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Kim Eng Securities (Thailand)
Public Company Limited
Opportunity Day
24th February, 2010
The Stock Exchange of Thailand
2
KEST’s History1990 Nithipat Capital Co., Ltd established in October 1990
1996 Becomes Nithipat Capital and Securities Co., Ltd (NICS)
1998 Kim Eng Holdings Ltd. gains total control of NICS
2001 Kim Eng merges with Yuanta; acquires 77.73% of Yuanta (Thailand) Co., Ltd
2002 Kim Eng secures number 1 position in terms of brokerage market share
2003 - Launched online trading service, KETRADE
- Kim Eng listed on the SET – 3rd December 2003
2004 KEST is in MSCI Index and SET50 Index
2005 Received Derivatives Agent and Stock Borrowing and Lending licenses from the Ministry of Finance on 17 August and 26
December respectively
2006 Launched derivatives business on Thailand Futures Exchange (TFEX), with SET50 Index Futures
“Most Popular House 2006” at TFEX Best Awards 2006
2007-2008 Awarded Best Research House – Retail for 2 consecutive years
2009 Kim Eng maintained its premier position in term of top ranking brokerage market share for 8 consecutive years since 2002-
2009; and also number one of market share in derivatives from Jan - Dec 2009.
3
Organization Structure
Marketing Trainee
Internal Audit & Compliance
Management Committee (MANCOM)
Chief Executive Officer(CEO)
General Risk Management
Research
Derivatives
Investment Banking
Corporate Com. & Training
Business Development
Board of Directors
Audit CommitteeRisk Management
Committee
E-Commerce
Retail Sales & Dealing
Retail 1
Retail 2
Foreign Institutional
Local Institutional
Institutional Sales
Human Resources
Treasury/Cashiers
Settlement/Custodian
Accounting
General Services
Corporate Legal
Chief Operating Officer(COO)
Underwriting Committee
Investment Committee (IC)
OperationClient Service
Information and Technology
Chief Fin. Officer
Client Credit &
Risk Control
CG Committee
Chief Executive Officer(CEO – Retail Business
Development)
4
Board of Directors
Honorary Chairperson ; Mrs. Gloria Lee Kim Yew
The Board of Directors ;
1 Mr. Yuth Vorachattarn Chairman to the BOD & Audit Committee Member
2. Dr. Paiboon Sareewiwatthana Director & Chairman to the Audit Committee
3. Dr. Preecha Jarungidanan Director & Audit Committee Member
4. Mr. Ronald Anthony Ooi Thean Yat Director
5. Mr. Montree Sornpaisarn Director
6. Mr. Judd Clark Kinne Director
7. Mr. Hwang Wei Cherng Director
8. Mr. Tan Pei-San Director
9. Mr. Pusit Kaewmongkolsri Director
KEST’s Management Committee comprises 6 members, as below
1. Mr. Montree Sornpaisarn Management Committee Chairman
2. Mr. Pusit Kaewmongkolsri Management Committee Member
3. Mr. Supachai Ekkul Management Committee Member
4. Ms. Boonporn Boriboonsongsilp Management Committee Member
5. Mr. Ong Cheow Kheng Management Committee Member
6. Mr. Kosit Boonruangkaw Management Committee Member
5
Bangkok
14 Branch
Korat 1
Branch
Mahachai
1 Branch
Had Yai
2 Branch
Phuket
1 Branch
Chiang Mai
2 Branch
Chantburi
1 Branch
Surin
1 Branch
Ubonratchathani
1 Branch
Lampang
1 Branch
Surat Thani
1 Branch
Cholburi
1 Branch
Rayong
1 Branch
Samut
Songkhram
1 Branch
Aranyaprathet
1 Branch
Korat 2
Branch
Background of KEST
KEST commits itself to provide
brokerage services in Thailand.
KEST has total 42 branches
including head office; 24 branches in
Bangkok, 17 branches in the
provinces. KEST enjoys an unique
position having “Local Leadership”
with a global reach.
