tmn150213

8/9/2019 TMN150213

1/9Please note that due to the interest of timeliness, this product was not edited.

T h a n a c h a r t ’ s M o

r n i n g N o t e

THAILAND’s TOP LOCAL KNOWLEDGE Friday, February 13, 2015

Current Market Net trade SET Index vs MSCI Asia x JP

Market data Close % Δ

SET Index 1,613.4 0.5%

Turnover (Bt m) 54,414 -6.8%

Mkt Cap (Bt bn) 15,015 0.5%

Stock Gainers 493 stocks

Stock Losers 387 stocks

Net trade (Bt bn) Prev. -1M YTD

Foreign +1.8 +13.9 +3.5

Retail -2.1 -22.0 -21.1

Institutes -0.9 +3.6 +8.9

Proprietary +1.2 +4.4 +8.6

450

500

550

600

650

1,0001,100

1,2001,3001,4001,5001,6001,700

Jan-14 May-14 Sep-14 Jan-15

(index)(index) SET index (LHS)

MSCI Asia x JP ( RHS)

COMPANY UPDATE

BTS (BUY) BTS’s analyst meeting P.2

▪ More O&M contracts are expected to be awarded in 3Q & early 2016

▪ A joint venture with Sansiri will launch the condo project in May.

▪ SPV with AEON is expected to provide a yield of 8% per year.

▪ Yield play with expected growth cycle from FY18 onward. BUY

Results Comment P.3-4

BIGC (SELL) Weak 4Q14 results, in line

LPN (BUY) Strong 4Q14 results beat us marginally

Market Valuation

Market data 2014F 2015F 2016F

PE (x) 19.0 15.7 13.8

Norm EPS growth (%) (6.5) 20.4 13.9

EV/EBITDA (x) 11.3 10.0 9.1

P/BV (x) 2.4 2.2 2.0

Yield (%) 2.7 3.1 3.6

ROE (%) 13.5 15.1 15.9

Net D/E (x) 0.7 0.7 0.6Major Indices

Close Δ % Δ

Dow Jones 17,972 110.2 0.6%

NASDAQ 4,858 56.4 1.2%

FTSE 6,828 9.9 0.1%

SHCOMP (China) 3,173 15.7 0.5%

Hang Seng 24,422 107.1 0.4%

FTSSI (Singapore) 3,419 -25.4 -0.7%

KOSPI 1,942 -4.1 -0.2%

JCI (Indonesia) 5,343 6.9 0.1%

MSCI Asia 127 1.6 1.3%

MSCI Asia x JP 577 -0.2 0.0%Currency /Bond data

Close Δ % Δ

Dollar index 94.1 -0.9 -0.9%

Bt/US$ 32.6 0.0 -0.1%

100JPY/US$ 119.1 -1.3 -1.1%

10Y bond yield (TH) 2.7 0.0 1.5%

10Y treasury yield (US) 2.0 0.0 -1.6%

Commodities

Close Δ % Δ

NYMEX (US$/bbl) 51.2 2.4 4.9%

BRENT (ICE) (US$/bbl) 57.1 2.4 4.4%

DUBAI (US$/bbl) 54.8 0.3 0.6%Baltic Dry Index 540.0 -13.0 -2.4%

GRM (US$/bbl) 10.3 0.3 3%

Gold (US$/oz) 1,220.7 1.1 0.1%

Coal (BJI)* 70.0 2.5 3.7%

HDPE-Naphtha 606.0 -39.0 -6.0%

Ethylene-Naphtha 396.0 -26.5 -6.3%

PX-Naphtha 328.0 23.0 7.5%

BZ-Naphtha 161.0 -21.5 -12%

Steel-HRC 405.0 -17.5 -4.1%

Rubber SICOM TSR20 1,410 8.0 0.6%

Rubber TOCOM 1,830 50.4 2.8%Raw Sugar** 14.9 0.3 2.0%

White Sugar** 17.7 0.3 1.6%

(US$/tonne)* (US$ cent/lb)**

Source: Thanachart , Bloomberg, Datastream, BanpuNote: * Weekly data

8/9/2019 TMN150213

2/9


THANACHART SECURITIES 2

BTS Group Holdings Pcl (BTS TB) - BUY Analyst Meeting

Saksid Phadthananarak | Email: [email protected]

BTS’s analyst meeting

More O&M contracts are expected to be awarded in 3Q & early 2016

A joint venture with Sansiri will launch the condo project in May.

