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CORPORATE PRESENTATION SEPTEMBER 2018
STRICTLY PRIVATE AND CONFIDENTIAL
AGENDA
2
MKET
OVERVIEW
MAYBANK
GROUP
FINANCIAL
HIGHLIGHTS
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OVERVIEW
#1 BROKER IN THAILAND FOR
THE PAST 15 CONSECUTIVE
YEARS
3
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
#1 BROKER FOR 17 YEARS RUNNING
45 Branches
28 Branches In Bangkok
17 Branches In Up-country
B R O A D E S T N E T W O R K
R A N K E D # 2
Solid net capital ratio of 31.74%
Sufficient placement ability for underwriting IPO
S T R O N G F I N A N C I A L H E A LT H
Asset Triple A Asia Infrastructure Awards
2018, TPIPP as Renewable Energy Deal of the
Year 2018
Best Broker of Southeast Asia for the year
(2015-2017), Alpha Southeast Asia
Best Securities Company of the year 2017 by
Money & Banking Magazine – June 2017
Best Retail Broker in Thailand (2007-2016),
Alpha Southeast Asia
Best Institutional Broker in Thailand (2007-
2016), Alpha Southeast Asia
Best Securities Company of the Year 2015,
Money & Banking Magazine
Best Retail Broker- Finance Asia (2014-2015)
& The ASEAN Banker (2015)
Best Brokerage House for Thailand, The Asset
Triple A Awards 2012- 2015
TFEX Best Award (2011), Alpha Southeast Asia
SET Awards 2011- Outstanding Securities
Company
SET Awards 2011- Outstanding Derivatives
House
Best Broker in Thailand (2010), Finance Asia
Best Research House for Retails (2007-2008),
SAA
Best Analyst in Energy and Petrochemicals for
Retail Investors (2008), SAA
Best Medium & Small Cap. Analyst for Retail
Investors (2007), SAA
Best Medium & Small Cap. Analyst for
Institutional Investors (2007), SAA
2 0 1 8 A C C O L A D E S
F I T C H R AT I N G S
AA+ Updated on 2 May, 2018
Rating on par
with BBL, KBANK,
KTB and SCB
4
2.29
2.37
2.45
2.54
2.81
2.98
3.10
3.16
3.47
3.62
4.02
4.04
4.28
4.49
4.78
5.30
5.40
5.745.97
KSS
ASPS
TISCO
MACQ
JPM
KS
KGI
TNS
UBS
SCBS
FSS
YUANTA
CS
PHATRA
BLS
CGS-CIMB
CLSA
AWS
MBKET
DBSV
9,0
34
7,1
66
13
,97
3
14
,68
4
20
,61
2
17
,98
9
16
,80
2
18
,92
4
19
,69
2
4,6
37
4,4
20
4,5
17
5,2
75
4,4
96
4,8
18
4,9
14
4,6
55
4,6
60
Q22018
Branches as of 30 JUN, 2018
Assets (THB mn)
Equity (THB mn)
Key Rating Drivers
Institutional Support Driven Ratings: Fitch Ratings believe there to be a high probability that Malayan
Banking Berhad (Maybank, A-/Stable/F2) will extend extraordinary support to Maybank Kim Eng Securities
(Thailand) Public Company Limited (MBKET) when needed. MBKET’s National Rating reflect such support from
its ultimate parent Maybank and highlight Maybank’s ability and propensity to support its 83.5%-owned Thai
subsidiary.
Strategically Important Subsidiary: Fitch deems MBKET a strategically important subsidiary of Maybank,
whose control extends to operations, branding and senior management. Thailand has the second-largest GDP
in south-east Asia, and remains a key brokerage market for the group. MBKET has generally succeeded in
supporting the group’s objective in Thailand. In turn, Maybank shares its know-how with MBKET, and allows
access to some of the group’s shared banking facilities.
Regional Support Underpins Franchise : MBKET’s securities franchise benefits from plenty of regional
support, which is crecial to the firm’s goal of reaching out to foreign institutions in finding new brokerage
clients. MBKET has the ability to navigate profitability challenges in an increasingly fragmented industry.
MBKET draws on regional expertise to undertake initiatives in research, investment banking and wealth
management to strengthen its domestic franchise.
Credit Risks Remain Low : MBKET’s historically low NPL ratio provide evidence of the firm’s generally
prudent controls. However, asset-quality risks may heighten if the pace of margin-loan expansion quickens in
2018.
Brokerage Challenges Lie Ahead : Fitch expects MBKET’s brokerage business to remain under pressure even
as MBKET steps up efforts to boost institutional volume. The brokerage business has been on a rocky road
over the past few years as aggressive new players have been rapidly expanding their market presence. The
expansion has intensified competition in the large retail segment, and reduced the availability of skilled staff.
As a result, MBKET’s market share dropped further – to 6.1% of the brokerage industry to 1Q18 (2010 : 12.8%).
Earning Pressure Persists : Fitch expects structural challenges in Thailand’s securities industry to further
reduce MBKET’s operating profit/average equity ration from 16.7% in 2017. Brokerage contributes nearly 60%
of total revenue, but commission rates are likely to continue to fall, albeit more gradually. The agency
nonetheless expects MBKET to remain profitable through the cycle, and able to support the group’s
objectives over the medium term.
