Property Development - Global Alliance Partners
Property Development Industry Update
Neutral
April 10, 2015
Take‐up rates fell as leading developers held back launches
Share data (Property Development) SET index
1,545.11
Sector index
292.74
52‐week high
326.12
52‐week low
252.23
Market capitalization (Bt m)
997,679.17
% of market cap
6.88
Avg daily turnover (m shares)
3,840.34
Beta
1.44
Sector Performance (%) Absolute Relative
1M
3M
12M
‐1.48
‐1.42
10.09
‐2.36
‐2.41
‐0.11
Wasu Mattanapotchanart Analyst, no 44357 [email protected] 66 (0) 2624‐6268
Unit presales dropped in Bangkok, but listed developers made a comeback with high‐end condos Bangkok’s residential market hit a low point in terms of both new launches and unit presales in 1Q15 on the back of the low season of launches by big players. Despite the low season, big developers saw a small rebound in 1Q15 presales from the slowdown in 4Q14. We believe that stronger presales lie ahead as firms become much more active in launching new projects, and we remain confident in our 8.6% growth for 15E presales. Maintain Neutral with SPALI as our top pick. Quiet market in 1Q15, but… 1Q15 new launches in Bangkok totaled only 22,193 units, down from 26,717 units in 1Q14 and 29,488 units in 4Q14. This is because listed developers rarely launched new projects during the quarter, except a few super‐luxury condos. The take‐up rate of the new launches was also low at 21.0% in 1Q15 (1Q14: 45.5%, 4Q14: 31.9%). …listed developers’ 1Q15 presales rose both YoY and QoQ We have received presales data from 10 developers under our coverage, and they had combined 1Q15 presales of Bt52.7bn (+53.1% YoY, +2.3% QoQ). Despite minimal new launches, these firms managed to grow the value of presales on the back of i.) solid presales of existing projects and ii.) well‐received soft launches of luxury condos (e.g., Saladaeng One, Q Sukhumvit, Ashton Chula – Silom and Ashton Residence 41). Developers to be more active with launches in 2Q15 Except QH (Buy, Bt4.74 TP), which soft‐launched Q Sukhumvit (Bt9.7bn) in 1Q15, all developers are expected to be more active with their launches, starting in 2Q15. Also, most developers will have back‐loaded launches toward 2H15. Bright presales prospects ahead; household debt only a threat to low‐end market Despite being the low season, 1Q15 presales for listed developers turned out to be strong, and we expect further improvement going forward, making our forecast of 8.6% growth achievable. Although the latest household debt figure increased further to 85.9% in 4Q14, we see this mainly as a risk to the very low‐end market (Bt290k
QH
Ashton Chula ‐ Silom
8,700
65.4%
Bt208k
ANAN
Ashton Residence 41
1,800
100.0%
Bt235k
ANAN
Saladaeng One
3,700
22.7%
>Bt290k
SC
Source: Company data, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 5: Quarterly presales by company
Low‐rise properties
High‐rise properties
1Q15
YoY
QoQ
YoY
QoQ
YoY
QoQ
LH
5,708
‐13.0%
3.5%
‐15.7%
10.7%
0.0%
‐19.9%
PS
12,761
55.7%
64.5%
37.0%
30.6%
110.2%
232.5%
LPN
3,650
7.7%
‐5.1%
33.3%
33.3%
8.2%
‐10.3%
SPALI
3,200
‐20.0%
‐42.0%
‐12.0%
‐15.2%
‐29.3%
‐60.3%
QH
4,800
12.7%
‐0.8%
9.1%
‐15.5%
25.0%
106.5%
SIRI
3,214
1325.9%
‐59.8%
34.4%
40.6%
n.a.
