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THANACHART SECURITIES 1

Thai Strategy Team ��

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Thanachart SecuritiesThursday, 27 March, 2014

TTThhhaaannnaaaccchhhaaarrrttt’’’sss TTThhheee EEEaaarrrlllyyy BBBiiirrrddd

Tactical Portfolio (1-3 months) TNS �� BTS, CPALL, CPF, DTAC, GFPT, INTUCH, JAS, SAMART �� TUF �� ก �� 1-3 �� !��"#$��%��&��"# 10% ��)� *� INTUCH: �+,�� -.�/�0 ��+��&+ �� +!ก ก�� 3.7-17.5% 4��5 2014-16 �� +!ก ก�� ADVANC �=ก� �+!ก ��&+ �,%��>=ก 1) ก � &@A$�"#B��%� 2) ก � �� "#�)&#+ C/� �� 3) ก ��"#�)&#+ C/� .C#��=กก � �� +!ก ก�� 4�,$�ก !*ก�� INTUCH ��&�@��#� 9.3-11% 4��5 2014-15 4ก,�$"��ก�� SET !��"#=��I��"#�� >��=ก��&��J�> �� 5.8-6.6% 4��5 2014-15...��/��"/ INTUCH =� C/��$ �#��+� XD 2.16 ��/��,� 4�%��"# 1 �+.�.�"/ $&��N�� >��=ก��&��J�> 2.84%

Technical <�=��>?@A��B�BC�A� : ��B�" SET OPQ��% C/�=ก ��#�ก%��,�$��R"#� 1 �� +"ก .�/�ก�� B�"��,�$��R"#� ��/��"# �� 1360 S 1362 =�� +"@�ก��>��, ��=��4�,��B�" SET +"@�ก� C/��%�,��&+�"# 1375-1380 =��%��"/$�%�=��I�4�ก �� 1357-1364 =�� DEA��B�B 1 C�F�G�� : BCH ก�� C/��#��>�� 6.90 �� $�%�=�+"@�ก� C/��%�,� 7.25 �� 7.50 �� SAMTEL C/�� >�� 14.00 �� =��%�.�/��+�,%��T�+� 14.60 �� TUF ��ก ��%�,��+��"#�+ ��N��UU!.�/� �,%�$%+�%�� $ C/��I��%�,� ��/��"# �� 70.00 �� ก&��"/��N�=��%�� .C#�$�%�=��+��ก&��I��&+�"# �� 71.75 ��

Technical SET range: 1,357-1,364

TFEX Recommendation SET50 Futures: �� -Trading0 4�ก �� 914-925 =�� ก ��\��]�� Short �"ก$ �/� 4�ก !"�"# S50M14 (��UU S50H14 =��+��*�"/) � ��#�ก%� 914 =�� Gold Futures: �� -]��0 �]�� Short ��#�� @��+"��T�+�ก � ��"# 20,000-20,200 �� !��"#ก�� Trailing Stop �"# 20,400 �� $��$� COMEX � ��#��"ก 0.61% �\��"# US$1,303.4/��.* Oil Futures: �� -Trading0 4�ก �� 3,480-3,520 ��&h�� *��ก�� $�/�+��&� Brent �$�#��%4�ก ��$�k �\�� I� C/��lก�,�� US$0.04/bbl �"# US$107.03/bbl

Market Outlook P�Q�?CRS��กQ�E�� ก.�. ?�G�P� 2.43% y-yY��S>�SQFZ�<[R Technical Rebound Q]RG��A�: SET � ��I� C/� 0.47% �\��"# 1,360.44 =�� ,%�+I$�ก .�/� � 2.1 �+�#�,�� ก��B�&.�/��,��n& 74 ,��...�+, SET =�� I� C/��#��+�#�%��"/ � �ก��ก��%� ��ก +2.43% y-y 4�� ก.).�"ก%��"#��$�ก !*�%,%�=� ��%�)"�� 0.2% y-y ��+I$�ก .�/� ��"#��%�� 2.1 �+�#�,�� #�ก%��"#=� -��0 %�ก )�กq��,=��,% ��4�,��+��ก � ��I� C/��N��)"�� Technical Rebound �,%� Upside =�ก�� &�%! 1,360 +/- =�� /� ก��] �̂��ก _��P`Y`DEA�` RATCH: ก��n*��ก�� -�)� *�0 ��+��&+... !��"#�� -.�/�0 RATCH (TP 61 ��) ��#��,%� 1) �+,$�ก !*ก�� 5 2014 =� ��%�)"�� 10% ��=��&�@�ก,%ก �@��4��5 2015-16 �R"#� 27% =กก��ก >&��OOT�"#�)&#+ C/� 2) +"@�ก�� +I@ ��OOT4�+��@ �4�� hA�4� 2Q14 �"/ 3) �J�>��I�4��%@�,+ C/�=ก 4.4% �5�"/ ��N� 5.6-7.3% 4��5 2014-15 4) �ก&��UU! -�%ก0 ��$�&$ ��T�+� ��/� 52.50 ��

Trading Range: 1,330-1,380

Stoc kTP (Bt)

S toc k TP (Bt) S toc k (%) S toc k TP (Bt)

BTS 9.6 AOT 260.0 BTS 7.2 ADVANC 255.0

CPALL 58.0 BTS 9.6 MCOT 7.1 INTUCH 92.0

CPF 37.0 CHG 12.5 DCC 6.3

DTAC 140.0 CPALL 58.0 KKP 6.2

GFPT 15.5 CPF 37.0 DTAC 6.1

INTUCH 92.0 DTAC 140.0 INTUCH 5.8

JAS 10.0 STEC 25.0 TTW 5.7

SAMART 23.3 THCOM 48.0 TISCO 5.6

TUF 77.0 TTCL 65.0 ADVANC 5.6

CASH - TUF 77.0 PTTGC 5.1

Top Dividend Today's

Portfolio Core Holding Yield (%) 2014F report

Tactical Siam Senses

Thanachart’s The NEW Early Bird

SET Index: 1,360.44 | Change: +6.43pt (0.47%) | Ga iner: 408 Loser: 277 Unchanged: 232 stocks | Tur nover (Bt m): 21,119 | Mkt cap: (Bt bn) 12,065

Total Net Buy (Sell) > | Foreign (Bt m) : + 75 | Retail (Bt m) : -1,644 | Local Fund (Bt m) : +368 | Prop Trade (Bt m) +1,201

STATISTIC NEXT PAGE >>>

THANACHART’S THE EARLY BIRD THURSDAY, 27 MARCH, 2014


Tactical Portfolio

Tactical Top Picks (1-3 months) Performance Q]c�dก�d SET YTD +13.53%

Stock C/R Target TPPrice Price Upside 14F 15F 14F 15F 14F 15F

(Bt) (Bt) (%) (%) (%) (x) (x) (%) (%)BTS 8.40 9.60 14.3 34.0 12.1 44.0 39.3 7.2 7.8CPALL 42.75 58.00 35.7 29.7 29.2 26.8 20.7 2.1 2.4CPF 27.75 37.00 33.3 104.3 41.8 17.6 12.4 2.8 4.0DTAC 115.00 140.00 21.7 15.5 31.3 19.9 15.2 6.1 7.7GFPT 14.10 15.50 9.9 15.6 (0.5) 10.8 10.9 2.8 2.8INTUCH 76.00 92.00 21.1 9.3 11.1 15.0 13.5 5.8 6.6JAS 7.90 10.00 26.6 29.0 16.3 14.7 12.6 4.2 5.0SAMART 18.40 23.30 26.6 15.5 13.3 10.9 9.6 5.1 5.7TUF 67.50 77.00 14.1 83.0 26.7 15.6 12.3 3.5 4.5CASH

Norm EPS gw Norm PE Yield

10% of Portfolio

99

101

103

105

107

109

111

113

115

117

Jan-14 Feb-14 Mar-14

(%) SET Tactical Portfolio

Source: Thanachart estimates, �G[GFg� ��]ch 26 Mar 14, *Add, **Take out Source: SET, Thanachart estimates, �G[GFg��]ch 21 Mar 14 Note: Tactical Portfolio QFZ��P�S]��B�B 1-3 Q�E�� =��kl�กG��Q[�GB��]GS�EA�mG�, Q][��[ <�B Market timing กoG��ก��] �̂กG��S]� D@hSpoGก��กG�qE�QS��C�k��Pr>RQก�� 30%

INTUCHYF��dF�B>GsกG�กoGr� <�BQFtG�>G��EA�mG��S

INTUCH: �+,�� -.�/�0 ��+��&+ �� +!ก ก�� 3.7-17.5% 4��5 2014-16 �� +!ก ก�� ADVANC �=ก� �+!ก ��&+ �,%��>=ก 1) ก � &@A$�"#B��%� 2) ก � �� "#�)&#+ C/� �� 3) ก ��"#�)&#+ C/� .C#��=กก � �� +!ก ก�� 4�,$�ก !*ก�� INTUCH ��&�@��#� 9.3-11% 4��5 2014-15 4ก,�$"��ก�� SET !��"#=��I��"#�� >��=ก��&��J�> �� 5.8-6.6% 4��5 2014-15...��/��"/ INTUCH =� C/��$ �#��+� XD 2.16 ��/��,� 4�%��"# 1 �+.�.�"/ $&��N�� >��=ก��&��J�> 2.84%...��/��"/�+�#��"�� INTUCH ก�� DTAC =��l�%� DTAC ��N��,�ก��+��#�� "#4�,�� >��=ก��&��J�>�I��"# 6.1-7.7% 4��5 2014-15

Stock C/R Target TPPrice Price Upside 14F 15F 14F 15F 14F 15F

(Bt) (Bt) (%) (%) (%) (x) (x) (%) (%)ADVANC 228.00 255.00 11.8 3.6 7.4 17.9 16.7 5.6 6.0DTAC 115.00 140.00 21.7 15.5 31.3 19.9 15.2 6.1 7.7INTUCH 76.00 92.00 21.1 9.3 11.1 15.0 13.5 5.8 6.6JAS 7.90 10.00 26.6 29.0 16.3 14.7 12.6 4.2 5.0SAMART 18.40 23.30 26.6 15.5 13.3 10.9 9.6 5.1 5.7SIM 3.26 2.70 (17.2) 10.0 9.8 16.1 14.6 4.0 4.4SYMC 16.40 14.70 (10.4) 21.5 16.9 16.2 13.9 4.6 5.4THCOM 41.75 48.00 15.0 41.8 35.3 23.1 17.1 1.6 2.9TRUE 7.00 7.30 4.3 na na na na 0.0 0.0

Norm EPS gw Norm PE Yield

Tactical Portfolio k��P�G��P�d<]� +0.53% w-w: Tactical Portfolio 4�,�� >�� +0.53% 4��*�"#>��+ (17-21 +".$.14) �I�ก%� SET �"#4�,�� >�� -0.85% ��I� 1.38% @��,��"#4�,�� >��"ก%� SET ��,�ก� DTAC, DEMCO (�� - �0 ��ก��4�B�%�ก��*), CPALL, �� TUF !��"# GFPT �� CPF 4�,�� >��#�ก%� SET @��4��*�"#>��+� �� - �0 DEMCO �� QH ��ก=ก)� *� �� -.�/�0 TUF %+��]C��)&#+��%� -��&��0 ��N� 10% �)�#� �� $%+��"#��=กก -)�กq�0 ��...��/��"/],)&= !��/��=�� Tactical Portfolio (13 +.$.14) 4�,�� >�� 13.53% �I�ก%� SET �"#4�,�� >�� 7.64% ��I� 5.46%

�� ก�� ก�, [email protected], +66 2617 4900

Tactical Picks

StockAttractive Div Yield

Limited Impact from

Polities

Limited Downside

risk on share price

High Earnings Growth

BTS x x x xCPALL x xCPF x xDTAC x xGFPT xINTUCH x xJAS x xSAMART x xTUF x x

Tactical Portfolioys performance (w-w)

-0.85%

0.53%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

GF

PT

CP

F

BT

S

SE

T

JAS

SA

MA

RT

Tac

tical

INTU

CH

TU

F

CP

ALL

DTA

C

QH

DE

MC

O

Take out



Siam Senses Portfolio

Siam Senses Top Picks (6-12 months)

Stock Rating Current Target Upside Market

price price cap 2014F 2015F 2014F 2015F 2014F 2015F 2014F 201 5F

(Bt) (Bt) (%) (US$ m) (%) (%) (x) (x) (x) (x) (%) (%)

AOT BUY 194.00 260.00 34.0 8,506 27.4 17.6 21.9 18.6 12.7 11.5 1.8 2.1

BTS BUY 8.40 9.60 14.3 3,072 34.0 12.1 44.0 39.3 21.2 24.4 7.2 7.8

CHG BUY 10.50 12.50 19.0 354 13.9 13.9 24.5 21.5 15.8 14.1 2.5 2.8

CPALL BUY 42.75 58.00 35.7 11,791 29.7 29.2 26.8 20.7 17.3 14.2 2.1 2.4

CPF BUY 27.75 37.00 33.3 6,595 104.3 41.8 17.6 12.4 14.9 12.2 2.8 4.0

DTAC BUY 115.00 140.00 21.7 8,357 15.5 31.3 19.9 15.2 8.9 7.3 6.1 7.7

STEC BUY 16.70 25.00 49.7 782 14.3 10.0 15.5 14.1 6.0 3.3 2.6 2.8

THCOM BUY 41.75 48.00 15.0 1,405 41.8 35.3 23.1 17.1 10.2 8.2 1.6 2.9

TTCL BUY 37.75 65.00 72.2 649 35.3 42.7 20.4 14.3 13.6 10.2 2.4 3.5

TUF BUY 67.50 77.00 14.1 2,395 83.0 26.7 15.6 12.3 12.5 10.6 3.5 4.5

— Norm EPS gw — — Norm PE — — EV/EBITDA — — Yield —

Source: Thanachart estimates, Closing price 26-Mar-14 Note: ��PกG��S]�?�S Siam Senses CoG��d��ก�S]��B�B�G��D@hSP��SกG��S]�k��B�B 6-12 Q�E��

Siam Senses Return Vs. Return From The SET

2.8 4.8

(60)

(40)

(20)

0.

20.

40.

60.

80.

100.

