Somboon Advance Technology
Somboon Advance Technology Company Update
Buy (16E TP Bt22.00) Close Bt17.20
Automotive
Earnings upgrade/Earnings downgrade/ Overview unchanged
November 4, 2015
3Q15E earnings to rebound Price Performance (%)
BUY maintained for better outlook in 2H15 SAT’s 3Q15E earnings should rebound firmly along with the rise in overall auto output. The rebound in overall auto output alongside SAT’s marketing efforts and effective cost management will support its earnings growth in 2016E‐2017E. Thus, our BUY rating is maintained. Auto output to rebound in 3Q15 Auto output gained 8.8%YoY to 496,829 units in 3Q15 thanks to the strong demand in the overseas market. Car exports jumped 18%YoY to 329,293 units driven by solid delivery of one‐ton pickups (+13%YoY) and eco cars (+88%YoY). Domestic demand remained fragile with sales of 61,988 units, declining 9.9%YoY. This was blamed on weak spending power owing to low farm prices and much stricter car loan approvals.
Source: SET Smart
FY15
FY16
Consensus EPS (Bt)
1.636
1.854
KT ZMICO vs. consensus Share data
‐1.6%
‐0.8%
Reuters / Bloomberg
SAT.BK/SAT TB
Paid‐up Shares (m)
425.19
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
7.00/205.00
Foreign limit / actual (%)
49.00/24.75
52 week High / Low (Bt)
25.00/13.80
Avg. daily T/O (shares 000) NVDR (%)
469.00 4.29
Estimated free float (%)
55.44
Earnings to rebound strongly in 3Q15E SAT’s 3Q15E earnings should recover firmly in line with the pickup in auto output, with an estimated net profit of Bt180mn (EPS: Bt0.42), increasing 26%YoY and 1.75‐fold QoQ. The full delivery of a key client’s new one‐ton pickup model along with the increasing demand for tractors boosted SAT’s overall capacity utilization to 65% from the average of 53% in the previous quarter. This should have resulted in a big jump in sales to B52.3bn (+14%YoY and +25%QoQ). Its gross margin likely improved from 11.8% in 2Q15 to 15.5% owing to economies of scale. With better control of SG&A expenses, its net margin should end up at nearly 8%. Revise down output guidance SAT expects 4Q15E auto output to gain only 1%YoY to 478K units (‐4%QoQ). This implies that 2015E overall auto output will end up at only 1.9mn units (+2%YoY), from 2.0mn units (+6%YoY) previously, mainly blamed on weak demand domestically and the new pickup model change. This is slightly above our forecast of 1.95mn units. Its diversification to the non‐auto segment, however, will enable SAT to keep its growth stronger than the overall auto industry, possibly resulting in small downside risk to our full‐year forecast. Financials and Valuation
Beta
0.84
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
URL
www.satpcl.co.th
Revenues (Btmn)
8,973
8,084
8,995
9,704
10,127
CGR
Anti‐corruption
Net profit (Btmn)
966
650
684
780
809
EPS (Bt)
2.27
1.53
1.61
1.84
1.90
Level 4 (Certified)
Norm. EPS (Bt)
1.91
1.53
1.61
1.84
1.90
EPS growth (%)
(17.02)
(19.88)
5.33
13.98
3.71
0.75
0.60
0.64
0.73
0.76
BV (Bt)
11.47
12.27
13.25
14.44
15.61
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PER (x)
7.55
10.60
10.69
9.35
9.05
EV/EBITDA (x)
4.64
5.28
5.00
4.34
3.98
Dividend (Bt)
Waraporn Wiboonkanarak Analyst, no. 2482
PBV (x)
1.26
1.32
1.30
1.19
1.10
[email protected] 66 (0) 2624‐6273
Dividend yield (%)
5.21
3.70
3.74
4.24
4.42
21.42 45.17
12.88 34.47
12.60 23.47
13.26 12.50
12.67 1.94
ROE (%) Net gearing (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: Earnings preview
Source: Bloomberg and KTZMICO Research Figure 2: PER and PBV band
PER (x)
25
PBV (x)
3.5 3.0
20 2.5
+2 S.D.
+1 S.D.
15
2.0
+1 S.D.
10
1.5 Average
Average
1.0 -1 S.D.
5
0.5
‐1 S.D.
Source: Bloomberg and KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Aug‐15
Sep‐14
Nov‐13
Jan‐13
Feb‐12
Apr‐11
May‐
Jul‐09
Aug‐08
Oct‐07
Nov‐06
Dec‐05
Jan‐05
Jul‐15
Sep‐14
Feb‐13
Dec‐13
May‐12
Jul‐11
Sep‐10
Feb‐09
Dec‐09
May‐08
Jul‐07
Oct‐06
Nov‐05
0.0 Jan‐05
0
Note: KT ZMICO is a partnership between KTB and ZMICO. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, KBS, PSL, SVH, VNG, ZMICO, CPI . KT ZMICO is a financial advisor for U, LOXLEY, SUTHA, ZMICO, MAKRO, CPALL, PLE, SAFARI, PACE, TPOLY, TFG, BRR. KT ZMICO is a co‐underwriter of KOOL, ORI, SCI, SR.