Had
Yala
1 Branch
As of August 2008
Phahurat
Ladprao
Ngarmvongvarn
SeaconYada
EmporiumThapra
Asoke
Srinakarin
Future ParkRungsit
Bangkhae
Yaowarat
Pinklao
Thaniya
Head
Office
Satornnakorn
Town in Town
Fashion Iceland
ThailandThailand MalaysiaMalaysia SingaporeSingapore IndonesiaIndonesia PhilippinesPhilippines Hong KongHong Kong
LondonLondonNew YorkNew York
ThailandThailand MalaysiaMalaysia SingaporeSingapore IndonesiaIndonesia PhilippinesPhilippines Hong KongHong Kong
LondonLondonNew YorkNew York
Vietnam
Thailand
ThailandIndia
6
0%
20%
40%
60%
80%
100%
2006 2006 2007 2007 2008 2008 2009 2009
0
2
4
6
8
10
12
14
Local Investors Foreign Investors
Local Institutes MKT. SHARE
KEST’s Highlights
Market Share 2009 (%)
Portion of each Customer Type of market and KEST’s market share
Local Investors
Local Institutes
Baht 4,528.86 million shareholder’s equity with NCR of
180.26% as of 31 December, 2009.
918 total staffs, which include
- 567 marketing officers; largest among brokers
- 28 research analysts, covering economic,
fundamental and technical analysis.
- 18 investment banking staff covering debt & equity
capital markets and offering financial advisory
services.
- 3 derivatives staff managing derivatives products.
42 branches including head office
Awarded Best Research House 2008 : Retail and Best
Analyst in Energy & Petrochemicals (Retail)
Awarded Best Shareholder Treatment Awards 2008
Jan-Dec 2009 Equity Futures
Market share 10.68% 10.75%
Ranking 1 1
2.01
2.15
2.19
2.27
2.39
2.5
2.54
2.6
2.84
2.99
3.29
3.36
3.88
4.08
4.38
4.45
4.83
5.11
5.47
5.71
10.68
DBSV
FSS
MACQ
GLOBL
KS
SCBS
TSC
CNS
UBS
BFITSE
AYS
CS
KGI
BLS
TNS
PHATR
CGS
PST
KTZ
ASP
KIMENG
KEST’s market share (%)Portion of each Customer Type
Foreign Investors
7
Breakdown Of KEST Customers
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%ม
.ค.
07
ก.พ
. 07
ม.ีค
. 07
เม.ย
. 07
พ.ค
. 07
ม.ิย
. 07
ก.ค
. 07
ส.ค
. 07
ก.ย
. 07
ต.ค
. 07
พ.ย
. 07
ธ.ค
. 07
ม.ค
. 08
ก.พ
. 08
ม.ีค
. 08
เม.ย
. 08
พ.ค
. 08
ม.ิย
. 08
ก.ค
. 08
ส.ค
. 08
ก.ย
. 08
ต.ค
. 08
พ.ย
. 08
ธ.ค
. 08
ม.ค
. 09
ก.พ
. 09
ม.ีค
. 09
เม.ย
. 09
พ.ค
. 09
ม.ิย
. 09
ก.ค
. 09
ส.ค
. 09
ก.ย
. 09
ต.ค
. 09
พ.ย
. 09
ธ.ค
. 09
Retial Foreign Local
Customer Breakdown
Retail, foreign and local institutional customers respectively accounted for 90%, 6%
and 4% of KEST’s brokerage business during January – December 2009.