2008 2009 2010 2011 2012 2013 YTD2014

(%) Siam Senses return SET

(2.0)

-10

-5

0

5

10

15

20

25

30

35

2008 2009 2010 2011 2012 2013 YTD2014

(%) Out / Underperform the SET

��k� Siam Senses Portfolio � AOT: ��N��,��"#+"ก ��&�@��I�4� ��% (Long-term growth

stock) ��N��,��"#+"�&�� )�*$�!A)�I� (Asset play) � BTS: ��N��,��"#+"��]"� A)�I�A�4�,�A%��h �qก&=�"#]�]��

(Defensive stock) ��4�,�� >��=ก��&��J�>�I� � CHG: ��N��,�)�/�q��"+"ก ��&�@� ��ก�� +#��+�4� 4-5 �5

,��, � CPALL: ��N��,��"#ก��OPQ��% ��n� ก&=+"$%+>��>%��,��@��

n +B�&

� CPF: OPQ��%� l��ก ��=ก�5 2013 �"#�% ,� � DTAC: 4�,�� >��=ก�J�>�I� ��&�@��" � STEC: ��N�� &�� +�"#��"#��=กก )��@$ �� ,�

)�/�q� �� h4� ��% � THCOM: ��N��,��"#+"ก ��&�@��I� �,%�+" 2 �%��"�+4�+�4��5�"/. � TUF: ��N��,��"#ก��OPQ��% ��,� �@�B�*=ก��&��"#��$�

��>��กG ��pกG�s, [email protected], +66 2617 4900



Market & Data Summary

Market Summary Major Indices

Index Close ∆ % ∆

Dow Jones 16,268.99 -98.89 -0.6

NASDAQ 4,173.58 -60.69 -1.4

FTSE 6,605.30 +0.41 +0.0

SHCOMP 2,063.67 -3.64 -0.2

Hang Seng 21,887.75 +155.43 +0.7

FTSSI (Sing) 3,143.32 +39.15 +1.3

KOSPI 1,964.31 +23.06 +1.2

JCI (Indonesia) 4,728.24 +25.15 +0.5

MSCI Asia 118.93 +1.04 +0.9

MSCI Asia x JP 535.09 +5.23 +1.0

MSCI World 1,654.34 -1.35 -0.1

Market data Close ∆ ∆ Value

(Index) (Pt) (%) (Bt m)

SET Index 1,360.4 +6.4 +0.5 21,119

SET50 Index 921.5 +4.1 +0.5 13,530

SET100 Index 2,024.6 +10.4 +0.5 17,436

SETHD Index 1,100.7 +3.6 +0.3 6,522

MAI Index 399.3 +1.3 +0.3 632

Source: SET

SET Index vs MSCI Asia x JP

440460480500520540560580

1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700

Mar-13 Jul-13 Nov-13 Mar-14

SET index (LHS)MSCI Asia x JP (RHS)

(Index) (Index)

Major Currency Close ∆ % ∆

Dollar index 80.03 +0.09 +0.1

Bt/US$ - on shore 32.57 +0.01 +0.0

EUR/US$ 0.73 +0.00 +0.0

100JPY/US$ 101.91 -0.13 -0.1

1Y bond yield - TH 3.84 -0.02 -0.5

10Y bond yield - TH 2.69 -0.06 -2.0

Commodities Close ∆ % ∆

NYMEX (US$/bbl) 100.26 +1.07 +1.1

BRENT (US$/bbl) 107.03 +0.04 +0.04

DUBAI (US$/bbl) 103.79 +0.14 +0.14

JET Fuel (US$/bbl) 119.70 -0.39 -0.32

Baltic Dry Index 1,496.00 -82.00 -5.20

Baltic Handysize Index 672.00 -4.00 -0.59

GRM Complex(US$/bbl) 7.40 -0.13 -1.73

Gold (US$/oz) 1,305.30 +1.90 +0.15

Coal (BJI)* 74.90 +2.15 +2.96

Cotton (US$/bbl) 91.66 -2.45 -2.6

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

HDPE-Naphtha 604.00 -3.00 -0.49

Ethylene-Naphtha 511.50 -5.50 -1.06

PX-Naphtha 236.50 +27.00 +12.89

BZ-Naphtha 299.00 +12.00 +4.18

Steel-HRC 510.00 -17.50 -3.32

Rubber SICOM TSR20 1,899.00 -18.00 -0.94

Rubber TOCOM 2,330.53 +12.16 +0.52

Soybean (US$/bu.) 1,428.00 +2.50 +0.18

Soybean meal (US$/t) 463.70 +1.70 +0.37

Swine Price (Bt/kg) 75.33 +0.00 +0.00

Broiler Price (Bt/kg) 39.50 +0.00 +0.00

Vannamei Shrimp(Bt/kg) 287.50 +0.00 +0.00

Raw Sugar** 17.38 +0.41 +2.42

White Sugar** 463.70 +10.10 +2.23

Source: Bloomberg

Thailand Net Fund Flows

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

Foreign +0.07 +3.38 -29.44

Retail -1.64 -4.69 +13.80

Institutes +0.37 +0.62 +14.88

Proprietary +1.20 +0.70 +0.75

Source: SET

Regional Fund Flow

Net trade (US$ bn) Prev. MTD YTD

Thailand 2 (416) (895)

India — (13) 3,060

Indonesia 9 195 2,016

Korea 71 (1,537) (3,993)

Philippines 9 (107) 233

Taiwan — 774 1,462

Asia-6 92 (1,104) 1,882

Source: Bloomberg

Market Valuation

Market data 2014F 2015F 2016F

PE (x) 13.20 11.72 10.40

Norm EPS gw (%) 9.34 12.38 12.75

EV/EBITDA (x) 8.92 8.20 7.59

P/BV (x) 2.03 1.85 1.68

Yield (%) 3.63 4.06 4.66

ROE (%) 16.10 16.56 17.03

Net D/E (x) 0.66 0.62 0.55

Source: Thanachart estimates Sources: Bloomberg, Datastream

Most Active Value

0.5

0.5

0.7

0.7

0.7

0.7

0.9

1.0

1.0

1.7

0 1 1 2 2

KBANK

SCB

CPALL

TRUE

SAMART

KTB

CPF

ADVANC

JAS

IVL

(Bt bn)

Top Gainer Price -1D (%)

4.3

4.4

4.6

4.9

5.1

5.4

5.8

6.7

6.8

7.0

0 2 4 6 8

SOLAR

BCH

AJ

TTCL

GOLD

SMPC

SYMC

LIVE

SAMTEL

SAMART

(%)

Top Looser Price -1D (%)

(3.3)

(3.4)

(3.8)

(4.7)

(5.2)

(5.8)

(9.0)

(9.3)

(16.3)

(33.3)

(40)(30)(20)(10)0

PR

WACOAL

CTW

KC

TCMC

DTCI

LEE

TBSP

ABC

IEC

(%)

Source: SET



News Update

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BUY (Unchanged) TP: Bt 255.00 (From: Bt 303.00) 27 MARCH 2014

Change in Numbers Upside : 11.8%

Advanced Info Service (ADVANC TB)

SARACHADA SORNSONG

662 – 617 4900 [email protected]

ก��ก��

�� ก�� ADVANC !"#� � �$�� ADVANC %��ก��&� �$'"��(ก��!)(*!��! �� (��ก��ก#� ��+ 2014-16F �� 11% *�4�5�6"4 7��ก��!)(*!��4 �� 2014-2015F %��49��(��ก�� 4��#�7��#� :;'��< �$�� ADVANC 6��!��)��=�>�?9� �$64�7!��4��@�( DTAC �กก��

ก��ก��B��4��4�+ 2�ก��.��1-��%"��"�1-��%"�ก�� data '.��'��ก ��2�% ADVANC -��ก!��.1� "�$��2��$ #�+�%"�ก�� '�+��*0��)�ก�� "�#��(�� .��"�-$�-��ก�� )��ก�+.ก��$".� '"��ก0A 2014 #�+1��.�� )��-��+"�&$ ' 163 ��. 2�0A 2014-18F 1$�2�%�$��0A 2014F ' 40��. /&ก-��*-%(��ก��-��.(%�2�#ก%-��#(� #�+��.1� "�$�� 3G '1-��/' 2.1GHz 0A 2015-16F .04��$-� '.��1��-$� ADVANC �+�� )� 64 ��. .� '".��'�1-��(��/2�ก��2�%��ก�� data (�%��.1� "�$�� 4G #�+ก��ก�+��"�#��(��*02�.��)�� $-�0A 2017-18F �+�-�.�� )� 59 ��. (��ก��ก�+��.1� "�$�� 4G #�+��"�#��(��*0 �'-0�+. R �"ก��กก�� )�.� "��%�#�%- �� ก��.�%��$-�0�+�&�1-��/' 1800Mhz #�+ 900Mhz 2� 4Q14 5�'�.��1��-$�1$�2�"�)6��+"�&$ ' 12.5 ��. #�+ 17.5 ��. �� ก�C��?��7(��ก��!�� (��)�ก�� "/ "0V��)�� ADVANC ��.(�"#1�.06ก��.��)ก��ก�� .� '"0ก0W"�($-�#�$�ก�� #�+.�$�ก��.0�'��2�%� �R�� "/ " 3G ก��) �� '2�%1 "ก��1� data 2�%. $�ก��1&$#�$� #�+��1�� R�� "/ "/�� 50% DTAC (TP 115 �� , \5 "]) #�+ TRUE (TP 7 �� , \��]) *�%�ก��%ก�� .��.� '"-$�ก��#�$��*�$/��)�(&�()� .��1��-$�.ก�ก��#�$�($-�#�$�ก��+��$"*0/�� 2H16 .� "")�(��ก��/��)� '�ก��2�% data ��ก/��"�'��- 2 �+7��ก��!)(*!��4 ��(��ก�� ก��0�+��ก1$�2�%�$��($-�#�$��*�% ��2�%-��ก�� )�2��$ #�+ก��#�$��%��1� *�$($�3�ก�+ �2�%"��ก��*�() ��- "�$�� '.04��2�0A 2002-03 #�+0A 2005-06 "�$��*�ก7��*�%2�($-� voice '�� 2�%ก��.��"� top-line *�$�$�� '�.�%� #�+.��1��-$��+�ก��.��"�ก��*��+��0��ก�� ' 6% 2��$-�0A 2014-15F #�%�0V��(��(�)��*�%��ก��"�#��(�� .��1�0��0�+��,ก��ก��*�� 11% 2�0A 2014-16F �%-�.��)3� '-$� 1) ��*�% data '��ก0V��.R��!ก��"$"�#" 2) 1$�2�%�$�� ก�� '(&��.� '"�0�� 4G #�+��"�#��(�� #�+ 3) .�� )� '��ก�� 2�%.��*�%0��1�.0W��/�� 16% .04� 255.0�� /�)%� ;'��$'"�>�!�(7��?9� #�%-$�.��*�%0��0�+��,ก��ก��*� .� '"2�%("�1�%"�ก��ก��#�$�� '(&� .��.� '"-$��)�ก��#�+��#��$� ��ก��.��"� ADVANC ��#�7�#ก�$� 2��,+ '0�+��,ก��"��ก��$��.��0V�3� ' 5.6% ��1�"�&$2��+��(&� '()�. ��ก��)%��2�6$ '()� 10 �� .��1�#�+�� \5 "] ADVANC #�$�"� DTAC ��กก-$��%-�.��)3� 3 "�$�� 1) .��.� '"-$� DTAC *�%��)�""ก��กก��กก��*� #�+�0�+��,ก�� EPS CAGR 0A 2013-16F '(&�ก-$��"� ADVANC "�&$ 12% 2) EV/EBITDA �"� DTAC ��/&กก-$��"� ADVANC "�&$ 22% #�+.��.�7�ก��0m��$"�-$�� EV/EBITDA ��ก 2.5 . $� .� '"��ก DTAC �1-��(��/2�ก��#�$�� 3) "��.��0V�3��"� DTAC (&�ก-$� �%"�&�.��'�.��*�%��ก ��(�$)" EPS 7�� DPS

Tha

nach

artS

ecur

ities

COMPANY VALUATION

Y/E Dec (Bt m) 2013A 2014F 2015F 2016F

Sales 142,783 146,590 156,699 168,809

Net profit 36,274 37,830 40,636 52,370

Consensus NP 40,018 45,525 52,045

Diff frm cons (%) (5.5) (10.7) 0.6

Norm profit 36,507 37,830 40,636 52,370

Prev. Norm profit 39,361 44,788 64,191

Chg frm prev (%) (3.9) (9.3) (18.4)

Norm EPS (Bt) 12.3 12.7 13.7 17.6

Norm EPS grw (%) 5.0 3.6 7.4 28.9

Norm PE (x) 18.6 17.9 16.7 12.9

EV/EBITDA (x) 11.1 11.4 10.3 9.5

P/BV (x) 14.8 14.5 14.1 12.6

Div yield (%) 5.3 5.6 6.0 7.7

ROE (%) 81.9 81.9 85.9 102.8

Net D/E (%) 44.7 173.4 196.9 212.1

PRICE PERFORMANCE

(10)

0

10

20

30

40

100140180220260300340


(%)(Bt/shr) ADVANC

Rel to SET Index

COMPANY INFORMATION

Price as of 26-Mar-14 (Bt) 228.00

Market cap (US$ m) 20,805.6

Listed shares (m shares) 2,973.1

Free float (%) 36.2

Avg daily turnover (US$ m) 47.1

12M price H/L (Bt) 311.0/186.5

Sector Telecom

Major shareholder INTUCH 40.45%

Sources: Bloomberg, Company data, Thanachart estimates

COMPANY NOTE ADVANC SARACHADA SORNSONG

THANACHART RESEARCH

Ex 1: Many Years Of Heavy Capex Ex 2: Capex Assumption Revisions

0

10

20

30

40

50

60

2013 2014F 2015F 2016F 2017F 2018F

(Bt bn) Spectrum fee Network

0

10

20

30

40

50

60

2014F 2015F 2016F 2017F 2018F

(Bt bn) Old New

Sources: Company data, Thanachart estimates Source: Thanachart estimates

Ex 3: AIS’s 2.1GHz 3G Roadmap

2013 2014

13,200 20,000

base stations base stations

80% 95%

population population

coverage coverage

Bt28bn Bt40bn

capex capex

Source: Company data


THANACHART RESEARCH

Ex 4: 1800 MHz And 900MHz Spectrum Auctions Roadmap ( 2014)

1800MHz

Jan-Mar Development of licensing draft and Information of Memorandum (IM)

Apr Telecom committee's approval of the draft and IM

Apr NBTC committee’s approval of the draft and IM

Apr-May Public hearings

Jun Published in the Royal Gazette

Jun-Aug Bid invitation process

Aug Prequalification process

Aug Auction

Sept License awarding

900MHz

Jan-May Development of licensing draft and Information of Memorandum (IM)

May Telecom committee's approval of the draft and IM

May NBTC committee’s approval of the draft and IM

May-Jul Public hearings

Aug Published in the Royal Gazette

Oct Bid invitation process

Nov Prequalification process

Nov Auction

Dec License awards

Sources: Company data, Thanachart estimates

Note: - The NBTC will not award licenses to 900MHz winners immediately after the auction, and will await the expiry of the 900MHz concession in 2015

- The NBTC will auction two licenses on the 1800Mhz spectrum, each with 12.6MHz of bandwidth

- There is a total of 20Mhz bandwidth on the 900MHz spectrum; the NBTC is considering whether to auction all or only the 17.5Mhz that is currently held by ADVANC

- If this is the case, the regulator might consider auctioning two licenses on the 900MHz spectrum

- The NBTC plans to call bids next year for 50MHz of the 1800MHz spectrum held by DTAC

- The reserve price should be in the same range as that for the 2.1GHz spectrum of Bt4.5bn per 5Mhz while the price of the 900MHz spectrum should be higher according to the international standard

Ex 5: Details Of Upfront Fee Payments

0

2

4

6

8

10

12

14

2013 2014F 2015F 2016F

(Bt bn) 2.1GHz 3G 1800MHz 900MHz



THANACHART RESEARCH

Ex 6: Projected Capex In 2015-16F

0

5

10

15

20

25

30

35

40

2015F 2016F

(Bt bn)Wired broadband 4G capex 3G capex

Source: Thanachart estimates

Ex 7: Projected Capex In 2017-18F

0

5

10

15

20

25

30

35

40

2017F 2018F

(Bt bn)Wired broadband 4G capex 3G capex

Sources: Thanachart estimates

Ex 8: Data Pricing Comparisons

0.0 0.2 0.4 0.6 0.8 1.0 1.2

Mar-14

Feb-14

Jan-13

Dec-12

(Bt/MHz)

High-end package

ADVANC

DTAC

TRUE

0.0 0.5 1.0 1.5 2.0 2.5

Mar-14

Feb-14

Jan-13

Dec-12

(Bt/MHz)

Low-end package

ADVANC

DTAC

TRUE

Source: Company data, Thanachart estimates


THANACHART RESEARCH

Ex 9: Handset Promotions

Source: Company data

Ex 10: Changes In Key Assumptions

2014F 2015F 2016F

Non-voice revenues (Bt bn) - New 38.85 46.62 55.95

- Old 42.09 52.61 65.77 - Change (%) (7.69) (11.38) (14.93) Wired broadband revenues (Bt bn) - New 0.03 0.76 2.21 - Old ─ ─ ─ - Change (%) na na na Service revenues (Bt bn) - New 117.25 123.86 133.22 - Old 119.20 127.98 139.75 - Change (%) (1.64) (3.23) (4.67) Marketing expenses to sales (%) - New 4.5 4.5 4.2 - Old 4.5 4.5 3.5 - Change (%) ─ ─ 0.7 EBITDA margin (%) - New 45.49 47.96 49.43 - Old 46.34 49.53 54.78 - Change (%) (0.85) (1.57) (5.36) Capex (Bt bn) - New 49.89 39.88 43.50 - Old 49.89 34.63 27.38 - Change (%) ─ 15.16 58.90

Source: Thanachart estimates


THANACHART RESEARCH

Ex 11: Regulatory Cost Savings … Ex 12: … Should Help To Cushion Net Margin

0

5

10

15

20

25

0

5

10

15

20

25

2013 2014F 2015F 2016F

(%)(Bt bn) Concession savings (LHS)

Revenue sharing (RHS)

20

22

24

26

28

30

32

2013 2014F 2015F 2016F

(%)

Sources: Company data, Thanachart estimates Sources: Company data, Thanachart estimates

Ex 13: Medocre Earnings Growth In 2014-15F

0

5

10

15

20

25

30

35

2013 2014F 2015F 2016F

(%)


Ex 14: 12-month DCF-based TP Calculation

(Bt m) 2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F 2025F

Terminal

Value

EBITDA 66,690 75,148 83,439 91,008 100,228 105,528 111,608 116,803 124,124 130,542 137,354 144,587 —

Free cash flow 6,701 24,239 26,102 35,581 51,782 66,387 79,776 83,647 88,897 93,997 99,289 104,926 1,326,197