SPV with AEON is expected to provide a yield of 8% per year.

Yield play with expected growth cycle from FY18 onward. BUY

We joined BTS’s analyst meeting yesterday with the following key takeaways.

Given the government’s policy to consider direct negotiation with existingoperators, the management expects the O&M contract for the South Green

Line extension to be awarded to BTS in 4Q15 and the North Green Line

extension in early 2016. The management also expects BTS’s targeted lines

to open for bidding this year for LRT, in 3Q15 for Pink Line and in early 2016for Grey Line.

A joint venture with Sansiri will start to pre-sell its high-rise condominiumproject near BTS Mo Chit Station in May 2015 with expected sales value of

Bt5.8bn and equity IRR of 17%. The construction will start in March 2015 and

is expected to be completed in January 2018.

The management also clarifies more details about its special purpose vehicle(SPV) with AEON. BTS will hold 51% in the SPV while AEON will hold 49%.

The purpose is to issue AEON Rabbit member cards which includes

functions of AEON’s personnel loan service and BTS’s Rabbit card (an e-

money system that can be used on the BTS mass transit networks and otherretail partners).

1) SPV will get a Bt500m subordinated loan from BTS and AEON while it

will issue Bt4.5bn debentures to have the total funding size of Bt5bn.

BTS will also be a buyer for the debentures.

2) Then, SPV will use this money to buy the consumer loan receivables

under co-branded AEON Rabbit member cards from AEON.

3) Then, BTS expects to get a blended yield of 8% a year from the

debentures and its subordinated loan with an increase of rabbit card

users (from 3.5m users at present).

The exchange between BTS’s hotel and raw land plots and 35% stake inNPARK is still under the processes. The purpose of this exchange is to use

NPARK for expanding commercial property business. NPARK will develop

land at Mo Chit and Phayathai for mixed use and manage recurring income

real estate.

Even though we forecast BTS’s earnings to be quite flat in FY16-17 due to aslowdown in property business and lower interest income after high dividend

payment, we still like BTS due to two major reasons. First, it is considered as

a yield play with secured dividend payment of at least Bt7bn in FY15 and

Bt8bn in FY16. Second, it has a strong chance of winning new mass transitprojects in the future given less number of mass transit operators in Thailand,

its cost competitiveness and strong financial status. We then maintain our

BUY recommendation on BTS.

Key valuation

Y/E Mar (Bt m) 2014 2015F 2016F 2017F

Revenue 8,115 6,389 6,298 6,747

Net profit 12,645 2,282 2,320 2,163

Norm net profit 2,013 2,282 2,320 2,163

Norm EPS (Bt) 0.2 0.2 0.2 0.2

Norm EPS gr (%) 18.5 13.4 1.7 (6.7)

Norm PE (x) 58.9 52.0 51.1 54.8

EV/EBITDA (x) 34.8 41.8 42.1 38.8

P/BV (x) 2.0 2.2 2.5 2.9

Div. yield (%) 6.0 6.1 6.9 7.3

ROE (%) 3.8 4.1 4.6 4.9

Net D/E (%) (41.4) (39.3) (24.0) (3.5)

Source: Thanachart estimates

Stock Data

Closing price (Bt) 9.95

Target price (Bt) 11.50

Market Cap (US$ m) 3,627

Avg daily turnover (US$ m) 15.0

12M H/L price (Bt) 10.50/8.05

Price Performance

(20)

(10)

0

10

7

8

9

10

11

Feb-14 Jun-14 Oct-14 Feb-15

(%)(Bt) BTS Group Holdings

Rel to SET Index

Sources: Thanachart estimate, Bloomberg

8/9/2019 TMN150213

3/9



Big C Supercenter Pcl (BIGC TB) - SELL, Price Bt229, TP Bt177 Results Comment

Phannarai Tiyapittayarut | Email: [email protected]

Weak 4Q14 results, in line

▪ BIGC reported weak 4Q14 profit as expected of Bt2.5bn, down4% y-y but up 60% q-q on seasonality impact. 2014 profit

came in line with our estimates at Bt7.2bn, up a slight by 4% y-y.

▪ 4Q14 results turned to a negative growth y-y due mainly tofalling gross margin by 144bp y-y to 16.9% due to

extraordinary high margin in 4Q13. Besides this, SSS growth

in 4Q14 recovered slower than expected at 0.5% despite low

base effect given -4.7% SSS in 4Q13.

