Solid earnings profile; potential growth on the ...
Electricity Generating Company Update
Outperform (16E TP Bt187.00) Close Bt190.00
Energy & Utilities May 17, 2016
Earnings upgrade / Earnings downgrade / Overview unchanged
Solid earnings profile; potential growth on the upside Price Performance (%)
Source: SET Smart Consensus EPS (Bt)
FY16
FY17
15.595
17.906
4.2%
9.0%
KT ZMICO vs. consensus Share data Reuters / Bloomberg
EGCO.BK/EGCO TB
Paid‐up Shares (m)
526.47
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
100.00/2,827.00
Foreign limit / actual (%)
44.82/31.91
52 week High / Low (Bt)
192.00/149.00
Avg. daily T/O (shares 000)
446.00
NVDR (%)
18.95
Estimated free float (%)
40.86
Beta
0.26
URL
www.egco.com
CGR Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
Promising earnings; capacity growth on the upside EGCO’s earnings prospects are on the uptrend with our forecasts calling for core profit growth at 11% CAGR during 2016‐18E, secured by its committed capacity expansion in the pipeline, with potential upside risk on capacity additions to be the windfall. We still rate Outperform with a newly revised up 2016E SOTP‐based TP of Bt187/share. Soaring 1Q16 NP driven by forex gain; 1Q16 core profit also solid EGCO posted soaring 1Q16 NP of Bt2.6bn (+69% YoY, +68% QoQ), with the Bt940mn forex gain as the key driver. Excluding the forex gain and the Bt196mn impairment loss on REGCO’s salvage value, it delivered solid core profit of Bt1.85bn (+45% YoY, +17% QoQ), mainly attributable to the better performance, particularly YoY, at BLCP (given the higher electricity generation against 1Q15 with the forced outage linked to the boiler tube leak), Quezon (due to the increasing electricity generation), EGCO Cogen (given the higher electricity generation, compared with 1Q15 with major maintenance), SEG (in line with the larger power generation), and Masin‐AES (due to the lower maintenance costs). Slight upward earnings revision made on 2016‐18E We make a slight upward revision on the 2016‐18E earnings estimates by 2%/5%/5%, respectively, to reflect 1) the first contribution of Chiyapoom Wind Farm (CWF; equity capacity 81MW) by Dec‐2016 (construction progress at 75.44%); 2) the higher profit contribution from NED (solar project) and Quezon (coal‐fired project) given the additional stake acquisitions by 33.33% and 2%, respectively, last year; and 3) the Bt196mn impairment loss booked in 1Q16. We also revise up our 2016E SOTP‐based TP to Bt187/share (vs. Bt170/share earlier), mainly attributable to the incorporation of the aforementioned CWF, and the coal‐fired MPPCL unit#3 in Philippines with the scheduled kickoff in Jun‐ 2019 (installed equity capacity of 137MW, with contracted 48.7MW equity capacity to date). Sizable capacity expansion in the pipeline, with potential upside risk EGCO ranks first in terms of MW additions among domestic peers, with projects in the pipeline totaling 1,770MW contracted equity capacity targeted to kick off in 2016‐19E, with their scheduled COD on track. Meanwhile, the potential capacity additions are on the upside, with the expected overseas M&A deal on an operating power asset to be concluded by this yearend and the possible expansion phase of SEG. Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Core profit (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 16,897 8,224 7,667 14.56 6.98 6.25 139.16 2014 13.05 28.07 1.37 3.3% 10.8% 91.1%
