1. shopping

Reinitiating Coverage, 27 March 2015
BTS Group Holdings (BTS TB)
Buy (from Trading Buy)
Transport - Transportation
Market Cap: USD3,370m
Target Price:
Price:
THB11.60
THB9.30
Macro
Risks
Leading Provider Of Mass Transit Solutions
Growth
Value
BTS Group Holdings (BTS TB)
Price Close
Relative to Stock Exchange of Thailand Index (RHS)
10.8
112
10.3
108
9.8
104
9.3
100
8.8
95
8.3
91
7.8
300
87

200

Jan-15
Nov-14
Sep-14
Jul-14
May-14
50
Mar-14
Vol m
100
Source: Bloomberg
Avg Turnover (THB/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (THB)
Free float (%)
Share outstanding (m)
Shareholders (%)
327m/10.00m
23.7
24.7
8.05 - 10.5
58
11,823
Keeree Kanjanapas
Thai NVDR
32.6
6.5
Share Performance (%)
YTD
1m
3m
6m
Absolute
(3.6)
(5.6)
(5.1)
(3.1)
9.4
Relative
(5.8)
(1.0)
(6.1)
0.4
(3.0)

The only private mass transit operator in Thailand. BTS Group
Holdings (BTS) operates the Green Line, Bangkok’s most important
mass transit line. It is undoubtedly a prime beneficiary of the city’s fastgrowing mass transit system. The company expects: i) Bangkok’s mass
transit coverage to grow 4x to 155km in 2018 (2013: 36km), and ii) its
mass transit operations & maintenance (O&M) revenue to increase 6x to
THB10bn in 2018 (2013: THB1.5bn). We expect total mass transit rail
length to increase to 515km in 2029 from 100km in 2013.
New joint-ventures (JVs) to enhance business value. BTS’ hidden
asset lies in its landbank of 1,350 rai (2.15m sq m) worth THB11bn in
book value. It owns several hotels and used to develop some property
projects. However, since it is not an expert in this field, BTS is doing a
share swap deal with Natural Park Public Co Ltd (NPARK TB, NR),
partially to monetise its assets – Eastin Hotel Sathorn and two plots of
land in prime Bangkok areas – in exchange for a 35% stake in Natural
Park. Through the latter, BTS will develop commercial projects. Also, it is
jointly developing residential projects with Sansiri (SIRI TB, BUY, TP:
THB2.60), a well-known property developer. Its most recent JV is with
AEON Thana Sinsap (Thailand) (AEON) (AEONTS TB, NR), which looks
to add value to its Rabbit card e-money business. The card is a common
ticketing method for Bangkok’s mass transit network.
Strong synergy in other businesses. BTS, via 65%-owned subsidiary
VGI Global Media (VGI) (VGI TB, SELL, TP: THB5.05), is a leader in
out-of-home media. VGI’s business was weak in FY15 (Mar) amid soft
advertising expenditure (adex), but we expect a modest recovery in
FY16. Inorganic growth will be derived from the acquisition of other
below-the-line media companies, which are generally run by small- and
medium-sized enterprises (SMEs).
12m
Shariah compliant
Forecasts and Valuations
Mar-12
Mar-13
Mar-14
Mar-15F
Mar-16F
Total turnover (THBm)
7,976
5,585
8,115
6,662
7,119
Reported net profit (THBm)
2,106
1,719
12,645
2,808
2,481
Recurring net profit (THBm)
1,035
1,693
1,810
2,325
2,481
63.6
6.9
28.5
6.7
Recurring net profit growth (%)
na
Recurring EPS (THB)
0.11
0.16
0.16
0.20
0.21
DPS (THB)
0.30
0.54
0.60
0.65
0.72
Recurring P/E (x)
86.9
57.3
59.4
47.7
44.7
P/B (x)
2.55
2.18
1.95
2.12
2.37
Naruedom Mujjalinkool
P/CF (x)
51.2
20.8
33.4
28.1
22.2
Research Associate
Dividend Yield (%)
3.2
5.8
6.5
7.0
7.7
24.3
28.8
15.1
19.3
13.9
Wanida Geisler +66 2862 9748
[email protected]
EV/EBITDA (x)
Return on average equity (%)
Net debt to equity (%)
Our vs consensus EPS (adjusted) (%)
See important disclosures at the end of this report


3

.
