1 Please see disclaimer on last page

Major Indices Close Chg %Chg

SET 1,687.77 -2.2 -0.1

SET50 1,077.26 -3.8 -0.4

SET P/E (x) 18.1

SET P/BV (x) 2.0

SET Div. Yield (%) 2.9

Market Cap (Btmn) 16,619,120

Trading Value (Btmn) 60,510

US

Dow Jones 22,661.64 +20.0 +0.1

S&P 500 2,537.74 +3.2 +0.1

NASDAQ 6,531.71 +15.0 +0.2

EU

UK 7,467.58 -0.5 -0.0

Germany 12,970.52 +67.9 +0.5

France 5,363.23 -4.2 -0.1

ASIA

Japan 20,626.66 +12.6 +0.1

China 3,348.94 +8.8 +0.3

Indonesia 5,951.48 +12.0 +0.2

Philippines 8,344.05 +31.1 +0.4

Commodity Futures

US Crude ($/barrel) 50.42 49.98 -0.4

Brent Crude($/barrel) 56.00 55.80 -0.2

Gold($/ounce) 1271.60 1274.31 +2.7

FX Rates Close Chg %Chg

USD/THB 33.33 -0.0 -0.1

Most Active Value

PTT, AOT, BGRIM, IVL, EA

Trading Summary (Btmn) Buy Sell Net Institution 4,803 5,976 -1,173

Proprietary 6,012 6,147 -135

Foreign 14,835 14,368 467

Source: Bisnews, Bloomberg

Today’s strategy.

Expect SET to test 1,700, driven by the energy sector and laggard stocks in the property sector. We estimate the bourse to trade in the range of 1,673-1,696 today, after hitting a high of 1,698 yesterday and closing at 1,687.77. We expect the market to eye companies that are expected to have outstanding performances in 2H17. This includes the property sector, as there will be more transfer volume in 2H17, such as ANAN and SIRI, which are our top picks. Meanwhile, SPALI and LPN are considered laggards while their sales and earnings are likely to recovery in the latter half of the year as well. We also like the energy sector, such as PTT and PTTGC.

Investment Issue:

Global money market is tight, World Bank says. The World Bank

adjusted its growth forecast for the Thai economy to 3.5%. Thanks

to strong recoveries in travel and export. Government investment is

also supporting the GDP of Thailand this year and next. The World

Bank warned that four countries, Thailand, Malaysia, Indonesia,

Philippines, are facing exchange rate risk as the global money

market is tight. Previously, foreign money flowed high to find a return

on interest spread. There is a risk of fiscal deficits because these

countries make a deficit in the next two years. (Bangkokbiznews)

Comment: Thailand’s financial position remains strong, especially

the banking sector with high reserves. We believe the government

and private sector can handle it if foreign capital flows out. However,

the volatility of the Thai baht may affect the export sector. Factors in Attention:

US Nonfarm Payrolls

Stock Comment TASCO Our Pick of the Day. Though 3Q17 earnings are

expected to be weak, 4Q17 and 2018 are expected to improve on both domestic sales and sales volumes.

PTT It is known as the main fund flow. It is also a major proxy for the refinery business. Petrochemicals are expected to improve significantly in 4Q17. We recommend to switch from SCC to PTT.

PTTGC We expect improved net profits in 3Q17 while there is target price adjustment for analyst consensus.

SIRI We expect 4Q17 to be an outstanding quarter for both transfers and presales. Management has shown its confidence towards the company’s business – both the company itself and joint ventures with BTS and Tokyu.

Pick of the day: TASCO (Bt23.00; BUY; AWS TP Bt28.50) TASCO still has a bright future. Although the short-term outlook

would be negative, as 3Q17 earnings may not be as strong as

expected, its 4Q17 earnings should remain healthy and are likely

to surpass Bt1,000mn. In addition, oil prices should weaken

slightly next year and there should be a rise in road construction

in Asian countries.

We recommend BUY with a 12-month target price of Bt28.50.

