Thai Oil - Global Alliance Partners
-edits
Thai Oil
Underperform (17E TP Bt72.00)
Company Update
Close Bt71.00
Energy & Utilities October 10, 2016
Earnings upgrade / Earnings downgrade / Overview unchanged
Weakening 3Q16E earnings; long wait for next growth cycle Price Performance (%)
Source: SET
FY16
FY17
Consensus EPS (Bt)
7.710
7.223
KT ZMICO vs. consensus Share data
19.3%
0.2%
Reuters / Bloomberg
TOP.BK/TOP TB
Paid‐up Shares (m)
2,040.03
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
145.00/4,151.00
Foreign limit / actual (%)
40.00/22.17
52 week High / Low (Bt)
72.50/53.75
Avg. daily T/O (shares 000)
6,947.00
NVDR (%)
15.39
Estimated free float (%)
50.05
Beta
0.92
URL
www.thaioilgroup.com
CGR Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
2017E earnings momentum capped; long wait for next growth cycle Despite seasonal operational improvement in 4Q16E and possible stock gain in the quarter on OPEC’s return to supply management (with a preliminary deal to cut production in the Algiers talks) to help support the company’s share price over the next three months, we see no positive catalysts ahead with its 2017E earnings momentum likely to be capped by flat market GIM. Meanwhile, the next wave of growth cycle will take a long time to realize, particularly in the case of the Clean Fuel Project (upgrading low‐value to high‐value product with more flexible use of heavy crude slate), which is likely to have its final investment decision in 2H17E and the COD target beyond 2021E. Thus, we maintain our Underperform rating on TOP and the 2017E DCF‐based TP of Bt72. Expect QoQ weakening of 3Q16E NP to Bt2.8bn and core profit to Bt2.5bn We expect TOP’s 3Q16E NP at Bt2.8bn and core profit at Bt2.5bn (improving YoY, but a big drop QoQ) due to projected stock loss and LCM impact (~Bt970mn), as well as lower utilization rates at the refinery (to 105%) and TLB (to 60% due to a one‐month planned shutdown) in the quarter. We expect its market GIM to remain flat QoQ at US$6.9/bbl in 3Q16E, with slightly lower market GRM to US$4.2/bbl (weighed down by the continuing weak gasoline spread and no fuel loss savings) to be offset by a slim gain on the GIM contribution from aromatics and lube base to US$2.7/bbl (including the margin contribution from LABIX). At the same time, its accounting GIM is likely to mark at US$5.9/bbl in 3Q16E (vs. US$3.1/bbl in 3Q15 and US$11.1/bbl in 2Q16), with stock loss as the main weakness (~US$1/bbl in 3Q16E, vs. stock loss of US$4.7/bbl in 3Q15 and stock gain of US$4.2/bbl in 2Q16). Fine‐tune 2016E earnings; 2017E earnings estimate unchanged We revise up our 2016E NP to Bt18.8bn (from Bt15bn earlier), mainly due to 1) the fine‐tuning of stock impact with projected stock gain of Bt3.1bn (reflecting the 9M16 figure with possible upside risk of stock gain in the last quarter