Precious Shipping - Global Alliance Partners
stock
Precious Shipping Earnings Review
Outperform (16E TP Bt10.20) Close Bt6.95
Transport & Logistics October 27, 2015
Beat forecast/Below forecast/In line
Normalized loss declined in 3Q15 Price Performance (%)
Maintain “Outperform” on limited downside risk PSL’s share price has underperformed the SET over the last three months owing to the continued weakening of its earnings performance along with a weak BDI. Meanwhile, the BDI will remain under pressure over the next six months owing to the oversupply situation. Nevertheless, we believe PSL’s share price, which is currently trading at P/BV of 0.7x, has limited downside risk. As such, we maintain our “Outperform” rating for PSL with 2016E target price of Bt10.20, lower from 2015E target price of 10.50, based on 1.0x P/BV, ‐0.5SD.
Source: SET Smart Consensus EPS (Bt) KT ZMICO vs. consensus Share data Reuters / Bloomberg
FY15
FY16
‐0.603
‐0.254
9.5%
2.4%
PSL.BK/PSL TB
Paid‐up Shares (m)
1,559.28
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
11.00/305.00
Foreign limit / actual (%)
49.00/32.79
52 week High / Low (Bt)
17.04/6.50
Avg. daily T/O (shares 000) NVDR (%)
3,815.00 5.84
Estimated free float (%)
39.25
Beta
1.25
URL
www.preciousshipping.com
CGR Anti‐corruption
Level 4 (Certified)
Note: An executive of KT ZMICO Securities is also a member of PSL’s board.
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Lower normalized loss in 3Q15 on seasonal TC rate increase PSL reported a net loss of Bt176mn in 3Q15, increasing by 20% YoY but falling by 56% QoQ. Stripping out the extra items booked in 2Q15 (from FX loss and the loss from vessels sold) and 3Q14 (gains from cancellation of new vessel building contract), PSL posted a normalized loss of Bt181mn, falling by 3% YoY and 49% QoQ. Earnings improved owing mainly to a higher TC rate (per vessel per day) to US$7,282, +11% YoY and +27% QoQ, in line with the BDI recovery to 974 points (+3% YoY, +54% QoQ) on the seasonal pattern. Meanwhile, PSL’s OPEX per vessel per day in 3Q15 was stable at US$4,628. As of 3Q15, PSL’s fleet stood at 45 vessels. BDI prospects still cloudy over the next six months According to PSL, the BDI increase in 3Q15 was owed to rising steel exports from Brazil and higher iron ore exports from Australia. However, global vessel scrapping activities started to decline significantly in 3Q15, prompting the BDI to fall again at current. As such, PSL expects the BDI in 4Q15 to be flat YoY. Moreover, PSL expects the dry‐bulk situation to weaken in 1Q16 owing to the delivery of new vessels to the market and continued slow vessel scrapping. Maintain earnings projections We decide to maintain our earnings projections in 2015‐16E for PSL, expecting the company to continue reporting net losses for both years. Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. profit (Btmn) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
2013 3,869 528 0.51 (421) (0.40) 165.14 0.40 15.03 2013 n.m. 11.71 0.46 5.76 (2.80) 40.53
2014 4,585 (80) (0.08) (76) (0.07) (81.87) 0.20 14.70 2014 n.m. 11.60 0.47 2.88 (0.49) 74.44
2015E 4,416 (1,029) (0.66) (1,029) (0.66) 798.98 0.00 10.48 2015E n.m. 25.51 0.66 0.00 (6.51) 118.32
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2016E 6,024 (409) (0.26) (409) (0.26) (60.27) 0.00 10.21 2016E n.m. 13.48 0.68 0.00 (2.53) 114.85
2017E 6,773 270 0.17 270 0.17 n.m. 0.12 10.27 2017E 46.85 9.17 0.68 1.49 1.69 103.59
Figure 1: PSL’s P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
2016E +1.0SD +0.5SD Average ‐0.5SD ‐1.0SD ‐1.5SD ‐2.0SD
4.0 3.5 3.0
+2 S.D.
2.5 +1 S.D.
2.0
+0.5 S.D. Avg.
1.5 1.0
-0.5 S.D.
Oct-15
Dec-14
Feb-14
Apr-13
Jun-12
Jul-11
Sep-10
Jan-09
Nov-09
Mar-08
May-07
Jul-06
Jan-04
Nov-04
0.0
Sep-05
-1S.D.