While its price pattern remains in a downtrend with a monthly sell

signal, the short-to-medium term outlook remains strong

supported by daily and weekly buy signals. Considering

TASCO's price pattern, the primary target is Bt26.25. TASCO

has a short-term stop loss of Bt22.70 (Resistance: 23.10, 23.30,

23.40; Support: 22.90, 22.80, 22.60)

Thailand Research Department ----------------------------------------------------------------- Mr. Krit Suwanpibul (No.17968) Tel: 0-2680-5090

Mrs. Vajiralux Sanglerdsillapachai (No.17385) Tel: 0-2680-5077

Ms. Veeraya Rattanaworatip (No.86645) Tel: 0-2680-5042

Mr. Adisak Prombun (No.14543) Tel: 0-2680-5056

Mr. Nutchapol Cheevavichawalkul (No.46377) Tel: 2-2680-5094

2 Please see disclaimer on last page

Local News

SCC (Bt500.00; AWS TP: Under review) is set to enter into two contracts to import

coal from the US. The first contract is for 100,000 tonnes and the second is 55,000

tonnes. These purchases will be for testing the quality, and after that the company

will consider buying more if the fuel is deemed suitable. (Kaohoon) Comment: This

transaction may cause investors some concern, as it may not be worth the

cost. Meanwhile, our house sees no short-term supportive factors for SCC

given a slowdown in demand for paper and cement. Meanwhile, its

petrochemical business still has to wait for the positives from the

petrochemical complex in Vietnam. We prefer PTT.

PTTGC (Bt79.00; BUY; Consensus: Bt94.00): In 3Q17, the company would record

profit sharing from Asset Injection project from six companies, which have been

transferred from PTT. This is projected to raise the company’s annual net profit as

much as Bt2bn. In addition, improving gross refining margin and petrochemical

spread should also help bolster 3Q17 earnings. (Kaohoon) Comment: We estimate

3Q17 average GRM at US$8/barrel and we also have seen an acceleration in

ethylene price to US$1,200 in September from US$800-900 in July-August. All

of these should be positives to PTTGC’s 2H17 performance. The consensus

forecasts 3Q17 net profit at Bt10bn, exceeding the normal level of quarter

earnings at Bt7bn.

Foreign Markets

Global monetary policy seen as risky The rapid normalisation of monetary policy

in advanced economies could create risks for highly leveraged developing countries,

including Thailand, warns the World Bank. The run-up in household debt, which

stands at around 80% of the country's GDP, is also at the centre of Thailand's

economic risk, he said "Our suggestion is this needs to be watched very carefully”

said Sudhir Shetty, chief economist for East Asia and the Pacific region at the World

Bank. Especially, if credit is exceedingly offered for bad projects and assets, we could

easily get a bubble," (Bangkok Post) Comment: This news should effect the 2018

outlook of the property and finance sectors.

US stocks end at record highs for third consecutive day on Wednesday DJIA,

S&P500 and Nasdaq notched 3-day winning streaks and closed at record highs

following the Institute for Supply Management (ISM) survey which said that its non-

manufacturing index rose to 59.8 in September, the highest level in 12 years since

August 2005. The data bolstered the positive view towards the US economy.

Meanwhile, ADP data showed that private hiring added 135,000 jobs in September

even though it was the lowest level since October 2016, the reading was still higher

than the forecast of 125,000 jobs.

Yellen’s Speech: Confident in the Fed’s regulations, but did not give a signal

on interest rate hike Janet Yellen Fed Chairman delivered a speech on "Community

Banking in the 2 1st Century Research and Policy Conference" in St. Louis, Missouri

yesterday. She stated that so far the Fed’s target is to build the confidence that the

regulations it uses for financial institutions are appropriate in terms of size,

complexity, and banking role that are under Fed’s supervision. She also believed

that these regulations did not put too much pressure on banking sector. However,

she did not say anything about the interest rate trend and did not give an opinion on

the US economy.

EU: The pan-European Stoxx 600 closed down 0.08 percent as Spain political events

develop. Spain's IBEX tumble 2.85% impacted by banking sector, with all CaixaBank,

Banco Sabadell and Bankia, down more than 3.5% (CNBC). Investors are eyeing the

Catalonia state, declaring independence may be a risk to global financial markets.

3 Please see disclaimer on last page

Commodities Crude oil: WTI Nov 2017 rose to US$ 50.53/barrel +11 cent or +0.22% changing to

positive territory after EIA showed that inventories -6 mn barrels in last week,

compared to expectation at -0.756 mn barrel. Earlier declining crude price was

caused by expectation of falling price in 4Q17 as crude oil price usually stagnant in

4Q17 from the statistics over the past 25 years. Citigroup expects WTI to test US$

54/barrel in 4Q17 accompany by US$58/barrel of Brent (AWS expects average

Brent to be US$54/barrel in 2017, +24% YoY and US$52/barrel, -3.7% in 2018)

GRM tumbled from a closing price at US$8.21/barreln last week to US$6.76/barrel.