8
Market Share By Customer Type
Market share of each KEST's customer type to market sector
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
ม.ค./
07
ก.พ./
07
ม.ีค./
07
เม.ย./
07
พ.ค./
07
ม.ิย./
07
ก.ค./
07
ส.ค./
07
ก.ย./
07
ต.ค./
07
พ.ย./
07
ธ.ค./
07
ม.ค./
08
ก.พ./
08
ม.ีค./
08
เม.ย./
08
พ.ค./
08
ม.ิย./
08
ก.ค./
08
ส.ค./
08
ก.ย./
08
ต.ค./
08
พ.ย./
08
ธ.ค./
08
ม.ค./
09
ก.พ./
09
ม.ีค./
09
เม.ย./
09
พ.ค./
09
ม.ิย./
09
ก.ค./
09
ส.ค./
09
ก.ย./
09
ต.ค./
09
พ.ย./
09
ธ.ค./
09
IS LI Retail
Market Share of KEST by Customer Type
Date Retail Foreign Institution
Jan-07 11.38% 3.22% 2.34%
Feb-07 11.75% 4.26% 3.03%
Mar-07 10.96% 2.18% 2.14%
Apr-07 11.23% 4.84% 2.93%
May-07 11.36% 2.39% 3.12%
Jun-07 12.23% 2.93% 1.82%
Jul-07 12.00% 3.87% 1.78%
Aug-07 12.55% 4.83% 2.29%
Sep-07 11.98% 2.59% 1.71%
Oct-07 12.58% 4.30% 1.84%
Nov-07 13.58% 4.16% 1.91%
Dec-07 12.92% 4.35% 2.00%
Jan-08 12.86% 3.64% 2.42%
Feb–08 12.89% 3.95% 2.95%
Mar-08 12.50% 2.06% 1.97%
Apr-08 13.26% 3.54% 2.02%
May-08 13.70% 3.26% 1.85%
Jun-08 12.35% 3.21% 2.76%
Jul-08 11.76% 2.41% 1.71%
Aug-08 12.07% 3.03% 1.87%
Sep-08 12.00% 3.18% 1.83%
Oct-08 12.69% 2.65% 1.32%
Nov-08 12.60% 2.24% 1.28%
Dec-08 14.52% 3.15% 1.92%
Jan-09 15.46% 1.41% 2.01%
Feb-09 14.22% 4.72% 2.57%
Mar-09 14.64% 4.67% 2.99%
Apr-09 14.87% 1.93% 2.85%
May-09 16.29% 2.72% 1.69%
Jun-09 15.29% 3.54% 1.28%
Jul-09 15.88% 3.96% 1.59%
Aug-09 15.50% 4.15% 1.90%
Sep-09Oct-09Nov-09Dec-09
15.56%14.95%15.40%15.86%
2.97%
4.14%
4.47%
2.18๔
1.60%
4.39%
5.00%
3.30%
KEST’s market share among domestic retail market in 2009 improved to
be 14-16% level.
KEST’s foreign investor market share in 2009 dropped to 2-4% on stiff
competition from brokers with new, exclusive partnerships with foreign
firms and wholly owned subsidiaries of Thai financial institutions.
All market share numbers were distorted by proprietary trading portion
which was 7.34%, 9.84% in 2007 – 2008 and 12.46% in the first 10 month
of 2009.
Since November, the SET has published proprietary trading on monthly
basis. Therefore, our market share among LI became 4 - 5%.
9
Derivatives Brokerage Business
In Jan – Dec 2009, KEST’s Brokerage fee from Derivatives Business was 206 million baht compared to
177 million baht in Jan - Dec 2008, representing the revenue growth of 16%. KEST’s average daily volume
increased from 2,248 contracts in Jan - Dec 2008 to 2,720 contracts in Jan – Dec 2009, representing an
increase by 21%. In Jan - Dec 2009, the overall derivatives trading value represented 30% of the cash
market. In Jan – Dec 2009, KEST ranked No.1 in term of market shares that accounted for 10.75% of the
total volume in the derivatives market.