1
0
.
2
0
0
.
3
0
0
BTS is a prime beneficiary of Bangkok’s fast-growing mass transit .
0
system. We resume coverage with a BUY and new SOP-based THB11.60 0
TP (26% upside). Its recent business restructuring and expansion in 0
property and services should help drive long-term prospects. In our
view, it deserves to trade at a high P/E as it is Thailand’s only private
fully-integrated mass transit operator and offers high 6-8% dividend
yields.
250
150




Source: Company data, RHB
6.0
4.1
66.9
14.8
24.2
net cash
5.1
5.0
net cash
net cash
(7.1)
(5.4)
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1
BTS Group Holdings (BTS TB)
27 March 2015
Table Of Contents
See important disclosures at the end of this report
Valuation And Recommendation
3
Risks
4
Company Profile
6
Results Review
17
Outlook
18
2
BTS Group Holdings (BTS TB)
27 March 2015
Valuation And Recommendation
Resuming coverage on BTS with BUY and THB11.60 TP. Over the past two years,
BTS has made meaningful progress in restructuring and expanding its businesses,
which we believe will help drive its future growth.
Major developments include: i) a high possibility of BTS getting the O&M contracts for
the mass transit system’s extension lines, ii) VGI’s new business areas (eg
advertising (ad) media screens at Victory Monument area, Empire Tower and
Chamchuri Square as well as ad media space in FamilyMart convenient stores), iii)
its new JV with Sansiri to develop residential projects on BTS’ landbank and a share
swap to hold a 35% stake in Natural Park to develop commercial properties, iv) BTS
new special purpose vehicle (SPV) with AEON to add value to its Rabbit card, and v)
BTS’ expansion of its food business, ChefMan, by another 13 branches.
Due to the above reasons, we expect the company’s revenue and core net profit to
grow 7% in 2016. BTS also commits at least THB8bn of annual dividend payment,
reflecting an attractive dividend yield of about 6-8% per year.
Using SOP to derive a new TP. We value BTS’ core business (O&M and services)
at THB24.12bn using the DCF methodology, assuming 9.4% WACC and 2.5%
terminal growth. We value its equity holding in VGI at THB27.65bn, based on a 65%
stake at the current price. We also value its 33.33% stake in the BTS Rail Mass
Transit Growth Infrastructure Fund (BTSGIF) at THB44.42bn using the DDM method,
assuming 2.5% terminal growth. We assume P/BV of 2x to appraise its landbank.
We note that BTS continues to trade at a high P/E multiple (Figure 2) and against its
peers (Figure 3), given that it is the only private mass transit operator in Thailand.
Figure 1: BTS’ valuation table
THBm
Remarks
VGI
27,646
65% stake in VGI (based on price of THB6.20 on 18 Mar)
BTSGIF
44,415
33.33% stake in BTSGIF (DDM on 2.5% terminal growth)
O&M
24,117
DCF on 2.5% terminal growth and 9.4% WACC
Landbank
22,200
2x P/BV
Net cash - net debt
19,480
Total
Share base (m)
TP per share (THB)
137,858
11,919
11.60
Source: RHB
Figure 2: BTS’ historical P/E
Source: RHB
See important disclosures at the end of this report
3
BTS Group Holdings (BTS TB)
27 March 2015
Figure 3: Peer comparison
Mass transit company
Ticker
Company
BTS GROUP HOLDINGS TB*
BANGKOK METRO TB
KEIKYU JP
KEIO CORP JP
Average
Average (excluding BTS Group)
Market
Cap
USDbn
BTS TB
BMCL TB
9006 JP
9008 JP
3.37
1.19
4.63
5.46
P/E
15F
46.46
n.a.
47.02
34.04
29.69
28.57
16F
42.59
n.a.
44.65
31.22
25.29
24.13
P/BV
15F
16F
1.96
2.11
5.34
5.56
2.39
n.a.
2.00
1.89
4.14
4.08
4.21
4.12
EV/EBITDA
15F
16F
30.24
27.79
73.51
43.69
n.a.
n.a.