BDI increased to 1,320 points, +12 points or +0.92% after declining for six straight

sessions.

Coal closed at US$99/tonne rising for three consecutive days after staying at its

lowest level in this period at US$95.9/tonne (AWS expects average coal price at

US$79/tonne in 2017, +44% YoY and US$84/tonne, +6.3% YoY in 2018). ITMG’J

price rebounded to be IDR 19,875, + IDR 300 or +1.53%

Gold rose US$1.70/ounce to US$1,276.30, thanks to a weaker US dollar after news

Steven Mnuchin favored Jerome Powell as Fed president when Yellen's term

expires in February.

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Date Regions

2-Oct-17 US

2-Oct-17 US

4-Oct-17 EU

5-Oct-17 EU

6-Oct-17 US

6-Oct-17 US

Economic Indicators

Unemployment Rate (Sep)

Non-monetary Policy's ECB Meeting

ISM Manufacturing PMI (Sep)

ECB Monetary Policy Meeting Accounts

Nonfarm Payrolls (Sep)

ISM Prices Paid (Sep)

Mon Tue Wed Thu Fri

2 3 4 5 6XD

MODERN

XD

EPCO

ORI

TCAP

TCAP-P

9 10 11 12 13XD

LHSC

QHPF

16 17 18 19 20

23 24 25 26 27

30 31

Oct-17

5 Please see disclaimer on last page

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

6 Please see disclaimer on last page

Anti-Corruption Progress Indicator 2016

The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat

Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and

Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the

form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1) , Annual Report (Form 56-2) , or other

relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a

third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as

of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information.

Nevertheless, AWS does not confirm, verify, or certify the accuracy andcompleteness of the assessment result.

2S APCO BROOK CSS GFPT JMART LVT NCL PLANB SAUCE SR TICON TVD WIIKA APCS BRR DELTA GIFT JMT M NDR PLAT SC SRICHA TIP TVO WINABC APURE BSBM DNA GLOBAL JTS MAKRO NINE PRANDA SCCC STA TKT TVT XOABICO AQUA BTNC EA GPSC JUBILE MALEE NMG PREB SCN STANLY TLUXE TWPC ZMICOACAP AS CEN ECF GREEN JUTHA MBAX NNCL PRG SEAOIL SUPER TMC UAEC ASIA CGH EE GUNKUL K MC NPP PRINC SE-ED SUSCO TMI UBISAF ASIAN CHARAN EFORL HMPRO KASET MCOT NTV PSTC SENA SYMC TMILL UKEMAGE ASIMAR CHO EPCO HOTPOT KBS MEGA NUSA PYLON SGP SYNEX TMT UNIQAH ASK CHOTI ESTAR ICHI KC MFEC OCC QH SITHAI SYNTEC TPA UOBKHAI BCH CHOW EVER IEC KCAR MIDA OGC RML SKR TAE TPP UREKAAIE BEAUTY CI FC IFS KSL MILL PACE ROBINS SMIT TAKUNI TRT UWCAIRA BFIT CM FER ILINK KTECH MJD PAF ROCK SMK TASCO TRU VGIALUCON BH COL FNS INET KYE MK PCA ROH SORKON TBSP TRUE VIBHAAMARIN BIGC CPALL FPI INOX L&E ML PCSGH ROJNA SPACK TEAM TSE VNGAMATA BJCHI CPF FSMART INSURE LALIN MPG PDG RP SPALI TFG TSI VNTANAN BKD CPL FVC IRC LPN MTLS PDI RWI SPCG TFI TSTE WAVEAOT BLAND CSC GC J LRH NBC PIMO SAMCO SPPT THAI TTW WHAAP BROCK CSR GEL JAS LTX NCH PK SANKO SPRC TIC TU WICE

AKP BKI CPN ECL HTC KKP MINT PE PTG SAT SPC TGCI TNITY TVIAMANAH BLA CSL EGCO ICC KTB MONO PG PTT SCB SPI THANI TNL WACOALASP BTS DCC ERW IFEC KTC MOONG PHOL PTTEP SCC SSF THCOM TOGAYUD BWG DEMCO FE INTUCH LANNA MSC PM PTTGC SCG SSI THRE TOPBAFS CENTEL DIMET FSS IRPC LHBANK MTI PPP Q-CON SINGER SSSC THREL TPCBANPU CFRESH DRT GBX IVL LHK NKI PPS QLT SIS SVI TIPCO TPCORPBAY CIMBT DTAC GCAP KBANK MBK NSI PR RATCH SMPC TCAP TISCO TSCBBL CNS DTC GLOW KCE MBKET OCEAN PSL S & J SNC TCMC TMB TSTHBCP CPI EASTW HANA KGI MFC PB PT SABINA SNP TF TMD TTCL