should the current Dubai price stay solid toward this yearend); and 2) the fine‐tuning of the effective tax rate to 10% (vs. 12% earlier). The projected 9M16E NP accounts for 81.5% of our newly revised full‐year forecast, with an improving refinery performance expected in 4Q16E given the seasonal high demand for heating oil helping to support the crack spreads of middle distillates. Meanwhile, we keep the 2017E NP estimate unchanged at Bt14.8bn given the assumed flat market GIM at US$7.6/bbl (no stock impact included), with no momentum gained on the refining margin due to the overhang of the huge OECD stocks and China’s continued high export volume, along with weakening aromatics spreads following the new supply additions. 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 390,090 (4,140) (2.03) nm 1.16 40.88 2014 nm nm 1.74 1.6% ‐4.7% 40.3%
2015 293,569 12,181 5.97 nm 2.70 45.28 2015 11.89 7.17 1.57 3.8% 13.9% 24.2%
2016E 297,348 18,767 9.20 54.06 4.14 50.89 2016E 7.72 5.78 1.40 5.8% 19.1% 28.7%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 334,911 14,761 7.24 (21.35) 3.26 54.43 2017E 9.81 6.25 1.30 4.6% 13.7% 20.9%
2018E 364,049 14,171 6.95 (4.00) 3.13 58.18 2018E 10.22 5.98 1.22 4.4% 12.3% 12.6%
Figure 1: TOP’s 3Q16E earnings preview Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) 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 (%)
3Q15
2Q16
3Q16E
74,721 993 2,104 (858) 1,026 (317) (2,568) 167 (69) (2,294) 274 (1.12) 1.33 2.82 (3.07) 4.60 0.38 0.85 43.54 (10.10)
72,368 9,361 10,602 (866) 400 (688) 110 198 (97) 7,753 7,642 3.80 12.94 14.65 10.71 3.59 10.04 0.76 49.59 31.28
68,807 3,864 5,177 (820) 300 (260) 272 200 (98) 2,813 2,541 1.38 5.62 7.52 4.09 3.59 3.92 0.68 49.47 11.14
% YoY (7.9) 289.2 146.0 (4.3) (70.8) (18.0) nm 19.4 42.3 nm 827.2 nm
% QoQ (4.9) (58.7) (51.2) (5.2) (25.0) (62.2) 146.5 0.9 1.4 (63.7) (66.7) (63.7)
Source: KT ZMICO Research Note: *including stock gain (loss) impact as the recurring item
9M15
9M16
225,123 15,378 18,195 (2,777) 1,744 (1,032) (3,072) 594 (257) 8,432 11,504 4.13 6.83 8.08 3.75 4.60 4.77 0.85 43.54 12.66
197,965 18,449 22,337 (2,491) 992 (1,311) 1,070 703 (301) 15,292 14,222 7.50 9.32 11.28 7.72 3.59 6.68 0.68 49.47 20.20
% YoY (12.1) 20.0 22.8 (10.3) (43.1) 27.1 nm 18.3 16.9 81.4 23.6 81.6
2015
2016E
293,569 19,750 23,309 (3,435) 3,035 (1,597) (2,754) 712 (323) 12,181 14,935 5.97 6.73 7.94 4.15 4.97 4.82 0.82 45.28 13.86
297,348 25,695 30,215 (3,339) 1,500 (1,995) 592 901 (574) 18,767 18,175 9.20 8.64 10.16 6.31 5.17 6.49 0.84 50.89 19.13
% YoY 1.3 30.1 29.6 (2.8) (50.6) 24.9 nm 26.5 77.6 54.1 21.7 54.1
YTD % 16E
66.6 71.8 73.9 74.6 66.1 65.7 180.6 78.0 52.4 81.5 78.3 81.5
Figure 2: TOP’s quarterly product spreads and operating rate
A) TOP’s market GRM and accounting GRM, as well as operating rate
B) TPX’s aromatics spreads and operating rate