Thailand Credit Analysis Update as of 2nd May, 2018
Ratings
Maybank Kim Eng Securities (Thailand) Plc
National Long-Term Rating AA+(tha) Short-Term Rating F1+(tha) Outlook National Long-Term Rating Stable
Financial Data Maybank Kim Eng Securities (Thailand) Plc (Consolidated) 31 Dec 17 31 Dec 16
Total Assets (USDm) 579.4 468.9 Total Assets (THBm) 18,924.1 16,802.6 Total Equity (THBm) 4,655.0 4,914.4 Net Income (THBm) 638.6 974.5 Operating profit/ 16.7 25.1 average equity (%) Net Income/ 13.4 20.0 average equity (%) Equity/Assets (%) 24.6 29.3 Analysts Jackerin Jeeradit +66 2 108 0163 [email protected] Thanasit Utamaphethai +66 2 108 0154 [email protected]
Fitch Ratings : AA+(tha)
AA+(tha)
Long-Term Ratings Bank / Securities
AAA Bank of Ayudhya
Bangkok Bank
AA+ Kasikorn Bank
Krung Thai Bank
Maybank Kim Eng Securities
Siam Commercial Bank
AA
CIMB Thai Bank
Capital Nomura Securities
Kasikorn Securities
SCB Securities
Yuanta Securities
AA- CGS-CIMB Securities (Thailand)
A+ Thanachart Bank
TMB Bank
A TCAP
A- Asia Plus Group Holdings
Fitch Ratings : MBKET is same rating level as BBL, KBANK, KTB and SCB
AA(tha)
AA(tha)
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OUR NETWORK1
WE ARE THE LARGEST RETAIL BROKERAGE NETWORK IN THAILAND
208,350 Retail Accounts
45 Branches Around
The Country
Online Markets Offline Markets
USA Canada
Singapore Switzerland
Hong Kong UK
Malaysia France
Germany
Norway
Japan
Vietnam
Indonesia
South Korea
Australia
OUR OFFSHORE MARKETS
1 Updated as of December 2016
7
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OUR BUSINESS OVERVIEW
Number of Accounts Dec-16 Dec-17 % Change
Jun -18
% Change
Total Equity Account 179,321 203,391 13.42% 208,344 2.44%
Internet Account 81,144 86,252 6.29% 88,070 2.11%
Credit Balance
Account 3,632 3,809 4.87% 3,946 3.60%
Cash Account 94,545 100,109 5.89% 76,475 (23.61%)
Futures Account 12,605 13,221 4.89% 13,510 2.19%
Number of
Active Accounts Dec-16 Dec-17 % Change Jun 18 % Change
Total Equity Account 78,676 76,209 (3.14%) 74,159 (2.69%)
Internet Account 37,283 34,362 (7.83%) 33,149 (3.53%)
Credit Balance
Account 1,579 1,488 (5.76%) 1,494 (0.40%)
Cash Account 39,814 38,279 (3.86%) 31,290 (18.26%)
Futures Account 2,590 2,080 (19.69%) 2,060 (0.96%)
At the end of June
2018, MKET had 208,344
equity accounts and 13,510
futures accounts.
42.27% were internet
accounts, 1.89% were margin
accounts and the rest 36.71%
were cash accounts.
36.71% of equity accounts
and 15.25% of futures
accounts were active
accounts.
Outstanding loans on margin
accounts at the end of June
2018 totaled Baht 12,997
million.
Short sell value Y-T-D June
2018 totaled Baht 7,944.05
million.
There was no default on
MKET margin
accounts
51% Retail
Accounts
39% Foreign
Accounts
10% Local Institutional
Accounts
MKET BROKERAGE2
BUSINESS
2Updated as of Q2/2018
8
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OUR BUSINESS OVERVIEW
Among 42 TFEX member brokers, MKET
ranked #11 by derivatives trading volume
in 2Q2018. MKET’s derivatives trading
volumes come from servicing retail
clients, foreign institutions, local
institutions and from proprietary trading.
Since TFEX commenced trading on April
2006, MKET has earned the customers’
derivatives account 13,587 accounts.
Trading channels cover both sending
orders through marketing officers and
customer trading through the internet.
MKET has the largest number of marketing
officers 482 derivatives sales persons -
spreading across 45 branches (excluding
Head Office) throughout the country.
1,739,547 1,821,050
1,918,969 2,039,614
1,903,785
5.44%
4.45%
4.04%
3.36% 3.61%
0%
2%
4%
6%
8%
(200,000)
300,000
800,000
1,300,000
1,800,000
2,300,000
2Q2017 3Q2017 4Q2017 1Q2018 2Q2018
Mark
et
Share
(%
)
Volu
me (
Contr
acts
)
MKET's Derivatives Volume and Market Share (%) 2Q2017 - 2Q2018
MKET DERIVATIVES BROKERAGE BUSINESS
In 2Q2018, MKET’s Brokerage fee from Derivatives Business was 40.40
million Baht compared to 30.40 million Baht in 2Q2017, representing
the revenue increase of 32.89%. MKET’s average daily volume increased
from 28,992 contracts in 2Q2017 to 31,730 contracts in 2Q2018,
representing an increase by 9.44%. In 2Q2018, MKET ranked No.11 in
term of market shares that accounted for 3.61% of the total volume in
derivatives market.
9
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
INNOVATION AT OUR CORE
MKET always develop our information
and communication technology to
support an efficient tool for our
investors, both professional fund
managers and retail investors.
The first Thai broker with live research
analysis (MKET Channel) via internet,
iPad – iPhone, Android both fundamental
and technical analysis into 3 session ,
#ATO (At the Open), #ATM (At the
Market and #ATC (At the Close)
Real time stock information and trading
via ios (iPad-iPhone) , Android, Mobile,
Tablet, PC, BlackBerry (every operation
system)
Providing rich research and news
contents via public LINE application
(@maybankfriends), and on-demand
robotic LINE application in search for
company news, corporate actions,
company research paper, and stock
trading, exclusively for MKET clients.
10
@maybankfriends
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
2018 EVENT HIGHLIGHTS
11
Even faced with stiff competition from a total of 215 submissions from 55 banks, brokers and Financial Institutions, we are proud that MKET is awarded as follows Maybank Kim Eng (Thailand) has won 3 major awards from Alpha Southeast Asia Best Broker in Southeast Asia (2007-2018) Best Retail Broker : Thailand and Philippines Best Institutional Broker : Thailand, Singapore and Philippines Thank you to all MKET staff for your contributions to achieve these successes.
The Asset Triple A awards MBKET as Joint Financial Advisor, Joint Global Coordinator and Jint Domestic Bookrunner, together with CIMB Securities (Thailand) and TISCO Securities for the Initial Public Offering Deal of TPI Polene Power Plc as Renewable energy deal of the year 2018. The 2018 award honors the deals in Asia that make a difference during the review period during the calendar year 2017 (January 1 - December 31 2017) The award present was held on 19 June at Four Seasons Hotel Hong Kong where George Yuen, Head of Debt Markets Loan Syndication, Greater China of Kim Eng Securities (Hong Kong) picked up the awards on behalf of Maybank Investment Bank and Maybank Kim Eng. This award reflects Maybank on-going commitment to its clients, providing the best services across the ASEAN and the regional markets. Thank you to our colleagues both front office and back office who supports the company on this success.
