TISCO Financial Group - Global Alliance Partners
TISCO Financial Group Underperform (15E TP Bt44.00)
Earnings Review
Close Bt45.50
Banking January 13, 2015
Beat forecast/Below forecast/In line
4Q14 net profit beat estimate on lower provision
FY14
FY15
Consensus EPS (Bt)
5.145
5.685
KT ZMICO vs. consensus Share data
3.2%
‐1%
Reuters / Bloomberg
TISC.BK/TISCO TB
Paid‐up Shares (m)
800.62
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
36.00/1,109.00
Foreign limit / actual (%)
49.00/48.27
52 week High / Low (Bt)
47.50/36.25
Avg. daily T/O (shares 000) NVDR (%)
1,179.00 7.55
Estimated free float (%)
74.26
Beta
0.81
URL
www.tisco.co.th
CGR
Appealing dividend of ~4.8% is main near‐term share price catalyst TISCO’s 4Q14 and 2014 net profit came out ahead of the forecasts, mainly on a lower‐than‐expected provision. There is likely to be some upside risk on our earnings forecasts for 15E on the potential of a lower provision. Given that the current share price posts no upside potential to our fair value, we maintain our Underperform rating. However, the main near‐term share price catalyst for TISCO is its more appealing 2014E dividend yield of ~4.8% vs. the sector average of 2‐3%. 4Q14 net profit beat both our forecast and the street TISCO posted 4Q14 net profit (NP) of Bt1,234mn (+53% YoY, +13% QoQ), beating our forecast (Bt1,101mn) by 12% and the street estimate (Bt1,144mn) by 8%. The higher‐than‐expected NP was due largely to a lower‐than‐expected provision by ~Bt300mn despite the QoQ increase in NPLs. The main reason for the robust NP growth both YoY and QoQ was the much lower provision, especially on a YoY basis. 2014 net profit flat YoY TISCO reported 2014 net profit of Bt4,250mn (flat YoY), while PPOP still grew by 5% YoY. The main bright spots for 2014 NP and PPOP, despite the sharp loan drop by 8% YoY, were 1) higher NIM (by 10 bps); and 2) its continued efficient cost control, as reflected in the lower cost‐to‐income ratio YoY. Meanwhile, its NPL ratio in 4Q14 still increased to 2.57% from 2.35% in 3Q14 and 1.73% in 4Q13, due mainly to the hike in NPLs in the used car segment and loan contractions. Meanwhile, the loan loss reserve to NPLs and to the BoT’s minimum required reserve in 2014 stood at 103% and 181% vs. 128% and 168% in 2013, respectively. Potential upside risk on 15E NP forecasts on lower provision We will revisit our forecasts after the analyst meeting set for 14 Jan‐15, in which TISCO will give financial guidance for 2015. There is likely to be some upside risk on our earnings forecasts, mainly on the likelihood of a lower‐than‐expected provision. Financial and Valuation FY Ended 31 Dec
2012
2013
2014
2015E
2016E
PPOP (Btm)
5,507
8,036
8,412
8,624
9,017
Net profit (Btm)
3,705
4,249
4,250
4,505
5,003
5.09
5.31
5.31
5.63
6.25
13.4%
4.3%
0.0%
6.0%
11.1%
EPS (Bt) EPS growth (%)
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
2.40
2.00
2.20
2.08
2.31
Book value (Bt)
Dividend (Bt)
25.00
28.71
32.14
35.32
39.49
