Phatra Wealth Daily 20141118 Rc

8/10/2019 Phatra Wealth Daily 20141118 Rc

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Private Wealth Management Research18 November 2014

Issued by Phatra Securities Public Company Limited ("Phatra"). Phatra does and seeks to do business with companies covered or mentioned in its

research reports. As a result, investors should be aware that Phatra may have a conflict of interest that could affect the objectivity of this report.

Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 16.

A member of the Kiatnakin Phatra Financial Group

Phatra Wealth Daily NoteGlobal Markets: Draghi QE, Japan recession

n

U.S. stocks were little changed, with the S&P500 Index at an

all-time high.

n

Draghi explicitly cited govt-bond buying as a policy tool

officials could use to stimulate the economy should the

outlook worsen.

n

Japan considers a stimulus package as the economy

unexpectedly sank into a recession. Nikkei fell 3% yesterday,

but is rebounding today.

Local Markets: Commerce minister promises an

investment-friendly FBA, Prasarn on new inflation

target, WHA to buy HEMRAJ for Bt43.7bn

n

Commerce Minister Gen Chatchai reassured foreign investors

that the FBA amendment would create an investment-friendly

atmosphere.

n

BoT Gov Prasarn said oil prices alone will not drive monetary

policy after switching inflation targets to headline from core.

n

WHA reached an agreement to buy 22.53% of Hemaraj at 4.50

baht per share from major shareholders.

n

Local Market Wrap:SET 1,569.07 -6.81pts -0.43% Value

US$1,233mn. A dull start to the week, with volume still

dominated by retail stocks.

Phatra Research Highlights

n

Thailand's 3Q GDP grew 0.6%YoY, below expectations. We cut

our GDP forecast to 0.8% for 2014 and 3.7% for 2015.

Investment Ideas

n TUF (Buy/12m PO Bt97): Operation is back on track after a

difficult 2013 and its gross profit margin is rebounding even

faster than previously expected, and thus we are raising our

net profit forecasts by 3% in 2014, 16% in 2015, and 13% in

2016. Our estimates are now above consensus (14%/20% in

2015/16). Our 12m PO is raised to Bt97 from Bt80. We also

see further upside risks from weakening THB given its high

foreign currency exposure and continued profit margin

expansion.

n

CPN (Buy/12m PO Bt60)posted net income of Bt1.9bn, up

33% YoY and 5% QoQ. The results were in line with our

expectation. With expected higher rental income from long-

term lease contract conversion into short-term leases in 3Q14,

we should continue to see better cost management next year.

n

BEC (Underperform/12m PO Bt42):We have trimmed our

earnings estimates by 3% in 2014 and 6% in 2015 and

lowered our 12m PO to Bt42 from Bt45. While the 3Q14

result is only slightly below our estimate, we think market

expectation is too high and our 2014 and 2015 revised

estimates are 8% and 19% below consensus respectively. We

believe that competition from digital TV and loss contribution

from its digital TV operation will cause earnings to slide

further in 2015/2016.

Phatra Macro Research Team &

Phatra PWM Research Analysts

Pipat Luengnaruemitchai

[email protected]

Porntip Tantasuwan

[email protected]

Flemming Clausen

[email protected]

Taweesak Paopanlop

[email protected]

KeyGlobal Index Last %Chg %YTD

US Dow Jones 17,647.8 0.1% 6.5%

US S&P 500 2,041.3 0.1% 10.4%US Nasdaq 4,671.0 -0.4% 11.8%

UK FTSE 100 6,672.0 0.3% -1.1%

EU STOXX600 115.1 0.5% 2.6%

JP Nikkei 16,973.8 -3.0% 4.2%

HK Hang Seng 23,797.1 -1.2% 2.1%

MSCI ACWI 419.6 -0.2% 2.7%

MSCI WORLD 1,715.0 -0.1% 3.2%

MSCI Europe 115.1 0.5% 2.6%

MSCI EM 985.9 -0.5% -1.7%

MSCI AsiaPac ex Japan 477.1 -0.7% 1.9%

SET Index

Last %Chg %YTD

SET Index 1,569.1 -0.4% 20.8%SET100 Index 2,313.0 -0.5% 19.7%

SET50 Index 1,046.3 -0.5% 18.4%

Cumulative Net Buy

Last 1M YTD

Foreigners (304) (3,095) (15,242)

Local institutions (760) 14,114 51,706

Retail investors 896 (19,552) (51,776)

Proprietary 168 8,532 15,313

Exchange Rate

Last %Chg %YTD

EURUSD 1.2450 -0.6% -9.4%

USDJPY 116.65 0.3% 10.8%

USDCNY 6.1270 0.0% 1.2%USDTHB 32.80 0.0% 0.3%

Commodities

Last %Chg %YTD

WTI (USD/bl) 75.6 -0.2% -23.1%

Brent (USD/bl) 79.3 -0.1% -25.1%

Gold (USD/tr oz) 1,186.6 -0.2% -1.3%
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2/17

Private Wealth Management Research

18 November 2014

2


Global Market Highlights

US stocks had little changed, European shares

up on Draghi (Bloomberg, Reuters)

U.S. stocks were little changed, rising only 0.1% with S&P 500Index at an all-time high. A slump in small-cap shares and

concern over Japans recession offset corporate deals.

European shares closed higher after Draghi reiterated that he

was willing to do more to stimulate the euro zone economy if

necessaryincluding purchase sovereign bonds. Stoxx Europe

600 rose 0.5%

Asian stocks rose as investors await a decision by Japanese

Prime Minister Shinzo Abe to put off a sales-tax increase, add

stimulus and call an election, after data yesterday showed the

economy entered recession.

US economic data: mixed (Reuters)

US factory production rose 0.2% in Oct and September's

output was revised down to 0.2% (from 0.5%). Total industrial

production unexpectedly dropped 0.1% (vs cons +0.2%),

reflecting the vehicle pullback and less demand at utilities,

mining companies.

Empire State general business conditions index rose to 10.16

in Nov from a reading of 6.17 in Oct. New orders rebounded

strongly, but factory employment gauges dropped, taking

some shine off the report. Businesses, however, remain

upbeat about the future. An index for future business hit its

highest level since January 2012 and a measure of capital

expenditure posted its highest reading in more than twoyears.