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
C) TLB’s lube base spread and operating rate
Source: TOP, KT ZMICO Research
D) TOP’s market GIM and accounting GIM
Source: TOP, KT ZMICO Research Note: Accounting GIM excludes the LCM impact, and hedging gain (loss) impact
Figure 3: CDU additions vs. additional demand – Asia Pacific Figure 4: New PX and BZ projects coming on stream in 2016‐ and Middle East 17E New PX Capacity Addition Country
Company
India Pakistan Saudi Arabia China Vietnam
Reliance Industry Byco Oil Pakistan PetroRabigh Sinopec Hainan Refining 2 Nghi Son Petrochemical
Capacity (kton)
Duration
2250 92 1340 800 600
Q4’16 Q1’17 Q2’17 Q3’17 Q3’17
Capacity (kton)
Duration
56 61 65 135 200 389 400 424 226 246 66
Q2’16 Q3’16 Q3’16 Q4’16 Q4’16 Q4’16 Q1’17 Q2’17 Q2’17 Q3’17 Q4’17
New BZ Capacity Addition in 2016
Source: TOP Note: supply additions shown are the effective capacity adjusted by the actual month contribution
Country
Company
China China Japan India India Korea India Saudi Arabia China Vietnam South Korea
CNOOC Ningbo Daxie CNOOC Taizhou Showa Yokkaichi OPAL Reliance Hyundai Reliance Petro Rabigh CNOOC & Shell PC Nghi Son KPIC
Source: TOP
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Figure 5: TOP’s PBV band
Source: Bloomberg, KT ZMICO Research
Figure 6: TOP’s valuation comparison with regional peers NAME SK INNOVATION CO LTD S‐OIL CORP GS HOLDINGS S. KOREA PETROCHINA CO LTD‐H CHINA PETROLEUM & CHEMICAL‐H SINOPEC SHANGHAI PETROCHE‐A CHINA BHARAT PETROLEUM CORP LTD HINDUSTAN PETROLEUM CORP RELIANCE INDUSTRIES LTD INDIAN OIL CORP LTD INDIA THAI OIL PCL IRPC PCL PTT GLOBAL CHEMICAL BANGCHAK PETROLEUM PCL ESSO THAILAND PCL THAILAND AVERAGE
Mkt Cap (US$Mn) 13,054 8,113 4,331 189,683 88,889 8,239 14,406 6,768 53,894 23,322 4,149 2,956 7,666 1,242 615
PER (x) 16E 17E 7.7 7.7 7.1 7.8 n.a. 7.2 7.4 7.6 95.2 19.4 17.1 13.2 13.8 15.2 15.4 15.9 12.7 11.6 9.6 9.4 12.8 11.5 10.5 9.8 11.4 10.5 7.7 9.8 11.7 11.0 12.1 9.3 9.6 8.3 7.5 8.7 9.7 9.4 11.0 10.9
PBV (x) 16E 17E 0.8 0.8 1.4 1.3 0.7 0.7 1.0 0.9 0.9 0.8 1.0 1.0 2.7 2.4 1.5 1.4 3.0 2.5 2.2 1.9 1.3 1.2 1.8 1.6 2.1 1.8 1.4 1.3 1.3 1.2 1.1 1.0 1.1 1.1 1.2 1.1 1.2 1.1 1.5 1.3
EV/EBITDA (x) 16E 17E 4.4 4.7 6.3 6.6 8.3 7.8 6.3 6.4 7.4 6.3 5.3 4.7 6.9 7.8 6.5 6.3 8.7 7.7 7.1 6.7 10.4 8.5 7.2 6.8 8.3 7.4 5.8 6.3 7.7 6.8 6.9 5.4 6.0 6.2 7.4 7.9 6.8 6.5 7.0 6.6
YLD (%) 16E 17E 2.5 2.5 2.9 2.8 2.9 3.0 2.8 2.8 0.7 1.9 2.6 3.3 2.3 2.1 1.9 2.5 2.4 2.6 2.9 2.9 1.0 1.2 2.6 2.8 2.2 2.4 5.8 4.6 4.3 4.5 3.7 4.8 5.2 6.0 ‐ 1.6 3.8 4.3 2.7 3.0
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
ROE (%) 16E 17E 11.4 10.5 22.0 17.2 9.6 9.3 14.3 12.3 0.9 3.7 5.3 6.7 21.1 17.0 9.1 9.1 24.8 23.7 24.7 21.8 10.7 10.9 18.0 17.2 19.6 18.4 19.1 13.7 11.3 11.3 9.4 11.5 12.4 13.2 17.5 13.8 13.9 12.7 14.2 13.1