Alpha Southeast Asia Awards – Best Retail Broker and Best Institutional Broker
Asia Infrastructure Awards 2018 : Renewable energy deal of the year
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
2018 EVENT HIGHLIGHTS
.
12
Maybank Kim Eng Securities (Thailand) has organized Maybank Go Ahead Challenge 2018 for 7 consecutive years inviting students both undergraduate and master degree or the graduated but not exceeding 2 years in all fields of subjects to participate in International Business Competition. This year we recruit undergraduate students to join Maybank GO AHEAD Challenge 2018 by joining hands with top universities in Thailand. The final round of Maybank Go Ahead Challenge 2018 – Thailand Campus Level & National Level to get 2 finalists as Thailand representative to join International competition held on June 29, 2018 at Jasmine City Hotel, Sukhumvit 23. The winner will receive prize worth up to USD 50,000 (or equivalent toTHB 1,600,000) for the final round. Aside, the winner would receive a chance to join the coveted Global Maybank Apprentice program. Thailand three finalists who will be delegates to compete Business Cases, Global Final Level in Malaysia are as follows. 1. Mr. Ravisut Udomrungrueng, Mahidol University International College, Business Economics 2. Ms. Yada Sotangkur, Thammasat University, Marketing 3. Ms. Latisha Khorana, Thammasat University, Marketing There were about 600 applicants from Thailand out of close to 10,000 applicants comprising 80 nationalities from all over the world. The activities are designed to make challengers learn and understand what is needed to stay relevant in the current and future business environment. MGAC will test both financial and non-financial disciplines to spot the all-rounder talent equipped with future-ready skills that could operate effectively in a rapidly changing environment.The final round competition will be held in Malaysia in August 2018.
Maybank Go Ahead Challenge 2018 (MGAC) – Thailand Campus Level & National Level : June 29, 2018
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
2018 EVENT HIGHLIGHTS
June 8, 2018 : MKET CSR Activity
.
13
MKET volunteers have signed up to join the CSR activity The project “Paper Ranger – Volunteer for making books for brothers and sisters” under the Foundation for Rural Restoration of Thailand Under the Royal Patronage. The activity is to create recycle books for needed children, using the one page used paper to make handmade reused book and decorate the covers and send to the underprivileged children who lack equipment to learn in the wilderness areas. Mr. Sittiporn delivered the closing speech to MKET’s attendants has held on 8 June, 8 (Friday) at . to . hours at the offices at Central World. There are interested volunteers sign up to join this program about 40 staffs joining this activity.
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
PRODUCT TYPE DEALS
1. M&A 3 - 4
2. REITS 1 - 2
3. Infrastructure Fund 1 - 2
4. Initial Public Offering IPO)
Added on Public Offering 15 -16
5. Equity/Private Placement 1 - 2
6. Financial Advisory (FA) -
Others 1 - 2
DEALS BY PRODUCTS IN PIPELINE
14
IB’S MANDATED &
POTENTIAL DEALS
Investment Banking
STRICTLY PRIVATE AND CONFIDENTIAL 15
Our ECM Track Record Since 2003
Shin Satellite
2005
Lead Underwriter
Issue Size: 3,182 MB
Phatra Securities
2005 FA / Lead Underwriter
Issue Size: 1,752 MB
M.C.S. Steel
2005
FA / Lead Underwriter Issue Size: 336 MB
Indorama Polymers
2005 Co-Lead Underwriter Issue Size: 1,200 MB
UOB KayHian
2005 Lead Underwriter Issue Size: 465 MB
Interhides
2005 FA / Lead Underwriter Issue Size: 273.75 MB
Bangkok Metro
2006 FA / Lead Underwriter Issue Size: 3,661.24 MB
Sena Development
2009 FA / Lead Underwriter
Issue Size: 396 MB
SIS Distribution (Thailand) Plc.
2004 FA / Lead Underwriter Issue Size: 178.45 MB
DCON Products
2004 FA / Lead Underwriter
Issue Size: 370 MB
Hwa Fong Rubber (Thailand) 2003
FA / Lead Underwriter Issue Size: 412 MB
Chonburi Concrete Product
2003 FA / Lead Underwriter
Issue Size: 550 MB
TPI Polene
2004 Underwriter
Issue Size: 1,850 MB
Syrus Securities
2004 Lead Underwriter Issue Size: 660 MB
Globlex Holding Management
2004 Lead Underwriter
Issue Size: 494.50 MB
Krungthai Bank
2003
Co-lead Underwriter
Issue Size: 25,500 MB
Polyplex (Thailand)
2004
Co-lead Underwriter
Issue Size: 1,656 MB
Thainox Stainless
2004
Co-Lead Manager
Issue Size: 5,250 MB
Siam City Bank
2003 FA / Lead Underwriter Issue Size: 8,400 MB
Somboon Advance
Technology
2010 FA / Lead Underwriter
Issue Size: 1,113 MB
BTS Groups Holding
2010
Lead Underwriter Issue Size: 751 MB
Dusit Thani Property Fund
2010 FA / Lead Underwriter Issue Size: 4,094 MB
UAC
2010 Lead Underwriter Issue Size: 120 MB
Vichaivej International
Hospital Group
2012
FA / Lead Underwriter
Issue Size: 169 MB
UAC
2013 Lead Underwriter Issue Size: 192 MB
Interlink Communication
2013 Lead Underwriter Issue Size: 395 MB
CPNRF Retail Growth Leasehold Property Fund
(CPNRF) 2014
FA / Lead Underwriter Issue Size: 6,238 MB
Aira Capital
Public Company Limited
2014 Lead Underwriter Issue Size: 475 MB
Impact Growth Reit
2014 FA / Lead Underwriter Issue Size: 15,715 MB
Loxley Public Company
Limited
2014 FA / Lead Underwriter Issue Size: 668.25 MB
CPN Commercial Growth Leasehold Property Fund
(CPNCG) 2012
FA / Lead Underwriter Issue Size: 4,394 MB
Italian-Thai Development PLC.
2014 FA / Lead Underwriter
Issue Size: 2,035.15 MB
Singha Estate PLC.
