5 February 2015

Daily Market Outlook

1

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ECB action damps down sentiment

Thai shares are likely to trade lower today in line with most other

Asian shares as optimism over Greece’s debt resolution

evaporated after the ECB took a hard line stance on Greece by

cancelling liquidity and funding facilities. Risk appetite took a hit as

a result. In addition, oil prices crashed again, pressuring energy

shares across all markets.

Local issues: National trade panel sought. The Commerce Ministry will seek

approval from the Cabinet to set up a “National Trade Promotion

Committee” in an effort to put export growth higher on the national

agenda. The country remains committed to driving export growth

to 4% this year, despite the BOT’s warning that exports may fall

below 1% due to a decline in global oil prices. A fragile global

economy, particularly related to Greece’s debt negotiations and

Russia’s weakening conditions, also pose negative risks to the

country’s exports. (The Nation) Comment: A national

committee would be tasked with tackling obstacles to

exports and carrying out export stimulus measures. A

greater priority on exports will help the country achieve its

targeted 4% growth in GDP.

NGV price to rise. The Energy Ministry insists on raising the price

for natural gas for vehicles (NGV) by Bt1-2 per kilogram to reflect

the actual cost of Bt15-16 despite complaints by users and

requests for fare hikes by the Bangkok Mass Transit Authority.

Nevertheless, an excise tax on NGV will not be collected soon for

fear of resistance from the public. The cheapest fuel by heating

value, NGV prices have gone up from Bt10.50 per kilogram in

September to Bt13 currently. (The Nation)

Starwood bullish on Thai tourism. Starwood Hotel and Resorts

Worldwide Inc. is optimistic that Thailand’s tourism industry will

recover fully this year. The overall hotel industry in Bangkok is

expected to improve in 2015 to the level seen in 2013, which

lacked political conflict and protests for much of the time. Recent

tourism problems include the Russian economic crisis and ruble

devaluation, but tourists from other countries such as China

should help make up for this. (Bangkok Post)

KKP aims for 6% lending growth this year and is set to be the

country’s first financial institution to offer Lombard loans to serve

high-net-worth customers. The group’s loan target is based on an

assumption that the country’s economic growth will come in at

3.5% this year. (Bangkok Post)

Thailand Research Department:

Mr. Warut Siwasariyanon (No.17923) Tel: 02 680 5041

Mr. Narudon Rusme, CFA (No.29737) Tel: 02 680 5056

Mr. Napat Siworapongpan (No.49234) Tel: 02 680 5094

Major Indices Close Chg %Chg

SET 1,599.81 -2.7 -0.2

SET50 1,066.10 -2.8 -0.3

SET P/E (x) 19.2

SET P/BV (x) 2.3

SET Div. Yield (%) 2.7

Dow Jones 17,673.02 +6.6 +0.0

S&P 500 2,041.51 -8.5 -0.4

NASDAQ 4,716.70 -11.0 -0.2

UK 6,860.02 -11.8 -0.2

Germany 10,911.32 +20.4 +0.2

France 4,696.30 +18.4 +0.4

Japan 17,678.74 +342.9 +2.0

South Korea 1,962.79 +10.8 +0.6

Hong Kong 24,679.76 +125.0 +0.5

China 3,175.08 -29.8 -0.9

Taiwan 9,513.92 +65.2 +0.7

Singapore 3,417.57 +9.6 +0.3

Malaysia 1,803.02 +21.8 +1.2

Indonesia 5,315.28 +23.6 +0.4

Philippines 7,716.06 +102.9 +1.4

Trading Summary Buy Sell Net

Institution 7,421 9,274 -1,853

Proprietary 4,505 4,832 -327

Foreign 13,037 10,601 2,436

Individuals 38,726 38,982 -256

Total Trading Value 63,689 Btmn

Most Active Value Value

TRUE 3,777 13.40 -2.2

PTT 3,579 378.00 +6.5

PTTEP 2,451 121.00 +7.6

IRPC 1,767 3.94 +15.2

PTTGC 1,666 60.50 +4.8

Commodity Futures Close Chg %Chg

US Crude 48.45 -4.6 -8.7

Brent Crude 54.16 -3.8 -6.5

Gold 1,264.50 +4.2 +0.3

FX Rates Close Chg %Chg

USD/THB 32.64 +0.0 +0.2

EUR/USD 1.13 -0.0 -1.2

USD/JPY 117.26 -0.3 -0.2

USD/CNY 6.25 -0.0 -0.2

Source: Bisnews, Bloomberg

5 February 2015

Daily Market Outlook

2

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UAC (UAC Global) has set aside Bt3.0bn for capital expenditure over the next

three years to raise its power generation capacity from renewable energy to 80

MW, apart from current development of napier-grass biogas power plants and

two solar farms with a total capacity of 15.5 MW. Meanwhile, UAC is also in talks

to acquire or merge with other renewable energy firms, with proposals to be

finalized by 3Q15. (Bangkok Post)