▪ 2014 profit grew by 4% y-y, in line with sales growth which wasdriven by new expansion rather than SSS growth. In 2014, SSS

dropped by 1% (-1.5% including calendar effect).▪ Due to weak economy last year, it slowed down new launches

in 2014 to four hypermarkets, seven Big C Markets, 51 Mini Big

Cs and 20 Pure drugstores.

▪ Reiterate SELL to Bt177 TP as its high 2015F PE of 23xdoesn’t justify 12% EPS growth in 2015-16F each.

▪ It announced dividend payment of Bt2.62/share (1.1% yield),paying at 30% minimum payout, XD on 17 April and payment

date is 7 May 2015.

Income Stateme nt (consolidated) Income Statement 12M as

Yr-end Dec (Bt m) 4Q13 1Q14 2Q14 3Q14 4Q14 (Bt m) q-q% y-y% % 2014F 2014 2015F

Revenue 30,851 29,204 31,141 29,692 31,807 Revenue 7 3 95 121,845 140,533

Gross profit 5,651 3,888 4,737 4,230 5,369 Gross profit 27 (5) 95 18,225 21,065

SG&A 5,326 5,352 5,556 5,519 5,366 SG&A (3) 1 96 21,793 24,796

Operating profit 3,587 1,841 2,586 2,228 3,327 Operating profit 49 (7) 100 9,982 11,005

EBITDA 4,547 2,800 3,576 3,251 4,232 EBITDA 30 (7) 99 13,860 15,451

Other income 3,262 3,305 3,405 3,516 3,324 Other income (5) 2 100 13,550 14,736

Other expense 0 0 0 0 0 Other expense na 0 0

Interest expense 280 224 220 211 210 Interest expense (1) (25) 93 866 821

Profit before tax 3,307 1,617 2,366 2,016 3,117 Profit before tax 55 (6) 100 9,116 10,184

Income tax 669 331 448 402 575 Income tax 43 (14) 97 1,756 2,037

Equity & invest. income 0 (27) (25) (41) (17) Equity & invest. income na na (111) 0

Minority interests (3) (3) (4) (3) (5) Minority interests na na 71 (15) (23)

Extraordinary items 0 0 0 0 0 Extraordinary items na 0 0

Net profit 2,635 1,256 1,889 1,570 2,519 Net profit 60 (4) 100 7,235 8,124

Normalized profit 2,635 1,256 1,889 1,570 2,519 Normalized profit 60 (4) 100 7,235 8,124

EPS (Bt) 3.19 1.52 2.29 1.90 3.05 EPS (Bt) 60 (4) 100 8.77 9.85

Normalized EPS (Bt) 3.19 1.52 2.29 1.90 3.05 Normalized EPS (Bt) 60 (4) 100 8.77 9.85

Balance Sheet (consolidated) Financial Ratios

Yr-end Dec (Bt m) 4Q13 1Q14 2Q14 3Q14 4Q14 (%) 4Q13 1Q14 2Q14 3Q14 4Q14

Cash & equivalent 7,175 2,351 5,034 2,117 11,414 Sales grow th 1.6 2.7 3.8 2.7 3.1

A/C receivable 323 206 196 225 228 Operating profit grow th 29.3 (8.9) 15.3 31.4 (7.2)

Inventory 9,535 11,600 10,226 11,691 11,552 EBITDA grow th 23.7 (3.2) 14.4 25.2 (6.9)

Other current assets 4,749 5,960 4,385 5,562 4,536 Norm profit grow th 40.5 (10.1) 20.4 14.3 (4.4) Investment 16,285 16,540 16,592 16,333 16,188 Norm EPS grow th 40.5 (10.1) 20.4 14.3 (4.4)

Fixed assets 26,195 26,115 25,928 26,695 26,043

Other assets 32,903 33,003 32,841 31,914 32,819 Gross margin 18.3 13.3 15.2 14.2 16.9

Total assets 97,164 95,776 95,203 94,537 102,778 Operating margin 11.6 6.3 8.3 7.5 10.5

S-T debt 7,675 8,445 7,675 7,675 10,675 EBITDA margin 14.7 9.6 11.5 10.9 13.3

A/C payable 26,998 24,043 24,588 22,571 28,864 Norm net margin 8.5 4.3 6.1 5.3 7.9