KEST's Derivatives Volumes and Market Share(%)
(Year 2008)
41,672
35,488
14,444
28,85831,384
44,919
59,475
83,085
49,263
89,532
51,818
25,413
15.10%
12.88%
11.31%11.91%
9.60%
11.39%
12.87%
11.16%
14.42%14.12%
12.32%
14.33%
0
20,000
40,000
60,000
80,000
100,000
120,000
Jan-08
Feb-08
Mar-08Apr-0
8
May-08Jun-08
Jul-08
Aug-08
Sep-08Oct-0
8Nov-0
8
Dec-08
Vo
lum
e(C
on
tracts
)
0%
2%
4%
6%
8%
10%
12%
14%
16%
Mark
et
Sh
are
(%)
Volume
M kt Share
KEST's Derivatives Volumes and Market Share(%)
(Year 2009)
54,387
39,25036,06733,944
55,72761,621
65,957
76,729
64,02167,835
59,042
46,390
10.96%10.37%
14.09% 14.40%
9.81%
11.66%
10.35%
9.06%
10.67%
11.14%
10.19% 10.09%
0
20,000
40,000
60,000
80,000
100,000
120,000
Jan-09
Feb-09
Mar-09Apr-0
9
May-09Jun-09
Jul-09
Aug-09
Sep-09Oct-0
9Nov-0
9
Dec-09
Vo
lum
e(C
on
tracts
)
0%
2%
4%
6%
8%
10%
12%
14%
16%
Mark
et
Sh
are
(%)
Volume
M kt Share
10
Customer Accounts with Dormant A/C
12-A
Number of Accounts Dec 08 Dec 09 %
Change
Jan 10 %
Change
Total Equity Account 57,093 73,246 28.29% 74,009 1.04%
Internet Accuont 12,474 21,280 70.59% 21,806 2.47%
Credit Balance Account 694 969 39.63% 988 1.96%
Cash Account 43,925 50,997 16.10% 51,215 0.43%
Futures Account 2,057 3,604 7775.21% 3,695 2.52%
Number of
Active Account
Dec 07 Dec 08 %
Change
Jan 10 %
Change
Total Equity Account 25,869 33,528 29.61% 33,982 1.35%
Internet Account 6,151 10,972 78.38% 11,323 3.20%
Credit Balance Account 315 492 56.19% 509 3.46%
Cash Account 19,403 22,064 13.71% 22,150 0.39%
Futures Account 992 1,529 54.13% 1,574 2.94%
At the end of January
2010, KEST had 74,009
equity accounts and 3,695
futures accounts.
29.46 % were internet
accounts,1.33% margin
accounts and the rest were
cash accounts with credit
lines.
49.92% of equity accounts
and 42.60% of futures
accounts were active
accounts.
Outstanding loans on
margin accounts at the end
of January 2010 totally Baht
1,800 million.
Short sell value at the end
of January 2010 totaled Baht
76 million.
There were no defaults on
KEST margin accounts.
11
Samples of Our Innovations
KEST always develop our information and communication technology to support an efficient tool for our
investors, both professional fund managers and retail investors.
1st Thai broker with live research analysis via internet (kelive TV) both fundamental and technical analysis.
Real time stock information and trading via PDA.
12-A
12
KEST’s Track Record from 2003 to 2008
BLCP Power
2003
FA for
Connected transaction
Global Thai Finance
2003
IFA on divesture of GTF in GTS
CH.Karnchang
2004
FA on issue Right Warrants and ESOP Warrants
Siam General Factoring
2004
IFA on Connected Transaction for Acquiring
Global Thai Finance’s shares
Siam Cement
2004
Tender Agent
for Acquisition of
TPC shares NPC Shares
Thai Military Bank
2004
IFA on Connected Transaction for Acquiring
DTDB & IFCT
LPN Development
2004
FA for share valuation on one of its subsidiary
Matching Studio
2004
IFA for Tender Offer waiver (whitewash)
CS Loxinfo
2005
FA for Valuation of Teleinfo Media
Bangchak Pertroleum
2005
IFA for Connected Transaction and Whitewash
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
Industrial Estate Authority of Thailand
2005
Co-FA for Study on Potential Privatization
Millennium Steel
2006
IFA on Tender Offer byTata Steel and NatSteel
Bank of Ayudhya
2006
IFA on Whitewash, PP at low price to GE and asset
acquisition from GE
IAG Group
2006
Tender Offer Preparer& Tender Agent
for Acquisition of
Safety Insurance Shares
Thai Military Bank
2008
IFA on Connected Transaction and T/O Waiver for ING Bank
M&A and Financial Advisory
Ocean Life Insurance
2008
Financial Advisor on Joint Venture with Dai-ichi
Life Insurance
Thai–German Ceramic Industry
2008
IFA on Tender Offer by Ceramic Cementhai
Golden Land Property Development
2008
FA on Issuance of ESOP Warrant
PTT
2008