2015 15,914 7,825 4,319 8.20 (43.68) 6.25 146.72 2015 23.17 30.44 1.29 3.3% 5.7% 101.7%
2016E 24,203 8,557 8,361 15.88 93.68 6.50 156.77 2016E 11.96 20.40 1.21 3.4% 10.5% 91.5%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 32,773 10,274 10,274 19.52 22.88 6.50 169.78 2017E 9.74 16.20 1.12 3.4% 12.0% 99.4%
2018E 39,049 10,837 10,837 20.58 5.48 6.50 183.87 2018E 9.23 13.43 1.03 3.4% 11.6% 81.7%
Figure 1: EGCO’s 1Q16 earnings review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Profit from discontinued operation Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
1Q15 3,401 929 882 (648) 386 (109) 256 ‐ 1,269 (3) 42 1,533 1,276 2.91 27.30 25.93 45.06 1.60 0.52 1.03 140.96 8.31
4Q15 4,081 1,648 1,596 (787) 395 (116) 448 (483) 1,099 (16) 2 1,541 1,576 2.92 40.38 39.10 37.74 1.22 1.27 1.16 146.72 8.04
1Q16 4,124 1,389 1,439 (861) 406 (91) 940 (196) 1,529 (19) ‐ 2,590 1,845 4.92 33.69 34.91 62.80 1.24 1.02 1.18 150.78 13.23
% YoY 21.2 49.6 63.2 32.8 5.2 (15.7) 266.8 nm 20.5 559.9 (100.0) 69.0 44.6 69.1
% QoQ 1.0 (15.7) (9.8) 9.4 3.0 (20.8) 110.1 (59.4) 39.2 21.7 (100.0) 68.1 17.1 68.5
2015 15,914 5,980 5,864 (2,898) 1,893 (750) (4,102) 596 5,948 (87) 115 4,319 7,825 8.20 37.58 36.85 27.14 1.22 1.24 1.16 146.72 5.74
2016E 24,203 7,112 8,537 (2,383) 1,608 (1,041) ‐ (196) 6,332 (385) 100 8,361 8,557 15.88 29.38 35.27 34.55 1.01 1.82 1.04 156.77 10.47
Source: KT ZMICO Research
Figure 2: EGCO’s power projects in the pipeline
Source: EGCO
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
% YoY 52.1 18.9 45.6 (17.8) (15.1) 38.8 (100.0) nm 6.5 342.7 (13.0) 93.6 9.4 93.7
YTD (% of 16E) 17.0 19.5 16.9 36.1 25.3 8.8 nm 100.0 24.2 4.9 ‐ 31.0 21.6 31.0
Figure 3: EGCO’s portfolio of power plant projects Contracted MW in operation 2,560.5
Contracted MW under development 1,338.0
Natural gas
748.2
Coal Natural gas
673.3 734.0
COD
% of Total 69.9%
19 Jun. 96
13.4%
1 Oct. 06/1 Feb. 07 5 May 07/1 Mar 08
12.1% 13.2%
89.7 6.2
28 Jan. 03 29 May. 03
1.6% 0.1%
BLCP GEC‐GPG (KK2)
Province/ Country Nakorn Sri Thammarat Rayong Saraburi
EGCO Cogen Roi‐Et Green
Rayong Roi‐Et
Natural gas Rice Husk
GEC‐GCC
Saraburi
Natural gas
54.6
3 Sept. 98
1.0%
GEC‐NKCC GEC‐SCC
Saraburi Samutprakarn
Natural gas Natural gas
62.3 57.2
12 Oct. 00 23 Aug. 99
1.1% 1.0%
GEC‐GYG NED NED (expansion)
Yala Lopburi Lopburi Srisaket/Ubon‐ Ratchthani Srisaket/Ubon‐ Ratchthani
Parawood Solar Solar
10.1 36.7 5.3
28 Nov. 06 22‐Dec‐11 May‐13
0.2% 0.7% 0.1%
Solar
6.0
24‐Jan‐12
0.1%
Solar
8.0
21‐Feb‐12
0.1%
Saraburi Roi‐Et Nakhon Sawan /Chai Nat
Solar Solar
8.0 8.0
May‐12 Jun‐12
0.1% 0.1%
Solar
12.0
1,2,5‐Mar 2012
0.2%
Petchaboon Chaiyaphum Nakornpathom /Suphanburi