PV of free cash flow 6,682 20,012 19,573 24,241 32,050 37,331 40,745 38,814 37,476 36,001 34,539 33,161 419,133

Risk-free rate (%) 4.5

Market risk premium (%) 8.0

Beta 1.0

WACC (%) 10.1

Terminal growth (%) 2.0

Enterprise value -

add investments 779,758

Net debt (2013) 20,498

Minority interest 144

Equity value 759,116

# of shares 2,973

Equity value/share (Bt) 255



THANACHART RESEARCH

Ex 15: Earnings Growth Comparison Ex 16: Dividend Yield Comparison

0

5

10

15

20

25

30

35

2014F 2015F 2016F

(%) ADVANC DTAC

0

1

2

3

4

5

6

7

8

9

10

2014F 2015F 2016F

(%) ADVANC DTAC

Sources: Company data, Thanachart estimates Sources: Company data, Thanachart estimates

Ex 17: EV/EBITDA Gap Deserves To Narrow In Our View

(2.0)

(1.0)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Jan-08 Jul-09 Jan-11 Jul-12 Jan-14

(x)

+2 STD = 4.1x

+1 STD = 2.9x

Average = 1.6x

-2 STD = -1x

-1 STD = 0.3x



THANACHART RESEARCH

Valuation Comparison

Ex 18: Comparison With Regional Peers

EPS growth —— PE —— — P/BV — EV/EBITDA Div Yield

Name BBG Code Country 14F 15F 14F 15F 14F 15F 14F 15F 14F 15F

(%) (%) (x) (x) (x) (x) (x) (x) (%) (%)

China Mobile 941 HK HK (7.2) (2.6) 12.0 12.3 1.6 1.5 2.8 2.7 3.5 3.9

China Unicom Hon 762 HK HK 42.3 21.6 15.7 12.9 1.0 0.9 3.2 3.0 2.3 2.7

Bharti Airtel BHARTI IN India 31.5 76.2 37.9 21.5 2.0 1.8 6.7 6.0 0.4 0.6

Idea Cellular IDEA IN India 88.0 24.2 23.6 19.0 2.8 2.4 6.6 5.8 0.3 0.4

Onmobile Global ONMB IN India (21.9) 60.1 10.3 6.5 0.4 0.4 2.2 1.7 4.3 4.4

Reliance Communi RCOM IN India 67.8 12.6 22.2 19.8 0.8 0.7 8.8 8.3 0.3 0.3

Tata Communication TCOM IN India na 955.8 382.6 36.2 5.7 5.1 5.3 4.8 1.1 1.1

Indosat ISAT IJ Indonesia na 60.1 30.0 18.7 1.2 1.2 3.6 3.4 1.9 2.3

Telekomunikasi Indonesia TLKM IJ Indonesia 6.1 7.9 14.1 13.1 3.2 3.0 5.2 5.0 4.9 5.3

DiGi.Com DIGI MK Malaysia 7.6 6.4 22.6 21.3 0.7 0.7 13.1 12.4 4.4 4.7

Singapore Telecom ST SP Singapore 4.0 6.6 15.8 14.8 2.3 2.2 13.0 12.8 4.7 4.9

StarHub STH SP Singapore 3.3 5.4 18.7 17.8 0.6 0.5 9.9 9.6 4.9 5.0

SK Telecom 017670 KS S.Korea na na na na na na na na 4.4 4.4

Taiwan Mobile 3045 TT Taiwan (0.6) (0.4) 16.1 16.2 5.9 na na na 6.1 6.1

Advanced Info Service* ADVANC TB Thailand 3.6 7.4 17.9 16.7 14.5 14.1 11.4 10.3 5.6 6.0

Total Access Comm. * DTAC TB Thailand 15.5 31.3 19.9 15.2 8.1 8.3 8.9 7.3 6.1 7.7

Shin Corporation * INTUCH TB Thailand 9.3 11.1 15.0 13.5 9.3 8.4 12.6 11.2 5.8 6.6

Jasmine International * JAS TB Thailand 29.0 16.3 14.7 12.6 4.3 3.8 8.2 7.4 4.2 5.0

Samart Telecom * SAMART TB Thailand 15.5 13.3 10.9 9.6 2.6 2.3 5.4 4.9 5.1 5.7

SIM Corp * SIM TB Thailand 10.0 9.8 16.1 14.6 4.1 3.7 13.3 12.2 4.0 4.4

Symphony Communication * SYMC TB Thailand 21.5 16.9 16.2 13.9 3.6 3.3 9.6 8.5 4.6 5.4

Thaicom * THCOM TB Thailand 41.8 35.3 23.1 17.1 2.8 2.5 10.2 8.7 1.6 2.9

True Corp * TRUE TB Thailand na na na na 152.6 177.5 7.9 7.8 0.0 0.0

Average 19.3 65.5 36.0 16.3 10.5 11.6 8.0 7.3 3.5 3.9


Note: * Thanachart estimates, using Thanachart normalized EPS

Based on 26 Mar 2014 closing prices

APPENDIX ADVANC SARACHADA SORNSONG

THANACHART RESEARCH

COMPANY DESCRIPTION COMPANY RATING

�� #"�-��5� "��n�� .5"��-�( ��ก�� (��) (ADVANC) .04�� '*�%��(��0 �� 25 0A (��"��)2�0A 2015) ��"�1�ก�� R�� #�$�0�+. R* � .� '"2�%��ก�� R�� .1� '"� ' ADVANC 2�%��ก�� R�� .1� '"� '�+�� Analog *0��/��+�� Nordic

012345

*Corp.governa

nceLiquidity

Riskmanage

ment

Management

Financial management

Rating Scale

Very Strong 5

Strong 4

Good 3

Fair 2

Weak 1

None 0

Source: Thanachart Source: Thanachart; *CG Awards

THANACHART’S SWOT ANALYSIS

S — Strength W — Weakness

� .04�3&%0�+ก"�ก�� R�� .1� '"� '2�6$ '()�2��

� �.1� "�$��1�"�1�)��ก '()�

� �ก��0�+��ก��

� !��+ก��.��#�7�#ก�$�

� �1-��(��/2�ก��"�� '��ก��

� 2�%.�� )�(&�

� �"��$"�"��'��

O — Opportunity T — Threat

� ก��0�+�&�2�"�)6�� 2.1 GHz 3G 2��$

� ก��1-��-�#�+ก��.�%�5 "ก��ก��

� ก��(��()�ก��.�%�/��.1� "�$��ก '(��0 ��(��()��2�0A 2015

� ก��.0�'��#0��1��(�%��($-�#�$��*�%

� ก��.ก7�q��$��r

CONSENSUS COMPARISON RISKS TO OUR INVESTMENT CASE

Consensus Thanachart Diff

� ก��.0�'��#0��2�กs�+.��"��($�3�2�%(��0 ��#�+2�"�)6��"� ADVANC /&ก�ก.��ก 5�'��+($�3�ก�+ �"�$��(��1�6�$"ก��1��ก��,�3�0�+ก"�ก��#�+��1�.0W��"�.��

� ก�,ก�� )�#�+��1�.0W��+��"�&$ก��1-��1��-��"�.��-$� ADVANC �+��ก��.� '"� 3G *�%� ก��ก�%��"� 3G '�%�#�+ก��2�% DATA '�%"��+ ��2�%.ก��1-��.('��$"ก��0�+��,ก��#�+��1�.0W��"�.��

Target price (Bt) 252.00 255.00 1%

Net profit 14F (Bt m) 40,018 37,830 -5%

Net profit 15F (Bt m) 45,525 40,636 -11%

Consensus REC BUY: 26 HOLD: 5 SELL: 3

HOW ARE WE DIFFERENT FROM THE STREET?

� 0�+��,ก��ก��*�0A 2014-15 �"�.��'��ก-$�� 5-11% .� '"��ก.��*�%�-�0V�� 1$�2�%�$��1��$�� '(&�� #�+ก��.��"��*�%�+�"��-

� �)��"�ก��.��+�+��-�"�.�� (�� ADVANC ("�1�%"�ก�� 1�.0W��.��("�1�%"�ก��

Sources: Bloomberg consensus, Thanachart estimates

Source: Thanachart

�� ก �� ก�� (��) �� !��"�#��$��%"�&� '� '()� '*�%��#�+��,�#�%--$��$�.� '"/ " ��-��/)0�+(�1� .� '"2�%��ก��.3�#��$�%"�&�#ก$��ก�� )�#�+2�%.04��%"�&�0�+ก"�ก��(��2�5 "��ก �� #�$��*�%�.�� ".��6�-�2�%5 "�� "�� "0�+ก��1��ก ��#�$"�$��2� ��#�+1-��.�7�2�."ก(��"��ก��.0�'��#0��#ก%*�*�% ��ก�%"�&� '*�%��.0�'��#0��*0 ก��%"�&� '0��ก8"�&$2�."ก(�� *�$-$� �� "��($-�*0 ��5�� #0�� #ก%*� �� "��""ก.3�#��$#ก$(��,�� +�%"�*�%��1-��"��ก�� ก$"�

BUY (Unchanged) TP: Bt 92.00 (From: Bt 109.00 ) 27 MARCH 2014

Change in Numbers Upside : 21.1%

Shin Corporation Pcl (INTUCH TB)

SARACHADA SORNSONG

662 – 617 4900 [email protected]

�� NAV

�� ก�� ADVANC �� 255 �� !�กก��"�#��$��%"ก&'�� (�� NAV-based /�" INTUCH �� 92.0 �� ก��$ THCOM ��9!!��:��ก��ก��;<�=; �>�?��&'� ก��;<�=;/�"ก>�(� @��;��"<��9�:�/�" INTUCH !��$ก&'�/�" ADVANC

��A�� NAV-based �� 92.0 �� .��*�%0��0�+��,ก��ก��*� INTUCH �� 4% 0A�, 9% 2�0A 2015F #�+ 18% 2�0A 2016F ก��0��1��.� '"(+ %"��$"�)��"� ' conservative �"�.�� (��#�-��%��)�ก��"� �� #"�-��5� "��U�� .5"��-�( (ADVANC TB, 228 �� , 5 ") ��กก��Z1�+�"��- ก��#�$�� '(&��%��1� #�+#3�ก�� )�(&� #�%-$��+�($-�#�$�ก��*�.��'��ก �� * �1� (THCOM TB) ($-�#�$��ก ADVANC ��1��กก-$� 90% ก��0��1�.0]��"� ADVANC 16% �� 2�%.��%"�0��.0]�� NAV-based �"� INTUCH 15% .04� 103.0 �� #�+2�%($-��.�7� ' 10% .��*�%��1�.0]��2��$(�� INTUCH ' 92.0 �� /�)%�

ADVANC ก��ก��;<�=;/�"ก>�(��ก��" .��*�%0��.��'�0�+��,ก�� ก�� )�(�� ADVANC 25% pa �+�-$��0A 2014-16F .� '"(+ %"�ก��0&� �!��.1� '"�$��1��2�6$ �-� ��#3�ก�� )�ก��"�#��(�� #�%-$�.��"�-$�.04�#3� '� .� '"��ก�+(��/�"��ก��2�% data '.��'��ก��2�"��1� #�$.��"�-$�1$�2�%�$��%��ก��.�� #�+1$�2�%�$��กก��$�� +(&��ก2��+�+(�� "ก ��.��1��-$�ก��.��"��*�%2�($-� non-voice �+�+�"��-�� 2��,+ '1$�2�%�$��2�ก��ก��($-�#�$�ก�� #�+.�$�ก��ก�%��*0�� 3G �+(&�� .��1��-$�ก��.��"�ก��*� ADVANC �+�+�"��- ��ก1$�.��'� ' 19% �+�-$��0A 2011-13 .04� 4% #�+ 7% 2��$-�0A 2014-15F

THCOM ก��9!!��:��ก��ก��;<�=; ��ก '.1�� )� THCOM �($-�#�$�ก��*��$"ก��*��"� INTUCH /�� 3% 2�0A 2013 #�%-$��+��ก!�� '(&� .��1��"�-$�ก��.��"�ก��*� THCOM �+��1�#�7�#ก�$� �%-�.��)3�� 1) ($-�#�$�ก��*��ก Thaicom 6 5�'�/&ก��(&$-��1��2�.� "� �.1. 2014 #�+�"��ก��2�%�� ' 66% 2) Thaicom 7 �#3�ก��(&$-��1��ก��0A� ��+.��'��$"�(�66�,��-. �� '-*0/�� 18% ��*�%�ก��$"�(�66�,*0#�%- 40% . ��ก��+��1)%� )� ' 50% #�+ 3) ก��2�%��"��-. ��"�#�� '.��'�� ก1-��ก%�-��%� ��)�ก�� กก��$-� )�ก�� Synertone #�+�� 1��1�2�"��.�� "ก��ก�.��.�7� upside �$"��1�.0]�� THCOM ' 48.0 �� .� '"��ก.��*�$*�%�-� Thaicom 8 5�'��ก��ก��(&$-��1��2�0A 2016

�%��'��$�A%กก&'� @��:�;��@��$��%"ก&'�; B C� #�%�+�ก��0��0�+��,ก��ก��*�#�+��1�.0]�� .��1��"� INTUCH .� '"��ก��&�1$�/&กก-$� ADVANC #�+ THCOM ��1��)%� INTUCH 0m��)��/��($-�� 17% �$" NAV ' 92 �� 5�'�"�&$�� !��"��1�0n� ADVANC #�+ THCOM .� '"-�� ' 228 �� #�+ 41.75 �� #�+.� '"��ก#��$� '��"�.��0m�3� INTUCH *�$*�%��ก ADVANC .�� .��-#�$��ก THCOM "��ก��$��.��0m�3��"� INTUCH ' 5.8% ��(&�ก-$��"� ADVANC #�+�%-� upside 21% .��1�1��#�+�� o5 "p INTUCH.

Tha

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artS

ecur

ities

COMPANY VALUATION

Y/E Dec (Bt m) 2013A 2014F 2015F 2016F

Sales 9,435 11,704 13,106 13,897

Net profit 14,568 16,212 18,013 23,095

Consensus NP 16,290 19,607 23,248

Diff frm cons (%) (0.5) (8.1) (0.7)

Norm profit 14,838 16,212 18,013 23,095

Prev. Norm profit 16,841 19,735 28,008

Chg frm prev (%) (3.7) (8.7) (17.5)

Norm EPS (Bt) 4.6 5.1 5.6 7.2

Norm EPS grw (%) 6.4 9.3 11.1 28.2

Norm PE (x) 16.4 15.0 13.5 10.6

EV/EBITDA (x) 13.7 12.6 11.2 8.7

P/BV (x) 10.2 9.3 8.4 7.1

Div yield (%) 5.6 5.8 6.6 7.9

ROE (%) 64.0 64.9 65.3 72.7

Net D/E (%) 18.4 7.0 (6.5) (23.6)

PRICE PERFORMANCE

(5)0510152025

30

50

70

90

110


(%)(Bt/shr) INTUCH

Rel to SET Index

COMPANY INFORMATION

Price as of 26-Mar-14 (Bt) 76.00

Market cap (US$ m) 7,479.4

Listed shares (m shares) 3,206.4

Free float (%) 45.0

Avg daily turnover (US$ m) 29.2

12M price H/L (Bt) 99.8/62.0

Sector Telecom

Major shareholder Aspen Holdings 41.62%

Sources: Bloomberg, Company data, Thanachart estimates

COMPANY NOTE INTUCH SARACHADA SORNSONG

THANACHART RESEARCH

Ex 1: 12-month NAV-based TP Calculation

% ownership No. of shares Target price INTUCH value Remark

(Bt) (Bt m)

ADVANC 40.45% 2,973 255.00 306,667 DCF methodology using WACC of 10.1%

THCOM 41.14% 1,096 48.00 21,642 DCF methodology using WACC of 10.0%

Cash in hand 2,000 Standalone account

Total NAV 330,309

No. of Shin shares 3,206

NAV/share (Bt) 103.0

@ 10% discount to NAV

(Bt/share) 92.0


Note: Thaicom (THCOM TB, Bt41.75, BUY)

COMPANY NOTE INTUCH SARACHADA SORNSONG

THANACHART RESEARCH

Valuation Comparison

Ex 2: Comparison With Regional Peers

EPS growth —— PE —— — P/BV — EV/EBITDA Div Yield

Name BBG Code Country 14F 15F 14F 15F 14F 15F 14F 15F 14F 15F

(%) (%) (x) (x) (x) (x) (x) (x) (%) (%)

