ฉบับที่ 14 สิงหาคม 2557 · 2016. 8. 29. · government cebond (lb+tb)...

ฉบบท 97/2557 14 สงหาคม 2557

สรปภาวะการซอขายหลกทรพยเดอนกรกฎาคม 2557

ในเดอนกรกฎาคม 2557 ตลาดหลกทรพยไทยปรบตวดขนตอเนอง โดยดชนตลาดหลกทรพย (SET

Index) ระหวางเดอนปรบตวสง สดทระดบ 1,543.92 ท าสถตสงสดในรอบ 14 เดอน อกทงมลคาซอขายเฉลย

ตอวนรวมของ SET และ mai ในเดอนกรกฎาคมเพมขนมาท 52,795 ลานบาท เพมขน 14.92% จากเดอน

กรกฎาคม 2556 โดยแรงซอมาจากกลมผ ลงทนตางประเทศและบญชบรษทหลกทรพยเปนหลก โดยการ

ปรบตวดงกลาวสวนใหญเปนผลมาจากคณะรกษาความสงบแหงช าต (คสช.) สามารถด าเนนการตามแผน

roadmap การเมองและเศรษฐกจทประกาศไวอยางตอเนอง ซงสรางความเชอมนใหกบนกลงทน รวมถงการ

ทยอยประกาศผลการด าเนนงานของบรษทจดทะเบยนในไตรมาส 2 ทดกวาการคาดการณ

อยางไรกตาม ในสปดาหสดทายของเดอนกรกฎาคม ตลาดหลกทรพยไทยไดรบผลกระทบระยะสนจากการ

ประกาศมาตรการผอนคลายเชงปรมาณ (QE Tapering) และจากความเปนไปไดในการขนดอกเบยนโยบายเรวกวา

ก าหนดของธนาคารกลางสหรฐฯ (Fed) รวมถงความกงวลเกยวกบการผดนดช าระหนของประเทศอารเจนตนา ท าให

ดชนปรบลดมาปดท 1,502.39 ณ สนเดอนกรกฎาคม ปรบเพมขน 15.68% จากสนป 2556

สรปตวเลขทส าคญ

ภาวะตลาดหลกทรพยไทย

ณ สนเดอนกรกฎาคม 2557 ดชนตลาดหลกทรพยไทย (SET Index) ปดท 1,502.39 จด หรอเพมขน 1.12% เมอเทยบกบสนเดอนมถนายน 2557

market capitalization ณ สนเดอนกรกฎาคม 2557 ปรบขนเลกนอยจากเดอนกอน โดยอยท 13.5 ลานลานบาท ขณะเดยวกนของ mai อยท 267,258 ลานบาท หรอเพมขน 12.9 % จากเดอนกอน

forward P/E ของ SET และ mai ณ สนเดอนกรกฎาคม 2557 ปรบเพมขนเมอเทยบกบชวงเดยวกนของปกอนตามทศทางของSET Index โดยเพมขนมาอยท 14.95 เทา และ 26.24 เทา ตามล าดบ

อตราเงนปนผลตอบแทนของ SET ปรบสงขนจากชวงเดยวกนในปกอน โดยอยท 3.06% ในขณะทอตราเงนปนผลตอบแทนของ mai ลดลงจากชวงเดยวกนในปกอน โดยอยท 1.27%

ในเดอนกรกฎาคม 2557 มลคาซอขายเฉลยตอวนรวมของ SET และ mai อยท 52,795 ลานบาท เพมขน 14.92% จากเดอนกรกฎาคม 2556 และเพมขน 8.62% จากเดอนมถนายน 2557

ผลงทนตางประเทศกลบมาซอสทธ 13,908 ลานบาท ในเดอนกรกฎาคม 2557 โดยในชวง 7 เดอนแรกของป 2557 ผลงทนตางประเทศขายสทธ 34,335 ลานบาท

ในเดอนกรกฎาคม 2557 บรษทจดทะเบยนใน SET และ mai มมลคาระดมทนรวม 6,411 ลานบาท ลดลง 83% จากเดอนกอนหนา โดยในตลาดแรกมมลคาระดมทน 3,414 ลานบาท จากบรษทจดทะเบยน 2 บรษท และ 1 กองทนอสงหารมทรพย ขณะทตลาดรองมการระดมทน 2,997 ลานบาท ส าหรบในชวง 7 เดอนแรกของปมมลคาระดมทนรวมทงสน 89,973 ลานบาท ลดลง 48% จากชวงเดยวกนในปกอน

ภาวะตลาดสญญาซอขายลวงหนา

ในเดอนกรกฎาคม 2557 ตลาดสญญาซอขายลวงหนามปรมาณการซอขายเฉลยตอวนอย ท 195,494 สญญา เพมขน 257.03% จากเดอนกรกฎาคม 2556 ลดลง 2.50% จากเดอนมถนายน 2557

ในเดอนกรกฎาคม 2557 การซอขาย Commodity Futures ในชวง Night Session อยท 47.16% ของปรมาณการซอขายรวม เพมขนจาก 46.57% ในเดอนมถนายน 2557

ผสนใจตดตามรายละเอยดเพมเตมไดท www.set.or.th/setresearch

กลมตลาดหลกทรพยแหงประเทศไทย “สานโอกาสการลงทน เพอคณ เพอธรกจ”