2014 FA / Lead Underwriter Issue Size: 1,767 MB
The Platinum Group PLC.
2015 FA / Lead Underwriter Issue Size: 5,180 MB
Global Power Synergy PLC.
2015 Co -Lead Underwriter
Issue Size: 621 MB
Italian Thai Development
2005
FA / Lead Underwriter
Issue Size: 4,600 MB
C.M. Organizer
2004 FA / Lead Underwriter Issue Size: 125.92 MB
Tycoons Worldwide
Group(Thailand)
2003 FA / Lead Underwriter
Issue Size: 2,435 MB
Siam Global House
2009 Lead Underwriter Issue Size: 663 MB
Kaset Thai International Sugar
Corporation
2014 Lead Underwriter
Issue Size: 9,578 MB
Daii Group PLC.
2015
FA/Lead Underwriter Issue Size: 120 MB
Netbay PLC.
2016
FA/Lead Underwriter Issue Size: 160 MB
Sahakol Equipment PLC.
2016
FA/Lead Underwriter Issue Size: 1,216 MB
TPI Polene Power PLC.
2017
FA/Lead Underwriter Issue Size: 17,500 MB
Mudman PLC.
2017
Lead Underwriter Issue Size: 1,107 MB
True Corporation PLC.
2016
FA / Lead Manager Issue Size: 60,000 MB
Buriram Sugar Group Power
Plant Infrastructure Fund
2017
FA/ Underwriter Issue Size: 3,605 MB
Ingress Industrial (Thailand)
2017
FA/ Lead Underwriter Issue Size: 769.MB
Sahathai Terminal
Underwriter
Issue Size: 540 MB
Grand Prix International
FA and Co- Underwriter Issue Size: 59.50 MB
AIM Industrial Growth Freehold and Leasehold Real
Estate Investment Trust
FA and Lead underwriter Issue Size: 1,550 MB
STRICTLY PRIVATE AND CONFIDENTIAL
AYCAL
2010 FA on Debenture Issuance
Issue Size: 5,000 MB
LPN Development
2004
FA for share valuation on one of its subsidiary
CS Loxinfo
2005
FA for Valuation of Teleinfo Media
Bangchak Pertroleum
2005
IFA for Connected Transaction and Whitewash3
Industrial Estate Authority of Thailand
2005
Co-FA for Study on Potential Privatization
IAG Group
2006
Tender Offer Preparer & Tender Agent
for Acquisition of
Safety Insurance Shares
Bank of Ayudhya
2006
IFA on Whitewash, PP at low price to GE and asset acquisition from GE
Ocean Life Insurance
2008
Financial Advisor on Joint Venture with Dai-ichi Life
Insurance
Golden Land Property Development
2008
FA on Issuance of ESOP Warrant
PTT
2008
FA on Acquisition Strategy of a listed company
Siam Cement Group
2009
FA on Share Valuation
of their investment in a Non-listed Company
TSFC Securities
2009
FA on Debt & Capital Restructuring
Loan Arranger
Thai Credit Bank
2009
FA on Acquiring of
a Leasing Company
Charernkit Enterprise
2009 FA on Acquisition & Backdoor
listing of MEDIAS Tender Offer Preparer &
Tender Agent
HitashiTransport System (Asia)
2011
Tender Offer Preparer and Tender Offer Agent
Grand Canal Land
2011
IFA on Acquisition of 2 land plots & Disposal of Golf
Business
Tapaco
2010 FA on
Right Warrants Issuance
National Power Supply
2007 FA for Independent Power
Producer bidding
Ayudhya Insurance
2011
FA on Share Valuation
of the share acquisition in Ayudhya Allianz C.P.
Siam Commercial Bank
2010
FA on Share Valuation
of their investment in a Non-listed Company
Mayban IB Holdings
Sdn Bhd
2011
Tender Offer Agent of Kim Eng Securities (Thailand) PLC
Bangkok Dusit Medical Services PLC.
2011
FA for Delisting of Prasit Patana PLC.
GMM Media
2005 IFA on Connected Transaction
for Share Acquisition in MATI and POST
Manecomp Precision
Technologies
2005
Tender Offer Preparer and
Tender Offer Agent
Thai Military Bank
2008
IFA on Connected Transaction and T/O Waiver for ING Bank
Thai–German Ceramic Industry
2008
IFA on Tender Offer by Ceramic Cementhai
Bangchak Petroleum
2009
FA on Enhancing Liquidity & Firm Value
Kasikorn Thai Bank
2009
IFA on Acquiring
Muang Thai Insurance
PTTCH
2011
IFA on amalgamation of PTTCH and PTTAR
Royals food
2011
FA on valuation of its group
Central Pattana PLC.
2012
IFA for Land Leasing from Connected Party
Officemate PLC.
2012
IFA for the Acquisition of Assets and Connected
Transactions
CP All PLC.
2013
IFA for the Acquisition of Siam Makro PLC.
231,000 MB
Singha Estate PCL.
2014 FA on Acquisition & Backdoor
listing of Rasa Plc Tender Offer Preparer &
Tender Agent
Millennium Steel
2006
IFA on Tender Offer by Tata Steel and NatSteel
JMT Network Services PLC.
2015
FA for Private Placement and Selling Agent of Right
S Hotels and Resorts Inter 2015
FA on Acquisition of Jupiter Holding
Management of 26 Mercure hotels in in U.K.
Berli Jucker
2016
IFA on Acquisition of BIG C Super Center Plc.
208,626 MB
Singha Estate Plc.
2016
FA on Acquisition & Backdoor listing of Singha Estate
Tender Offer Preparer & Tender Agent
16
PTT Global Chemical PCL.