Solar Wind
3.6 6.2
Feb‐13 Jul‐13
0.1% 0.1%
Solar
27.9
Nov‐13, Dec‐13
0.5%
Songkhla Nakorn Sri Thammarat
Waste
3.3
Dec‐14
0.1%
Natural gas
930.0
Jun‐16
16.7%
TP Cogen SK Cogen TJ Cogen Chaiyaphum Wind Farm
Ratchaburi Ratchaburi Pathumthani
Natural gas Natural gas Natural gas
113.0 107.0 107.0
Oct‐17 Oct‐17 Jul‐17
2.0% 1.9% 1.9%
Chaiyaphum
Wind
Dec‐16
1.5%
Overseas Quezon NTPC (NT2)
Philippines Laos
Coal Hydro
81.0 431.7
30 May. 00 30 Apr. 10
30.1% 8.2% 6.7%
MPPCL Unit #1&2
Philippines
Coal
255.5
Unit#1: Jun 98, Unit#2: Dec‐98
4.6%
MPPCL Unit #3
Philippines
Coal
48.7
Jun‐2019
0.9%
Boco Rock (BRWF)
Australia
Wind
113.0
Nov‐14
2.0%
45.4
unit#1: Jun‐00, unit#2: Mar‐09
0.8%
Power Plant Domestic KEGCO
SPP4 SPP3 SPP2 SPP5 GPS (Phase 1,2,3) GPS (Phase 4) Theppana (TWF) YEH (Solarco) GIDEC New Khanom (KN 4)
Fuel Type
1,248.4 460.0 374.5
SEG
Indonesia
Geothermal
XPCL
Laos
Hydro
160.0
Oct‐19
2.9%
SBPL
Philippines
Coal
223.0
1Q19
4.0%
Total
3,809.0
1,769.7
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
100.0%
Figure 4: EGCO’s PBV band
Source: KT ZMICO Research, Bloomberg
Figure 5: EGCO’s valuation comparison with regional peers Name
Mkt Cap (USDmn)
CLP HOLDINGS LTD DATANG INTL POWER GEN CO‐H HUANENG POWER INTL INC‐H HUADIAN POWER INTL CORP‐H CHINA POWER INTERNATIONAL CHINA RESOURCES POWER HOLDIN Hong Kong KOREA ELECTRIC POWER CORP S. Korea TENAGA NASIONAL BHD YTL POWER INTERNATIONAL BHD PETRONAS GAS BHD Malaysia NTPC LTD TATA POWER CO LTD POWER GRID CORP OF INDIA LTD RELIANCE POWER LTD LANCO INFRATECH LTD India MANILA ELECTRIC COMPANY Philippines ELECTRICITY GENERATING PCL RATCHABURI ELEC GEN HODG PUB GLOW ENERGY PCL CK POWER PCL GLOBAL POWER SYNERGY PCL Thailand EDL‐GENERATION PCL Laos AVERAGE
27,147 8,246 17,661 8,639 3,574 9,211 32,816 19,619 2,817 10,279 17,304 2,845 11,300 2,056 179 8,240 2,828 2,111 3,608 450 1,302 1,180
PER (x) 16E 17E
PBV (x) 16E 17E
EV/EBITDA (x) 16E 17E
YLD (%) 16E 17E
ROE (%) 16E 17E
14.8 6.6 5.3 4.7 5.9 5.3 7.1 4.8 4.8 11.1 12.7 22.6 15.4 12.7 17.9 12.1 9.6 na 13.1 20.0 20.0 12.0 11.4 15.5 33.9 22.4 19.2 12.3 12.3 13.1
1.8 0.6 0.9 0.8 0.8 0.7 0.9 0.5 0.5 1.5 0.9 3.5 2.0 1.3 1.3 1.7 0.6 na 1.3 4.7 4.7 1.2 1.2 2.5 0.9 1.3 1.4 1.0 1.0 1.7
10.5 9.5 6.1 5.7 6.9 5.3 7.3 4.1 4.1 7.1 9.2 13.2 9.8 10.3 6.4 9.2 9.1 22.9 11.6 10.6 10.6 20.4 13.5 8.8 9.1 28.2 16.0 9.8 9.8 9.9
4.0 6.2 8.1 7.1 6.2 7.2 6.5 3.5 3.5 2.5 6.3 2.9 3.9 3.2 1.9 1.5 1.0 na 1.9 4.6 4.6 3.4 4.5 4.2 1.2 3.1 3.3 4.9 4.9 4.1
12.5 6.9 14.5 14.9 12.2 14.3 12.5 11.4 11.4 14.1 8.1 15.2 12.5 11.1 7.7 15.0 6.8 nm 10.1 23.5 23.5 10.5 10.6 16.6 2.6 5.7 9.2 8.4 8.4 12.5
14.4 6.1 6.0 5.2 6.3 5.7 7.3 4.8 4.8 10.9 11.7 22.2 14.9 11.6 14.2 10.2 9.0 na 11.3 22.0 22.0 9.7 9.8 15.8 32.7 17.8 17.3 10.0 10.0 12.5
1.7 0.6 0.8 0.7 0.8 0.7 0.9 0.5 0.5 1.4 0.9 3.3 1.9 1.2 1.2 1.5 0.6 na 1.1 4.7 4.7 1.1 1.1 2.4 0.9 1.2 1.3 1.0 1.0 1.6
10.2 9.4 6.4 5.7 6.9 5.3 7.3 4.0 4.0 6.9 9.0 12.8 9.6 9.0 6.1 7.7 8.7 15.0 9.3 11.6 11.6 16.2 12.0 8.4 8.8 18.3 12.8 8.5 8.5 9.0
Source: KT ZMICO Research, Bloomberg