สอมวลชนสอบถามขอมลไดทฝายสอสารองคกร กนกวรรณ เขมมาลย 0 2229 2048/ อารดา กลตวนช 0 2229 2796 /

อรสร บญแตม 0 2229 2799

SET News 97/2014

Aug 14, 2014

Thai bourse market report for July 2014

- Daily average trading value up 15 pct year-on-year to USD 1.62 bln - Market cap at USD 415 bln, up 17 pct from end of last year - Derivatives trading jumps 257 percent to 195,494 contracts per day - Foreign investors reversed to net buyers worth USD 427 mln in July BANGKOK, August 14, 2014 – The Stock Exchange of Thailand (SET) securities trading

value in July rose by 15 percent from a year earlier to THB 52.80 billion (approx. USD 1.62

billion), and up 8.62 percent from a month ago, underpinned by revived confidences

following the economic roadmap announced by the National Council for Peace and Order

(NCPO), and better-than-expected performances of listed companies in the second quarter.

The SET main index ended July at 1,502.39 points, up 15.68 percent from end-2013. It reached a 14-month high of 1,543.92 in July before fears over QE tapering and Argentina’s debt default weighed the index down. Foreign investors reversed to be net buyers in July, buying USD 427 million. They sold a net USD 820 million of Thai stocks in the first seven months. Key highlights for July Securities - Market capitalization of SET was at THB 13.50 trillion (USD 415 billion) at the end of July, up 17 percent from end-2013, and up 1.1 percent from a month earlier, while market valuation of mai was at THB 267.26 billion (USD 8.22 billion), up 13 percent from the end of June. - Forward P/E ratio rose year-on-year to 14.95 times, while mai's increased to 26.24. - Dividend yield was at 3.06 percent, up slightly from a year earlier, while mai's was down at 1.27 percent. - Listed companies raised funds through equity worth a combined THB 6.41 billion (USD 197 million) in July, down from a month ago, of which THB 3.41 billion was raised from initial public offerings from two companies in mai and one property fund, and THB 3.0 billion from the secondary market. However, the total fundraising in the first seven months was at THB 89.97 billion, down 48 percent from a year earlier. Derivatives -Second-quarter derivatives trading volume leaped 257 percent from a year earlier, but down 2.5 percent from the past months to an average of 195,494 contracts per day. The increase was largely boosted by single stock futures. -Night session trading of commodity futures accounted for 47.16 percent of the total trading volume, up from 46.57 percent in June. For more information, please visit www.set.or.th/setresearch .

SET Group: “Matching Your Right Financial Opportunities”

For more information, please visit www.set.or.th . Members of the media should contact the Public Relations Unit, Corporate Communications Dept.:

Kanokwan Khemmalai, tel: +66 (0) 2229 2048 / Arada

http://www.set.or.th/setresearch

http://www.set.or.th/

สรปภาวะตลาดหลกทรพยเดอนกรกฏาคม 255714 สงหาคม 2557

2

ในเดอนกรกฎาคม 2557 ตลาดหลกทรพยไทยปรบตวดขนตอเน

อง โดยดชนตลาดหลกทรพยระหวางเดอนปรบตวสงขนไปถง 1543.92 ท าสถตสงสดในรอบ 14 เดอน อกทงมลคาซอขายเฉล

ยตอวนรวมของ SET และ mai ในเดอนกรกฎาคมเพ

มขนมาท

52,795 ลานบาท สงขน 8.62% จากเดอนกอนหนา โดยแรงซอมาจากกลมนกลงทนตางประเทศและบญชบรษทหลกทรพยเปนหลก โดยการปรบตวดงกลาวสวนใหญเปนผลมาจากคณะรกษาความสงบแหงชาต (คสช.) สามารถด าเนนการตามแผน roadmap การเมองและเศรษฐกจท

ประกาศไวอยางตอเน

อง อาทเชน ความชดเจนในเรองโครงการลงทนโครงสรางพนฐาน และการก าหนดรายช

อสมาชกสภานตบญญตแหงชาต (สนช.) ซงสรางความเชอมนให กบนกลงทน รวมถงการทยอยประกาศผลการด าเนนงานของบรษทจดทะเบยนในไตรมาส 2 ท

ดกวาคาด อยางไรกตาม ในสปดาหสดทายของเดอนกรกฎาคม ตลาดหลกทรพยไทยไดรบ

ผลกระทบระยะสนจากการประกาศ QE Tapering และจากความเปนไปไดในการขนดอกเบยนโยบายเรวกวาก าหนดของธนาคารกลางสหรฐฯ (Fed) รวมถงความกงวลเก

ยวกบการผดนดช าระหนของประเทศอารเจนตนา ท าใหดชนปรบลดมาปดท

1502.39 ณ สนเดอนกรกฎาคม หรอเพ

มขน 1.12% จากเดอนกอนหนา

• SET in the regional context

• SET market developments

• Fund raising of listed companies

• Major events and development of Thai and Global capital markets

Agenda

Source: Bloomberg; Note: excludes mai

Foreign investors bought net USD 427 million in the Thai stock exchange in July 2014. From the beginning of the year, foreign investors had a net sale of USD 820 million.

Foreign net trading value

Unit: Million USD

4

Net buy / sell.