2017 IFA on Connected
Transaction 26,300 MB
Our Advisory Track Record Since 2003
Big C Supercenter 2017
IFA on Delisting and
Tender Offer Agent
3,826 MB
JMT Network Services
2018
FA on Acquisition of majority stakes in Phoenix
Insurance (Thailand)
Frasers Assets
2018
FA, Tender Offer Agent on Acquiring TICON
Industrial Connection
Dusit Thani Freehold & Leasehold REIT
2017
FA for conversion of DTCPF into DREIT
CPN Retail Growth Leasehold REIT
2017
FA for conversion of CPNRF into CPNREIT
Dusit Thani Plc. 2017
FA for joint investment in a mixed-use complex on
Silom Rama 4 Road
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
THE WINNING TEAM2
BOARD OF DIRECTORS
TH EXCO
CHIEF OPERATING
OFFICER (COO)
CHIEF EXECUTIVE OFFICER
(C0-CEO)
CHIEF EXECUTIVE OFFICER
(CEO)
AUDIT COMMITTEE
COMPLIANCE
CG COMMITTEE
TH CUC
RETAIL SALES & DEALING
RETAIL 1-3
RETAIL 4
E-COMMERCE
PRIVATE WEALTH MANAGEMEN
1-2
BUSINESS DEVELOPMENT
BUSINESS MARKETING
OFFSHORE TRADING
SELLING
AGENT
INSTITUTIONAL SALES
INVESTMENT BANKING
DERIVATIVE
CORPORATE LEGAL
HUMAN RESOURCES
CORPORATE COMMUNICATIONS
CHIEF INFORMATION
OFFICER
INTERNAL AUDIT
HEAD OF FINANCE
ACCOUNTING
SETTLEMENT/ CUSTODIAN
OPERATION CLIENT SERVICE
GENERAL SERVICES
TREASURY/ CASHIERS
MANAGEMENT ACCOUNTING
The Board of Directors
Mr Yuth Vorachattarn Chairman to the BOD &
Audit Committee Member
Mr. John Chong Eng Chuan Director
Mr. Montree Sornpaisarn Director
Ms. Sopawadee
Lertmanaschai
Director & Chairman to
audit Committee
Mr. Hans Johan Patrik,
Sandin 1
Director & Audit
Committee Member
Mr. Henry Koh Swee Ong Director
Thailand Executive Committee
(TH EXCO)
Mr. Montree Sornpaisarn Chairman
Ms. Hamidah Binti Moris Member
Mr. Mohamad Yasin B. Abdullah Member
Ms. Sudthida Chirapatsakul Member
Mr. Henry Koh Swee Ong Member
Mr. Peerasit Chiwabhong Member
Mr. Chuchart Suratepin Member
Mr. Prateep Chongcharoensuk Member
Mr. Chakravee Suthisote Member
Mr. Vichet Pornsinsiriruk Member
1 Mr. Hans Johan Patrik, Sandin’s effective date on 14 May 2018
17
NOMINATION
COMMITTEE
COMPENSATIONCOM
MITTEE
RISK MANAGEMENT
& CREDIT CONTROL
DERIVATIVES INVEST
COMMITTEE
CREDIT
UNDERWRITING
REVIEW COMMITTEE
INSTITUTIONAL RESEARCH
RESEARCH
Mr. Hans Johan Patrik, Sandin
Mr. Hans Johan Patrik, Sandin joined the
Company as an Independent Director and a
member of the Audit Committee to be
effective on May 14, 2018 in the replacement
of Mr. Chiang Shin Lee
Mr. Sandin has been appointed as a Director
of Maybank Investment Bank since 20 May
2015. He has 23 years of working experience
in international financial markets, a strong
expertise in derivatives, coupled with a good
knowledge of the evolving market
infrastructure and regulations. He had
worked at Union Bank of Switzerland, Zurich
in 1911, BNP Paribas, London in Fixed Income
Division in 1998. In 2010 Mr. Sandin
transferred to Hong Kong and was appointed
Head of Fixed Income Distribution &
Origination, Asia-Pacific ex Japan. Mr.
Sandin's last role was as Head, Strategic
Hedging Advisory, Investment Banking, before
his retirement in April 2014.
STRICTLY PRIVATE AND CONFIDENTIAL
THE VOICE OF THE ASEAN
OPPORTUNITY
Maybank was one of the first to see
the potential of ASEAN as a single
marketplace. As a result of our
strategic expansion, we are now the
largest investment bank in ASEAN
and probably the most forward
thinking in terms of our vision for
shaping the way we bring ASEAN to
the world.
Among ASEAN corporates and global
investors, through our highly
personalised conversations, we have
become known as
18
MAYBANK KIM ENG THAILAND
OVERVIEW
STRICTLY PRIVATE AND CONFIDENTIAL
*As at 31 December 2016
** As at 3 May 2017
LEADERSHIP POSITION STRONG SHAREHOLDERS AND
CREDIT RATINGS 2,400 Branches and
offices in more than 20 countries
1,156 Branches in 10
ASEAN countries
5 International
Financial Centres (IFCs)
MAYBANK
THE LEADING REGIONAL FINANCIAL SERVICES GROUP
No. 1 bank in Malaysia: Conventional
and Islamic
Top 5 bank in ASEAN
‘Brand of the Year’ for 3 consecutive
years by World Branding Awards
‘Best Islamic Financial Institution’ in
Malaysia by Global Finance Awards
2016
Most Valuable Company on Bursa
Malaysia
48% owned by PNB and its funds and 15%
by EPF *
Foreign shareholding 16.8% **
A− credit rating, on par with Malaysia
sovereign
19
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK
A TRULY ASEAN FRANCHISE
Universal Banking
Retail & Commercial Banking
Investment Banking
Affiliate/Representative Office
BANK
MARKET
CAP
3 Mar 17
(USD Bil)
TOTAL
ASSETS
31 Dec 16
(USD Bil)
MALAYSIA SINGAPORE INDONESIA THAILAND PHILIPPINES BRUNEI VIETNAM CAMBODIA LAOS MYANMAR
1 DBS 34.2 333
2 BCA 28.5 51
3 OCBC 28.1 283
4 UOB 24.9 235
5 Maybank 20.0 164
6 Bank
Mandiri 19.8 77
7 Public 17.2 85
8 SCB 15.0 81
9 CIMB 10.4 108
10 Bangkok 10.2 82
11 BDO 9.9 46
12 Metrobank 5.2 35
* Wholesale Banking license only
*
*
*
20
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK
TOP 5 BANK IN ASEAN1
5.