12.86
12.65
18.21
14.59
13.41
11.57
Div yield (%)
15F
16F
6.59
7.40
0.00
0.00
0.60
0.60
0.80
0.87
2.06
2.41
1.90
2.24
Source: Bloomberg, RHB Price close as of 25 Mar * RHB estimates
Risks
Extension line may be delayed. Although BTS expects the operations of most of its
extension lines to start within 2018-2019, there may be the risk of delays in the
following processes: i) fiscal study and EIA approval, ii) bidding and negotiations, and
iii) construction. This could slow down the future sources of BTS’ income, which are
expected to begin operations as soon as possible. Note, however, that the company
has always sought other sources of revenue beside its mass transit business. This is
to ensure its growth potential and to drive good returns to shareholders.
Holding 35% of Natural Park may reflect losses in the short term. Although the
switching of its land plot into a 35% stake in Natural Park was deemed a good move
for BTS to unlock its assets and improve its future ROA, the company may have to
face the share of losses from its associate. Natural Park – in the past – recognised
losses for three consecutive years (Figure 4). However, this year may not be the
same as it was in the past. This is because Natural Park will recognise the revenue
from the Eastin Grand Hotel Sathorn of about THB500m per year, which ought to
help its bottomline to improve from last year’s numbers. In addition, BTS will appoint
some of its management team as Natural Park directors. This should help improve
operational efficiency and steer the company towards a better direction going
forward. Natural Park is in a strong financial position, with net cash of about
THB2.8bn (cash: THB4.9bn, debt: THB2.1bn).
Figure 4: Natural Park’s sales, and gross, operating and core profits
Source: RHB
See important disclosures at the end of this report
4
BTS Group Holdings (BTS TB)
27 March 2015
Adex may recover slower than expectations. Although we expect total adex to
pick up this year by about 7-9%, it is still a risk that it may recover slower than our
expectations. The factors that may hamper recovery are: i) GDP not reaching the
BOT’s 3-4% target, and ii) domestic consumption remaining continuously weak.
However, VGI, which acts as an out-of-home media business, should experience less
effect from the slow recovery in total adex. This is because the out-of-home media
segment – comprising outdoor, transit and in-store media – has performed better
than total adex, declining only 5.2% YoY in 2014 vis-à-vis total adex’s decline of
9.5% (Figure 5).
Figure 5: Out of home media vs total adex
Source: Nielsen
See important disclosures at the end of this report
5
BTS Group Holdings (BTS TB)
27 March 2015
Company Profile
Currently, BTS is Thailand’s leading passenger services provider, which focuses on
mass transit solutions in Bangkok. It is also the country’s largest out-of-home media
company through its subsidiary VGI. BTS is also engaged in commercial and
residential property development along the mass transit routes. Moreover, its
services business provides strategic support for the rest of the BTS Group. This
division operates the Rabbit card e-money system – a common ticketing system
across Bangkok’s mass transit network and ChefMan restaurants.
Figure 6: BTS’ 9MFY15 (Mar)’s revenue breakdown
Source: Company data
Mass Transit Business
O&M business
BTS Skytrain. In 2009, BTS subsidiary Bangkok Mass Transit System (BTSC) was
awarded a 30-year O&M contract by Krungthep Thanakom Co Ltd, a wholly-owned
subsidiary of the Bangkok Metropolitan Administration (BMA), to operate and
maintain two extensions of the BTS Skytrain network. This is the 7.5km (six stations)
extension of the Light Green Line from Saphan Taksin-Bang Wa and the 5.3km (five
stations) extension of the Dark Green Line, totalling 12.8km (11 stations). This
landmark agreement will enable BTS to build up its recurring income sources and
reduce its dependence on fare-box income. The company will also get the operation
fee from the BMA at a fixed rate. About THB1,700m will be paid to BTS this year,
with a 3.8% contractual increase every year.
Figure 7: BTS’ O&M business
Source: Company data
See important disclosures at the end of this report
6
BTS Group Holdings (BTS TB)
27 March 2015
Bangkok Rapid Transit (BRT). The BMA outsourced the management of the BRT to
BTSC via bus operations and station management agreements. Under the
agreements, the BMA receives all the revenue from fares while the BTSC receives
pre-agreed annual fees. In return, BTSC bears the operating and maintenance
expenses as well as the investment in the buses. The BRT Line comprises 12
stations, with buses running along a 15km-long dedicated bus lane. There is direct
connectivity (via SkyBridge link) between BRT Sathorn and BTS Chong Nonsi
stations (Figure 8).