FA on Acquisition Strategy of a listed
company
Charernkit Enterprise
2009
FA on Acquisition & Backdoor listing of MEDIAS
Tender Offer Preparer
& Tender Agent
Kasikorn Thai Bank
2009
IFA on Acquiring
Muang Thai Insurance
TSFC Securities
2009
FA on Debt & Capital Restructuring
Loan Arranger
Siam Cement Group
2009
FA on Share Valuation
of their investment in aNon-listed Company
Thai Credit Bank
2009
FA on Acquiring of
a Leasing Company
Bangchak Petroleum
2009
FA on Enhancing Liquidity& Firm Value
Bangchak Petroleum
2009
FA on EJIP Program
13
KEST’s Track Record from 2005-2009
Equity Capital Market
Italian Thai Development
2005Co-Lead Manager
Issue Size: 4,600 MB
Bangsaphan Barmill
2005Lead Underwriter
Issue Size: 860.7 MB
Salee Industry
2005Lead Underwriter
Issue Size: 99.7 MB
Shin Satellite
2005Co-Lead Manager
Issue Size: 3,182 MB
Phatra Securities
2005Lead Underwriter
Issue Size: 1,752 MB
M.C.S. Steel
2005Lead Underwriter
Issue Size: 336 MB
Indorama Polymers
2005Co-Lead UnderwriterIssue Size: 1,200 MB
UOB KayHian
2005Lead Underwriter
Issue Size: 465 MB
Thai Ha
2005Lead UnderwriterIssue Size: 66 MB
TRC Construction
2005Lead Underwriter
Issue Size: 58.65 MB
Interhides
2005Lead Underwriter
Issue Size: 273.75 MB
Bangkok Metro
2006Lead Underwriter
Issue Size: 3,661.24 mil.
Sena Development
2009Lead Underwriter
Issue Size: 396 mil.
Siam Global House
2009Lead Underwriter
Issue Size: 663 mil.
14
SIS Distribution (Thailand) Plc.
2004
Lead Underwriter
Issue Size: 178.45 MB
C.M. Organizer
2004
Lead Underwriter
Issue Size: 125.92 MB
Dhanamitr Factoring
2004
Lead Underwriter
Issue Size: 57.2 MB
DCON Products
2004
Lead Underwriter
Issue Size: 370 MB
Hwa Fong Rubber (Thailand)
2003
Lead Underwriter
Issue Size: 412 MB
Eastern Commercial Leasing Plc.
2004
Lead Underwriter
Issue Size: 125.75 MB
Airport (Thailand) Plc.
2004
Senior Co-Manager
KEST’s Track Record from 2003 to 2004
Equity Capital Market
Chonburi Concrete Product
2003
Lead Underwriter
Issue Size: 550 MB
Bangpakong Terminal
2003
Lead Manager
Issue Size: 392 MB
Thai Mitsuwa
2003
Lead Manager
Issue Size: 103.7 MB
Tycoons Worldwide Group(Thailand)
2003
Lead Underwriter
Issue Size: 2,435 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
Univenture
2003
Lead Manager
Issue Size: 412.5 MB
Vanachai Group
2003
Lead Manager
Issue Size: 640 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
Tapaco
2004
Lead Underwriter
Issue Size: 56.5 MB
Siam City Bank
2003
Lead Underwriter
Issue Size: 8,400 MB
Our Commitment You Can Trust !!!
15
KEST’s Track Record from 2003 to 2008
Premier Resort Krabi
2003
Lead Manager
Secured Amort. Debenture
Issue Size: 850 MB
Cental Pattana
2003
Lead Manager
Property Fund
Issue Size: 2,200 MB
Preuksa Real Estate
2003
Lead Manager
Unsecured Amort. Debenture
Issue Size: 500 MB
Sahaviriya Steel
2003
Lead Manager
Secured Amort. Debenture
Issue Size: 4,000 MB
Loxley
2003
Lead Manager
Unsecured Amort. Debenture
Issue Size: 2,000 MB
Vanachai Group
2003
Lead Manager
Secured Amort. Debenture
Issue Size: 1,650 MB
Cental Pattana
2003
Lead Manager
Property Fund
Issue Size: 3,150 MB
Debt Capital Market
Ratchthani Leasing
2003
Lead Manager
Secured Amort. Debenture
Issue Size: 1,000 MB
Central Hotels & Resort
2003
Lead Manager
Property Fund Issue Size: 800 MB
16
IB’s Mandated & Potential Deals
Product Type Deals
1. M&A 5 -10
2. Property Fund (REIT) 2 - 3
3. Initial Public Offering (IPO)/Added on
Public Offering
5 -10
4. Equity/Private Placement 1 - 2
5. Fixed Income 2 - 3
6. Financial Advisory (FA) - Others 2 - 4
Deals by Products in pipeline
17
SET Awards 2008
Best Shareholder Treatment Awards 2008 :
KEST has been awarded to be “Best Shareholder Treatment Awards 2008” for the listed
company which has applied Good Corporate Governance Principles to protect shareholders
rights and encourage shareholders to utilize their legal rights.