Other current liabilities 2,483 2,516 2,380 2,160 2,563

L-T debt 18,650 17,975 17,975 17,975 13,975 D/E (x) 0.7 0.7 0.7 0.6 0.6

Other liabilities 4,320 4,499 4,512 4,510 4,555 Net D/E (x) 0.5 0.6 0.5 0.6 0.3

Minority interest 19 22 13 16 21 Interest coverage (x) 16.2 12.5 16.3 15.4 20.1

Shareholders' equity 37,019 38,275 38,060 39,630 42,126 Interest rate 4.1 3.4 3.4 3.3 3.3

Working capital (17,139) (12,237) (14,166) (10,655) (17,083) Effective tax rate 20.2 20.5 18.9 19.9 18.5

Total debt 26,325 26,420 25,650 25,650 24,650 ROA 12.3 6.1 8.9 7.5 11.1 Net debt 19,150 24,069 20,616 23,533 13,236 ROE 29.5 13.3 19.8 16.2 24.7

Sources: Company data, Thanachart estimates

8/9/2019 TMN150213

4/9



L.P.N. Development Pcl (LPN TB) - BUY, Price Bt20.9, TP Bt25.0 Results Comment

Phannarai Tiyapittayarut | Email: [email protected]

Strong 4Q14 results beat us marginally

▪ LPN announced strong 4Q14 profit of Bt743m, up 34% y-y and32% q-q, the best quarterly results of last year, as we’d

expected.▪ 2014 profit beat our estimate by 4% on stronger-than-expected

gross margin and other income in 4Q14.

▪ 4Q14 real estate sales were in line at Bt4.2bn, mainly fromthree new projects that were completed and started

transferring in the quarter – Lumpini SeaView Jomtien (Bt1.3bn

project value, 37% sold, 29% transferred), Lumpini Ville Onnut-

Pattanakarn (Bt1.9bn, 51% sold, 44% transferred) and Lumpini

Place Udon-Posri (Bt2.1bn, 72% sold, 53% transferred).

▪ Gross margin on real estate sales improved both y-y and q-q to33.3% in 4Q14 (versus 29.5% in 4Q13 and 31.7% in 3Q14),

driven by the high margin from the project in Udon Thani,Lumpini Place Udon-Posri.

▪ Other income rose to Bt52m. We suspect there were revenuesfrom shop sales to some shop tenants.

▪ Maintain BUY with a Bt25.0 TP. LPN announced higher-than-expected 2014 DPS of Bt0.8/share, with a 58% payout ratio.

The interim dividend of Bt0.54/share from the 2H14

performance is scheduled to be paid on 10 April with the XD

date on 24 Feb 2015.

Income Stateme nt (consolidated) Income Statement 12M as

Yr-end Dec (Bt m) 4Q13 1Q14 2Q14 3Q14 4Q14 (Bt m) q-q% y-y% % 2014F 2014 2015F

Revenue 4,110 2,502 2,502 3,539 4,323 Revenue 22 5 101 12,867 17,024

Gross profit 1,198 811 808 1,119 1,425 Gross profit 27 19 102 4,163 5,682

SG&A 509 365 367 423 524 SG&A 24 3 103 1,679 2,094

Operating profit 689 446 441 696 900 Operating profit 29 31 101 2,483 3,588

EBITDA 698 455 451 706 910 EBITDA 29 30 101 2,522 3,628

Other income 18 8 22 10 52 Other income 444 192 217 93 55

Other expense 0 0 0 0 0 Other expense na 0 0

Interest expense 3 9 1 4 6 Interest expense 55 101 91 21 35

Profit before tax 704 445 462 702 946 Profit before tax 35 35 103 2,555 3,607

Income tax 150 94 95 141 204 Income tax 45 36 103 534 758

Equity & invest. income 0 0 0 0 0 Equity & invest. income na 0 0

Minority interests (0) (0) (0) (0) (0) Minority interests na na 185 (0) (0)

Extraordinary items 0 0 0 0 0 Extraordinary items na 0 0

Net profit 554 351 367 561 743 Net profit 32 34 104 2,021 2,850

Normalized profit 554 351 367 561 743 Normalized profit 32 34 104 2,021 2,850

EPS (Bt) 0.38 0.24 0.25 0.38 0.50 EPS (Bt) 32 34 104 1.37 1.93

Normalized EPS (Bt) 0.38 0.24 0.25 0.38 0.50 Normalized EPS (Bt) 32 34 104 1.37 1.93