Draghi Says ECB Measures Could Include

Buying Government Bonds (Bloomberg)

Draghi has explicitly cited govt-bond buying as a policy tool

officials could use to stimulate the economy should the

outlook worsen. Unconventional measures might entail the

purchase of a variety of assets, one of which is sovereign

bonds, the ECB president said in Brussels yesterday in

answer to a question during his quarterly testimony to

lawmakers at the European Parliament.

His latest comments come less than three weeks before the

institutions critical December meeting, when it will publishnew forecasts that are likely to show a weaker outlook for

growth and inflation.

Data released yesterday showed that officials accelerated

covered-bond buying last week, with the total settled rising

by more than 3bn euros -- up from 2.6bn euros the week

before -- to 10.5bn euros.

ECB Executive Board member Yves Mersch said yesterday

that purchases of ABS will start this week. He also said that

the central bank could theoretically buy sovereign debt,

gold, exchange-traded funds, and even real estate to counter a

longer period of low inflation, while warning against rushing

in.

Japan Seeks to Strengthen 2015 Growth After

Recession Hit (Bloomberg)

With Japans slump into its fourth recession since 2008

threatening the failure of the Abenomics reflation program,

Prime Minister Shinzo Abes administration is taking steps to

shore up growth for the coming year.

Economy Minister Akira Amari told reporters yesterday in

Tokyo theres a high chance of a stimulus package. Etsuro

Honda, an adviser to Abe, said a 3 trillion yen ($26 billion)

program was appropriate and should go toward measures that

directly help households, such as child care support.

Abe, who holds a news conference later today, is also

considering a postponement of an October sales-tax increase

until 2017 -- a move that would add 0.3 percentage point to

growth in the coming fiscal year, according to the median

estimate of economists. At stake for the prime minister is

assuring re-election in a likely snap vote next month that may

serve as a referendum on his policies. BoJ starts a two-day

meeting today.


3/17


18 November 2014

3


Local Market Wrap

SET 1,569.07 -6.81pts -0.43% Value US 1,233mn

Net Buy/Sell Frgn-US 9mn Inst-US 23mn Prop+US 5mn

Ret+US 27mn

A dull start to the week, with volume still dominated by

retail stocks.

ENERG-0.64%, TELECO-0.60%, and BANK-0.57% all edged

lower as buying appetite slows down driven by

disappointing growth.

3Q14 GDP released yesterday gave little optimism with 3Q

GDP grew +0.6% YoY versus consensus at +1.0%YoY.

Despite better private consumption, government

consumption and public investment was poor.

As a result of slower domestic demand and delays in public

spending we have cut our GDP growth to 0.8% for 2014 and3.7% for 2015 (consensus is at 4.3%).

Earnings are done and out of the way, with majority of

stocks under our coverage reporting in line or below

estimate.

No surprises to the market, as investors were expecting

poor sentiment for 3Q14 earnings.

The disappointing results mainly came from TRANS-0.47%,

ENERG-0.64%, and COMM-0.36%.

Chart: SET Intraday movement

1,565

1,570

1,575

1,580

10:02

10:32

11:02

11:32

12:02

14:01

14:31

15:01

15:31

16:01

16:31

1568.7

Day Low

Previous Close

1575.88

1577.63

Day High

Close

1569.07

Source: Bloomberg

Top Gainers Last %Chg %YTD

BMCL 1.80 +3.4% +78.2%

RS 9.05 +2.8% +27.5%

NYT 14.90 +2.1% -12.4%

EGCO 174.00 +2.1% +42.0%

TICON 19.80 +1.5% +27.7%

Top Losers Last %Chg %YTD

MEGA 17.00 -4.5% -15.0%

BJCHI 35.00 -4.1% +0.7%

MAJOR 24.80 -3.7% +41.7%

KCE 38.50 -3.1% +63.8%

SVI 4.00 -2.9% -3.4%

Most Active Last %Chg %YTD

PTT 384.00 -1.0% +34.3%ITD 6.40 +0.8% +64.9%

TRUE 11.30 -0.9% +70.4%

PTTEP 142.00 -1.0% -14.7%

ADVANC 235.00 -0.8% +17.8%

Sectoral performance Last %Chg %YTD

SET Index 1,569.1 -0.4% 20.8%

SET Energy & Utilities 21,641.7 -0.6% 13.0%

SET Banks 612.4 -0.6% 34.1%

SET ICT 224.4 -0.6% 17.6%

SET Commerce 29,433.5 -0.4% 11.7%

SET Food & Bev 12,202.2 -1.2% 11.7%

SET Property 320.6 0.1% 37.1%

SET Constr Mat 12,044.4 0.9% 19.4%

SET Petrochem 868.9 -0.8% -11.6%

SET Health Care 4,223.0 -0.2% 53.9%

SET Transportation 212.0 -0.5% 30.9%

SET Property Fund 159.0 0.0% 1.2%


4/17


18 November 2014

4


Todays news

Economy: FBA: 'no retroactive impact' (Nation)

Commerce Minister Gen Chatchai reassured concerned foreign

investors overseas that the plan to amend the ForeignBusiness Act (FBA) will focus on "relaxation, reducing

procedures facilitating investment, and not deal retroactively

with existing firms", which would create an investment-

friendly atmosphere with a positive impact on investors. He

said the ministry had not yet come out with a draft

amendment, but was so far only studying how to amend the

law.

The Business Promotion Dept is conducting a study and a

public hearing and is expected to be finalized in Dec before

approval is sought from the minister and Cabinet for

amendments to the draft law. Under the plan to amend the

draft law, the definition of "foreigners" will be amended to

one based on international principles. It would also adjustsome qualifications for foreign investors to facilitate more

investment, review business lists under Annex III to be more

flexible, consider exemption for initial capital investment

limits in accordance with international agreements, increase

efficiency for foreign investors to get approval, and adjust

some penalties for nominees.

Economy: BoT: Oil price 'not the only factor for

policy rate' (Nation)

BoT Gov Prasarn said oil prices alone will not drive monetary

policy after switching inflation targets to headline from core.

This counters Moody's suggestion that the inflation-target

switch should open up room for a cut in the policy interest

rate, since energy prices must be included in its decision-

making in the future. Prasarn said: "The core inflation target is

concentrated on demand, and it has been successful for the

past 10-12 years. Headline inflation would also consider the

supply side ... which would be easier to communicate the

inflation target to the people, but headline target would

swing more than the core target.