Anti‐corruption Progress Indicator
Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
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KT•ZMICO Securities Company Limited
st
8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
rd
Fax. (66-2) 631-1709
Ploenchit Branch
th
nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
th
Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
Buy (16E TP Bt22.00) Close Bt17.20
Automotive
Earnings upgrade/Earnings downgrade/ Overview unchanged
November 4, 2015
3Q15E earnings to rebound Price Performance (%)
BUY maintained for better outlook in 2H15 SAT’s 3Q15E earnings should rebound firmly along with the rise in overall auto output. The rebound in overall auto output alongside SAT’s marketing efforts and effective cost management will support its earnings growth in 2016E‐2017E. Thus, our BUY rating is maintained. Auto output to rebound in 3Q15 Auto output gained 8.8%YoY to 496,829 units in 3Q15 thanks to the strong demand in the overseas market. Car exports jumped 18%YoY to 329,293 units driven by solid delivery of one‐ton pickups (+13%YoY) and eco cars (+88%YoY). Domestic demand remained fragile with sales of 61,988 units, declining 9.9%YoY. This was blamed on weak spending power owing to low farm prices and much stricter car loan approvals.
Source: SET Smart
FY15
FY16
Consensus EPS (Bt)
1.636
1.854
KT ZMICO vs. consensus Share data
‐1.6%
‐0.8%
Reuters / Bloomberg
SAT.BK/SAT TB
Paid‐up Shares (m)
425.19
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
7.00/205.00
Foreign limit / actual (%)
49.00/24.75
52 week High / Low (Bt)
25.00/13.80
Avg. daily T/O (shares 000) NVDR (%)
469.00 4.29
Estimated free float (%)
55.44
Earnings to rebound strongly in 3Q15E SAT’s 3Q15E earnings should recover firmly in line with the pickup in auto output, with an estimated net profit of Bt180mn (EPS: Bt0.42), increasing 26%YoY and 1.75‐fold QoQ. The full delivery of a key client’s new one‐ton pickup model along with the increasing demand for tractors boosted SAT’s overall capacity utilization to 65% from the average of 53% in the previous quarter. This should have resulted in a big jump in sales to B52.3bn (+14%YoY and +25%QoQ). Its gross margin likely improved from 11.8% in 2Q15 to 15.5% owing to economies of scale. With better control of SG&A expenses, its net margin should end up at nearly 8%. Revise down output guidance SAT expects 4Q15E auto output to gain only 1%YoY to 478K units (‐4%QoQ). This implies that 2015E overall auto output will end up at only 1.9mn units (+2%YoY), from 2.0mn units (+6%YoY) previously, mainly blamed on weak demand domestically and the new pickup model change. This is slightly above our forecast of 1.95mn units. Its diversification to the non‐auto segment, however, will enable SAT to keep its growth stronger than the overall auto industry, possibly resulting in small downside risk to our full‐year forecast. Financials and Valuation
Beta
0.84
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
URL
www.satpcl.co.th
Revenues (Btmn)
8,973
8,084
8,995
9,704
10,127
CGR
Anti‐corruption
Net profit (Btmn)
966
650
684
780
809
EPS (Bt)
2.27
1.53
1.61
1.84
1.90
Level 4 (Certified)
Norm. EPS (Bt)
1.91
1.53
1.61
1.84
1.90
EPS growth (%)
(17.02)
(19.88)
5.33
13.98
3.71
0.75
0.60
0.64
0.73
0.76
BV (Bt)
11.47
12.27
13.25
14.44
15.61
FY Ended 31 Dec
2013
2014
2015E
2016E
2017E
PER (x)
7.55
10.60
10.69
9.35
9.05
EV/EBITDA (x)
4.64
5.28
5.00
4.34
3.98
Dividend (Bt)
Waraporn Wiboonkanarak Analyst, no. 2482
PBV (x)
1.26
1.32
1.30
1.19
1.10
[email protected] 66 (0) 2624‐6273
Dividend yield (%)
5.21
3.70
3.74
4.24
4.42
21.42 45.17
12.88 34.47
12.60 23.47
13.26 12.50
12.67 1.94
ROE (%) Net gearing (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 3
Figure 1: Earnings preview
Source: Bloomberg and KTZMICO Research Figure 2: PER and PBV band
PER (x)
25
PBV (x)
3.5 3.0
20 2.5
+2 S.D.
+1 S.D.
15
2.0
+1 S.D.
10
1.5 Average
Average
1.0 -1 S.D.
5
0.5
‐1 S.D.
Source: Bloomberg and KTZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 3
Aug‐15
Sep‐14
Nov‐13
Jan‐13
Feb‐12
Apr‐11
May‐
Jul‐09
Aug‐08
Oct‐07
Nov‐06
Dec‐05
Jan‐05
Jul‐15
Sep‐14
Feb‐13
Dec‐13
May‐12
Jul‐11
Sep‐10
Feb‐09
Dec‐09
May‐08
Jul‐07
Oct‐06
Nov‐05
0.0 Jan‐05
0
Note: KT ZMICO is a partnership between KTB and ZMICO. An executive of KT ZMICO Securities is also a board member of BCP, BTC, CI, KBS, PSL, SVH, VNG, ZMICO, CPI . KT ZMICO is a financial advisor for U, LOXLEY, SUTHA, ZMICO, MAKRO, CPALL, PLE, SAFARI, PACE, TPOLY, TFG, BRR. KT ZMICO is a co‐underwriter of KOOL, ORI, SCI, SR.
Anti‐corruption Progress Indicator
Level 1 (Committed) : Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws. Level 2 (Declared) : Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption (CAC) or equivalent initiatives Level 3 (Established) : Public out preventive measures, risk assessment, communication and training for all employees, including consistent monitoring and review processes Level 4 (Certified) : Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance by independent external assurance providers (CAC etc.) Level 5 (Extended) : Extension of the anti‐corruption policy to business partners in the supply chain, and disclosure of any current investigations, prosecutions or closed cases Insufficient or not clearly defined policy Data not available / no policy
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market returns over a six‐month period due to specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to be below market returns over a six‐month period due to specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 3
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th
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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.