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 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 (%)
2013 414,575 (397,542) 17,033 (2,582) 20,484 6,033 14,451 (3,786) 3,366 14,031 (1,160) (3,111) (897) 676 (222) 9,316 4.57 4.57 13,325 6.53 2.30
2014 390,090 (394,170) (4,080) (2,641) (189) 6,533 (6,722) (3,966) 3,917 (6,771) 920 996 386 630 (301) (4,140) (2.03) (2.03) (5,522) (2.71) 1.16
2015 293,569 (273,819) 19,750 (3,207) 23,309 6,766 16,543 (3,435) 3,035 16,143 (1,597) (2,754) 0 712 (323) 12,181 5.97 5.97 14,935 7.32 2.70
2016E 297,348 (271,652) 25,695 (4,015) 30,215 8,534 21,681 (3,339) 1,500 19,842 (1,995) 592 0 901 (574) 18,767 9.20 9.20 18,175 8.91 4.14
2017E 334,911 (313,055) 21,856 (4,068) 26,876 9,088 17,788 (3,241) 1,500 16,048 (1,874) 177 0 1,037 (627) 14,761 7.24 7.24 14,584 7.15 3.26
2018E 364,049 (342,530) 21,519 (4,078) 26,743 9,302 17,441 (3,110) 1,500 15,830 (2,068) 0 0 1,090 (682) 14,171 6.95 6.95 14,171 6.95 3.13
2013 43,815 28,746 48,509 65,468 22,125 208,662 13,478 61,385 113,681 20,400 90,927 4,054 208,662
2014 46,483 16,141 28,533 79,120 23,331 193,607 12,836 67,265 105,763 20,400 83,396 4,448 193,607
2015 53,129 14,177 18,883 83,258 22,720 192,166 1,787 73,719 95,157 20,400 92,371 4,637 192,166
2016E 57,748 16,293 22,328 98,155 22,332 216,855 2,413 85,113 107,826 20,400 103,818 5,211 216,855
2017E 61,698 18,351 25,731 95,099 23,199 224,078 4,755 80,098 107,205 20,400 111,035 5,838 224,078
2018E 65,061 19,948 28,153 91,828 24,115 229,106 2,755 77,283 103,890 20,400 118,696 6,520 229,106
2013 9,316 3,111 6,033 (5,895) 12,566 (17,011)
2014 (4,140) (996) 6,533 20,453 21,850 (21,579)
2015 12,181 2,754 6,766 4,837 26,537 (11,204)
2016E 18,767 (592) 8,534 (5,481) 21,228 (23,277)
2017E 14,761 (177) 9,088 (4,192) 19,480 (6,331)
2018E 14,171 0 9,302 (3,357) 20,116 (6,332)
(17,011) 28,066 630 (5,100) (3,658) 19,938 15,492 (4,446) (2.18)
(21,579) 5,238 467 (3,529) 221 2,397 2,668 271 0.13
(11,204) (4,595) 1,120 (3,937) (1,275) (8,687) 6,646 15,333 7.52
(23,277) 12,020 (17) (6,977) 1,641 6,668 4,619 (2,049) (1.00)
(6,331) (2,673) 409 (7,544) 609 (9,198) 3,951 13,149 6.45
(6,332) (4,815) 409 (6,510) 495 (10,421) 3,363 13,784 6.76
2013 (7.3) 7.1 (24.4) 4.1 4.9 3.5 2.2 3.2 8.3
2014 (5.9) (100.9) (144.4) (1.0) (0.0) (1.7) (1.1) (1.4) 13.6
2015 (24.7) (12,452.0) 394.3 6.7 7.9 5.6 4.1 5.1 9.9
2016E 1.3 29.6 54.1 8.6 10.2 7.3 6.3 6.1 10.1
2017E 12.6 (11.0) (21.3) 6.5 8.0 5.3 4.4 4.4 11.7
2018E 8.7 (0.5) (4.0) 5.9 7.3 4.8 3.9 3.9 13.1
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 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, TPOLY, M‐CHAI, TFD, SUTHA, EARTH. KT ZMICO is a co‐underwriter of RJH, BCPG, ITEL, SQ, ALLA.
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 6 of 6
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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.