0.5
P/BV (x) 1.9 1.6 1.3 1.0 0.7 0.4 0.1
Implied market price* (Bt) 19.40 16.34 13.27 10.21 7.15 4.08 1.02
Upside/Downside vs. current market price (%) 179.1 135.1 91.0 46.9 2.8 (41.2) (85.3)
Source: Bloomberg
Figure 2: 3Q15 Earnings Review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit SG&A expenses EBITDA Interest expenses Other income Income tax Forex gain (loss) Other extra items Gains (loss) from affiliates Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt/equity (x) BVPS (Bt) ROE (%) Statistic BDI (point) TC rate (US$/day/vessel) OPEX (US$/day/vessel)
3Q14 1,096 (18) (64) 243 (107) 0 ‐ 1 40 1 (147) (187) ( 0.14)
2Q15 944 (146) (81) 133 (135) 1 (1) (32) (13) 4 (403) (358) (0.26)
3Q15 1,237 57 (98) 348 (144) 0 0 6 ‐ 3 (176) (181) (0.11)
% YoY 12.8 n.m. 53.5 43.4 34.1 13.4 ‐ n.m. (100.0) 128.4 19.8 (3.2) (20.1)
% QoQ 31.0 n.m. 21.0 161.6 6.3 (83.1) (109.7) n.m. (100.0) (35.3) (56.4) (49.4) (56.4)
9M15 3,162 (189) (277) 631 (414) 1 (1) (25) (13) 4 (914) (876) (0.69)
% YoY (5.1) (141.0) 33.1 (46.3) 30.8 (70.6) (142.2) n.m. 59.1 26.8 1,431.6 1,617.3 1,108.7
(1.6) 22.1 (17.1) 1.5 (0.8) 0.8 14.5 (4.9)
(15.5) 14.1 (37.9) 0.5 (1.7) 0.8 10.9 (9.0) 632 5,757 4,625
4.6 28.1 (14.6) 0.6 (0.3) 0.8 11.6 (4.1)
(6.0) 20.0 (28.9) 0.6 (1.1) 0.8 11.6 (7.3)
974 7,282 4,628
2.5 10.8 1.8
54.1 26.5 0.1
950 6,575 4,547
2015E 4,299 (121) (344) 998 (583) 2 ‐ ‐ ‐ 8 (1,029) (1,029) (0.66)
YTD (% of 15E) 73.6 156.8 80.6 63.3 70.9 72.6 ‐ ‐ ‐ 49.2 88.8 85.2 105.1
(1.6) 23.8 (23.3) 1.0 (0.7) 1.2 10.5 (6.5)
Source: PSL, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO is a partnership between KTB and ZMICO. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, KBS, PSL, SVH, VNG, ZMICO, CPI . KT ZMICO is a financial advisor for U, LOXLEY, SUTHA, ZMICO, MAKRO, CPALL, PLE, SAFARI, PACE, TPOLY, TFG. KT ZMICO is a co‐underwriter of KOOL, ORI, SCI, SR.
Anti‐corruption Progress Indicator
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 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 3 of 3
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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.
Precious Shipping Earnings Review
Outperform (16E TP Bt10.20) Close Bt6.95
Transport & Logistics October 27, 2015
Beat forecast/Below forecast/In line
Normalized loss declined in 3Q15 Price Performance (%)
Maintain “Outperform” on limited downside risk PSL’s share price has underperformed the SET over the last three months owing to the continued weakening of its earnings performance along with a weak BDI. Meanwhile, the BDI will remain under pressure over the next six months owing to the oversupply situation. Nevertheless, we believe PSL’s share price, which is currently trading at P/BV of 0.7x, has limited downside risk. As such, we maintain our “Outperform” rating for PSL with 2016E target price of Bt10.20, lower from 2015E target price of 10.50, based on 1.0x P/BV, ‐0.5SD.
Source: SET Smart Consensus EPS (Bt) KT ZMICO vs. consensus Share data Reuters / Bloomberg
FY15
FY16
‐0.603
‐0.254
9.5%
2.4%
PSL.BK/PSL TB
Paid‐up Shares (m)
1,559.28
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
11.00/305.00
Foreign limit / actual (%)
49.00/32.79
52 week High / Low (Bt)
17.04/6.50
Avg. daily T/O (shares 000) NVDR (%)
3,815.00 5.84
Estimated free float (%)
39.25
Beta
1.25
URL
www.preciousshipping.com
CGR Anti‐corruption
Level 4 (Certified)
Note: An executive of KT ZMICO Securities is also a member of PSL’s board.