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
4.1 6.1 7.2 6.4 5.6 6.6 6.0 3.7 3.7 2.7 6.5 3.0 4.1 3.4 2.0 1.6 0.6 na 1.9 4.4 4.4 3.4 4.6 4.4 1.2 3.4 3.4 6.0 6.0 4.2
12.2 7.7 12.5 12.6 10.4 12.2 11.3 10.6 10.6 13.1 8.2 15.0 12.1 11.1 9.2 16.0 6.6 nm 10.7 21.3 21.3 12.0 11.6 15.6 2.7 7.0 9.8 10.0 10.0 12.3
Financial tables
PROFIT & LOSS (Btm) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Minority interests Profit from discontinued operation Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Accounts receivable Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Paid‐up shares Shareholder equity Minority interests Total liab. & shareholder equity CASH FLOW (Btm) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
2014 16,897 (10,227) 6,670 (2,944) 5,941 2,214 3,726 (2,093) 1,849 3,483 (751) (557) 0 5,461 (140) 171 7,667 14.56 14.56 8,224 15.62 6.25
2015 15,914 (9,934) 5,980 (2,376) 5,864 2,259 3,604 (2,898) 1,893 2,600 (750) (4,102) 596 5,948 (87) 115 4,319 8.20 8.20 7,825 14.86 6.25
2016E 24,203 (17,091) 7,112 (2,785) 8,537 4,211 4,326 (2,383) 1,608 3,552 (1,041) 0 (196) 6,332 (385) 100 8,361 15.88 15.88 8,557 16.25 6.50
2017E 32,773 (22,719) 10,055 (3,786) 11,493 5,224 6,269 (2,830) 1,765 5,204 (1,064) 0 0 6,424 (391) 100 10,274 19.52 19.52 10,274 19.52 6.50
2018E 39,049 (26,495) 12,553 (5,140) 13,142 5,729 7,413 (3,450) 1,765 5,728 (1,084) 0 0 6,496 (402) 100 10,837 20.58 20.58 10,837 20.58 6.50
2014 8,653 2,534 2,069 56,257 91,173 160,687 15,681 59,686 86,468 5,265 73,264 955 160,687
2015 10,888 2,468 1,908 72,976 91,573 179,812 11,015 78,314 102,063 5,265 77,242 508 179,813
2016E 11,325 3,647 3,278 73,586 91,893 183,729 15,057 70,377 100,305 5,265 82,532 893 183,729
2017E 11,785 4,938 4,357 91,294 93,004 205,378 25,577 72,339 114,712 5,265 89,384 1,283 205,379
2018E 12,267 5,884 5,081 87,018 94,335 204,586 22,437 66,244 106,102 5,265 96,799 1,685 204,586
2014 7,667 557 2,214 1,397 11,835 (35,866)
2015 4,319 4,102 2,259 (4,752) 5,928 (23,381)
2016E 8,361 0 4,211 (7,525) 5,047 (13,496)
2017E 10,274 0 5,224 (7,791) 7,707 (24,781)
2018E 10,837 0 5,729 (7,287) 9,279 (3,356)
(35,866) 26,139 4,348 (3,159) (2,565) 24,764 732 (24,031) (45.65)
(23,381) 13,961 5,419 (3,290) 3,597 19,687 2,234 (17,453) (33.15)
(13,496) (3,894) 6,070 (3,290) 8,645 7,530 (919) (8,449) (16.05)
(24,781) 12,482 6,133 (3,422) 1,104 16,297 (777) (17,074) (32.43)
(3,356) (9,236) 6,194 (3,422) 1,024 (5,441) 482 5,923 11.25
2014 (3.2) 0.1 7.0 39.5 35.2 22.1 45.4 48.7 9.1
2015 (5.8) (1.3) (43.7) 37.6 36.8 22.6 27.1 49.2 9.6
2016E 52.1 45.6 93.7 29.4 35.3 17.9 34.5 35.4 12.2
2017E 35.4 34.6 22.9 30.7 35.1 19.1 31.3 31.3 10.4
2018E 19.1 14.3 5.5 32.1 33.7 19.0 27.8 27.8 10.0
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investment in the securities of KTB and ZMICO, investor should consider 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. KT ZMICO is a co‐underwriter of TPBI.
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 6 of 6
th
th
th
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.