Yearly Quarterly Monthly

2011 2012 2013 1H13 1H14 2/2013 1/2014 2/2014 2014

Apr May Jun Jul YTD

THAILAND -167 2,504 -6,204 -2,524 -1,247 -2,648 -629 -618 492 -1,097 -13 427 - 820 INDONESIA 2,789 1,703 -1,808 -55 3,830 -1,992 2,129 1,701 765 706 230 1,125 4,954 PHILIPPINES 1,405 2,548 669 1,496 1,012 491 393 619 364 208 47 1 1,015 VIETNAM 95 154 270 178 283 -1 40 243 75 98 69 -6 275 TAIWAN -9,139 4,904 9,117 257 10,267 -584 2,975 7,292 3,103 1,283 2,905 1,114 11,227 INDIA -647 24,474 19,939 13,340 9,917 3,190 4,086 5,832 1,211 2,780 1,840 2,189 12,100 KOREA -5,941 15,069 4,853 -8,035 2,893 -6,181 -2,703 5,597 2,837 1,719 1,040 4,029 6,913

SET in the regional context

96.7

-3.3 11.1 -32.4 5.8 48.0 -1.3

3.4 14.7 23.2 8.0

-100.4

80.1 15.5

-33.8

21.7

69.0

-0.6

10.2 22.7 35.1

1.0

32.8 32.2 32.4 32.8 32.5 32.2 32.4 32.2 32.2 31.9 32.2

25

27

29

31

33

-120-100-80-60-40-20

020406080

100120140

ป 2556 ป 2557 (YTD) เม.ย. 57 พ.ค. 57 ม.ย.-57 ก.ค.-57 30-4 ก.ค57 7-10 ก.ค57 14-18 ก.ค57 21-25 ก.ค.57 28-1 ส.ค.57-

Foreign investors’ net trading value in bond and equity markets

Sources : SETSMART; Bloomberg

Government bond (LB+TB) Central bank bond(CB) Equity (THB billion)

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

Foreign investors were net buyers both equity and bond markets in July 2014: THB 15.8 billion and THB 117 billion respectively.

Depreciate

Appreciate

Foreign investors sold a net THB 27.5 billion of Thai stocks

in January – July 2014

Exchange rate at end period(THB/USD)

5

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

15%

15%

26%

17%

17%

10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ม.ค. - ก.ย. 2553

-27.5

16.0

-35.8

-2.8

15.8 3.4 9.6 6.0 1.9

-5.0

-75

-50

-25

0

25

50

Year 2013

Year 2014 (YTD)

April 14 May 14 June 14 July 14 30-4 July 14

7-10 July 14

14-18 July 14

21-25 July 14

28-1 August

14-19


-0.82 -0.60

0.30 1.12 1.43 1.89 3.10 3.64 3.69 4.31 6.75 6.84 8.55

Taiw

an

Malay

sia

Philip

pines

Thail

and

EM*

India

Vietn

am

Sing

apor

e

Kore

a

Indon

esia

Hong

Kon

g

Laos

China

6


Source: Bloomberg; * EM = MSCI emerging markets index

At the end of July 2014, the SET index closed at 1,502.39, up 15.68% from end-2013.

0.24 0.87 3.22 6.22 6.29 6.52 8.18 10.9515.68 16.55 18.12 19.06 22.32

Malay

sia

China

Kore

a

Hong

Kon

g

EM*

Sing

apor

e

Taiw

an

Laos

Thail

and

Philip

pines

Vietn

am

Indon

esia

India

Stock index change (%YTD)

Unit: percent; (end of Dec 2013 – Jul 31, 2014)

Stock index change (%MTD)

Unit: percent; (end of Jun 2013 – Jul 31, 2014)

source: Bloomberg

SET clearly outperformed MSCI Emerging market index and MSCI World Index on a year-to-date basis. From February 2014 onwards, SET improved in line Indonesia, Vietnam and the Philippines.

Stock index movement

Unit: percent; rebased end-2013 = 100

80

90

100

110

120

130

31/12

/2013

31/1/

2014

28/2/

2014

31/3/

2014

30/4/

2014

31/5/

2014

30/6/

2014

31/7/

2014

Indonesia

Vietnam

Philippines

Thailand

Singapore

Malaysia80

90

100

110

120

130

31/12

/2013

31/1/

2014

28/2/

2014

31/3/

2014

30/4/

2014

31/5/

2014

30/6/

2014

31/7/

2014

Thailand

MSCI Emerging Markets Index

MSCI BRIC Index

MSCI World Index

7


Data as of Jul 31, 2014

19.30

16.48

15.35

15.12

14.62

11.00

10.49

9.75

8.56

13.63 16.19

19.11

16.90

15.56

15.42

14.38

13.73

10.76

10.20

8.05

14.46

23.46

19.33

16.66

16.42

15.17

14.92

14.28

11.49

10.58

8.75

14.95

26.24

Philippines Malaysia Indonesia Taiwan Singapore Vietnam Hong Kong Korea China SET mai

End of July 2013 End of June 2014 End of July 2014

Unit: Times

Forward P/E of Thailand and regional comparisons

Source: BloombergForward P/E Ratio : Ratio of price at end-July 2014 and expected earnings per share of 2014 of all stocks in each market.

Forward P/E ratio for SET at the end of July 2014 was at 14.95 times, while mai’s forward P/E ratio was at 26.24 times.