China Mobile 941 HK HK (7.2) (2.6) 12.0 12.3 1.6 1.5 2.8 2.7 3.5 3.9

China Unicom Hon 762 HK HK 42.3 21.6 15.7 12.9 1.0 0.9 3.2 3.0 2.3 2.7

Bharti Airtel BHARTI IN India 31.5 76.2 37.9 21.5 2.0 1.8 6.7 6.0 0.4 0.6

Idea Cellular IDEA IN India 88.0 24.2 23.6 19.0 2.8 2.4 6.6 5.8 0.3 0.4

Onmobile Global ONMB IN India (21.9) 60.1 10.3 6.5 0.4 0.4 2.2 1.7 4.3 4.4

Reliance Communi RCOM IN India 67.8 12.6 22.2 19.8 0.8 0.7 8.8 8.3 0.3 0.3

Tata Communication TCOM IN India na 955.8 382.6 36.2 5.7 5.1 5.3 4.8 1.1 1.1

Indosat ISAT IJ Indonesia na 60.1 30.0 18.7 1.2 1.2 3.6 3.4 1.9 2.3

Telekomunikasi Indonesia TLKM IJ Indonesia 6.1 7.9 14.1 13.1 3.2 3.0 5.2 5.0 4.9 5.3

DiGi.Com DIGI MK Malaysia 7.6 6.4 22.6 21.3 0.7 0.7 13.1 12.4 4.4 4.7

Singapore Telecom ST SP Singapore 4.0 6.6 15.8 14.8 2.3 2.2 13.0 12.8 4.7 4.9

StarHub STH SP Singapore 3.3 5.4 18.7 17.8 0.6 0.5 9.9 9.6 4.9 5.0

SK Telecom 017670 KS S.Korea na na na na na na na na 4.4 4.4

Taiwan Mobile 3045 TT Taiwan (0.6) (0.4) 16.1 16.2 5.9 na na na 6.1 6.1

Advanced Info Service* ADVANC TB Thailand 3.6 7.4 17.9 16.7 14.5 14.1 11.4 10.3 5.6 6.0

Total Access Comm. * DTAC TB Thailand 15.5 31.3 19.9 15.2 8.1 8.3 8.9 7.3 6.1 7.7

Shin Corporation * INTUCH TB Thailand 9.3 11.1 15.0 13.5 9.3 8.4 12.6 11.2 5.8 6.6

Jasmine International * JAS TB Thailand 29.0 16.3 14.7 12.6 4.3 3.8 8.2 7.4 4.2 5.0

Samart Telecom * SAMART TB Thailand 15.5 13.3 10.9 9.6 2.6 2.3 5.4 4.9 5.1 5.7

SIM Corp * SIM TB Thailand 10.0 9.8 16.1 14.6 4.1 3.7 13.3 12.2 4.0 4.4

Symphony Communication * SYMC TB Thailand 21.5 16.9 16.2 13.9 3.6 3.3 9.6 8.5 4.6 5.4

Thaicom * THCOM TB Thailand 41.8 35.3 23.1 17.1 2.8 2.5 10.2 8.7 1.6 2.9

True Corp * TRUE TB Thailand na na na na 152.6 177.5 7.9 7.8 0.0 0.0

Average 19.3 65.5 36.0 16.3 10.5 11.6 8.0 7.3 3.5 3.9


Note: * Thanachart estimates, using Thanachart normalized EPS

Based on 26 Mar 2014 closing prices

APPENDIX INTUCH SARACHADA SORNSONG

THANACHART RESEARCH

COMPANY DESCRIPTION COMPANY RATING

INTUCH .04�� q��5�'��ก�� )�2��)�ก�� 1��1� ��-. ��#�+( '" �� / "�)%� 40.45%2� ADVANC 3&%��2�ก��2�%��ก��1��$�� r�� .1� '"� '2�0�+. r��-�3&%2�%��ก��(&�()�#�+�($-�#�$��"��*�%��ก '()� �� / "�)%� 41% 2�THCOM 5�'�2�%��ก��-. �� * �1� 4 #�+��-. �� IPSTAR INTUCH � )�� +.�� 5 ��.#�+�$��#�%- 3.21 ��.

012345

*Corp.governa

nceLiquidity

Riskmanage

ment

Management

Financial management

Rating Scale

Very Strong 5

Strong 4

Good 3

Fair 2

Weak 1

None 0

Source: Thanachart Source: Thanachart; *CG Awards

THANACHART’S SWOT ANALYSIS

S — Strength W — Weakness

� !��+ก��.��#�7�#ก�$�

� �)�ก��ก"�$�� THCOM #�+ ADVANC .04�3&%��2�")�(��ก��

� 3�ก��.��'��)�ก��ก .��+.��0m�3�.04��*�%��ก�"��

O — Opportunity T — Threat

� 2�"�)6�� 4G #�+��-. ��2��$

� ก�� )�2��$��0�+. r

� ก��.0�'��#0��"�ก8.ก,u�#�+�%"�+.��$��v

� (�1��1�2��2�%��ก�� r�� "/ "5�'��+($�3�ก�+ ��$"ก�� ก��*��"� ADVANC 5�'�.04��*�%��ก�"��

CONSENSUS COMPARISON RISKS TO OUR INVESTMENT CASE

Consensus Thanachart Diff

� ก��*�($-�2�6$�"� INTUCH ��ก ADVANC #�+ THCOM

� (�1��1� '�)�#��2��3&%2�%��ก�� r�� "/ "#�+ก��.0�'��#0��2�กw�%"�+.��$��v �+($�3�ก�+ �.��$"ก��.��"� ADVANC #�+1-��(��/2�ก�� ก��*��+(�%��1-��.('��$"ก��$��0m�3�2�% INTUCH

� "�� take-up �"� iPSTAR '�%�ก-$�1�� 5�'�.04�0m��(��1�6�$"#�-��%�ก��Uyz��-�"� THCOM #�+"��3�.��$"ก��*��"� THCOM #�+"��ก��$��0m�3��"� INTUCH

Target price (Bt) 97.00 92.00 -5%

Net profit 14F (Bt m) 16,290 16,212 0%

Net profit 15F (Bt m) 19,607 18,013 -8%

Consensus REC BUY: 22 HOLD: 1 SELL: 1

HOW ARE WE DIFFERENT FROM THE STREET?

� .� '"��ก.��0��1�.0]�� ADVANC �'��ก-$��"�� 1�.0]�� INTUCH �"�.��'��ก-$��

� .��)��"� ' conservative ��กก-$��(��0�+��,ก��ก��*�0A 2015F �"� INTUCH .� '"��ก.��1��-$� INTUCH �%"�2�%.�� )�(&��

Sources: Bloomberg consensus, Thanachart estimates

Source: Thanachart



Technical Market Outlook (I)

�� P�G�dกPR�Q�Eh�S <PR��Sr>RQก��Q��> 1375-1380 p�

�� ก��]^� Q��h>��PQFZ� 50% <�B��?G�]ch��Q��>

�� DEA��B�BC�A� BCH, SAMTEL, TUF

?@A�PR� �� pdกG��กP��B�BC�F�G�� : ��B�" SET OPQ��% C/�=ก ��#�ก%��,�$��R"#� 1 ��

��,�� &#++"ก .�/��,�ก�� @��"#��B�"ก��,�$��R"#� ��/��"# �� 1360 S 1362 =�� +&�%�+"@�ก��>��, ��=��4�,��B�" SET ก�� C/�+��I�� ,�$��R"#� 7-14-21 %�� N�ก ��&h�� /�ก��+��N��UU!�%ก ��B�"+"@�ก� C/��%�,��&+�"# 1375-1380 =��

�� cA��l�c SET ��Rk�ก��d 1357-1364 p� : �,%� I��"�� Hammer �"#�ก&� C/��+�#��%��ก�� B�"��\�B��%��%ก�+�#�%��"/��N�=��%�.�/��,�ก�� $��%��%ก��#��%��"/��B�" SET =��$�#��%4�ก �� 1357-1364 =�� +"��T�+� ��/� C/��%�,��&+�"# �� 1375-1380 =�� I�ก �+�#��%�,��"/ 4�ก !">��,=C��N�=��%�.�/��)&#+�,%��T�+� 1420-1430 =�� N�=�� $�U

��k��R��P�G� : ��,��"#+"� �.�/��+�#�%��"/��%��,�ก� ADVANC, AOT, PTT, KBANK @��"# $ ADVANC �$�#��%4��%@�,+ C/� +"@�ก��"#=��I��4�+� ��/�� &�%! 232-233 �� 4� !��"# AOT ก��+��N��UU!�%ก�"ก$ �/�

�� AOT ��กP�?@A� : ��=ก�"# $��,��%��,�$��R"#� 1 ��I��"# �� 192 �� N�=��%��UU! ��,��ก @�� $� ��%��$� 188 �� /� ��OPQ��%ก��+4��&h��%ก�"ก$ �/� �+�#�%��"/ C/�+��I��,�$��R"#� 7-14-21 %�� \��I�� 193 �� >��,��%@�,+ � �� 3 ��* ��N�=��%�.�/�ก��I� C/� ��4�, $��,�+"��%@�,+ C/� ��/��I��&+�"# 202 ��

]� ]GSP�G� �B�BC�A� �B�Bก�GS �B�B�G

~�� <กRS?@A� �S DEA��Q��h>

Historical SET INDEX

YTD2014 +68.51 +5.1%

Y2013 -102.68 -7.3%

Y2012 +355.79 +34%

[G>Q[�Eh��r��B�BC�F�G��

ก ��B�" SET 1348-1378

��%�,� 1370 / 1378 / 1400

��% �� 1348 / 1345 / 1330

�� , [email protected], +66 2617 4900



Technical Market Outlook (II)

�� qE��B��d 50% : ��=ก ��,��ก��"#� &�%! 1375-1380 =�� .C#��B�"�+��+ ]��>��, ��/��กก �� 25% ��/� ��OPQ��% C/��N�%��"#�� I��,�$��R"#� 1 �� I��"# �� 1352 =�� N�=��%��.�/��,�ก�� ก ��UU!.�/��+�#��B�"��>�� 1362 =�� /�=C��N�ก �)&#+�/��กก ��N� �� 50% �"ก$ �/� ��I=��%� C/��%�,��$�U 1375-1380 =�� )�#��&�4= ��,��ก�� /�

�� ก�R>��l�c SET50 : ��B�" SET50 C/� ��/� ��N�ก OPQ��%��#��,%�ก ��\�B��%�� C/�+��,�$��R"#� 7-14 @��+"��T�+� ��/� C/��I��&+ 935 =�� 4� !��"#$%+�$�#��%�+�#�%��"/)�%��,�4�ก��+��B�" SET50 �+�+"��,��"#4�,��UU!� ��+"��,��UU!��N��%ก 9 ��%��"/ TRUE, SCCC, CENTEL, TUF, CK, GLOW, INTUCH, AOT, IVL .C#� 2 ��%4�ก��+��N��,��"#��.�/��ก��,�"/$�� IVL, TUF @��,� IVL ��>�� 23.20 +"@�ก� C/�� 24.50 ��

�� TUF (67.50) ]B�CG>Q��ch�> : +"=��%��%กก��+��,�$��R"#� 3 �� ก ��%�,� I��+��"#�+ ��N��UU!.�/� �,%�$%+�%�� $ C/��I��%�,� ��/��"# �� 70.00 �� ก&��"/��N�=��%�� .C#�$�%�=��+��ก&��I��&+�"# �� 71.75 ��

SET OPQ��% ��/� DEA� TUF ��T�+� 70 �� 67.00 qE� BANPU ��T�+� 27.00 �� 25.75 IVL ��T�+� 25.00 �� 22.00 TUF ��T�+� 70.00 �� 67.00 THCOM ��T�+� 43 �� 41.00 ?G� - TUF ?@A��B�BC�A� �� 68.50 / 70

�� 67 / 64

�� , [email protected], +66 2617 4900



Technical Market Outlook (III) ��DEA��B�B 1 C�F�G�� BCH , SAMTEL

�� BCH (7.05) <�=��>?@A�PR�Q�Eh�S : =��%@�,+ � �� 9 ��,%��/��B�%�� ก.). �"#>��+ ��$�#��%4��&h�� C/�@��4�� +".$. �"/ ��#��=ก $ C/�+��I��,�$��R"#� 3 ��"# �� 6.00 �� /��B�%��,��ก�� C/��>�� 6.90 �� ,%�� .�/�� $�%�=�+"@�ก� C/��%�,� 7.25 �� 7.50 �� +"��T�+� 8.00 ��

�� SAMTEL (14.10) ~��P� : �&/��ก )�ก��% ��* �,%�ก OPQ��%ก�� C/�+��I��,�

$��R"#� 3 �� C/�� >��,�$��R"#� 7-14-21 %�� I��I�ก%� �� 14.00 �� /�+"=��%�.�/��+�,%��T�+� 14.60 �� I��&+ !��"#@+�+��+�)"��)��"#=��>�� 14.60 ��, �,%��T�+� 15.30 �� 16.00 ��

��]ch<�B�oGDEA�rF<�� BTSGIF qE��E�DEA�Q��h> ��#��=กก ��&+�%,�"# �� 9.90 �� +"=��%�)�ก��%��%�� +�#�

%��"/ C/�+��,�$��R"#� 1 �� $�%�=�>�� 9.75 �� N��UU!.�/��+"��T�+� ��/� C/��&+ 9.90 ��+"@�ก��>��, .C#�=��I��4�+��"# 10.20 ��

BCH ]B� 6.90 DEA�PG> �� 7.25 / 7.50

�� 6.90 / 6.70

�� 6.90

SAMTEL QFtG�>G� 15.30 �� 14.60 / 15.30

�� 13.80 / 13.30

�� 13.80

?G� - qE� SALEE ��T�+� 11.20 �� 10.00 TK ��T�+� 10.80 �� 9.30 HANA ��T�+� 30.50 �� 28.00 BTSGIF ��T�+� 9.90 �� 9.40 TH ��T�+� 1.75 �� 1.55 RS ��T�+� 8.80 �� 8.30 SPCG ��T�+� 19.60 �� 18.80 PM ��T�+� 9.40 �� 8.50