FY Ended 31 Dec
2012
2013
2014
2015E
2016E
PER (X)
8.94
8.57
8.57
8.09
7.28
PBV (X)
1.82
1.58
1.42
1.29
1.15
5.27 21.3%
4.40 20.6%
4.83 17.4%
4.58 16.8%
5.08 16.7%
Dividend yield (%) ROE (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: 4Q14 earnings results Statement of Comprehensive Income 4Q13 3Q14 4Q14 2,319 2,502 2,309
Fiscal Year‐Ended December Net Interes t Income
% YoY 0%
% QoQ ‐8%
2013* 8,817
2014* 9,540
% YoY 8%
Non Interes t Income
1,528
1,577
1,535
1%
‐3%
6,838
6,084
‐11%
Operati ng Income
3,847
4,078
3,844
0%
‐6%
15,655
15,624
0%
Operati ng Expens es
1,231
1,544
1,474
20%
‐5%
6,166
5,880
‐5%
Operati ng Profi t
2,345
2,162
1,939
‐17%
‐10%
8,095
8,437
4%
Provi s i on (Revers a l )
1,613
1,149
883
‐45%
‐23%
4,141
4,426
7%
Ta xes Net Profi t PPOP EPS (Bt)
185 804 2,331 1.00
277 1,089 2,142 1.36
282 1,234 1,968 1.54
53% 53% ‐16% 53%
2% 13% ‐8% 13%
1,041 4,249 8,036 5.31
1,043 4,250 8,412 5.31
0% 0% 5% 0%
Key Statistics & Ratios
4Q13 3Q14 4Q14 4,964 6,470 6,750
Gros s NPLs (Btmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs
1.73%
2.35%
2.57%
1.73%
2.57%
127.5%
105.8%
103.0%
127.5%
103.0%
Ti er I/Ri s k As s et
9.1%
12.2%
12.5%
9.1%
12.5%
13.3%
16.2%
16.7%
13.3%
16.7%
108.2%
132.7%
127.9%
108.2%
127.9%
93.1%
103.8%
97.0%
93.1%
97.0%
Ca pi ta l Adequa cy Ra ti o Loa n to Depos i t Ra ti o
2013* 2014* 4,964 6,750
Loa n to Depos i ts a nd Borrowi ngs Cos t to Income
32.0%
37.9%
38.3%
39.4%
37.6%
Non Interes t Income/Tota l Income
37.6%
37.4%
39.9%
43.7%
38.9%
Ta x ra te 18.4% 20.0% 19.0% 19.5% 19.6% Net Interes t Ma rgi n 2.91% 3.07% N.M. 2.76% 2.86% Provi s i on/Loa ns 2.26% 1.66% 1.31% 1.55% 1.61% Loa n growth YoY 15.3% ‐3.5% ‐8.3% 15.3% ‐8.3% Loa n growth QoQ N.M. ‐2.0% N.M. Source: Bloomberg and KTZMICO Research *Note that TISCO has adopted the International Financial Reporting Standard 10 (IFRS 10) prior to the effective date on January 1, 2015. According to the IFRS 10, the criteria for financial statement consolidation are revised whereby the financial statement of a joint venture company, which is not considered a subsidiary, is excluded from the consolidated financial statement report for the year ended December 31, 2014. As a result, the financial statement of TISCO Tokyo Leasing Co., Ltd. is recognized using the equity method for the financial statements of 2014 onwards instead of on a consolidated basis as previously. Meanwhile, the financial statements as of December 31, 2014 are restated in accordance with the new accounting standard for purposes of comparison.
Figure 2: TISCO's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
2014E
2.4 +2 S.D.
47
62
36
+1.0SD
1.8
56
25
-0.5 S.D. -1 S.D. -1.5 S.D.
+0.5SD
1.6
51
13
-2 S.D.
Average
1.5
46
2
-0.5SD
1.3
41
-9
-1.0SD
1.1
36
-21
-1.5SD
1.0
31
-32
-2.0SD
0.8
26
-43
Source: Bloomberg, KT ZMICO Research
Nov-14
Jun-14
Dec-11
Jul-11
Feb-11
Sep-10
Apr-10
Jun-09
Nov-09
Jan-09
0.4
Jan-14
Avg.
Aug-13
0.8
67
1.9
Mar-13
1.2
2.1
+1.5SD
Oct-12
1.6
+2.0SD
+1.5 S.D. +1 S.D. +0.5 S.D.
