PTT Global Chemical
PTT Global Chemical Outperform (17E TP Bt71.00)
Earnings Review
Close Bt61.00
Petrochemicals August 11, 2016
Beat forecast/ Below forecast / In line
2Q16 NP on par with our forecast Price Performance (%)
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
5.650
6.288
KT ZMICO vs. consensus Share data
0.2%
1.6%
Reuters / Bloomberg
PTTGC.BK/PTTGC TB
Paid‐up Shares (m)
4,508.85
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
260.00/7,382.00
Foreign limit / actual (%)
37.00/19.27
52 week High / Low (Bt)
71.25/44.25
Avg. daily T/O (shares 000)
13,597.00
NVDR (%)
9.53
Estimated free float (%)
51.07
Beta
1.95
URL
www.pttgcgroup.com
CGR
Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
LT outlook intact Given the expected earnings acceleration in 2H16E towards 2017E on a smooth operation (vs. planned and unplanned shutdowns in 1H16) and the solid PE spread, along with growth potential from new project expansion (i.e., the Map Ta Phut retrofit that is making progress and US petrochemical complex with target FID in early‐2107E) and its strengthening position with a fully‐broadened product chain from the possible asset injection from PTT (particularly in the case of 40%‐owned HMC with 800kta polypropylene production) as the price catalysts, we maintain an Outperform rating and the 2017E DCF‐based TP of Bt71/share. Reported 2Q16 NP of Bt4.92bn, close to the street forecast PTTGC delivered 2Q16 NP of Bt4.92bn (‐45% YoY, +5% QoQ), on par with our forecast (Bt4.93bn) and close to the street forecast (Bt4.9bn). This weak quarterly performance, particularly YoY, was largely dragged down by the unplanned shutdown at its 1mta Olefins Unit #3 (an entire one‐ month shutdown until mid Jun‐16 and non‐full operation afterward), along with the impact of the two‐month planned shutdown at its refinery despite the stock gain of Bt2.2bn in the quarter. Sustained adjusted EBITDA margin averaged at 12% in 2Q16 Despite the 85% utilization rate at its olefins fleet following the unplanned shutdown of its 1mta‐cracker, the higher PE prices helped boost olefins’ adjusted EBITDA margin to 24% in 2Q16 (vs. 28% in 2Q15 and 20% in 1Q16). Meanwhile, the adjusted EBITDA margin at its refinery and aromatics weakened both YoY and QoQ to 3% and 7%, respectively, with the weak product spreads as the main pressure (with weak market GRM of US$4.05/bbl in 2Q16 and lower market P2F to US$147/ton in 2Q16). Thus, the adjusted EBITDA margin of all business units averaged at 12% in 2Q16, the same as 2Q15 and 1Q16, with the sustained high EBITDA margin of olefins helping to offset the weak EDITDA margin of refinery and aromatics. Maintain 2016E earnings forecasts Given that 1H16 core profit and NP accounted for 41% and 43% of our full‐year forecasts, we maintain our forecasts calling for core profit of Bt21.8bn and NP of Bt22.2bn, with earnings acceleration expected in 2H16E given the capacity ramp up and solid product spreads in 2H16E. We also maintain the 2017E DCF‐based TP of Bt71/share. Financials and Valuation FY Ended 31 Dec Revenues (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 554,695 15,372 3.41 (53.62) 2.37 49.85 2014 17.90 10.45 1.22 3.9% 6.6% 30.0%
2015 403,440 20,502 4.55 33.38 2.80 51.35 2015 13.42 7.89 1.19 4.6% 9.0% 25.1%
2016E 371,211 22,164 4.91 8.11 2.21 53.84 2016E 12.41 7.03 1.13 3.6% 9.3% 12.2%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 440,685 28,824 6.39 30.05 2.88 58.02 2017E 9.55 5.51 1.05 4.7% 11.4% 3.7%