Outperform (16E TP Bt187.00) Close Bt190.00
Energy & Utilities May 17, 2016
Earnings upgrade / Earnings downgrade / Overview unchanged
Solid earnings profile; potential growth on the upside Price Performance (%)
Source: SET Smart Consensus EPS (Bt)
FY16
FY17
15.595
17.906
4.2%
9.0%
KT ZMICO vs. consensus Share data Reuters / Bloomberg
EGCO.BK/EGCO TB
Paid‐up Shares (m)
526.47
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
100.00/2,827.00
Foreign limit / actual (%)
44.82/31.91
52 week High / Low (Bt)
192.00/149.00
Avg. daily T/O (shares 000)
446.00
NVDR (%)
18.95
Estimated free float (%)
40.86
Beta
0.26
URL
www.egco.com
CGR Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
Promising earnings; capacity growth on the upside EGCO’s earnings prospects are on the uptrend with our forecasts calling for core profit growth at 11% CAGR during 2016‐18E, secured by its committed capacity expansion in the pipeline, with potential upside risk on capacity additions to be the windfall. We still rate Outperform with a newly revised up 2016E SOTP‐based TP of Bt187/share. Soaring 1Q16 NP driven by forex gain; 1Q16 core profit also solid EGCO posted soaring 1Q16 NP of Bt2.6bn (+69% YoY, +68% QoQ), with the Bt940mn forex gain as the key driver. Excluding the forex gain and the Bt196mn impairment loss on REGCO’s salvage value, it delivered solid core profit of Bt1.85bn (+45% YoY, +17% QoQ), mainly attributable to the better performance, particularly YoY, at BLCP (given the higher electricity generation against 1Q15 with the forced outage linked to the boiler tube leak), Quezon (due to the increasing electricity generation), EGCO Cogen (given the higher electricity generation, compared with 1Q15 with major maintenance), SEG (in line with the larger power generation), and Masin‐AES (due to the lower maintenance costs). Slight upward earnings revision made on 2016‐18E We make a slight upward revision on the 2016‐18E earnings estimates by 2%/5%/5%, respectively, to reflect 1) the first contribution of Chiyapoom Wind Farm (CWF; equity capacity 81MW) by Dec‐2016 (construction progress at 75.44%); 2) the higher profit contribution from NED (solar project) and Quezon (coal‐fired project) given the additional stake acquisitions by 33.33% and 2%, respectively, last year; and 3) the Bt196mn impairment loss booked in 1Q16. We also revise up our 2016E SOTP‐based TP to Bt187/share (vs. Bt170/share earlier), mainly attributable to the incorporation of the aforementioned CWF, and the coal‐fired MPPCL unit#3 in Philippines with the scheduled kickoff in Jun‐ 2019 (installed equity capacity of 137MW, with contracted 48.7MW equity capacity to date). Sizable capacity expansion in the pipeline, with potential upside risk EGCO ranks first in terms of MW additions among domestic peers, with projects in the pipeline totaling 1,770MW contracted equity capacity targeted to kick off in 2016‐19E, with their scheduled COD on track. Meanwhile, the potential capacity additions are on the upside, with the expected overseas M&A deal on an operating power asset to be concluded by this yearend and the possible expansion phase of SEG. Financials and Valuation FY Ended 31 Dec Revenues (Btmn) Core profit (Btmn) Net profit (Btmn) EPS (Bt) EPS growth (%) Dividend (Bt) BV (Bt) FY Ended 31 Dec PER (x) EV/EBITDA (x) PBV (x) Dividend yield (%) ROE (%) Net gearing (%)