Global issues ECB took a hard line stance on Greece: The ECB abruptly canceled its

acceptance of Greek bonds in return for funding, putting more pressure on

Greece to reach new reforms. This was a response to Greek government's likely

move to abandon its aid-for-reform program. This also means that Greek’s central

bank will have to provide its banks with tens of billions of euros of additional

emergency liquidity in the coming weeks. As a result, the euro slumped and safe-

haven US government bonds rallied. (Reuters)

The benchmark 10-year US Treasury note rose 3/32 in price, putting the yield

at 1.7675%. (Reuters)

The US dollar index rose 0.6% following a decline of about 1% on Tuesday,

which was its biggest one-day fall since October 2013. The euro was last down

0.48% against the greenback at US$1.14210. The dollar was down slightly

against the Japanese yen at 117.48 yen. (Reuters) USA The S&P 500 and Nasdaq ended lower on Wednesday, snapping a 2-day rally

as energy shares slid with oil prices and as investors' anxiety about the euro zone

returned. The Dow, however, ended in positive territory, lifted by shares of Walt

Disney after quarterly profit topped analysts' expectations. (Reuters)

Europe European shares, which closed prior to the ECB's announcement of cancellation

of the acceptance of Greek bonds, ended up 0.6% as a business survey showed

the euro zone private sector grew at its fastest pace in six months in January.

(Reuters) Asia The People’s Bank of China (PBOC) announced a cut in the amount of cash

that banks must hold as reserves. That was the first industry-wide cut in more

than 2-1/2 years, as the central bank increased efforts to shore up flagging growth

in the world's second-largest economy. (Reuters)

Japan's government unexpectedly delayed a widely expected nomination

to the BOJ's policy board on Wednesday, raising concerns the appointment

could become ensnared in a political battle with opposition parties. (Reuters)

Japanese wage earners' cash earnings rose in December and declines in real

wages slowed for a second month, a positive sign for an economic recovery. The

total cash earnings grew 1.6% in the year to December, up for the 10th straight

month. Real wages adjusted for inflation fell 1.4% YoY in December, down for

the 18th straight month, but the pace of falls slowed from the prior month's 2.7%

drop. (Reuters)

5 February 2015

Daily Market Outlook

3

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Commodities Oil prices crashed on Wednesday, with US crude losing 9% in one of its biggest

daily routs ever, as record high oil inventories in the United States cut short a

four-day rally. The US EIA reported that US crude stocks jumped by 6.3 million

barrels last week to 413.06 million, their highest since records began in 1982. US

crude tumbled almost a half of the near 20% gain it had made since Thursday's

close. US crude settled at US$48.45, down 9%. Brent oil settled at US$54.16,

down 6.5%. (Reuters)

Gold rose up 1% on Wednesday, reversing the previous session's losses, as

share prices dropped and China's central bank moved to make more money

available for lending to help stimulate its flagging economy. Spot gold was up

0.8% at US$1,270.05 an ounce. US gold for April delivery also rose 0.8% to

US$1,270.50 an ounce. (Reuters)

5 February 2015 4

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CG Report

Date Regions

2-Feb-15 CNY

EU

US

4-Feb-15 EU

US

6-Feb-15 US

US

Mon Tue Wed Thu Fri

2 3 4 5 6

XD

1DIV : 0.233 Bt

TDEX : 0.314 Bt

XD

METCO : 9.00 Bt

TTA : 0.25 Bt

XD

TAPAC : 0.08 Bt

XR

PRO

TTA

XW

TTA

XR

TWZ

9 10 11 12 13

XW

ECL

XD

PTTEP : 1.50 Bt

XR

WHA

XW

KIAT

WHA

XW

SAMART

XR

UREKA

16 17 18 19 20

XR

APURE

23 24 25 26 27

XE

E-W3

XR

AJP

Unemployment Rate

February 2015

Economic Indicators

HSBC Manufacturing PMI

Makrit Manufacturing PMI

ISM Manufacturing PMI

Non-monetary policy's ECB meeting

ISM Non-Manufacturing PMI

Nonfarm Payrolls

5 February 2015 5

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CG Report Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013.