�� , [email protected], +66 2617 4900



Technical Market Outlook (IV) TABLE SET50 ENTRY & EXIT

-30% -25% -20% -15% -10% -5% 3M - MA 5% 10% 15% 20% 25% 30%

Name X Price 1 2 3 4 5 6 7 8 9 10 11 12 13

ADVANC 228.00 148.00 158.50 169.00 180.00 190.50 201.00 211.00 222.00 232.00 243.00 254.00 264.00 275.00

AOT +9 194.00 122.50 131.50 140.50 149.00 158.00 166.50 175.50 184.00 193.00 201.00 210.00 219.00 228.00

BANPU 26.25 18.70 20.10 21.40 22.70 24.10 25.50 26.75 28.25 29.50 30.75 32.25 33.50 34.75

BAY 36.00 23.30 25.00 26.75 28.25 30.00 31.75 33.25 35.00 36.75 38.25 40.00 41.75 43.25

BBL 175.50 123.00 131.50 140.50 149.00 158.00 166.50 175.50 184.50 193.00 202.00 210.00 219.00 228.00

BCP 30.25 19.90 21.30 22.70 24.10 25.50 27.00 28.50 29.75 31.25 32.75 34.00 35.50 37.00

BEC 51.75 35.25 37.75 40.25 42.75 45.25 47.75 50.25 52.75 55.25 57.75 60.25 62.75 65.25

BGH 131.00 86.50 92.75 98.75 104.50 111.00 117.00 123.00 129.50 135.50 141.50 148.00 154.00 160.00

BH 90.50 60.75 65.00 69.50 73.75 78.00 82.50 86.75 91.00 95.50 99.75 103.50 108.00 112.50

BIGC 179.50 125.00 134.00 143.00 152.00 161.00 170.00 179.00 188.00 196.50 205.00 214.00 223.00 232.00

BJC 49.25 33.25 35.50 38.00 40.25 42.75 45.00 47.25 49.75 52.00 54.50 56.75 59.25 61.50

BLA 67.00 45.50 48.75 52.00 55.25 58.50 61.75 65.00 68.25 71.50 74.75 78.00 81.25 84.50

BTS 8.40 5.85 6.30 6.70 7.10 7.55 7.95 8.35 8.80 9.20 9.60 10.10 10.50 10.90

CENTEL +7 30.25 20.50 22.00 23.50 24.90 26.50 28.00 29.50 30.75 32.25 33.75 35.25 36.75 38.25

CK +8 16.40 10.90 11.70 12.50 13.30 14.00 14.80 15.60 16.40 17.20 17.90 18.70 19.50 20.30

CPALL 42.75 28.50 30.50 32.50 34.50 36.50 38.50 40.50 42.50 44.50 46.75 48.75 50.75 52.75

CPF 27.75 20.20 21.60 23.00 24.50 26.00 27.50 28.75 30.25 31.75 33.25 34.50 36.00 37.50

CPN 44.25 28.50 30.75 32.75 34.75 36.75 38.75 40.75 42.75 45.00 47.00 49.00 51.00 53.00

DELTA 57.50 37.50 40.25 42.75 45.50 48.25 50.75 53.50 56.25 58.75 61.50 64.25 67.00 69.50

DTAC 115.00 71.50 76.50 81.50 86.75 91.75 97.00 101.50 106.50 112.00 117.00 122.00 127.00 132.00

EGCO 128.50 89.00 95.25 101.00 107.50 114.00 120.00 126.50 133.00 139.00 145.50 152.00 158.50 164.50

GLOBAL 14.10 9.35 10.00 10.70 11.40 12.00 12.70 13.40 14.00 14.70 15.40 16.00 16.70 17.30

GLOW +8 74.25 49.25 52.75 56.25 59.75 63.25 66.75 70.25 73.75 77.25 80.75 84.25 87.75 91.25

HMPRO 9.55 6.40 6.85 7.30 7.75 8.20 8.65 9.10 9.55 10.00 10.50 10.90 11.40 11.90

INTUCH +8 76.00 50.75 54.25 58.00 61.50 65.25 68.75 72.50 76.00 79.75 83.25 87.00 90.50 94.00

IRPC 3.30 2.28 2.44 2.60 2.76 2.94 3.10 3.26 3.42 3.58 3.74 3.90 4.06 4.22

IVL +9 23.30 14.80 15.90 17.00 18.00 19.10 20.10 21.20 22.20 23.30 24.30 25.50 26.50 27.50

JAS 7.90 5.25 5.60 6.00 6.35 6.75 7.10 7.50 7.85 8.25 8.60 8.95 9.35 9.70

KBANK 172.50 117.50 125.50 134.00 142.50 151.00 159.00 167.50 176.00 184.50 193.00 201.00 209.00 218.00

KTB 18.10 12.20 13.10 14.00 14.80 15.70 16.60 17.40 18.30 19.20 20.00 20.90 21.80 22.60

LH 9.45 6.40 6.85 7.30 7.75 8.20 8.65 9.10 9.55 10.00 10.50 11.00 11.40 11.90

MINT 24.70 16.00 17.10 18.30 19.40 20.50 21.70 22.80 24.00 25.25 26.25 27.50 28.50 29.75

PS 19.90 13.20 14.10 15.00 16.00 16.90 17.90 18.80 19.70 20.70 21.60 22.50 23.50 24.40

PTT 295.00 201.00 215.00 230.00 244.00 258.00 273.00 287.00 301.00 316.00 330.00 345.00 359.00 373.00

PTTEP 155.00 109.00 116.50 124.50 132.50 140.00 148.00 155.50 163.50 171.50 179.00 187.00 194.50 202.00

PTTGC 71.75 51.50 55.25 59.00 62.75 66.25 70.00 73.75 77.25 81.00 84.75 88.25 92.00 95.75

RATCH 51.25 34.25 36.75 39.25 41.50 44.00 46.50 49.00 51.50 53.75 56.25 58.75 61.25 63.50

ROBINS 50.75 33.75 36.25 38.50 41.00 43.25 45.75 48.25 50.50 53.00 55.25 57.75 60.25 62.50

SCB 155.00 104.50 112.00 119.50 127.00 134.50 142.00 149.50 157.00 164.50 172.00 179.50 187.00 194.50

SCC 414.00 287.00 308.00 328.00 349.00 370.00 390.00 410.00 430.00 452.00 472.00 492.00 512.00 534.00

SCCC +6 348.00 255.00 274.00 292.00 310.00 328.00 347.00 365.00 383.00 402.00 420.00 438.00 456.00 474.00

TCAP 35.75 22.90 24.50 26.25 27.75 29.50 31.00 32.75 34.25 36.00 37.50 39.25 40.75 42.50

THAI 14.00 9.60 10.30 11.00 11.70 12.40 13.10 13.70 14.40 15.10 15.80 16.50 17.20 17.80

THCOM 41.75 27.50 29.50 31.50 33.50 35.50 37.50 39.25 41.25 43.25 45.25 47.25 49.25 51.00

TMB 2.40 1.62 1.74 1.85 1.97 2.08 2.20 2.32 2.44 2.54 2.66 2.78 2.90 3.02

TOP 51.75 37.50 40.25 42.75 45.50 48.25 50.75 53.50 56.25 58.75 61.50 64.25 67.00 69.50

TRUE +6 7.00 5.15 5.55 5.90 6.25 6.65 7.00 7.35 7.75 8.10 8.45 8.85 9.20 9.55

TTW 9.45 6.65 7.15 7.60 8.10 8.55 9.05 9.50 10.00 10.50 11.00 11.40 11.90 12.40

TUF +7 67.50 47.00 50.25 53.50 57.00 60.25 63.50 67.00 70.25 73.75 77.00 80.25 83.75 87.00

VGI 11.50 7.05 7.55 8.05 8.55 9.05 9.55 10.10 10.60 11.10 11.60 12.10 12.60 13.10

3 Months Moving Average

[G>�>G�<�BกG��Q[�GB�� PG�GSQC��[RGQ��ch� 3 Q�E�� (3M-MA) <�BP�Q�?กoGก�d 1-13 <C�S�B��dPRGS�?�SQC��?�G�ก�dQC��[RGQ��ch� 3 Q�E�� − ��,��%@�,+ C/��+�#� $ C/��I�ก%��,�$��R"#� 3 �� 7 ��%��,��%@�,+��+�#� $��#�ก%��,�$��R"#� 3 ��(3M-MA) � ��#�ก%� �� 7 − ก�� ,� ��)&#+ C/�(��)$ �/��5% ��,�$��R"#� 3 �� 4B,��N��%��=�� ,.�/� S ��ก (� ��% ��- ��%�,�@��@�+��&) − $��,� �� N��UU!.�/� � @��)&= !B��"#+"�$ �#��+� X .C#�+"��%� ก�ก�� ],�%ก��N�=��%�.�/� ��],��N�=��%� �)

�� , [email protected], +66 2617 4900



Recap & Strategy: QFg�CqG�B Short PG>Q>Eh�� 914 p� S50H14 � ��I� C/��+ก � ��I� C/� ��,��#%@ก��/��\�� I� C/��4�B�%��%� ��ก�� ก.). ��%+กก%��"#��$�ก !*�%, ��ก��B�&��\��]�� Long ��n& 1,159 ��UU...�� %@�,+ S50H14 %��"/ $�%�=��$�#��% Sideways �+,=��ก&��UU! -.�/�0 ��/�4�ก O ��" �� *��ก��%��ก -)�กq�0 �� -��\�0 �]�� Short �"ก$ �/�4�ก !"�"# S50M14 � ��#�ก%� 914 =��

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

S50H14 28-Mar-14 920.20 5.70 921.50 -0.1%

S50M14 27-Jun-14 914.00 5.00 922.94 -1.0%

S50U14 29-Sep-14 908.70 4.10 923.34 -1.6%

SET50 Future s

Rec:

Trading

Trailing Stop:

-

Trading Range:

914-930

930 990

900910

900

Recap & Strategy: QFtG�>G�F��d��S]ch 20,000 dG] $��$�� COMEX ��+�� +.�.� �� US$8 �\��"# US$1,303.4/��.* ��#��=ก��%� �h �qก&=�� q� ��.�/��&�$,$��ก+�"ก%��"#$�ก !*�%, �� กl�+��% ��$�&$� &�%! US$1,300 ]��%��N��% �� l��ก �� +"@�ก� Rebound ��/�k � �ก��ก��ก��ก��++"$%+ก��%�)&#+ C/�� ก�� q� �� ."� ก !"�I�$ � �� -]��0 �]�� Short �,%��T�+�ก � ��"# 20,000-20,200 �� !��"#ก�� Trailing Stop �"# 20,400 ��

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

GFJ14 29-Apr-14 20,390 0 20,160 1.1%

GFM14 27-Jun-14 20,460 10 20,233 1.1%

GFQ14 28-Aug-14 20,540 10 20,311 1.1%

Gold Future s

Rec:

Short

Trailing Stop:

20,400

Trading Range:

20,000-20,400

1,391

21,960

20,000

Recap & Strategy: Trading k�ก��d 3,480-3,520 $�/�+��&�� * ��+�� +.�.� ��I� C/� US$0.04 �\��"# US$107.03/bbl �+,+"�J==��=ก��%� $��#�.�/��&�$,$��"#��&�@�+กก%��"#$�ก !*�%, �� กl�+��%� ��l�ก�/�+��&��"#�)&#+ C/�4��*�"#>��+ ��>4�, $�/�+�� I� C/��+�+ก��ก !��"#],)&= !4��B&��$�&$�+,+"��%@�,+ Rebound ��/� �� Upside =�ก��"#� &�%!��%�,� 3,500-3,520 �� -Trading0 4�ก �� 3,480-3,520 ��&h�� * ��ก��

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

BRJ14 11-Apr-14 3,508 14 3,482 0.7%

BRK14 15-May-14 3,506 11 3,490 0.5%

BRM14 13-Jun-14 3,500 28 3,496 0.1%

Oil Future s

Rec:

Trading

Trailing Stop:

-

Trading Range:

3,480-3,520

3380

3500

Futures Trading

�� ก�� ก�, CFA , [email protected], +66 2617 4900



Regional Fund Flows

Regional Fund Flows vs. MSCI Asia ex JP (YTD 2014) Thailand Foreign Net Buy / Sell vs. SET Index (YTD 2014)

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2

3

460

470

480

490

500

510

520

530

540

550

560


(US$ bn)(Index) Accum. Asia-6 (RHS)

MSCI Asia ex JP (LHS)

(1.2)

(1.0)

(0.8)

(0.6)

(0.4)

(0.2)

0.0

0.2

0.4

1,100

1,150

1,200

1,250

1,300

1,350

1,400


(US$ bn)(Index) Accum. Fund Flows Thailand (RHS)

SET Index (LHS)

Regional Fund Flows (YTD 2014) Regional Fund Flows (Week To Date, 24-26 Mar 14)

3,060

2,016 1,462

233

(895)

(3,993)(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

0

1,000

2,000

3,000

4,000

India Indo Taiwan Philippines Thailand Korea

(US$ m)

1,182

277

31 5 1

(30)(200)

0

200

400

600

800

1,000

1,200

1,400

India Taiwan Indo Thailand Philippines Korea

(US$ m)

Net Foreign Fund Flows (US$ m) Index Change (%)

Thailand India Indo Korea Phil Taiwan Asia-6 Thailand India Indo Korea Phil Taiwan

—————————————— Yearly —————————————— ————————————— y-y % —————————————

2012 2,504 24,548 1,707 15,039 2,548 5,047 51,392 35.8 25.7 12.9 9.4 33.0 8.9

2013 (6,159) 19,529 (1,798) 3,107 688 7,877 23,244 (6.7) 9.0 (1.0) 0.7 1.3 11.8

YTD 2014 (895) 3,060 2,016 (3,993) 233 1,462 1,882 4.8 4.4 10.6 (2.3) 7.8 1.5

—————————————— Monthly —————————————— ————————————— m-m % —————————————

Jan-14 (416) (13) 195 (1,537) (107) 774 (1,104) (1.9) (3.1) 3.4 (3.5) 2.6 (1.7)

Feb-14 (653) 420 659 (661) 72 (535) (698) 4.0 3.0 4.6 2.0 6.4 2.1

Mar-14 174 2,652 1,162 (1,795) 268 1,223 3,683 2.6 4.6 2.3 (0.8) (1.2) 1.1

—————————————— Weekly —————————————— ————————————— w-w % —————————————

24-28 Feb 14 (81) 314 97 628 19 636 1,613 1.6 2.0 (0.6) 1.1 1.8 —

3-7 Mar 14 164 839 96 72 139 694 2,005 2.2 3.8 1.4 (0.3) 0.9 0.9

10-14 Mar 14 (8) 120 720 (1,228) 72 213 (110) 1.3 (0.5) 4.1 (2.8) (1.4) (0.3)

17-21 Mar 14 2 1,213 284 (671) 50 82 961 (0.9) (0.3) (3.7) 0.8 (0.8) (1.3)

24-26 Mar 14 5 1,182 31 (30) 1 277 1,465 (0.0) 1.6 0.6 1.5 0.1 1.9

——————————————— Daily ——————————————— ————————————— d-d % —————————————

20-Mar-14 (33) 123 (47) (195) 14 (147) (285) (0.2) (0.4) (2.5) (0.9) (0.7) (1.1)

21-Mar-14 (10) 701 (31) (62) (6) 44 636 (0.1) 0.1 0.0 0.8 (1.2) (0.2)

24-Mar-14 29 265 24 42 7 233 599 (0.8) 1.4 0.4 0.5 1.0 0.3

25-Mar-14 (16) 216 29 (81) (9) — 137 0.3 (0.0) (0.4) (0.2) (1.0) 1.0

26-Mar-14 2 — 9 71 9 — 92 0.5 0.2 0.5 1.2 0.2 0.6

Net Fund Flows / Market Cap (%)

2013 (1.80) 3.50 (0.55) 0.30 0.47 1.00 0.73

YTD 2014 (0.24) 0.51 0.53 (0.38) 0.15 0.18 0.06

Sources: Bloomberg, Thanachart compilation



Thailand Fund Flows

Daily Fund Flows

As of 26-Mar-14 ————— Equity Market ————— —— Future s Market (contracts) —— ————— Bond Market —————

(Bt m) Buy Sell Net Buy Sell Net Buy Sell Net

Foreign Investors 5,730 5,655 75 16,716 15,390 1,326 3,036 757 2,279

Institution Investors 2,211 1,843 368 50,220 52,191 (1,971) 9,495 13,862 (4,366)

Retail Investors 10,100 11,744 (1,644) 56,178 55,533 645 2,401 299 2,102

Proprietary Trading 3,079 1,878 1,201 — — — — — —

Equity Market (SET) Futures Market Bond Market

75 368

(1,644)

1,201

(2,000)(1,500)(1,000)

(500)0

5001,0001,500

Foreign LocalInst.