Balance Sheet (consolidated) Financial Ratios

Yr-end Dec (Bt m) 4Q13 1Q14 2Q14 3Q14 4Q14 (%) 4Q13 1Q14 2Q14 3Q14 4Q14

Cash & equivalent 1,192 1,849 916 796 1,047 Sales grow th (40.9) 1.2 (41.8) 2.2 5.2

A/C receivable 130 123 142 100 232 Operating profit grow th (56.5) 2.3 (56.5) (9.8) 30.7

Inventory 11,203 10,606 12,491 16,727 11,522 EBITDA grow th (56.1) 2.4 (56.0) (9.7) 30.4

Other current assets 3,500 4,729 3,237 0 5,023 Norm profit grow th (53.7) (2.6) (54.2) (8.7) 34.1

Investment 0 0 0 0 0 Norm EPS grow th (53.7) (2.6) (54.2) (8.7) 34.1

Fixed assets 238 236 234 232 208Other assets 1,158 1,276 1,329 1,356 1,752 Gross margin 29.2 32.4 32.3 31.6 33.0

Total assets 17,420 18,818 18,349 19,211 19,784 Operating margin 16.8 17.8 17.6 19.7 20.8

S-T debt 5,148 6,011 5,757 5,488 4,986 EBITDA margin 17.0 18.2 18.0 19.9 21.1

A/C payable 2,101 3,115 2,176 2,430 2,359 Norm net margin 13.5 14.0 14.7 15.9 17.2

Other current liabilities 231 293 128 104 253

L-T debt 140 95 613 1,328 1,583 D/E (x) 0.5 0.7 0.7 0.7 0.6

Other liabilities 174 182 187 195 194 Net D/E (x) 0.4 0.5 0.6 0.6 0.5

Minority interest 0 0 0 0 0 Interest coverage (x) 228.4 49.6 313.9 178.1 148.0

Shareholders' equity 9,626 9,121 9,488 9,665 10,408 Interest rate 0.2 0.6 0.1 0.2 0.4

Working capital 9,232 7,614 10,458 14,397 9,394 Effective tax rate 21.3 21.2 20.6 20.1 21.5

Total debt 5,289 6,106 6,370 6,816 6,569 ROA 13.0 7.7 7.9 11.9 15.2

Net debt 4,097 4,258 5,454 6,020 5,522 ROE 23.7 15.0 15.8 23.4 29.6

Sources: Company data, Thanachart estimates

8/9/2019 TMN150213

5/9



NEWS CLIPPING

Yingluck's lawyers seek review of case : PM may seek written agreement from conflicting parties

before election. Former Prime Minister Yingluck Shinawatra's legal team has urged the Office of the

Attorney-General to review its decision to pursue a corruption case against her, arguing that there is

insufficient evidence as the investigation is still incomplete.

The Nation

PM urges rail links to resorts : Private sector invited to joint investment. Prime Minister Prayut Chan-o-

cha has tasked agencies to do a feasibility study on building a high-speed rail network linking Bangkok

and popular tourism destinations with joint investment from the private sector.

Bangkok Post

Thai firms encouraged to step up Japan investment : Japan is seeking to attract more Thai

investment through the recent accord signed during the visit of Prime Minister Prayut Chan-o-cha.

Bangkok Post

Chamber: Decide on policy now : Businesses have urged the government to make up its mind quickly

on an energy policy, saying a delayed decision will affect their cost management, production efficiency

and competitiveness.

Bangkok Post

CDC backs reform safeguards : Constitution drafters have put forward a proposal that a national

committee be set up to oversee implementation of national reforms after the new constitution is

promulgated.

Bangkok Post

Work on BoI-approved SME projects expected to start in second half of 2015 : The board of

Investment said that most small and medium-sized projects approved by the BoI last year were expected

to start their construction process in the second half of this year and the BoI was maintaining its target of

approving projects valued at Bt350 billion this year.

The Nation

TCC urges quick resolution of 21st petroleum concession round : A seminar hosted by the Thai

Chamber of Commerce yesterday urged the government and all sectors to finalise the 21st round of

bidding for gas and oil exploration quickly, otherwise the delay in locking in energy sources would lead to

higher fuel prices as well as risk energy security.

The Nation

CIMB Thai stuck with high cost-to-income ratio for now, CEO says : CIMB THAI Bank has

acknowledged that it might not be able to improve its cost-to-income ratio in the near future as it has put

a lot of money into a full range of financial services, resulting in high fixed costs.