He said that the comment that the target switch would

immediately mean that the MPC would have more room to

lower the benchmark interest rate since the global oil price is

low is a false idea. The MPC has to take into consideration

many factors, including the prices of other products if the

global oil price falls it does not mean that the interest rate

will automatically fall also."

Property: WHA to buy Hemaraj for Bt43.7bn

(Bangkok Post)

WHA Corp, Thailands biggest publicly traded developer of

factories and warehouses, plans to acquire Hemaraj Land &

Development Plc for 43.7 billion baht (US$1.3 billion). WHA

reached an agreement to buy 22.53% of Hemaraj at 4.50 baht

per share from major shareholders, according to a regulatory

filing to the stock exchange. The company will offer to

purchase Hemarajs remaining shares at the same price, it

said. That would be 1.4% higher than the stocks closing price

of 4.44 baht on Nov 14. The acquisition of Thailands biggest

developer of industrial land by market value will allow WHA

to expand into land development in the Southeast Asian

nation, where Toyota Motor Corp, Ford Motor Co and General

Motors Co are boosting investments in manufacturing centers.


5/17


18 November 2014

5


Stock Comments

BEC The storm is on the horizon

(Underperform/12-month PO Bt42.00)

Downgrade to Underperform from Neutral

Following BEC's 3Q14 result we have trimmed our earnings

estimates by 3% in 2014 and 6% in 2015 and lowered our PO

to Bt42 from Bt45. While the 3Q14 result is only slightly

below our estimate, we think market expectation is too high

and our 2014 and 2015 revised estimates are 8% and 19%

below consensus respectively. While the consensus

anticipates earnings growth in 2015, we believe that

competition from digital TV and loss contribution from BEC's

digital TV operation will cause earnings to slide further in

2015/2016. We believe earnings downgrades will continue

and will pressure the share price.

Market underestimates digital TV competition

Our main concern is competition from digital TV which will

likely limit BEC's top-line growth despite an expected rebound

in advertising expenditure in 2015 (in line with GDP growth

forecast). The entry of ITV (the free to air TV) several years

ago demonstrated the potential impact of new entrants on

BEC. While BEC's top-line growth during 2004/2005 declined

by only single digits, earnings dropped 19% in 2004 and 19%

in 2005 as BEC has low operating leverage. This time around,

we think BEC is facing competition from not only one, but 24

digital TV channels.

BEC is losing audience share to digital TV

According to Nielsen, audience shares of 24 digital TV stations

doubled to 15.5% in September from 7.3% in April while BEC's

audience share dropped to 30.1% from 37.6%. We believe that

BEC's 1Q14-3Q14 advertising revenue still outgrew the

industry despite the audience share loss because digital TV

advertising rate is still at a deep discount to that of analogue

TV (and hence digital TV market share in dollar terms is much

lower than their audience share). But if digital TV could keep

growing their audience share in 2015 the discount would

naturally narrow, making the impact on BEC's top line more

severe, in our view.

TUF Back on track; Maintain Buy (Buy/12-month

PO Bt97.00)

Increasing forecasts after strong 9M performance

TUF's operation is back on track after a difficult 2013. Its

margin is rebounding even faster than previously expected

with 9M14 GPM already surpassing 16% versus our previous

forecast of only 15%. As such, we are raising our forecasts for

the company. Our net profit forecasts have been increased by

3% in 2014, 16% in 2015, and 13% in 2016. Our estimates are

now above consensus (14%/20% in 2015/16). While margin

could fluctuate, TUF's scale and increasing contribution from

branded products allows the company to better manage raw

material price volatility. Our PO, based on our new forecasts,

has also been increased by Bt97/share from Bt80/share and

we reiterate our Buy rating on the stock.

Consolidating global seafood

TUF recently acquired two small seafood firms in Europe

which will add at least US$300mn in annual revenue to the

company, and we expect there could be more in the near

future. After a difficult year, many small and medium-sized

seafood companies are finding it more difficult to survive as

stand-alone entities, leaving the industry ripe for further

consolidation. TUF's management expects to be able to

conclude at least one or more acquisitions in the next few

months. We have not factored this into our current forecasts.

Several upside risks

We also see further upside risks from weakening THB and

continued margin expansion. Given TUF's high exposure to

foreign currency, weaker THB will have a positive impact on

its earnings. Every Bt1/USD change translates into ~6-8%

change in its bottom line and PO. While we assume that

margin will only remain stable in 2015-2016, TUF's GPM

could further expand as a result of higher share of branded

business. Every 1ppt increase in GPM can translate into a

~15-17% increase in TUF's bottom line and our price objective

for the company.

TRUE - 3Q14 result better than expected


Loss narrows faster than expected

After stripping out exceptional items (including network

amortization acceleration) 3Q14 pre-exceptional loss declined

YoY. Although the loss expanded QoQ, nine-month loss makes

up only 33% of our full-year loss forecast. The main reason

for the positive surprise is the lower-than-expected SG&A and

on-going tax refund (since 4Q13). TRUE has completed the

recapitalization in 3Q14 and net gearing dropped to 41% from

1,458% in 2Q14. With expected interest-saving, TRUE could

move close to or reach breakeven point in 4Q14 at the pre-

exceptional level.

Cellular phone revenue outgrows peers but cost also rises

True Move service revenue increased 7.2% YoY (while

ADVANC/DTAC reported revenue declines). Although pre-

exceptional loss dropped YoY, it expanded QoQ due to

reversal of regulatory fee recorded in 2Q14 and higher

network OPEX/SG&A. Despite an aggressive handset

promotion, handset margin remains positive at 2%

(ADVANC/DTAC reported negative handset margin).


6/17


18 November 2014

6


Online profit soars on lower cost

Online pre-exceptional profit surged both YoY and QoQ

helped primarily to lower SG&A while service revenue was

soft, dropping YoY and flat QoQ (due to soft fixed-line

telephone revenue and the spinoff of eight non-corecompanies). The division recorded Bt1bn of gross profit from

sales (which is larger than usual) and we have yet to find out

whether this item is on-going.

Pay TV loss declined

True Vision pre-exceptional loss declined both YoY and QoQ

due to lower SG&A and higher advertising revenue (which

doubled QoQ despite weak overall advertising expenditure) as

redesigned advertising package attracts advertiser budgets.

