Editor: Frankie Wong Tel: (852) 2277 6765 Email: …research.cyberquote.com.hk/page/htm/kc/share_companyrpt/... · 2016. 2. 11. · capacity goal at 554.4MW in 2016 and 1,151.9MW

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Editor: Frankie Wong Tel: (852) 2277 6765 Email: [email protected]

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THAILAND EQUITY RESEARCH

Page | 1 | PHILLIP SECURITIES (THAILAND)

Superblock After the storm comes a rainbow

THAILAND | SET | ENERG | INITIATION OF COVERAGE BLOOMBERG SUPER TB l REUTERS SUPER.BK

Getting into renewable energy trend SUPER disposed its original business—manufacturing and distribution of autoclaved aerated concrete—in 2013, and thereby invested in renewable energy with solar power for a start. SUPER aims to increase its equity‐based capacity to 554.41MW (all projects capacity of 1,000MW) by end of year and 1,151.91MW (all projects of 2,000MW) in 2017. SUPER is on track to meet the goals with its current solar power capacity of 102.34MW (whole projects of 188.45MW), while the work‐in‐process projects, which would add 304.41MW (out of 501MW) to SUPER’s equity‐based capacity, are scheduled to begin COD in 1QFY16—this potential quick generation reflects the government’s latest amendment of Town and City Planning Act by virtue of Section 44. The startups of the said projects and its future projects would be a key factor to push SUPER to become the leading renewable energy distributor in the industry and earnings to grow at a robust pace. Getting on the bandwagon to renewable energy trend SUPER is a holding company, which continues to pursue sustainable growth via investments in renewable projects at home and abroad. The company also has joined the coop solar power party targeting to grab a roughly 100MW and is in feasibility study on wind turbine, of which would see further development in 2017. FY15 earnings unlikely out of the woods yet but FY16 profit likely hits record SUPER’s equity‐based solar power capacity is currently 102.34MW and a 73.6MW of which was added from November’15‐January’16. It is justified the company would partially recognize revenue from those projects while it is expected to shoulder development expenses and a weaker baht seemingly amplified its expenses. With this in the picture, we forecast a 422% deeper loss in FY15 to Bt450mn from Bt90mn loss reported in 2014. However, we foresee brighter prospect in 2016 with projected net profit of Bt1,209mn as its equity‐based 554.41MW (WIP) solar power projects are set to begin COD during the year. ‘ACCUMULATE’ rating with FY16 target price of Bt1.38 Based on SOTPs using discounted free cash flow to equity for its projects at hand and potential projects of 554.41MW from company’s plan and 100MW from coop bidding project, a 654.41MW totally, to begin COD in 2016, our target price arrives at Bt1.38. We rate SUPER a ‘ACCUMULATE’ stance. We do not price in its future projects of about 500MW equity‐based capacity (of 1,000WM total) that have been studied feasibilities and could start commercial generation in 2017. Any clarity on the projects would add Bt1.52/share to our target price of Bt2.90/share

Ref. No.: CO2016_0112

Closing Price(Bt) 1.22

Target Price(Bt) 1.38 (+14.93%)

COMPANY DATA

O/S Shares (mn) : 27,349

Market Cap. (Btmn) :

Market Cap. (USDmn) :

52‐WK Hi/Lo (Bt) : 2.45/0.93

3M Average Daily T/O (mn) : 121.88

Par Value (Bt) : 0.10

MAJOR SHAREHOLDERS (%)

1. Suwintawong Gold Asset Co., Ltd. 21.3

2. Mr. Pradej Kitti‐itsaranon 11.6

3. DD Mart Co., Ltd. 7.6

PRICE PERFORMANCE (%)

1MTH 3MTH 1YR

ABS 2% ‐13% ‐36%

REL TO SET INDEX ‐3% ‐7% ‐22%

PRICE VS SET INDEX

Source: Bloomberg, PSR

KEY FINANCIALS

FYE Dec FY14 FY15E FY16E FY17E

Sales(Btmn) 223 373 5,363 9,361

Net Profit(Btmn) ‐90 ‐450 1,209 1,892

EPS (Bt) ‐0.01 ‐0.02 0.04 0.07

P/E (X) n.m. n.m. 27.6 17.6

BVPS (Bt) 2.10 0.45 0.60 0.68

P/B (X) 0.6 2.7 2.0 1.8

DPS (Bt) 0.00 0.00 0.02 0.03

Dividend Yield (%) 0.0 0.0 1.8 2.8

ROE (%) n.m. n.m. 8.43 10.81

Debt/Equity (X) 0.34 0.80 3.57 3.02

Source: Company, PSR Est.