AVG End -July 2014 15.34 times

8


The average dividend yield of SET as of 31 July 2014 was at 3.06%, increasing slightly from a year earlier, while mai’s was down to 1.27%.

Source: Bloomberg; Market dividend yield : Previous 12 months dividend value divined by market index at the end of month.

Market Dividend Yield

Unit: Percent

3.44

3.61

3.07

3.20

3.23

2.94

2.14

2.14

1.21

3.03

1.54

3.85

3.61

3.33

3.13

3.09

2.64

2.17

2.11

1.10

3.11

1.46

3.64

3.51

3.23

3.10

3.15

2.99

2.16

1.97

1.06

3.06

1.27

Hong Kong

Vietnam Singapore China Malaysia Taiwan Philippines Indonesia Korea SET mai

End of July 2013 End of June 2014 End of July 2014

AVGEnd- July 2014 2.65%

9


SET has consistently been the most liquid market among regional peers since end of 2012.

Average daily turnover*

unit: USD million; year 2008 - June 2014

Share Turnover Velocity**

Source: World Federation of Exchanges (WFE)* Average daily turnover calculates by monthly trading value / number of business days** The turnover velocity is the ratio between the Electronic Order Book turnover of domestic shares and their market capitalization calculates by monthly trading value/ month-end market capitalization

10

unit:percent; year 2011 - June 2014

0

500

1,000

1,500

2,000

2,500

2008

Mar-1

0

Aug-

10

Jan-

11

Jun-

11

Nov-1

1

Apr-1

2

Sep-

12

Feb-

13

Jul-1

3

Dec-1

3

May-1

4

Thailand Singapore Malaysia

Indonesia Philippines

0

50

100

150

Jan-

11

May-1

1

Sep-

11

Jan-

12

May-1

2

Sep-

12

Jan-

13

May-1

3

Sep-

13

Jan-

14

May-1

4

Thailand Singapore Malaysia

Indonesia Philippines

19

Jun 14

85

3226

1,409

Jun 14

784552

176306 17


5,406

1,813 1,689

905 872 766 596260

India* Korea Hong Kong Malaysia Taiwan Singapore Thailand Philippines

3,089

1,5001,310

899 812538 417

254

Hong Kong India* Korea Taiwan Singapore Malaysia Thailand Philippines

By the end of June 2014, the number of listed companies of SET increased by 4 companies. The market capitalization of Thai stock market increased by 6.8% from end-May 2014 to USD 417 billion.

Domestic Market Capitalization

unit: USD billion; end -June 2014

Source: World Federation of Exchanges (WFE)* Bombay SE

(+7.1%)

(1.4%)

(+1.0%)(+4.0%)

(+0.6%)(+2.0%)

(+6.8%)

(...%) Percentage change (MoM) May 2014 - June 2014

(+2.9%)

Number of Listed Companies

unit: companies; end-June 2014

(+27)

(+4)(+16)

(+1)(0)

(+4)(0)

(+1)

(…)

11

Change (MoM) May 2014 - June 2014


%YTD Weight Mkt cap.2011 2012 2013 May-14 Jun-14 Jul-14 Jul-14 Jul-14

SET -0.7 35.8 -6.7 0.1 4.9 1.1 15.7 100%

SET50 -0.3 31.6 -6.6 -0.8 5.0 0.7 14.0 72%

Financial -3.0 44.4 -11.9 -0.3 7.8 4.4 27.5 21%

Service 19.3 64.3 -1.2 4.4 4.6 2.5 22.4 20%

Property -2.9 54.2 -8.7 1.1 6.4 0.7 18.8 16%

Consumption 0.5 13.9 -6.7 2.5 4.5 2.5 16.4 1%

Technology 31.6 49.4 6.0 -3.5 -0.1 -3.1 9.1 12%

Agro & Food 8.4 32.1 -12.2 3.0 1.7 2.7 7.5 6%

Resource -7.1 7.1 -10.4 -3.7 6.5 -0.2 6.4 18%

Industrial -31.9 9.9 -5.4 1.1 3.1 -2.2 1.0 5%

%YoY %MTD

Source: SETSMART

Industrial indices movement

All industry group indices have increased since end-2013 with the financial industry proving to be the top performer.

Industrial indices change

Unit: percent

12

80

100

120

140

31-Dec-13 31-Jan-14 28-Feb-14 31-Mar-14 30-Apr-14 31-May-14 30-Jun-14 31-Jul-14

FINCIALPROPCONSERVICESETCONSUMPTECHSET50AGRORESOURCINDUS

SET market developments

(rebased end-2013 = 100)

In July 2014, trading value in large-cap securities decreased while there was an increasing trend in trading value of small-cap securities, especially in the property and banking sector.

Proportion of trading value by size of security Unit:percent

SET10 SET11-30 SET31-50

SET51-100 Non SET100

Proportion of trading value by sector Unit: percent

Source: SETSMART Petrochemical

TelecomEnergyProperty

Food and BeverageOthers

BankConstruction Material

13


Market capitalization of SET was at THB 13.50 trillion at the end of July 2014, up by 1.1 % month-on-month, while value of mai was at THB 267.26 billion, up by 12.9 % month-on-month.