CK - 3Q14 result review

(Neutral/12-month POBt28.60)

Core profit increased QoQ and YoY

CK reported net profit of Bt1.2bn, up 285% QoQ and 28% YoY.

Excluding extra gain from BMCL divestment, pre-ex net profit

came in at Bt346mn, up 11%QoQ and 42%YoY. 9M14 pre ex

net profit was Bt1bn, representing 80% of our full-year

forecast and 72% of full-year consensus estimate. Despite

lower construction revenue and lower gross margin, pre-ex

net profit increased due to higher dividend income and lower

equity loss from associates.

Lower revenue and gross margin

3Q14 construction revenue was reported at Bt7.9bn, down

11%QoQ and 8%YoY. This is due to slower construction

progress as some projects, e.g. Purple line C1 is close to

completion. 9M14 revenue came in at Bt25.4bn and accounts

for 74% of our full-year forecast and 73% of full-year

consensus estimate. 3Q14 gross margin was 9.1%, which is

lower than 9.7% in 2Q14 due to change in project mix.

Higher dividend income and lower equity loss from

associates

In 3Q14, CK received dividend income of Bt330mn from both

BECL and TTW. This is significantly higher than dividend

income of Bt115mn in 2Q14 from BECL. This is due to

difference in timing of dividend payment. 3Q14 equity loss

was Bt13mn, improving from loss of Bt116mn in 3Q13 as CK

has capitalized key expenses of Xayaburi Power (XPCL).

PTTGC - To merge or not to merge (Buy/12-month

PO Bt79.63)

New CEO = new thinking?

The Bangkok Post cited PTTGC's newly appointed CEO as

saying that the planned feasibility of the potential merger

between PTTGC and IRPC will be delayed and may not be

finalized as planned. He said "we really need a while to settle

ourselves (each firm is busy with many planned expansions)

before proceeding seriously with a feasibility study as to

whether the merger is viable."

Background

Previously, IRPC's president stated that the merger feasibility

study (including the potential synergy from the merger) would

be conducted in 2H15 after IRPC's UHV project (which is

deemed to be one of the key parts of synergy creation and

IRPC's value) is completed. The study was to be completed in

2016 at the earliest. IRPC also mentioned that the potential

merger would have to be justified by the synergy to be

created from the merger (which would be scrapped if it is not

commercially feasible).

Potential merger in limbo?

We have previously stated that this transaction is unlikely to

be consummated in the near term and is still not certain. We

attribute this to IRPC's uncompetitive cost structure, weak

financial position and high valuation, which in our view could

dilute PTTGC's cost advantage among petrochemical

companies in Asia and its solid financial stance. PTTGC has

committed to its own investment path in Indonesia and is now

under a study to invest in a US ethane-based cracker (via a

joint-venture) in the long term. In this regard, PTTGC will have

a few large projects to execute well (against its poor historical

track record) and it might need to maintain financial resources

for its own investments. We think the potential merger could

now be in limbo.

PTTGC - Challenging time ahead (Buy/12-month PO

Bt79.63)

Petrochemical and refinery outlook

PTTGC expects the ethylene and polyethylene market to

remain tight in 2015E with the global operating rates of 88%

and 85% to slightly increase or stay at high levels. But the

lower oil price should put pressure on HDPE price (which is

expected to fall from US$1,557/ton in 2014 to US$1,421/ton

in 2015). HDPE Naphtha spread is also conservatively

forecast to fall from US$671/ton to US$625/ton. In contrast,

refinery glut will likely worsen with new supply (1.9mn bbl/d)

exceeding demand (1.13mn bbl/d). Diesel/Gasoline crack

spreads will weaken. Aromatics will likely continue to see

another difficult period in 2015 with an excess supply of

1.5mn tons (3.1mn tons in 2014). PX spread should stay at


7/17


18 November 2014

7


US$361/ton (an equilibrium spread level). Benzene is the only

bright spot with spread expected to stay flat at US$365/ton.

Higher ethane feed comes to the rescue?

Despite a cautious outlook, PTTGC expects higher olefins

volume from higher run rate from 91% to 94-95% to be an

offsetting factor. Since three new projects will be completed

from 3Q15 onward, we expect only some impact. PTTGC

stated that the key NPAT driver for olefins is higher ethane

feed. Its ethane has increased from 221 tons/hour in 3Q13 to

272 tons/hour in October. This would rise by another 30

tons/hour when PTTs ethane recovery project complete in

1H15 while its off-gas upgrading project will add six

tons/hour from mid-2015. PTTGC believes a higher portion of

cheaper ethane feed should support olefins EBITDA margin at

between 28-30%.

US cracker if you cant beat them, join them

In addition to Formosa, Lotte Chem, and IVL, PTTGC is

studying a US cracker joint venture investment. The final

decision will be made in 2H15. In the long term, PTTGC is also

studying the possibility of importing around 0.5-1.0mn tons

of ethane from the US to both replace declining domestic

ethane and expand the business. PTTGC believes the shale

revolution will put pressure on long-term ethane prices.

CPN - Results in line (Buy/12-month PO Bt60.00)

3Q results grew YoY and QoQ

CPN posted a good set of results with net income of Bt1.9bn,

up 33% YoY and 5% QoQ. The results were in line with our

expectation. 9M14 net income was Bt5.5bn, up 21% YoY and

this accounted for 73% of our 2014E.

Higher rental income from new malls, higher rates and

amortized gains

The YoY and QoQ growth was driven by higher rental income,

which grew 19% YoY and 5% QoQ. The growth should be

driven by new malls opening and higher same-store rental

rate. CPN booked the amortized gain from the sales of

CentralPlaza Chiengmai Airport project into CPNRF as a part

of rental income, not as other income as we previously

expected. Note that the amortized gain was Bt149mn in

3Q14, of which Bt62mn was the amortized gain carried from

2Q14. Stripping out the amortized gain, rental income still

grew by 15% YoY and 2% QoQ.

Same-store rental rate up 4% YoY

CPN revealed an average rental rate of Bt1,526 per square

meter (sqm) per month in 3Q14, up 1% YoY but down 1% QoQ.

The QoQ decline should be due to the addition of a new mall,

CentralPlaza Salaya, in August, which generated lower-than-

average rental rate of less than Bt1,400 per sqm per month.

However, CPN confirmed that the same-store rental rate in

3Q14 still grew by 4% YoY.

