PSL
stock
Precious Shipping Earnings Review
Outperform (15E Bt10.50) Close Bt8.50
Transport & Logistics August 4, 2015
Beat forecast/Below forecast/In line
Lower‐than‐expected TC rate in 2Q15 Price Performance (%)
Switch to “Outperform” given limited downside risk PSL’s share price has fallen 17% over the last three months, reflecting a weak earnings performance and a gloomy BDI in 1H15, to P/BV of 0.8x, close to the ‐1SD of the historical P/BV. We believe this level implies limited downside risk. Moreover, with the improvement of the BDI, we change our recommendation for PSL to Outperform (vs. Underperform previously) with a TP of Bt10.5, based on P/BV of 1.0x, ‐0.5SD. Higher‐than‐expected net loss in 2Q15 given low TC rate PSL reported a net loss of Bt403mn in 2Q15, 24% higher than our expected net loss of Bt324mn, owing to a weaker‐than‐expected TC rate and FX loss of Bt32mn. 2Q15’s TC rate per day for PSL stood at US$5,757/ship, declining by 34% YoY and 5% QoQ, below our forecast of US$6,000/ship, given a weak dry‐bulk shipping market. The gross margin fell further into negative territory at ‐16%, vs. ‐10% in 1Q15 and a positive GPM of 18% in 2Q14, owing to a weak TC rate and an increase in depreciation expenses owing to fleet expansion. As of 2Q15, PSL’s fleet had increased to 45 vessels, from 41 vessels as of 2Q14, in line with our expectation.
Source: SET Smart
FY15
FY16
Consensus EPS (Bt)
‐0.344
0.028
KT ZMICO vs. consensus Share data
91.9%
‐1028.6%
Reuters / Bloomberg
PSL.BK/PSL TB
Paid‐up Shares (m)
1,559.28
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
13.00/378.00
Foreign limit / actual (%)
49.00/32.08
52 week High / Low (Bt)
21.39/8.15
Avg. daily T/O (shares 000) NVDR (%)
3,883.00 6.03
Estimated free float (%)
39.25
Beta
1.21
URL
www.preciousshipping.com
CGR
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
3Q15E earnings should be better thanks to BDI rebound We believe earnings in 3Q15E for PSL should be better than 2Q15 owing to a freight rate turnaround. The BDI QTD in 3Q15 stood at 975 points, +3% YoY and +54% QoQ, comprised of BHSI at 403 (‐4% YoY, +17% QoQ) and BSI of 819 (‐4% YoY, +27% QoQ). According to PSL, the BDI has been increased unexpectedly as a result of El Nino, which has ruined global crops, disrupted shipping patterns and raised freight costs. Meanwhile, it has also increased thermal coal demand in South Asian countries as high temperatures increase power requirements. Although demand remains weak, the industry revival has been helped by 20.5mn DWT of dry‐bulk ships being scrapped in 1H15. Moreover, new order growth is nearly at zero, existing orders are being delayed due to financial pressure and many orders for 2016 have been converted into tanker/container ships. 2015‐16E earnings maintained Although PSL’s earnings in 1H15 stood at a net loss of Bt738mn, vs. our expected net loss of Bt1bn for the whole year, we maintain our projection as we believe the net loss should be lower in 2H15E. 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. 13.10 0.57 4.71 (2.80) 40.53
2014 4,585 (80) (0.08) (76) (0.07) (81.87) 0.20 14.70 2014 n.m. 12.60 0.58 2.35 (0.49) 74.44
2015E 4,416 (1,029) (0.66) (1,029) (0.66) 798.98 0.00 10.48 2015E n.m. 26.79 0.81 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. 14.44 0.83 0.00 (2.53) 114.85
2017E 6,773 270 0.17 270 0.17 n.m. 0.12 10.27 2017E 49.08 9.87 0.83 1.43 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)
2015E +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.