**Multiples and yields are based on latest closing price

VALUATION METHOD

SOTP

Ornmongkol Tantitanatorn

Capital Market Investment Analyst # 34100

Tel: 66 2 635 1700 # 491

Thanatphat Suksrichavalit

Assistant Analyst

09 February 2016

33,366

940

31 August 2015

Accumulate

0

1

2

3

4

Feb‐13 Feb‐14 Feb‐15 Feb‐16

SUPER TB EQUITY SETI (rebased)


Superblock INITIATION OF COVERAGE

Investment Thesis SUPER shifted focus to renewable energy. Its 102.34MW solar power capacity is

current on‐grid system. Capacity would increase to 304.41MW in 1QFY15 as the amendment of Town and City Planning Act facilitates a startup of the company’s WIP projects.

SUPER aims to increase its solar power capacity to 554.41MW by end‐2016 and 1,151.91MW in 2017 by investing in renewable energy projects at home and abroad.

Our SOTPs‐based target price is Bt1.38 and we rate SUPER a ‘ACCUMULATE’ stance.

BUSINESS OVERVIEW Autoclaved aerated concrete to renewable energy SUPER shifted its business to renewable energy business after disposing autoclaved aerated concrete business in 2013. Since then, the company made massive investment in renewable energy, solar power in particular. SUPER sets power capacity goal at 554.4MW in 2016 and 1,151.9MW in 2017. The company is on track to meet the targets with its equity‐based solar power capacity of 102.34MW, while the WIP projects, which would add 304.41MW to SUPER’s solar power capacity, are scheduled to begin COD in 1QFY16. The move will likely facilitate SUPER to become the leading renewal energy distributor in the industry. Pipeline solar power projects in the fast lane, COD likely in 1QFY16 In a bid to secure the nation’s growing energy demand and to reduce legal obstacles, the Prime Minister executed his power under Section 44 issuing the National Council for Peace and Order (NCPO) orders No. 3/2016 and 4/2016 that exempts construction of buildings in special economic zones, and oil warehouse and renewable energy plant from regulations under the Town and City Planning Act. SUPER as renewable energy distributor will reasonably benefit from announcement as its 304.41MW WIP projects should be able to begin COD in 1QFY16. Getting on the bandwagon to renewable energy trend SUPER is a holding company, which continues to pursue sustainable growth and to meet its power capacity goals via investments in renewable energy projects at home and abroad. The company has joined the coop solar power party targeting to grab a roughly 100MW from the total of 800MW coop solar power quota. Additionally, SUPER is in talks to invest in several power projects in the country, which would see further development in 1HFY16. If this occurs, SUPER’s equity‐based capacity would increase to 404.41MW by end‐2016. Overseas ventures: In process to invest in 150MW solar power project in Japan To meet its capacity target of 554.41MW as planned, SUPER has approached a 300MW Japanese solar power project, in which SUPER plans to invest for 150MW. The project is under feasibility study. Wind turbine and waste‐to‐energy projects to take stage in 2017 SUPER via its subsidiary Lemon Gold Farm (LEMON) has been studying feasibility on wind turbine since 3QFY15 and expects to see development in 2QFY16. The company intends to share cake in the waste‐to‐energy sector, then invested in garbage disposal well in Ayutthaya province and via its subsidiary Super Earth Energy (EARTH), signed MoU for an 8MW waste‐to‐energy project. SUPER aims to increase WtE capacity to 200MW.