11,83

1,448

11,49

6,765

13,50

3,410

11,49

6,765

11,30

7,020

11,75

0,759

12,20

5,948

12,60

8,418

12,67

3,401

13,35

8,124

13,50

3,410

1,391.9 1,298.7 1,502.4

1,298.7 1,274.3 1,325.3 1,376.3 1,414.9 1,416.0 1,485.8 1,502.4

05001,0001,5002,000

05,000,000

10,000,00015,000,00020,000,000

2012 2013 2014 (YTD) Dec13 Jan14 Feb14 Mar14 Apr14 May14 Jun14 Jul14

Market capitalization and SET index Market cap.(Million) (Left), Index (Right)

133,0

17

177,3

65

267,2

58

177,3

65

157,4

94

168,9

01

177,9

63

187,3

49

204,6

72

236,7

56

267,2

58

415.7 356.8

549.1

356.8 351.7 376.5 395.3 422.7 448.0 509.6 549.1

0100200300400500600

0100,000200,000300,000400,000500,000

2012 2013 2014 (YTD) Dec13 Jan14 Feb14 Mar14 Apr14 May 14 Jun14 Jul14

Market capitalization and mai index Market cap.(Million) (Left), Index (Right)

Source: SETSMART; note: EARTH Energy company had been moved from mai to trade on SET on January 2014 14


Type Annually % yoy

2013 Jan-Jul 2013 Jan-Jul 2014 1/2014 2/2014 May-14 Jun-14 July-14

Initial Public Offering 191,600 83,677 55,676 -33.46 8,447 43,008 2,103 29,174 3,414

Secondary Offering

- Public Offering 4,842 1,322 1 -99.92 - 1 - - -

- Private Placement 26,021 17,216 10,169 -40.93 2,273 4,602 894 1,333 2,926

- Convertible Bond 2,096 1,847 71 -96.14 49 10 - 10 13

- Warrant 25,136 18,871 9,238 -51.05 1,295 394 267 6,189 58

- Right Offering 90,730 49,316 14,818 -69.95 5,785 8,606 1,569 736 -

Grand Total 340,425 172,249 89,973 -47.77 17,848 56,622 4,833 37,442 6,411

MonthlyQuarterly

In July 2014, Thai listed companies raised funds totaling 6,411 million baht (decrease of 83% mom), consisting of 3,414 million baht in the primary market and 2,997 million baht in the secondary market. There were 3 new IPOs, of which 2 listed companies in mai e.g. Prodigy Public Company (PDG) and Aira Capital Public Company (AIRA), and 1 property fund e.g. Pinthong Industrial Park (PPF) . For the first 7 months of 2014, fund raising totaled 89,973 million baht (decrease 48% yoy)

Fund raising value July 2014Accumulated 7 months fund raising value 2014

Unit: Million Baht Unit: Million Baht

Source: SETSMART 15

Fund raising of listed companies

2,2591,679

918

1,7171,492

2,530

3,802356.8

549.11

395.33

509.61447.74

509.61 549.11

0

100

200

300

400

500

600

500

1,500

2,500

3,500

4,500

5,500

2013

2014

(YTD

)

Q1/20

14

Q2/20

14

May1

4

Jun1

4

Jul14

48,070

36,46529,896

38,918 39,764

46,073 48,9741,298.71

1,502.39

1,376.26

1,485.751,415.73

1,485.751,502.39

1,1501,2001,2501,3001,3501,4001,4501,5001,550

20,000

30,000

40,000

50,000

60,000

70,000

80,000

2013

2014

(YTD

)

Q1/20

14

Q2/20

14

May1

4

Jun1

4

Jul

Daily average trading value of SET and mai in July 2014 were up by 14.92% from July 2013 and up by 8.62% from the previous month to THB 52,595 million.SET Daily average trading value and SET Index

Unit: THB million (left-sided), point (right-sided)

Trading value(THB million)

2013 2014(Jan- Jul)

Q2/2013 Q1/2014 Q2/2014 Apr2014 May2014 Jun2014 Jul2014

SET 11,777,210 5,178,158 3,320,421 1,853,523 2,296,174 573,116 755,517 967,541 1,028,461mai 553,459 238,478 135,535 56,925 101,325 19,835 28,354 53,136 80,228Total 12,330,669 5,416,636 3,455,956 1,910,448 2,397,499 592,951 783,871 1,020,677 1,108,688Daily average trading value% YOY (SET + mai)

50,32955.80%

38,145-35.55%

58,576100.24%

30,814-52.05%

40,636-30.63%

31,208-42.05%

41,256-29.57%

48,604-22.92%

52,79514.92%

Source: SETSMART

Daily average trading value SET Index at the end of period

16

mai Daily average trading value and mai Index

Unit: THB million (left-sided), point (right-sided)Daily average trading value mai Index at the end of period


28,748 21,500 15,097 23,794 23,127 30,655 33,960

10,9409,080

9,0269,005 10,014

9,109 9,4514,2943,814

3,1484,102 4,448

4,554 4,9716,3473,750

3,5423,734 3,669

4,287 4,412Proprietary Trading

Local Institutes

Foreign Investors

Local Investors

Daily average trading value and trading proportion separated by investor types

In July 2014, the trading volume increased from THB 48,604 million to THB 52,795 million, with more active role from local investor. The trading proportion of local investors edged up to 64.32% from 63.07% in the previous month. On the other hand, the trading proportion of foreign investors fell to 17.90%, yet the trading volume was still increasing from THB 9,109 to THB 9,451 million during the period.