Retail PropTrade

(Bt m)

1,326

(1,971)

645

(8,000)(7,000)(6,000)(5,000)(4,000)(3,000)(2,000)(1,000)

01,0002,000

Foreign Local Inst. Retail

(contracts)

2,279

(4,366)

2,102

(5,000)(4,000)(3,000)(2,000)(1,000)

01,0002,0003,000

Foreign Local Inst. Retail

(Bt m)

Daily Trading Turnover Breakdown By Investor Type

Equity Market

Turnover: Bt21,119m

Futures Market

Volume: 123,114 contracts

Bond Market

Turnover: Bt29,850m (2 sides B&S)

Foreign27%

Local Fund9%Retail

52%

Prop Trade12%

Foreign13%

Local Fund42%

Retail45%

Foreign11%

Local Fund65%

Retail24%

Net Foreign Fund Flows By Market

Equity Market Futures Market Bond Market

(0.9)

3.4

(32.7)(29.4)

(35)(30)(25)(20)(15)(10)(5)05

10

1W 1M 3M YTD13

(Bt bn)

2.3

(0.9)

9.4 7.9

(6)(4)(2)02468

1012

1W 1M 3M YTD13

('000 contracts)

(8.5)

2.9

(15.8) (16.0)(20)

(15)

(10)

(5)

0

5

1W 1M 3M YTD13

(Bt bn)

Sources: SET, TFEX, Thai Bond Market Association



Commodities Update (I)

WTI, Dubai, Brent (PTT, PTTEP, TOP, PTTGC, BCP) Source: Bloomberg GRM Complex (BCP, TOP, PTTGC, IRPC, ESSO) Sources: Bloomberg, TNS

70

80

90

100

110

120

130

140

Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14

WTI

Brent

Dubai

(US$/bbl) 100.26

107.03

103.79

+1.07

+0.04

+0.14

0

2

4

6

8

10

12

14

16


GRM-Complex(US$/bbl) 7.40 -0.13

HDPE, LDPE, Ethylene (PTTGC, SCC, IVL) Source: Datastream Paraxylene, Benzene (PTTGC, TOP, IRPC) Source: Datastream

100

200

300

400

500

600

700

800

900


LDPE-Naphtha

HDPE-Naphtha

Ethylene-Naphtha

(US$/tonne) 664.00

604.00

511.50

-3.00

-3.00

-5.50

0

100

200

300

400

500

600

700

800

900

1,000


PX-Naphtha

Benzene-Naphtha

(US$/tonne) 436.50

357.50

-30.75

-4.25

Handysize & Baltic Dry Index (TTA, PSL) Source: Bloomberg Coal – BJI (BANPU, LANNA, UMS) Source: BANPU

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

100

200

300

400

500

600

700

800

900

1,000


Handysize Index (LHS)

Balitc Dry Index (RHS)

(Index) 1,496 -82 (Index)

672 -4

50

60

70

80

90

100

110

120


(US$/tonne) BJI 74.90 +2.15

Steel-HRC, Steel-Rebar (SSI, GJS, GSTEEL, TSTH) Source: Bloomberg Broiler, Swine (CPF, GFPT) Source: OAE

450

500

550

600

650

700

750


Steel-HRC

Steel-Rebar

(US$/tonne) 510

528 +0.00528

-17.50

20

30

40

50

60

70

80

90


Swine Price

Broiler Price

(Bt/kg.) 75.3

39.5

+0.00

+0.00



Commodities Update (II)

JET Fuel Oil (THAI) Source: Datastream Gold Source: Bloomberg

90

100

110

120

130

140

150


(US$/bbl) 119.70 -0.39JET Fuel Oil

1,000

1,200

1,400

1,600

1,800

2,000


Gold(US$/oz) 1,303.20 -8.20

Rubber (STA, TRUBB) Source: Bloomberg Soybean meal & Corn (CPF, GFPT) Source: Bloomberg

1,500

2,000

2,500

3,000

3,500

4,000

4,500


SICOM-TSR20

TOCOM

(US$/tonne) 1,899.00

2,330.53

-18.00

+12.16

400

450

500

550

600

650

700

250

300

350

400

450

500

550

600


Soybean meal (LHS)

Corn No.2 Yellow (RHS)

(US$/tonne) 463.70 +1.70 (US$/bu.)

486.50 -3.50

Soybean & Palm Oil (CPI, TVO, UPOIC, UVAN) Source: Bloomberg Cotton (IVL) Source: Bloomberg

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

1,450

1,500


Soybean (LHS)

Malaysian Crude Palm Oil

(US$/bu.) 1,428.00 +2.50 (US$/bu.)

2,822.00 -40.50

60

70

80

90

100

110


Cotton No.2(US$/lb)94.11 3.48

Sugar (KSL, KBS) Source: Bloomberg Shrimp (ASIAN, CFRESH, CPF, TUF) Source: OAE

350

400

450

500

550

600

650

700

750

800

10

12

14

16

18

20

22

24

26

28

30


Raw Sugar Price (LHS)

White Sugar Price (RHS)

(US$ cents/lb) 17.38 +0.41 (US$/tonne)

463.70 +10.10

100

150

200

250

300

350


Vannamei Shrimp 41-50 shrimp/kg(Bt/kg) 287.50 +0.00



Management Stock Trading

<dd�G�SG�กG�QF�ch��<F�SกG�qE��ก]��?�S��d��G� (<dd 59-2)

lEh�d��] lEh��d��G� ��]chr��>G �^cกG�r��>G F�BQ�] poG�� G[G >��[RG /poG��RG� /poG��RG� ��ก]�� (��) (dG]) (dG])

AKR � &UU �$R�� "�* 25/03/57 ��@�� ,��+�U 7,389,497 0.00 0 BKD �A�� !* �&)�*��$ �� 21/03/57 .�/� ��,��+�U 110,000 2.40 264,000

EPCO ��n B&��A�$ก� 25/03/57 .�/� ��,��+�U 50,000 3.28 164,000 MBAX )&��n& �&h%&� 20/03/57 .�/� ��,��+�U 5,000 2.66 13,300 MBAX )&��n& �&h%&� 20/03/57 .�/� ��,��+�U 5,000 2.68 13,400 MILL �%"B�� ก&��&B��= &U 24/03/57 � ��,��+�U 120,000 1.65 198,000 PS �� ) +�%��&� 24/03/57 � ��,��+�U 100,000 19.90 1,990,000

SANKO +.+& $��.I@+@� 19/03/57 � ��,��+�U 14,100 0.98 13,818 SANKO +.+& $��.I@+@� 21/03/57 � ��,��+�U 50,000 1.03 51,500 SANKO +.+& $��.I@+@� 24/03/57 � ��,��+�U 48,800 1.00 48,800 SCCC h&%� +�� 24/03/57 ��@�� ,��+�U 800 0.00 0 SMPC �� &��* 25/03/57 .�/� ��,��+�U 4,000 36.25 145,000 SPORT % $� @�� 20/03/57 .�/� ��,��+�U 10,000 3.38 33,800 SUC =�� " � ก��* 26/03/57 @��ก ��,��+�U 1,600,000 0.00 0 SUC =�� " � ก��* 26/03/57 ��@�� ,��+�U 800,000 0.00 0 TVD n�� +��n� ��* 24/03/57 � 4��$�U��&�n&�"#=�.�/��,� 157,700 1.90 299,630

Source: www.sec.or.th

<dd�G�SG�กG�r��>G��E�poG��RG��ก]��?�Sก�pกG� (<dd 246-2)

Sell/Buy/ ��ก]�� lEh��r��>G/poG��RG� Q��h>-�� F�BQ�] %r��>G/ %��Sr��>G/ ��]chr��>G/ �>G�Q�P

concert party/ ��ก]�� poG��RG� poG��RG� poG��RG� Q��h>-�� >.258

CPF CAPITAL RESEARCH AND SELL ��,� 0.22 4.87 24/03/57 MANAGEMENT COMPANY

STAR �� $* �&�� $ ��* BUY ��,� 3.76 8.74 21/03/57 Source: www.sec.or.th

�+��: *ก !"�"#+"ก ��N�ก��+ B�#�>I,��,+/=�� =�� ,�+I ��$$4�ก��+�"#+"ก ��"#�� %� %ก ��,+/=�� %��ก ��,+/=�� =��%� ��/�ก��+ ��$$�++� 258 (�&�+�+��$$+� 258)



Cash Balance Lists

�� Turnover List ]chP��SGSQS��C�r��RS��GQP�>poG��กR��กG�DEA�?G� (Cash Balance)

lRS��]ch �� %1W-Turnover >��[RGDEA�Q��ch�PR�� PE ratio ��E�d��]]ch>c�� %Premium Cash balance (��G�dG]) กG��oGQ��SG�?G�]�

17 ก.). S 28 +".$.14 HYDRO 102.63 87.62 60.61 ─ 17 ก.). S 28 +".$.14 TASCO-W3 1,066.49 135.59 ─ 40.02 17 ก.). S 28 +".$.14 DEMCO-W5 677.81 108.20 ─ 83.64 10 +".$. S 18 �+.�.14 TSF 67.80 203.09 �� ─ 17 +".$. S 25 �+.�.14 IFEC 53.16 129.85 107.46 ─

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NVDR Active

NVDR Turnover Net Buy Values (B t m) NVDR Turnover Net Sell Values (B t m)

Symbol 26 Mar 25 Mar 24 Mar 21 Mar 20 Mar Symbol 26 Mar 25 Mar 24 Mar 21 Mar 20 Mar

1 CPF 164.4 (10.9) 79.2 343.8 80.7 1 CPALL (70.5) (17.0) 41.5 20.7 (31.5)

2 PTT 120.8 331.2 88.1 73.0 317.9 2 TCAP (54.4) (20.9) 13.1 6.2 (83.1)

3 PTTEP 120.6 41.8 64.2 19.0 (37.8) 3 TOP (54.0) (7.6) 13.6 2.4 0.4

4 PTTGC 57.2 (5.6) 70.5 13.7 (156.1) 4 SCC (42.0) 68.7 (36.9) 63.7 219.2

5 ADVANC 49.7 (2.2) (107.6) (12.4) 162.5 5 KBANK (32.4) (68.1) (103.5) (193.5) 180.5

6 RATCH 33.3 39.5 43.1 20.0 50.4 6 TSF-W3 (25.7) na na na na

7 TRUE 28.6 (26.9) (6.3) (194.4) (0.5) 7 SCB (24.6) 41.5 41.0 (32.0) (92.1)

8 GLOW 22.6 30.5 (2.2) 55.3 1.8 8 TUF (19.2) 28.2 21.6 (77.0) (58.2)

9 BBL 20.6 (157.7) (19.1) 262.4 251.0 9 INTUCH (17.9) (27.7) 36.3 (102.0) (30.4)

10 GFPT 19.0 0.4 16.8 5.0 6.3 10 BCH (16.2) (0.4) (22.2) (8.8) (9.3)

11 IVL 16.6 13.1 4.7 (7.8) 15.6 11 AMATA (13.6) 0.2 14.4 11.1 17.2

12 DTAC 15.9 (20.2) 25.6 9.0 (7.5) 12 TTCL (10.3) (0.8) 6.7 (4.4) (2.9)

13 CSS 13.9 2.3 na 0.0 na 13 LH (10.2) (63.5) (10.3) 2.3 5.3

14 DEMCO 13.7 3.3 (10.6) (0.8) 0.1 14 ANAN (9.8) (0.5) (15.4) 0.7 0.8

15 STANLY 10.1 0.8 0.5 11.0 0.1 15 BEC (8.6) (19.9) 26.1 11.7 12.3

16 SGP 7.2 13.8 11.5 8.8 4.1 16 BIGC (7.9) (14.2) 0.3 (25.5) 0.5

17 BTS 6.7 11.2 (73.5) (137.2) 7.3 17 LHBANK (7.8) (8.7) (3.1) (12.9) (1.1)

18 BANPU 6.4 (6.3) 2.7 44.9 32.1 18 SCCC (6.5) (3.2) (2.9) 7.0 (8.1)

19 THCOM 6.3 (17.3) 8.0 6.6 (3.1) 19 THRE (6.4) 1.1 (5.3) 0.8 0.8

20 IRPC 5.6 3.9 24.4 (4.4) (6.7) 20 CENTEL (6.0) 1.8 (35.8) 6.8 3.3

NVDR Most Active Values ( Bt m) NVDR Outstanding Share ( m shares)

Symbol BUY SELL TOTAL NET % Turnover Symbol No. of Shares

in Hand Paid Up Capital

Shares % of Paid

Up Capital

1 KBANK 185.5 217.8 403.3 (32.4) 38.6 1 TISCO-P 0.02 0.03 66.2

2 CPF 196.9 32.6 229.5 164.4 0.0 2 BBL 577.8 1,908.8 30.3

3 PTT 167.4 46.6 214.0 120.8 20.9 3 KBANK 655.2 2,393.3 27.4

4 PTTEP 147.1 26.5 173.6 120.6 16.8 4 E-W1 75.0 347.0 21.6

5 SCC 65.3 107.2 172.5 (42.0) 0.0 5 INTUCH 667.9 3,206.4 20.8

6 ADVANC 108.6 58.9 167.5 49.7 0.0 6 SPALI 310.5 1,716.6 18.1

7 CPALL 47.7 118.2 165.8 (70.5) 12.0 7 LH 1,751.8 10,025.9 17.5

8 BIGC 61.4 69.4 130.8 (7.9) 68.1 8 THRE 576.0 3,512.5 16.4

9 SCB 50.8 75.4 126.2 (24.6) 12.0 9 LPN 235.7 1,475.7 16.0

10 DTAC 60.8 45.0 105.8 15.9 0.0 10 THIP 1.2 8.0 14.9

11 PTTGC 79.7 22.5 102.1 57.2 10.8 11 EGCO 77.0 526.5 14.6

12 BBL 48.6 28.1 76.7 20.6 8.5 12 TWFP 13.7 95.1 14.5

13 TOP 11.2 65.1 76.3 (54.0) 0.0 13 DTAC 334.2 2,367.8 14.1

14 BEC 27.5 36.1 63.6 (8.6) 0.0 14 TCAP 178.3 1,277.8 14.0

15 TCAP 4.4 58.8 63.3 (54.4) 0.0 15 TSF-W3 110.7 803.4 13.8

16 INTUCH 20.4 38.3 58.7 (17.9) 10.2 16 PRANDA 53.5 409.5 13.1

17 AOT 24.3 24.6 48.9 (0.3) 0.0 17 LALIN 102.8 825.0 12.5

18 KTB 21.6 24.8 46.4 (3.2) 0.0 18 AP 355.7 2,859.9 12.4

19 RATCH 37.7 4.5 42.2 33.3 0.0 19 GBX 134.0 1,089.1 12.3

20 IVL 28.8 12.2 40.9 16.6 0.0 20 SIRI-W1 127.3 1,046.7 12.2

Source: SET



Short Sell Securities Volume Turnover Average Price Last Price % Price Change % Short Sell Volume

(shares) (Bt) (Bt) (Bt) From Average Price Comparing with Main Board

PS 750,000 14,947,260 19.93 19.90 0.15% 30.88%

THCOM 300,000 12,500,000 41.67 41.75 -0.20% 29.99%

ESSO 250,200 1,526,220 6.10 6.10 0.00% 26.69%

BEC 347,500 17,835,300 51.32 51.75 -0.82% 15.03%

BANPU 367,500 9,555,000 26.00 26.25 -0.95% 10.60%

SPALI 200,000 3,520,000 17.60 17.60 0.00% 10.42%

BLA 28,100 1,860,800 66.22 67.00 -1.16% 7.82%

SCCC 4,100 1,421,900 346.80 348.00 -0.34% 5.85%

TRUE 5,030,000 34,958,500 6.95 7.00 -0.71% 5.23%

MINT 104,600 2,583,620 24.70 24.70 0.00% 5.15%

SIRI 2,450,000 4,673,000 1.91 1.92 -0.66% 5.12%

BCH 607,000 4,202,545 6.92 7.05 -1.79% 3.98%

IVL 2,455,000 57,141,000 23.28 23.30 -0.11% 3.47%

DTAC 45,600 5,254,000 115.22 115.00 0.19% 3.30%

THAI 130,000 1,819,000 13.99 14.00 -0.05% 3.12%

CENTEL 100,000 3,000,000 30.00 30.25 -0.83% 2.93%

PTT 50,000 14,750,000 295.00 295.00 0.00% 2.87%

TTA 449,300 9,780,370 21.77 21.80 -0.15% 2.57%

KBANK 59,000 10,173,000 172.42 172.50 -0.04% 1.95%

TMB 900,000 2,178,000 2.42 2.40 0.83% 1.92%

TUF 38,700 2,610,975 67.47 67.50 -0.05% 1.64%

ERW 100,000 392,000 3.92 3.94 -0.51% 1.47%

VGI 60,100 684,310 11.39 11.50 -0.99% 1.33%

GLOW 10,500 772,350 73.56 74.25 -0.93% 1.18%

IRPC 317,100 1,046,430 3.30 3.30 0.00% 0.96%

SAMART 375,000 6,848,200 18.26 18.40 -0.75% 0.94%

MAJOR 11,100 205,150 18.48 18.50 -0.10% 0.71%

QH 180,000 540,400 3.00 3.02 -0.59% 0.70%

AMATA 13,400 190,010 14.18 14.30 -0.84% 0.63%

TCAP 20,000 710,000 35.50 35.75 -0.70% 0.61%

GLOBAL 11,100 157,620 14.20 14.10 0.71% 0.55%

AOT 11,500 2,217,000 192.78 194.00 -0.63% 0.45%

ROBINS 4,900 249,975 51.02 50.75 0.52% 0.42%

BJC 1,600 77,650 48.53 49.25 -1.46% 0.28%

LH 30,300 286,245 9.45 9.45 -0.03% 0.28%

LPN 3,000 46,500 15.50 15.40 0.65% 0.23%

BBL 5,000 882,500 176.50 175.50 0.57% 0.20%

CPALL 26,500 1,142,000 43.09 42.75 0.81% 0.17%

KTC 1,500 53,875 35.92 35.25 1.89% 0.17%

SCC 1,000 416,000 416.00 414.00 0.48% 0.17%

ITD 20,000 71,600 3.58 3.58 0.00% 0.16%

JAS 193,700 1,547,100 7.99 7.90 1.10% 0.15%

KCE 1,800 52,650 29.25 29.25 0.00% 0.15%

M 500 26,800 53.60 53.75 -0.28% 0.15%

AAV 5,000 19,900 3.98 4.00 -0.50% 0.06%

ADVANC 2,000 452,000 226.00 228.00 -0.88% 0.04%

STA 2,000 31,200 15.60 15.50 0.65% 0.02%

KTB 1,000 18,150 18.15 18.10 0.28% 0.00%

Source: SET



Foreign Board & Big Lot

Foreign Board Securities Volume Value Foreign Price Local Price % Premium/Discount