2014 16,897 8,224 7,667 14.56 6.98 6.25 139.16 2014 13.05 28.07 1.37 3.3% 10.8% 91.1%
2015 15,914 7,825 4,319 8.20 (43.68) 6.25 146.72 2015 23.17 30.44 1.29 3.3% 5.7% 101.7%
2016E 24,203 8,557 8,361 15.88 93.68 6.50 156.77 2016E 11.96 20.40 1.21 3.4% 10.5% 91.5%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 32,773 10,274 10,274 19.52 22.88 6.50 169.78 2017E 9.74 16.20 1.12 3.4% 12.0% 99.4%
2018E 39,049 10,837 10,837 20.58 5.48 6.50 183.87 2018E 9.23 13.43 1.03 3.4% 11.6% 81.7%
Figure 1: EGCO’s 1Q16 earnings review Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) Other extraordinary Items Gn (Ls) from affiliates Minority interests Profit from discontinued operation Net profit (loss) Core profit (loss) Reported EPS (Bt) Gross margin (%) EBITDA margin (%) Net margin (%) Current ratio (x) Interest coverage (x) Interest‐bearing debt / equity (x) BVPS (Bt) ROE (%)
1Q15 3,401 929 882 (648) 386 (109) 256 ‐ 1,269 (3) 42 1,533 1,276 2.91 27.30 25.93 45.06 1.60 0.52 1.03 140.96 8.31
4Q15 4,081 1,648 1,596 (787) 395 (116) 448 (483) 1,099 (16) 2 1,541 1,576 2.92 40.38 39.10 37.74 1.22 1.27 1.16 146.72 8.04
1Q16 4,124 1,389 1,439 (861) 406 (91) 940 (196) 1,529 (19) ‐ 2,590 1,845 4.92 33.69 34.91 62.80 1.24 1.02 1.18 150.78 13.23
% YoY 21.2 49.6 63.2 32.8 5.2 (15.7) 266.8 nm 20.5 559.9 (100.0) 69.0 44.6 69.1
% QoQ 1.0 (15.7) (9.8) 9.4 3.0 (20.8) 110.1 (59.4) 39.2 21.7 (100.0) 68.1 17.1 68.5
2015 15,914 5,980 5,864 (2,898) 1,893 (750) (4,102) 596 5,948 (87) 115 4,319 7,825 8.20 37.58 36.85 27.14 1.22 1.24 1.16 146.72 5.74
2016E 24,203 7,112 8,537 (2,383) 1,608 (1,041) ‐ (196) 6,332 (385) 100 8,361 8,557 15.88 29.38 35.27 34.55 1.01 1.82 1.04 156.77 10.47
Source: KT ZMICO Research
Figure 2: EGCO’s power projects in the pipeline
Source: EGCO
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
% YoY 52.1 18.9 45.6 (17.8) (15.1) 38.8 (100.0) nm 6.5 342.7 (13.0) 93.6 9.4 93.7
YTD (% of 16E) 17.0 19.5 16.9 36.1 25.3 8.8 nm 100.0 24.2 4.9 ‐ 31.0 21.6 31.0
Figure 3: EGCO’s portfolio of power plant projects Contracted MW in operation 2,560.5
Contracted MW under development 1,338.0
Natural gas
748.2
Coal Natural gas
673.3 734.0
COD
% of Total 69.9%
19 Jun. 96
13.4%
1 Oct. 06/1 Feb. 07 5 May 07/1 Mar 08
12.1% 13.2%
89.7 6.2
28 Jan. 03 29 May. 03
1.6% 0.1%
BLCP GEC‐GPG (KK2)
Province/ Country Nakorn Sri Thammarat Rayong Saraburi
EGCO Cogen Roi‐Et Green
Rayong Roi‐Et
Natural gas Rice Husk
GEC‐GCC
Saraburi
Natural gas
54.6
3 Sept. 98
1.0%
GEC‐NKCC GEC‐SCC
Saraburi Samutprakarn
Natural gas Natural gas
62.3 57.2
12 Oct. 00 23 Aug. 99
1.1% 1.0%
GEC‐GYG NED NED (expansion)
Yala Lopburi Lopburi Srisaket/Ubon‐ Ratchthani Srisaket/Ubon‐ Ratchthani
Parawood Solar Solar
10.1 36.7 5.3
28 Nov. 06 22‐Dec‐11 May‐13
0.2% 0.7% 0.1%
Solar
6.0
24‐Jan‐12
0.1%
Solar
8.0
21‐Feb‐12
0.1%
Saraburi Roi‐Et Nakhon Sawan /Chai Nat
Solar Solar
8.0 8.0
May‐12 Jun‐12
0.1% 0.1%
Solar
12.0
1,2,5‐Mar 2012
0.2%
Petchaboon Chaiyaphum Nakornpathom /Suphanburi
Solar Wind
3.6 6.2
Feb‐13 Jul‐13
0.1% 0.1%
Solar
27.9
Nov‐13, Dec‐13
0.5%
Songkhla Nakorn Sri Thammarat
Waste
3.3
Dec‐14
0.1%
Natural gas
930.0
Jun‐16
16.7%
TP Cogen SK Cogen TJ Cogen Chaiyaphum Wind Farm
Ratchaburi Ratchaburi Pathumthani
Natural gas Natural gas Natural gas
113.0 107.0 107.0