863
1,039
1,256
1,350
1,476
1,620
1,971
2,197
2,519
3,071
CIMB
Bank Mandiri
Public Bank
Siam Commercial
Bank Central Asia
Maybank
Bank Rakyat Indonesia
UOB
OCBC
DBS
51
74
77
81
85
108
164
235
283
333
Bank Central Asia
Bank Rakyat Indonesia
Bank Mandiri
Siam Commercial
Public Bank
CIMB
Maybank
UOB
OCBC
DBS
38.1
55.7
56.3
56.5
71.7
74.9
109.2
176.5
180.7
240.1
30.8
49.0
49.9
54.1
65.5
72.2
108.3
156.0
152.2
211.1
Bank Central Asia
Bank Rakyat Indonesia
Bank Mandiri
Siam Commercial
Public Bank
CIMB
Maybank
UOB
OCBC
DBS
Loans Deposits
34.2
28.5
28.1
24.9
21.9
20.0
19.8
17.2
15.0
10.4
DBS
Bank Central Asia
OCBC
UOB
Bank Rakyat Indonesia
Maybank
Bank Mandiri
Public Bank
Siam Commercial
CIMB
4.
Source: Bloomberg
TOTAL ASSETS (USD BIL): 31 DEC 2016 LOANS AND DEPOSITS (USD BIL): 31 DEC 2016
PATAMI (USD MIL): 12 MONTHS ENDED 31 DEC 2016
MARKET CAPITALISATION (USD BIL): 3 MAR 2017
4.
6.
1in terms of assets, loans and deposits, and net profit
21
STRICTLY PRIVATE AND CONFIDENTIAL
ASEAN INVESTMENT BANKING & ADVISORY1 (USD’M)
ASEAN MERGERS & ACQUISITIONS1
(USD’M)
ASEAN LOCAL CURRENCY BONDS1 (USD’M) GLOBAL SUKUK1 (USD’M)
MAYBANK KIM ENG
ASEAN’S INVESTMENT BANK
ASEAN EQUITY AND EQUITY LINKED & RIGHTS1 (USD’M)
Note: Based on Deal Volume
Source: 1Dealogic, 2Bloomberg
1.
11,495
13,706
14,372
15,243
15,369
17,354
17,427
21,120
25,465
26,839
4.2%
5.0%
5.3%
5.6%
5.6%
6.4%
6.4%
7.7%
9.3%
9.8%
BoA Merrill …
Citi
CIMB Group
BNP Paribas
Morgan Stanley
Credit Suisse
DBS
JPMorgan
HSBC
Maybank 1.
6,560
7,401
8,912
9,775
10,574
12,384
14,094
15,547
15,995
18,391
9.6%
10.8%
13.0%
14.3%
15.4%
18.1%
20.6%
22.7%
23.4%
26.9%
BoA Merrill Lynch
Citi
Goldman Sachs
Rothschild & Co
BNP Paribas
Morgan Stanley
Credit Suisse
HSBC
JPMorgan
Maybank
COUNTRY RANK MARKET
SHARE
TRADING VALUE
(USD’M)
TH 1 8.2% 101,322
MY 3 10.2% 23,567
PH 8 4.8% 7,369
ID 10 3.3% 17,626
VN >10 2.2% 2,810
SG N/A 4.0% 15,413
HK Tier 2 0.9% 73,558
EQUITIES MARKET SHARE BY COUNTRY
1.
502
574
735
769
896
940
948
984
1104
1132
3.3%
3.8%
4.9%
5.1%
6.0%
6.2%
6.3%
6.5%
7.3%
7.5%
HSBC
Mandiri Sekuritas PT
Morgan Stanley
Credit Suisse
Deutsche Bank
Citi
CIMB
DBS Group
UBS
Maybank
2.
1,390
1,464
1,465
2,634
2,636
2,905
3,038
3,878
4,602
5,329
3.3%
3.5%
3.5%
6.3%
6.3%
7.0%
7.3%
9.3%
11.0%
12.8%
Emirates NBD
NBAD
JP Morgan
AmInvestment
Dubai Islamic
HSBC
RHB
Standard Chartered
Maybank
CIMB
2.
2,591
3,378
3,400
3,465
3,612
3,786
3,828
4,423
5,030
8,747
Bank of Ayudhya
AmInvestment
RHB
Bangkok Bank
Kasikornbank
Krung Thai Bank
Siam Commercial Bank
DBS
Maybank
CIMB
22
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG
OUR BUSINESS PLATFORM
REGIONAL PRODUCTS SHELF
• Local and Global Equities
• Fixed Income
• Contracts for Difference
• Futures & Options
PRIME SERVICES
• Providing funds, corporates and family offices with access similar to the larger prime brokers
DISTRIBUTION CAPABILITIES
• Involved in notable major IPOs in the region
• Far-reaching corporate access and local insights of the economy and corporate landscape
REGIONAL RESEARCH NETWORK
• Reputable extensive to simplified research coverage
• Innovativeness in delivery methods
DISTRIBUTION NETWORK
• Maybank Group’s Regional Network
• Investment centres/ touchpoints in all key markets we operate in
SECURITIES FINANCING
• Trade in multiple markets with multi-currency financing facility
OUR SOLUTIONS TO
OUR CLIENTS
REGIONAL CORPORATE ACCESS
• Private non-deal, pre-IPO roadshows and exclusive conferences designed to connect the fund managers and corporates
REGIONAL ACCOUNT MANAGEMENT
• Dedicated teams to manage and service all the key accounts in the region
ONLINE TRADING PLATFORM
• Award winning multi-market and multi-access trading capabilities
• Derivatives
• Leveraged Forex
• Securities Borrowing & Lending
23
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG
OUR THOUGHT LEADERSHIP
WE KNOW ASEAN. OUR PEOPLE ARE ON THE GROUND WITH RESEARCH TEAMS IN THE 6 KEY ASEAN ECONOMIES
Our award-winning analysts bring direct industry
experience and cover all key sectors in the region. Our
MSCI coverage is now 60-90% across markets and rising.
The country teams in our home markets complement our
regional sector teams to cover fast changing industry
trends and thematics that will move markets.