Best Securities Company Award 2008 :
KEST has been awarded as 1 of the 6 finalist for the Best Securities Company Award 2008.
Best Securities Company Award 2008 Best Shareholder Treatment Awards 2008
18
SAA – Securities Analyst Award 2007 - 2008It is an honor again that Kim Eng Securities (Thailand) Plc. has won “the Best Research House for Retail Investors” from Securities
Analyst Awards for two consecutive years, 2007 – 2008, organized by the Securities Analysts Association of Thailand. Moreover, in
2007, our analysts also won best medium and small caps analyst for institutional investors and retail investors. In 2008, we also won
Best Research Analyst in Energy Sector for retail investors. We see this as a recognition of our research staff hard work and
dedication to provide the best quality research service to our clients and also see it as encouragement to deliver the best quality to our
clients.
Best Analyst –
Medium & Small
Capitalization (Institution)
2007
Best Analyst –
Medium & Small
Capitalization (Retail)
2007
Best Research House
(Retail) 2007Best Research House
(Retail) 2008
Best Analyst –
Energy Sector
(Retail) 2008
19
In the "SET AWARDS 2006” ceremony, Kim Eng Securities (Thailand) Plc. has been short-listed top 3 firms
for 3 awards:, Best Brokerage Services – Retail, Best Research House – Retail, and Best Performance –
Financials
This follows the company’s success at the “SET AWARDS 2004” event where KEST was short-listed top 3
firms for 4 awards: FA for Best Newly-Listed Company, Best Newly-Listed Company, Best Brokerage House
Service – Retail and Best Research House – Retail.
Best Performance - Financials
Best Brokerage Services – Retail Best Research House - Retail
SET AWARDS 2006
20
We have been selected by the Money and Banking
Magazine as “Broker of the Year for 2005 & 2006” as
we have maintained our No. 1 Broker position in
market share for 4 consecutive years from 2002
through 2005. In 2005, we attained our No. 1 ranking
with a 10.20% market share, while holding a 9.31%
market share in the 1st quarter of 2006.
This is coupled with our number 1 status for Thailand
Equity Offerings ranked by Bloomberg for the 1st half
of 2005. We wish to thank all our valued clients who
place their trust in us. We believe that our success is
built by the strong team work of our staff in Marketing,
Investment Banking, Research Dept., back office
functions and in IT. As a result, we have created a
number of innovative services; On-line Trading,
KETrade (On-line Trading via Internet.), KELive
(Research and archives) and KELive TV (Live TV
reports).
“Broker of the Year 2005 & 2006”
selected by the Money and Banking Magazine
21
Financial Highlights
22
Revenue Structure
Jan. - Dec. Jan. - Dec. Jan. - Dec. Jan. - Dec.