Figure 1: Whole project capacity, 2015‐2017(F) Waste‐to‐Energy Wind energy Overseas solar power Domestic solar power Whole project capacity (MW)

Source: SUPER 3QFY15 net loss of Bt128.35mn, down 30.43% q‐q but up 266.5% y‐y SUPER reported 3QFY15 net loss of Bt128.35mn, a 30.43% narrower from Bt183.96mn in 2QFY15 and a 266.55% wider from Bt39.19mn in 3QFY14, as the company imported photovoltaic cells for its solar power projects while fluctuation of the baht led to FX loss and the company absorbed a part of consulting expense for WtE and solar power projects (under feasibility studies) that accounted for almost 80% of SG&A expense. Hence, SUPER registered 9MFY15 net loss of Bt395.92mn. FY15 earnings seen red but FY16 likely see strong profit Due to the late‐year startup of its equity‐based 73.64MW capacity, which was added to 102.34MW in November’15‐January’16, SUPER should be able to enjoy a partial contribution of the latest addition in 2015, while it must absorb development expenses and a weaker baht seemingly amplified the expenses. As such, we expect FY15 net loss of Bt450mn, 422% y‐y wider from Bt90mn in 2014. However, we project FY16 earnings to recover nicely to Bt1,209mn as SUPER would be able to recognize revenue from its 654.41MW (554.41MW from company’s plan and 100MW from coop solar bidding projects) Adopting sum‐of‐the‐parts method, we value SUPER renewable energy projects based on power purchase agreement using discounted free cash flow to equity, assuming Ke of 8.1%, Kd of 4.5%, and debt‐to‐equity of 70:30 for domestic projects and 15% for Japanese project. Our valuation also includes 200MW projects (whole capacity) which have been studied feasibilities, 100MW coop solar project, and 300MW (whole capacity) Japanese solar power project, while conservatively we estimate SUPER’s investment at 50% each except for the coop solar bidding project which is expected to be 100%.



Figure 2: Project valuation

Source: SUPER, PSR

We value COD projects with equity‐based capacity of 304.4MW (all projects capacity of 501MW) and the 350MW WIP projects (all capacity 600MW) to begin COD in 2016 at Bt0.58/share. The future projects of a roughly 350MW (all projects capacity of 600MW) to be announced in 2016 would add Bt0.80 to our fair value. Our FY16 target price arrives at Bt1.38/share and we initiate a ‘ACCUMULATE’ rating for SUPER in view of strong growth potential. Future growth looks bright but challenges lie ahead SUPER intends to increase its all project capacity to 2,000MW that company aims to increase its wind energy capacity to 695MW and WtE to 200MW within 2017. For solar power, SUPER plans to increase capacity by 100MW from overseas projects where the company has studied feasibilities in AEC. The company has two future projects that would add Bt1.52/share to our fair value assuming: 1. A 695MW wind turbine would represent 23.17% of Thailand’s AEDP 2015, which

sets to increase wind energy to 3,000MW. If the project goes as planned, it would add Bt0.85/share to our target price, premised on Adder subsidy of Bt3.5/unti for eight years and a 50% equity interest held by SUPER.

2. A 200MW waste‐to‐Energy makes up 40% of AEDP 2015, setting total WtE capacity at 500MW. If the project comes in line with plan, it would add Bt0.67/share to our fair value, assuming fixed FiT of Bt2.39/unit and variable FiT of Bt2.69/unit for 20 years and 50% equity held by SUPER.

Both projects are set to begin COD in 2017 but we thus far have yet received sufficient information on project detail including timeframe and investment. Based on the said assumptions, we expect SUPER to require approximately Bt12,000mn capex in 2017 out of the project value of Bt85,000mn while the company would have cash on hand of around Bt4,000mn. The likelihood of project financing increases if the company needs to reach its capacity target of 2,000MW by 2017, though SUPER issued 2,014mn warrants (SUPER‐W3) at an exercise price of Bt4 for one warrant to

Project Power TypeSubsidy Program

(Bt/No. of yr)Capacity (MW)

Capacity

(MW) - Cum.COD/SCOD SUPER's Capacity (MW)

SUPER's Capacity

(MW) - Cum.Valuation Valuation - Cum.