Aug-15
Oct-14
Dec-13
Apr-12
Feb-13
Jun-11
Aug-10
Oct-09
Dec-08
Feb-08
Apr-07
Jun-06
Jan-04
Nov-04
0.0
Aug-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) 19.91 16.77 13.62 10.48 7.34 4.19 1.05
Upside/Downside vs. current market price (%) 134.3 97.3 60.3 23.3 (13.7) (50.7) (88.9)
Source: Bloomberg Figure 2: 2Q15 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 (%)
2Q14 1,114 200 (77) 425 (105) 3 (0) 0 (75) 2 (53) 22 (0.05)
1Q15 981 (100) (99) 151 (135) 0 ‐ 1 ‐ (3) (336) (337) (0.32)
2Q15 944 (146) (81) 133 (135) 1 (1) (32) (13) 4 (403) (358) (0.26)
% YoY (15.3) (173.1) 4.5 (68.7) 28.4 (64.2) ‐ n.m. (83.1) 132.4 663.0 (1,753.9) 408.7
% QoQ (3.8) 45.3 (18.4) (11.7) 0.1 n.m. ‐ n.m. n.m. n.m. 19.9 6.3 (20.1)
1H14 2,236 479 (145) 933 (209) 4 3 (2) (47) 2 87 136 0.08
1H15 1,925 (246) (180) 284 (270) 1 (1) (31) (13) 1 (738) (695) (0.58)
% YoY (13.9) (151.4) 24.2 (69.6) 29.1 (73.8) (146.8) n.m. (73.4) (34.4) (949.9) (610.6) (795.4)
2015E 4,416 (69) (353) 1,051 (603) 2 ‐ ‐ ‐ 8 (1,029) (1,029) (0.66)
YTD (% of 15E) 43.6 358.7 50.8 27.0 44.8 45.8 ‐ ‐ ‐ 15.5 71.8 67.6 88.1
17.9 38.1 1.9 2.8 1.2 0.7 14.7 0.6
(10.2) 15.3 (34.3) 0.1 (1.5) 0.9 14.2 (9.0)
(15.5) 14.1 (37.9) 0.5 (1.7) 0.8 10.9 (9.0)
21.4 41.8 3.9 2.8 1.6 0.7 14.7 1.2
(12.8) 14.7 (38.4) 0.5 (1.6) 0.8 10.9 (9.1)
(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
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 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.
Precious Shipping Earnings Review
Outperform (15E Bt10.50) Close Bt8.50
Transport & Logistics August 4, 2015
Beat forecast/Below forecast/In line
Lower‐than‐expected TC rate in 2Q15 Price Performance (%)
Switch to “Outperform” given limited downside risk PSL’s share price has fallen 17% over the last three months, reflecting a weak earnings performance and a gloomy BDI in 1H15, to P/BV of 0.8x, close to the ‐1SD of the historical P/BV. We believe this level implies limited downside risk. Moreover, with the improvement of the BDI, we change our recommendation for PSL to Outperform (vs. Underperform previously) with a TP of Bt10.5, based on P/BV of 1.0x, ‐0.5SD. Higher‐than‐expected net loss in 2Q15 given low TC rate PSL reported a net loss of Bt403mn in 2Q15, 24% higher than our expected net loss of Bt324mn, owing to a weaker‐than‐expected TC rate and FX loss of Bt32mn. 2Q15’s TC rate per day for PSL stood at US$5,757/ship, declining by 34% YoY and 5% QoQ, below our forecast of US$6,000/ship, given a weak dry‐bulk shipping market. The gross margin fell further into negative territory at ‐16%, vs. ‐10% in 1Q15 and a positive GPM of 18% in 2Q14, owing to a weak TC rate and an increase in depreciation expenses owing to fleet expansion. As of 2Q15, PSL’s fleet had increased to 45 vessels, from 41 vessels as of 2Q14, in line with our expectation.