May-12
2.0
PBV (x) Implied market Upside/ Downside price (Bt) to current price (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: TISCO's PER band and sensitivity of market prices based on PER at different standard deviation levels (X)
2014E
12 11 10 9 8 7 6
+2 S.D. +1.5 S.D. +1 S.D. +0.5 S.D. Avg. -0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
PER (x) Implied market Upside/ Downside price (Bt) to current price (%)
+2.0SD
10.8
55
23
+1.5SD
10.1
52
14
+1.0SD
9.3
48
6
+0.5SD
8.6
44
-2
-36
-2.0SD
4.9
25
-44
Jan-09
Source: Bloomberg, KT ZMICO Research
Jul-14
29
Jan-14
5.7
Jul-13
-27
-1.5SD
Jan-13
33
Jul-12
6.4
Jan-12
-1.0SD Jul-11
-19
3
Jan-11
-11
37
Jul-10
40
7.1
Jan-10
7.9
-0.5SD Jul-09
Average
4
5
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 4 of 4
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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.
Earnings Review
Close Bt45.50
Banking January 13, 2015
Beat forecast/Below forecast/In line
4Q14 net profit beat estimate on lower provision
FY14
FY15
Consensus EPS (Bt)
5.145
5.685
KT ZMICO vs. consensus Share data
3.2%
‐1%
Reuters / Bloomberg
TISC.BK/TISCO TB
Paid‐up Shares (m)
800.62
Par (Bt)
10.00
Market cap (Bt bn / US$ m)
36.00/1,109.00
Foreign limit / actual (%)
49.00/48.27
52 week High / Low (Bt)
47.50/36.25
Avg. daily T/O (shares 000) NVDR (%)
1,179.00 7.55
Estimated free float (%)
74.26
Beta
0.81
URL
www.tisco.co.th
CGR
Appealing dividend of ~4.8% is main near‐term share price catalyst TISCO’s 4Q14 and 2014 net profit came out ahead of the forecasts, mainly on a lower‐than‐expected provision. There is likely to be some upside risk on our earnings forecasts for 15E on the potential of a lower provision. Given that the current share price posts no upside potential to our fair value, we maintain our Underperform rating. However, the main near‐term share price catalyst for TISCO is its more appealing 2014E dividend yield of ~4.8% vs. the sector average of 2‐3%. 4Q14 net profit beat both our forecast and the street TISCO posted 4Q14 net profit (NP) of Bt1,234mn (+53% YoY, +13% QoQ), beating our forecast (Bt1,101mn) by 12% and the street estimate (Bt1,144mn) by 8%. The higher‐than‐expected NP was due largely to a lower‐than‐expected provision by ~Bt300mn despite the QoQ increase in NPLs. The main reason for the robust NP growth both YoY and QoQ was the much lower provision, especially on a YoY basis. 2014 net profit flat YoY TISCO reported 2014 net profit of Bt4,250mn (flat YoY), while PPOP still grew by 5% YoY. The main bright spots for 2014 NP and PPOP, despite the sharp loan drop by 8% YoY, were 1) higher NIM (by 10 bps); and 2) its continued efficient cost control, as reflected in the lower cost‐to‐income ratio YoY. Meanwhile, its NPL ratio in 4Q14 still increased to 2.57% from 2.35% in 3Q14 and 1.73% in 4Q13, due mainly to the hike in NPLs in the used car segment and loan contractions. Meanwhile, the loan loss reserve to NPLs and to the BoT’s minimum required reserve in 2014 stood at 103% and 181% vs. 128% and 168% in 2013, respectively. Potential upside risk on 15E NP forecasts on lower provision We will revisit our forecasts after the analyst meeting set for 14 Jan‐15, in which TISCO will give financial guidance for 2015. There is likely to be some upside risk on our earnings forecasts, mainly on the likelihood of a lower‐than‐expected provision. Financial and Valuation FY Ended 31 Dec