AAV AU CBG CTW GJS KAMART M-CHAI PAP RCL SGF SUC TK TTA VIHACC AUCT CCET CWT GL KCM MCS PATO RICH SHANG SUTHA TKN TTI VPOADAM BA CCN DAII GLAND KDH MDX PERM RICHY SIAM SVH TKS TTL VTEAEONTS BAT-3K CCP DCON GOLD KIAT METCO PF RJH SIM SVOA TM TTTM WGAFC BCPG CGD DCORP GRAMMY KKC MODERN PICO RPC SIMAT SWC TMW TUCC WINNERAHC BDMS CHEWA DRACO GRAND KOOL MPIC PJW RS SIRI T TNDT TWP WORKAIT BEC CHG DSGT GSTEL KTIS NC PL S SLP TACC TNH TWZ WORLDAJ BEM CHUO DTCI GTB KWC NEP PLE S11 SMART TAPAC TNP TYCN WPAJD BGT CIG EARTH GYT KWG NETBAY PMTA SAFARI SMM TC TNPC UAC WRAKR BIG CITY EASON HARN LDC NEW POLAR SALEE SMT TCB TNR UEC YCIALLA BIZ CK EIC HFT LEE NEWS POMPUI SAM SOLAR TCC TOPP UMI YNPALT BJC CKP EKH HPT LH NFC POST SAMART SPA TCCC TPAC UMS YUASAAMA BLISS CMO EMC HTECH LIT NOBLE PPM SAMTEL SPG TCJ TPBI UPAMATAV BM CMR EPG HYDRO LOXLEY NOK PRAKIT SAPPE SPORT TCOAT TPCH UPAAMC BOL CNT ESSO IHL LPH NPK PRECHA SAWAD SPVI TFD TPIPL UPFAPX BPP COLOR F&D IRCP LST NWR PRIN SAWANG SQ TGPRO TPOLY UPOICAQ BR COM7 FANCY IT MACO NYT PRO SCI SSC TH TR UTARIP BRC COMAN FMT ITD MAJOR OHTL PSH SCP SST THANA TRC UTPARROW BSM CPH FN ITEL MANRIN OISHI PTL SEAFCO STAR THE TRITN UVASEFA BTC CPR FOCUS JCT MATCH ORI QTC SELIC STEC THIP TRUBB UVANASN BTW CRANE FORTH JSP MATI OTO RAM SF STHAI THL TSF VAROATP30 BUI CSP GENCO JWD MAX PAE RCI SFP STPI TIW TSR VISource : Thai Institute of Directors

Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)

under Thai Institute of Directors (as of October 28, 2016) are categorised into:

• Companies that have declared their intention to join CAC, and

• Companies certified by CAC.

Companies that have declared their intention to join CAC

Companies certified by CAC

N/A

This Report has been prepared by Asia Wealth Securities Company Limited (”AWS”). The information in here 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 king 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 reserved. This report may not be reproduced, distributed or publ ished 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 investment decisions.

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Asok 159 Sermmitr Tower 17th Floor, Room 1703, Sukhumvit 21 Road, KlongToeyNua, Wattana, Bangkok 10110

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0-2884-7333 0-2884-6091

Chaengwattana 1 99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Floor, Room 2204, Chaengwattana Road, Bang Talad, Parkkred, Nonthaburi 11120

0-2119-2300 0-2835-3006

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Mega Bangna 39 Moo 6 Mega Bangna 1st Floor, Room No. 1632/7 Bangna-Trad Road, Bangkaew, Bangplee, Samutprakarn 10540

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Srinakarin 59/5 HaHa Shopping Mall, 4th Floor, Room B407-2, Srinakarin Road, Nongbon, Pravet, Bangkok 10250

0-2014-2000 0-2014-2001

Rayong 356/18 Sukhumvit Road, Nuen-Phra, Muang, Rayong 21000 038-808-200 038-807-200

Chonburi 55/22 Moo 1, Samed, Muang, Chonburi 20000 038-053-858 038-784-090

Chachengsao 233-232/2 Moo 2 1st Floor, Sukprayoon Road, Na Muang, MuangChachoengsao 24000

038-981-587 038-981-591