57.12% 56.36% 49.00% 58.56% 56.06% 63.07% 64.32%

21.74% 23.80% 29.29% 22.16% 24.27% 18.74% 17.90%8.53% 10.00% 10.22% 10.10% 10.78% 9.37% 9.42%12.61% 9.83% 11.49% 9.19% 8.89% 8.82% 8.36%

2013 2014(Jan - Jul)

Q1/2014 Q2/2014 May14 Jun14 Jul14

Proprietary Trading

Local Institutes

Foreign Investors

Local Investors

unit: THB million

Source: SETSMART

unit: percent

17

50,329 38,145 30,814 41,256 48,604 Daily average trading value40,636 52,795


-194,702

-34,335 -20,714 -20,476 -35,781-345

13,908

2013 2014(Jan - Jul)

Q1/2014 Q2/2014 May14 Jun14 Jul14

Foreign investors were net buy THB 13,908 million in July 2014 but was still a net sell THB 34,335 million in Thai stocks during the first seven months.

Net trading value of foreign investors

unit: THB millionNet trading position separated by investor type (YTD)

Source: SETSMART

-8,101-27,281

26,2499,133

Local Investors Foreign Investors Local Institutes Proprietary Trading

18

unit: THB million


In May 2014 the number of active trading account was 254,811 accounts, a 26.4% of the total accounts while the average trading value per account was THB 3.08 million.

Number of investors and Active rate* Unit: clients (left-side); active rate (right-side)

2012 20132013 2014

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr MayNumber of investors (clients) 797,3262 974,8512 885,185 899,571 909,113 937,061 946,517 951,463 962,947 974,851 986,630 990,286 941,184 951,483 964,523% YoY of Number of investors 14.4% 33.7% 42.5% 68.6% 28.9% 25.0% 16.1% 9.7% 12.9% -0.3% -22.7% -25.6% -22.9% -14.0% -10.8%Trading Value / Clients (THB million) 3.37 3.89 4.10 4.50 3.93 3.39 3.96 3.44 3.02 2.35 3.36 2.61 2.95 2.56 3.08

% YoY of trading value / Clients -3.9% 15.5% 18.2% 41.9% 21.7% 9.0% 14.5% -5.9% -17.6% -25.3% -29.2% -39.6% -42.2% -32.6% -25.0%

195,025260,787 285,749 280,017

245,598 247,843 246,518 249,793 243,629219,277 208,017 203,355

231,065 231,405254,811

26.0% 26.0%

32.3% 31.1%27.0% 26.5% 26.0% 26.3% 25.3%

22.5% 21.1% 20.5%24.6% 24.3% 26.4%

0%

10%

20%

30%

40%

0

100,000

200,000

300,000

400,000

500,000

2012 2013 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May14

clients Active rate (%)

Source: SETNote: 1. 12-month average 2. December info * calculated by number of active accounts / total accounts

1 1

19


The number of active internet trading accounts increased to 170,312 accounts in May2014, up 12.9% from April 2014 but down 4% from May 2013. Internet trading value representing 32.8% of the total trading value or 58.5% of local investors’ trading value.

Source: SETNote: 1. monthly average value 2. calculated by sum of monthly internet trading value / sum of monthly total trading value

Number of active internet investors

% Internet trading value 20122 20132 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May14Comparing with total trading value 27.9% 31.6% 29.3% 27.5% 30.4% 33.0% 29.8% 27.1% 26.5% 28.4% 28.9% 29.7% 32.8%Comparing with trading value of local investors 50.7% 55.3% 57.3% 57.0% 57.1% 57.8% 58.0% 55.4% 59.1% 56.7% 55.2% 55.0% 58.5%

Unit: Clients (left-side);, %YoY (right-side)

104,881160,842 177,878 175,884 154,555 155,769 154,979 159,920 155,478

139,559 132,810 128,155 149,701 150,761 170,312

31% 53% 66% 97% 50% 46% 36% 28% 29% 14% -13% -19% -16% -10% -4% -100%0%100%200%300%

0

100,000

200,000

2012 2013 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May141 1

184,018324,837

371,080 364,150283,032 230,715

296,367 283,866219,181 139,726185,353 150,685 196,898 176,260

256,921

25%77% 91%

176%72% 26% 0% 16% 3% -33% -55% -63% -65% -48%

-31%-200%-100%0%100%200%300%

0

200,000

400,000

600,000

2012 2013 May13 Jun13 Jul13 Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May14

Internet Trading Value Unit: THB million(left-side), %YoY (right-side)

1 1 1

20


Fund type2012 2013 Apr-14 May-14 Jun-14 Jul 25, 2014

Equity Fund 572,356 712,572 785,641 787,957 824,981 874,681 22.7% 24.5%Fixed Income Fund 1,575,929 1,694,388 1,915,474 1,993,277 2,010,853 2,055,142 21.3% 57.7%Mixed Fund 86,808 89,208 95,207 95,405 98,027 99,242 11.2% 2.8%Property Fund 139,528 230,869 233,340 244,774 271,573 274,195 18.8% 7.7%Infrastructure fund - 128,469 145,352 145,670 144,481 144,191 12.2% 4.0%Others 84,284 71,106 84,239 96,129 110,999 116,860 64.3% 3.3%Total 2,458,905 2,926,613 3,259,252 3,363,213 3,460,915 3,564,310 21.8% 100.0%