2012
2013
2014
2015E
2016E
PPOP (Btm)
5,507
8,036
8,412
8,624
9,017
Net profit (Btm)
3,705
4,249
4,250
4,505
5,003
5.09
5.31
5.31
5.63
6.25
13.4%
4.3%
0.0%
6.0%
11.1%
EPS (Bt) EPS growth (%)
Prapharas Nonthapiboon Analyst, no 17836 [email protected] 66 (0) 2695‐5872
2.40
2.00
2.20
2.08
2.31
Book value (Bt)
Dividend (Bt)
25.00
28.71
32.14
35.32
39.49
FY Ended 31 Dec
2012
2013
2014
2015E
2016E
PER (X)
8.94
8.57
8.57
8.09
7.28
PBV (X)
1.82
1.58
1.42
1.29
1.15
5.27 21.3%
4.40 20.6%
4.83 17.4%
4.58 16.8%
5.08 16.7%
Dividend yield (%) ROE (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 1 of 4
Figure 1: 4Q14 earnings results Statement of Comprehensive Income 4Q13 3Q14 4Q14 2,319 2,502 2,309
Fiscal Year‐Ended December Net Interes t Income
% YoY 0%
% QoQ ‐8%
2013* 8,817
2014* 9,540
% YoY 8%
Non Interes t Income
1,528
1,577
1,535
1%
‐3%
6,838
6,084
‐11%
Operati ng Income
3,847
4,078
3,844
0%
‐6%
15,655
15,624
0%
Operati ng Expens es
1,231
1,544
1,474
20%
‐5%
6,166
5,880
‐5%
Operati ng Profi t
2,345
2,162
1,939
‐17%
‐10%
8,095
8,437
4%
Provi s i on (Revers a l )
1,613
1,149
883
‐45%
‐23%
4,141
4,426
7%
Ta xes Net Profi t PPOP EPS (Bt)
185 804 2,331 1.00
277 1,089 2,142 1.36
282 1,234 1,968 1.54
53% 53% ‐16% 53%
2% 13% ‐8% 13%
1,041 4,249 8,036 5.31
1,043 4,250 8,412 5.31
0% 0% 5% 0%
Key Statistics & Ratios
4Q13 3Q14 4Q14 4,964 6,470 6,750
Gros s NPLs (Btmn) Gros s NPLs /Loa ns Loa n Los s Res erve/NPLs
1.73%
2.35%
2.57%
1.73%
2.57%
127.5%
105.8%
103.0%
127.5%
103.0%
Ti er I/Ri s k As s et
9.1%
12.2%
12.5%
9.1%
12.5%
13.3%
16.2%
16.7%
13.3%
16.7%
108.2%
132.7%
127.9%
108.2%
127.9%
93.1%
103.8%
97.0%
93.1%
97.0%
Ca pi ta l Adequa cy Ra ti o Loa n to Depos i t Ra ti o
2013* 2014* 4,964 6,750
Loa n to Depos i ts a nd Borrowi ngs Cos t to Income
32.0%
37.9%
38.3%
39.4%
37.6%
Non Interes t Income/Tota l Income
37.6%
37.4%
39.9%
43.7%
38.9%
Ta x ra te 18.4% 20.0% 19.0% 19.5% 19.6% Net Interes t Ma rgi n 2.91% 3.07% N.M. 2.76% 2.86% Provi s i on/Loa ns 2.26% 1.66% 1.31% 1.55% 1.61% Loa n growth YoY 15.3% ‐3.5% ‐8.3% 15.3% ‐8.3% Loa n growth QoQ N.M. ‐2.0% N.M. Source: Bloomberg and KTZMICO Research *Note that TISCO has adopted the International Financial Reporting Standard 10 (IFRS 10) prior to the effective date on January 1, 2015. According to the IFRS 10, the criteria for financial statement consolidation are revised whereby the financial statement of a joint venture company, which is not considered a subsidiary, is excluded from the consolidated financial statement report for the year ended December 31, 2014. As a result, the financial statement of TISCO Tokyo Leasing Co., Ltd. is recognized using the equity method for the financial statements of 2014 onwards instead of on a consolidated basis as previously. Meanwhile, the financial statements as of December 31, 2014 are restated in accordance with the new accounting standard for purposes of comparison.
Figure 2: TISCO's P/BV band and sensitivity of market prices based on P/BV at different standard deviation levels (X)
2014E
2.4 +2 S.D.