Thai Oil
Underperform (17E TP Bt72.00)
Company Update
Close Bt71.00
Energy & Utilities October 10, 2016
Earnings upgrade / Earnings downgrade / Overview unchanged
Weakening 3Q16E earnings; long wait for next growth cycle Price Performance (%)
Source: SET
FY16
FY17
Consensus EPS (Bt)
7.710
7.223
KT ZMICO vs. consensus Share data
19.3%
0.2%
Reuters / Bloomberg
TOP.BK/TOP TB
Paid‐up Shares (m)
2,040.03
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
145.00/4,151.00
Foreign limit / actual (%)
40.00/22.17
52 week High / Low (Bt)
72.50/53.75
Avg. daily T/O (shares 000)
6,947.00
NVDR (%)
15.39
Estimated free float (%)
50.05
Beta
0.92
URL
www.thaioilgroup.com
CGR Anti‐corruption
Level 4 (Certified)
Patcharin Karsemarnuntana Analyst, no 17834 [email protected] 66 (0) 2695‐5837
2017E earnings momentum capped; long wait for next growth cycle Despite seasonal operational improvement in 4Q16E and possible stock gain in the quarter on OPEC’s return to supply management (with a preliminary deal to cut production in the Algiers talks) to help support the company’s share price over the next three months, we see no positive catalysts ahead with its 2017E earnings momentum likely to be capped by flat market GIM. Meanwhile, the next wave of growth cycle will take a long time to realize, particularly in the case of the Clean Fuel Project (upgrading low‐value to high‐value product with more flexible use of heavy crude slate), which is likely to have its final investment decision in 2H17E and the COD target beyond 2021E. Thus, we maintain our Underperform rating on TOP and the 2017E DCF‐based TP of Bt72. Expect QoQ weakening of 3Q16E NP to Bt2.8bn and core profit to Bt2.5bn We expect TOP’s 3Q16E NP at Bt2.8bn and core profit at Bt2.5bn (improving YoY, but a big drop QoQ) due to projected stock loss and LCM impact (~Bt970mn), as well as lower utilization rates at the refinery (to 105%) and TLB (to 60% due to a one‐month planned shutdown) in the quarter. We expect its market GIM to remain flat QoQ at US$6.9/bbl in 3Q16E, with slightly lower market GRM to US$4.2/bbl (weighed down by the continuing weak gasoline spread and no fuel loss savings) to be offset by a slim gain on the GIM contribution from aromatics and lube base to US$2.7/bbl (including the margin contribution from LABIX). At the same time, its accounting GIM is likely to mark at US$5.9/bbl in 3Q16E (vs. US$3.1/bbl in 3Q15 and US$11.1/bbl in 2Q16), with stock loss as the main weakness (~US$1/bbl in 3Q16E, vs. stock loss of US$4.7/bbl in 3Q15 and stock gain of US$4.2/bbl in 2Q16). Fine‐tune 2016E earnings; 2017E earnings estimate unchanged We revise up our 2016E NP to Bt18.8bn (from Bt15bn earlier), mainly due to 1) the fine‐tuning of stock impact with projected stock gain of Bt3.1bn (reflecting the 9M16 figure with possible upside risk of stock gain in the last quarter should the current Dubai price