RSUN Solar Adder 8/8 3.00 3.00 19/7/2011 3 3.0 0.01 0.01

PRO-ONE Solar Adder 8/8 4.00 7.00 1/12/2011 4 7.0 0.01 0.02

PTD Solar Adder 6.5/8 5.00 12.00 10/11/2014 4.75 11.8 0.01 0.03

GBOM Solar Adder 8/8 0.95 12.95 8/2/2014 0.95 12.7 0.00 0.03

17AYH Solar FiT 5.66/25 60.00 72.95 1Q2016* 60 72.7 0.13 0.16

HPM Solar FiT 5.66/25 40.00 112.95 1Q2016* 40 112.7 0.04 0.21

ELT Solar FiT 5.66/25 8.00 120.95 30/12/2015 8 120.7 0.01 0.22

MM Solar FiT 5.66/25 23.60 144.55 1Q2016* 16.52 137.2 0.04 0.26

NSL Solar FiT 5.66/25 8.00 152.55 1Q2016 3.92 141.1 0.01 0.27

TSG1 Solar FiT 5.66/25 4.00 156.55 1Q2016 4 145.1 0.01 0.27

STFES Solar FiT 5.66/25 8.00 164.55 1Q2016 8 153.1 0.01 0.29

APL Solar FiT 5.66/25 5.40 169.95 18/12/2015 1.35 154.5 0.00 0.29

PTI Solar FiT 5.66/25 55.60 225.55 1Q2016 27.244 181.7 0.05 0.34

ESERVE Solar FiT 5.66/25 81.45 307.00 1Q2016 41.5395 223.3 0.07 0.41

AMN Solar FiT 5.66/25 30.00 337.00 1Q2016 14.7 238.0 0.03 0.44

SNP Solar FiT 5.66/25 36.00 373.00 1Q2016 17.64 255.6 0.03 0.47

SPP6 Solar FiT 5.66/25 41.00 414.00 30/12/2015 20.09 275.7 0.05 0.52

RNS Solar FiT 5.66/25 87.00 501.00 24/12/2015 28.71 304.4 0.06 0.58

(NEW project)** Solar FiT 5.66/25 200.00 701.00 3Q2016 100 404.4 0.17 0.75

Coop** Solar FiT 5.66/25 100.00 801.00 3Q2016 100 504.4 0.46 1.21

JAPAN** Solar FIT 10/20 300.00 1101.00 3Q2016 150 654.4 0.17 1.38

Total 1101.00 654.41 1.38



one share—the first exercising period is from February 29 – March 3, 2016 or the last business of February, May, August, November in 2016 and March in 2017—and the warrant is currently out the money. We do not price in the two projects in our valuation Risk factor SUPER’s key risk that potential poses a threat to earnings growth is its failure to seek more renewable energy projects to meet the target over the next two years while the industry’s peers are also looking to increase their capacities. A brownfield acquisition looks attractive but we doubt the company’s financial position, which would affect negatively our valuation model regarding return on investment and fair value. Additionally, timeframe to begin COD plays crucial role and any delay, either from SUPER or the government, will likely impact our fair value.



Financials

Income Statement Cash Flow

FYE Dec, Btmn FY14 FY15E FY16E FY17E FYE Dec, Btmn FY14 FY15E FY16E FY17E

Revenue 223 373 5,363 9,361 CFO

EBITDA 44 ‐319 4,327 7,480 PBT ‐87 ‐443 2,083 3,493

Depreciation & Amortisation 95 59 1,309 2,457 Adjustments 95 940 4,912 3,631

EBIT ‐51 ‐377 3,018 5,023 WC changes ‐2,527 894 429 344

Net Finance (Expense)/Inc 36 65 936 1,530 Cash generated from ops ‐2,519 1,391 7,424 7,468

Other i tems 0 0 0 0 Others ‐6 ‐7 ‐873 ‐1,601

Associates & JVs 0 0 0 0 Cashflow from ops ‐2,525 1,384 6,551 5,867

Exceptional items 0 0 0 0 CFI

Profit Before Tax ‐87 ‐443 2,083 3,493 CAPEX, net 847 9,780 46,863 0

Taxation 3 1 74 428 Others ‐880 0 0 0

Profit After Tax ‐90 ‐443 2,008 3,066 Cashflow from investments ‐1,728 ‐9,780 ‐46,863 0

Non‐controll ing Interest ‐0 6 798 1,174 CFF

Net Income, reported ‐90 ‐450 1,209 1,892 Share issuance 3,594 7,583 0 0

Net Income, adj. ‐90 ‐450 1,209 1,892 Loans, net of repayments 468 7,311 37,905 ‐4,301

Dividends 0 0 605 946

Per share data Others ‐28 0 0 0

FYE Dec, Bt FY14 FY15E FY16E FY17E Cashflow from financing 4,034 14,894 37,300 ‐5,247