47
62
36
+1.0SD
1.8
56
25
-0.5 S.D. -1 S.D. -1.5 S.D.
+0.5SD
1.6
51
13
-2 S.D.
Average
1.5
46
2
-0.5SD
1.3
41
-9
-1.0SD
1.1
36
-21
-1.5SD
1.0
31
-32
-2.0SD
0.8
26
-43
Source: Bloomberg, KT ZMICO Research
Nov-14
Jun-14
Dec-11
Jul-11
Feb-11
Sep-10
Apr-10
Jun-09
Nov-09
Jan-09
0.4
Jan-14
Avg.
Aug-13
0.8
67
1.9
Mar-13
1.2
2.1
+1.5SD
Oct-12
1.6
+2.0SD
+1.5 S.D. +1 S.D. +0.5 S.D.
May-12
2.0
PBV (x) Implied market Upside/ Downside price (Bt) to current price (%)
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 2 of 4
Figure 3: TISCO's PER band and sensitivity of market prices based on PER at different standard deviation levels (X)
2014E
12 11 10 9 8 7 6
+2 S.D. +1.5 S.D. +1 S.D. +0.5 S.D. Avg. -0.5 S.D. -1 S.D. -1.5 S.D. -2 S.D.
PER (x) Implied market Upside/ Downside price (Bt) to current price (%)
+2.0SD
10.8
55
23
+1.5SD
10.1
52
14
+1.0SD
9.3
48
6
+0.5SD
8.6
44
-2
-36
-2.0SD
4.9
25
-44
Jan-09
Source: Bloomberg, KT ZMICO Research
Jul-14
29
Jan-14
5.7
Jul-13
-27
-1.5SD
Jan-13
33
Jul-12
6.4
Jan-12
-1.0SD Jul-11
-19
3
Jan-11
-11
37
Jul-10
40
7.1
Jan-10
7.9
-0.5SD Jul-09
Average
4
5
REFER TO DISCLOSURE SECTION AT THE END OF THE NOTES page 3 of 4
DISCLAIMER This document is produced using open sources believed to be reliable. However, their accuracy and completeness cannot be guaranteed. The statements and opinions herein were formed after due and careful consideration for use as information for the purposes of investment. The opinions contained herein are subject to change without notice. This document is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The use of any information contained in this document shall be at the sole discretion and risk of the user.
KT ZMICO RESEARCH – RECOMMENDATION DEFINITIONS STOCK RECOMMENDATIONS BUY: Expecting positive total returns of 15% or more over the next 12 months OUTPERFORM: Expecting total returns between ‐10% to +15%; returns expected to exceed market return over six months period because of specific catalysts UNDERPERFORM: Expecting total returns between ‐10% to +15%; returns expected to below market return over six months period because of specific catalysts SELL: Expecting negative total returns of 10% or more over the next 12 months
SECTOR RECOMMENDATIONS OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to outperform the relevant primary market index by at least 10% over the next 12 months. NEUTRAL: The industry, as defined by the analyst's coverage universe, is expected to perform in line with the relevant primary market index over the next 12 months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is expected to underperform the relevant primary market index by 10% over the next 12 months.