2018E 466,906 29,118 6.46 1.02 2.90 61.60 2018E 9.45 5.02 0.99 4.8% 10.8% ‐4.8%
Figure 1: PTTGC’s 2Q16 earnings review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt / equity (x) BVPS (Bt) ROE (%)
2Q15 111,979 13,969 15,298 (1,354) 555 (932) (1,203) 432 134 6 8,974 9,744 1.99 12.5 13.7 8.0 2.4 8.4 0.5 52.1 15.5
1Q16 81,473 7,618 9,189 (1,090) 521 (623) 691 ‐ 178 (32) 4,707 4,016 1.06 9.4 11.3 5.8 2.8 4.6 0.5 52.2 8.1
2Q16 66,385 8,323 9,823 (1,068) 669 (380) (50) ‐ 53 21 4,924 4,974 1.10 12.5 14.8 7.4 2.9 5.3 0.4 52.0 8.4
% YoY (40.7) (40.4) (35.8) (21.2) 20.6 (59.3) (95.8) (100.0) (60.5) 255.6 (45.1) (49.0) (44.7)
% QoQ (18.5) 9.3 6.9 (2.1) 28.4 (39.1) nm nm (70.2) nm 4.6 23.9 3.8
1H16 147,858 15,941 19,012 (2,158) 1,191 (1,003) 641 ‐ 231 (10) 9,632 8,990 2.16 10.8 12.9 6.5 2.9 5.0 0.4 52.0 8.2
% YoY (30.3) (30.7) (26.0) (21.5) (3.1) (29.9) nm (100.0) (46.9) (90.4) (34.1) (40.6) (33.3)
2015 403,440 37,272 42,234 (5,178) 6,203 (1,984) (2,289) (2,531) 711 (278) 20,502 25,322 4.55 9.2 10.5 5.1 2.9 5.0 0.5 51.4 9.0
2016E 371,211 34,710 43,345 (3,527) 1,950 (2,693) 337 ‐ 1,167 (300) 22,164 21,827 4.91 9.4 11.7 6.0 3.0 7.2 0.3 53.8 9.3
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
% YoY (8.0) (6.9) 2.6 (31.9) (68.6) 35.7 nm (100.0) 64.2 7.8 8.1 (13.8) 8.1
YTD (% 16E) 40% 46% 44% 61% 61% 37% 190% nm 20% 3% 43% 41% 44%
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, PACE, PLE, TPOLY, M‐CHAI, CI. KT ZMICO is a co‐underwriter of ALT, EKH, RJH.
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 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.
Earnings Review
Close Bt61.00
Petrochemicals August 11, 2016
Beat forecast/ Below forecast / In line
2Q16 NP on par with our forecast Price Performance (%)
Source: SET Smart
FY16
FY17
Consensus EPS (Bt)
5.650
6.288
KT ZMICO vs. consensus Share data
0.2%
1.6%
Reuters / Bloomberg
PTTGC.BK/PTTGC TB
Paid‐up Shares (m)
4,508.85
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
260.00/7,382.00
Foreign limit / actual (%)
37.00/19.27
52 week High / Low (Bt)
71.25/44.25
Avg. daily T/O (shares 000)
13,597.00
NVDR (%)
9.53
Estimated free float (%)
51.07
Beta
1.95
URL
www.pttgcgroup.com
CGR
Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
LT outlook intact Given the expected earnings acceleration in 2H16E towards 2017E on a smooth operation (vs. planned and unplanned shutdowns in 1H16) and the solid PE spread, along with growth potential from new project expansion (i.e., the Map Ta Phut retrofit that is making progress and US petrochemical complex with target FID in early‐2107E) and its strengthening position with a fully‐broadened product chain from the possible asset injection from PTT (particularly in the case of 40%‐owned HMC with 800kta polypropylene production) as the price catalysts, we maintain an Outperform rating and the 2017E DCF‐based TP of Bt71/share. Reported 2Q16 NP of Bt4.92bn, close to the street forecast PTTGC delivered 2Q16 NP of Bt4.92bn (‐45% YoY, +5% QoQ), on par with our forecast (Bt4.93bn) and close to the street forecast (Bt4.9bn). This weak quarterly performance, particularly YoY, was largely dragged down by the unplanned shutdown at its 1mta Olefins Unit #3 (an entire one‐ month shutdown until mid Jun‐16 and non‐full operation afterward), along with the impact of the two‐month planned shutdown at its refinery despite the stock gain of Bt2.2bn in the quarter. Sustained adjusted EBITDA margin averaged at 12% in 2Q16 Despite the 85% utilization rate at its olefins fleet following the unplanned shutdown of its 1mta‐cracker, the