EPS, reported ‐0.01 ‐0.02 0.04 0.07 Net change in cash ‐219 6,498 ‐3,012 620

EPS, adj. ‐0.01 ‐0.02 0.04 0.07 Effects of exchange rates 0 0 0 0

DPS 0.00 0.00 0.02 0.03 CCE, end 135 6,633 3,621 4,241

BVPS 2.10 0.45 0.60 0.68

Valuation Ratios

Balance Sheet FYE Dec FY14 FY15E FY16E FY17E

FYE Dec, Btmn FY14 FY15E FY16E FY17E P/E (X), adj.** n.m. n.m. 26.9 17.2

Cash 135 6,633 3,621 4,241 P/B (X), adj.** 0.6 2.7 2.0 1.8

Investments 1,527 1,527 1,527 1,527 Dividend Yield (%) 0.0 0.0 1.9 2.9

Accounts Receivables 951 77 1,102 1,923

Inventories 2 0 0 0 Growth

Others 56 8 118 206 FYE Dec, % FY14 FY15E FY16E FY17E

Total current assets 2,670 8,245 6,368 7,897 Revenue 104.96 66.78 n.m. 74.56

PPE 1,902 11,620 57,178 54,725 EBITDA 26.70 ‐819.83 n.m. 72.87

Intangibles 424 419 415 411 EBIT ‐389.60 n.m. n.m. 66.42

Associates & JVs 0 0 0 0 Net Income, adj. ‐244.07 n.m. n.m. 56.46

Investments 133 133 133 133

Others 75 9 123 215 Margins

Total non‐current assets 2,533 12,180 57,849 55,484 FYE Dec, % FY14 FY15E FY16E FY17E

Total Assets 5,203 20,425 64,217 63,381 EBITDA margin 19.82 ‐85.54 80.69 79.91

Short term loans 139 224 2,145 1,872 EBIT margin ‐22.69 ‐101.27 56.28 53.66

Accounts Payables 208 102 1,469 2,565 Net Profit Margin ‐40.09 ‐120.80 22.55 20.21

Others 7 12 167 291

Total current liabilities 454 1,622 10,966 11,252 Key Ratios

Long term loans 512 6,553 36,637 33,269 FYE Dec FY14 FY15E FY16E FY17E

Others 7 12 168 293 ROE (%) n.m. n.m. 8.43 10.81

Total liabilities 973 8,187 47,771 44,815 ROA (%) n.m. n.m. 2.86 2.97

Non‐controll ing interests 18 893 4,496 5,670 Net Debt/(Cash) (Btmn) 516 144 35,161 30,900

Shareholder Equities 4,230 12,238 16,446 18,566 Net Gearing (X) 0.25 0.16 0.86 0.82

Source: Company Data, PSR est

**Based on latest closing price



Anti‐corruption indicators

Level 5 (Extended)

BCP CPN GYT PE PM PPP PT PTT PTTGC SAT scc

THANI TOP

Level 4 (Certified)

DCC DTC DRT EASTW ECL EGCO ERW FSS GCAP HANA HTC

INTUCH IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MTI

NKI PSL PTG PTTEP SABINA SCB SNC SNP SSF SSSC TCAP

THCOM TISCO TMB TMD TNITY TOG

Level 3 (Established)

Level 3A: Declaration to join CAC, etc

ABC ACAP ADVANC AGE AH AMANAH ANAN AP APCS APURE AS

ASIA ASIAN ASIMAR BIGC BROOK BTS BWG CEN CENTEL CFRESH CHARAN

CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO DIMET

DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW

HMPRO HOTPOT ICC ICHI IFEC INOX INSURE IRC JAS JTS JUBILE

KC KTC KYE LHK LPN LRH MAKRO MC MCOT MFC MFEC

MINT MJD MONO MOONG NBC MSC NDR NINE NMG NSI NTV

OGC PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB

PS QLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL

SE‐ED SENA SINGER SITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA

SSI STANLY SUPER SVI SYMC SYNEX SYNTEC TASCO TCMC TFI THAI

THRE THREL TICON TKT TLUXE TMILL TMT TNL TPCORP TSTE TSTH

TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA ZMICO

Level 3B: Organization's statement but no declaration to join CAC, etc

AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI BUI

CGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON

EPG F&D FANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY

HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO MANRIN

MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP

PATO PF PJW PLANB PLE POLAR PRG PTL Q‐CON QTC RCI

S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIM SLP

SMT SPA SPORT SSC SST STEC STPI SUC SUTHA SVI T

TBSP TAE TCC TFD TGCI TGPRO THANA THIP TIW TK TMW

TNDT TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC

UMI UP UPF UT UV VPO WAVE WINNER YUASA

Level 2 (Declared)