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KT•ZMICO Securities Company Limited
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8 , 15 -17 , 19 , 21 Floor, Liberty Square Bldg., 287 Silom Road, Bangrak, Bangkok 10500 Telephone: (66-2) 695-5000
Phaholyothin Branch
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Fax. (66-2) 631-1709
Ploenchit Branch
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nd
2
Sindhorn Branch
3 Floor, Shinnawatra Tower II,
8 Floor, Ton Son Tower,
1291/1 Phaholyothin Road,
900 Ploenchit Road, Lumpini,
Floor, Sindhorn Tower 1, 130-132 Wireless Road, Lumpini,
Phayathai, Bangkok 10400
Pathumwan, Bangkok 10330
Pathumwan, Bangkok 10330
Telephone: (66-2) 686-1500
Telephone: (66-2) 626-6000
Telephone: (66-2) 627-3550
Fax. (66-2) 686-1666
Fax. (66-2) 626-6111
Fax. (66-2) 627-3582, 627-3600
Nakhon Pathom Branch 1156 Petchakasem Road, Sanamchan Subdistrict, Amphoe Meuang , Nakhon Pathom Province 73000 Telephone: (034) 271300 Fax: (034) 271300 #100
Chachoengsao Branch
Viphavadee Branch
Phitsanulok Branch
G Floor, Lao Peng Nguan 1 Bldg.,
Krung Thai Bank, Singhawat Branch
333 Soi Cheypuand, Viphavadee-Rangsit Road,
114 Singhawat Road,
Ladyao, Jatujak, Bangkok 10900
Muang, Phitsanulok 65000
Telephone: (66-2) 618-8500
Telephone: 083-490-2873
Fax. (66-2) 618-8569
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Chonburi Branch
Pattaya Branch
108/34-36 Mahajakkrapad Road,
4 Floor, Forum Plaza Bldg.,
382/6-8 Moo 9, T. NongPrue,
T.Namuang, A.Muang,
870/52 Sukhumvit Road, T. Bangplasoy,
A. Banglamung, Cholburi 20260
Chachoengsao 24000
A. Muang, Cholburi 20000
Telephone: (038) 362-420-9
Telephone: (038) 813-088
Telephone: (038) 287-635
Fax. (038) 362-430
Fax. (038) 813-099
Fax. (038) 287-637
Khon Kaen Branch
5th Floor, Charoen Thani Princess Hotel,
Hat Yai Branch
Sriworajak Building Branch
200/301 Juldis Hatyai Plaza Floor 3,
1st – 2nd Floor, Sriworajak Building, 222
260 Srichan Road, T. Naimuang,
Niphat-Uthit 3 Rd,
Luang Road, Pomprab,
A. Muang, Khon Kaen 40000
Hatyai Songkhla 90110
Bankgok 10100
Telephone: (043) 389-171-193
Telephone: (074) 355-530-3
Telephone: (02) 689-3100
Fax. (043) 389-209
Fax: (074) 355-534
Fax. (02) 689-3199
Central World Branch
Chiang Mai Branch
Phuket Branch
999/9 The Offices at Central World,
422/49 Changklan Road, Changklan
22/61-63, Luang Por Wat Chalong Road,
16th Fl., Rama 1 Rd, Pathumwan,
Subdistrict, Amphoe Meuang,
Talat Yai, Mueang Phuket,
Bangkok 10330
Chiang Mai 50100
Phuket 83000
Telephone: (66-2) 673-5000,
Telephone: (053) 270-072
Tel. (076) 222-811,(076) 222-683
(66-2) 264-5888 Fax. (66-2) 264-5899
Fax: (053) 272-618
Fax. (076) 222-861
Pak Chong Branch
Cyber Branch @ North Nana
173 175, Mittapap Road,
Krung Thai Bank PCL, 2 Floor, North Nana Branch 35 Sukhumvit Rd.,Klong Toey Nua Subdistrict , Wattana District, Bangkok 10110 Telephone: 083-490-2871
Nong Sarai, Pak Chong, Nakhon Ratchasima 30130 Tel. (044) 279-511 Fax. (044) 279-574
Nakhon Ratchasima Branch
Bangkhae Branch
6th Floor The Mall Group Building Bangkhae 275 Moo 1 Petchkasem Road, North Bangkhae, Bangkhae, Bangkok 10160 Tel. (66-2) 454-9979 Fax. (66-2) 454-9970
624/9 Changphuek Road, . Naimaung, A.Maung, Nakhon Ratchasima 30000 Telephone: (044) 247222 Fax: (044) 247171 Information herein was obtained from sources believed to be reliable, but its completeness and accuracy are not guaranteed. All opinions expressed constitute our views on that date and are not intended as an offer or solicitation to sell or buy any securities. Investors should exercise care when making a decision to invest in securities. No one may modify or distribute any part of this report unless written permission is first received from Seamico Securities Plc. If any modifications are made, quotes or references taken from the report and the report date must be clearly mentioned and must not cause misunderstanding or damage to the company.