stay solid toward this yearend); and 2) the fine‐tuning of the effective tax rate to 10% (vs. 12% earlier). The projected 9M16E NP accounts for 81.5% of our newly revised full‐year forecast, with an improving refinery performance expected in 4Q16E given the seasonal high demand for heating oil helping to support the crack spreads of middle distillates. Meanwhile, we keep the 2017E NP estimate unchanged at Bt14.8bn given the assumed flat market GIM at US$7.6/bbl (no stock impact included), with no momentum gained on the refining margin due to the overhang of the huge OECD stocks and China’s continued high export volume, along with weakening aromatics spreads following the new supply additions. 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 390,090 (4,140) (2.03) nm 1.16 40.88 2014 nm nm 1.74 1.6% ‐4.7% 40.3%
2015 293,569 12,181 5.97 nm 2.70 45.28 2015 11.89 7.17 1.57 3.8% 13.9% 24.2%
2016E 297,348 18,767 9.20 54.06 4.14 50.89 2016E 7.72 5.78 1.40 5.8% 19.1% 28.7%
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 6
2017E 334,911 14,761 7.24 (21.35) 3.26 54.43 2017E 9.81 6.25 1.30 4.6% 13.7% 20.9%
2018E 364,049 14,171 6.95 (4.00) 3.13 58.18 2018E 10.22 5.98 1.22 4.4% 12.3% 12.6%
Figure 1: TOP’s 3Q16E earnings preview Profit and Loss (Btmn) Year‐end 31 Dec Revenue Gross profit EBITDA Interest expense Other income Income tax Forex gain (loss) 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 (%)
3Q15
2Q16
3Q16E
74,721 993 2,104 (858) 1,026 (317) (2,568) 167 (69) (2,294) 274 (1.12) 1.33 2.82 (3.07) 4.60 0.38 0.85 43.54 (10.10)
72,368 9,361 10,602 (866) 400 (688) 110 198 (97) 7,753 7,642 3.80 12.94 14.65 10.71 3.59 10.04 0.76 49.59 31.28
68,807 3,864 5,177 (820) 300 (260) 272 200 (98) 2,813 2,541 1.38 5.62 7.52 4.09 3.59 3.92 0.68 49.47 11.14
% YoY (7.9) 289.2 146.0 (4.3) (70.8) (18.0) nm 19.4 42.3 nm 827.2 nm
% QoQ (4.9) (58.7) (51.2) (5.2) (25.0) (62.2) 146.5 0.9 1.4 (63.7) (66.7) (63.7)
Source: KT ZMICO Research Note: *including stock gain (loss) impact as the recurring item
9M15
9M16
225,123 15,378 18,195 (2,777) 1,744 (1,032) (3,072) 594 (257) 8,432 11,504 4.13 6.83 8.08 3.75 4.60 4.77 0.85 43.54 12.66
197,965 18,449 22,337 (2,491) 992 (1,311) 1,070 703 (301) 15,292 14,222 7.50 9.32 11.28 7.72 3.59 6.68 0.68 49.47 20.20
% YoY (12.1) 20.0 22.8 (10.3) (43.1) 27.1 nm 18.3 16.9 81.4 23.6 81.6
2015
2016E
293,569 19,750 23,309 (3,435) 3,035 (1,597) (2,754) 712 (323) 12,181 14,935 5.97 6.73 7.94 4.15 4.97 4.82 0.82 45.28 13.86
297,348 25,695 30,215 (3,339) 1,500 (1,995) 592 901 (574) 18,767 18,175 9.20 8.64 10.16 6.31 5.17 6.49 0.84 50.89 19.13
% YoY 1.3 30.1 29.6 (2.8) (50.6) 24.9 nm 26.5 77.6 54.1 21.7 54.1
YTD % 16E
66.6 71.8 73.9 74.6 66.1 65.7 180.6 78.0 52.4 81.5 78.3 81.5
Figure 2: TOP’s quarterly product spreads and operating rate
A) TOP’s market GRM and accounting GRM, as well as operating rate
B) TPX’s aromatics spreads and operating rate