Figure 8: BRT’s route
Figure 9: BRT’s bus
Source: Company
Source: Company
Invests in BTSGIF
BTSGIF is an infrastructure fund. The initial assets invested by the fund are net farebox revenues to be generated from the operation of core Skytrain Green Lines
covering 23.5km, consisting of two lines (Mo Chit-On Nut and Taksin Bridge-National
Stadium). The concession in respect of core Skytrain will expire in approximately 17
years (4 Dec 2029). The investment cost totals THB61,399m. BTS is the largest
stakeholder in revenues of the core network via a holding of one-third of all units of
BTSGIF held via BTS Group.
Figure 10: BTSGIF structure
Source: Company
See important disclosures at the end of this report
7
BTS Group Holdings (BTS TB)
27 March 2015
Figure 11: Number of registered vehicles in Bangkok
Figure 12: Historical BTS ridership
Source: Department of Land Transport
Source: Company data
Traffic congestion continues to spur rail mass transit demand. Bangkok has
experienced a rise in demand for cars over the years, which has resulted in severe
traffic congestion problems. The number of total registered cars in Bangkok
ballooned 92.4% between 2000 and 2014, representing a CAGR of 5% during this
period (Figure 11). In 2011-2014 alone, the total number of registered cars in
Bangkok grew by 5-10% YoY;. This was driven by the first car tax incentive
programme in 2012, which made the total number of cars in the capital jump 10%
YoY in 2013. Presently, the total registered number of cars in Bangkok has hit 8.65m
units, and this figure is continuously growing. The greater number of cars, coupled
with the city’s ongoing urbanisation, has not been matched by a corresponding
increase in road capacity. Consequently, Bangkok faces one of the most severe
traffic congestion problems in the world.
Strong ridership growth. With regards to the city’s traffic woes, BTS is the prime
beneficiary, given that the issue gives rise to an increasing need for speedy, reliable
and accessible modes of transportation. This, in turn, has led to a growing demand
for rail transportation systems in Bangkok. The record-breaking years (2000-2014)
saw ridership numbers of BTS’ Skytrain system increasing every year by 10% on
average (Figure 12). It increased 5% YoY to 219m passengers in 2014 from 2013’s
209m, or an average of around 600,000 daily. We believe this momentum will
continue to grow by about 3-4% this year and we wait for the other new mass transit
lines, which should start operations in the next 2-3 years, to boost ridership growth
sharply.
Growing with an expanding mass transit system. BTS wants to expand its mass
transit business by becoming the operator of both extension lines and new lines.
There are currently about six such projects in the pipeline.
Extension lines. BTS expects to continue its mass transit operations by becoming
the operator of all the extension lines, consisting of the Dark Green Line (north and
south) and Light Green Line, by 2018-2019.
Figure 13: Green Lines’ extension line timeline
Source: Company
See important disclosures at the end of this report
8
BTS Group Holdings (BTS TB)
27 March 2015
Dark Green Line south from Bearing-Samut Prakan (12.8km). Currently, the
Government has assigned the Mass Rapid Transit Authority of Thailand (MRTA) to
discuss the transfer of the project to the BMA. BTS expects to get the O&M contract
from BMA by 4Q15 and go fully operational in 2018. Currently, the progress of the
civil works is about 48.78%, faster than the projected ~46%.
Figure 14: Cumulative progress of the Dark Green Line south project
Source: MRTA
Dark Green Line north from Mo Chit-Saphan Mai-Khu Khot (18.4km). BTS
expects that the civil works contract will be signed with project bidders by around
mid-2015. The company expects to be awarded the O&M contract in the beginning of
2016. After that, the target for this line to go fully operational is the start of 2019.
Light Green Line from Bang Wa-Borommaratchachonnani (7km). BTS expects
the bidding for civil works and electrical & mechanical (E&M) projects to happen at
the beginning of 2017 and for the line to be ready for operations in 2019.
