260 Telephone: (038) 420‐965 Fax: (038) 420‐968
108/34‐36 Mahajakkrapad Road, T.Namuang, A.Muang, Chachoengsao 24000 Telephone: (038) 813‐088 Fax: (038) 813‐099
200/301, 200/303 JULDIS HATYAI PLAZA Floor 3 , Niphat‐Uthit 3 Rd, Hatyai Songkhla 90110 Telephone: (074) 355530‐3 Fax: (074) 355534
Phuket Branch
22/61‐63, Luang Por Wat Chalong Road, Talat Yai, Mueang Phuket, Phuket 83000 Telephone: (076) 222‐811, (076) 222‐683 Fax: (076) 222‐861
Phitsanulok Branch
227/171 Borom Trilokkanat Road, Muang, Phitsanulok 65000 Telephone: 055‐219‐255 to 8 Fax: 055‐219‐259
Nakhon Pathom
Cyber Branch Ayutthaya
Cyber Branch @ North Nana
Cyber Branch Chiangrai
KrungThai Bank, Rojana Branch 253 Moo 5, Rojana Road, Phai Ling, Phra Nakhon Si Ayutthaya, Phra Nakhonsi Ayutthaya, 13000 Telephone: 035‐242‐477 Fax: 035‐242‐476
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd., Klong Toey Nua Subdistrict , Wattana District , Bangkok 10110 Telephone: 083‐490‐2871
River Hotel (Building 3rd),1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
KrungThai Bank, Hayaek Phokhun Mengrai Branch 116/19 Moo 19, Highway 110 Road, Rop Wiang, Mueang Chiang Rai, Chiang Rai, 57000 Telephone: 053‐715‐067 Fax: 053‐715‐068