Bt. Million % Bt. Million % Bt. Million % Bt. Million %
1. Brokerage fee from Securities Business2,116.36 82.44% 1,511.00 76.91% 1,618.63 82.12% 1,645.15 83.49%
2. Brokerage fee from Derivatives Business 206.72 8.05% 177.95 9.06% 89.54 4.54% 15.60 0.79%
3. Fee and Services income 63.66 2.48% 36.07 1.84% 24.64 1.25% 62.06 3.15%
4. Gain(loss) on trading in securities 10.80 0.42% -6.62 -0.34% 6.91 0.35% 2.92 0.15%
5. Gain(loss) on trading in derivatives -0.17 -0.01% (0.57) -0.03% -0.16 -0.01% (0.23) -0.01%
6. Interest & dividend income 77.87 3.03% 148.56 7.56% 138.57 7.03% 170.65 8.66%
7. Interest on margin loan 75.29 2.93% 75.86 3.86% 62.38 3.16% 47.32 2.40%
8. Other income 16.64 0.65% 22.43 1.14% 30.64 1.55% 26.95 1.37%
Total 2,567.17 100.00% 1,964.68 100.00% 1,971.15 100.00% 1,970.41 100.00%
Average Daily Turnover (Bt Million) 3,799.00 2,638 2,826 2,810
% Local Retail 88.43% 82.05% 78.70% 73.09%
%Local Institutional 3.01% 4.54% 4.33% 4.17%
% Foreign Institutional 8.56% 13.41% 16.97% 22.74%
Market Share 10.68% 8.18% 8.10% 8.57%
Income
20062008 20072009
23
Financial Statement
2009 2008 2007 2006 2005 2004
Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec
Total Asset 7,125,777 5,342,035 6,796,294 5,514,546 6,329,122 6,628,170
Total Liabilities 2,596,921 1,129,534 2,623,608 1,501,052 2,281,537 2,559,813
Total Shareholders'
Equity
4,528,856 4,212,501 4,172,686 4,013,494 4,047,585 4,068,357
Total Securities and
Derivatives Business
Receivables and
accrued interest
receivables
3,920,920 1,850,707 3,425,257 1,786,235 2,445,432 4,382,433
Total Income 2,567,166 1,964,686 1,971,159 1,970,406 2,355,550 3,210,025
Net Income (Loss) 716,738 533,234 551,359 532,799 714,978 1,042,662
Net Income (Loss) per
share
1.26 0.94 1.00 0.98 1.31 1.91
The Weighted Average
Number of Ordinary
Share (Thousand
Share)
568,400 561,504 552,654 545,986 545,000 545,000
Remark: At the extra ordinary shareholders’ meeting No.2/2002 held on September 5,2002, the shareholders approved to change the par value of
the ordinary shares from Baht 10.00 per share to Baht 5.00 per share. So the par value for comparison every year is Baht 5.00
Unit : Thousand Baht
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Financial Ratios
No. of Shares 570,145,000 565,387,100 556,361,700 548,087,100.00
2009 2008 2007 2006
Common size Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec.
Total Income 100.00% 100.00% 100.00% 100.00%
Brokerage fees 90.49% 85.97% 86.67% 84.28%
Fees and services income 2.48% 1.84% 1.25% 3.15%
Gain(loss) on trading in securities 0.41% -0.37% 0.34% 0.14%
Interest and Dividend Income 5.97% 11.42% 10.19% 11.06%
Other income 0.65% 1.14% 1.55% 1.37%
Total Cost 100.00% 100.00% 100.00% 100.00%
Variable Cost 58.34% 49.02% 49.40% 47.03%
Fixed Cost 41.66% 50.98% 50.60% 52.97%
Total Assets 100.00% 100.00% 100.00% 100.00%
Cash 29.53% 51.73% 31.05% 46.37%
Investment 5.61% 6.70% 6.18% 7.66%
Account Receivable 57.23% 32.31% 55.41% 36.43%
Other Assets 7.63% 9.26% 7.36% 9.54%
Total Liabilities 100.00% 100.00% 100.00% 100.00%
Account Payable 76.78% 72.62% 82.96% 76.04%
Accrued Expense 20.35% 21.71% 14.48% 20.44%
Other Liabilities 2.87% 5.67% 2.56% 3.52%
2009 2008 2007 2006
Ratio Analysis Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec.