Oct‐17 Oct‐17 Jul‐17
2.0% 1.9% 1.9%
Chaiyaphum
Wind
Dec‐16
1.5%
Overseas Quezon NTPC (NT2)
Philippines Laos
Coal Hydro
81.0 431.7
30 May. 00 30 Apr. 10
30.1% 8.2% 6.7%
MPPCL Unit #1&2
Philippines
Coal
255.5
Unit#1: Jun 98, Unit#2: Dec‐98
4.6%
MPPCL Unit #3
Philippines
Coal
48.7
Jun‐2019
0.9%
Boco Rock (BRWF)
Australia
Wind
113.0
Nov‐14
2.0%
45.4
unit#1: Jun‐00, unit#2: Mar‐09
0.8%
Power Plant Domestic KEGCO
SPP4 SPP3 SPP2 SPP5 GPS (Phase 1,2,3) GPS (Phase 4) Theppana (TWF) YEH (Solarco) GIDEC New Khanom (KN 4)
Fuel Type
1,248.4 460.0 374.5
SEG
Indonesia
Geothermal
XPCL
Laos
Hydro
160.0
Oct‐19
2.9%
SBPL
Philippines
Coal
223.0
1Q19
4.0%
Total
3,809.0
1,769.7
Source: KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
100.0%
Figure 4: EGCO’s PBV band
Source: KT ZMICO Research, Bloomberg
Figure 5: EGCO’s valuation comparison with regional peers Name
Mkt Cap (USDmn)
CLP HOLDINGS LTD DATANG INTL POWER GEN CO‐H HUANENG POWER INTL INC‐H HUADIAN POWER INTL CORP‐H CHINA POWER INTERNATIONAL CHINA RESOURCES POWER HOLDIN Hong Kong KOREA ELECTRIC POWER CORP S. Korea TENAGA NASIONAL BHD YTL POWER INTERNATIONAL BHD PETRONAS GAS BHD Malaysia NTPC LTD TATA POWER CO LTD POWER GRID CORP OF INDIA LTD RELIANCE POWER LTD LANCO INFRATECH LTD India MANILA ELECTRIC COMPANY Philippines ELECTRICITY GENERATING PCL RATCHABURI ELEC GEN HODG PUB GLOW ENERGY PCL CK POWER PCL GLOBAL POWER SYNERGY PCL Thailand EDL‐GENERATION PCL Laos AVERAGE
27,147 8,246 17,661 8,639 3,574 9,211 32,816 19,619 2,817 10,279 17,304 2,845 11,300 2,056 179 8,240 2,828 2,111 3,608 450 1,302 1,180
PER (x) 16E 17E
PBV (x) 16E 17E
EV/EBITDA (x) 16E 17E
YLD (%) 16E 17E
ROE (%) 16E 17E
14.8 6.6 5.3 4.7 5.9 5.3 7.1 4.8 4.8 11.1 12.7 22.6 15.4 12.7 17.9 12.1 9.6 na 13.1 20.0 20.0 12.0 11.4 15.5 33.9 22.4 19.2 12.3 12.3 13.1
1.8 0.6 0.9 0.8 0.8 0.7 0.9 0.5 0.5 1.5 0.9 3.5 2.0 1.3 1.3 1.7 0.6 na 1.3 4.7 4.7 1.2 1.2 2.5 0.9 1.3 1.4 1.0 1.0 1.7
10.5 9.5 6.1 5.7 6.9 5.3 7.3 4.1 4.1 7.1 9.2 13.2 9.8 10.3 6.4 9.2 9.1 22.9 11.6 10.6 10.6 20.4 13.5 8.8 9.1 28.2 16.0 9.8 9.8 9.9
4.0 6.2 8.1 7.1 6.2 7.2 6.5 3.5 3.5 2.5 6.3 2.9 3.9 3.2 1.9 1.5 1.0 na 1.9 4.6 4.6 3.4 4.5 4.2 1.2 3.1 3.3 4.9 4.9 4.1
12.5 6.9 14.5 14.9 12.2 14.3 12.5 11.4 11.4 14.1 8.1 15.2 12.5 11.1 7.7 15.0 6.8 nm 10.1 23.5 23.5 10.5 10.6 16.6 2.6 5.7 9.2 8.4 8.4 12.5
14.4 6.1 6.0 5.2 6.3 5.7 7.3 4.8 4.8 10.9 11.7 22.2 14.9 11.6 14.2 10.2 9.0 na 11.3 22.0 22.0 9.7 9.8 15.8 32.7 17.8 17.3 10.0 10.0 12.5
1.7 0.6 0.8 0.7 0.8 0.7 0.9 0.5 0.5 1.4 0.9 3.3 1.9 1.2 1.2 1.5 0.6 na 1.1 4.7 4.7 1.1 1.1 2.4 0.9 1.2 1.3 1.0 1.0 1.6
10.2 9.4 6.4 5.7 6.9 5.3 7.3 4.0 4.0 6.9 9.0 12.8 9.6 9.0 6.1 7.7 8.7 15.0 9.3 11.6 11.6 16.2 12.0 8.4 8.8 18.3 12.8 8.5 8.5 9.0
Source: KT ZMICO Research, Bloomberg
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
4.1 6.1 7.2 6.4 5.6 6.6 6.0 3.7 3.7 2.7 6.5 3.0 4.1 3.4 2.0 1.6 0.6 na 1.9 4.4 4.4 3.4 4.6 4.4 1.2 3.4 3.4 6.0 6.0 4.2
12.2 7.7 12.5 12.6 10.4 12.2 11.3 10.6 10.6 13.1 8.2 15.0 12.1 11.1 9.2 16.0 6.6 nm 10.7 21.3 21.3 12.0 11.6 15.6 2.7 7.0 9.8 10.0 10.0 12.3
Financial tables