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 6
C) TLB’s lube base spread and operating rate
Source: TOP, KT ZMICO Research
D) TOP’s market GIM and accounting GIM
Source: TOP, KT ZMICO Research Note: Accounting GIM excludes the LCM impact, and hedging gain (loss) impact
Figure 3: CDU additions vs. additional demand – Asia Pacific Figure 4: New PX and BZ projects coming on stream in 2016‐ and Middle East 17E New PX Capacity Addition Country
Company
India Pakistan Saudi Arabia China Vietnam
Reliance Industry Byco Oil Pakistan PetroRabigh Sinopec Hainan Refining 2 Nghi Son Petrochemical
Capacity (kton)
Duration
2250 92 1340 800 600
Q4’16 Q1’17 Q2’17 Q3’17 Q3’17
Capacity (kton)
Duration
56 61 65 135 200 389 400 424 226 246 66
Q2’16 Q3’16 Q3’16 Q4’16 Q4’16 Q4’16 Q1’17 Q2’17 Q2’17 Q3’17 Q4’17
New BZ Capacity Addition in 2016
Source: TOP Note: supply additions shown are the effective capacity adjusted by the actual month contribution
Country
Company
China China Japan India India Korea India Saudi Arabia China Vietnam South Korea
CNOOC Ningbo Daxie CNOOC Taizhou Showa Yokkaichi OPAL Reliance Hyundai Reliance Petro Rabigh CNOOC & Shell PC Nghi Son KPIC
Source: TOP
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 6
Figure 5: TOP’s PBV band
Source: Bloomberg, KT ZMICO Research
Figure 6: TOP’s valuation comparison with regional peers NAME SK INNOVATION CO LTD S‐OIL CORP GS HOLDINGS S. KOREA PETROCHINA CO LTD‐H CHINA PETROLEUM & CHEMICAL‐H SINOPEC SHANGHAI PETROCHE‐A CHINA BHARAT PETROLEUM CORP LTD HINDUSTAN PETROLEUM CORP RELIANCE INDUSTRIES LTD INDIAN OIL CORP LTD INDIA THAI OIL PCL IRPC PCL PTT GLOBAL CHEMICAL BANGCHAK PETROLEUM PCL ESSO THAILAND PCL THAILAND AVERAGE
Mkt Cap (US$Mn) 13,054 8,113 4,331 189,683 88,889 8,239 14,406 6,768 53,894 23,322 4,149 2,956 7,666 1,242 615
PER (x) 16E 17E 7.7 7.7 7.1 7.8 n.a. 7.2 7.4 7.6 95.2 19.4 17.1 13.2 13.8 15.2 15.4 15.9 12.7 11.6 9.6 9.4 12.8 11.5 10.5 9.8 11.4 10.5 7.7 9.8 11.7 11.0 12.1 9.3 9.6 8.3 7.5 8.7 9.7 9.4 11.0 10.9
PBV (x) 16E 17E 0.8 0.8 1.4 1.3 0.7 0.7 1.0 0.9 0.9 0.8 1.0 1.0 2.7 2.4 1.5 1.4 3.0 2.5 2.2 1.9 1.3 1.2 1.8 1.6 2.1 1.8 1.4 1.3 1.3 1.2 1.1 1.0 1.1 1.1 1.2 1.1 1.2 1.1 1.5 1.3
EV/EBITDA (x) 16E 17E 4.4 4.7 6.3 6.6 8.3 7.8 6.3 6.4 7.4 6.3 5.3 4.7 6.9 7.8 6.5 6.3 8.7 7.7 7.1 6.7 10.4 8.5 7.2 6.8 8.3 7.4 5.8 6.3 7.7 6.8 6.9 5.4 6.0 6.2 7.4 7.9 6.8 6.5 7.0 6.6
YLD (%) 16E 17E 2.5 2.5 2.9 2.8 2.9 3.0 2.8 2.8 0.7 1.9 2.6 3.3 2.3 2.1 1.9 2.5 2.4 2.6 2.9 2.9 1.0 1.2 2.6 2.8 2.2 2.4 5.8 4.6 4.3 4.5 3.7 4.8 5.2 6.0 ‐ 1.6 3.8 4.3 2.7 3.0
Source: Bloomberg, KT ZMICO Research
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 6
ROE (%) 16E 17E 11.4 10.5 22.0 17.2 9.6 9.3 14.3 12.3 0.9 3.7 5.3 6.7 21.1 17.0 9.1 9.1 24.8 23.7 24.7 21.8 10.7 10.9 18.0 17.2 19.6 18.4 19.1 13.7 11.3 11.3 9.4 11.5 12.4 13.2 17.5 13.8 13.9 12.7 14.2 13.1