Continued cost control

CPN continued to show good cost control with operating costs

to sales ratio declining to 13.9% of total revenue in 3Q14

compared with 15% in 2Q14 and 3Q13. With expected higher

rental income from long-term lease contract conversion into

short-term leases in 3Q14, we should continue to see better

cost management next year.

TTCL - 3Q14 result review (Underperform/12-month

PO Bt25.40)

Net profit increased QoQ

TTCL reported net profit of Bt119mn, up 34% QoQ but down

25%YoY. Excluding forex loss, pre-ex net profit came in at

Bt183mn, up 106%QoQ and up 7% YoY. 9M14 net profit came

in at Bt419mn, representing 78% of our full-year forecast and

54% of full-year consensus estimate. The key reason for

better net profit QoQ was higher gross margin.

Improving gross margin

3Q14 gross margin came in at 9.4%, significantly improved

from 4.2% in 2Q14. This is due to (1) lower contribution from

Qatars low-margin desalination project, (2) slight upward

margin revision of the Qatar project, and (3) contribution from

high-margin small EPCM work. 3Q14 revenue was reported at

Bt4.1bn, down 31% QoQ and down 8%YoY. This is due to

project cycle as key projects are close to completion and

contribution from newly awarded petrochemical projects is

still low. 9M14 revenue was Bt15bn and accounts for 88% of

our full-year forecast and 79% of full-year consensus

estimate.

Potential new projects in Qatar and Vietnam

In the year to date, TTCL has already secured a new

petrochemical project in Malaysia worth Bt15bn. Potential

new contracts that could reach conclusion by late 2014 or

early 2015 include Qatars desalination project Phase II and

petrochemical projects in Vietnam worth US$200mn each.

Update on coal-fired power plant in Myanmar

Management expects to reach a conclusion on this US$2.5bn

coal-fired power project in Myanmar in 2015. Key reasons for

the projects delay are (1) a change in project location from

Thilawa to Mon State for better coal transportation, and (2)

unclear process of project proposal and approval in Myanmar.


8/17


18 November 2014

8


SIRI - Results beat expectation (Neutral/12-month

PO Bt2.18)

Strong 3Q results

SIRI reported pre-ex net income of Bt791mn in 3Q14, up 80%

YoY and 47% QoQ. The results were 10% above our

expectation due to lower-than-expected operating expenses

and higher-than-expected other income. 9M14 pre-ex net

income was Bt1.3bn, up 55% YoY and this made up 58% of our

2014 estimates.

Higher revenue and better operating margin was key

Housing revenue was Bt7bn, up 3% YoY and 19% QoQ and this

was in line with expectation. Condo revenue should account

for 40% of total revenue in 3Q, compared with 41% in 2Q and

59% in 3Q14. Gross picked up by 30bp QoQ to 33.7% while

operating expenses to sales ratio continued to decline to

18.4% in 3Q14 compared with 20.5% in 2Q due to no launches

in 3Q14. SIRIs net gearing declined to 1.9x at end-3Q14

compared with 2.2x at end-2Q14.

Operations update

SIRI achieved presales of Bt2.5bn in 3Q14, bringing total

presales to Bt6.7bn in 9M14 (down 82% YoY). 9M14 presales

accounted for 56% of its Bt12bn revised presales target. The

weak presales should be mainly attributed to the delay of

condo launches to next year while landed property presales

remained weak with more than a 20% YoY decline in 9M14.

Note that SIRI recently cut its presales target to Bt12bn from

Bt30bn. The company also lowered its housing revenue target

to Bt27bn versus our estimate of Bt28.2bn revenue target to

Bt29bn to reflect weaker presales and a weaker launch plan.

Look for stronger 4Q14 earnings

We expect 4Q14 to pick up QoQ, mainly due to more condo

transfers. With a higher revenue base, we should see

continued improvement in operating margin in 4Q14. Despite

the risk on housing revenue, the risk on 2014E should be

mitigated by lower-than-expected operating costs to sales

ratio from no launches, and its cost control plan.

Operations bottomed out; recovery in provincial market is

key

We reiterate our Neutral recommendation on SIRI with price

target of Bt2.18. With its successful cash call, we believe that

the operations and cash flow have bottomed out. Our key

concern is on its increasing exposure in condo revenue

upcountry in 2015 while the economy in the provincial

market has not yet fully recovered. This implies some r isks on

revenue and cash flow on any delay of transfer. We also need

to monitor its spending on operating expenses when the

launch activities return back to normal.

BJC - 3Q14 results weaker than expected


3Q14 result weaker than expected

3Q14 pre-exceptional profit dropped 50% YoY and nine-

month earnings make up 66% of our full-year forecast and

51% of Bloomberg consensus. Gross margin did not improve

as expected as raw material prices remain high and sales of

healthcare product are softer than expected, although public

hospitals have resumed procurement programs after the May

coup. Our Underperform rating is maintained.

Packaging net profit drops 30% YoY

Packaging sales increased 5% YoY, improved from flat sales

YoY in 1H14 thanks to higher aluminum can sales and glass

packaging sales in Malaysia and Vietnam. This is while sales of

glass packaging in Thailand remain weak (following

spirits/beer excise tax hike in September 2013). Net profit

margin remains low at 5.8% in 3Q14 versus 6.6% in 1H14 and

9.0% in 2013 because of Bt128mn employee compensation

from Rajburana plant shutdown and higher energy cost.

Consumer product profit plunged 83% YoY

YoY sales growth decelerated to 5.0% YoY from 12% YoY

growth in 1H14 and net profit margin remains low at 0.4%

(versus 3.5% in 2013 and 1.7% in 1H14) due to continuously

high raw material prices (palm and coconut oil in particular)

and intense price competition (which prevents BJC from

passing on higher cost to customers).

Healthcare and technical profit dropped 19% YoY

Although public hospitals have resumed procurement

programs after the May coup, sales growth remains mild

increasing 4% YoY (similar to 1H14 YoY growth). Cost of

training courses and events arranged for clients also

pressured 3Q14 profit according to BJC.

THBEV - Core operation in line in 3Q14 (Buy/12-

month PO S$0.76)

Core operation in line despite soft bottom line

3Q14 net profit dropped 9% YoY. But if we strip out asset

impairment/other exceptional items at Fraser&Neave and

Fraser Centerpoint (FNN and FCL; THBEV holds 29% stakes in

both firms), 3Q14 pre-exceptional profit increased 14% YoY.