PROFIT & LOSS (Btm) Revenues Cost of sales and service Gross profit SG&A EBITDA Depreciation & amortization EBIT Interest expense Other income / exp. EBT Corporate tax Forex gain (loss) Extra Items Gain (loss) from affiliates Minority interests Profit from discontinued operation Net profit Reported EPS Fully diluted EPS Core net profit Core EPS Dividend (Bt) BALANCE SHEET (Btm) Cash and equivalents Accounts receivable Inventories PP&E‐net Other assets Total assets ST debt & current portion Long‐term debt Total liabilities Paid‐up shares Shareholder equity Minority interests Total liab. & shareholder equity CASH FLOW (Btm) Net income Forex and other extraordinary adjustments Depreciation & amortization Change in working capital Cash flow from operations Capex (Invest)/Divest Others Cash flow from investing Debt financing (repayment) Equity financing Dividend payment Others Cash flow from financing Net change in cash Free cash flow FCF per share (Bt) PROFITABILITY Revenue growth (%) EBITDA growth (%) EPS growth (%) Gross margin (%) EBITDA margin (%) Operating margin (%) Net margin (%) Core profit margin (%) Effective tax rate (%)
2014 16,897 (10,227) 6,670 (2,944) 5,941 2,214 3,726 (2,093) 1,849 3,483 (751) (557) 0 5,461 (140) 171 7,667 14.56 14.56 8,224 15.62 6.25
2015 15,914 (9,934) 5,980 (2,376) 5,864 2,259 3,604 (2,898) 1,893 2,600 (750) (4,102) 596 5,948 (87) 115 4,319 8.20 8.20 7,825 14.86 6.25
2016E 24,203 (17,091) 7,112 (2,785) 8,537 4,211 4,326 (2,383) 1,608 3,552 (1,041) 0 (196) 6,332 (385) 100 8,361 15.88 15.88 8,557 16.25 6.50
2017E 32,773 (22,719) 10,055 (3,786) 11,493 5,224 6,269 (2,830) 1,765 5,204 (1,064) 0 0 6,424 (391) 100 10,274 19.52 19.52 10,274 19.52 6.50
2018E 39,049 (26,495) 12,553 (5,140) 13,142 5,729 7,413 (3,450) 1,765 5,728 (1,084) 0 0 6,496 (402) 100 10,837 20.58 20.58 10,837 20.58 6.50
2014 8,653 2,534 2,069 56,257 91,173 160,687 15,681 59,686 86,468 5,265 73,264 955 160,687
2015 10,888 2,468 1,908 72,976 91,573 179,812 11,015 78,314 102,063 5,265 77,242 508 179,813
2016E 11,325 3,647 3,278 73,586 91,893 183,729 15,057 70,377 100,305 5,265 82,532 893 183,729
2017E 11,785 4,938 4,357 91,294 93,004 205,378 25,577 72,339 114,712 5,265 89,384 1,283 205,379
2018E 12,267 5,884 5,081 87,018 94,335 204,586 22,437 66,244 106,102 5,265 96,799 1,685 204,586
2014 7,667 557 2,214 1,397 11,835 (35,866)
2015 4,319 4,102 2,259 (4,752) 5,928 (23,381)
2016E 8,361 0 4,211 (7,525) 5,047 (13,496)
2017E 10,274 0 5,224 (7,791) 7,707 (24,781)
2018E 10,837 0 5,729 (7,287) 9,279 (3,356)
(35,866) 26,139 4,348 (3,159) (2,565) 24,764 732 (24,031) (45.65)
(23,381) 13,961 5,419 (3,290) 3,597 19,687 2,234 (17,453) (33.15)
(13,496) (3,894) 6,070 (3,290) 8,645 7,530 (919) (8,449) (16.05)
(24,781) 12,482 6,133 (3,422) 1,104 16,297 (777) (17,074) (32.43)
(3,356) (9,236) 6,194 (3,422) 1,024 (5,441) 482 5,923 11.25
2014 (3.2) 0.1 7.0 39.5 35.2 22.1 45.4 48.7 9.1
2015 (5.8) (1.3) (43.7) 37.6 36.8 22.6 27.1 49.2 9.6
2016E 52.1 45.6 93.7 29.4 35.3 17.9 34.5 35.4 12.2
2017E 35.4 34.6 22.9 30.7 35.1 19.1 31.3 31.3 10.4
2018E 19.1 14.3 5.5 32.1 33.7 19.0 27.8 27.8 10.0
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 5 of 6
Note: KT ZMICO has two major shareholders, Krungthai Bank PLC (KTB) and Seamico Securities PLC (ZMICO). Therefore, prior to making investment in the securities of KTB and ZMICO, investor should consider 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. KT ZMICO is a co‐underwriter of TPBI.
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 6 of 6
th
th
th
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.