85 Analysts, sector specialists,
economist and strategist
550 Companies regionally
covering more than
MALAYSIA
SINGAPORE
INDONESIA
THAILAND
HONG KONG / CHINA
VIETNAM
PHILIPPINES
INDIA
Technology
Aviation
Consumer Staples
Gaming Financials
Telecommu-nications
Internet
Oilfield Services
Plantations
Infrastructure
Small & mid Caps
KEY SECTORS
Consumer Discretionary
24
STRICTLY PRIVATE AND CONFIDENTIAL
THE LARGEST PLACEMENT IN ASEAN SINCE FEBRUARY 2014
• Sime Darby Berhad
• USD 571.65 million
• Primary Placement
THAILAND’S LEADING RENEWABLE ENERGY COMPANY LISTING
• TPIPP’s Public Limited Company
• USD 500 million
• Initial Public Offering
THE FIRST CHINESE SPECIALISED LOGISTICS AND E-COMMERCE LOGISTICS REIT ON SGX
• EC World
• USD 256.20 million
• Initial Public Offering
THE SYNDICATION OF THE LARGEST AND MOST EFFICIENT RECOVERY PLANT IN SINGAPORE
• Tuasone Pte Ltd
• SGD 650.0 million
• Syndicated Project Financing
THE FIRST SOVEREIGN SUKUK WITHOUT UTILISING PHYSICAL ASSETS
• Malaysia Sukuk Global Berhad
• USD 1.50 billion
• Global Islamic Sukuk
THE SECOND LARGEST M&A DEAL IN INDONESIA
• Marlin Enterprise
• USD 425.0 million
• Senior Syndicated Facility
THE FIRST ISSUER TO GRADUATE FROM A GOVERNMENT GUARANTEE TO STAND-ALONE CREDIT
• Sarawak Hidro Sdn Bhd
• RM 5.54 billion
• Sukuk Murabahah Facility
THE LARGEST VESSEL FINANCING IN AFRICA FOR 2016
• Yinson Production (West Africa) Pte Ltd
• USD 780.00 million
• Islamic Murabahah Term Financing Facility
INDONESIA’S NATIONAL INFRASTRUCTURE FUNDING
• PT Sarana Multi Infrastruktur
(Persero)
• IDR 5.0 trillion
• Bond Issuance
MAYBANK KIM ENG
NOTABLE ASEAN DEALS FY2016
25
STRICTLY PRIVATE AND CONFIDENTIAL
ASIAMONEY BROKERS POLL AWARDS 2015
Malaysia:
Best Local Brokerage: 1st Place
Best for Overall Country Research: 1st Place
Best Overall Sales Service: 1st Place
Best Salesperson: 1st Place and 2nd Place
Best Sales Trader: 1st Place
Best Execution: 1st Place
Best in Sales Trading: 1st Place
Best for Events and/or Conferences:
1st Place
Best for Roadshows and Company Visits:
1st Place
Best Research Coverage for
Macroeconomics, Banks, Diversified
Financials, Insurance, Real Estate,
Semiconductors and Semiconductor
Equipment, Technology Hardware &
Equipment, Utilities
Thailand:
Most Improved Brokerage Over the Last 12
Months: 1st Place
FINANCE ASIA COUNTRY AWARDS 2016
Best Brokerage House- Malaysia Best ECM House- Malaysia Best Brokerage House- Philippines
GLOBAL BANKING & FINANCE REVIEW AWARDS 2015
Most Innovative Research House Asia Best Corporate Access ASEAN Best IPO Deal Malaysia Best Project Finance Bank Malaysia Best Mobile Trading Platform Singapore Best IPO Deal Thailand Best Institutional Broker Indonesia Best Mobile Trading Platform Vietnam
HFM ASIA HEDGE FUND SERVICES
Best Prime Broker- Boutique, ASEAN
SHARE INVESTOR AWARDS 2015
Most Preferred CFD Provider, Singapore
ALPHA SOUTHEAST 10th ANNIVERSARY AWARDS 2016
Best Retail Broker in Indonesia (2007-2016)
Best Retail Broker in Malaysia (2007-2016)
Best Retail Broker in Philippines (2007-2016)
Best Retail Broker in Thailand (2007-2016)
Best Retail Broker in Singapore(2007-2016)
Best Institutional Broker in Indonesia (2007-2016)
Best Institutional Broker in Malaysia (2007-2016)
Best Institutional Broker in Philippines (2007-2016)
Best Institutional Broker in Thailand (2007-2016)
Best Institutional Broker in Singapore (2007-2016)
Best Broker in Southeast Asia (2007-2016)
FINANCE ASIA COUNTRY AWARDS 2015
Best Broker- Thailand
Best Broker- Philippines
EUROMONEY AWARDS FOR EXCELLENCE 2016
Best Investment Bank in Malaysia
ASIAMONEY BEST BANK AWARDS 2015
Best Domestic Equity House in Malaysia
ASIAN BANKING AND FINANCE WHOLESALE BANKING AWARDS 2015
Maybank Kim Eng Group- International
Project Finance Bank of the Year
Syndicated Loan House of the Year- Malaysia
APLMA 4TH ASIA PACIFIC SYNDICATED LOAN AWARDS 2015
MAYBANK KIM ENG
BEST IN ASEAN
26
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
FINANCIAL HIGHLIGHTS
#1 BROKER IN THAILAND FOR THE
PAST 15 CONSECUTIVE
YEARS
27
STRICTLY PRIVATE AND CONFIDENTIAL
384 351 393
199 649 2,054 2, 1
15,788 13,973
14,9621 ,6 2
1,618 1,829
1,515 1,2
FY2015 FY2016 FY2017 FY2018 (Mar)
4,819 4,914 4,655 ,804
13,170 11,88814,269 1 ,937
17,98916,803
18,924 16, 0
FY2015 FY2016 FY2017 FY2018(Mar)
MAYBANK KIM ENG THAILAND
OUR HEALTHY BALANCE SHEET
In THB’000 2015 2016 2017 2017 (Mar) 2018 (Mar)
Total Asset 17,989,158 16,802,595 18,924,143 19,436,017 19,740,675
Total Liabilities 13,170,242 11,888,244 14,269,126 14,807,001 14,936,819
Total Shareholders' Equity 4,818,916 4,914,351 4,655,017 4,629,016 4,803,856
Total Income 3,969,184 3,668,575 3,261,083 970,790 835,504
Net Income 1,019,231 974,490 638,629 256,939 148,839
Net Income per share 1.79 1.71 1.12 0.45 0.26
The Weighted Average Number of Ordinary Share (Thousand Share) 570,814 570,814 570,814 570,814 570,814
ASSETS (THB’M) LIABILITIES & EQUITIES (THB’M)
Others Securities Business
Receivable - Net
Investments- Net Cash and Deposit with
Financial Institution Liabilities Shareholders’ Equity
28
2015 2018 (Mar) 2017 2016 2015 2016 2017 2018 (Mar)
STRICTLY PRIVATE AND CONFIDENTIAL
RETURN ON EQUITY RETURN ON ASSETS
GROSS / NET MARGINS VARIABLE / FIXED COST TO REVENUE
MAYBANK KIM ENG THAILAND
OUR FINANCIAL RATIOS
66.8% 65.6% 61.2%26.5% 19.6% 17.9%