ROA * 11.50% 8.79% 8.96% 9.00%
ROA (Annualized) 11.50% 8.79% 8.96% 9.00%
ROE * 16.40% 12.72% 13.47% 13.22%
ROE (Annualized) 16.40% 12.72% 13.47% 13.22%
Gross Margin 80.61% 81.26% 82.09% 83.34%
Net Margin 27.92% 27.14% 27.97% 27.04%
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Assets
Balance Sheets
Liabilities & Equities
(Million Baht)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Dec.05 Dec.06 Dec.07 Dec.08 Dec.09
TatalOthersSecurities Business Receivable - NetInvestment in Securities - NetCash and Deposit with Finacial Institution
(Million Baht)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Dec.05 Dec.06 Dec.07 Dec.08 Dec.09
Liabilities
Shareholders' Equity
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2,356
1,970 1,971 1,965
2,567
1,4151,254 1,233 1,248
1,566
715533 551 533
717
0
500
1,000
1,500
2,000
2,500
3,000
2005 (Jan-Dec) 2006 (Jan-Dec) 2007 (Jan-Dec) 2008 (Jan-Dec) 2009 (Jan-Dec)
Total Revenues Total Expenses (excl. corporate tax) Net Profit (Loss)
Profit & Loss
Bt.Million
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Credit Outlook & NCR
Dec.09 Dec.08 Dec.07 Dec 06 Dec 05
Detail of Doubtful Account
Receivable- - - - -
Account receivable(Old Margin
Loan) – NPL before 1999 266,432,862.33 270,258,306.97 272,142,073.71 274,829,086.25 278,340,071.87
Account receivable(Old Margin
Loan) – 1999 to dated - - - - -
Account receivable - overdue cash
a/c before 19992,171,421.24 2,171,421.24 2,171,421.24 3,235,559.60 3,354,939.60
Account receivable - overdue cash
a/c after 1999 6,091,880.64 6,215,338.10 6,091,880.64 13,272,775.58 7,112,090.01
Accrued interest receivables -
margin loans 17,349,993.90 18,070,087.25 18,190,087.25 18,819,941.44 18,826,495.15
Allowance for doubtful accounts (292,043,784.36) (296,674,772) (298,492,438.04) (309,672,948.94) (307,633,596.63)
Dec.09 Dec.08 Dec.07 Dec 06 Dec 05
NCR 180.26 376.41 154.41 247.35 169.84
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Allowance for doubtful accounts and Bad Debt
Allowance for doubtful accounts Dec.09 Dec.08 Dec.07 Dec 06 Dec 05
Beginning balance of period 296,674,772 298,492,438 309,672,949 307,633,597 343,282,909
Add Doubtful accounts 38,495 186,101 173,481 6,444,717 5,226,327
Less Bad debt written-off - - (4,603,120) - (9,028,051)
Less Reversal of doubtful accounts (4,669,483) (2,003,767) (6,750,872) (4,405,365) (31,847,588)
Ending balance of period 292,043,784 296,674,772 298,492,438 309,672,949 307,633,597
Bad Debt and Doubtful Accounts Dec.09 Dec.08 Dec.07 Dec 06 Dec 05
Provision for new Doubtful Debt 38,495 186,101 173,481 6,444,717 5,226,327
General provision - - - (30,000,000)
Received payment from Doubtful Debt (4,669,483) (2,003,767) (6,750,872) (4,405,365) (1,847,588)
Written off Bad Debt - 4,076,566 - 9,085,742
Provision for such Bad Debt - (4,603,120) - (9,028,051)
Total (4,630,988) (1,817,666) (7,103,945) 2,039,352 (26,563,570)
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Existing
Clients
Business Strategy
BR
O
K
E
R
A
G
E
Investment
Banking
Research
New
Clients
Respectable research
Continuous IB
products
Dedicating marketing
with service minds
Stable & efficient IT
system & network
Professional
operation & service
Convenient location
country-wide
Prudent risk
management
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KEST’s Vision
Be the leading broker in Thailand with high
standard of research analysis, technology and
services;
Be a creative and powerful investment bank
providing wide-range financial services for
capital/financial market;
As the slogan “Clients’ benefits are our Goal”.
31
HEAD OFFICE :
The Offices at Central World, 20th-21st Fl.,and 24th Fl.
999/9 Rama I Road, Pathumwan
Bangkok 10330, Thailand
Telephone : 0-2658-6300
Fax : 0-2658-6301
Customer Service Hotline:
Tel : 66(2)658-6300
Fax : 66(2) 658-6301
Email: [email protected]
www.kimeng.co.th
KIM ENG SECURITIES (THAILAND) PLC.
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