2S ABICO AF AKP AMARIN AMATA AOT APCO AYUD BEAUTY BFIT

BH BKD BLAND BTNC CCP CI CSR CSS EFORL EPCO FE

FNS FVC GEL GLOBAL HEMRAJ IEC IFS INET JUTHA KASET KCAR

KKC KSL L&E LALIN LTX M MALEE MBK MBKET MEGA MK

MPG MTLS NCH NCL NPP OCC OCEAN PB PCA PRINC QH

ROCK RPC S & J SGP SIAM SIS SKR SMG SMIT SORKON SUSCO

TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU

TRUE TSC TSI TTW TVD TVO UKEM UNIQ UWC VNG WIIK

WIN XO

Level 1 (Committed)

ACD AEONTS AFC AIRA AJ ALUCON AMC AQUA ARIP AUCT BAT‐3K

BIG BJC BOL BRR BSBM CBG CCET CCN CGD CMR CPH

CSC CSP CTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS

FSMART GIFT GLAND GRAND GUNKUL HFT HTECH ILINK ITD JSP IHL

KDH KTIS KTP LEE LST MAJOR MAX M‐CHAI MDX MIDA MATCH

ML MPIC NC NEP NNCL OHTL PICO PK PL PPM NWR

PRAKIT PRECHA PRIN PSTC RAM RICH RS SANKO SAUCE SAWAD PYLON

SAWANG SCN SEAFCO SHANG SIRI SMART SMM SOLAR SPACK SPG SF

SPPT SPVI STAR SVH SVOA SWC TAPAC TC TCCC TCJ STA

TCOAT TKS TNH TNPC TPA TPAC TPOLY TRC TRUBB TSE TTA

TTI TTL TTTM TWP TWZ U UMS UPA UPOIC UVAN UTP

VARO VI VIBHA VIH VTE WG

Data not available/No policy

A ACC AJD AQ BCH BGT BROCK BSM BTC CHUO CRANE

CPR EIC FER JMART JMT KAMART KBS KIAT LDC MCS METCO

MBAX NEW NEWS NYT PAE PDG PERM PMTA RCL RICHY ROH

POST S SIMAT TCB TR TSF TVT



Anti‐corruption indicators

Level 5 : Extended

Anti‐corruption policies extend to business partners, dealers, and distributors.

Level 4 : Certified

Anti‐corruption policies can be engaged by audit committee and auditors approved by the SEC.

Anti‐corruption policies are certified by CAC and independent assurance providers.

Level 3 : Established

Anti‐corruption corruption policies cover anti‐bribery, and communications and educating all employees anti‐corruption policies.

Level 3A Public out statement to join CAC, etc.

Level 3B Declare statement and organization’s anti‐corruption policies but no intention to join CAC, etc.

Level 2 : Declared

Declare statement to participate CAC against corruption.

Level 1 : Committed

Organization and Board of Directors’ statements against corruption and not getting involve in any malpractices.

Assessment

Anti‐corruption progress indicator for listed companies is a part of SEC’s commitment to create sustainability in anti‐corruption and to become a role model to any

related business. The progress indicators comprise of five levels: 1) Committed, 2) Declared, 3) Established, 4) Certified, and 5) Extended. These indicators will

encourage listed firms to formulate anti‐corruption policies to opt out of corruption, and investors can determine their investment based on anti‐corruption indicator

or avoid investment in listed firms that could get involve in corruption.

PHILLIP SECURITIESS (THAILAND) | 9 | P a g e


Corporate Governance ‐2015

ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC

EASTW EGCO GRAMMY HANA HMPRO INTUCH IRPC IVL KBANK KCE

KKP KTB LHBANK LPN MCOT MINT MONO NKI PHOL PPS

PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL

SAT SC SCB SCC SE‐ED SIM SNC SPALI THCOM TISCO

TKT TMB TOP VGI WACOAL

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP

ASIMAR ASK ASP BANPU BAY BBL BDMS BECL BKI BLA

BMCL BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT

COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW

GBX GC GFPT GLOBAL GUNKUL HEMRAJ HOTPOT HYDRO ICC ICHI

INET IRC KSL KTC LANNA LH LOXLEY LRH MACO MBK

MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC

OISHI OTO PAP PDI PE PG PJW PM PPP PR

PRANDA PREB PT PTG Q‐CON QH RS S & J SABINA SAMCO

SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT

SNP SPI SSF SSI SSSC SST STA STEC SVI SWC

SYMC SYNTEC TASCO TBSP TCAP TF TGCI THAI THANA THANI

THIP THRE THREL TICON TIP TIPCO TK TKS TMI TMILL

TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE

TSC TSTE TSTH TTA TTCL TTW TU TVD TVO TWFP

TWS UAC UT UV VNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH

AMARIN AP APCO AQUA AS ASIA AUCT AYUD BA BEAUTY

BEC BFIT BH BIG BJC BJCHI BKD BTNC CBG CGD

CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP

CSS CTW DNA EARTH EASON ECL EFORL ESSO FE FIRE

FOCUS FORTH FPI FSMART FSS FVC GCAP GENCO GL GLAND

GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP

ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS

KWC KYE L&E LALIN LHK LIT LIVE LST M MAJOR

MAKRO MATCH MATI MBKET M‐CHAI MFC MILL MJD MK MODERN

MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT

OCEAN PACE PATO PB PCA PCSGH PDG PF PICO PL

PLANB PLAT PPM PRG PRIN PSTC PTL PYLON QLT RCI

RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN

SCP SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG

SPPT SPVI SRICHA SSC STANLY STPI SUC SUSCO SUTHA SYNEX

TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC TIW

TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR UMI

UP UPF UPOIC UREKA UWC VIBHA VIH VPO WHA WIN

XO

Score Range

< 50%

50‐59%

60‐69%

70‐79%

80‐89%

90‐100%

The disclosure of the survey result of the Thai Institute of Directors Association (IOD)

regarding corporate governance is made pursuant to the Office of the Securities and

Exchange Commission. The survey of the IOD is based on the information of a company

l isted on the Stock Exchange of Thailand and the Market for Alternative disclosure to the

public and able to be accessed by a general public investor. The results, 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 data. Phil l ip

Securities (Thailand) of securities company does not confirm nor certify the accuracy of

such survey result.

No logo given

Number of Logo

Results Presentation

PHILLIP SECURITIESS (THAILAND) | 10 | P a g e


Industry Group Name Sector Name Sector Index

Agro & Food Industry[AGRO] Agribusiness AGRI

Food & Beverage FOOD

Consumer Products[CONSUMP] Fashion FASHION

Home & Office Products HOME

Personal Products & Pharmaceuticals PERSON

Financials [FINCIAL] Banking BANK

Finance & Securities FIN

Insurance INSUR

Industrials [INDUS] Automotive AUTO

Industrial Materials & Machinery IMM

Packaging PKG

Paper & Printing Materials PAPER

Petrochemicals & Chemicals PETRO

Steel STEEL

Property & Construction[PROPCON] Construction Materials CONMAT

Construction Services CONS

Property Development PROP

Property Fund & REITs PF&REIT

Resources [RESOURC] Energy & Util ities ENERG

Mining MINE

Services [SERVICE] Commerce COMM

Media & Publishing MEDIA

Health Care Services HELTH

Tourism & Leisure TOURISM

Professional Services PROF

Transportation & Logistics TRANS

Technology [TECH] Electronic Components ETRON

Information & Communication Technology ICT

PSR Rating SystemCapital Gain Recommendation

> 15% BUY

> 5% ‐ 15% ACCUMULATE / TRADING BUY

> 0% ‐ 5% NEUTRAL

0 <= SELL

Remarks

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors l ike (but

not l imited to) a stock's risk reward profi le, market sentiment, recent rate of share price appreciation, presence or absence of

stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation

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Documents

Editor: Frankie Wong Tel: (852) 2277 6765 Email: …research.cyberquote.com.hk/page/htm/kc/share_companyrpt/... · 2016. 2. 11. · capacity goal at 554.4MW in 2016 and 1,151.9MW