higher PE prices helped boost olefins’ adjusted EBITDA margin to 24% in 2Q16 (vs. 28% in 2Q15 and 20% in 1Q16). Meanwhile, the adjusted EBITDA margin at its refinery and aromatics weakened both YoY and QoQ to 3% and 7%, respectively, with the weak product spreads as the main pressure (with weak market GRM of US$4.05/bbl in 2Q16 and lower market P2F to US$147/ton in 2Q16). Thus, the adjusted EBITDA margin of all business units averaged at 12% in 2Q16, the same as 2Q15 and 1Q16, with the sustained high EBITDA margin of olefins helping to offset the weak EDITDA margin of refinery and aromatics. Maintain 2016E earnings forecasts Given that 1H16 core profit and NP accounted for 41% and 43% of our full‐year forecasts, we maintain our forecasts calling for core profit of Bt21.8bn and NP of Bt22.2bn, with earnings acceleration expected in 2H16E given the capacity ramp up and solid product spreads in 2H16E. We also maintain the 2017E DCF‐based TP of Bt71/share. Financials and Valuation FY Ended 31 Dec Revenues (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 554,695 15,372 3.41 (53.62) 2.37 49.85 2014 17.90 10.45 1.22 3.9% 6.6% 30.0%
2015 403,440 20,502 4.55 33.38 2.80 51.35 2015 13.42 7.89 1.19 4.6% 9.0% 25.1%
2016E 371,211 22,164 4.91 8.11 2.21 53.84 2016E 12.41 7.03 1.13 3.6% 9.3% 12.2%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
2017E 440,685 28,824 6.39 30.05 2.88 58.02 2017E 9.55 5.51 1.05 4.7% 11.4% 3.7%
2018E 466,906 29,118 6.46 1.02 2.90 61.60 2018E 9.45 5.02 0.99 4.8% 10.8% ‐4.8%
Figure 1: PTTGC’s 2Q16 earnings review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Extraordinary Items Gn (Ls) from affiliates Minority interests Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Debt / equity (x) BVPS (Bt) ROE (%)
2Q15 111,979 13,969 15,298 (1,354) 555 (932) (1,203) 432 134 6 8,974 9,744 1.99 12.5 13.7 8.0 2.4 8.4 0.5 52.1 15.5
1Q16 81,473 7,618 9,189 (1,090) 521 (623) 691 ‐ 178 (32) 4,707 4,016 1.06 9.4 11.3 5.8 2.8 4.6 0.5 52.2 8.1
2Q16 66,385 8,323 9,823 (1,068) 669 (380) (50) ‐ 53 21 4,924 4,974 1.10 12.5 14.8 7.4 2.9 5.3 0.4 52.0 8.4
% YoY (40.7) (40.4) (35.8) (21.2) 20.6 (59.3) (95.8) (100.0) (60.5) 255.6 (45.1) (49.0) (44.7)
% QoQ (18.5) 9.3 6.9 (2.1) 28.4 (39.1) nm nm (70.2) nm 4.6 23.9 3.8
1H16 147,858 15,941 19,012 (2,158) 1,191 (1,003) 641 ‐ 231 (10) 9,632 8,990 2.16 10.8 12.9 6.5 2.9 5.0 0.4 52.0 8.2
% YoY (30.3) (30.7) (26.0) (21.5) (3.1) (29.9) nm (100.0) (46.9) (90.4) (34.1) (40.6) (33.3)
2015 403,440 37,272 42,234 (5,178) 6,203 (1,984) (2,289) (2,531) 711 (278) 20,502 25,322 4.55 9.2 10.5 5.1 2.9 5.0 0.5 51.4 9.0
2016E 371,211 34,710 43,345 (3,527) 1,950 (2,693) 337 ‐ 1,167 (300) 22,164 21,827 4.91 9.4 11.7 6.0 3.0 7.2 0.3 53.8 9.3
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
% YoY (8.0) (6.9) 2.6 (31.9) (68.6) 35.7 nm (100.0) 64.2 7.8 8.1 (13.8) 8.1
YTD (% 16E) 40% 46% 44% 61% 61% 37% 190% nm 20% 3% 43% 41% 44%
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investments in the securities of KTB and ZMICO, investors should consider the risk factors carefully. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, CPI, KBS, MAJOR, MK, PACE, PSL, SVH, VNG, ZMICO, SAWAD, TFG. A management member of KT ZMICO Securities is also a board member of BTC and NFC. KT ZMICO is a financial advisor for U, LOXLEY, ZMICO, MAKRO, CPALL, SAFARI, PACE, PLE, TPOLY, M‐CHAI, CI. KT ZMICO is a co‐underwriter of ALT, EKH, RJH.
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 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.