The Nation

Norling named new DTAC CEO : Total Access Communication (DTAC) yesterday named Lars-Ake

Norling as its new chief executive officer, effective April 1, 2015.

The Nation

Up to 60% of Modernine TV shows to be produced in-house : After the departure of two long-time

strategic content providers, MCOT is revamping its strategy to produce in-house up to 60 per cent of all

programming to retain its market share and advertising revenue.

The Nation

Group Lease looks to high margins in CLMV after sales rebound in Q4 : After posting an impressive

turnaround in the last quarter of 2014, Group Lease is pushing ahead with an aggressive expansion plan

to capture the fast-growing and high-margin motorcycle-leasing markets in Cambodia, Laos, Myanmar

and Vietnam (CLMV).

The Nation

8/9/2019 TMN150213

6/9



Market data Close Δ % Δ

SET Index 1,613.4 8.3 0.5%

SET50 Index 1,070.5 5.9 0.6%

SET100 Index 2,378.6 13.8 0.6%

MAI Index 779.3 8.0 1.0%

Economic data Current -1M -3M

Saving Rate (%) 0.50 0.50 0.50

Fixed Deposit - 3M (%) 1.13 1.13 1.13

Fixed Deposit - 1Y (%) 1.75 1.75 1.75

Govt Bond Yield 1Y (%) 2.00 1.97 2.06

Govt Bond Yield 10Y (%) 2.70 2.57 3.00

Treasury Yield – 10Y (%) 1.98 1.80 2.31

Policy Rate (%) 2.00 2.00 2.00

VIX Index 15.34 16.66 12.62

TED Spread (%) 0.25 0.24 0.23

Source: Bloomberg, Datastream, Thai BMA

SET Forward PE Band

0

500

1,000

1,500

2,000

2,500

1 9 9 0

1 9 9 2

1 9 9 4

1 9 9 6

1 9 9 8

2 0 0 0

2 0 0 2

2 0 0 4

2 0 0 6

2 0 0 8

2 0 1 0

2 0 1 2

2 0 1 4 F

2 0 1 6 F

(index)

7x

10x

14x

18x

22x25x

SET PE Discount to MSCI Asia x JP

(8)

(6)

(4)

(2)

0

2

4

6

8

10

Jan-03 Jan-06 Jan-09 Jan-12 Jan-15

(x)

+2 STD = 6.3x

+1 STD = 3.3x

Average = 0.3x

-1 STD = -2.8x

-2 STD = -5.8x

Source: Bloomberg

PRICE CHANGE - MOST ACTIVE

Change 1 Day (%) Change 1 Week (%)

(5) 0 5 10

CSS

KBANK

PTT

KTB

TUF

INTUCH

JAS

TPIPL

BANPU

IRPC

(10) (5) 0 5 10 15 20

IFEC

PTT

PTTEP

TRUE

KBANK

ADVANC

BGH

CSS

IRPC

TPIPL

Change 1Month (%) Change Year-To-Date (%)

(10) 0 10 20 30

SCB

KBANK

ADVANC

KTB

PTTEP

ITD

PTT

TRUE

JAS

IFEC

(20) 0 20 40 60

KBANK

SCB

ADVANC

BBL

KTB

PTTEP

PTT

TRUE

ITD

IFEC

SECTOR CHANGE


(1) 0 1 2 3 4

TRANS

MEDIA

CONMAT

FOOD

BANK

PETRO

COMM

SET

PROP

ENERG

ICT

AUTO

HELTH

ETRON

(2) 0 2 4

ENERG

BANK

MEDIA

COMM

ICT

SET

FOOD

TRANS

AUTO

ETRON

CONMAT

PROP

HELTH

PETRO

Change 1 Month (%) Change Year-To-Date (%)

(5) 0 5 10 15

COMM

FOOD

AUTO

ICT

TRANS

BANK

SET

ETRON

PROP

MEDIA

ENERG

CONMAT

HELTH

PETRO

0 5 10 15 20

FOOD

COMM

AUTO

ICT

MEDIA

BANK

SET

TRANS

PROP

ENERG

ETRON

CONMAT

HELTH

PETRO

Source: Bloomberg

8/9/2019 TMN150213

7/9



REGIONAL MARKET PERFORMANCE


(1) 0 1 2

Singapore

Malaysia

MSCI Asia x J P

Indonesia

Taiwan

Philippines

Hang Seng

S.Korea

China

Thailand

Dow Jones

India

S&P500

Nasdaq

Nikkei

(2) (1) 0 1 2 3

Hang Seng

MSCI Asia x J P

Malaysia

S.Korea

Taiwan

India

Thailand

Singapore

Dow Jones

Philippines

China

Indonesia

S&P500

Nasdaq

Nikkei

Change 1 Month (%) Change Year-To-Date (%)