Corporate Governance Report disclaimer

The disclosure of the survey result of the Thai Institute of Directors

Association (“IOD”) regarding corporate governance is made pursuant

to the policy of the Office of the Securities and Exchange Commission.

The survey of the IOD is based on the information of a company listed

on the Stock Exchange of Thailand and the Market for Alternative

Investment disclosed to the public and able to be accessed by a

general public investor. The result, therefore, is from the perspective of

a third party. It is not an evaluation of operation and is not based on

inside information.

The survey result is as of the date appearing in the Corporate

Governance Report of Thai Listed Companies. As a result, the survey

result may be changed after that date, Asia wealth Securities Company

Limited does not conform nor certify the accuracy of such survey result.

Score Range Number of Logo Description

90 – 100

80 – 89

70 – 79

60 – 69

50 – 59

Below 50

No logo given

Excellent

Very Good

Good

Satisfactory

Pass

N/A

BAFS EGCO IRPC KTB PTTEP SAT SIM TOPBCP GRAMMY IVL MINT PTTGC SC SPALIBTS HANA KBANK PSL SAMART SCB TISCOCPN INTUCH KKP PTT SAMTEL SE-ED TMB

AAV BIGC DELTA HMPRO NBC PJW SAMCO SVI TOGACAP BKI DRT ICC NCH PM SCC TCAP TRCADVANC BLA DTAC KCE NINE PPS SINGER TF TRUEANAN BMCL DTC KSL NKI PR SIS THAI TSTEAOT BROOK EASTW LANNA NMG PRANDA SITHAI THANI TSTHASIMAR CENTEL EE LH NSI PS SNC THCOM TTAASK CFRESH ERW LHBANK OCC PT SNP TIP TTWASP CIMBT GBX LOXLEY OFM QH SPI TIPCO TVOBANPU CK GC LPN PAP RATCH SSF TK UACBAY CNT GFPT MACO PE ROBINS SSI TKT VGIBBL CPF GUNKUL MC PG RS SSSC TNITY VNTBECL CSL HEMRAJ MCOT PHOL S&J STA TNL WACOAL

2S BEAUTY CSS IHL MFEC PPM SKR TBSP TSC ZMICOAF BEC DCC INET MJD PPP SMG TEAM TSCAH BFIT DEMCO IRC MODERN PREB SMK TFD TTCLAHC BH DNA IRCP MONO PRG SMPC TFI TUFAIT BJC EA ITD MOONG PRIN SMT THANA TVDAJ BJCHI ESSO KBS MPG PTG SOLAR THIP TWFPAKP BOL FE KGI MTI QLT SPC THREL UMIAKR BTNC FORTH KKC NC QTC SPCG TIC UPAMANAH BWG FPI KTC NTV RCL SPPT TICON UPFAMARIN CCET GENCO L&E NUSA SABINA SST TIW UPOICAMATA CGD GL LRH NWR SALEE STANLY TKS UTAP CGS GLOBAL LST NYT SCBLIF STEC TLUXE UVAPCO CHOW GLOW MAJOR OGC SCCC STPI TMI UWCAPCS CI GOLD MAKRO OISHI SCG SUC TMT VIHAQUA CKP HOTPOT MATCH PACE SEAFCO SWC TNDT WAVEARIP CM HTC MBK PATO SEAOIL SYMC TPC WHAAS CMR HTECH MBKET PB SFP SYNEX TPCORP WINASIA CSC HYDRO MEGA PDI SIAM SYNTEC TRT WINNERAYUD CSP IFS MFC PICO SIRI TASCO TRU YUASA

Source: Thai Institute of Directors (IOD)

5 February 2015

Contact

6

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This report has been prepared by Asia Wealth Securities Company Limited (“AWS”). The information herein has been obtained from sources believed to be reliable and accurate, but AWS makes no representation as to the accuracy and completeness of such information. AWS does not accept any liability for any loss or damage of any kind arising out of the use of such information or opinions in this report. Before making your own independent decision to invest or enter into transaction, investors should study this report carefully and should review information relating. All rights are reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of AWS. Investment in securities has risks. Investors are advised to consider carefully before making decisions.

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