(shares) (Bt) (Bt) (Bt) From Local Price

KBANK-F 2,270,130 407,756,035 179.50 172.50 4.06

BBL-F 1,478,700 260,766,100 176.00 175.50 0.28

SCC-F 287,300 119,609,600 414.00 414.00 0.00

BH-F 545,000 49,265,700 75.00 90.50 (17.13)

SPALI-F 1,853,700 32,575,120 21.00 17.60 19.32

SCB-F 20,000 3,111,186 152.00 155.00 (1.94)

TUF-F 45,600 3,100,800 56.50 67.50 (16.30)

DTAC-F 23,300 2,744,600 115.00 115.00 0.00

LH-F 274,300 2,641,365 9.75 9.45 3.17

BIGC-F 10,000 1,795,300 179.50 179.50 0.00

RATCH-F 33,000 1,691,250 47.75 51.25 (6.83)

INTUCH-F 4,800 367,750 77.00 76.00 1.32

Source: SET

Big Lot Securities Volume Value Avg. Price Last Price % Price Change Transaction

(shares) (Bt) (Bt) (Bt) From Average Price

BIGC 279,700 50,176,950 179.40 179.50 (0.06) 2.00

CPALL 914,100 39,153,265 42.83 42.75 0.19 2.00

NNCL 15,000,000 34,500,000 2.30 2.28 0.88 1.00

SPALI 1,500,000 26,343,900 17.56 17.60 (0.23) 2.00

PTTGC 142,400 10,244,410 71.94 71.75 0.26 2.00

STANLY 45,900 9,409,500 205.00 203.00 0.99 1.00

BCH 1,000,000 7,000,000 7.00 7.05 (0.71) 1.00

INTUCH 72,000 5,909,760 82.08 76.00 8.00 1.00

SIM 1,650,000 5,313,000 3.22 3.26 (1.23) 1.00

BBL 25,000 4,387,500 175.50 175.50 0.00 1.00

N-PARK 17,000,000 1,039,100 0.06 0.06 0.00 4.00

IEC 24,000,000 602,400 0.03 0.02 50.00 11.00

Source: SET



Warrant Table As of 26/03/14

In / Out Exercise Conversion Expiry Last Price(B) Warran t Volatility B&S Prem/Disc Gearing Implied Exercise

Money price ratio (W:S) date underlying of stocks price(B ) to B&S volatility period

ACD-W2 In 1.000 1:1.0000 7-Jun-16 1.62 0.53 13.6% 0.47 12.0% 3.06 41.3% Last business day of Dec

BLAND-W3 Out 1.700 1:1.0000 7-Nov-15 1.56 0.37 17.5% 0.09 290.4% 4.22 56.0% Last business day of Mar, Jun, Sep, Dec

BLAND-W4 Out 2.000 1:1.0000 2-Jul-18 1.56 0.32 17.5% 0.10 226.1% 4.88 40.7% Last business day of Mar, Jun, Sep, Dec

BROOK-W4 In 0.838 1:1.2550 8-Aug-16 2.02 1.41 22.7% 1.03 37.0% 1.80 138.6% Last business day of Mar, Jun, Sep, Dec

BSM-W1 In 0.500 1:1.0000 3-Jan-16 1.94 1.21 8.9% 0.97 24.5% 1.60 222.1% Last business day of Mar, Jun, Sep, Dec (1st on 31 Mar 2014)

BTS-W3 Out 12.000 1:1.0000 1-Nov-18 8.40 0.88 10.9% 0.11 674.6% 9.55 27.1% Last business day of Mar, Jun, Sep, Dec (1st on 30 Dec 2016)

BWG-W1 In 1.200 1:1.0000 13-Jul-14 3.48 2.04 38.0% 2.04 (0.1%) 1.71 na Last business day of Mar, Jun, Sep, Dec

CCP-W1 In 1.000 1:1.3340 29-Sep-14 4.58 3.50 13.3% 4.22 (17.0%) 1.75 na Last business day of Mar, Jun, Sep, Dec

CCP-W2 In 1.000 1:1.0000 30-Sep-16 4.58 3.40 13.3% 3.08 10.3% 1.35 124.3% Last business day of Mar, Jun, Sep, Dec

CEN-W3 Out 2.000 1:1.0000 10-Jun-15 3.16 1.32 33.9% 1.06 24.9% 2.39 76.8% Last business day of Mar, Jun, Sep, Dec

CHO-W1 In 0.500 1:1.0000 27-Oct-16 1.87 1.11 23.9% 0.93 19.2% 1.68 146.3% Last business day of Mar, Jun, Sep, Dec (1st on 30 Dec 2014)

CIG-W4 Out 1.000 1:0.5000 29-Oct-14 0.64 0.10 20.2% 0.00 na 3.20 202.3% Last business day on a monthly

CMO-W1 Out 2.000 1:1.0000 11-Nov-15 1.94 0.69 13.2% 0.12 489.9% 2.81 83.2% End of Apr, Oct

COLOR-W1 Out 4.000 1:1.0000 16-Jun-16 1.69 0.45 62.6% 0.19 139.7% 3.76 95.8% Last business day of Mar, Jun, Sep, Dec (1st on 17 Jun 2014)

CPI-W1 Out 2.250 1:1.0000 1-Jul-15 2.52 0.82 20.2% 0.33 149.1% 3.07 84.9% End of Jun, Dec

CWT-W2 Out 1.000 1:1.0000 30-Jan-16 1.44 1.01 15.0% 0.39 158.1% 1.43 201.0% End of Jun, Dec

DEMCO-W5 Out 12.000 1:1.0000 5-Feb-15 10.20 5.60 30.6% 0.58 872.3% 1.82 183.9% Last business day of Jan, Jul (1st on 31 Jan 2014)

DEMCO-W6 Out 15.000 1:1.0000 5-Feb-16 10.20 4.48 30.6% 0.54 727.0% 2.28 109.0% Last business day of Jan, Jul (1st on 31 Jan 2014)

DIMET-W1 In 0.500 1:1.0000 1-Nov-17 1.18 0.55 33.7% 0.49 12.8% 2.15 65.7% End of Jun, Dec (1st on 30 Dec 2014)

EARTH-W3 In 1.466 1:1.0230 15-Sep-16 6.00 4.50 14.7% 4.63 (2.9%) 1.36 na 15 Mar, 15 Sep

EFORL-W2 In 0.100 1:1.0000 22-Aug-16 0.67 0.49 22.6% 0.38 27.8% 1.37 na 22 Aug 2016

EMC-W3 Out 1.205 1:1.2450 28-Mar-14 0.51 0.01 31.8% 0.00 na 63.50 730.3% End of Jun, Dec

EPCO-W1 Out 2.266 1:1.0150 20-Oct-14 3.30 1.06 30.5% 0.91 16.5% 3.16 69.9% Last business day of Mar, Jun, Sep, Dec

EVER-W1 Out 1.000 1:1.0000 1-Dec-14 1.03 0.41 49.7% 0.12 228.5% 2.51 198.3% 31 Mar 2014, 30 Jun 2014, 30 Sep 2014, 28 Nov 2014

E-W1 Out 1.408 1:1.0650 22-Dec-20 0.95 0.46 14.7% 0.05 790.2% 2.20 69.1% Last business day of Mar, Jun, Sep, Dec

E-W2 Out 2.000 1:1.0000 22-Dec-20 0.95 0.32 14.7% 0.01 3156.3% 2.97 57.4% Last business day of Mar, Jun, Sep, Dec

FOCUS-W1 Out 3.000 1:1.0000 15-Jun-14 1.77 0.34 15.4% 0.00 na 5.21 241.3% Last business day of Jan, Apr, Jul, Nov

GJS-W2 Out 0.207 1:3.6300 12-Dec-17 0.06 0.06 179.1% 0.16 (62.3%) 3.63 82.4% End of Jun and Dec

GJS-W3 Out 0.150 1:4.0000 7-Feb-20 0.06 0.11 179.1% 0.20 (45.4%) 2.18 79.4% End of Jun and Dec

GLAND-W1 Out 1.000 1:1.0290 26-May-14 3.26 4.16 42.1% 2.32 79.0% 0.81 na Last business day of Mar, Jun, Sep, Dec

GLAND-W2 In 1.000 1:1.0000 30-Jun-16 3.26 2.00 42.1% 2.23 (10.2%) 1.63 na End of Jun

GL-W2 In 2.957 1:11.8360 31-Oct-14 4.90 21.40 25.1% 22.08 (3.1%) 2.71 na Last business day of Mar, Jun, Sep, Dec

GL-W3 Out 10.000 1:1.0000 1-Dec-15 4.90 0.67 25.1% 0.01 5724.1% 7.31 74.5% Every Month (1st on 31 Jan 2014)

GOLD-W1 In 3.000 1:1.0000 31-Mar-14 7.15 2.54 67.7% 3.23 (21.5%) 2.81 na Last business day of Mar, Jun, Sep, Dec

GSTEL-W1 Out 0.550 1:1.0000 29-Sep-19 0.15 0.07 191.4% 0.12 (43.1%) 2.14 94.0% Last business day of Jun and Dec

GSTEL-W2 Out 0.550 1:1.0000 26-Sep-19 0.15 0.07 191.4% 0.14 (49.3%) 2.14 86.7% Last business day of Jun and Dec

IEC-W1 Out 0.027 1:1.0000 18-Jun-14 0.02 0.01 204.0% 0.01 87.3% 2.00 341.8% End of Mar, Jun, Sep, Dec

IFEC-W1 In 1.000 1:1.0000 23-Feb-17 3.22 2.04 23.5% 1.52 34.2% 1.58 194.6% 28 Nov 2014, 28 Nov 2015, 23 Feb 2017

ILINK-W1 Out 20.000 1:1.0000 23-Jun-16 25.50 7.70 37.3% 7.84 (1.7%) 3.31 35.9% End of Mar, Jun, Sep, Dec

KAMART-W In 2.000 1:1.0000 7-May-14 4.94 2.84 21.9% 2.84 (0.1%) 1.74 na Last business day of Jul-13, Oct-13, Jan-14, 6-May-14

KCE-W2 In 5.000 1:1.0000 19-Jun-16 29.25 23.00 28.9% 23.28 (1.2%) 1.27 na 1-10 Mar, Jun, Sep, Dec

KMC-W2 Out 1.120 1:0.8930 20-Jun-15 0.32 0.07 59.5% 0.00 1807.2% 4.08 135.3% End of Mar, Jun, Sep, Dec

KMC-W3 Out 0.600 1:1.0000 19-May-16 0.32 0.09 59.5% 0.04 130.7% 3.56 96.9% End of Dec (1st on 30-Dec-13)

LIVE-W2 Out 0.100 1:1.0000 8-Dec-16 0.32 0.25 53.0% 0.20 24.9% 1.28 156.8% Last business day of Mar, Jun, Sep, Dec (1st on 31 Mar 2014)

MATCH-W2 In 1.293 1:1.0820 29-May-14 2.72 1.50 25.3% 1.37 9.8% 1.96 194.2% Last business day of Mar, Jun, Sep, Dec

MILL-W2 Out 2.500 1:1.0000 29-May-16 1.66 0.26 14.7% 0.01 3874.4% 6.38 54.9% Last business day of Jun and Dec

NBC-W1 Out 3.000 1:1.0000 11-Jul-18 3.94 1.71 5.9% 0.90 89.8% 2.30 62.9% 15 Jun and 15 Dec (1st on 15 Dec 2013)

NEP-W2 Out 0.500 1:1.0000 15-Dec-16 1.02 0.56 20.3% 0.41 35.4% 1.82 97.6% Last business day of 15 Mar,15 Jun,15 Sep,15 Dec

NINE-W1 Out 4.000 1:1.0000 11-Jul-18 3.70 1.50 19.6% 0.41 265.8% 2.47 82.2% 15 Jun and 15 Dec

NIPPON-W Out 1.000 1:1.0000 30-May-16 1.63 0.72 48.4% 0.53 37.0% 2.26 101.6% Last business day of Feb, May, Aug, Nov

NMG-W3 Out 1.000 1:1.0000 19-Jun-18 1.26 0.49 22.4% 0.28 76.8% 2.57 66.2% 15 Jun and 15 Dec

NNCL-W2 In 1.000 1:1.0000 29-Dec-15 2.28 1.18 15.1% 0.91 30.2% 1.93 125.5% Last business day of Mar, Jun, Sep, Dec

NUSA-W1 Out 1.000 1:1.0000 31-May-16 0.70 0.22 35.2% 0.06 266.6% 3.18 81.6% Last business day of May, Nov

NWR-W1 Out 2.200 1:1.0000 26-Jun-14 1.91 0.24 20.6% 0.01 2796.7% 7.96 97.0% Last business day of Mar, Jun, Sep, Dec

PF-W3 Out 1.000 1:1.0000 18-Jul-15 0.91 0.33 23.5% 0.07 369.5% 2.76 90.0% Last business day of Mar, Jun, Sep, Dec

PLE-W2 Out 3.200 1:1.0000 20-Oct-15 1.62 0.37 37.1% 0.03 1356.0% 4.38 108.2% 20 Oct 2015

PRINC-W1 In 1.200 1:1.0000 30-Sep-16 2.60 1.34 13.2% 0.97 37.5% 1.94 115.2% Last business day of Mar, Jun, Sep, Dec

PYLON-W1 In 1.760 1:1.2500 25-Apr-15 5.40 4.20 36.4% 3.41 23.2% 1.61 195.4% 30 Jun and 30 Dec

RCI-W1 Out 3.000 1:1.0000 22-Oct-15 3.62 1.46 26.6% 0.74 97.4% 2.48 87.2% 22 Oct 2014, 22 Oct 2015

RML-W3 Out 2.750 1:1.0000 15-May-15 1.56 0.27 43.1% 0.04 526.5% 5.78 91.2% Last business day of Mar, Jun, Sep, Dec

ROJNA-W2 In 3.334 1:1.1998 30-Jul-14 7.00 3.90 10.1% 4.38 (11.0%) 2.15 na Last business day of Feb, May, Aug, Nov

ROJNA-W3 Out 4.000 1:1.0000 18-Jul-16 7.00 3.26 10.1% 2.90 12.3% 2.15 47.1% Last business day of Mar, Jun, Sep, Dec

RS-W2 In 1.900 1:1.0000 19-May-14 8.45 6.30 37.5% 6.22 1.3% 1.34 247.8% End of Jun, Dec

SIMAT-W1 Out 1.012 1:1.4821 28-Aug-14 6.35 8.00 68.0% 6.71 19.2% 1.18 na Last business day of Mar, Jun, Sep, Dec

SINGHA-W Out 6.000 1:1.0000 28-Nov-14 0.30 0.06 70.2% 0.00 na 5.00 264.0% End of May , Nov

SIRI-W1 Out 1.114 1:1.1670 20-Jan-15 1.92 0.95 39.5% 0.87 9.6% 2.36 70.3% Last business day of Mar, Jun, Sep, Dec

SLC-W1 Out 0.690 1:0.5780 16-May-15 0.55 0.17 22.9% 0.01 1733.5% 1.87 158.5% Last business day of May, Nov

SLC-W2 Out 0.420 1:0.2379 28-Oct-15 0.55 0.10 22.9% 0.03 187.9% 1.31 191.4% Last business day of Mar, Sep

SLC-W3 Out 0.740 1:1.3600 14-Sep-16 0.55 0.36 22.9% 0.04 909.3% 2.08 117.9% Last business day of Mar, Sep

SMM-W2 In 1.406 1:1.0667 25-Apr-14 1.48 0.06 27.0% 0.08 (24.9%) 26.31 na Monthly basis on the 25th

SPORT-W3 In 1.679 1:1.1615 21-Apr-15 3.38 1.50 10.3% 1.77 (15.2%) 2.62 na End of Mar, Jun, Sep, Dec

SPORT-W4 In 1.698 1:1.0306 15-Aug-14 3.38 1.40 10.3% 1.47 (4.5%) 2.49 na Last business day of Mar, Jun, Sep, Dec

