TThhaaannnaaacch ha aar rrttt’’’sss TTThheee EEEaarrlllyyy

THANACHART SECURITIES 1

Thai Strategy Team ��

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Thanachart SecuritiesTuesday, 25 March, 2014

TTThhhaaannnaaaccchhhaaarrrttt’’’sss TTThhheee EEEaaarrrlllyyy BBBiiirrrddd

Tactical Portfolio (1-3 months) TNS �� BTS, CPALL, CPF, DTAC, GFPT, INTUCH, JAS, SAMART �� TUF �� ก �� 1-3 �� !��"#$��%��&��"# 10% ��)� *� JAS: �� +,�-�. �/�#� $��%/�"#��% �� 7.80-8.00 �� 3��"# 7.60 �� (�&��6�$��7"#� 200 %��) !��"#��:�/�)�-�;��"# 10.0 �� /��&/<ก ��กก��=$ �� 6�)�-�;�/>$� 5-7 �/�#�6�� JAS /"��%=�6/��#��ก��B� 2Q14 ��#��Eก JAS E��B��6��ก6 6�$%/��%�F� Filing �)�#��6 ��ก ��L�M�� ก��M. ��NF�6 $��6�� /�#�%��"- ,O#�� /��%��B�E��%� +,�-�. �"#� &�%!��% �� 7.60-7.80 �� #��Eก 1) )�-�;� JAS �/��6��"#�� ก�� &�=��ก �� 28-17% F��P 2014-15 2) ;��ก ��&�E��B��&��Q&F��P 2015 ��E��R�N�)&#/ O-��B� 4.2-5.0% F��P 2014-15 3) ก ��กก��S �/6�M6 ��$�%�E��/ 3 ��&�� )�*� 6ก��6��>��"T�F� 2Q14 ,O#�F�ก !"�"#�/ 3��กก�� LEE�/" Upside ��:�/�)�-�;� 0.7-1.30 �� /"=�ก��"# JAS E�E��&��R�N)&�Z[ 0.7-1.0 ��/��6�

Technical ��<�=�>?@A�B� : ��M�" SET ��>��F� ��"-�"# �� 1380 E�� B�E��%� � ��>�F��%=�6/�� 6�F�^�ก�� F�6��"�� /�#�%��"-��B��^^!� $�%�E�� 1345 E�� ,�-��"# �� 1345-1347 E�� CDE��>�> 1 F�G�H�� : DELTA ก�� O-�/��>��6�$��7"#� 1 �� 55.50 �� $�%�E��>��&/�"# �� 58.50 �� /"=�ก��N�� :�/� O-��>��F�/��"# �� 60.00 �� TH /"=�ก� O-��&/�"# �� 1.70-1.75 �� B�E�� ก�� -� !��"#��%=�6/ �� O-� /"=�ก� O-��:�/��>��"# �� 1.85 �� RS $�%�%��"-E�/"E��%��%ก�� B�E��%�,�-��/ ��:�/� ��-� O-��%�6� 8.80 �� O-��>��F�/��"# �� 9.00 ��

Technical SET range: 1,345-1,357

TFEX Recommendation SET50 Futures: �� +3��. �3�� Short ��^^ S50H14 ��Eก��*ก�� =��/"��:�/�ก � ��"# 900 E�� (3O��:�/�� ก�"# 907-909 E�� 6%) !��"#ก�� Trailing Stop �"# 916 E�� Gold Futures: �� +3��. �3�� Short ��Eก��*ก�� =��/"��:�/�ก � ��"# 20,000-20,200 �� !��"#ก�� Trailing Stop �"# 20,600 �� Oil Futures: �� +Trading. F�ก �� 3,460-3,520 ��&Z�� *��ก�� Eก�3�� Short �/�$%/��6�� "�� -��6%�/�#�M�%��*ก�� $�-�/��&� Brent � ��Lก�6�� US$0.11/bbl �j��"# US$106.81/bbl

Market Outlook SET ��=��QR�S�T��U V��กWH�X BQ�YG S��Z 1,330-1,340 <�: SET � �� 0.78% �j��"# 1,349.90 E�� %��ก��6�T>/&T$�"#� ��%�>� O-�Eก$%/$��%��=��ก ��6��Z [;ก&E�)&#/��&/ ��E"� �6%�/>$�ก ,�-� � 2.78 �/�#�6�� ก��M�&,�-��6��Q& 941 6��...�� %=�6/ SET ��-��>�F��%=�6/ +)�ก;�. �6%��% �� 1,330-1,340 E�� #��Eก 1) ก �/��/"��%=�6/ 6�� O-� 2) �Z [;ก&E��6 ��Nก ��Eก�REE��ก �/��/ก O-� =�� TNS $��Z [;ก&E��&�=��)"�� 2% �P�"- �#�ก%� Q��.�"# 2.7% �� 3) SET �ก&��^^! +)�ก;�. ��-��$�&$��-��ก��*ก�� ก��\]��=��=^�� V��BX...à>\bc VCDE�X JAS: ก��Q*��ก��6��"#ก +�)� *�. F�M�%�ก Rebound �� SET !��"#ก � �� 6Fก6��% ��6�$��7"#� 20 %�� &�%! 1,348-1,350 E�� B��)"��E��%� +�กL�ก�� . ��-�<��กEก�"-� �� +,�-�. JAS �6%��:�/�)�-�;� 10 �� =��/��%� $��6�� #��Eก$%/ก��%��ก ��กก��=$ �� 6�)�-�;�/ก�ก&�� !��"#�REE��)�-�;��/��"#�� (�>�)&#/��&/F� Tactical Portfolio)

Trading Range: 1,330-1,360

StockTP (Bt)

S tock TP (Bt) S toc k (%) S toc k TP (Bt)

BTS 9.6 AOT 245.0 BTS 7.2 PROPERTY

CPALL 58.0 BTS 9.6 MCOT 7.0 RATCH 61.0

CPF 37.0 CHG 12.5 DCC 6.2

DTAC 140.0 CPALL 58.0 KKP 6.1

GFPT 15.5 CPF 37.0 DTAC 6.1

INTUCH 109.0 DTAC 140.0 INTUCH 5.9

JAS 10.0 STEC 25.0 ADVANC 5.9

SAMART 23.3 THCOM 48.0 TTW 5.7

TUF 77.0 TTCL 65.0 TISCO 5.6

CASH - TUF 77.0 PTTGC 5.1

Siam Senses Top Dividend Today's

Portfolio Core Holding Yield (%) 2014F report

Tactical

Thanachart’s The NEW Early Bird

SET Index: 1,349.90 | Change: -10.60pt (-0.78%) | Gainer: 182 Loser: 567 Unchanged: 162 stocks | T urnover (Bt m): 27,747 | Mkt cap: (Bt bn) 11,971

Total Net Buy (Sell) > | Foreign (Bt m) : + 941 | Retail (Bt m) : -201 | Local Fund (Bt m) : -1,147 | Prop Trad e (Bt m) +408

STATISTIC NEXT PAGE >>>

THANACHART’S THE EARLY BIRD TUESDAY, 25 MARCH, 2014


Tactical Portfolio

Tactical Top Picks (1-3 months) Performance ^\b�Zก�Z SET YTD +13.53%

Stock C/R Target TPPrice Price Upside 14F 15F 14F 15F 14F 15F

(Bt) (Bt) (%) (%) (%) (x) (x) (%) (%)BTS 8.40 9.60 14.3 34.0 12.1 44.0 39.3 7.2 7.8CPALL 43.50 58.00 33.3 29.7 29.2 27.2 21.1 2.1 2.4CPF 27.75 37.00 33.3 104.3 41.8 17.6 12.4 2.8 4.0DTAC 115.50 140.00 21.2 15.5 31.3 20.0 15.2 6.1 7.6GFPT 13.50 15.50 14.8 15.6 (0.5) 10.4 10.4 2.9 2.9INTUCH 76.25 109.00 43.0 13.5 17.2 14.5 12.4 5.9 7.0JAS 7.85 10.00 27.4 29.0 16.3 14.6 12.5 4.2 5.0SAMART 17.00 23.30 37.1 15.5 13.3 10.0 8.9 5.5 6.2TUF 67.00 77.00 14.9 83.0 26.7 15.5 12.2 3.5 4.5CASH

Norm EPS gw Norm PE Yield

10% of Portfolio

99

101

103

105

107

109

111

113

115

117

Jan-14 Feb-14 Mar-14

(%) SET Tactical Portfolio

Source: Thanachart estimates, �HiHGj� ��\bc 22 Mar 14, *Add, **Take out Source: SET, Thanachart estimates, �HiHGj��\bc 21 Mar 14 Note: Tactical Portfolio ^Gm��B�=\��>�> 1-3 ^�D�� T��Rn�กH��î�H>��\H=�DE�WH�, ^\i��i S�> Market timing กpH��ก��\]�กH��=\� Cqc=<pHก��กH�rD�^=��F�R��BYUQ^ก�� 30%

กH�G��Z��=`�=�HiH JAS ^Gm�T�กHF VCDE�X

JASsกH�G��Z��=`�=�HiH��^Gm�<�=�> VCDE�X: $��6� JAS �"#� �� /�#�%��"- ��B�=�ก� +,�-�. =��7)�F�ก !"�"# $��6��%/�"#��% �� 7.80-8.00 �� 3��"# 7.60 �� (�&��6�$��7"#� 200 %��) ��#��Eก 1) �/6ก ��กก��=$ �� 6�)�-�;�/>$� 5-7 �/�#�6�� JAS /"��%=�6/��#��ก��B� 2Q14 ��#��Eก JAS E��B��6��ก6 6�$%/��%�F� Filing �)�#��6 ��ก ��L�M�� ก��M. ,O#�/��%��B��)"��R̂ ��Lก�6��-� ,O#��/�#� ��&�� )�*F�6ก��/>$� 5-7 �/�#�6� �� LE E�/" Upside ��:�/�)�-�;� 0.7-1.30 �� /"=�ก��"# JAS E�E��&��R�N)&�Z[ 0.7-1.0 ��/��6� 2) )�-�;� JAS �/��6��"#��/6ก ��กก��M6��ก�� =��$�ก !*ก�� &�=��ก �� 28-17% F��P 2014-15 3) ;��ก ��&�E��B��&��Q&F��P 2015 ��E��R�N�)&#/ O-��B� 4.2-5.0% F��P 2014-15 Tactical Portfolio R��B�H��B�ZS\� +0.53% w-w: Tactical Portfolio F�6�� N�� +0.53% F��*�"#N��/ (17-21 /".$.14) �>�ก%� SET �"#F�6�� N�� -0.85% ��>� 1.38% =��6��"#F�6�� N��"ก%� SET ��6�ก� DTAC, DEMCO (�� + �. ��ก��F�M�%�ก��*), CPALL, �� TUF !��"# GFPT �� CPF F�6�� N��#�ก%� SET =��F��*�"#N��/� �� + �. DEMCO �� QH ��กEก)� *� �� +,�-�. TUF %/��3O��)&#/��%� +��&��. ��B� 10% �)�#� �� $%/��"#��Eกก +)�ก;�. ��...��-��"-36)&E !��-��E�� Tactical Portfolio (13 /.$.14) F�6�� N�� 13.53% �>�ก%� SET �"#F�6�� N�� 7.64% ��>� 5.46% Momentum ��FQ�R��Q V�Q��S�X �=BQ�^�Dc�=: �/�#�)&E !Eก Momentum ��6� ��%E��%� 100 ��% � ��$&��B�� /! 82% �� Market Cap E��L�%��6��%�F�^�/" Momentum ��#�� =��6��"#/"��^^! +)�ก;�. + +�)� *�. � �� +Neutral. + +Negative. /"��%��)&#/ O-� %�� L%��B� 56% �/�#�%��"- �)&#/ O-�Eก �� 10% F�M�%��6��*ก�� )&#/ O-�Eก 30% F�M�%��*ก�� ,O#��B�ก ��$%/��"#��Eกก +)�ก;�. �� SET =�� %/

�� ก�� ก�, [email protected], +66 2617 4900

Tactical Picks

StockAttractive Div Yield

Limited Impact from

Polities

Limited Downside

risk on share price

High Earnings Growth

BTS x x x xCPALL x xCPF x xDTAC x xGFPT xINTUCH x xJAS x xSAMART x xTUF x x

Tactical Portfolioys performance (w-w)

-0.85%

0.53%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

GF

PT

CP

F

BT

S

SE

T

JAS

SA

MA

RT

Tac

tical

INTU

CH

TU

F

CP

ALL

DTA

C

QH

DE

MC

O

Take out

Momentum Tracking

0%

20%

40%

60%

80%

100%

120%

27-Dec-13 17-Jan-14 7-Feb-14 28-Feb-14 21-Mar-14

Positive Neutral Negative



Siam Senses Portfolio

Siam Senses Top Picks (6-12 months)

Stock Rating Current Target Upside Market

price price cap 2014F 2015F 2014F 2015F 2014F 2015F 2014F 201 5F

(Bt) (Bt) (%) (US$ m) (%) (%) (x) (x) (x) (x) (%) (%)

AOT BUY 188.00 245.00 30.3 8,272 24.6 15.9 21.7 18.7 13.0 12.0 1.8 2.1

BTS BUY 8.40 9.60 14.3 3,082 34.0 12.1 44.0 39.3 21.2 24.4 7.2 7.8

CHG BUY 10.30 12.50 21.4 349 13.9 13.9 24.0 21.1 15.5 13.8 2.5 2.8

CPALL BUY 43.50 58.00 33.3 12,039 29.7 29.2 27.2 21.1 17.5 14.4 2.1 2.4

CPF BUY 27.75 37.00 33.3 6,618 104.3 41.8 17.6 12.4 14.9 12.2 2.8 4.0

DTAC BUY 115.50 140.00 21.2 8,423 15.5 31.3 20.0 15.2 8.9 7.3 6.1 7.6

STEC BUY 16.30 25.00 53.4 766 14.3 10.0 15.1 13.7 5.7 3.0 2.6 2.9

THCOM BUY 40.75 48.00 17.8 1,376 41.8 35.3 22.5 16.7 10.0 8.0 1.7 3.0

TTCL BUY 36.25 65.00 79.3 625 35.3 42.7 19.6 13.8 13.0 9.8 2.5 3.6

TUF BUY 67.00 77.00 14.9 2,385 83.0 26.7 15.5 12.2 12.5 10.6 3.5 4.5

— Norm EPS gw — — Norm PE — — EV/EBITDA — — Yield —

Source: Thanachart estimates, Closing price 24-Mar-14 Note: ��BกH��=\�`�= Siam Senses FpH��Z��ก�=\��>�>�H��Cqc=B��=กH��=\�R��>�> 6-12 ^�D��

Siam Senses Return Vs. Return From The SET

1.5 3.9

(60)

(40)

(20)

0.

20.

40.

60.

80.

100.

2008 2009 2010 2011 2012 2013 YTD2014

(%) Siam Senses return SET

(2.4)

-10

-5

0

5

10

15

20

25

30

35

2008 2009 2010 2011 2012 2013 YTD2014

(%) Out / Underperform the SET

��R� Siam Senses Portfolio � AOT: ��B��6��"#/"ก ��&�=��>�F� ��% (Long-term growth

stock) ��B��6��"#/"�&�� )�*$�!T)�>� (Asset play) � BTS: ��B��6��"#/"��3"� T)�>�T�F�6�T%��Z [;ก&E�"#3�3��

(Defensive stock) ��F�6�� N��Eก��&��R�N�>� � CHG: ��B��6�)�-�;��"/"ก ��&�=� ��ก�� /#��/�F� 4-5 �P

6��6 � CPALL: ��B��6��"#ก��}~��% ��Q� ก&E/"$%/N��N%��6��=��

Q /M�&

� CPF: }~��%� L��ก ��Eก�P 2013 �"#�% 6� � DTAC: F�6�� N��Eก�R�N�>� ��&�=��" � STEC: ��B�� &[�� /�"#��"#��Eกก )��=$ �� 6�

)�-�;� �� ZF� ��% � THCOM: ��B��6��"#/"ก ��&�=��>� �6%�/" 2 �%��"�/F�/�F��P�"-. � TUF: ��B��6��"#ก��}~��% ��6� �=�M�*Eก��&��"#��$�

��U��กH ��<กH�a, [email protected], +66 2617 4900



Market & Data Summary

Market Summary Major Indices

Index Close ∆ % ∆

Dow Jones 16,276.69 -26.08 -0.2

NASDAQ 4,226.39 -50.40 -1.2

FTSE 6,520.39 -36.78 -0.6

SHCOMP 2,066.28 +18.66 +0.9

Hang Seng 21,846.45 +409.75 +1.9

FTSSI (Sing) 3,111.83 +38.44 +1.3

KOSPI 1,945.55 +10.61 +0.5

JCI (Indonesia) 4,720.42 +20.20 +0.4

MSCI Asia 118.00 +1.52 +1.3

MSCI Asia x JP 530.67 +6.23 +1.2

MSCI World 1,645.97 -7.41 -0.4

Market data Close ∆ ∆ Value

(Index) (Pt) (%) (Bt m)

SET Index 1,349.9 -10.6 -0.8 27,747

SET50 Index 912.4 -7.0 -0.8 18,920

SET100 Index 2,005.3 -16.6 -0.8 23,690

SETHD Index 1,086.0 -11.9 -1.1 6,036

MAI Index 398.0 -6.1 -1.5 749

Source: SET

SET Index vs MSCI Asia x JP

440460480500520540560580

1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700

Mar-13 Jul-13 Nov-13 Mar-14

SET index (LHS)MSCI Asia x JP (RHS)

(Index) (Index)

Major Currency Close ∆ % ∆

Dollar index 79.93 -0.17 -0.2

Bt/US$ - on shore 32.46 +0.00 +0.0

EUR/US$ 0.72 +0.00 +0.0

100JPY/US$ 102.19 -0.05 -0.0

1Y bond yield - TH 3.87 -0.01 -0.3

10Y bond yield - TH 2.73 -0.01 -0.5

Commodities Close ∆ % ∆

NYMEX (US$/bbl) 99.60 +0.14 +0.1

BRENT (US$/bbl) 106.81 -0.11 -0.10

DUBAI (US$/bbl) 103.33 -0.42 -0.40

JET Fuel (US$/bbl) 119.28 -0.42 -0.35

Baltic Dry Index 1,602.00 +3.00 +0.19

Baltic Handysize Index 676.00 +2.00 +0.30

GRM Complex(US$/bbl) 7.69 +0.22 +2.99

Gold (US$/oz) 1,310.50 -0.60 -0.05

Coal (BJI)* 74.90 +2.15 +2.96

Cotton (US$/bbl) 90.63 -2.68 -2.9

(US$/tonne)* (US$ cent/lb)**

HDPE-Naphtha 604.00 -3.00 -0.49

Ethylene-Naphtha 511.50 -5.50 -1.06

PX-Naphtha 236.50 +27.00 +12.89

BZ-Naphtha 299.00 +12.00 +4.18

Steel-HRC 510.00 -17.50 -3.32

Rubber SICOM TSR20 1,908.00 -11.00 -0.57

Rubber TOCOM 2,271.17 -19.03 -0.83

Soybean (US$/bu.) 1,425.50 +16.75 +1.19

Soybean meal (US$/t) 462.00 +6.10 +1.34

Swine Price (Bt/kg) 75.33 +0.00 +0.00

Broiler Price (Bt/kg) 39.50 -1.00 -2.47

Vannamei Shrimp(Bt/kg) 285.00 +0.00 +0.00

Raw Sugar** 16.84 +0.01 +0.06

White Sugar** 450.20 +1.50 +0.33

Source: Bloomberg

Thailand Net Fund Flows

Net trade (Bt bn) Prev. -1M YTD

Foreign +0.94 +3.43 -28.99

Retail -0.20 -4.37 +14.45

Institutes -1.15 +1.59 +15.33

Proprietary +0.41 -0.64 -0.80

Source: SET

Regional Fund Flow

Net trade (US$ bn) Prev. MTD YTD

Thailand 29 (416) (881)

India — (13) 2,579

Indonesia 24 195 1,978

Korea 42 (1,537) (3,983)

Philippines 7 (107) 233

Taiwan 233 774 1,462

Asia-6 334 (1,103) 1,388

Source: Bloomberg

Market Valuation

Market data 2014F 2015F 2016F

PE (x) 13.03 11.53 10.12

Norm EPS gw (%) 9.62 12.82 13.93

EV/EBITDA (x) 8.83 8.11 7.44

P/BV (x) 2.01 1.83 1.66

Yield (%) 3.69 4.16 4.86

ROE (%) 16.14 16.66 17.30

Net D/E (x) 0.66 0.62 0.54

Source: Thanachart estimates Sources: Bloomberg, Datastream

Most Active Value

0.7

0.7

0.7

0.9

0.9

1.0

1.3

1.4

2.7

2.7

0 1 2 3

PTT

AOT

INTUCH

TTA

TRUE

CPF

IVL

KBANK

ADVANC

JAS

(Bt bn)

Top Gainer Price -1D (%)

3.9

4.9

5.2

6.2

6.8

6.8

8.9

9.2

12.0

19.0

0 5 10 15 20

TNPF

NTV

TH

BWG

FMT

LTX

GENCO

WIN

WAVE

ROH

(%)

Top Looser Price -1D (%)

(4.2)

(5.0)

(5.0)

(5.3)

(5.5)

(5.5)

(5.9)

(6.5)

(6.5)

(6.6)

(8)(6)(4)(2)0

PCSGH

TVI

UPF

TWZ

ANAN

GOLD

UMI

EVER

JAS

F&D

(%)

Source: SET



News Update

SET +E �/) . �N�ก ��&��M�&� &#/ก��/,�-��Q&��6��"- 5,000 �. ��M�%��"#N��/ /"ก ��&��M�&��ก 33,000 �. /��ก �/��&#��B��%�%ก

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�� ก �� ก�� (��) �� !��"�#��$��%"�&� '� '()� '*�%��#�+��,�#�%--$��$�.� '"/ " ��-��/)0�+(�1� .� '"2�%��ก��.3�#��$�%"�&�#ก$��ก�� )�#�+2�%.04��%"�&�0�+ก"�ก��(��2�5 "��ก �� #�$��*�%�.�� ".��6�-�2�%5 "�� "�� "0�+ก��1��ก ��#�$"�$��2� ��#�+1-��.�7�2�."ก(��"��ก��.0�'��#0��#ก%*�*�% ��ก�%"�&� '*�%��.0�'��#0��*0 ก��%"�&� '0��ก8"�&$2�."ก(�� *�$-$� �� "��($-�*0 ��5�� #0�� #ก%*� �� "��""ก.3�#��$#ก$(��,�� +�%"�*�%��1-��"��ก�� ก$"�

THAILAND Sector Note 25 MARCH 2014

Sector Outlook � Sector Weighting Underweight

Thailand Property Sector ก��

Sector Valuation Current Target Norm EPS grw Norm PE P/BV Div yield

BBG price price 2014F 2015F 2014F 2015F 2014F 2015F 2014F 2015F

Company Code Rec. (Bt) (Bt) (%) (%) (x) (x) (x) (x) (%) (%)

Asian Property Dev AP TB SELL 5.15 4.10 (6.4) (1.3) 7.7 7.8 1.0 0.9 3.9 3.8

Land And Houses LH TB HOLD 9.35 9.10 (5.0) 14.0 15.3 13.4 2.6 2.4 4.6 5.6

L.P.N. Development LPN TB BUY 15.70 18.50 (12.0) 51.2 11.3 7.5 2.2 1.9 4.4 6.7

Pruksa Real Estate PS TB SELL 19.80 16.00 (19.8) 17.8 9.5 8.0 1.6 1.4 3.2 3.7

Quality Houses QH TB BUY 3.00 3.50 (14.7) 14.6 9.9 8.6 1.5 1.3 4.5 5.8

Sansiri SIRI TB SELL 1.93 1.60 19.2 8.8 8.3 7.6 1.1 1.0 5.6 6.6

Supalai SPALI TB BUY 17.50 21.00 40.4 25.6 7.4 5.9 1.8 1.5 5.4 6.8

Source: Thanachart estimates

��ก�� ก��!"#ก$��"��#%�&'()(�*��*)#�*+� ,��)-"#ก�'��%�./ ��!"#"��%ก��$�*)�$#")��#��)�+��0 ��) presales %��+��ก�7�.�)#ก�� SPALI �7%��$"�=�)(�*�� (��ก$�#��*)#ก+�'��# �# +�%�กก$��"��#%�& UNDERWEIGHT

PHANNARAI TIYAPITTAYARUT

662 – 617 4900 [email protected]

48% Above Historical Low

579

111315

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

F

(x)

6.7x

9.9x

Sources: Company data; Thanachart estimates

Largest Presales Contraction Ever

(40)

(20)

0

20

40

60

2006

2007

2008

2009

2010

2011

2012

2013

2014

F

2015

F

2016

F

(%)

-15% -11%-24%


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(10)0

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(%) 2014F 2015F62 60


Presales 2M14 $�$#��# �"��$-��%� (Presales) �"�ก�)$�?2� 2M14 �� 58% y-y ( �.� '"��ก1-��*�$(�� ก��.� "� ��2�%1�.� '"�ก��(��2�5 "�%��, #�-��%�.J��!ก��"$"�#" #�+!�� presales 2� 1Q13 (&��ก .��0�+��,ก�� presales �� 24% 2�0N� #�+0��0�+��,ก��ก��*��"�.��.��'� 1% /�� 3% 2�0N 2014-16F #�$��.�7�ก��*�0N 2014F �� 3% .� '"��ก.��0�+��,ก��ก��*�*�$.�� .��"�-$� PE 9.9 . $� 2�0N 2014F *�$/&ก 0�+ก"�ก��1-��.('��ก��*��ก1-��-)$�-�� ก��.� "� '� �.� "#�+1-��.('��ก.��ก backlog .��1��กก�)$�"(��? UNDERWEIGHT

./ ��ก$��"��#%�& )�#��")��

.��1��-$�0N��+.04��'�2�0N '��ก '()�2��)1��-�กZ��%��ก)%�(��ก�)$�"(��?�"�* � "�$��*�ก7� �%-��&0#��)�ก��"�ก�)$�? '�1-��.('��'�� .��1��-$�� !��+�+��-�"�ก�)$�?*�$.0�'��#0��"�$��(��1�6 .��*�$.�7��1�"(��?�$-�"�$��)�#��, ก��ก.��ก presales "�$��$".� '"�, 0[6��ก�+#(.��(�, ��.��'�(&��ก #�+ก��.��'� )��$".� '"� .��+ 1) �&0#��)�ก��3��"�� 2�ก�)$� ��2�%(��1%�1�1�� landbank �'�� 2) #�-1��(�%��$-��%� (prebuilt) (��3��a�,b��1-��%"�ก��.ก7�ก��*� 3) ��'�� (net D/E 2014F 0.8 . $� 2014F), 4) (a��#-��%"�"��"ก.��'��.��+(a��1�$"�($-�.ก��2�0�+. J��-��ก #�+ 5) ��1��* ��1-��+��+-��(&�

��K��ก+�'�LMN��%�� ก0N 2014F '.��1��ก��,��"� presales ��- #�+ก��*� ��- .��1��ก��*�efg��- 19% 2�0N 2015F .��*�$1��-$��+efg��-"�$��-�.�7-2�0N 2015F .� '"��ก.��1�� presales "$"�#"2�0N� ��ก*�$�&�&�1$� �)%�("��- 'ก��*��กefg�#�7�#ก�$� '()��กก��1��-��"�.�� 1 " LPN #�+ SPALI

��$��!"#ก$��&)�#'��O�ก; �$/"ก SPALI �.��*)#�*+� .��"�-$��&�1$��"�ก�)$�"(��?��*�$/&ก .��.�7� SPALI .04��-.�$� '1-��.('��'�� '()�(��0N� SPALI ��.�$��%-�ก��*��$"�)%�1��ก��,��"�.�� 40% 2�0N 2014F �%-� backlog �"�� 90% �"��*�%0N 2014F SPALI ��&�1$�/&ก ' PE 7.4 . $� #�+"��3��"�# � 5.4% #�+ 6.8% 2�0N 2014-15F �)%� '.��.� "ก"��("� (��ก�� )��+�+��-�� 1 " LPN ��ก��*��กefg� '#�7�#ก�$�2�0N 2015F #�+.��"�-$��0[�� !��2��+�+��- '#�7�#ก�$� �� SIRI .04��)%� '�1-��.('�� '()�2�ก�)$�? '.��#�+�� o��p

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SECTOR NOTE PHANNARAI TIYAPITTAYARUT

THANACHART RESEARCH

Ex 1: Earnings And TP Changes

Normalized

profit (Bt m)

――― 2014F ――― ――― 2015F ――― ――― 2016F ――― ― TP (Bt/share) ― ――― Rating ―――

New Old % chg New Old % chg New Old % chg New Old % chg New Old

Sector 23,863 23,623 1.0 28,435 2 ,701 2.7 30,001 29,712 1.0 Underweight Underweight

AP 1,881 1,753 7.3 1,855 1,757 5.6 2,030 1,907 6.4 4.10 3.80 7.9 SELL SELL

LH 6,118 6,142 (0.4) 6,971 7,030 (0.8) 7,629 7,636 (0.1) 9.10 8.00 13.8 HOLD HOLD

LPN 2,049 2,323 (11.8) 3,096 3,242 (4.5) 3,247 3,411 (4.8) 18.50 19.00 (2.6) BUY BUY

PS 4,655 4,604 1.1 5,482 5,336 2.7 5,707 5,537 3.1 16.00 15.00 6.7 SELL SELL

QH 2,782 2,779 0.1 3,188 3,210 (0.7) 3,525 3,491 1.0 3.50 3.20 9.4 BUY BUY

SIRI 2,332 1,961 18.9 2,761 2,060 34.0 2,425 2,275 6.6 1.60 1.50 6.7 SELL SELL

SPALI 4,047 4,061 (0.4) 5,081 5,065 0.3 5,439 5,455 (0.3) 21.00 21.00 0.0 BUY BUY


Ex 2: Key Assumptions Changes

2014F 2015F 2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F

Presales (Bt m)

LPN

Presales on condos

- New 17,077 25,017 26,268 26,662 28,528 30,525 32,662 34,948 37,395 40,012 42,813

- Old 20,736 22,809 24,862 26,603 28,465 30,457 32,589 34,871 37,312 39,923 42,718

% change (18) 10 6 0 0 0 0 0 0 0 0

Presales on TH & SDH

- New 300 300 500 500 500 500 500 500 500 500 500

- Old 800 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000

% change (63) (70) (50) (50) (50) (50) (50) (50) (50) (50) (50)

GP - condo (%)

LPN

- New 31.50 35.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00

- Old 32.70 35.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00 33.00

SG&A/sales (%)

AP

- New 19.0 19.0 19.0 19.0 19.0 19.0 19.0 19.0 19.0 19.0 19.0

- Old 19.5 19.7 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0

SIRI

- New 21.0 20.5 20.5 20.5 20.5 20.5 20.5 20.5 20.5 20.5 20.5

- Old 22.0 21.5 21.5 20.5 20.5 20.5 20.5 20.5 20.5 20.5 20.5



THANACHART RESEARCH

��ก SPALI ��

.��.�7� SPALI .04��)%� '�1-��.('��'��()�(��0N� SPALI ��.�$� .��+.��1��ก��,�ก��*��$"�)%�.�� 40% 2�0N 2014F �%-� backlog �"�� 90% �"��*�%0N 2014F �"ก��ก� .��"�-$� SPALI ��&�1$�/&ก ' PE 2014F 7.4 . $� #�+"��3��"�# �.��0[�3� 5.4% #�+ 6.8% 2�0N 2014-15F "%��"��"��ก��$��.��0[�3��'�� 40% #�+!��+ ��ก��.�� '#�7�#ก�$� �%-�"��($-��(��() ��$" )��'�� ' 0.5 . $� 2�0N 2014F

�)%�"�� 2 '.��.� "ก (�� )��+�+��-ก-$� 1 " LPN (��ก��*�0N 2015F efg��-"�$��#�7�#ก�$� 51% 3��ก��*�%.�� 26% (83% �"��*�% �"�� backlog), .��1��"��ก��*��%��1"��.��'�.04� 35% ��ก 31.5% 2�0N� #�+.��"�-$��0[�� !��+�+��- '#�7�#ก�$��ก

#�%.��1��-$�0N��+.04�0N '��ก(�� LPN #�+.��0�+��,ก��*�%�� 8% (backlog 8.4 ��. �"�� 68% �"�0�+��,ก��*�%"(��? 12.4 ��. 0N 2014F #�+.�� 55% �"�.0q��*�%"(��?�"�� 15.2 ��.), presales �� 30% .04� 17 ��. #�+ก��*��$"�)%�� 12% .��1��"��3��"�# ��ก.��0[�3� ' 4.4% 2�0N 2014F ก$"�.��'�.04� 6.7% 2�0N 2015F

2��,+ ' .��.�7� LPN �#�-��%� '�+*�$(��/ �� presales *�%��.0q� (.0q��.�� +8% .04� 26.4 ��.) .��+1"�� take-up rate �%� ( �.� '"��ก1-��*�$(�� ก��.� "� .��.� '"-$� Backlog '�"�&$��2�6$�" '�+3��ก��ก��.�� '#�7�#ก�$��ก2� 2015F ��'��/�� ?(��/.� '"�.0t��1��ก��*00N��%� ��*�$($�3�ก�+ ��$"ก��.��"�ก��*�2�0N��%� #�%�� ?.04�3&%��u��1"�� #�$"��($-��(��() ��$" )��'�� '()�2�ก�)$� ' 0.3 . $� 2� 2014F

.��#�+�� o��p SIRI 5�'�.��.� '"-$�.04��)%�.('�� '()�2�ก�)$� (��!��+ ��ก��.�� %-�"��($-��(��() ��$" )� , 4Q13 ' 1.9 . $� #�+.��1��-$��+.��'�.04��กก-$� 2 . $� ��$��0[�3�.��(�2� 2Q14 #�+0[6��ก��ก.��ก�"� presales 1"��.�� '($�3�ก�+ ��$"ก�+#(.��(� ��("�.04�3��ก��*�% '��*0 #�+1$�0��ก1-��$��%��"��1��ก��

Ex 3: Developers’ Normalized EPS Growth

(6) (5)(12)

(20)(15)

19

40

(1)

14

51

18 159

26

(40)

(20)

0

20

40

60

80

100

AP LH LPN PS QH SIRI SPALI

(%) 2014F 2015F


�� SPALI �� EPS 2014F '� 40%, PE ()ก�� *�+,��-*.��/��0�,��

LPN �� ( �2�.��ก �� -ก��2��3 2015F 567�� *89�*ก�:�

��9� SIRI �� )��<�ก��:�=; ?8��@


THANACHART RESEARCH

Ex 4: 2M14 Presales

(Bt m) AP LH LPN PS QH SIRI SPALI Total

2M14F 804 3,500 1,786 3,554 2,100 7 1,860 13,611

- Low-rise 825 Na 0 3,127 1,600 1,370 1,187 na

- Condos (21) Na 1,800 427 500 (1,363) 673 na

Growth (y-y%) (54) (13) (19) (23) (39) (100) (11) (58)

2M14F/Cos’ 2014F targets (%) 4 11 7 8 10 0.1 8 7

Companies' targets 21,000 32,000 26,400 43,000 21,420 30,000 22,000 195,820

Sources: Company data, Thanachart estimates

Ex 5: Presales Assumptions

AP LH LPN PS QH SIRI SPALI Total

Presales (Bt m)

2009 18,341 17,273 10,841 22,774 10,597 13,964 13,567 107,357

2010 17,541 20,003 15,008 38,756 9,640 24,996 15,436 141,380

2011 14,353 19,200 14,247 25,554 12,160 21,792 18,768 126,074

2012 20,237 25,074 18,741 29,397 16,600 42,593 23,456 176,098

2013 15,184 30,190 24,395 41,282 20,400 42,168 19,091 192,710

2014F 13,666 24,023 17,077 30,695 16,332 25,195 19,127 146,113

2015F 15,061 26,426 25,017 34,662 17,965 29,579 20,638 169,348

2016F 16,276 29,124 26,268 37,621 19,223 33,576 22,246 184,334

Growth (%)

2009 118 12 18 41 11 34 31 35

2010 (4) 16 38 70 (9) 79 14 32

2011 (18) (4) (5) (34) 26 (13) 22 (11)

2012 41 31 32 15 37 95 25 40

2013 (25) 20 30 40 23 (1) (19) 9

2014F (10) (20) (30) (26) (20) (40) 0 (24)

2015F 10 10 47 13 10 17 8 16

2016F 8 10 5 9 7 14 8 9


Ex 6: LH’s 12-month SOTP-based Calculation

Holding (%) (Bt m)

Enterprise value - property development business

74,097

Rental properties

8,362

Investment in property funds

463

Investment in associates

43,168

- Quality Construction Products Plc. 21.2 872

- LH Financial Group Plc. 34.1 5,383

- Home Product Center Plc. 30.2 29,570

- Asia Assets Advisory Co., Ltd. 40.0 2

- Quality Houses Plc. 25.0 7,341

Total enterprise value

126,090

Less Net debt (end-2014F)

34,174

Less Minority interest

1,373

Equity value

90,543

# of shares (m)

10,026

Equity value/share (Bt) 9.03



THANACHART RESEARCH

Ex 7: QH’s 12-month SOTP-based TP Calculation

(Bt m)

Enterprise value - property development business

22,368

Commercial property Rentable area (sqm) 1,990

Office buildings

- Q.House Convent 12,228 sqm 246

- Q.House Asoke 20,762 sqm 704

- Q.House Sathorn 13,648 sqm 502

Serviced apartments

- Centre Point Petchburi 13,009 sqm 0

- Centre Point Sukhumvit 19,372 sqm 0

- Centre Point Silom 13,933 sqm 538

- Centre Point Langsuan 11,744 sqm 0

- Centre Point Saladaeng 3,587 sqm 0

Investments in associates Holding (%) 25,588

- QHPF 26.0 1,819

- LH Financial Group Plc. 21.0 3,258

- Home Product Center Plc. 20.0 19,563

- QH Hotel and Residence Freehold and Leasehold

Property Fund (QHHR)

31.0 948

Total enterprise value

49,946

Less Net debt (end-2014F)

17,838

Equity value

32,109

# of shares (m)

9,184

Equity value/share (Bt) 3.50



THANACHART RESEARCH

Ex 8: Sector Valuation Comparison

AP LH LPN PS QH SIRI SPALI Average

Rating SELL HOLD BUY SELL BUY SELL BUY

Target price Thanachart 4.10 9.10 18.50 16.00 3.50 1.60 21.00

Consensus 6.00 10.70 17.48 22.76 3.40 1.82 22.00

Consensus rec. Buy 17 21 16 21 21 7 21

Hold 6 4 4 6 2 5 2

Sell 5 1 7 2 2 8 2

Sales (Bt m) 2013 19,989 25,075 14,347 38,848 19,699 28,597 12,615 159,170

2014F 17,933 23,545 13,230 30,875 15,435 29,989 18,857 149,865

2015F 17,606 26,677 16,618 35,486 17,784 33,041 22,269 169,481

2016F 19,036 28,607 18,961 36,787 19,149 29,647 23,571 175,759

Norm profits (Bt m) 2013 2,009 6,442 2,329 5,802 3,261 1,912 2,882 24,636

2014F 1,881 6,118 2,049 4,655 2,782 2,332 4,047 23,863

2015F 1,855 6,971 3,096 5,482 3,188 2,761 5,081 28,435

2016F 2,030 7,629 3,247 5,707 3,525 2,425 5,439 30,001

Sales growth (%) 2013 15.5 4.0 7.7 43.8 50.6 (4.1) 9.6 16.9

2014F (10.3) (6.1) (7.8) (20.5) (21.6) 4.9 49.5 (5.8)

2015F (1.8) 13.3 25.6 14.9 15.2 10.2 18.1 13.1

2016F 8.1 7.2 14.1 3.7 7.7 (10.3) 5.9 3.7

Norm profit growth (%) 2013 (2.9) 23.2 6.8 48.8 86.0 (33.3) 5.1 18.8

2014F (6.4) (5.0) (12.0) (19.8) (14.7) 22.0 40.4 (3.1)

2015F (1.3) 14.0 51.2 17.8 14.6 18.4 25.6 19.2

2016F 9.4 9.4 4.9 4.1 10.6 (12.2) 7.0 5.5

Gross margin (%) 2013 33.8 36.2 32.7 34.7 32.4 32.6 40.6 34.7

2014F 33.6 36.3 31.4 34.3 32.0 32.2 40.4 34.3

2015F 33.6 36.5 34.7 34.4 32.1 32.2 41.4 35.0

2016F 33.4 36.5 32.8 34.4 32.1 32.0 41.2 34.6

SG&A/sales (%) 2013 19.9 13.7 12.4 15.6 17.2 23.8 11.8 16.4

2014F 19.0 13.4 12.0 15.0 17.0 21.0 12.6 15.7

2015F 19.0 13.4 11.5 15.0 17.5 20.5 11.8 15.5

2016F 19.0 13.4 11.5 15.0 17.5 20.5 11.5 15.5

Net margin (%) 2013 10.1 17.7 16.2 14.9 11.8 6.7 23.4 14.4

2014F 10.5 17.5 15.5 15.1 11.3 7.8 21.9 14.2

2015F 10.5 17.7 18.6 15.4 11.3 8.4 23.3 15.0

2016F 10.7 17.7 17.1 15.5 11.4 8.2 23.5 14.9



THANACHART RESEARCH

Ex 8: Sector Valuation Comparison (Con’t)

AP LH LPN PS QH SIRI SPALI Average

Rating SELL HOLD BUY SELL BUY SELL BUY

Target price Thanachart 4.10 9.10 18.50 16.00 3.50 1.60 21.00

Consensus 6.00 10.70 17.48 22.76 3.40 1.82 22.00

Consensus rec. Buy 17 21 16 21 21 7 21

Hold 6 4 4 6 2 5 2

Sell 5 1 7 2 2 8 2

ROE (%) 2013 15.1 19.8 25.7 25.8 19.7 11.8 21.6 19.9

2014F 13.1 17.7 20.4 17.7 15.5 12.6 25.8 17.5

2015F 12.1 18.8 27.0 18.4 16.3 13.3 27.0 19.0

2016F 12.2 19.3 24.3 16.9 16.4 11.0 24.4 17.8

ROIC (%) 2013 9.0 7.8 21.6 16.6 6.5 5.3 18.6 12.2

2014F 7.3 6.4 14.7 10.9 5.1 5.6 19.3 9.9

2015F 6.9 7.1 23.3 13.4 5.6 6.1 20.4 11.8

2016F 8.1 7.3 21.9 13.1 6.0 5.5 20.3 11.7

Norm PE (x) 2013 7.2 14.6 9.9 7.6 8.4 9.9 10.4 9.7

2014F 7.7 15.3 11.3 9.5 9.9 8.3 7.4 9.9

2015F 7.8 13.4 7.5 8.0 8.6 7.6 5.9 8.4

2016F 7.2 12.3 7.1 7.7 7.8 8.7 5.5 8.0

Dividend yield (%) 2013 4.9 4.3 5.4 4.3 5.3 4.9 4.0 4.7

2014F 3.9 4.6 4.4 3.2 4.5 5.6 5.4 4.5

2015F 3.8 5.6 6.7 3.7 5.8 6.6 6.8 5.6

2016F 4.2 6.5 7.0 3.9 6.4 5.8 7.2 5.9

Net D/E (x) 2013 1.0 1.0 0.4 0.8 1.1 1.9 0.5 1.0

2014F 1.0 0.9 0.3 0.5 1.0 1.5 0.5 0.8

2015F 0.7 0.9 0.2 0.4 0.8 1.2 0.3 0.6

2016F 0.4 0.8 0.2 0.2 0.7 1.0 0.2 0.5



THANACHART RESEARCH

Valuation Comparison

Ex 9: Valuation Comparison With Regional Peers

EPS growth —— PE —— — P/BV — EV/EBITDA Div yi eld

Name BBG Code Country 14F 15F 14F 15F 14F 15F 14F 15F 14F 15F

(%) (%) (x) (x) (x) (x) (x) (x) (%) (%)

Poly Real Estate Group 600048 CH China 59.1 21.9 4.0 3.3 0.8 0.7 5.9 4.7 4.8 6.0

Agile Property Holdings 3383 HK China 3.1 11.0 4.1 3.7 0.6 0.5 4.2 3.8 5.9 6.5

Country Garden Holdings 2007 HK China 20.3 23.2 5.8 4.7 1.2 1.0 5.0 4.0 6.2 7.7

China Overseas Land & Invest 688 HK Hong Kong 1.4 18.0 7.0 5.9 1.3 1.1 5.8 5.0 2.8 3.2

China Resources Land 1109 HK Hong Kong (20.7) 22.3 8.3 6.8 1.0 0.9 6.5 5.4 3.0 3.7

Hang Lung Properties 101 HK Hong Kong (20.2) 12.2 16.2 14.4 0.7 0.7 13.4 11.9 3.6 3.7

Henderson Land Development 12 HK Hong Kong (45.5) 2.0 13.1 12.8 0.5 0.5 23.3 23.3 2.5 2.6

Shimao Property Holdings 813 HK Hong Kong 43.9 21.7 6.4 5.2 1.1 1.0 5.1 4.2 4.7 5.6

Sun Hung Kai Properties 16 HK Hong Kong (48.0) (5.3) 11.5 12.2 0.6 0.6 11.0 11.6 3.7 3.7

Sino Land 83 HK Hong Kong (58.5) 4.0 13.4 12.8 0.6 0.6 15.3 17.2 4.5 4.5

Bakrieland Development ELTY IJ Indonesia na na na na na na na na na na

Ciputra Property CTRP IJ Indonesia 80.5 28.1 9.6 7.5 1.1 1.0 8.8 7.0 2.9 3.1

Intiland Development DILD IJ Indonesia 141.4 42.2 10.7 7.5 1.0 0.9 7.0 5.2 1.7 2.4

CapitaLand CAPL SP Singapore (20.5) 12.6 17.5 15.5 0.7 0.7 14.4 13.0 2.8 2.9

City Developments CIT SP Singapore (5.4) 6.9 13.6 12.7 1.0 1.0 12.1 11.4 1.5 1.5

Guocoland GUOL SP Singapore 292.2 35.7 15.8 11.6 na na na na na na

Keppel Land KPLD SP Singapore (51.7) 9.4 11.5 10.5 0.7 0.7 19.3 17.5 3.1 3.3

Asian Property Devt * AP TB Thailand (6.4) (1.3) 7.7 7.8 1.0 0.9 10.7 9.4 3.9 3.8

Land and Houses * LH TB Thailand (5.0) 14.0 15.3 13.4 2.6 2.4 21.5 19.0 4.6 5.6

LPN Development * LPN TB Thailand (12.0) 51.2 11.3 7.5 2.2 1.9 10.0 6.5 4.4 6.7

Pruksa Real Estate * PS TB Thailand (19.8) 17.8 9.5 8.0 1.6 1.4 9.2 7.7 3.2 3.7

Quality Houses * QH TB Thailand (14.7) 14.6 9.9 8.6 1.5 1.3 18.1 15.8 4.5 5.8

Sansiri * SIRI TB Thailand 19.2 8.8 8.3 7.6 1.1 1.0 13.4 11.4 5.6 6.6

Supalai * SPALI TB Thailand 40.4 25.6 7.4 5.9 1.8 1.5 7.2 5.5 5.4 6.8

Average 16.2 17.2 10.3 9.0 1.1 1.0 11.2 10.0 3.9 4.5

Sources: Bloomberg consensus, *Thanachart estimates

Based on 24 March 2014 closing prices

APPENDIX PHANNARAI TIYAPITTAYARUT

THANACHART RESEARCH

STOCK PERFORMANCE

Absolute (%) Rel SET (%)

1M 3M 12M YTD 1M 3M 12M YTD

SET INDEX 3.5 1.8 (8.7) 3.9 — — — —

Property Sector 7.5 5.5 (24.2) 8.0 4.0 3.7 (15.5) 4.0

AP 2.0 8.6 (42.1) 17.0 (1.5) 6.9 (33.4) 13.1

LH 2.2 6.2 (24.0) 4.5 (1.3) 4.5 (15.3) 0.5

LPN (1.3) (4.3) (29.0) 1.3 (4.8) (6.1) (20.2) (2.7)

PS 5.3 2.1 (29.3) 8.8 1.8 0.3 (20.6) 4.8

QH 7.9 11.1 (26.8) 13.6 4.4 9.3 (18.1) 9.7

SIRI 1.0 7.2 (58.2) 7.8 (2.5) 5.4 (49.5) 3.9

SPALI 0.6 14.4 (14.2) 19.9 (2.9) 12.6 (5.5) 15.9

Source: Bloomberg

SECTOR - SWOT ANALYSIS

S — Strength W — Weakness

� ��2�6$�($-�#�$��ก��5�'� ��2�%*�%.0�� .� '"��ก�$��$"ก��.�%�/��#��$�.�� )� #�� '".(�� ก��0�+��ก��

� ��ก��.��#�7�#ก�$� �%-��"��($-��(��$" )�() ��'��

� ")0(��1�$"ก��.�%��'��

� ��1� '��(&��

� ��1�-�(�)ก$"(�%��.��'��

O — Opportunity T — Threat

� "��"ก.��#�-��%��

� ��"ก�(��*0��$��-��

� ��*0��$��0�+. J

� 3&%.�$��.�7ก0ก��+ก��2��$-� '��"�&$2�a�-+�)$�.� "�

� a��

REGIONAL COMPARISON

EPS growth — PE — — P/BV — – EV/EBITDA – — Div. Yie ld —

Name 14F 15F 14F 15F 14F 15F 14F 15F 14F 15F

China 27.5 18.7 4.6 3.9 0.8 0.7 5.0 4.2 5.6 6.7

Hong Kong (14.9) 10.7 10.8 10.0 0.8 0.8 11.5 11.2 3.6 3.9

Indonesia 110.9 35.2 10.2 7.5 1.1 1.0 7.9 6.1 2.3 2.8

Singapore 88.7 16.1 14.6 12.6 0.8 0.8 15.3 14.0 2.5 2.6

Thailand 0.2 18.6 9.9 8.4 1.7 1.5 12.9 10.8 4.5 5.6

Average 42.5 19.9 10.0 8.5 1.0 0.9 10.5 9.2 3.7 4.3

AP (6.4) (1.3) 7.7 7.8 1.0 0.9 10.7 9.4 3.9 3.8

LH (5.0) 14.0 15.3 13.4 2.6 2.4 21.5 19.0 4.6 5.6

LPN (12.0) 51.2 11.3 7.5 2.2 1.9 10.0 6.5 4.4 6.7

PS (19.8) 17.8 9.5 8.0 1.6 1.4 9.2 7.7 3.2 3.7

QH (14.7) 14.6 9.9 8.6 1.5 1.3 18.1 15.8 4.5 5.8

SIRI 19.2 8.8 8.3 7.6 1.1 1.0 13.4 11.4 5.6 6.6

SPALI 40.4 25.6 7.4 5.9 1.8 1.5 7.2 5.5 5.4 6.8

Average *- Thailand 0.2 18.6 9.9 8.4 1.7 1.5 12.9 10.8 4.5 5.6

Source: Bloomberg Consensus

Note: * Thanachart estimates – using normalized EPS



Fundamental Story

Ratchaburi Electricity Generating Holding Pcl (RATCH TB) - BUY News update

Supanna Suwankird | Email: [email protected]

`�H�กpH��=กH��BR��UQH S�>�bcG}�

� Ub�H�=H� Q̀HQH RATCH UbS��กH�`�H�กpH��=กH��BYUQ^ก�� 800MW � SBQ��=YUQUbกH��D��<Hก��Z��H� RATCH � Ti�=กH�`�H�FQ�R��Q�QH<>Y�� ̀�F�GR� 1H14 � RATCH ��=i=^Gm� Top Pick `�=^�H ^�Dc�=<HกกpHY�\bcS �̀=Sก�Q=R�G� 2015-16F

�/ �� %��)&/)*F�� Z ��)�[*�&[; )E� ก /ก N>6E��ก F�^� �/E.N&��}}: M�� "=��&-� (RATCH) ��j��N�%�E�/"ก��ก N&�F�/�F� )/� ��^"#�� "-

1. =$ �ก = ��}}:3��&��ก��/�� ก��N&� 600MW �"#�M"�� Z)/� />$��&�� US$900m RATCH E��#� 6��T�F��&-��/".$. �ก/"� &/!3��&�� )"��)� RATCH /"�N�E��&�ก ��"# 2 �"ก 600MW ,O#� 90% ��ก��ก N&��"#�)&#/ O-�E�3>ก �F�6ก�� EGAT ��%ก�� 6�E�FM6�% 6 �P

2. =$ �ก = ��}}:3��&� �� 300MW �"#/�!��* F�)/� �� &[��S ��6� 6 �� 1 F� 8 ��N>6� 6 �%/� �/> RATCH ,O#�3��6� 40% �%/ก��)��Q/&� �6��3&#� Golden Green Energy � 6��B�� 2 ��Eก ��/&=�=/ Eก^"#�� !��"# EGCO �� &[��/��)�%� * ��B��O#�F�N>6� 6 �%/� �/> =��$�%�E� >6NF�M�%�ก��P 2014 =$ �ก �"-��B�=$ �ก � ��%� �6%�ก��ก N&�M�%�� ก 100MW /"��:�/��"#E� COD F��P 2015 ��"#�� 200MW F��P 2016

3. /"�N�� M&As F�=$ �ก N&��}}: 2-3 =$ �ก F�� Z)/� ,O#��O#�F��-� $��=$ �ก = ��}}:ก�,Q /M�& 50MW F�ก ��ก�6� =��"�"-�REE��>� ��%�� Due diligence $�%�E�� LEF��/.�.

4. � 6 �%/=$ �ก )��&��*F�^"#�� E��%� 110-120MW (�/E.�M%* ��" �&�� "- (CHOW) 3��6�F��%� 40% ��%� RATCH 3�� 60%) =��}�� ก 30MW ��>� ��%��ก ZOก[ ��$�%�E��6 6�� #��"-F�� /.�.�"-

� ก ��ก��ก N&��B��%ก�� RATCH ��#��Eก� 6�ก�� F�6N>63��6�F��$�

� � /��%�� &[��S �/�/"�R^��ก ��&�� ก ��F�=$ �ก ��"- ��#��Eก/"�� %��"-�&��Q&�"#�#��"# 0.2 ��

� �� กL�/ � �/��/ 3�&��ก�� &[��S �)�#�� %��ก�%�"-��6

� RATCH ��$��B� Top Pick �� #��Eก� $�%�� &[��S E�/"ก�� "#��&�=�� L��ก ��"# 27% ��P ��-��P 2015 �� 16 N�ก��=��ก � &#/��&�� =$ �ก = ��}}:�� 1.8GW ( 3��6� 40%) � /��%�ก ,�-� ��"# PE �"# 12 ��F��P 2014 ��-��/��/ !��"#��6��/��6��>�F�$%/��FE ��ก��/��B��%��

Key Valuations

Y/E Dec (Bt m) 2013 2014F 2015F 2016F

Revenue 50,612 51,979 57,528 58,578

Net profit 6,187 5,955 7,566 9,572

Norm net profit 5,393 5,955 7,566 9,572

Norm EPS (Bt) 3.7 4.1 5.2 6.6

Norm EPS gr (%) 2.6 10.4 27.0 26.5

Norm PE (x) 13.4 12.1 9.5 7.5

EV/EBITDA (x) 9.3 11.1 8.6 8.0

P/BV (x) 1.3 1.2 1.2 1.1

Div. yield (%) 4.6 4.5 5.8 7.3

ROE (%) 10.0 10.5 12.5 14.8

Net D/E (%) 27.1 68.8 69.0 53.4


Stock Data

Closing price (Bt) 49.75

Target price (Bt) 61.00

Market cap (US$ m) 2,216

Avg daily turnover (US$ m) 1.2

12M H/L price (Bt) 63.0/45.0

Price Performance

(15)

(10)

(5)

0

5

40

45

50

55

60

65

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

(%)(Bt) Ratchaburi Electr icity

Rel to SET Index

Source: Bloomberg



Technical Market Outlook (I)

�� B�H�S�T��U�=�>�>F�E�

�� ก��\]� rD��>��Z 25% ��<�=�>F��HaCDE�

�� CDE��>�>F�E� TH, RS, DELTA

S�=`H��R��Qก��B�H� �� <�=�>?@A�B� : ��M�" SET ��>��F� ��"-�"# �� 1380 E�� 6� ��

5% ��6�$��7"#��$�#��"# 3 �� B�E��%� ��6��ก��6% =��"#��ก��$�#��%F��%=�6/�� B�ก )�ก��% ��-� �/�"# ��6�$��7"#� 1 ��,O#��>��"# �� 1345 E�� /�#�%��"-�j��/ก O-��6%� >��"�� B��̂ ^!� ,O#�%��"-$�%�E��% �� &�%!��ก�%�"ก$ �-� �&��/$%/�$�#��%�� %��%��E�/"� �,�-��"# �� 1345-1347 E�� /�/"E��%�,�-�ก��

�� bE��n�b SET î�Dc��Y�R�ก��Z 1345-1357 <� : �� E��%�,�-��6�ก��"# �� 1345 E�� ̂ ^!�%กF�ก !"�"#��M�"�/��#�ก%��6�$��7"#� 1 �� ,O#�$�%�E��/��%��ก�% ��/"=�ก��"��%ก�� O-��>� �� 1375-1380 E��"ก$ �-� ��/"=�ก�N�� O-��>��:�/��$�̂ �"# 1420-1430 E��

�� S�=`H��R��Qก��B�H� : ��=��6�ก��/)�� PTT $� ��%�/��% �� 287 �� /"$%/��"#��#�ก%��6�$��7"#� 3 �� B��^^! � /"��%=�6/��#�� !��"#��6� AOT �"#�$��$�#��%F� O-� �/�#�%��"-�j��#�ก%� 192 �� E��%��6�$��7"#� 1 �� B�ก �&-��%=�6/ O-� �� 3 �� B�E��%� ��)�#��ก�� ก��ก�� =��/"E��,�-�ก��"# �� 183.00 �� !��"#��6��#�� $��B��6�ก��/��"�%�"#/"� �,�-�� #��Eก $��6� ADVANC �"#��B�N>6��ก��/ ��/"M�%� O-�E�ก��%6�)"��$� 232.00-235.00 �� EE�/"E��%� ��6��ก�"# ��ก�%

\� \H=B�H� �>�>F�E� �>�>ก�H= �>�>�H

�= SกQ= q̀E� �= `H��EpH��ก��^��D� 25%

Historical SET INDEX

YTD2014 +57.97 +4.5%

Y2013 -102.68 -7.3%

Y2012 +355.79 +34%

iHUî�Dc��Y��>�>F�G�H��

ก ��M�" SET 1348-1378

��%�6� 1370 / 1378 / 1400

��% �� 1348 / 1345 / 1330

� � � PTT, AOT ก��

�� , [email protected], +66 2617 4900



Technical Market Outlook (II)

�� rD�� 25% : ��Eก��/�N�� 1375-1380 E�� B��^^! ��6��ก ��E� ��%=�6/ O-� ��-� =��M�" SET �/�#��6��*ก��)��/E�}~��%�6%� >�� Hammer ��6/��%F�ก ,�-� ��/�#�%��"- ��F�6�&Z��B��%=�6/�� $�3��6��%6�)"��$� 25% ��-��กก �� >%��"-��M�"��6�$��7"#� 1 �� ก&��^^!}~��%ก��"#E�,�-��6�ก��"ก$ �-�

��

�� ก�QU��n�b SET50 : ��M�" SET50 �"#�/�j� 912 E�� B��"��Fก6E��#�� %��,O#��B�ก ��6�$��7"#� 1 �� /�E��B��6��ก,�-��6��)&#/ O-��F� ��#��Eก� �กZF�M�%��/�#�%��"-��B�� 6� ��F�^��ก =�� >E��%��/�� 912 E�� ก&�ก }~��%ก�� 6,�-��6��)&#/ O-��/"��$�̂ F� !��"#�/�#�%��"-/"��6��"#��B��^^!�%ก$�� DELTA ,O#�/�กE�/"E��%� O-��%��&Z�� B��6��"#��,�-��กL�ก�� -�

�� DELTA (57.00) S�T��U q̀E�BQ�^�Dc�= : UbT�กHF\bc<> q̀E�BQ�^�Dc�= $��6��"#}~��%ก�� O-�/��>��6�$��7"#� 1 �� 55.50 �� $�%�E��>��&/�"# �� 58.50 �� /"=�ก��N��6 =��/"��:�/� O-��>��F�/��"# �� 60.00 �� B�E�� ก��

SET �/�N��%�6��$�̂ CDE� DELTA ��:�/� 60.00 �� 56.00 rD� BANPU ��:�/� 27.00 �� 25.75 IVL ��:�/� 25.00 �� 22.00 TUF ��:�/� 70.00 �� 68.00 `H� - DELTA \�F�Z�� 58.50 �� 58.50 / 60.00

�� 55.50 / 54.00

�� , [email protected], +66 2617 4900



Technical Market Outlook (III) ��CDE��>�> 1 F�G�H�� TH , RS

�� TH (1.63 ) ^��cU?@A�B� : ��%=�6/��B��ก[!��ก%��% O-� =�� $� �$��%��6�$��7"#� 1 �� "# �� 1.55 �� /"=�ก� O-��&/�"# �� 1.70-1.75 �� B�E�� ก�� -� !��"#��%=�6/ �� O-� /"=�ก� O-��:�/��>��"# �� 1.85 ��

�� RS (8.35) ?@A�B� : $��6�� %�/��6�$��7"#� 1 �� }~��%ก�� O-�/�j��%ก

�� ก�% ��F�6�&Z�� -�/"=�ก�}~��% O-��>�F��%=�6/ O-��M��&/ =��$�%�%��"-E�/"E��%��%ก�� B�E��%�,�-��/ ��:�/� ��-� O-��%�6� 8.80 �� O-��>��F�/��"# �� 9.00 �� B�E�� ก��

��\bcS�>�pHCDE�YGS�� SALEE UbT�กHFSกQ=B� q̀E�\�F�Z 10.50-10.60 ZH\ � �,�-��"# �� 10.00 �� $�%�E�

/"E��%�}~��% O-��&/�"# 10.60 �� >��F�/��"# �� 11.50 �� TCMC UbS�T��U q̀E��>�>F�E� � �,�-��"# �� 2.46 �� F�6 $�j��$�/"�&Z��B��%ก

�� =��$�%�E� O-��>��&/�"# �� 2.70 -2.76 ��

TH UbT�กHF\pH��R�UQ �� 1.70 / 1.75

�� 1.55 / 1.50

�� 1.55

RS ^G�H�UH� 8.80 �� 8.60 / 8.80

�� 8.20 / 7.90

�� 8.20

`H� CK ��% �� 16.80 JAS ��% �� 8.30 M ��% �� 54.00 EPCO ��% �� 3.34 rD� SALEE ��:�/� 11.20 �� 10.00 TK ��:�/� 10.80 �� 9.30 HANA ��:�/� 30.50 �� 28.00 BTSGIF ��:�/� 9.90 �� 9.40 TCMC ��:�/� 2.70 �� 2.50

�� , [email protected], +66 2617 4900



Technical Market Outlook (IV) TABLE SET50 ENTRY & EXIT

-30% -25% -20% -15% -10% -5% 3M - MA 5% 10% 15% 20% 25% 30%

Name X Price 1 2 3 4 5 6 7 8 9 10 11 12 13

ADVANC 225.00 147.50 158.00 168.50 179.00 189.50 200.00 211.00 221.00 232.00 242.00 253.00 263.00 274.00

AOT 193.00 122.00 131.00 139.50 148.50 157.00 166.00 174.50 183.00 192.00 200.00 209.00 218.00 227.00

BANPU 26.00 18.90 20.30 21.60 23.00 24.30 25.75 27.00 28.50 29.75 31.25 32.50 33.75 35.25

BAY -8 35.25 23.20 24.90 26.75 28.25 30.00 31.50 33.25 35.00 36.50 38.25 40.00 41.50 43.25

BBL 178.00 123.00 132.00 140.50 149.50 158.00 167.00 176.00 184.50 193.50 202.00 211.00 220.00 228.00

BCP 30.75 19.80 21.30 22.70 24.10 25.50 27.00 28.50 29.75 31.25 32.75 34.00 35.50 37.00

BEC 52.50 35.25 37.75 40.25 42.75 45.25 47.75 50.25 52.75 55.25 57.75 60.25 62.75 65.25

BGH 134.00 86.25 92.25 98.50 104.50 110.50 116.50 123.00 129.00 135.00 141.00 147.50 153.50 159.50

BH 88.50 60.75 65.00 69.25 73.50 78.00 82.25 86.50 91.00 95.25 99.50 103.50 108.00 112.00

BIGC 179.00 125.00 134.00 143.00 152.00 161.00 170.00 179.00 188.00 197.00 206.00 214.00 223.00 232.00

BJC 47.75 33.00 35.50 37.75 40.00 42.50 44.75 47.25 49.50 51.75 54.25 56.50 59.00 61.25

BLA 65.25 45.75 49.00 52.25 55.50 58.75 62.00 65.25 68.50 71.75 75.00 78.25 81.50 84.75

BTS 8.50 5.90 6.30 6.70 7.15 7.55 7.95 8.40 8.80 9.25 9.65 10.10 10.50 10.90

CENTEL 30.50 20.60 22.10 23.50 25.00 26.50 28.00 29.50 31.00 32.50 34.00 35.25 36.75 38.25

CK 16.90 10.90 11.70 12.50 13.20 14.00 14.80 15.60 16.40 17.10 17.90 18.70 19.50 20.20

CPALL 42.75 28.50 30.50 32.50 34.50 36.50 38.50 40.75 42.75 44.75 46.75 48.75 50.75 52.75

CPF 28.00 20.30 21.70 23.10 24.60 26.00 27.50 29.00 30.50 31.75 33.25 34.75 36.25 37.75

CPN 44.25 28.50 30.50 32.50 34.75 36.75 38.75 40.75 42.75 44.75 46.75 48.75 50.75 53.00

DELTA 54.75 37.25 40.00 42.50 45.25 48.00 50.50 53.25 56.00 58.50 61.25 63.75 66.50 69.25

DTAC 116.00 71.00 76.00 81.00 86.00 91.25 96.25 101.00 106.00 111.00 116.00 121.00 126.00 131.00

EGCO 129.00 88.75 95.00 101.00 107.50 114.00 120.00 126.50 133.00 139.00 145.50 152.00 158.00 164.50

GLOBAL 14.30 9.35 10.00 10.70 11.40 12.00 12.70 13.40 14.00 14.70 15.40 16.00 16.70 17.30

GLOW -8 74.25 49.00 52.50 56.00 59.50 63.00 66.50 70.00 73.50 77.00 80.50 84.00 87.50 91.00

HMPRO 9.75 6.40 6.85 7.30 7.75 8.20 8.65 9.10 9.55 10.10 10.50 11.00 11.40 11.90

INTUCH 77.50 50.50 54.25 57.75 61.50 65.00 68.75 72.25 75.75 79.50 83.00 86.75 90.25 93.75

IRPC 3.28 2.28 2.44 2.62 2.78 2.94 3.10 3.26 3.42 3.58 3.76 3.92 4.08 4.24

IVL 22.30 14.80 15.90 16.90 18.00 19.00 20.10 21.20 22.20 23.30 24.30 25.50 26.50 27.50

JAS 8.50 5.20 5.60 5.95 6.35 6.70 7.10 7.45 7.80 8.20 8.55 8.95 9.30 9.65

KBANK 173.50 117.00 125.50 134.00 142.50 150.50 159.00 167.50 176.00 184.50 192.50 201.00 209.00 218.00

KTB 18.50 12.20 13.10 13.90 14.80 15.70 16.50 17.40 18.30 19.10 20.00 20.90 21.70 22.60

LH -8 9.60 6.35 6.85 7.30 7.75 8.20 8.65 9.10 9.55 10.00 10.50 10.90 11.40 11.80

MINT 24.50 15.90 17.10 18.20 19.30 20.50 21.60 22.80 23.90 25.00 26.25 27.25 28.50 29.75

PS 20.10 13.20 14.10 15.00 16.00 16.90 17.80 18.80 19.70 20.70 21.60 22.50 23.50 24.40

PTT 293.00 201.00 215.00 229.00 244.00 258.00 273.00 287.00 301.00 316.00 330.00 344.00 359.00 373.00

PTTEP 152.50 109.50 117.00 125.00 133.00 140.50 148.50 156.50 164.00 172.00 180.00 187.50 195.50 203.00

PTTGC +6 70.00 51.75 55.50 59.25 63.00 66.75 70.25 74.00 77.75 81.50 85.25 88.75 92.50 96.25

RATCH 49.75 34.25 36.75 39.00 41.50 44.00 46.50 48.75 51.25 53.75 56.25 58.50 61.00 63.50

ROBINS 51.75 33.75 36.00 38.50 41.00 43.25 45.75 48.00 50.50 53.00 55.25 57.75 60.00 62.50

SCB 156.00 104.50 112.00 119.50 127.00 134.50 142.00 149.50 157.00 164.50 172.00 179.50 187.00 194.50

SCC 414.00 287.00 307.00 328.00 348.00 369.00 389.00 410.00 430.00 450.00 470.00 492.00 512.00 532.00

SCCC 347.00 257.00 275.00 294.00 312.00 331.00 349.00 367.00 386.00 404.00 422.00 440.00 458.00 478.00

TCAP 36.25 22.70 24.40 26.00 27.75 29.25 31.00 32.50 34.25 35.75 37.50 39.00 40.75 42.25

THAI 14.00 9.65 10.30 11.00 11.70 12.40 13.10 13.80 14.50 15.10 15.80 16.50 17.20 17.90

THCOM -8 41.75 27.50 29.50 31.50 33.25 35.25 37.25 39.25 41.25 43.25 45.00 47.00 49.00 51.00

TMB 2.42 1.62 1.73 1.85 1.96 2.08 2.20 2.32 2.42 2.54 2.66 2.78 2.88 3.00

TOP 52.00 37.75 40.50 43.00 45.75 48.50 51.25 53.75 56.50 59.25 62.00 64.50 67.25 70.00

TRUE 7.05 5.20 5.60 5.95 6.35 6.70 7.05 7.45 7.80 8.20 8.55 8.90 9.30 9.65

TTW 9.30 6.70 7.15 7.65 8.10 8.60 9.05 9.55 10.00 10.50 11.00 11.50 11.90 12.40

TUF +7 66.25 47.00 50.25 53.50 57.00 60.25 63.50 67.00 70.25 73.75 77.00 80.25 83.75 87.00

VGI +10 11.40 7.00 7.50 8.00 8.50 9.00 9.50 10.00 10.50 11.00 11.50 12.00 12.50 13.00

3 Months Moving Average

iHU�UH�S�>กH��î�H>�� BH�H=^F��iQH^��bc� 3 ^�D�� (3M-MA) S�>B�^�`กpHก�Z 1-13 SF�=�>��ZBQH=�`�=^F��`�H�ก�Z^F��iQH^��bc� 3 ^�D�� − ��6��%=�6/ O-��/�#� $ O-��>�ก%��6�$��7"#� 3 �� 7 ��%��6��%=�6/��/�#� $��#�ก%��6�$��7"#� 3 ��(3M-MA) � ��#�ก%� �� 7 − ก�� 6� ��)&#/ O-�(��)$ �-��5% ��6�$��7"#� 3 �� FM6��B��%��E�� 6,�-� � ��ก (� ��% ��- ��%�6�=��=�/��&) − $��6� �� B��^^!,�-� � =��)&E !M��"#/"�$ �#��/� X ,O#�/"��%� ก�ก�� 36�%ก��B�E��%�,�-� ��36��B�E��%� �)

�� , [email protected], +66 2617 4900



Recap & Strategy: FrH�> Short ��=Y��^G�b�ZBQ�YG S50H14 � ��-��j�� j�� 7.30 E�� "# 907.90 E�� %��ก��ก }~��% ��6�T>/&T$ ��ก��M�&��j��3�� Long ��Q& 630 ��̂ ^...�� %=�6/ S50H14 %��"- �/6/"=�ก� Rebound ��Eก��% �� 907-909 E�� (�&��6�$��7"#� 20 %��) �� *��/�� #��6%��:�/� 900 E�� Eก�R̂ �ก �/��F�� Z�"#$�%�E� 6�� O-� �� +3��. �3�� Short =��/"��:�/�ก � ��"# 9 900 E�� !��"#ก�� Trailing Stop �"# 916 E��

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

S50H14 28-Mar-14 907.90 -7.30 912.39 -0.5%

S50M14 27-Jun-14 901.50 -6.70 913.82 -1.3%

S50U14 29-Sep-14 898.10 -6.80 914.21 -1.8%

SET50 Future s

Rec:

Short

Trailing Stop:

916

Trading Range:

900-916

932 990

894909

894

Recap & Strategy: \�F�ZS��Z 20,000 ZH\ $��$�� COMEX ��/�� /.�.� �� US$24.8 �j��"# US$1,311.2/��,* =��6 �� ก��Eก� � ��ก�� Eก��$�� >� O-�� -��6��P � �ก��ก��R^�ก �/��F��>�$ ��6��ก%��"#$�ก !*�%6 �/6�� ;S ��= � E��)&#//� ก $%#�� ,"� ��กEก�"-ก �%��&� QE �� Fed ��ก � �� O-��ก��"-��B��REE��ก�� $��$�=ก�6%��M��ก�� +3��. �3�� Short �6%��:�/�ก � ��"# 20,000-20,200 �� !��"#ก�� Trailing Stop �"# 20,600 ��

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

GFJ14 29-Apr-14 20,450 -170 20,180 1.3%

GFM14 27-Jun-14 20,510 -180 20,254 1.3%

GFQ14 28-Aug-14 20,590 -190 20,331 1.3%

Gold Future s

Rec:

Short

Trailing Stop:

20,600

Trading Range:

20,000-20,600

1,391

21,960

20,000

Recap & Strategy: Trading R�ก��Z 3,460-3,520 $�-�/��&�� * ��/�� /.�.� �� US$0.11 �j��"# US$106.81/bbl �6%�� &/!ก ,�-� �� %� �Z [;ก&EE"� �� PMI ��%/กก%��"#$�ก !*�%6 !�36)&E !F��$�&$ $�-�/��/"��%=�6/�$�#��%F�ก �� Sideways 3,460-3,520 ��&Z�� * �� +Trading. F�ก �� 3,460-3,520 ��&Z�� * ��ก��

Symbol

Maturity

Date

Settlement

Price

Change

(Bt)

Theory

Price

Prem/

Discount

BRJ14 11-Apr-14 3,480 -1 3,459 0.6%

BRK14 15-May-14 3,478 -4 3,467 0.3%

BRM14 13-Jun-14 3,483 -1 3,473 0.3%

Oil Future s

Rec:

Trading

Trailing Stop:

-

Trading Range:

3,460-3,520

3380

3500

Futures Trading

�� ก�� ก�, CFA , [email protected], +66 2617 4900



Regional Fund Flows

Regional Fund Flows vs. MSCI Asia ex JP (YTD 2014) Thailand Foreign Net Buy / Sell vs. SET Index (YTD 2014)

(6)

(5)

(4)

(3)

(2)

(1)

0

1

2

460

470

480

490

500

510

520

530

540

550

560


(US$ bn)(Index) Accum. Asia-6 (RHS)

MSCI Asia ex JP (LHS)

(1.2)

(1.0)

(0.8)

(0.6)

(0.4)

(0.2)

0.0

0.2

0.4

1,100

1,150

1,200

1,250

1,300

1,350

1,400


(US$ bn)(Index) Accum. Fund Flows Thailand (RHS)

SET Index (LHS)

Regional Fund Flows (YTD 2014) Regional Fund Flows (Week To Date, 17-21 Mar 14)

2,579 1,978

1,462

233

(881)

(3,983)(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

0

1,000

2,000

3,000

India Indo Taiwan Philippines Thailand Korea

(US$ m)

1,213

284 82 50 2

(672)(1,000)

(500)

0

500

1,000

1,500

India Indo Taiwan Philippines Thailand Korea

(US$ m)

Net Foreign Fund Flows (US$ m) Index Change (%)

Thailand India Indo Korea Phil Taiwan Asia-6 Thailand India Indo Korea Phil Taiwan

—————————————— Yearly —————————————— ————————————— y-y % —————————————

2012 2,504 24,548 1,707 15,039 2,548 5,047 51,392 35.8 25.7 12.9 9.4 33.0 8.9

2013 (6,159) 19,529 (1,798) 3,107 688 7,877 23,244 (6.7) 9.0 (1.0) 0.7 1.3 11.8

YTD 2014 (881) 2,579 1,978 (3,983) 233 1,462 1,388 3.9 4.2 10.4 (3.3) 8.7 (0.1)

—————————————— Monthly —————————————— ————————————— m-m % —————————————

Jan-14 (416) (13) 195 (1,537) (107) 774 (1,103) (1.9) (3.1) 3.4 (3.5) 2.6 (1.7)

Feb-14 (653) 420 659 (660) 72 (535) (697) 4.0 3.0 4.6 2.0 6.4 2.1

Mar-14 187 2,172 1,124 (1,786) 268 1,223 3,188 1.9 4.4 2.2 (1.7) (0.4) (0.4)

—————————————— Weekly —————————————— ————————————— w-w % —————————————

17-21 Feb 14 (85) 331 377 63 79 917 1,682 (0.6) 1.6 3.1 0.9 3.2 1.0

24-28 Feb 14 (81) 314 97 628 19 636 1,613 1.6 2.0 (0.6) 1.1 1.8 —

3-7 Mar 14 164 839 96 73 139 694 2,005 2.2 3.8 1.4 (0.3) 0.9 0.9

10-14 Mar 14 (8) 120 720 (1,228) 72 213 (110) 1.3 (0.5) 4.1 (2.8) (1.4) (0.3)

17-21 Mar 14 2 1,213 284 (672) 50 82 959 (0.9) (0.3) (3.7) 0.8 (0.8) (1.3)

——————————————— Daily ——————————————— ————————————— d-d % —————————————

18-Mar-14 63 206 78 (138) 7 131 347 (0.3) 0.1 (1.4) 0.7 1.0 0.4

19-Mar-14 31 183 104 (63) 13 (38) 231 (0.6) 0.0 0.3 (0.1) (0.1) (0.5)

20-Mar-14 (33) 123 (47) (196) 14 (147) (286) (0.2) (0.4) (2.5) (0.9) (0.7) (1.1)

21-Mar-14 (10) 701 (31) (62) (6) 44 636 (0.1) 0.1 0.0 0.8 (1.2) (0.2)

24-Mar-14 29 — 24 42 7 233 334 (0.8) 1.4 0.4 0.5 1.0 0.3

Net Fund Flows / Market Cap (%)

2013 (1.80) 3.50 (0.55) 0.30 0.47 1.00 0.73

YTD 2014 (0.24) 0.43 0.51 (0.39) 0.15 0.18 0.04

Sources: Bloomberg, Thanachart compilation



Thailand Fund Flows

Daily Fund Flows

As of 24-Mar-14 ————— Equity Market ————— —— Future s Market (contracts) —— ————— Bond Market —————

(Bt m) Buy Sell Net Buy Sell Net Buy Sell Net

Foreign Investors 8,602 7,661 941 7,237 4,063 3,174 443 2,955 (2,512)

Institution Investors 1,495 2,642 (1,147) 31,748 29,540 2,208 21,498 15,262 6,236

Retail Investors 13,584 13,785 (201) 36,979 42,361 (5,382) 2,069 15 2,054

Proprietary Trading 4,067 3,659 408 — — — — — —

Equity Market (SET) Futures Market Bond Market

941

(1,147)

(201)

408

(1,500)

(1,000)

(500)

0

500

1,000

1,500

Foreign LocalInst.

Retail PropTrade

(Bt m)

3,1742,208

(5,382)(8,000)

(6,000)

(4,000)

(2,000)

0

2,000

4,000

Foreign Local Inst. Retail

(contracts)

(2,512)

6,236

2,054

(3,000)(2,000)(1,000)

01,0002,0003,0004,0005,0006,0007,000

Foreign Local Inst. Retail

(Bt m)

Daily Trading Turnover Breakdown By Investor Type

Equity Market

Turnover: Bt27,747m

Futures Market

Volume: 75,964 contracts

Bond Market

Turnover: Bt42,243m (2 sides B&S)

Foreign29%

Local Fund8%Retail

49%

Prop Trade14%

Foreign8%

Local Fund40%

Retail52%

Foreign7%

Local Fund75%

Retail18%

Net Foreign Fund Flows By Market

Equity Market Futures Market Bond Market

2.5 3.4

(29.9) (29.0)(35)(30)(25)(20)(15)(10)(5)05

10

1W 1M 3M YTD13

(Bt bn)

(1.5)(3.1)

9.1

6.8

(6)(4)(2)02468

10

1W 1M 3M YTD13

('000 contracts)

(2.3)(4.7)

(17.9)(18.3)(20)

(18)(16)(14)(12)(10)(8)(6)(4)(2)0

1W 1M 3M YTD13

(Bt bn)

Sources: SET, TFEX, Thai Bond Market Association



Commodities Update (I)

WTI, Dubai, Brent (PTT, PTTEP, TOP, PTTGC, BCP) Source: Bloomberg GRM Complex (BCP, TOP, PTTGC, IRPC, ESSO) Sources: Bloomberg, TNS

70

80

90

100

110

120

130

140

Mar-12 Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14

WTI

Brent

Dubai

(US$/bbl) 99.60

106.81

103.33

+0.14

-0.11

-0.42

0

2

4

6

8

10

12

14

16


GRM-Complex(US$/bbl) 7.69 +0.22

HDPE, LDPE, Ethylene (PTTGC, SCC, IVL) Source: Datastream Paraxylene, Benzene (PTTGC, TOP, IRPC) Source: Datastream

100

200

300

400

500

600

700

800

900


LDPE-Naphtha

HDPE-Naphtha

Ethylene-Naphtha

(US$/tonne) 664.00

604.00

511.50

-3.00

-3.00

-5.50

0

100

200

300

400

500

600

700

800

900

1,000


PX-Naphtha

Benzene-Naphtha

(US$/tonne) 436.50

357.50

-30.75

-4.25

Handysize & Baltic Dry Index (TTA, PSL) Source: Bloomberg Coal – BJI (BANPU, LANNA, UMS) Source: BANPU

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

100

200

300

400

500

600

700

800

900

1,000


Handysize Index (LHS)

Balitc Dry Index (RHS)

(Index) 1,602 +3 (Index)

676 +2

50

60

70

80

90

100

110

120


(US$/tonne) BJI 74.90 +2.15

Steel-HRC, Steel-Rebar (SSI, GJS, GSTEEL, TSTH) Source: Bloomberg Broiler, Swine (CPF, GFPT) Source: OAE

450

500

550

600

650

700

750


Steel-HRC

Steel-Rebar

(US$/tonne) 510

528 +0.00528

-17.50

20

30

40

50

60

70

80

90


Swine Price

Broiler Price

(Bt/kg.) 75.3

39.5

+0.00

-1.00



Commodities Update (II)

JET Fuel Oil (THAI) Source: Datastream Gold Source: Bloomberg

90

100

110

120

130

140

150


(US$/bbl) 119.28 -0.42JET Fuel Oil

1,000

1,200

1,400

1,600

1,800

2,000


Gold(US$/oz) 1,311.10 -24.90

Rubber (STA, TRUBB) Source: Bloomberg Soybean meal & Corn (CPF, GFPT) Source: Bloomberg

1,500

2,000

2,500

3,000

3,500

4,000

4,500


SICOM-TSR20

TOCOM

(US$/tonne) 1,908.00

2,271.17

-11.00

-19.03

400

450

500

550

600

650

700

250

300

350

400

450

500

550

600


Soybean meal (LHS)

Corn No.2 Yellow (RHS)

(US$/tonne) 462.00 +6.10 (US$/bu.)

490.00 +11.00

Soybean & Palm Oil (CPI, TVO, UPOIC, UVAN) Source: Bloomberg Cotton (IVL) Source: Bloomberg

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

1,450

1,500


Soybean (LHS)

Malaysian Crude Palm Oil

(US$/bu.) 1,425.50 +16.75 (US$/bu.)

2,859.50 +0.00

60

70

80

90

100

110


Cotton No.2(US$/lb)90.63 -2.68

Sugar (KSL, KBS) Source: Bloomberg Shrimp (ASIAN, CFRESH, CPF, TUF) Source: OAE

350

400

450

500

550

600

650

700

750

800

10

12

14

16

18

20

22

24

26

28

30


Raw Sugar Price (LHS)

White Sugar Price (RHS)

(US$ cents/lb) 16.84 +0.01 (US$/tonne)

450.20 +1.50

100

150

200

250

300

350


Vannamei Shrimp 41-50 shrimp/kg(Bt/kg) 285.00 +0.00



Management Stock Trading

SZZ�H�=H�กH�^G�bc��SG�=กH�rD��ก\��`�=��Z��H� (SZZ 59-2)

nDc�Z��\ nDc��Z��H� ��\bcY��UH �]bกH�Y��UH G�>^�\ <pH�� HiH U��iQH /<pH��QH� /<pH��QH� ��ก\�� (��) (ZH\) (ZH\)

BAFS �%" �&Z)!&M�*ก� 21/03/57 � ��6��/�^ 2,000 31.25 62,500 BAFS �%" �&Z)!&M�*ก� 21/03/57 � ��6��/�^ 29,600 31.07 919,672

BLAND ��* กÊ�)��* 19/03/57 ,�-� ��6��/�^ 10,000 1.62 16,200 CM �� />� - M&% 18/03/57 =��ก ��6��/�^ 7,623,000 0.00 0

EPCO ��Q M&��T�$ก� 20/03/57 � ��6��/�^ 100,000 3.43 343,000 HANA �&#�Z�ก�&� �E� 3 19/03/57 � ��6��/�^ 10,000 29.50 295,000 TICON ��%&� �� *� 6��* 19/03/57 � ��6��/�^ 7,900 17.60 139,040 TICON ��%&� �� *� 6��* 20/03/57 � ��6��/�^ 263,900 17.17 4,531,163

Source: www.sec.or.th

SZZ�H�=H�กH�Y��UH��D�<pH��QH��ก\��`�=ก�<กH� (SZZ 246-2)

Sell/Buy/ ��ก\�� nDc��Y��UH/<pH��QH� ^��cU-�� G�>^�\ %Y��UH/ %��=Y��UH/ ��\bcY��UH/ �UH�^�B

concert party/ ��ก\�� <pH��QH� <pH��QH� <pH��QH� ^��cU-�� U.258

TRUE � &[�� $ ��E &^=T$T�!�* E�ก�� SELL ��6� -0.02 59.99 19/03/57 VNG ��%�M��ก ��}$�/��"�* BUY ��6� 0.02 70.01 20/03/57

Source: www.sec.or.th

�/��: *ก !"�"#/"ก ��B�ก��/ M�#�N>6��6//E�� E�� 6�/> ��$$F�ก��/�"#/"ก ��"#�� %� %ก ��6//E�� %��ก ��6//E�� E��%� ��-�ก��/ ��$$�//� 258 (�&�/�/��$$/� 258)



Cash Balance Lists

�� Turnover List \bcB��=H=^=��F�Y��Q=��H^B�U<pH��กQ��กH�CDE�`H� (Cash Balance)

nQ=��\bc �� %1W-Turnover U��iQHCDE�^��bc�BQ�� PE ratio ��D�Z��\\bcUb�� %Premium Cash balance (��H�ZH\) กH��pH^��=H�`H�\�

17 ก.). � 28 /".$.14 HYDRO 102.63 87.62 60.61 ─ 17 ก.). � 28 /".$.14 TASCO-W3 1,066.49 135.59 ─ 40.02 17 ก.). � 28 /".$.14 DEMCO-W5 677.81 108.20 ─ 83.64 10 /".$. � 18 �/.�.14 TSF 67.80 203.09 �� ─ 17 /".$. � 25 �/.�.14 IFEC 53.16 129.85 107.46 ─

�/��: ��#��Eกก ��F��ก� �)�*��ก�%/"ก ,�-� �N&��Eก�T)�ก�& �� -�N>6��$% ZOก[ 6�/>ก��ก ��&�FE�� ก�ก!�*ก $��ก ก !"��B��6��/�^: 1) /"/>$�ก ,�-� ��7"#��%��F� ��*�/��6��ก%� 100 �. 36��>�F�� mai />$�ก ,�-� ��7"#��%��F� ��*�/��6��ก%� 80 �. 2) /"�� ก ,�-� �

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�/��%"��/��6��ก%� 100% 3) /"$� %Premium �/��6��ก%� 20% Source: www.sec.or.th



NVDR Active

NVDR Turnover Net Buy Values (B t m) NVDR Turnover Net Sell Values (B t m)

Symbol 24 Mar 21 Mar 20 Mar 19 Mar 18 Mar Symbol 24 Mar 21 Mar 20 Mar 19 Mar 18 Mar

1 PTT 88.1 73.0 317.9 147.5 564.3 1 AOT (222.9) 112.3 208.8 133.8 (7.7)

2 CPF 79.2 343.8 80.7 396.3 194.4 2 JAS (111.1) 87.6 (65.5) 78.3 (68.7)

3 PTTGC 70.5 13.7 (156.1) (49.8) (35.0) 3 ADVANC (107.6) (12.4) 162.5 112.8 (17.6)

4 PTTEP 64.2 19.0 (37.8) (52.7) 310.0 4 KBANK (103.5) (193.5) 180.5 725.1 250.9

5 RATCH 43.1 20.0 50.4 17.1 33.0 5 BTS (73.5) (137.2) 7.3 0.4 (23.3)

6 CPALL 41.5 20.7 (31.5) 6.1 (24.8) 6 SCC (36.9) 63.7 219.2 (117.7) (74.7)

7 SCB 41.0 (32.0) (92.1) 11.9 142.3 7 CENTEL (35.8) 6.8 3.3 (14.8) 1.4

8 CNS 37.1 (10.3) 167.6 (12.7) 4.4 8 BCH (22.2) (8.8) (9.3) (13.5) (4.8)

9 INTUCH 36.3 (102.0) (30.4) 110.4 389.4 9 BBL (19.1) 262.4 251.0 351.2 496.7

10 BEC 26.1 11.7 12.3 (14.3) (3.0) 10 ANAN (15.4) 0.7 0.8 (8.6) (2.1)

11 BGH 26.1 (16.7) 27.5 40.1 (4.5) 11 TTA (14.0) (16.8) 1.8 (16.4) (53.2)

12 DTAC 25.6 9.0 (7.5) 288.7 91.6 12 DEMCO (10.6) (0.8) 0.1 0.4 (0.7)

13 IRPC 24.4 (4.4) (6.7) 4.9 (1.1) 13 LH (10.3) 2.3 5.3 54.4 9.1

14 TICON 23.9 16.8 1.5 0.4 (9.0) 14 PSL (9.4) (0.3) (16.7) 9.9 6.4

15 TUF 21.6 (77.0) (58.2) (44.9) 14.8 15 AIT (9.2) (5.9) (8.4) (3.9) (11.2)

16 GFPT 16.8 5.0 6.3 6.4 5.8 16 PS (7.7) 16.0 (8.8) 3.5 25.9

17 MC 16.3 1.0 0.1 0.2 (0.2) 17 SPCG (7.5) (3.2) (4.1) (6.4) (24.1)

18 KTB 14.5 22.1 (29.0) (17.2) 7.1 18 TRUE (6.3) (194.4) (0.5) 15.4 (10.9)

19 AMATA 14.4 11.1 17.2 9.8 15.8 19 THRE (5.3) 0.8 0.8 0.1 (1.9)

20 HMPRO 14.0 10.4 0.3 12.4 (3.8) 20 AP (4.6) (0.3) 35.1 0.7 4.6

NVDR Most Active Values ( Bt m) NVDR Outstanding Share ( m shares)

Symbol BUY SELL TOTAL NET % Turnover Symbol No. of Shares

in Hand Paid Up Capital

Shares % of Paid

Up Capital

1 KBANK 570.3 673.8 1,244.1 (103.5) 0.0 1 TISCO-P 0.02 0.03 66.2

2 ADVANC 101.1 208.7 309.7 (107.6) 5.7 2 BBL 576.5 1,908.8 30.2

3 AOT 36.5 259.4 295.9 (222.9) 0.0 3 KBANK 655.2 2,393.3 27.4

4 JAS 78.6 189.7 268.4 (111.1) 4.9 4 E-W1 75.0 347.0 21.6

5 BBL 105.1 124.2 229.4 (19.1) 19.0 5 INTUCH 669.8 3,206.4 20.9

6 DTAC 109.1 83.5 192.5 25.6 0.0 6 SPALI 312.3 1,716.6 18.2

7 CPF 115.8 36.6 152.4 79.2 0.0 7 LH 1,752.1 10,025.9 17.5

8 PTTGC 110.0 39.5 149.4 70.5 0.0 8 TWFP 16.6 95.1 17.4

9 SCC 52.0 88.9 140.9 (36.9) 25.4 9 THRE 575.5 3,512.5 16.4

10 CNS 87.1 50.1 137.1 37.1 0.0 10 LPN 233.3 1,475.7 15.8

11 PTT 112.5 24.4 136.9 88.1 10.3 11 THIP 1.2 8.0 14.7

12 INTUCH 81.0 44.6 125.6 36.3 8.5 12 EGCO 77.0 526.5 14.6

13 PTTEP 90.7 26.5 117.2 64.2 0.0 13 TCAP 180.4 1,277.8 14.1

14 BTS 15.2 88.7 103.9 (73.5) 0.0 14 DTAC 334.2 2,367.8 14.1

15 SCB 66.0 25.0 91.0 41.0 0.0 15 PRANDA 53.4 409.5 13.0

16 LH 32.0 42.3 74.3 (10.3) 0.0 16 LRH 21.2 166.7 12.8

17 CPALL 56.8 15.3 72.1 41.5 4.6 17 LALIN 102.9 825.0 12.5

18 TUF 42.0 20.4 62.4 21.6 0.0 18 GBX 134.0 1,089.1 12.3

19 IVL 30.1 25.4 55.6 4.7 0.0 19 AP 349.5 2,859.9 12.2

20 TISCO 31.3 24.0 55.3 7.3 0.0 20 SIRI-W1 127.3 1,046.7 12.2

Source: SET



Short Sell (I)

Securities Volume Turnover Average Price Last Price % Price Change % Short Sell Volume

(shares) (Bt) (Bt) (Bt) From Average Price Comparing with Main Board

MAJOR 379,700 7,122,520 18.76 18.80 -0.22% 21.33%

RATCH 373,400 18,551,950 49.68 49.75 -0.13% 19.62%

BLA 19,600 1,283,900 65.51 66.25 -1.12% 13.99%

SCCC 11,100 3,840,700 346.01 346.00 0.00% 13.74%

GLOBAL 232,500 3,304,750 14.21 14.10 0.81% 12.78%

PTTGC 660,700 46,500,825 70.38 70.75 -0.52% 12.77%

SIRI 5,350,000 10,374,320 1.94 1.93 0.47% 10.74%

TTCL 143,000 5,196,475 36.34 36.25 0.25% 9.99%

TMB 5,000,400 11,909,976 2.38 2.36 0.92% 8.26%

ITD 1,300,000 4,700,000 3.62 3.60 0.43% 8.03%

KBANK 596,800 101,763,900 170.52 170.50 0.01% 7.19%

BJC 23,400 1,132,850 48.41 48.00 0.86% 6.94%

MINT 376,200 9,227,450 24.53 24.50 0.11% 6.73%

IVL 2,905,400 66,450,080 22.87 22.70 0.75% 5.29%

PTT 116,500 33,707,800 289.34 287.00 0.81% 5.11%

AOT 163,500 30,845,200 188.66 188.00 0.35% 4.54%

AMATA 105,000 1,522,500 14.50 14.20 2.11% 4.40%

KTB 1,164,600 21,436,370 18.41 18.30 0.58% 4.13%

IRPC 579,500 1,891,820 3.26 3.28 -0.47% 4.11%

JAS 14,120,800 112,382,730 7.96 7.85 1.38% 4.09%

ROBINS 5,700 294,975 51.75 52.75 -1.90% 3.82%

TTA 1,537,000 33,382,650 21.72 21.80 -0.37% 3.62%

PS 73,000 1,448,660 19.84 19.80 0.23% 3.25%

TFD 50,000 355,000 7.10 7.10 0.00% 3.20%

STEC 350,000 5,749,000 16.43 16.30 0.77% 3.17%

BBL 104,800 18,449,750 176.05 175.00 0.60% 3.14%

BIGC 4,500 803,350 178.52 180.50 -1.10% 2.73%

HMPRO 199,200 1,934,720 9.71 9.70 0.13% 2.72%

THCOM 131,400 5,376,700 40.92 40.75 0.41% 2.71%

EGCO 5,400 686,750 127.18 127.50 -0.25% 2.58%

DTAC 35,100 4,053,700 115.49 115.50 -0.01% 2.25%

PTTEP 41,200 6,262,400 152.00 151.50 0.33% 2.24%

CK 317,000 5,181,350 16.34 16.20 0.89% 2.18%

QH 600,000 1,790,000 2.98 3.00 -0.56% 2.17%

LH 178,200 1,670,165 9.37 9.35 0.24% 1.95%

ESSO 33,200 203,495 6.13 6.10 0.48% 1.86%

TRUE 2,546,000 17,315,000 6.80 6.75 0.75% 1.86%

TOP 21,000 1,084,125 51.63 51.50 0.24% 1.74%

SCB 65,700 10,051,000 152.98 152.50 0.32% 1.65%

TTW 41,200 386,250 9.38 9.40 -0.27% 1.65%

Source: SET



Short Sell (II)

Securities Volume Turnover Average Price Last Price % Price Change % Short Sell Volume

(shares) (Bt) (Bt) (Bt) From Average Price Comparing with Main Board

BANPU 122,300 3,169,925 25.92 26.00 -0.31% 1.45%

BH 7,600 676,400 89.00 90.50 -1.66% 1.41%

SCC 8,200 3,411,200 416.00 412.00 0.97% 1.29%

CPN 46,400 2,035,800 43.88 44.00 -0.28% 1.14%

DELTA 12,800 713,600 55.75 57.00 -2.19% 1.14%

UV 50,000 422,500 8.45 8.35 1.20% 0.99%

BLAND 640,000 987,824 1.54 1.53 0.88% 0.91%

BCP 14,200 427,775 30.13 30.50 -1.23% 0.88%

SVI 50,000 215,000 4.30 4.34 -0.92% 0.88%

BEC 20,600 1,066,050 51.75 52.00 -0.48% 0.84%

TUF 11,800 796,500 67.50 67.00 0.75% 0.81%

BTS 373,200 3,153,540 8.45 8.40 0.60% 0.80%

GLOW 15,000 1,042,500 69.50 70.00 -0.71% 0.79%

CPALL 111,100 4,766,625 42.90 43.50 -1.37% 0.73%

ERW 75,000 290,240 3.87 3.92 -1.28% 0.65%

INTUCH 59,600 4,548,650 76.32 76.25 0.09% 0.64%

TCAP 13,200 475,200 36.00 36.25 -0.69% 0.52%

RS 30,000 245,500 8.18 8.35 -2.00% 0.48%

BGH 8,000 1,080,000 135.00 135.00 0.00% 0.39%

KCE 8,000 231,000 28.88 29.00 -0.43% 0.36%

AAV 75,000 298,500 3.98 3.94 1.02% 0.32%

VGI 52,100 598,180 11.48 11.30 1.61% 0.32%

THAI 22,600 324,310 14.35 14.20 1.06% 0.31%

CPF 80,200 2,275,675 28.38 27.75 2.25% 0.23%

SAMART 5,900 101,480 17.20 17.00 1.18% 0.18%

CENTEL 7,000 208,250 29.75 30.00 -0.83% 0.15%

ADVANC 14,000 3,182,000 227.29 226.00 0.57% 0.12%

Source: SET



Foreign Board & Big Lot

Foreign Board Securities Volume Value Foreign Price Local Price % Premium/Discount

(shares) (Bt) (Bt) (Bt) From Local Price

KBANK-F 5,160,900 927,452,000 180.50 170.50 5.87

BBL-F 1,727,400 303,818,750 175.00 175.00 0.00

SCC-F 168,300 69,837,200 414.00 412.00 0.49

ADVANC-F 87,800 19,905,691 219.00 226.00 (3.10)

DTAC-F 9,600 1,148,350 118.50 115.50 2.60

INTUCH-F 3,180 286,200 90.00 76.25 18.03

Source: SET

Big Lot Securities Volume Value Avg. Price Last Price % Price Change Transaction

(shares) (Bt) (Bt) (Bt) From Average Price

CPALL 3,000,000 129,812,400 43.27 43.50 (0.53) 1.00

INTUCH 420,000 29,400,000 70.00 76.25 (8.20) 1.00

BBL 107,450 18,857,475 175.50 175.00 0.29 1.00

SCC 36,215 14,947,810 412.75 412.00 0.18 2.00

ADVANC 55,000 12,485,000 227.00 226.00 0.44 1.00

RATCH 223,200 11,880,936 53.23 49.75 6.99 1.00

LPN 670,000 10,560,607 15.76 15.70 0.38 1.00

PERM 9,300,000 8,742,000 0.94 0.94 0.00 1.00

JAS 1,000,000 7,950,000 7.95 7.85 1.27 1.00

PTT 25,000 7,225,000 289.00 287.00 0.70 1.00

BGH 39,600 5,880,600 148.50 135.00 10.00 1.00

ADVA13C1406B 8,000,000 4,320,000 0.54 1.78 (69.66) 1.00

VNG 880,000 3,009,600 3.42 3.36 1.79 1.00

N-PARK 24,000,000 1,527,500 0.06 0.06 0.00 4.00

IEC 21,000,000 574,600 0.03 0.03 0.00 5.00

Source: SET



Warrant Table As of 24/03/14

In / Out Exercise Conversion Expiry Last Price(B) Warran t Volatility B&S Prem/Disc Gearing Implied Exercise

Money price ratio (W:S) date underlying of stocks price(B ) to B&S volatility period

ACD-W2 In 1.000 1:1.0000 7-Jun-16 1.67 0.55 15.1% 0.51 8.1% 3.04 37.8% Last business day of Dec

BLAND-W3 Out 1.700 1:1.0000 7-Nov-15 1.53 0.36 21.8% 0.11 216.3% 4.25 56.9% Last business day of Mar, Jun, Sep, Dec

BLAND-W4 Out 2.000 1:1.0000 2-Jul-18 1.53 0.32 21.8% 0.13 146.6% 4.78 42.1% Last business day of Mar, Jun, Sep, Dec

BROOK-W4 In 0.838 1:1.2550 8-Aug-16 1.99 1.40 19.4% 1.00 39.5% 1.78 142.6% Last business day of Mar, Jun, Sep, Dec

BSM-W1 In 0.500 1:1.0000 3-Jan-16 1.93 1.21 14.8% 0.97 25.3% 1.60 227.5% Last business day of Mar, Jun, Sep, Dec (1st on 31 Mar 2014)

BTS-W3 Out 12.000 1:1.0000 1-Nov-18 8.40 0.88 12.4% 0.17 429.1% 9.55 27.1% Last business day of Mar, Jun, Sep, Dec (1st on 30 Dec 2016)

BWG-W1 In 1.200 1:1.0000 13-Jul-14 3.42 2.02 38.6% 1.99 1.5% 1.69 123.4% Last business day of Mar, Jun, Sep, Dec

CCP-W1 In 1.000 1:1.3340 29-Sep-14 4.58 4.50 20.3% 4.22 6.6% 1.36 217.6% Last business day of Mar, Jun, Sep, Dec

CCP-W2 In 1.000 1:1.0000 30-Sep-16 4.58 3.46 20.3% 3.08 12.2% 1.32 136.2% Last business day of Mar, Jun, Sep, Dec

CEN-W3 Out 2.000 1:1.0000 10-Jun-15 3.10 1.33 35.3% 1.02 30.9% 2.33 84.0% Last business day of Mar, Jun, Sep, Dec

CHO-W1 In 0.500 1:1.0000 27-Oct-16 1.87 1.10 27.2% 0.93 18.1% 1.70 139.8% Last business day of Mar, Jun, Sep, Dec (1st on 30 Dec 2014)

CIG-W4 Out 1.000 1:0.5000 29-Oct-14 0.64 0.10 20.2% 0.00 na 3.20 201.3% Last business day on a monthly

CMO-W1 Out 2.000 1:1.0000 11-Nov-15 1.91 0.69 13.2% 0.10 565.7% 2.77 85.5% End of Apr, Oct

COLOR-W1 Out 4.000 1:1.0000 16-Jun-16 1.69 0.49 63.8% 0.20 147.9% 3.45 100.7% Last business day of Mar, Jun, Sep, Dec (1st on 17 Jun 2014)

CPI-W1 Out 2.250 1:1.0000 1-Jul-15 2.50 0.82 23.9% 0.34 138.5% 3.05 86.3% End of Jun, Dec

CWT-W2 Out 1.000 1:1.0000 30-Jan-16 1.45 1.02 13.4% 0.40 155.9% 1.42 201.9% End of Jun, Dec

DEMCO-W5 Out 12.000 1:1.0000 5-Feb-15 10.20 4.78 36.9% 0.80 499.6% 2.13 154.3% Last business day of Jan, Jul (1st on 31 Jan 2014)

DEMCO-W6 Out 15.000 1:1.0000 5-Feb-16 10.20 4.20 36.9% 0.84 402.9% 2.43 102.9% Last business day of Jan, Jul (1st on 31 Jan 2014)

DIMET-W1 In 0.500 1:1.0000 1-Nov-17 1.20 0.58 23.7% 0.49 17.8% 2.07 73.3% End of Jun, Dec (1st on 30 Dec 2014)

EARTH-W3 In 1.466 1:1.0230 15-Sep-16 6.00 4.48 13.9% 4.63 (3.3%) 1.37 na 15 Mar, 15 Sep

EFORL-W2 In 0.100 1:1.0000 22-Aug-16 0.66 0.48 31.7% 0.38 27.4% 1.38 na 22 Aug 2016

EMC-W3 Out 1.205 1:1.2450 28-Mar-14 0.50 0.01 29.1% 0.00 na 62.25 538.1% End of Jun, Dec

EPCO-W1 Out 2.266 1:1.0150 20-Oct-14 3.32 1.07 31.2% 0.93 15.3% 3.15 68.7% Last business day of Mar, Jun, Sep, Dec

EVER-W1 Out 1.000 1:1.0000 1-Dec-14 1.01 0.41 55.2% 0.13 217.7% 2.46 204.3% 31 Mar 2014, 30 Jun 2014, 30 Sep 2014, 28 Nov 2014

E-W1 Out 1.408 1:1.0650 22-Dec-20 0.95 0.47 13.9% 0.05 927.7% 2.15 70.6% Last business day of Mar, Jun, Sep, Dec

E-W2 Out 2.000 1:1.0000 22-Dec-20 0.95 0.31 13.9% 0.01 4070.4% 3.06 56.0% Last business day of Mar, Jun, Sep, Dec

FOCUS-W1 Out 3.000 1:1.0000 15-Jun-14 1.78 0.37 17.5% 0.00 na 4.81 250.3% Last business day of Jan, Apr, Jul, Nov

GJS-W2 Out 0.207 1:3.6300 12-Dec-17 0.06 0.06 179.1% 0.16 (62.4%) 3.63 82.3% End of Jun and Dec

GJS-W3 Out 0.150 1:4.0000 7-Feb-20 0.06 0.11 179.1% 0.20 (45.4%) 2.18 79.4% End of Jun and Dec

GLAND-W1 Out 1.000 1:1.0290 26-May-14 3.34 4.16 53.0% 2.41 72.8% 0.83 na Last business day of Mar, Jun, Sep, Dec

GLAND-W2 In 1.000 1:1.0000 30-Jun-16 3.34 2.14 53.0% 2.33 (8.0%) 1.56 na End of Jun

GL-W2 In 2.957 1:11.8360 31-Oct-14 4.94 21.40 25.0% 22.53 (5.0%) 2.73 na Last business day of Mar, Jun, Sep, Dec

GL-W3 Out 10.000 1:1.0000 1-Dec-15 4.94 0.73 25.0% 0.01 6002.5% 6.77 76.8% Every Month (1st on 31 Jan 2014)

GOLD-W1 In 3.000 1:1.0000 31-Mar-14 6.85 2.54 66.6% 3.00 (15.3%) 2.70 na Last business day of Mar, Jun, Sep, Dec

GSTEL-W1 Out 0.550 1:1.0000 29-Sep-19 0.15 0.07 191.4% 0.12 (43.1%) 2.14 93.9% Last business day of Jun and Dec

GSTEL-W2 Out 0.550 1:1.0000 26-Sep-19 0.15 0.07 191.4% 0.14 (49.3%) 2.14 86.6% Last business day of Jun and Dec

IEC-W1 Out 0.027 1:1.0000 18-Jun-14 0.03 0.01 0.0% na na 3.00 160.6% End of Mar, Jun, Sep, Dec

IFEC-W1 In 1.000 1:1.0000 23-Feb-17 3.26 2.08 27.5% 1.55 34.4% 1.57 202.2% 28 Nov 2014, 28 Nov 2015, 23 Feb 2017

ILINK-W1 Out 20.000 1:1.0000 23-Jun-16 25.00 7.60 38.0% 7.56 0.5% 3.29 38.4% End of Mar, Jun, Sep, Dec

KAMART-W In 2.000 1:1.0000 7-May-14 5.00 2.88 42.8% 2.90 (0.7%) 1.74 na Last business day of Jul-13, Oct-13, Jan-14, 6-May-14

KCE-W2 In 5.000 1:1.0000 19-Jun-16 29.00 23.90 33.4% 23.04 3.7% 1.21 103.7% 1-10 Mar, Jun, Sep, Dec

KMC-W2 Out 1.120 1:0.8930 20-Jun-15 0.33 0.07 61.6% 0.01 1260.8% 4.21 131.9% End of Mar, Jun, Sep, Dec

KMC-W3 Out 0.600 1:1.0000 19-May-16 0.33 0.09 61.6% 0.05 99.3% 3.67 93.5% End of Dec (1st on 30-Dec-13)

LIVE-W2 Out 0.100 1:1.0000 8-Dec-16 0.31 0.25 38.1% 0.19 33.0% 1.24 180.9% Last business day of Mar, Jun, Sep, Dec (1st on 31 Mar 2014)

MATCH-W2 Out 1.293 1:1.0820 29-May-14 2.68 1.55 25.1% 1.33 16.7% 1.87 234.6% Last business day of Mar, Jun, Sep, Dec

MILL-W2 Out 2.500 1:1.0000 29-May-16 1.65 0.25 16.1% 0.01 2539.0% 6.60 54.0% Last business day of Jun and Dec

NBC-W1 Out 3.000 1:1.0000 11-Jul-18 3.96 1.72 5.9% 0.92 87.8% 2.30 62.8% 15 Jun and 15 Dec (1st on 15 Dec 2013)

NEP-W2 Out 0.500 1:1.0000 15-Dec-16 1.00 0.57 17.7% 0.40 43.2% 1.75 108.5% Last business day of 15 Mar,15 Jun,15 Sep,15 Dec

NINE-W1 Out 4.000 1:1.0000 11-Jul-18 3.70 1.50 21.5% 0.45 235.3% 2.47 82.1% 15 Jun and 15 Dec

NIPPON-W Out 1.000 1:1.0000 30-May-16 1.60 0.68 47.0% 0.50 35.1% 2.35 95.0% Last business day of Feb, May, Aug, Nov

NMG-W3 Out 1.000 1:1.0000 19-Jun-18 1.26 0.48 21.7% 0.27 75.1% 2.63 64.0% 15 Jun and 15 Dec

NNCL-W2 In 1.000 1:1.0000 29-Dec-15 2.28 1.22 14.2% 0.91 34.7% 1.87 137.3% Last business day of Mar, Jun, Sep, Dec

NUSA-W1 Out 1.000 1:1.0000 31-May-16 0.71 0.24 35.1% 0.06 279.8% 2.96 85.9% Last business day of May, Nov

NWR-W1 Out 2.200 1:1.0000 26-Jun-14 1.92 0.40 25.2% 0.02 2062.8% 4.80 141.3% Last business day of Mar, Jun, Sep, Dec

PF-W3 Out 1.000 1:1.0000 18-Jul-15 0.93 0.35 34.5% 0.13 179.5% 2.66 91.5% Last business day of Mar, Jun, Sep, Dec

PLE-W2 Out 3.200 1:1.0000 20-Oct-15 1.62 0.35 39.0% 0.03 1029.3% 4.63 104.3% 20 Oct 2015

PRINC-W1 In 1.200 1:1.0000 30-Sep-16 2.60 1.37 13.2% 0.97 40.6% 1.90 122.1% Last business day of Mar, Jun, Sep, Dec

PYLON-W1 In 1.760 1:1.2500 25-Apr-15 5.35 4.42 34.8% 3.36 31.4% 1.51 244.0% 30 Jun and 30 Dec

RCI-W1 Out 3.000 1:1.0000 22-Oct-15 3.60 1.49 24.5% 0.70 111.6% 2.42 90.8% 22 Oct 2014, 22 Oct 2015

RML-W3 Out 2.750 1:1.0000 15-May-15 1.54 0.27 55.3% 0.09 210.1% 5.70 92.4% Last business day of Mar, Jun, Sep, Dec

ROJNA-W2 In 3.334 1:1.1998 30-Jul-14 7.00 4.00 9.7% 4.38 (8.7%) 2.10 na Last business day of Feb, May, Aug, Nov

ROJNA-W3 Out 4.000 1:1.0000 18-Jul-16 7.00 3.28 9.7% 2.90 13.0% 2.13 48.1% Last business day of Mar, Jun, Sep, Dec

RS-W2 In 1.900 1:1.0000 19-May-14 8.35 6.10 38.2% 6.12 (0.4%) 1.37 na End of Jun, Dec

SIMAT-W1 In 1.012 1:1.4821 28-Aug-14 6.50 8.00 71.3% 6.90 16.0% 1.20 588.5% Last business day of Mar, Jun, Sep, Dec

SINGHA-W Out 6.000 1:1.0000 28-Nov-14 0.30 0.06 70.2% 0.00 na 5.00 262.9% End of May , Nov

SIRI-W1 Out 1.114 1:1.1670 20-Jan-15 1.93 0.96 43.1% 0.88 8.6% 2.35 70.0% Last business day of Mar, Jun, Sep, Dec

SLC-W1 Out 0.690 1:0.5780 16-May-15 0.55 0.20 31.2% 0.02 984.8% 1.59 191.9% Last business day of May, Nov

SLC-W2 Out 0.420 1:0.2379 28-Oct-15 0.55 0.09 31.2% 0.04 138.7% 1.45 156.7% Last business day of Mar, Sep

SLC-W3 Out 0.740 1:1.3600 14-Sep-16 0.55 0.36 31.2% 0.06 455.4% 2.08 118.1% Last business day of Mar, Sep

SMM-W2 Out 1.406 1:1.0667 25-Apr-14 1.52 0.16 24.2% 0.11 50.3% 10.13 69.2% Monthly basis on the 25th

SPORT-W3 In 1.679 1:1.1615 21-Apr-15 3.36 1.68 19.4% 1.75 (3.9%) 2.32 na End of Mar, Jun, Sep, Dec

SPORT-W4 In 1.698 1:1.0306 15-Aug-14 3.36 1.40 19.4% 1.45 (3.3%) 2.47 na Last business day of Mar, Jun, Sep, Dec

STAR-W2 Out 2.900 1:1.0000 3-Jun-16 2.78 1.41 56.0% 0.72 96.1% 1.97 121.8% 3 Jun (1st on 3 Jun 2014)

TASCO-W3 Out 68.410 1:1.0000 17-Apr-14 48.25 0.05 19.2% 0.00 na 965.00 63.4% Last business day of Mar, Jun, Sep, Dec

TCC-W1 Out 0.719 1:1.3901 30-Oct-14 0.94 0.33 33.9% 0.34 (2.1%) 3.96 30.2% End of Jun

TCC-W2 Out 0.821 1:1.2178 3-May-18 0.94 0.46 33.9% 0.38 21.6% 2.49 45.8% Last business day of Feb, May, Aug, Nov

TCC-W3 Out 0.875 1:1.1425 1-Apr-22 0.94 0.56 33.9% 0.44 27.3% 1.92 48.7% Last business day of Feb, May, Aug, Nov

TCC-W4 Out 1.000 1:1.0000 14-May-23 0.94 0.44 33.9% 0.31 42.2% 2.14 54.1% Last business day of Mar, Jun, Sep, Dec

TCJ-W1 Out 9.804 1:1.0200 17-Mar-16 11.00 4.44 28.5% 2.34 90.0% 2.53 72.6% Last business day of Mar, Jun, Sep, Dec

TCMC-W1 Out 2.000 1:1.0000 26-Aug-16 2.56 1.15 47.7% 0.68 68.4% 2.23 112.4% Last business day of Mar, Sep

TFD-W2 Out 5.000 1:1.0000 15-May-16 7.10 2.96 36.2% 2.33 27.0% 2.40 63.2% Last business day of Mar, Jun, Sep, Dec

TH-W1 Out 1.000 1:1.0000 9-Sep-17 1.63 1.01 61.6% 0.88 15.4% 1.61 83.7% Last business day of Sep (1st on 30 Sep 2015)

TICON-W6 Out 7.767 1:1.0300 3-Oct-14 17.30 9.85 17.7% 9.86 (0.1%) 1.81 na Last business day of Mar, Jun, Sep, Dec

TIES-W2 Out 1.000 1:1.0000 14-May-15 1.00 0.29 34.2% 0.10 179.8% 3.45 105.8% Last business day of Mar, Jun, Sep, Dec

TLUXE-W2 Out 2.500 1:1.0000 20-Feb-15 2.68 0.53 13.1% 0.22 145.7% 5.06 56.9% Last business day of Mar and Sep

TMI-W1 In 0.250 1:1.0000 4-Oct-15 1.48 1.12 26.8% 0.85 31.7% 1.32 na Last business day of May and Nov

TPAC-W1 Out 5.000 1:1.0000 21-May-16 6.95 2.30 25.9% 1.89 21.8% 3.02 46.6% Last business day of Mar and Sep

TRT-W2 Out 5.500 1:1.0000 5-Oct-15 5.50 1.38 20.2% 0.54 155.9% 3.99 58.1% Last business day of Mar and Sep

TRUBB-W1 Out 3.200 1:1.2500 7-Aug-14 1.97 0.59 19.6% 0.00 na 4.17 171.7% Last business day of Jun and Dec

TSF-W2 Out 0.187 1:1.6052 14-May-15 0.56 0.76 150.2% 0.63 21.0% 1.18 313.2% Last business day of May, Nov

TTA-W3 Out 16.166 1:1.0516 12-Sep-15 21.80 8.00 34.6% 6.68 19.8% 2.87 54.3% Last business day of Mar, Jun, Sep, Dec

TVD-W1 Out 3.500 1:1.0000 14-Jul-16 3.60 1.83 31.3% 0.75 142.4% 1.97 91.9% Last business day of Jun, Dec

TWZ-W2 Out 0.400 1:1.0000 12-Sep-14 0.36 0.06 39.0% 0.02 246.9% 6.00 101.3% 12 Sep 2014

TYM-W1 Out 5.000 1:1.0000 23-Jun-14 3.94 0.20 17.7% 0.00 na 19.70 72.6% Last business day of Mar, Sep

UAC-W1 Out 6.250 1:1.2000 31-Jan-16 8.20 3.30 38.8% 2.82 16.9% 2.98 53.6% Last business day of Mar, Jun, Sep, Dec

UKEM-W1 Out 0.500 1:1.0000 5-Nov-14 1.16 0.71 15.6% 0.58 22.8% 1.63 176.2% Last business day of Jun, Dec

UWC-W1 In 1.000 1:1.0000 13-Nov-15 1.87 0.79 28.2% 0.67 18.8% 2.37 75.1% Last business day of Mar, Jun, Sep, Dec

WAT-W1 Out 1.000 1:1.0000 14-Feb-15 0.04 0.05 176.9% 0.00 1853.1% 0.80 na End of Jun and Dec

WAT-W2 Out 0.400 1:1.0000 28-Jun-16 0.04 0.02 176.9% 0.02 21.3% 2.00 196.3% End of Jun and Dec

Sources: Companies data, Thanachart



Calendar

MARCH 2014

Mon Tue Wed Thu Fri

24 25 26 27 28

New listing: DW CPAL01C1408A 94 m units CPAL01P1408A 52 m units CPF01C1409A 144 m units CPF01C1409A 144 m units CPF01P1409A 73 m units CPF01P1409A 73 m units CPN01P1409A 48 m units CPN01C1409A 97 m units CPN01C1409A 97 m units DELT01C1409A 40 m units DELT01P1409A 19.3m units GLOB01C1408A 59 m units GLOB01C1408A 59 m units New share trading: FPI 1.43 m shares (Convertible debenture) XD: EA @0.02 PSCGH @0.15 TVO @0.70 TWZ @0.015 XE: TASCO-W3 1:[email protected] Expired: IVL13C1403A Last trading: IVL13C1403B KKP13C1403A THAI13C1403A

New listing: MAI Lease It Pcl. (LIT) 200 m shares, Par @1.00 (IPO 84 m shares @1.80) New share trading: QLT 0.32 m shares (QLT-WA 1:1 @5.72) XD: AH @0.14 BGH @2.00 DCON @1.04 HEMRAJ @0.11 LALIN @0.125 NTV @0.91 RAM @6.00 SKR @0.80 VIH @0.06

XD: HTC @0.40 LEE @0.22 TBSP @13.00 TCP @0.85 TMILL @0.10 TSTE @0.24 UMI @0.125 Last trading: AOT13C1403A BH07CA DELT07CA PTT13C1403A TRUE07CA

XD: ASK @1.00 ASK 50:1 Stock dividend GLAND @0.04 TIC @1.02 TIC-P @1.02 TTTM @1.50 Last trading: BCP06CA INTU06CB IVL06CC SCB06CE SCC06CB

XD: ADVANC @5.75 KCE @0.50 Q-CON @0.25 SYNEX @0.15 TGCI @0.06 TKS @0.40 TKS 10:1 Stock dividend Last trading: ADVA08CD BAY01C1403A BAY01P1403A BJC08CC BTS01C1403A BTS01P1403A CPAL01C1403A CPAL01P1403A CPF01C1403A CPF01P1403A CPN01C1403A CPN01P1403A DELT01C1403A GLOB01C1403A GLOB01P1403A HMPR01C1403A HMPR01P1403A LH01C1403A LH01P1403A PS01C1403A PS01P1403A PTT01C1403A PTT01P1403A ROBI01C1403A THAI01C1403A THAI01P1403A TRUE01C1403A TRUE01P1403A

Events: TH–กกต.สงคํารองเกี่ยวกับ กรณีใบเหลือง ผูวา กทม. ถึงศาลอุทธรณกลาง อกี ทั้งปลายมี.ค. นาจะมีคํา ตัดสินของ ป.ป.ช. ในการ ช้ีมูลความคิด คดีทุจริตที่ สําคัญ US–ดัชนีกิจกรรมการผลิตทั่ว ประเทศเดือนก.พ.จาก เฟดชิคาโก US–ดัชนีผูจัดการฝายจัดซ้ือ (PMI) ภาคการผลิต เบ้ืองตนเดือนมี.ค.

Events: US–��M�" $�6��/.$.Eก S&P / Case-Shiller US–ดัชนีราคาบานเดือนม.ค. US–ยอดขายบานใหมเดือน ก.พ. US–ดัชนีความเช่ือม่ันผูบริโภค เดือนมี.ค. US–ดัชนีราคาผูผลิต (PPI) เดือนก.พ. US–สต็อกนํ้ามันประจําสัปดาห สิ้นสุดวันที่ 21 มี.ค.จากการ ปโตรเลียมสหรัฐ (API)

Events: US–EIA petroleum report US–ยอดสัง่ซ้ือสินคาคงทน เดือนก.พ. US–ดัชนีผูจัดการฝายจัดซ้ือ (PMI) ภาคบริการเบ้ืองตน เดือนมี.ค.

Events: TH–ประชุม กกต.ประเด็น งบ กลางศรส. US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves TH–28-29 มี.ค. พรรค ประชาธิปตยประชุมใหญ สามัญประจําป TH–สศอ. แถลงดัชนี อุตสาหกรรมประจําเดือน



APRIL 2014

Mon Tue Wed Thu Fri

31 Mar 1 2 3 4

XD: CNS @0.17 CTW @0.70 SF @0.125 SF 8:1 Stock dividend UP @2.85 UPF @2.80 Last trading: ESSO13C1403A QH13C1403A SIRI13C1403A STA13C1403A THCO13C1403A TTA13C1403A Expired: IVL13C1403B KKP13C1403A THAI13C1403A Delisted: EMC-W3

XD: AQUA @0.027125025 CSL @0.35 DTCI @0.50 FANCY @0.10 INTUCH @2.16 IRCP @0.50 ROH @0.60 SCC @7.00 SUC @2.00 THCOM @0.45 TPC @1.20 WG @5.50 Delisted: GOLD-W1 IEC-W1 Last trading: CK13C1404A IVL13P1404A KBAN08P1404A KBAN13C1404A KBAN13P1404A TRUE08P1404A

XD: CHARAN @1.50 MK @0.20 Expired: AOT13C1403A BH07CA DELT07CA PTT13C1403A TRUE07CA

XD: OISHI @1.00 SPPT @0.05 TCOAT @0.65 Last trading: ITD13C1404A Expired: BCP06CA INTU06CB IVL06CC SCB06CE SCC06CB

XD: CSP @0.13 TCMC @0.04 Last trading: ADVA13C1404A ADVA13P1404A BANP13C1404A JAS13C1404A TMB13C1404A Expired: ADVA08CD BAY01C1403A BAY01P1403A BJC08CC BTS01C1403A BTS01P1403A CPAL01C1403A CPAL01P1403A CPF01C1403A CPF01P1403A CPN01C1403A CPN01P1403A DELT01C1403A GLOB01C1403A GLOB01P1403A HMPR01C1403A HMPR01P1403A LH01C1403A LH01P1403A PS01C1403A PS01P1403A PTT01C1403A PTT01P1403A ROBI01C1403A THAI01C1403A THAI01P1403A TRUE01C1403A TRUE01P1403A

Events: TH–ธปท. รายงานภาวะ เศรษฐกิจไทยประจําเดือน

Events:

TH–กระทรวงพาณิชยแถลง ตัวเลขเงินเฟอ

Events: US–EIA petroleum report

Events: US–จํานวนผูขอรับสวัสดิการ วางงานรายสัปดาห

Events: TH–Foreign reserves

7 8 9 10 11

Holiday

XD: APCO @0.20 APCO 5:1 Stock dividend CSS @0.08 TOG @0.20 XE: KAMART-W 1:[email protected] XR: APCO 6.25:1 @1.00

Expired: CK13C1404A IVL13P1404A KBAN08P1404A KBAN13C1404A KBAN13P1404A TRUE08P1404A

XD: BANPU @0.70 MAJOR @0.50 TVI @0.32

XD: GC @0.14 JCP @0.24 KBANK @3.00 NPK @0.15 SAMCO @0.07 SCB @3.75 SCB-P @3.75 SSF @0.35 TCAP @1.00 TCAP-P @1.00 Expired: ITD13C1404A

Events:

Events:






APRIL 2014

Mon Tue Wed Thu Fri

14 15 16 17 18

Holiday Holiday

XD: JMART @0.15 JMART 4:1 Stock dividend JMT @0.07 MINT @0.35 Last trading: AOT28C1404A BBL28C1404A BTS28C1404A CPN28C1404A INTU28C1404A IRPC28C1404A KTB28P1404A PS28C1404A PTT28C1404A SCB28P1404A THAI28C1404A TRUE28C1404A TRUE28P1404A TTA28C1404A Expired: ADVA13C1404A ADVA13P1404A BANP13C1404A JAS13C1404A TMB13C1404A

XD: ANAN @0.05 BIGC @2.55 KGI @0.36 UAC @0.16

XD: AIT @1.00 BAY @0.40 BBL @4.50 GUNKUL @0.038 GUNKUL 3:1 Stock dividend HMPRO @0.0159 HMPRO 7:1 Stock dividend IFEC @0.01 IFEC 20:1 Stock dividend MATCH @0.10 MFC @2.50 PPS @0.04 QLT @0.40 Delisted: TASCO-W3

Events:

Events:




21 22 23 24 25

XD: CIMBT @0.01 EPCO @0.079-0.113 HTECH @0.04 KTB @0.88 KTB-P @1.0345 QH @0.09 SCCC @7.00 TMB @0.04 Last trading: DTAC13C1404A DTAC13P1404A INTU13C1404A INTU13P1404A

XD: CHO @0.015 MIDA @0.00555 MIDA 10:1 Stock dividend

XD: AHC @0.64 SABINA @0.065 Last trading: BANP01C1404A BANP01P1404A PTTG13C1404A PTTG13P1404A VGI13C1404A Expired: AOT28C1404A BBL28C1404A BTS28C1404A CPN28C1404A INTU28C1404A IRPC28C1404A KTB28P1404A PS28C1404A PTT28C1404A SCB28P1404A THAI28C1404A TRUE28C1404A TRUE28P1404A TTA28C1404A

XD: AMARIN @0.0111111111 AMARIN 10:1 Stock div. ASIA @2.00 FORTH @0.15 HFT @0.15 LHBANK @0.0333 MEGA @0.1803 MODERN @0.30 XE:

RS-W2 1:[email protected] XR: LHBANK 30:1 @1.00

XD: ALUCON @8.00 GLOW @1.904 SIS @0.20 SPORT @0.02 Last trading: BBL42C1404A BBL42P1404A BTS42C1404A CK42C1404A CPAL42C1404A CPAL42P1404A CPF42C1404A CPF42P1404A ITD07C1404A ITD42C1404A KBAN42C1404A KBAN42P1404A KTB42C1404A KTB42P1404A MCOT07C1404A SIRI07C1404A THCO07C1404A

Events:

Events:






��H�}H� Head of Research

)&/)*Nก �&Eก �!, CFA Pimpaka Nichgaroon, CFA [email protected]

��==H� S�>FH]H�a�GT�i Analyst � Energy & Utilities

��)�!! ��% !�ก&� Supanna Suwankird [email protected]

FrHZ��กH�^=�� S�>FDc�FH� Financial, Telecom

� �M� Z � � Sarachada Sornsong [email protected]

�F�=�H��U\��, ��iU� S�>�Ha�n�� Property & Commerce, Industrial Estate

) ! �!* �&��)&�� * Phannarai Tiyapittayarut [email protected]

`�FQ= ��Z^�UH S�>��^��ก\��กF� Transportation, Construction, Electronics

Z�ก�&��&�Q&� )�� ก[* Saksid Phadthananarak [email protected]

Ad Hoc Research S�>กH�S�\�� Small caps, Healthcare

Z& &) � �=!�� Siriporn Arunothai [email protected]

Z��^\�= �H�H� S�>T�=S�U Medias, Foods, Hotel

�ก%" ��/��$* Kalvalee Thongsomaung [email protected]

�î�H>��\H=^\i��i Technical

�)� )& &�%��& Noppadol Piriyawut [email protected]

��กก��\]�กH��=\� Retail Strategist

��&Z�ก�&� N>6)&)��*�& �^ก�, CFA Adisak Phupiphathirungul, CFA [email protected]

��nQ��ก�î�H>�� Assistant Analyst

� &-/��Q&%��T>/& Rata Limsuthiwanpoom

[email protected]

M&� �� &��* Chalida Tantriyanont

[email protected]

SG� Translator

T&�" �&)�/!� Lapinee Dibyamondol' [email protected]

\bUF��ZF��`��U�� Database

/��" �)M ��F�ก� Monrudee Petchseangsaikul

[email protected]

�� %��&� &/%�[*� !" Suksawat Limawongpranee

[email protected]

% �&)�* �� %�Z* Varathip Rungpradubvong

[email protected]

�� ก[%�� Sunet Raksawad

[email protected]

�ก[/ ��* E&�ก�Z Kasemrat Jitkuson

[email protected]

��E&�� 3) Sujintana Sthaporn

[email protected]

DISCLAIMERS

Investors should use this report as one of many tools in making their investment decisions since Thanachart Securities may seek to do other business with the companies mentioned in the report. Thus, investors need to be aware that there could be potential conflicts of interest that could affect the report's neutrality.

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