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 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 (%)
2013 414,575 (397,542) 17,033 (2,582) 20,484 6,033 14,451 (3,786) 3,366 14,031 (1,160) (3,111) (897) 676 (222) 9,316 4.57 4.57 13,325 6.53 2.30
2014 390,090 (394,170) (4,080) (2,641) (189) 6,533 (6,722) (3,966) 3,917 (6,771) 920 996 386 630 (301) (4,140) (2.03) (2.03) (5,522) (2.71) 1.16
2015 293,569 (273,819) 19,750 (3,207) 23,309 6,766 16,543 (3,435) 3,035 16,143 (1,597) (2,754) 0 712 (323) 12,181 5.97 5.97 14,935 7.32 2.70
2016E 297,348 (271,652) 25,695 (4,015) 30,215 8,534 21,681 (3,339) 1,500 19,842 (1,995) 592 0 901 (574) 18,767 9.20 9.20 18,175 8.91 4.14
2017E 334,911 (313,055) 21,856 (4,068) 26,876 9,088 17,788 (3,241) 1,500 16,048 (1,874) 177 0 1,037 (627) 14,761 7.24 7.24 14,584 7.15 3.26
2018E 364,049 (342,530) 21,519 (4,078) 26,743 9,302 17,441 (3,110) 1,500 15,830 (2,068) 0 0 1,090 (682) 14,171 6.95 6.95 14,171 6.95 3.13
2013 43,815 28,746 48,509 65,468 22,125 208,662 13,478 61,385 113,681 20,400 90,927 4,054 208,662
2014 46,483 16,141 28,533 79,120 23,331 193,607 12,836 67,265 105,763 20,400 83,396 4,448 193,607
2015 53,129 14,177 18,883 83,258 22,720 192,166 1,787 73,719 95,157 20,400 92,371 4,637 192,166
2016E 57,748 16,293 22,328 98,155 22,332 216,855 2,413 85,113 107,826 20,400 103,818 5,211 216,855
2017E 61,698 18,351 25,731 95,099 23,199 224,078 4,755 80,098 107,205 20,400 111,035 5,838 224,078
2018E 65,061 19,948 28,153 91,828 24,115 229,106 2,755 77,283 103,890 20,400 118,696 6,520 229,106
2013 9,316 3,111 6,033 (5,895) 12,566 (17,011)
2014 (4,140) (996) 6,533 20,453 21,850 (21,579)
2015 12,181 2,754 6,766 4,837 26,537 (11,204)
2016E 18,767 (592) 8,534 (5,481) 21,228 (23,277)
2017E 14,761 (177) 9,088 (4,192) 19,480 (6,331)
2018E 14,171 0 9,302 (3,357) 20,116 (6,332)
(17,011) 28,066 630 (5,100) (3,658) 19,938 15,492 (4,446) (2.18)
(21,579) 5,238 467 (3,529) 221 2,397 2,668 271 0.13
(11,204) (4,595) 1,120 (3,937) (1,275) (8,687) 6,646 15,333 7.52
(23,277) 12,020 (17) (6,977) 1,641 6,668 4,619 (2,049) (1.00)
(6,331) (2,673) 409 (7,544) 609 (9,198) 3,951 13,149 6.45
(6,332) (4,815) 409 (6,510) 495 (10,421) 3,363 13,784 6.76
2013 (7.3) 7.1 (24.4) 4.1 4.9 3.5 2.2 3.2 8.3
2014 (5.9) (100.9) (144.4) (1.0) (0.0) (1.7) (1.1) (1.4) 13.6
2015 (24.7) (12,452.0) 394.3 6.7 7.9 5.6 4.1 5.1 9.9
2016E 1.3 29.6 54.1 8.6 10.2 7.3 6.3 6.1 10.1
2017E 12.6 (11.0) (21.3) 6.5 8.0 5.3 4.4 4.4 11.7
2018E 8.7 (0.5) (4.0) 5.9 7.3 4.8 3.9 3.9 13.1
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 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, TPOLY, M‐CHAI, TFD, SUTHA, EARTH. KT ZMICO is a co‐underwriter of RJH, BCPG, ITEL, SQ, ALLA.
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 6 of 6
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th
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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.