STAR-W2 Out 2.900 1:1.0000 3-Jun-16 2.78 1.42 56.0% 0.72 97.8% 1.96 123.1% 3 Jun (1st on 3 Jun 2014)

TASCO-W3 Out 68.410 1:1.0000 17-Apr-14 48.50 0.05 18.5% 0.00 na 970.00 65.5% Last business day of Mar, Jun, Sep, Dec

TCC-W1 Out 0.719 1:1.3901 30-Oct-14 0.94 0.32 29.2% 0.33 (2.6%) 4.08 23.3% End of Jun

TCC-W2 Out 0.821 1:1.2178 3-May-18 0.94 0.46 29.2% 0.35 33.2% 2.49 45.8% Last business day of Feb, May, Aug, Nov

TCC-W3 Out 0.875 1:1.1425 1-Apr-22 0.94 0.56 29.2% 0.40 40.4% 1.92 48.7% Last business day of Feb, May, Aug, Nov

TCC-W4 Out 1.000 1:1.0000 14-May-23 0.94 0.43 29.2% 0.28 56.2% 2.19 52.5% Last business day of Mar, Jun, Sep, Dec

TCJ-W1 Out 9.804 1:1.0200 17-Mar-16 10.60 4.50 23.4% 1.83 146.1% 2.40 80.2% Last business day of Mar, Jun, Sep, Dec

TCMC-W1 Out 2.000 1:1.0000 26-Aug-16 2.54 1.17 60.5% 0.77 51.5% 2.17 117.7% Last business day of Mar, Sep

TFD-W2 Out 5.000 1:1.0000 15-May-16 6.95 2.84 28.8% 2.07 37.2% 2.45 62.6% Last business day of Mar, Jun, Sep, Dec

TH-W1 Out 1.000 1:1.0000 9-Sep-17 1.59 1.01 63.5% 0.86 18.0% 1.57 89.5% Last business day of Sep (1st on 30 Sep 2015)

TICON-W6 In 7.767 1:1.0300 3-Oct-14 17.30 9.60 19.4% 9.86 (2.7%) 1.86 na Last business day of Mar, Jun, Sep, Dec

TIES-W2 Out 1.000 1:1.0000 14-May-15 1.01 0.29 33.9% 0.11 172.5% 3.48 104.1% Last business day of Mar, Jun, Sep, Dec

TLUXE-W2 Out 2.500 1:1.0000 20-Feb-15 2.66 0.52 13.1% 0.20 156.4% 5.12 57.1% Last business day of Mar and Sep

TMI-W1 In 0.250 1:1.0000 4-Oct-15 1.49 1.13 22.1% 0.86 31.8% 1.32 na Last business day of May and Nov

TPAC-W1 Out 5.000 1:1.0000 21-May-16 7.00 2.40 25.9% 1.92 25.0% 2.92 49.7% Last business day of Mar and Sep

TRT-W2 Out 5.500 1:1.0000 5-Oct-15 5.65 1.48 23.6% 0.70 112.6% 3.82 58.9% Last business day of Mar and Sep

TRUBB-W1 Out 3.200 1:1.2500 7-Aug-14 1.98 0.56 19.5% 0.00 na 4.42 166.4% Last business day of Jun and Dec

TSF-W2 Out 0.187 1:1.6052 14-May-15 0.56 0.64 124.5% 0.60 6.8% 1.40 161.4% Last business day of May, Nov

TSF-W3 Out 0.250 1:1.0000 14-May-15 0.56 0.32 124.5% 0.31 3.5% 1.75 137.7% Last business day of Feb, May, Aug, Nov (1st on 30 May 2014)

TTA-W3 Out 16.166 1:1.0516 12-Sep-15 21.80 6.85 25.5% 6.18 10.9% 3.35 37.4% Last business day of Mar, Jun, Sep, Dec

TTA-W4 Out 18.500 1:1.0000 1-Mar-17 21.80 6.80 25.5% 5.59 21.6% 3.21 36.6% Last business day of Mar, Jun, Sep, Dec (1st on 27 Jun 2014)

TVD-W1 Out 3.500 1:1.0000 14-Jul-16 3.56 1.64 33.4% 0.77 113.0% 2.17 82.0% Last business day of Jun, Dec

TWZ-W2 Out 0.400 1:1.0000 12-Sep-14 0.35 0.06 40.4% 0.02 291.6% 5.83 108.0% 12 Sep 2014

TYM-W1 Out 5.000 1:1.0000 23-Jun-14 3.96 0.19 11.4% 0.00 na 20.84 70.7% Last business day of Mar, Sep

UAC-W1 Out 6.250 1:1.2000 31-Jan-16 8.35 3.30 39.0% 2.95 11.9% 3.04 50.1% Last business day of Mar, Jun, Sep, Dec

UKEM-W1 Out 0.500 1:1.0000 5-Nov-14 1.15 0.68 12.8% 0.57 19.4% 1.69 161.0% Last business day of Jun, Dec

UWC-W1 Out 1.000 1:1.0000 13-Nov-15 1.86 1.06 27.7% 0.66 61.2% 1.75 157.4% Last business day of Mar, Jun, Sep, Dec

WAT-W1 Out 1.000 1:1.0000 14-Feb-15 0.05 0.05 190.8% 0.01 776.6% 1.00 na End of Jun and Dec

WAT-W2 Out 0.400 1:1.0000 28-Jun-16 0.05 0.02 190.8% 0.02 (17.7%) 2.50 169.8% End of Jun and Dec

Sources: Companies data, Thanachart



Calendar

MARCH 2014

Mon Tue Wed Thu Fri

24 25 26 27 28

New listing: DW CPAL01C1408A 94 m units CPAL01P1408A 52 m units CPF01C1409A 144 m units CPF01C1409A 144 m units CPF01P1409A 73 m units CPF01P1409A 73 m units CPN01P1409A 48 m units CPN01C1409A 97 m units CPN01C1409A 97 m units DELT01C1409A 40 m units DELT01P1409A 19.3m units GLOB01C1408A 59 m units GLOB01C1408A 59 m units New share trading: FPI 1.43 m shares (Convertible debenture) XD: EA @0.02 PSCGH @0.15 TVO @0.70 TWZ @0.015 XE: TASCO-W3 1:[email protected] Expired: IVL13C1403A Last trading: IVL13C1403B KKP13C1403A THAI13C1403A

New listing: MAI Lease It Pcl. (LIT) 200 m shares, Par @1.00 (IPO 84 m shares @1.80) New share trading: QLT 0.32 m shares (QLT-WA 1:1 @5.72) XD: AH @0.14 BGH @2.00 DCON @1.04 HEMRAJ @0.11 LALIN @0.125 NTV @0.91 RAM @6.00 SKR @0.80 VIH @0.06

New listing: ETF KTAM SET50 ETF TRACKER (ESET50) 21.46 m units, Par @93.177 IPO @93.177 New listing: Warrant TSF-W3 803.44 m units, Exercise 1:1 @0.25, 1Y 2M First exercise: 30-May-2014 Last exercise: 14-May-2015 TTA-W4 99.37 m units, Exercise 1:1 @18.5, 3 years First exercise: 27-Jun-2014 Last exercise: 28-Feb-2017 New listing: DW ADVA13C1408A 50 m units JAS13C1408A 50 m units PTTG13C1408A 50 m units PTTG13P1408A 49 m units ADVA06C1601A 200m units BEC06C1503A 60 m units CENT06C1503A 60 m units HMPR06C1503A 80 m units KBAN06P1503A 80 m units KTB06C1601A 100 m units SCB06P1503A 80 m units STA06C1503A 80 m units TRUE06C1503A 200m units TRUE06P1503A 50 m units XD: HTC @0.40 LEE @0.22 TBSP @13.00 TCP @0.85 TMILL @0.10 TSTE @0.24 UMI @0.125 Last trading: AOT13C1403A BH07CA DELT07CA PTT13C1403A TRUE07CA

New listing: DW AAV11C1409A 50 m units BANP11C1409A 120m units BANP11P1409A 60 m units BBL11C1409A 120 m units BBL11P1409A 60 m units INTU11C1409A 120 m units INTU11P1409A 60 m units ADVA08P1407A 20 m units IVL08P1407A 20 m units STPI08C1504A 40 m units TRUE08P1407A 20 m units KBAN08P1409A 20 m units XD: ASK @1.00 ASK 50:1 Stock dividend GLAND @0.04 TIC @1.02 TIC-P @1.02 TTTM @1.50 Last trading: BCP06CA INTU06CB IVL06CC SCB06CE SCC06CB

XD: ADVANC @5.75 KCE @0.50 Q-CON @0.25 SYNEX @0.15 TGCI @0.06 TKS @0.40 TKS 10:1 Stock dividend Last trading: ADVA08CD BAY01C1403A BAY01P1403A BJC08CC BTS01C1403A BTS01P1403A CPAL01C1403A CPAL01P1403A CPF01C1403A CPF01P1403A CPN01C1403A CPN01P1403A DELT01C1403A GLOB01C1403A GLOB01P1403A HMPR01C1403A HMPR01P1403A LH01C1403A LH01P1403A PS01C1403A PS01P1403A PTT01C1403A PTT01P1403A ROBI01C1403A THAI01C1403A THAI01P1403A TRUE01C1403A TRUE01P1403A

Events: TH–กกต.สงคํารองเกี่ยวกับ กรณีใบเหลือง ผูวา กทม. ถึงศาลอุทธรณกลาง อกี ทั้งปลายมี.ค. นาจะมีคํา ตัดสินของ ป.ป.ช. ในการ ช้ีมูลความคิด คดีทุจริตที่ สําคัญ US–ดัชนีกิจกรรมการผลิตทั่ว ประเทศเดือนก.พ.จาก เฟดชิคาโก US–ดัชนีผูจัดการฝายจัดซ้ือ (PMI) ภาคการผลิต เบ้ืองตนเดือนมี.ค.

Events: US–��B�" $�,��+.$.=ก S&P / Case-Shiller US–ดัชนีราคาบานเดือนม.ค. US–ยอดขายบานใหมเดือน ก.พ. US–ดัชนีความเช่ือม่ันผูบริโภค เดือนมี.ค. US–ดัชนีราคาผูผลิต (PPI) เดือนก.พ. US–สต็อกนํ้ามันประจําสัปดาห สิ้นสุดวันที่ 21 มี.ค.จากการ ปโตรเลียมสหรัฐ (API)

Events: US–EIA petroleum report US–ยอดสัง่ซ้ือสินคาคงทน เดือนก.พ. US–ดัชนีผูจัดการฝายจัดซ้ือ (PMI) ภาคบริการเบ้ืองตน เดือนมี.ค.

Events: TH–ประชุม กกต.ประเด็น งบ กลางศรส. US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves TH–28-29 มี.ค. พรรค ประชาธิปตยประชุมใหญ สามัญประจําป TH–สศอ. แถลงดัชนี อุตสาหกรรมประจําเดือน



APRIL 2014

Mon Tue Wed Thu Fri

31 Mar 1 2 3 4

XD: CNS @0.17 CTW @0.70 SF @0.125 SF 8:1 Stock dividend UP @2.85 UPF @2.80 Last trading: ESSO13C1403A QH13C1403A SIRI13C1403A STA13C1403A THCO13C1403A TTA13C1403A Expired: IVL13C1403B KKP13C1403A THAI13C1403A Delisted: EMC-W3

XD: AQUA @0.027125025 CSL @0.35 DTCI @0.50 FANCY @0.10 INTUCH @2.16 IRCP @0.50 ROH @0.60 SCC @7.00 SUC @2.00 THCOM @0.45 TPC @1.20 WG @5.50 XE: SMM-W2 1:[email protected] Delisted: GOLD-W1 IEC-W1 Last trading: CK13C1404A IVL13P1404A KBAN08P1404A KBAN13C1404A KBAN13P1404A TRUE08P1404A

XD: CHARAN @1.50 MK @0.20 Expired: AOT13C1403A BH07CA DELT07CA PTT13C1403A TRUE07CA

XD: OISHI @1.00 SPPT @0.05 TCOAT @0.65 TMD @0.40 Last trading: ITD13C1404A Expired: BCP06CA INTU06CB IVL06CC SCB06CE SCC06CB

XD: CSP @0.13 TCMC @0.04 XW: AJP 2:1@Free Last trading: ADVA13C1404A ADVA13P1404A BANP13C1404A JAS13C1404A TMB13C1404A Expired: ADVA08CD BAY01C1403A BAY01P1403A BJC08CC BTS01C1403A BTS01P1403A CPAL01C1403A CPAL01P1403A CPF01C1403A CPF01P1403A CPN01C1403A CPN01P1403A DELT01C1403A GLOB01C1403A GLOB01P1403A HMPR01C1403A HMPR01P1403A LH01C1403A LH01P1403A PS01C1403A PS01P1403A PTT01C1403A PTT01P1403A ROBI01C1403A THAI01C1403A THAI01P1403A TRUE01C1403A TRUE01P1403A

Events: TH–ธปท. รายงานภาวะ เศรษฐกิจไทยประจําเดือน

Events:

TH–กระทรวงพาณิชยแถลง ตัวเลขเงินเฟอ

Events: US–EIA petroleum report

Events: US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves



APRIL 2014

Mon Tue Wed Thu Fri

7 8 9 10 11

Holiday

XD: APCO @0.20 APCO 5:1 Stock dividend CSS @0.08 TOG @0.20 XE: KAMART-W 1:[email protected] XR: APCO 6.25:1 @1.00

Expired: CK13C1404A IVL13P1404A KBAN08P1404A KBAN13C1404A KBAN13P1404A TRUE08P1404A

XD: BANPU @0.70 MAJOR @0.50 TVI @0.32

XD: CPNRF @0.41 GC @0.14 JCP @0.24 KBANK @3.00 NPK @0.15 SAMCO @0.07 SCB @3.75 SCB-P @3.75 SSF @0.35 TCAP @1.00 TCAP-P @1.00 Expired: ITD13C1404A

Events:

Events:




14 15 16 17 18

Holiday Holiday

XD: JMART @0.15 JMART 4:1 Stock dividend JMT @0.07 MINT @0.35 Last trading: AOT28C1404A BBL28C1404A BTS28C1404A CPN28C1404A INTU28C1404A IRPC28C1404A KTB28P1404A PS28C1404A PTT28C1404A SCB28P1404A THAI28C1404A TRUE28C1404A TRUE28P1404A TTA28C1404A Expired: ADVA13C1404A ADVA13P1404A BANP13C1404A JAS13C1404A TMB13C1404A

XD: ANAN @0.05 BIGC @2.55 KGI @0.36 UAC @0.16

XD: AIT @1.00 BAY @0.40 BBL @4.50 GUNKUL @0.038 GUNKUL 3:1 Stock dividend HMPRO @0.0159 HMPRO 7:1 Stock dividend IFEC @0.01 IFEC 20:1 Stock dividend MATCH @0.10 MFC @2.50 PPS @0.04 QLT @0.40 XE: GEL-W3 1:[email protected] Delisted: TASCO-W3

Events:

Events:






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��SSG� <�BCG^G�s�F=�[ Analyst � Energy & Utilities

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h& &) � �@!�� Siriporn Arunothai [email protected]

d��Q]�S �G�G� <�B=�S<�> Medias, Foods, Hotel

�ก%" ��+��$* Kalvalee Thongsomaung [email protected]

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��กก��] �̂กG��S]� Retail Strategist

��&h�ก�&� >I,)&)��*�& �Uก�, CFA Adisak Phupiphathirungul, CFA [email protected]

��lR��ก�Q[�GB�� Assistant Analyst

� &/+��n&%��AI+& Rata Limsuthiwanpoom

[email protected]

B&� �� &��* Chalida Tantriyanont

[email protected]

<F� Translator

A&�" �&)�+!� Lapinee Dibyamondol' [email protected]

]c>C��dC��?��>�� Database

+��" �)B ��4�ก� Monrudee Petchseangsaikul

[email protected]

�� %��&� &+%��*� !" Suksawat Limawongpranee

[email protected]

% �&)�* �� %�h* Varathip Rungpradubvong

[email protected]

�� ก�%�� Sunet Raksawad

[email protected]

�ก�+ ��* =&�ก�h Kasemrat Jitkuson

[email protected]

��=&�� ]) Sujintana Sthaporn

[email protected]

DISCLAIMERS

Investors should use this report as one of many tools in making their investment decisions since Thanachart Securities may seek to do other business with the companies mentioned in the report. Thus, investors need to be aware that there could be potential conflicts of interest that could affect the report's neutrality.

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Data support team +66 2617 4900

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