9700%
AP
4,645
114.6%
‐10.5%
31.3%
10.4%
‐687.3%
‐36.3%
SC
2,700
130.6%
12.3%
45.1%
‐23.7%
723.3%
164.7%
PF
2,725
16.0%
‐6.0%
35.6%
14.7%
‐11.9%
‐32.6%
ANAN
9,355
336.7%
67.4%
Total
52,758
53.1%
2.3%
‐8.7%
14.6%
497.1%
73.0%
Source: Company data, KT ZMICO Research
Figure 6: Take‐up rate of new launches in Bangkok
Figure 7: Take‐up rate of new CD launches in Bangkok
Source: AREA, KT ZMICO Research
Source: AREA, KT ZMICO Research
Figure 8: Take‐up rate of new SDH launches in Bangkok
Figure 9: Take‐up rate of new TH launches in Bangkok
Source: AREA, KT ZMICO Research
Source: AREA, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
Figure 10: Peer comparison
Ticker Price TP (Local) LH TB Equity 9.75 10.30 PS TB Equity 30.0 35.00 SPALI TB Equity 22.0 28.25 QH TB Equity 3.84 4.74 LPN TB Equity 18.4 23.70 SIRI TB Equity 1.92 1.97 AP TB Equity 7.35 7.60 SC TB Equity 3.88 3.92 PF TB Equity 1.09 1.17 ANAN TB Equity 3.82 4.28 AVERAGE
Rating Mkt Cap (US$m) Underperform 3,504 Underperform 2,056 Buy 1,160 Buy 1,084 Buy 834 Outperform 842 Outperform 711 Outperform 443 Sell 194 Underperform 391
Norm. profit growth (%) 14 15E 16E 24.0 ‐20.7 10.5 14.3 11.2 7.7 55.4 19.7 ‐2.0 4.1 8.8 18.6 ‐14.7 53.3 13.0 38.8 ‐50.2 ‐93.2 18.1 7.7 8.6 ‐320.8 ‐985.2 ‐189.5 1161.1 59.2 18.4 54.8 ‐21.9 84.0
Norm. PER (x) 14 15E 16E 11.9 15.0 13.6 10.0 8.9 8.3 7.7 6.4 6.5 10.6 9.7 8.2 13.0 8.5 7.5 7.0 7.3 7.2 8.5 7.9 7.3 8.9 7.9 7.2 19.3 16.2 13.7 10.0 13.2 7.2 10.7 10.1 8.7
Source: Company data, Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
Yield (%) 14 15E 6.7 4.0 3.4 3.4 5.0 5.5 1.8 1.6 4.6 5.9 6.6 6.6 3.7 4.2 5.7 5.1 0.7 0.7 2.5 1.9 4.1 3.9
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 5
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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.
Neutral
April 10, 2015
Take‐up rates fell as leading developers held back launches
Share data (Property Development) SET index
1,545.11
Sector index
292.74
52‐week high
326.12
52‐week low
252.23
Market capitalization (Bt m)
997,679.17
% of market cap
6.88
Avg daily turnover (m shares)
3,840.34
Beta
1.44
Sector Performance (%) Absolute Relative
1M
3M
12M
‐1.48
‐1.42
10.09
‐2.36
‐2.41
‐0.11
Wasu Mattanapotchanart Analyst, no 44357 [email protected] 66 (0) 2624‐6268
Unit presales dropped in Bangkok, but listed developers made a comeback with high‐end condos Bangkok’s residential market hit a low point in terms of both new launches and unit presales in 1Q15 on the back of the low season of launches by big players. Despite the low season, big developers saw a small rebound in 1Q15 presales from the slowdown in 4Q14. We believe that stronger presales lie ahead as firms become much more active in launching new projects, and we remain confident in our 8.6% growth for 15E presales. Maintain Neutral with SPALI as our top pick. Quiet market in 1Q15, but… 1Q15 new launches in Bangkok totaled only 22,193 units, down from 26,717 units in 1Q14 and 29,488 units in 4Q14. This is because listed developers rarely launched new projects during the quarter, except a few super‐luxury condos. The take‐up rate of the new launches was also low at 21.0% in 1Q15 (1Q14: 45.5%, 4Q14: 31.9%). …listed developers’ 1Q15 presales rose both YoY and QoQ We have received presales data from 10 developers under our coverage, and they had combined 1Q15 presales of Bt52.7bn (+53.1% YoY, +2.3% QoQ). Despite minimal new launches, these firms managed to grow the value of presales on the back of i.) solid presales of existing projects and ii.) well‐received soft launches of luxury condos (e.g., Saladaeng One, Q Sukhumvit, Ashton Chula – Silom and Ashton Residence 41). Developers to be more active with launches in 2Q15 Except QH (Buy, Bt4.74 TP), which soft‐launched Q Sukhumvit (Bt9.7bn) in 1Q15, all developers are expected to be more active with their launches, starting in 2Q15. Also, most developers will have back‐loaded launches toward 2H15. Bright presales prospects ahead; household debt only a threat to low‐end market Despite being the low season, 1Q15 presales for listed developers turned out to be strong, and we expect further improvement going forward, making our forecast of 8.6% growth achievable. Although the latest household debt figure increased further to 85.9% in 4Q14, we see this mainly as a risk to the very low‐end market (Bt290k
QH
Ashton Chula ‐ Silom
8,700
65.4%
Bt208k
ANAN
Ashton Residence 41
1,800
100.0%
Bt235k
ANAN
Saladaeng One
3,700
22.7%
>Bt290k
SC
Source: Company data, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 5
Figure 5: Quarterly presales by company
Low‐rise properties
High‐rise properties
1Q15
YoY
QoQ
YoY
QoQ
YoY
QoQ
LH
5,708
‐13.0%
3.5%
‐15.7%
10.7%
0.0%
‐19.9%
PS
12,761
55.7%
64.5%
37.0%
30.6%
110.2%
232.5%
LPN
3,650
7.7%
‐5.1%
33.3%
33.3%
8.2%
‐10.3%
SPALI
3,200
‐20.0%
‐42.0%
‐12.0%
‐15.2%
‐29.3%
‐60.3%
QH
4,800
12.7%
‐0.8%
9.1%
‐15.5%
25.0%
106.5%
SIRI
3,214
1325.9%
‐59.8%
34.4%
40.6%
n.a.
9700%
AP
4,645
114.6%
‐10.5%
31.3%
10.4%
‐687.3%
‐36.3%
SC
2,700
130.6%
12.3%
45.1%
‐23.7%
723.3%
164.7%
PF
2,725
16.0%
‐6.0%
35.6%
14.7%
‐11.9%
‐32.6%
ANAN
9,355
336.7%
67.4%
Total
52,758
53.1%
2.3%
‐8.7%
14.6%
497.1%
73.0%
Source: Company data, KT ZMICO Research
Figure 6: Take‐up rate of new launches in Bangkok
Figure 7: Take‐up rate of new CD launches in Bangkok
Source: AREA, KT ZMICO Research
Source: AREA, KT ZMICO Research
Figure 8: Take‐up rate of new SDH launches in Bangkok
Figure 9: Take‐up rate of new TH launches in Bangkok
Source: AREA, KT ZMICO Research
Source: AREA, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 5
Figure 10: Peer comparison
Ticker Price TP (Local) LH TB Equity 9.75 10.30 PS TB Equity 30.0 35.00 SPALI TB Equity 22.0 28.25 QH TB Equity 3.84 4.74 LPN TB Equity 18.4 23.70 SIRI TB Equity 1.92 1.97 AP TB Equity 7.35 7.60 SC TB Equity 3.88 3.92 PF TB Equity 1.09 1.17 ANAN TB Equity 3.82 4.28 AVERAGE
Rating Mkt Cap (US$m) Underperform 3,504 Underperform 2,056 Buy 1,160 Buy 1,084 Buy 834 Outperform 842 Outperform 711 Outperform 443 Sell 194 Underperform 391
Norm. profit growth (%) 14 15E 16E 24.0 ‐20.7 10.5 14.3 11.2 7.7 55.4 19.7 ‐2.0 4.1 8.8 18.6 ‐14.7 53.3 13.0 38.8 ‐50.2 ‐93.2 18.1 7.7 8.6 ‐320.8 ‐985.2 ‐189.5 1161.1 59.2 18.4 54.8 ‐21.9 84.0
Norm. PER (x) 14 15E 16E 11.9 15.0 13.6 10.0 8.9 8.3 7.7 6.4 6.5 10.6 9.7 8.2 13.0 8.5 7.5 7.0 7.3 7.2 8.5 7.9 7.3 8.9 7.9 7.2 19.3 16.2 13.7 10.0 13.2 7.2 10.7 10.1 8.7
Source: Company data, Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 5
Yield (%) 14 15E 6.7 4.0 3.4 3.4 5.0 5.5 1.8 1.6 4.6 5.9 6.6 6.6 3.7 4.2 5.7 5.1 0.7 0.7 2.5 1.9 4.1 3.9
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 5
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th
KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