Domestic Equity Fund (Exclude Vayupak Fund) 362,452 416,487 440,727 444,859 459,904 473,171 13.6% 54.1%Vayupak Fund 180,367 255,920 288,895 280,697 297,009 319,628 24.9% 36.5%Foreign Equity Fund 29,536 40,165 56,019 62,401 68,068 81,882 103.9% 9.4%Total 572,356 712,572 785,641 787,957 824,981 874,681 22.7% 100.0%

Long-Term Equity Fund (LTF) 199,606 213,913 227,202 229,080 236,115 241,340 12.8% 27.6%Retirement Mutual Fund - Equity (RMFEQ) 38,505 47,801 52,313 53,310 55,621 57,593 20.5% 6.6%Other Equity fund 153,878 194,939 217,231 224,870 236,236 256,121 31.4% 29.3%Vayupak Fund 180,367 255,920 288,895 280,697 297,009 319,628 24.9% 36.5%Total 572,356 712,572 785,641 787,957 824,981 874,681 22.7% 100.0%

Net asset value (million baht)End of year End of Month

Equity fund classified by destination

Equity fund classified by special fund group

%YTD % proportion

Source: Summation of Asset Size by Classification report, Association of Investment Management Companies

On 25 July 2014, Domestic equity funds’ (excluding Vayupak Fund) assets under management increased 13.6% from end of 2013, the biggest increase was from the equity funds (excluding LTF + RMF). Meanwhile, foreign investment funds’ assets under management increased by 103.9% since end of 2013.Asset under management Data as of Jul 25, 2014

21


Daily average trading contract separated by instrumentsUnit: contracts; As of Jul31, 2014

In July 2014, the average daily trading volume of derivatives market was 195,494 contracts, down 2.50% from the previous month mostly from SET50 Index Futures

2013 2014(YTD)

Q2/13 Q1/14 Q2/14 % QOQ3 May14 Jun14 Jul14 % MOM4 % YOY5

Existing ProductsSET50 Index Futures* 23,218 41,385 29,920 18,630 58,669 214.92% 75,778 86,120 60,005 -30.32% 147.23%SET50 Index Options 267 282 423 213 338 58.69% 345 379 328 -13.46% 40.12%Single Stock Futures 34,351 60,270 39,830 30,744 67,323 118.98% 53,882 107,214 127,623 19.04% 433.38%50 Baht Gold Futures 2,253 1,023 2,452 1,038 1,022 -1.54% 1,004 1,029 980 -4.76% -18.87%10 Baht Gold Futures

1 6,757 5,243 6,712 5,101 5,156 1.08% 5,662 5,008 5,909 17.99% 35.47%Interest Rate Futures

1 - - - - - n.a. - - - n.a. n.a.Silver Futures1 5 - 6 - - n.a. - - - n.a. n.a.Brent Crude Oil Futures1 190 150 199 125 164 31.20% 150 170 184 8.24% 60.60%USD Futures1 977 516 1,360 564 483 -14.36% 442 583 464 -20.41% -27.29%Sector Index Furtures1 - - - - - n.a. - - - n.a. n.a.

All Products2 68,017 108,868 80,272 56,415 133,155 136.03% 137,261 200,502 195,494 -2.50% 257.03%

Source: SETSMART Note1 Calculate from the total volume traded during that period, divided by the number of business days in that period.2 Calculate by total trading volume of each instrument / number of business days of each instrument.3 Calculated from the average daily trading volume of Q1 / 2014 compared with Q2 / 2014.4 Calculated from the average daily trading volume in July 2014 compared with June 2014.5 Calculated from the average daily trading volume in July 2014 compared with July 2013.

22

Derivatives Market

*TFEX has modified its SET50 futures contract to have a smaller contract size on May 6, 2014. The new SET50 futures, or mini-SET50 futures, have a contract size that is one-fifth that of the previous one. The contract multiplier was reduced from THB 1,000 per index point to THB 200 per index point, resulting in a drop in size to about THB 200,000.

52.84% 59.79% 51.51% 58.32%

47.16% 40.21% 48.49% 41.68%

CommodityFutures

50 Baht Gold Futures


Brent Crude Oil Futures

Night trading session of commodities futures accounted for 47.16% of total trading volume in July 2014 which decreased from 46.57% in the previous month.

Source: SETSMARTNote: Commodities Futures are combined with Gold Futures, Silver Futures and Brent Crude Oil FuturesThere are no trading transaction for Silver Futures till May2014 23

Derivatives Market

Total trading volume of commodities futures separated by trading sessionsNight session proportionDay session proportion

52.55% 58.50% 51.31%

88.89%

55.35%

47.45% 41.50% 48.69%

11.11%

44.65%

CommodityFutures



Silver Futures Brent Crude Oil Futures

2014 (Jan - Jul) Jul 2014

Appendix 1 Market Statistics

As of July 31, 2014 2011 2012 2013 2014 (YTD) Q1/2014 Q2/2014 May2014 Jun2014 Jul2014SET

SET Index 1,025.32 1,391.93 1,298.71 1,502.39 1,376.26 1,485.75 1,415.73 1,485.75 1,502.39 Market Dividend Yield (%) 3.72 2.98 3.24 3.01 3.26 3.02 3.18 3.02 3.01