Raenoo Bhandasukdi Analyst no. 17989 [email protected] 66 (0) 2695‐5836
Lower normalized loss in 3Q15 on seasonal TC rate increase PSL reported a net loss of Bt176mn in 3Q15, increasing by 20% YoY but falling by 56% QoQ. Stripping out the extra items booked in 2Q15 (from FX loss and the loss from vessels sold) and 3Q14 (gains from cancellation of new vessel building contract), PSL posted a normalized loss of Bt181mn, falling by 3% YoY and 49% QoQ. Earnings improved owing mainly to a higher TC rate (per vessel per day) to US$7,282, +11% YoY and +27% QoQ, in line with the BDI recovery to 974 points (+3% YoY, +54% QoQ) on the seasonal pattern. Meanwhile, PSL’s OPEX per vessel per day in 3Q15 was stable at US$4,628. As of 3Q15, PSL’s fleet stood at 45 vessels. BDI prospects still cloudy over the next six months According to PSL, the BDI increase in 3Q15 was owed to rising steel exports from Brazil and higher iron ore exports from Australia. However, global vessel scrapping activities started to decline significantly in 3Q15, prompting the BDI to fall again at current. As such, PSL expects the BDI in 4Q15 to be flat YoY. Moreover, PSL expects the dry‐bulk situation to weaken in 1Q16 owing to the delivery of new vessels to the market and continued slow vessel scrapping. Maintain earnings projections We decide to maintain our earnings projections in 2015‐16E for PSL, expecting the company to continue reporting net losses for both years. Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Net profit (Btmn) EPS (Bt) Norm. profit (Btmn) Norm. EPS (Bt) Norm. EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec Norm. PER (x) EV/EBITDA (x) P/BV (x) Dividend yield (%) ROE (%) Net gearing (%)
2013 3,869 528 0.51 (421) (0.40) 165.14 0.40 15.03 2013 n.m. 11.71 0.46 5.76 (2.80) 40.53
2014 4,585 (80) (0.08) (76) (0.07) (81.87) 0.20 14.70 2014 n.m. 11.60 0.47 2.88 (0.49) 74.44
2015E 4,416 (1,029) (0.66) (1,029) (0.66) 798.98 0.00 10.48 2015E n.m. 25.51 0.66 0.00 (6.51) 118.32
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2016E 6,024 (409) (0.26) (409) (0.26) (60.27) 0.00 10.21 2016E n.m. 13.48 0.68 0.00 (2.53) 114.85
2017E 6,773 270 0.17 270 0.17 n.m. 0.12 10.27 2017E 46.85 9.17 0.68 1.49 1.69 103.59
Figure 1: PSL’s P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
2016E +1.0SD +0.5SD Average ‐0.5SD ‐1.0SD ‐1.5SD ‐2.0SD
4.0 3.5 3.0
+2 S.D.
2.5 +1 S.D.
2.0
+0.5 S.D. Avg.
1.5 1.0
-0.5 S.D.
Oct-15
Dec-14
Feb-14
Apr-13
Jun-12
Jul-11
Sep-10
Jan-09
Nov-09
Mar-08
May-07
Jul-06
Jan-04
Nov-04
0.0
Sep-05
-1S.D.
0.5
P/BV (x) 1.9 1.6 1.3 1.0 0.7 0.4 0.1
Implied market price* (Bt) 19.40 16.34 13.27 10.21 7.15 4.08 1.02
Upside/Downside vs. current market price (%) 179.1 135.1 91.0 46.9 2.8 (41.2) (85.3)
Source: Bloomberg
Figure 2: 3Q15 Earnings Review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit SG&A expenses EBITDA Interest expenses Other income Income tax Forex gain (loss) Other extra items Gains (loss) from affiliates Net profit (loss) Normalized profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt/equity (x) BVPS (Bt) ROE (%) Statistic BDI (point) TC rate (US$/day/vessel) OPEX (US$/day/vessel)
3Q14 1,096 (18) (64) 243 (107) 0 ‐ 1 40 1 (147) (187) ( 0.14)
2Q15 944 (146) (81) 133 (135) 1 (1) (32) (13) 4 (403) (358) (0.26)
3Q15 1,237 57 (98) 348 (144) 0 0 6 ‐ 3 (176) (181) (0.11)
% YoY 12.8 n.m. 53.5 43.4 34.1 13.4 ‐ n.m. (100.0) 128.4 19.8 (3.2) (20.1)
% QoQ 31.0 n.m. 21.0 161.6 6.3 (83.1) (109.7) n.m. (100.0) (35.3) (56.4) (49.4) (56.4)
9M15 3,162 (189) (277) 631 (414) 1 (1) (25) (13) 4 (914) (876) (0.69)
% YoY (5.1) (141.0) 33.1 (46.3) 30.8 (70.6) (142.2) n.m. 59.1 26.8 1,431.6 1,617.3 1,108.7
(1.6) 22.1 (17.1) 1.5 (0.8) 0.8 14.5 (4.9)
(15.5) 14.1 (37.9) 0.5 (1.7) 0.8 10.9 (9.0) 632 5,757 4,625
4.6 28.1 (14.6) 0.6 (0.3) 0.8 11.6 (4.1)
(6.0) 20.0 (28.9) 0.6 (1.1) 0.8 11.6 (7.3)
974 7,282 4,628
2.5 10.8 1.8
54.1 26.5 0.1
950 6,575 4,547
2015E 4,299 (121) (344) 998 (583) 2 ‐ ‐ ‐ 8 (1,029) (1,029) (0.66)
YTD (% of 15E) 73.6 156.8 80.6 63.3 70.9 72.6 ‐ ‐ ‐ 49.2 88.8 85.2 105.1
(1.6) 23.8 (23.3) 1.0 (0.7) 1.2 10.5 (6.5)
Source: PSL, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Note: KT ZMICO is a partnership between KTB and ZMICO. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, KBS, PSL, SVH, VNG, ZMICO, CPI . KT ZMICO is a financial advisor for U, LOXLEY, SUTHA, ZMICO, MAKRO, CPALL, PLE, SAFARI, PACE, TPOLY, TFG. KT ZMICO is a co‐underwriter of KOOL, ORI, SCI, SR.
Anti‐corruption Progress Indicator
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 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 3 of 3
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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
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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.