(4 ) (2 ) 0 2 4 6

China

Hang Seng

MSCI Asia x JP

S.Korea

Dow Jones

Malaysia

Singapore

Indonesia

Taiwan

S&P500

Nasdaq

Philippines

India

Thailand

Nikkei

(5 ) 0 5 10

China

Dow Jones

S&P500

Malaysia

Singapore

S.Korea

Taiwan

Indonesia

MSCI Asia x JP

Nasdaq

Nikkei

Hang Se ng

India

Philippines

Thailand

Source: Bloomberg

REGIONAL FUND FLOWS

Change 1 Day (-1D)

386

269

74 5522 19

(53)(100)(50)

050

100150200250300

350400450

Asia-6 Taiwan Indonesia Thailan d Phil ip. India Korea

(US$ m)

Change 1 Week (-1W)

1,854

1,191

341 317181

107

(283)(500)

0

500

1,000

1,500

2,000

Asia-6 Taiwan Indonesia Korea Thailan d Phil ip. India

(US$ m)

Change 1 Month (-1M)

6,711

3,629

2,466

784 386 112

(667)(2,000)(1,000)

01,0002,0003,0004,0005,0006,0007,000

8,000

Asia-6 Taiwan India Phil ip. Indonesia Thailan d Korea

(US$ m)

Change Year-To-Date (YTD)

6,715

3,629

2,471

784386 112

(667)(2,000)

(1,000)

0

1,000

2,000

3,000

4,000

5,000

6,0007,000

8,000

Asia-6 Taiwan India Phil ip. Indonesia Thailan d Korea

(US$ m)

Source: Bloomberg

8/9/2019 TMN150213

8/9

8/9/2019 TMN150213

9/9



Recommendation Structure:

Recommendations are based on absolute upside or downside, which is the difference between the target price and the current

market price. If the upside is 10% or more, the recommendation is BUY. If the downside is 10% or more, the recommendation is

SELL. For stocks where the upside or downside is less than 10%, the recommendation is HOLD. Unless otherwise specified, these

recommendations are set with a 12-month horizon. Thus, it is possible that future price volatility may cause a temporary mismatch

between upside/downside for a stock based on the market price and the formal recommendation.

For sectors, we look at two areas, ie, the sector outlook and the sector weighting. For the sector outlook, an arrow pointing up, or the

word “Positive”, is used when we see the industry trend improving. An arrow pointing down, or the word “Negative”, is used when we

see the industry trend deteriorating. A double-tipped horizontal arrow, or the word “Unchanged”, is used when the industry trend does

not look as if it will alter. The industry trend view is our top-down perspective on the industry rather than a bottom-up interpretation

from the stocks we cover. An “Overweight” sector weighting is used when we have BUYs on majority of the stocks under our

coverage by market cap. “Underweight” is used when we have SELLs on majority of the stocks we cover by market cap. “Neutral” is

used when there are relatively equal weightings of BUYs and SELLs.

Thanachart Securities Pcl.

Research Team

28 Floor, Siam Tower Unit A1

989 Rama 1, Pathumwan Road, Bangkok 10330

Tel: 662 - 617 4900

Email: [email protected]

Pimpaka Nichgaroon, CFA

Head of Research

Economics & Strategy

[email protected]

Supanna Suwankird

Energy, Utilities

[email protected]

Siriporn Arunothai

Ad Hoc Research, Healthcare

[email protected]

Sarachada Sornsong

Financial, Telecom

[email protected]

Saksid Phadthananarak

Construction, Transportation

[email protected]

Noppadol Piriyawut

Senior Technical Analyst

[email protected]

Phannarai Tiyapittayarut

Property, Retail

[email protected]

Kalvalee Thongsomaung

Food, Hotel, Media

[email protected]

Adisak Phupiphathirungul, CFA

Retail Market Strategy

[email protected]

Ittikorn Thepmani

[email protected]

Rata Limsuthiwanpoom

Assistant [email protected]

Chalida Tantriyanont

Assistant [email protected]

tmn150213

Documents