Nine-month pre-exceptional profit made up 69% of our full-

year forecast (thus core operation is in line given 4Q is

usually the peak season).


9/17


18 November 2014

9


Beer turnaround and lower funding cost main drivers

The main growth driver is beer turnaround and lower funding

cost. Beer division has turned profitable since 4Q13 and beer

3Q14 net profit was Bt28mn versus Bt246mn of loss in 2Q14.

Beer sales volume increased 6% YoY, the first positive growthsince 4Q12 (as impact of price hike in 3Q13 following excise

tax hike is waning). Interest expense halved YoY as THBEV

has gradually paid down debt and net gearing dropped to 58%

from 73% in 3Q13.

Spirits profit declined due to high base effect

Spirits sales volume dropped 11% YoY and spirits net profit

declined 2% YoY (versus 19% YoY profit growth in 2Q14) due

to inventory buildup among distributors ahead of the

September 2013 excise tax hike (i.e. the high base effect).Non-alcoholic division remains in loss and food division

plunged into loss due to a sharp drop in gross margin. If we

add back the exceptional items, FNN/FCL contribution is flat

YoY.


10/17


18 November 2014

10


Phatra Research Highlights

Thailand Economic Watch: 3Q GDP growth

disappointed (Phatra Securities)

Announced: 3Q14 GDP growth

Actual:+0.6% YoY Previous: +0.4%YoY

Consensus (Bloomberg):+1.0% YoY BofAML: +1.0% YoY

3Q growth lower than expected; 2014/2015 GDP forecast

cut

Thailand's 3Q GDP grew 0.6%YoY vs growth of 0.4% in 2Q.

Seasonally adjusted, GDP expanded 1.1%QoQ, after a rebound

of 0.9% in 2Q. The pace of recovery disappointed because of

delays in public spending and flat exports. Net exports

subtracted 2.4ppt from GDP while government added only

0.1ppt to GDP. Accordingly, we have revised down our GDPgrowth forecasts to 0.8% (from 1.8%) in 2014 and to 3.7%

(from 4%) in 2015.

Private sector was better than expected; govt disappoints

Domestic demand was boosted by private spending. Private

consumption grew 2.2%YoY from increases in consumption of

non-durable goods and services. Durable goods consumption

fell 25.9%, the same pace as 2Q. Private investment rose

3.9%YoY driven by a rise in machinery and equipment

investment while construction still contracted. Government

consumption grew only 0.4% and public investment fell 0.8%.

By sector, hotel and construction was the worst, falling

4.6%YoY and 2.7%YoY respectively. Manufactures also fell

0.7%, slightly better than a 1.6% fall in 2Q. Sectors that

expanded modestly were financials, transportation, public

administration and electricity. Wholesale and retail trade

expanded only 0.6%.

NESDB cut GDP growth forecast

NESDB cut its 2014 GDP growth forecast to 1% from 1.5-2.0%.

It revised up private investment from -2.9% to -1.0% while

revising down public investment (from +1% to -5.0%). Export

growth was also revised down from 2% to 0% in 2014.

NESDB sees a moderate recovery in 2015, forecasting GDP

growth of 3.5-4.5% vs consensus of 4.3%. NESDB is less

optimistic about private expenditure, expecting private

investment to rise only 4.8% and consumption to grow 2.6%.

Meanwhile it forecasts public investment to increase asubstantial 9.8% and government consumption to grow 5.6%.

Export is forecasted to grow 4% and current account surplus is

expected at 2.2% of GDP.

We are less optimistic on 2015

The slower pace of domestic demand recovery and delays in

public spending have also led us to cut our GDP growth to

0.8% for 2014 and 3.7% for 2015. Consensus forecast for

2015 is 4.3%. We are less optimistic on public spending and

export recovery but expect private investment and

consumption to rise by 6% and 3% respectively. We expect the

BoT to raise the policy rate by 25bps at the end of 2015. Butif GDP grows less than 2.5% in 1Q, we believe the BoT would

seriously consider a cut in the policy rate.