Market P/E Ratio 1/ 12.07 18.25 14.60 18.08 15.56 17.89 17.02 17.89 18.08 Market P/BV 1.87 2.41 2.02 2.17 2.02 2.15 2.04 2.15 2.17

Total Turnover Value (M.Baht) 7,040,457.88 7,615,637.96 11,777,210.10 5,178,157.55 1,853,523.01 2,296,174.03 755,517.31 967,541.06 1,028,460.51 Daily Turnover Value (M.Baht) 28,854.34 31,084.24 48,070.25 36,465.90 29,895.53 38,918.20 39,764.07 46,073.38 48,974.31

Number of Listed Securities 755 948 1,141 1,336 1,278 1,281 1,270 1,281 1,336 Newly Listed Companies 5 8 14 9 2 7 1 3 -

Raising value of New Listed Securities (M.Baht) 2/ 22,104.58 58,018.60 259,927.48 108,863.50 19,487.00 89,376.50 2,103.00 28,963.50 -

Total value of Newly Listed Securities (M.Baht) 3/ 3,793.75 15,470.65 117,469.78 57,260.77 8,295.00 48,965.77 2,730.00 34,504.00 - Delisted Listed Companies 6.00 4.00 - 6 1 - - - 5

No. of Companies moved from mai to SET 1 2 2 1 1 -

-

-

- No. of Companies moved from SET to mai 1 1 -

-

-

- 1

Total Capitalization (M.Baht) 8,407,696.09 11,831,448.07 11,496,765.17 13,503,409.92 12,205,948.34 13,358,124.41 12,673,401.27 13,358,124.41 13,503,409.92

maimai Index 264.23 415.68 356.80 549.11 395.33 509.61 447.74 509.61 549.11

Market Dividend Yield (%) 2.97 1.58 1.46 1.29 1.93 1.44 1.67 1.44 1.29

Market P/E Ratio 1/ 16.36 22.80 28.32 59.58 37.38 53.64 47.63 53.64 59.58 Market P/BV 2.46 3.24 2.69 3.87 2.76 3.44 3.01 3.44 3.87

Total Turnover Value (M.Baht) 151,022.76 298,928.56 553,458.70 238,478.25 56,925.30 101,325.37 28,354.16 53,136.30 80,227.58 Daily Turnover Value (M.Baht) 618.95 1,220.12 2,259.02 1,679.42 918.15 1,717.38 1,492.32 2,530.30 3,820.36

Number of Listed Securities 93 100 127 395 126 133 131 133 136 Newly Listed Companies 7 10 15 6 2 2 1 1 2

Raising value of New Listed Securities (M.Baht) 2/ 4,598.07 10,186.60 84,850.00 7,484.71 5,727.50 588.00 378.00 210.00 1,169.21

Total value of Newly Listed Securities (M.Baht) 3/ 1,160.24 2,207.17 14,731.94 6,846.33 958.70 2,212.00 1,512.00 700.00 3,675.63 Delisted Listed Companies 1 - - - - - - - -

No. of Companies moved from mai to SET 1 2 2 2 1 - -

- 1 No. of Companies moved from SET to mai 1 - - -

- - -

Total Capitalization (M.Baht) 77,310.14 133,017.08 177,364.99 267,257.88 177,963.08 236,756.34 204,672.43 236,756.34 267,257.88

Appendix 1 Market Statistics

As of July 31, 2014 2011 2012 2013 2014 (YTD) Q1/2014 Q2/2014 May2014 Jun2014 Jul2014SET & mai

Trading value proportion separated by investor types 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%Local Investors 55.26% 54.99% 57.12% 56.36% 49.00% 58.56% 56.06% 63.07% 64.32%

Foreign Investors 22.78% 24.24% 21.74% 23.80% 29.29% 22.16% 24.27% 18.74% 17.90%Local Institutes 8.77% 7.78% 8.53% 10.00% 10.22% 10.10% 10.78% 9.37% 9.42%

Proprietary Trading 13.19% 13.00% 12.61% 9.83% 11.99% 9.19% 8.89% 8.82% 8.36%Net Buying Position(M.Baht)

Local Investors 33,277.30 -59,165.59 88,842.95 -8,100.65 3,806.26 -11,687.81 16,414.41 -8,863.60 -219.10 Foreign Investors -5,290.42 76,896.93 -194,701.88 -27,281.09 -20,713.59 -20,475.58 -35,780.52 -345.36 13,908.08

Local Institutes -29,295.77 -24,916.12 107,601.56 26,248.63 13,789.63 27,596.39 17,723.86 6,673.19 -15,137.39 Proprietary Trading 1,308.88 7,184.77 -1,742.63 9,133.10 3,117.70 4,566.99 1,642.25 2,935.77 1,448.41

Daily Turnover Value (M.Baht) 29,473.29 32,304.36 50,329.27 38,145.32 30,813.68 40,635.58 41,256.39 48,603.68 52,794.67 Total Capitalization (M.Baht) 8,485,006.23 11,964,465.15 11,674,130.16 13,770,667.80 12,383,911.42 13,594,880.75 12,878,073.70 13,594,880.75 13,770,667.80

Source: The Stock Exchange of ThailandNote:

1/ Historical P/E which calculated from market price of common stock divided / earnign per share2/ Calculated from IPO Price multiplies with number of listed shares3/ Calculated from IPO Price multiplies with IPO shares

Source: The Stock Exchange of Thailand

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