Source: SET Smart
FY15
FY16
Consensus EPS (Bt)
‐0.344
0.028
KT ZMICO vs. consensus Share data
91.9%
‐1028.6%
Reuters / Bloomberg
PSL.BK/PSL TB
Paid‐up Shares (m)
1,559.28
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
13.00/378.00
Foreign limit / actual (%)
49.00/32.08
52 week High / Low (Bt)
21.39/8.15
Avg. daily T/O (shares 000) NVDR (%)
3,883.00 6.03
Estimated free float (%)
39.25
Beta
1.21
URL
www.preciousshipping.com
CGR
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
3Q15E earnings should be better thanks to BDI rebound We believe earnings in 3Q15E for PSL should be better than 2Q15 owing to a freight rate turnaround. The BDI QTD in 3Q15 stood at 975 points, +3% YoY and +54% QoQ, comprised of BHSI at 403 (‐4% YoY, +17% QoQ) and BSI of 819 (‐4% YoY, +27% QoQ). According to PSL, the BDI has been increased unexpectedly as a result of El Nino, which has ruined global crops, disrupted shipping patterns and raised freight costs. Meanwhile, it has also increased thermal coal demand in South Asian countries as high temperatures increase power requirements. Although demand remains weak, the industry revival has been helped by 20.5mn DWT of dry‐bulk ships being scrapped in 1H15. Moreover, new order growth is nearly at zero, existing orders are being delayed due to financial pressure and many orders for 2016 have been converted into tanker/container ships. 2015‐16E earnings maintained Although PSL’s earnings in 1H15 stood at a net loss of Bt738mn, vs. our expected net loss of Bt1bn for the whole year, we maintain our projection as we believe the net loss should be lower in 2H15E. 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. 13.10 0.57 4.71 (2.80) 40.53
2014 4,585 (80) (0.08) (76) (0.07) (81.87) 0.20 14.70 2014 n.m. 12.60 0.58 2.35 (0.49) 74.44
2015E 4,416 (1,029) (0.66) (1,029) (0.66) 798.98 0.00 10.48 2015E n.m. 26.79 0.81 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. 14.44 0.83 0.00 (2.53) 114.85
2017E 6,773 270 0.17 270 0.17 n.m. 0.12 10.27 2017E 49.08 9.87 0.83 1.43 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)
2015E +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.
Aug-15
Oct-14
Dec-13
Apr-12
Feb-13
Jun-11
Aug-10
Oct-09
Dec-08
Feb-08
Apr-07
Jun-06
Jan-04
Nov-04
0.0
Aug-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) 19.91 16.77 13.62 10.48 7.34 4.19 1.05
Upside/Downside vs. current market price (%) 134.3 97.3 60.3 23.3 (13.7) (50.7) (88.9)
Source: Bloomberg Figure 2: 2Q15 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 (%)
2Q14 1,114 200 (77) 425 (105) 3 (0) 0 (75) 2 (53) 22 (0.05)
1Q15 981 (100) (99) 151 (135) 0 ‐ 1 ‐ (3) (336) (337) (0.32)
2Q15 944 (146) (81) 133 (135) 1 (1) (32) (13) 4 (403) (358) (0.26)
% YoY (15.3) (173.1) 4.5 (68.7) 28.4 (64.2) ‐ n.m. (83.1) 132.4 663.0 (1,753.9) 408.7
% QoQ (3.8) 45.3 (18.4) (11.7) 0.1 n.m. ‐ n.m. n.m. n.m. 19.9 6.3 (20.1)
1H14 2,236 479 (145) 933 (209) 4 3 (2) (47) 2 87 136 0.08
1H15 1,925 (246) (180) 284 (270) 1 (1) (31) (13) 1 (738) (695) (0.58)
% YoY (13.9) (151.4) 24.2 (69.6) 29.1 (73.8) (146.8) n.m. (73.4) (34.4) (949.9) (610.6) (795.4)
2015E 4,416 (69) (353) 1,051 (603) 2 ‐ ‐ ‐ 8 (1,029) (1,029) (0.66)
YTD (% of 15E) 43.6 358.7 50.8 27.0 44.8 45.8 ‐ ‐ ‐ 15.5 71.8 67.6 88.1
17.9 38.1 1.9 2.8 1.2 0.7 14.7 0.6
(10.2) 15.3 (34.3) 0.1 (1.5) 0.9 14.2 (9.0)
(15.5) 14.1 (37.9) 0.5 (1.7) 0.8 10.9 (9.0)
21.4 41.8 3.9 2.8 1.6 0.7 14.7 1.2
(12.8) 14.7 (38.4) 0.5 (1.6) 0.8 10.9 (9.1)
(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
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 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.