11/17


18 November 2014

11


Market Summary

Global IndicesLast 1D 1W

% Change

1M 3M YTD 1Y

Dow Jones 17,647.8 0.1% 0.2% 7.7% 4.3% 6.5% 10.6%

S&P 500 2,041.3 0.1% 0.2% 8.2% 3.0% 10.4% 13.5%

Nasdaq 4,671.0 -0.4% 0.4% 9.7% 3.2% 11.8% 17.2%

FTSE 100 6,672.0 0.3% 0.9% 5.7% -1.6% -1.1% -0.3%

STOXX600 115.1 0.5% -0.2% 5.7% 0.4% 2.6% 4.2%

Nikkei 16,973.8 -3.0% 1.2% 16.8% 9.9% 4.2% 11.9%

Hang Seng 23,797.1 -1.2% 0.2% 3.4% -5.3% 2.1% 3.3%

MSCI ACWI 419.6 -0.2% -0.1% 5.7% -2.0% 2.7% 4.9%

MSCI World 1,715.0 -0.1% 0.0% 6.3% -1.1% 3.2% 5.8%

MSCI Europe 115.1 0.5% -0.2% 5.7% 0.4% 2.6% 4.2%

MSCI EM 985.9 -0.5% -1.2% 0.9% -9.1% -1.7% -1.9%

MSCI AsiaPac ex Japan 477.1 -0.7% -0.7% 3.0% -6.9% 1.9% 1.3%

SET Last 1D 1W 1M 3M YTD 1Y

SET Index 1,569.1 -0.4% 0.1% 2.6% 1.7% 20.8% 10.4%

SET100 Index 2,313.0 -0.5% 0.3% 2.7% 1.0% 19.7% 8.3%

SET50 Index 1,046.3 -0.5% 0.3% 3.1% 1.0% 18.4% 7.8%

SET Energy & Utilities 21,641.7 -0.6% -0.2% 3.5% 2.1% 13.0% 7.2%

SET Banks 612.4 -0.6% 0.2% 4.2% 0.0% 34.1% 14.0%

SET ICT 224.4 -0.6% 1.1% 2.7% 7.9% 17.6% 2.4%

SET Commerce 29,433.5 -0.4% 0.6% -0.5% -5.7% 11.7% 5.3%

SET Food & Beverages 12,202.2 -1.2% 0.9% -1.3% -0.7% 11.7% 16.5%

SET Property 320.6 0.1% 0.9% 3.3% 3.7% 37.1% 15.8%

SET Constr Mat 12,044.4 0.9% 2.1% 4.1% 5.5% 19.4% 12.7%

SET Petrochem 868.9 -0.8% -0.7% 5.8% -6.5% -11.6% -14.9%

SET Health Care 4,223.0 -0.2% -1.0% 0.9% 1.6% 53.9% 44.4%

SET Transportation 212.0 -0.5% 0.4% 3.8% 3.7% 30.9% 9.8%

SET Property Fund 159.0 0.0% -0.6% 0.1% -2.7% 1.2% -0.3%

Currency Last 1D 1W 1M 3M YTD 1Y

EURUSD 1.2450 -0.6% 0.2% -2.4% -6.5% -9.4% -7.8%

USDJPY 116.65 0.3% 1.6% 9.1% 13.3% 10.8% 16.4%

USDCNY 6.1270 0.0% 0.1% 0.0% -0.2% 1.2% 0.6%USDTHB 32.80 0.0% -0.1% 1.2% 2.8% 0.3% 3.8%

Commodities

Last 1D 1W 1M 3M YTD 1Y

WTI (USD/bl) 75.64 -0.2% -2.3% -8.6% -19.9% -23.1% -19.4%

Brent (USD/bl) 79.31 -0.1% -4.4% -8.4% -23.2% -25.1% -23.4%

Gold (USD/tr oz) 1,186.57 -0.2% 3.0% -4.2% -8.4% -1.3% -8.0%

Treasury Yield

Change in bps

Last 1D 1W 1M 3M YTD 1Y

US 2Y Yield 0.51 -0 -3 +14 +8 +13 +22

US 5Y Yield 1.63 +2 -2 +21 +5 -12 +28

US 10Y Yield 2.34 +2 -2 +15 -6 -69 -36

TH 2Y Yield 2.15 -1 -4 -12 -24 -47 -68

TH 5Y Yield 2.49 -4 -9 -23 -56 -92 -110

TH 10Y Yield 3.01 -3 -8 -22 -53 -97 -105

Cumulative Net Buy (THBmn)

1D 1W 1M 3M YTD 1Y

Foreigners (304) 159 (3,095) 12,382 (14,647) (83,079)Local institutions (760) (97) 14,114 14,648 47,096 65,478

Retail investors 896 (1,422) (19,552) (29,145) (45,130) 5,575

Proprietary 168 1,360 8,532 2,116 12,681 12,026

Cumulative Foreign Flows (US mn)

1D 1W 1M 3M YTD 1Y

Thailand (9) 5 (97) 387 (425) (2,558)

Indonesia 36 281 465 (605) 4,247 3,800

Korea (43) (67) (235) (1,940) 5,789 4,714

Taiwan (186) 111 2,663 1,522 12,625 14,034

Philippines 5 30 (221) (232) 793 615


12/17


18 November 2014

12


Top 20 Short Sale as of 17 November 2014

Securities Volume (Shares) Turnover (Baht)

%Short Sale Volume

Comparing with Auto

Matching

Closing Price

(Baht)

Average Price

of Short Sale

(Baht)

ADVANC 273,200 64,217,000.00 9.06% 235.00 235.05PTT 152,700 58,988,100.00 3.91% 384.00 386.30

KBANK 224,800 53,439,600.00 9.04% 238.00 237.72

ITD 3,863,500 25,005,505.00 1.93% 6.40 6.47

SCB 71,200 12,994,000.00 1.99% 183.00 182.50

BBL 36,000 7,178,500.00 1.87% 198.50 199.40

CPF 223,600 6,652,100.00 1.84% 29.50 29.75

PTTEP 40,200 5,748,600.00 0.77% 142.00 143.00

DTAC 57,500 5,738,125.00 1.94% 99.75 99.79

KTB 200,000 4,620,000.00 1.35% 23.00 23.10

BEC 85,100 4,313,600.00 5.79% 50.25 50.69

INTUCH 36,800 2,703,800.00 0.94% 73.00 73.47

LH 245,500 2,411,290.00 1.13% 9.85 9.82

TMB 742,900 2,283,292.00 0.91% 3.06 3.07

AAV 500,000 2,100,000.00 6.67% 4.16 4.20

PS 66,700 2,070,200.00 2.63% 31.00 31.04

CENTEL 54,000 1,876,000.00 1.68% 34.25 34.74SAMART 57,300 1,837,125.00 1.16% 31.75 32.06

BJCHI 51,000 1,747,250.00 2.10% 35.00 34.26

GLOBAL 132,600 1,643,060.00 4.18% 12.30 12.39

Source: SET

*Remark - Excluding a short sale by a member that is a participating dealer or market maker of the ETF investment units for the company's account, for

the purpose of realizing a profit from a price spread (arbitrage), or for the purpose of stabilizing liquidity, as the case may be.


13/17


18 November 2014

13


Nov 2014

Monday Tuesday Wednesday Thursday Friday

3 4 5 6 7

DTAC XD Bt1.57 ERWPF XD Bt0.0852 CPNCG XD Bt0.196

PPF

XD Bt0.1997 CPNRF XD Bt0.323

SIRIP

XD Bt0.15 QHPF XD Bt0.182

SPWPF XD Bt0.2188 ROJNA XR 4:1

TGROWTH XD Bt0.2357 @Bt7.0

TRUEIF XD Bt0.2603

10 11 12 13 14

CRYSTAL

XD

Bt0.192

DCC XD Bt0.67

UOB8TF

XD Bt0.111

OHTL XD Bt4.00

17 18 19 20 21

UPOIC XD Bt0.15 CHG XD Bt0.10 MILL XR 2:1

SPF XD Bt0.325 @Bt1.2

TFUND XD Bt0.17

TLOGIS XD Bt0.20

24 25 26 27 28

LHK XD Bt0.11 AMATA XD Bt0.20 BKI XD Bt2.75 FORTH XD Bt0.15

BKKCP XD Bt0.1522 EARTH XD Bt0.05

BLAND XD Bt0.04 TASCO XD Bt1.00

BTSGIF XD Bt0.156 TWZ XR 26:3

CPTGF XD Bt0.1983 @Bt0.55

DSGT XD Bt0.06

FUTUREPF XD Bt0.326

HANA XD Bt1.00

KAMART XD Bt0.06

TIF1 XD Bt0.11

TTLPF XD Bt0.33

Source: SET


14/17


18 November 2014

14


List of management who submitted the changes in securities holding report

Company Name of Management Relationship Types

Transaction

Date

Amount

Outstanding

%

Avg.