2016 2017 201 Gross Margin Net Margin
29
36.3% 39.7% 46.3%30.5% 35.4% 31.2%
2016 2017 201 Variable Fixed Cost
75.1% 77.5%66.8%
5.8%3.6% 3.1%
2016 2017 201
19.8%13.4% 12.6%
2016 2017 201
* annualized to be full year * annualized to be full year
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OUR P&L
30
2015 2016 2017 2018* 2017 (Mar) 2018 (Mar)
Total Revenues Total Expenses (excl. corporate tax) Net Profit
3,669
2,445
974
3,261
2,460
639
3,969
2,688
1,019
3,344
2,608
596
* annualized to be full year
652 836
971
257
652
149
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OUR COMMON SIZE FINANCIAL STATEMENT
COMMON SIZE FINANCIAL STATEMENT 2015 2016 2017 2018
Total Income 100% 100% 100% 100%
Brokerage fees 66.11% 70.60% 60.67% 65.99%
Fees and services income 4.25% 2.07% 8.37% 0.76%
Gain(loss) on trading in securities 1.97% 1.94% 3.42% 5.55%
Interest and Dividend Income 26.26% 23.93% 25.31% 25.50%
Other income 1.41% 1.46% 2.23% 2.20%
Total Cost 100% 100% 100% 100%
Variable Cost 58.86% 54.34% 52.87% 59.75%
Fixed Cost 41.14% 45.66% 47.13% 40.25%
Total Assets 100% 100% 100% 100%
Cash 2.16% 2.11% 2.08% 1.77%
Investment 1.08% 3.84% 10.85% 12.24%
Account Receivable 93.39% 89.33% 81.88% 81.19%
Other Assets 3.37% 4.72% 5.19% 4.80%
Total Liabilities 100% 100% 100% 100%
Account Payable 18.10% 29.66% 26.61% 18.18%
Accrued Expense 4.06% 4.22% 2.12% 1.64%
Other Liabilities 77.84% 66.12% 71.27% 80.18%
31
STRICTLY PRIVATE AND CONFIDENTIAL
MAYBANK KIM ENG THAILAND
OUR CREDIT OUTLOOK & NCR
Details of Doubtful Account Receivable 2015 2016 2017 2018
Account receivables (Old Margin Loan) – NPL before 1999 240,486 240,486 240,486 240,486
Account receivables (New Margin Loan) – NPL after 1999 0 0 54,338 54,338
Account receivables - overdue cash a/c before 1999 807 807 807 807
Account receivables - overdue cash a/c after 1999 4,839 4,945 5,511 4,902
Accrued interest receivables - margin loans 14,185 14,185 14,185 14,185
Allowance for doubtful accounts -248,281 -248,323 -261,916 -265,819
2015 2016 2017 2018
NCR 38.51 45.34 24.47 28.84
Allowance for doubtful accounts 2015 2016 2017 2018
Beginning balance of period 260,099 248,281 248,323 261,916
Add Doubtful accounts 347 192 13,698 4,555
Less Reversal of doubtful accounts -12,165 -150 -105 -652
Ending balance of period 248,281 248,323 261,916 265,819
Bad Debt and Doubtful Accounts 2015 2016 2017 2018
Provision for new Doubtful Debt 347 192 13,698 4,555
Received payment from Doubtful Debt -12,165 -150 -105 -652
Total -11,818 42 13,593 3,903
32
MAYBANK KIM ENG SECURITIES (THAILAND) PLC.
HEAD OFFICE :
The Offices at Central World, 19th, 20th-21st Fl.,
999/9 Rama I Road, Pathumwan
Bangkok 10330, Thailand
Telephone : 66 (2) 658-5000
Fax : 66 (2) 658-6301
Customer Service Hotline :
Telephone: 66(2) 658-5050
Email: [email protected]
Website: www.maybank-ke.co.th
DISCLAIMER
This presentation was prepared exclusively for the benefit and internal use of the recipient and does not carry any rights of reproducing
any part of this discussion paper to any party. This presentation is preliminary in nature, and is incomplete without any proper reference
to, and should be viewed solely in conjunction with, the oral briefing provided by The Maybank Group. No part of this document may be
reproduced or copied in any form or by any means without prior written permission or consent of The Maybank Group.
In preparing this presentation, we have assumed that all the information in all publicly available sources and those provided by the
management and promoters are accurate and reasonable. Accordingly, the information has not been independently verified. No warranty
or representation, express or implied, is made with respect to the information set out in this presentation, nor will The Maybank Group
be responsible for the consequence of reliance on any opinion or statement set out herein.
Please note that this presentation is an outline on an indicative basis and does not represent a commitment from The Maybank Group to
finance on behalf of the recipient of this presentation in any form. This presentation would include but are not limited to those
summarised herein and are subject to market conditions at the time of documentation.
This presentation was prepared based on regulations and guidelines currently in force which are subject to changes from time to time. If
the time for the implementation of our recommendation extends into the future, our findings and recommendations may not necessarily
apply due to changing business and regulation conditions. Accordingly, we suggest continual discussions, especially prior to any
implementation of our recommendation to confirm its appropriateness.
Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon The Maybank
Group, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax
and accounting characterisations and consequences of any such Transaction. In this regard, by accepting this presentation, you
acknowledge that (a) we are not in the business of providing (and you are not relying on The Maybank Group for) legal, tax or accounting
advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and
qualified legal, tax and accounting advice and (d) you should apprise senior management in your organisation as to such legal, tax and
accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters.