Financial Highlights Initiate Coverage: MINT (Year to Dec ... · (SSS) should grow 2-3% from better consumer sentiment, especially upcountry where SSS declined the last two years

Initiate Coverage: MINT 2 June 2016

1 Please see disclaimer on last page

BUY

2016TP: 45.00 Closing price: Bt38.75

Upside/downside: +16% Sector Food & Beverage

Paid-up shares (shares mn) 4,402

Market capitalization (Bt bn) 170.59

Free float (%) 50.79

12-mth daily avg. turnover (Bt mn) 205.32

12-mth trading range (Bt) 40.50/22.60

Major shareholders (%)

UBS AG Singapore Branch 17.86

MINOR Holding (Thai) 16.53

Niti Osatanukror 7.87

THAI NVDR 7.30

* HORECA is a syllabic abbreviation of the words Hotel, Restaurant, and Café.

Thailand Research Department

Ms. Sukanya Leelarwerachai

License, No. 68790

Minor International PCL (MINT)

High growth potential for long-term investment

► Expect healthy normalized earnings growth in 2016-17.

► Acquisitions, diversification and profitability maximization will

help MINT become a leading global HORECA* company.

► Initiate coverage with a BUY recommendation and a 2016

TP of Bt45.00.

Expect healthy growth in 2016-17

We expect MINT’s earnings to grow a healthy 24% in 2016 and

12% in 2017 driven by organic growth from all of its existing

business units and recent M&A deals. Revenues from hotel &

related operations are expected to grow 32% YoY this year driven

by: 1) Owned rooms increased by 1,179 rooms or +13% YoY in

1Q16 after acquiring six Tivoli hotels in Portugal and opening

Riverside Bangkok. 2) Average room rate is expected to adjust up

~5% driven by hotels in Bangkok as the number of tourist

continues to increase and partially from low base effect resulting

from the bombing in August 2015. The company also announced

it increased its equity stakes in Sun Hotels in Africa and Oak

Hotels in Australia and it will consolidate the additional new hotels

from 2Q16 onward. Meanwhile, MINT is expected to increase its

number of food & beverage outlets by 8-10% YoY which should

help total food sales (TSS) grow by 10% while same store sales

(SSS) should grow 2-3% from better consumer sentiment,

especially upcountry where SSS declined the last two years.

From January-April 2016, SSS grew 2% driven by SSS growth of

5% in Thailand. Moreover, MINT has ten units of The Residences

at Layan in Phuket and three units of The Estates in Samui in its

backlog for sale this year, while Anatara Chiang Mai Serviced

Suites, which is a 50% JV with U City PCL, will start transferring

in 2016 and 30 of the 44 units have been presold.

Good prospects from 5-year plan (2015-20)

MINT is continuously seeking acquisitions and JVs and improving

profitability on its existing assets to push earnings to grow at least

15-20% CAGR until 2020. Additional M&A deals will drive sales

and earnings above our forecast. Recently, MINT expanded its

business focus to Africa and China where the company sees

sizeable potential for growth. Looking ahead, the company targets

to have 210 hotels and 3,100 restaurants by 2020 from 147 hotels

and 1,859 restaurants in 1Q16. MINT’s financial status remains

strong with a net D/E of 1.28x as of March 2015 and an A+ rating

from TRIS, which means it has the potential to get low cost funds

to support new projects and acquisitions.

Initiate with a BUY recommendation and 2016 TP of Bt45.00

We initiate coverage on MINT with a BUY recommendation and

2016 target price of Bt45.00/share, based on the DCF method

(WACC 7.6%, terminal growth 3%). Our 2016 target price offers

16% upside.

Financial Highlights

(Year to Dec) 2014 2015 2016E 2017E

Revenue (Btmn) 37,228 42,432 51,279 55,099

Normalized Profit (Btmn) 4,390 4,872 6,039 6,780

Extra items (Btmn) 111 2,168 1,932 -

Net Profit (Btmn) 4,502 7,040 7,971 6,780

EPS (Bt) 1.00 1.60 1.81 1.54

Normalized EPS (Bt) 1.00 1.11 1.37 1.54

Normalized EPS Growth (%) 11% 11% 24% 12%

P/E (x) 31.0 24.2 21.4 25.2

P/BV(x) 4.9 5.2 4.3 3.9

DPS (Bt) 0.25 0.35 0.40 0.47

Div. Yield (%) 0.8% 1.0% 1.0% 1.2%

ROE (%) 14.6% 13.6% 14.2% 14.2%

Source: SET, AWS

https://en.wikipedia.org/wiki/Syllabic_abbreviation

https://en.wikipedia.org/wiki/Hotel

https://en.wikipedia.org/wiki/Restaurant

https://en.wikipedia.org/wiki/Caf%C3%A9



Becoming a global HORECA company

Minor International PCL has 147 hotels, 1,859 restaurants and 30 retail outlets in 32

countries. The company has many strong brands all over the world such as Anatara,

Oaks, Tivoli and global food brands. (See Figure 1). A breakdown of MINT’s operating

revenue shows 51% comes from hospitality, 41% from restaurant and 8% from retail. At

present, 56% of its operating revenue is from Thailand and the rest is from oversea. The

company targets to increase the proportion of revenue from overseas to 50% by 2020.

Figure 1: MINT’s global family of brands

Source: Company data

Continued hotel growth with geographic diversification

MINT operates hotels and spas under a combination of investment, joint-venture and

management contracts in 24 countries. Recently, the company has been expanding its

hotel portfolio in Africa by acquiring a stake in Sun International. This allows MINT to

capture the long-term potential of the region and strengthens its hotel network. The UN

World Tourism Organization (UNWTO) forecasts that international tourist arrivals to

Africa will grow from the current level of over 50mn to approximately 85mn by 2020.

Having hotel properties in a wide variety of geographic locations helps balance some of

the seasonal effect, i.e. the low season for Thai tourism in quarter 2-3 is partially offset

by the high season of Tivoli hotels in Portugal.



Figure 2: 1Q16 Hospitality revenue contribution Figure 3: Number of hotel rooms

Source: Company data Source: Company data

Positive prospects for tourism sectors in 2016

According to the UNWTO, 2015 marked the sixth consecutive year of above-average

growth, International arrivals has increased by 4% or more every year since the post-

crisis year of 2010. Thailand was ranked #11 in world international tourism arrivals in

2015.

For 2016, UNWTO projects international tourist arrivals to grow by 4% worldwide. By

region, growth is expected to be stronger in Asia and the Pacific (+4% to +5%) and the

Americas (+4% to +5%), followed by Europe (+3.5% to +4.5%). The projections for

Africa (+2% to 5%) and the Middle East (+2% to +5%) are positive, though with a larger

degree of uncertainty and volatility.

For Thailand, the Ministry of Tourism and Sport expects the number of foreign tourist

arrivals to reach 32.5mn this year, up 8.8% YoY. The Tourism Authority of Thailand

(TAT) expects international tourist arrivals to continue to rise in the third quarter, which

is traditionally the low season, based on advance airfare bookings and surveys by tour

wholesalers. Arrivals to Thailand are forecast to increase by 13.4% YoY to 8.2mn, led

by visitors from China. TAT is mulling raising its full-year target after seeing hefty foreign

arrivals over the first three months and a revision should be finalized by July.

Meanwhile, the government has launched tax incentives to further boost domestic

travel; 1) an income tax deduction of up to Bt15,000 can be claimed on travel expenses

during 9-17 Apr and 2) tax deduction of Bt15,000 on travel expenses for another year to

31 Dec 2016.



Figure 4: International tourism 2015 Figure 5: Actual trend and forecast 1950-2030

Source: UNWTO Source: UNWTO

Figure 6: International Tourist Arrivals to Thailand Figure 7: International Tourist Arrivals by month

Source: Department of Tourism, AWS estimates Source: Department of Tourism

Ongoing launches of new residential projects

MINT’s real estate business is leveraged on its strong hotel brands and helps increase

return on investment. The company started selling The Residences by Anatara, Phuket,

in 2H2015, with five units sold to date from a total of 15 villas for sale. The company has

additional projects in the pipeline to ensure the revenue stream from residential sales as

shown in Figure 8. This year, MINT’s first luxury resort style condominium project,

Anatara Chiang Mai Serviced Suites, which it developed in a 50% JV with U City PCL.,

is on schedule to be completed and transferred in 2H16.



Figure 8: Residential projects in the pipeline

Source: Company presentation

Boost in Anantara Vacation Club membership

Anatara Vacation Club (AVC) provides its customers with the comfort of secured future

holidays locked in at today’s prices. The members can also take advantage of MINT’s

facilities including restaurants, excursions and spas.

Figure 9: Anantara Vacation club by source markets Figure 10: Total number of vacation club members


2309

3857

5431

69287195

1Q16



Food business steady growth with well-known brands

MINT’s four restaurant hubs are Thailand, Australia, China and Singapore with revenue

contributions of 62%, 14%, 13% and 10%, respectively. As of 31 Mar 2016, MINT

operates 21 brands including The Pizza Company, Swensen’s, Sizzler, Dairy Queen,

Burger King, The Coffee Club, etc., with 1,190 outlets in Thailand and 669 outlets

overseas. The company continues to look for opportunities to expand, especially in these

existing market. The company targets to reach 3,139 restaurant outlets by 2020 and

increase the proportion of food revenue from overseas to 39%, from 36% at present.

Figure 11: Restaurant revenue contribution Figure 12: SSS & TSS growth in food business


MINOR retail

MINOR focuses on strengthening its brand portfolio by selecting strong global brands

such as Gap, ESPRIT, Bossini, Charles & Keith, Banana Republic, etc. The company

also works to expand its customer base by adding new brands and expanding outlets to

help drive revenue growth and profitability. In 2Q16, it has already launched two new

brands, Brooks Brothers from the US and Kojima Premium Denim from Japan.

Figure 13 SSS & TSS Growth in retail business Figure 14 Fashion & Cosmetic sales per Sq.m.


1727

1747

1787

1851185917.9%

11.1%

12.9%

7.8%8.8%

0.60%

-1.60%-0.20% 0.30% 0.90%

1650

1700

1750

1800

1850

1900

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

1Q15 2Q15 3Q15 4Q15 1Q16

No. of Outlets (RHS) Total-System-Sales Growth

Same-Store-Sales Growth

298

287

284

307 307

0.4%

-2.5%

-2.7%

-7.9%

4.2%

-2.20%

-5.70%

-9.70%

-7.80%

-0.10%

270

275

280

285

290

295

300

305

310

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

1Q15 2Q15 3Q15 4Q15 1Q16

No. of Shops (RHS) Total-System-Sales Growth

Same-Store-Sales Growth

Unit: THB



Good prospects from 5-year plan

MINT targets earnings to grow 15-20% CAGR during the next five years and to have a

better balance between revenue contribution from Thailand and overseas from the

current 56% and 44% by 2020. MINT is continuously seeking more acquisitions and

JVs, especially in Africa and Asia where the company sees sizeable potential to drive

growth. It targets to have 210 hotels and 3,100 restaurants by 2020, up from 147 hotels

and 1,859 restaurants in 1Q16. The company has also tried to improve its profitability by

increasing the utilization of hotel properties to leverage fixed costs. The management

targets to see EBITDA margin in hotel business reach 30% within 2020 from 20% at

present while it expects to improve EBITDA margin in food business by 2ppts from 17%

at present.

MINT’s financial status remains strong with net D/E of 1.28x as of Mar 2016 and an A+

rating from TRIS, which means it can get low cost funds to support new projects and

acquisitions.

Figure 15 MINT’s -year strategy 2016-20 Figure 16 Hotel expansion pipeline


Expect earnings to continue to improve YoY throughout the year

MINT should be among the biggest beneficiaries of the continued growth in global

tourism and Thailand’s tourism this year together with improving domestic consumption.

Despite the second quarter being a low season for tourism, public expenditure and

service sector will act as the economic growth drivers while economic growth in 2Q16 is

anticipated to stay at the same level as 1Q16’s 3.2% YoY.



We forecast MINT’s normalized profit to grow a robust 24% in 2016 and 12% YoY in

2017 supported by:

Hotel business: We expect revenue to grow 32% YoY driven by: 1) Owned hotel rooms

is expected to increase ~1,500 rooms or up 28% YoY. In 1Q16, owned rooms increased

to 1,179 rooms after MINT successfully acquired six Tivoli hotels in Portugal and

opened Riverside Bangkok. 2) Average room rate is expected to adjust up ~5% driven

by hotels in Bangkok as the number of tourists continues to increase and partially from

low base effect resulting from the bombing at the Erawan Shrine on 17 Aug 2015.

Moreover, in May 2016, the company announced it increased its equity stakes in Sun

Hotel in Africa and Oak Hotel in Australia and it will consolidate the additional new

hotels from 2Q16 onward.

Food business: MINT plans to increase its number of food & beverage outlets by 8-10%

YoY this year which should help total food sales (TSS) grow 10% while same store

sales (SSS) should grow 2-3% from better consumer sentiment, especially upcountry

where SSS growth declined the last two years. From Jan-April 2016, SSS growth was

~2% driven by Thailand’s SSS growth at ~5%. We forecast sales of the food business

to grow 11% this year.

Real estate business: MINT has ten units of The Residences at Layan in Phuket and

three units of The Estates in Samui in its backlog for sale this year, while Anatara

Chiang Mai Serviced Suites, which is a 50% JV with U City PCL, will start transferring in

2016 and 30 of the 44 units have been presold.

Initiate with a BUY recommendation

We derived a 2016F fair value for MINT based on the discounted cash flow approach.

We initiate coverage with a BUY recommendation and a target price of Bt45.00 under

long-term WACC of 7.60% (calculated from MINT’s 5-year historical daily beta of 1.12)

and terminal growth of 3%. MINT’s current share price offers 16% upside to our target

price.

Figure 17: Peer comparison

Close Price ROE (%) AWS 16 TP % Upside

31-May-16 FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY16E FY17E

CENTEL 39.75 1,676 2,123 2,259 54% 27% 6% 1.24 1.57 1.67 25 24 15% 47.00 18%

ERW 4.60 198 290 343 277% 47% 18% 0.08 0.12 0.14 38 33 6% 5.50 20%

MINT 39.25 4,872 6,039 6,780 11% 24% 12% 1.11 1.37 1.54 29 25 16% 45.00 15%

Source: SET, AWS estimates

Normalized profit (Btmn) Normalized profit growth (%) EPS (Bt) Forward PER



Possible risks and concerns

1) Slower than expected global economic growth especially in Thailand, Australia and

China which are key markets and would decelerate the tourism sector and

consumption and lead to slow sales for MINT.

2) The volatile exchange rate is also risk, but not much of a concern as operating

revenue and expenses are almost natural hedges.

3) Unexpected shocks such as terrorist attack, disease outbreak or political unrest

may hurt MINT’s earnings temporally.

Income Statement

Unit: Btmn 2014 2015 2016E 2017E

Operating Revenue 37,228 42,432 51,279 55,099

COGS 15,321 17,829 21,073 22,118

Gross Profit 21,907 24,603 30,206 32,981

SG&A 18,422 21,473 24,614 25,897

Operating Profit 3,485 3,129 5,592 7,084

Interest Expenses 1,145 1,301 1,600 1,600

Net Profit 4,402 7,040 7,971 6,780

Extra items 111 2,168 1,932 -

Normalized profit 4,390 4,872 6,039 6,780

EPS (Bt) 1.00 1.60 1.81 1.54

Normalized EPS (Bt) 1.00 1.11 1.37 1.54

Gross Margin 58.8% 58.0% 58.9% 59.9%

Operating Margin 9.4% 7.4% 10.9% 12.9%

Normalized Profit Margin 12.1% 16.8% 15.8% 12.5%

Key assumptions

2014 2015 2016E 2017E

Owned 3,112 5,387 6,888 6,888

Joint Venture 1,923 2,185 2,185 2,185

Managed 3,453 3,910 4,817 6,282

Oaks 6,223 6,232 6,310 6,310

Total Room 14,711 17,714 20,200 21,665

RevPAR (%) 3% -1% 8% 8%

Occupancy 66% 68% 70% 72%

Average room rate change 10% -5% 5% 5%

Hotel Revenue 13,182 16,372 21,546 23,270

% chg 24% 32% 8%

Gross margin 45% 46% 47% 48%

Sales of food & beverage 15,285 16,667 18,549 20,033

TSS growth 9% 11% 11% 8%

Gross margin 68% 67% 69% 70%

Sales of real estates 2,750 3,687 4,509 4,509

% chg 34% 22% 0%

Gross margin 72% 67% 67% 67%

Expected units of Layan residences sold out 3 5 5

Expected units of the Anatara Chiang Mai serviced suites sold out 30 14

Source: MINT, AWS estimates

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Please see disclaimer on last page

CG Report

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2015.

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

ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMYHANA HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINTMONO NKI PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMARTSAMTEL SAT SC SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMBTOP VGI WACOAL

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP BMCL BOL BROOKBWG CENTEL CFRESH CHO CIMBT CM CNT COL CPF CPI CSL DCC DELTADEMCO ECF EE ERW GBX GC GFPT GLOBAL GUNKUL HEMRAJ HOTPOT HYDRO ICCICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO MBK MC MEGAMFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP PDI PEPG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS S&JSABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNPSPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSPTCAP TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TKTKS TMI TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUETSC TSTE TSTH TTA TTCL TTW TU TVD TVO TWPC UAC UT UVVNT WAVE WINNER YUASA ZMICOVNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCOAQUA AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHIBKD BTNC CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSCCSP CSS CTW DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTHFPI FSMART FSS FVC GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECHIEC IFEC IFS IHL IRCP ITD JSP JTS JUBILE KASET KBS KCAR KGIKKC KTIS KWC KYE L&E LALIN LHK LIT LIVE LST M MAJOR MAKROMATCH MATI MBKET M-CHAI MFC MILL MJD MK MODERN MOONG MPG MSC MTIMTLS NC NOK NUSA NWR NYT OCEAN PACE PATO PB PCA PCSGH PDGPF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL PYLON QLT RCIRCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP SEAOIL SIRISKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY STPISUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TICTIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR UMI UP UPFUPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO

Source: Thai Institute of Directors (IOD)

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CG Report

ขอมล Anti-Corruption Progress Indicator ของบรษทจดทะเบยน ระดบ 1ACD AEONTS AFC AIRA AJ ALUCON AMC AQUA ARIP AUCT BAT-3K BIG BJCBLISS BMCL BOL BRR BSBM CBG CCET CCN CGD CMR CPH CSC CSPCTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART GIFT GLANDGRAND GUNKUL HFT HTECH IHL ILINK ITD JSP KDH KTIS KTP LEE LSTMAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NNCL NWR OHTLPICO PK PL PPM PRAKIT PRECHA PRIN PSTC PYLON RAM RICH RS SANKOSAUCE SAWAD SAWANG SCN SEAFCO SF SHANG SIRI SMART SMM SOLAR SPACK SPGSPPT SPVI STA STAR SVH SVOA SWC TAPAC TC TCCC TCJ TCOAT THTKS TNH TNPC TPA TPAC TPOLY TRC TRUBB TSE TTA TTI TTL TTTMTWP TWZ U UMS UPA UPOIC UTP UVAN VARO VI VIBHA VIH VTEWG

ระดบ 22S ABICO AF AKP AMARIN AMATA AOT APCO AYUD BEAUTY BFIT BH BKDBLAND BTNC CCP CI CSR CSS EFORL EPCO FE FNS FVC GEL GLOBALHEMRAJ IEC IFS INET JUTHA KASET KCAR KKC KSL L&E LALIN LTX MMALEE MBK MBKET MEGA MK MPG MTLS NCH NCL NPP OCC OCEAN PBPCA PRINC QH ROCK RPC S&J SGP SIAM SIS SKR SMG SMIT SORKONSUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU TRUETSC TSI TTW TVD TVO UKEM UNIQ UWC VNG WIIK WIN XO

ระดบ 3AABC ACAP ADVANC AEC AGE AH AIE AMANAH ANAN AP APCS APURE ASASIA ASIAN ASIMAR BIGC BROOK BTS BWG CEN CENTEL CFRESH CHARAN CHO CHOTICM CNT COL CPALL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EAECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI IFECINOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKROMC MCOT MFC MFEC MINT MJD MONO MOONG NBC NDR NINE NMG NSINTV OGC PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB PSQLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SINGERSITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA SSI STANLY SUPER SVI SYMCSYNEX SYNTEC TASCO TCMC TFI THAI THRE THREL TICON TKT TLUXE TNL TPCORPTMILL TMT TSTE TSTH TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHAZMICO

ระดบ 3BAAV AHC AI AIT AKR ARROW ASK BA BDMS BEC BECL BJCHI BUICGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&DFANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCTKCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPKNUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTLQ-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIMSLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSPTCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCHTPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPOWAVE WINNER YUASA

ระดบ 4ASP BAFS BANPU BAY BBL BKI BLA CIMBT CNS CSL DCC DRT DTCEASTW ECL EGCO ERW FSS GCAP HANA HTC INTUCH IRPC IVL KBANK KCEKGI KKP KTB LANNA LHBANK MTI NKI PSL PTG PTTEP SABINA SCB SNCSNP SSF SSSC TCAP THCOM TISCO TIMB TMD TNITY TOG

ระดบ 5BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

ไมเปดเผยหรอไมมนโยบายA ACC AJD AQ BCH BGT BROCK BSM BTC CHUO CPR CRANE EICFER JMART JMT KAMART KBS KIAT LDC MBAX MCS METCO NEW NEWS NYTPAE PDG PERM PMTA POST RCL RICHY ROH S SIMAT TCB TR TSFTVT WORKหมายเหตระดบ 1 : มนโยบายระดบ 2 : ประกาศเจตนารมณระดบ 3 : มมาตรการปองกน ซงทง 2 กรณ ถอเปนผลการประเมนในระดบเดยวกน

3A : บรษทมการประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค3B : บรษทมค ามน และนโยบายของบรษท แตมไดประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค

ระดบ 4 : ไดรบการรบรองระดบ 5 : ขยายผลสผท เกยวของ

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Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,

Pathumwan Bangkok 10330

02-680-5000 02-680-5111

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Silom, Bangrak, Bangkok, 10500 Thailand

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Klong Toey Nua, Wattana, Bangkok 10110

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7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr., Room

No.1605-1606 Baromrajachonnanee Road, Arunamarin,

Bangkoknoi, Bangkok 10700

02-884-7333 02-884-7357,

02-884-7367

Chaengwattana

99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2204 Chaengwattana Road, Bang Talad, Pakkred, Nonthaburi

11120

02-119-2300 02-8353014

Chaengwattana 2

9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2203 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2388 02-119-2399

Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad Road,

Bangkaew Bangplee, Samutprakarn 10540

02-106-7345 02-105-2070

Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang District,

Rayong Province 21000

038-808200 038-807200

Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen

40000

043-334-700 043-334-799

Chonburi 44 Vachiraprakarn Road, Bangplasoi, Muang Chonburi, Chonburi

20000

038-274-533 038-275-168

Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-District,

Meung District, Chachoengsao 24000

038-981-587 038-981-591

Documents

Financial Highlights Initiate Coverage: MINT (Year to Dec ... · (SSS) should grow 2-3% from better consumer sentiment, especially upcountry where SSS declined the last two years