Price (Bt)

The

methods

BJCHI KYUYOUNG LEE Reporter C 14/11/2014 20,000 0.01 36.50 Buy

BTNC PANITARN PAVAROLARVIDYA Reporter C 14/11/2014 500 0.00 24.98 Buy

EPCO YUTH CHINSUPAKUL Reporter C 13/11/2014 550,000 0.07 7.55 Buy

IVL RATHIAN SRIMONGKOL Reporter C 13/11/2014 10,000 0.00 22.30 Buy

KSL PRAPAS CHUTIMAVORAPHAND Reporter C 14/11/2014 50,000 0.00 12.93 Buy

KSL PRAPAS CHUTIMAVORAPHAND Reporter C 13/11/2014 55,300 0.00 12.89 Buy

L&E-W3 PAKORN BORIMASPORN Reporter W 13/11/2014 1,055,553 1.06 4.79 Buy

RS SURACHAI CHETCHOTISAK Reporter C 12/11/2014 2,300,000 0.22 8.85 Buy

SAMART WATCHAI VILAILUCK Reporter C 13/11/2014 772,700 0.08 29.75 Buy

SVI PHICHET KANOGSIRIMA Reporter C 12/11/2014 500,000 0.02 4.24 Buy

BLAND-W4 ANANT KANJANAPAS Reporter W 13/11/2014 10,000,000 0.14 0.67 Sell

BLA PRAPAIVAN LIMSONG Reporter C 12/11/2014 10,000 0.00 56.25 Sell

BTS-W3 KEEREE KANJANAPAS Reporter W 13/11/2014 20,000,000 0.51 1.63 Sell

BTS-W3 KEEREE KANJANAPAS Reporter W 12/11/2014 27,232,318 0.69 1.62 SellEPCO YUTH CHINSUPAKUL Reporter C 14/11/2014 350,000 0.05 7.85 Sell

FIRE PRACHA PHROMPHORNCHAI Reporter C 13/11/2014 2,100,000 0.60 6.10 Sell

FIRE VARINKAN TERAUMRANON Reporter C 13/11/2014 100,000 0.03 5.70 Sell

L&E PUNYAMON SRIRATANAMONGKOL Reporter C 13/11/2014 30,000 0.01 7.20 Sell

L&E-W3 PUNYAMON SRIRATANAMONGKOL Reporter W 13/11/2014 30,000 0.03 4.94 Sell

NMG SERMSIN SAMALAPA Reporter C 14/11/2014 10,000,000 0.30 1.52 Sell

PL ALONGKORN THANGSUPANICH Reporter C 14/11/2014 95,600 0.02 4.20 Sell

PYLON BORDIN SANGARAYAKUL Reporter C 14/11/2014 2,375,000 0.84 8.10 Sell

PYLON CHANET SANGARAYAKUL Reporter C 14/11/2014 6,675,000 2.37 8.10 Sell

PYLON VONGCHAI SANGARAYAKUL Reporter C 14/11/2014 1,375,000 0.49 8.10 Sell

SMT PEERAPOL WILAIWONGSTIEN Reporter C 14/11/2014 100,000 0.02 5.80 Sell

SVI MANOON NOONATE Reporter C 12/11/2014 2,835,700 0.13 4.40 Sell

SVI PHICHET KANOGSIRIMA Reporter C 12/11/2014 700,000 0.03 4.60 Sell

TIES SUCHAI STAPORNCHAIYASIT Reporter C 13/11/2014 17,000,000 3.81 1.85 SellTIES SUCHAI STAPORNCHAIYASIT Reporter C 14/11/2014 17,000,000 3.81 2.40 Sell

TIES SUCHAI STAPORNCHAIYASIT Spouse C 14/11/2014 20,000,000 4.48 2.40 Sell

TRT TAI CHONG YIH Reporter C 12/11/2014 200,000 0.06 6.35 Sell

TRT TAI CHONG YIH Reporter C 12/11/2014 158,100 0.05 6.40 Sell

Source: SET


15/17


16/17


17/17


18 November 2014

17


Corporate Governance Report of Thai Listed Companies 2013Disclaimer

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 of 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 data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the

survey result may be changed after that date. Phatra Securities Public Company Limited ("Phatra") does not confirm nor certify the

accuracy of such survey result. In addition, the list only includes companies under Phatras coverage except those specified.

Companies with Excellent CG Scoring by alphabetical order under Phatras Coverage

Advanced Info Service Airports of Thailand Banpu Bangkok Bank Bangchak Petroleum

BTS Group Holdings LPN Property

Development

Charoen Pokphand Foods Hemaraj Land and

Development

Total Access

Communication

Electricity Generating The Erawan Group Central Pattana INTUCH IRPC

Indorama Ventures Kasikornbank Krung Thai Bank Ch. Karnchang MCOT

Minor International Preuksa Real Estate PTT PTT Exploration PTT Global Chemical

Quality Houses Ratchaburi Electricity

Generating

Robinson Department

Store

Thai Airways

International

Siam Cement

Supalai Thanachart Capital Siam Commercial Bank Thaicom Tisco Bank

Thai Military Bank Thai Oil True Corporation Thai Vegetable Oil

Companies with Very Good CG Scoring by alphabetical order under Phatras Coverage

Amata Corporation BEC World Bumrungrad Hospital Big C Supercenter Berli Jucker

Central Plaza Hotel CP All ESSO (Thailand) GFPT Glow Energy

Home Product Center Land & Houses Major Cineplex Group Siam City Cement Sansiri

Asian Property

Development

Sino Thai Engineering

and Construction

Ticon Industrial

Connection

Thai Union Frozen

Product

Companies with Good CG Scoring by alphabetical order under Phatras Coverage

Asia Aviation Bangkok Chain Hospital Siam Global House

N/A

Companies without survey result available by alphabetical order under Phatras Coverage

MK Restaurant Thai Beverage Bangkok Dusit Medical

Services

Tesco Lotus Retail

Growth Property Fund

BTS Growth Infrastructure

Fund

Nok Airlines

Documents

Phatra Wealth Daily 20141118 Rc