High opportunity to get contracts from extension lines. We strongly believe that
BTS will get the contract to operate the extension lines of the Dark Green Line north,
Dark Green Line south and Light Green Line. This is because they are the extension
lines from the ones that BTS now operates. Currently, it is a good sign that the
Ministry of Transport expects to negotiate with BTSC to become an operator for both
the Dark Green Line and Light Green Line extension lines. This is because such a
move would be to the benefit of the public, given that passengers would not need to
change trains at the extension line if both lines are under a single operator. BTS
expects to get the extension lines contracts, with the structure expected to be the
same as the existing O&M contracts for the Light Green and Dark Green lines.
Figure 15: Other extension lines’ timelines
Source: Company
See important disclosures at the end of this report
9
BTS Group Holdings (BTS TB)
27 March 2015
Light rail transit (LRT) line from Bang Na-Suvarnabhumi Airport (18.3km). The
company expects the bidding to be in 2015 and for the line to be fully operational in
2018.
Grey Line from Watcharaphol-Rama 9 Bridge (26km). The bidding for Phase 1 is
expected to start in early 2016, with operations slated for 2019.
Pink Line from Khae Rai-Min Buri (36km). This is targeted to be fully operational
by around 2020-2021.
Figure 16: Update on the six prospects
Source: Company
Media Business
Media business via VGI. VGI provided services to three advertising media
segments in FY14: i) Skytrain, ii) leading modern trade like Tesco Lotus and BIG C
Supercenter (Big C) (BIGC TB, BUY, TP: THB256.00), and ii) Bangkok office
buildings. It also acquired 24.89% in Master Ad (MACO TB, NR).
Figure 17: Mass transit media’s customers coverage
Figure 18: BTS Skytrain system’s route map
Source: Company
Source: Company
See important disclosures at the end of this report
10
BTS Group Holdings (BTS TB)
27 March 2015
BTS-related media. VGI operates and manages the advertising and merchandising
space on all areas of the Skytrain stations and platforms as well as the interior and
exterior of all train carriages. The company has various advertising platforms to serve
its varied customer demand. These include train body wraps, digital screens inside a
train, posters and static media, platform truss LED screens, platform screen doors,
and e-posters (Figure 17). We can safely say that VGI has got an advertising
platform at almost every point of view around the Skytrain system.
More advertising stations. At the end of 2014, the contact agreement regarding the
right to advertise in seven more stations, ie Bang Chak-Bearing and Krung ThonburiWongwian Yai (Figure 18) was signed. VGI expects to start advertising operations at
these stations from the beginning of FY16. It will also start recognising about
THB50m-70m per year from these stations, starting from FY16, says BTS.
Solid growth with 15% CAGR. Despite the economic slowdown and political
problems in 2014, which resulted in total adex dropping 9.5% YoY, transit adex
continued to grow 5% YoY. In our opinion, this is because it is a more effective
choice for clients seeking to get recognition from audiences vis-à-vis TV or
magazines.
Figure 19: Mass transit media adex vs total adex
Source: Nielsen
Modern trade business. VGI was granted the exclusive rights to manage all
advertising space in Big C and non-sales floors in Tesco Lotus, the top two market
leaders in Thailand’s hypermarket industry. Currently, VGI is the advertising operator
for both companies, whose store assets put together number more than 2,250 stores.
These include 248 large, 255 medium and 1,782 small stores.
New rights to manage advertising at FamilyMart branches. VGI just signed a
contract to manage FamilyMart’s advertising spaces (static and audio media) at over
1,000 existing and upcoming branches. It expects the contract to begin generating
revenue from FY16. We expect the FamilyMart deal to generate around THB80m per
year in revenue.
Figure 20: Modern trade media platforms
Figure 21: In-store media adex vs total adex
Source: Company
Source: Nielsen
See important disclosures at the end of this report
11
BTS Group Holdings (BTS TB)
27 March 2015
In-store adex remains weak. Most of VGI’s advertising customers in modern trade
media are involved in consumer products. Hence, the company’s growth ought to be
in line with GDP growth, purchasing power and consumer confidence. Therefore, with
the economic slowdown pulling purchasing power and consumer confidence down,
this directly affects in-store adex, which saw a 26.4% YoY drop in 2014 (Figure 21).
Other media. At present, VGI owns the rights to operate advertising media in 103
office buildings in Bangkok on 926 screens. This network consists of digital screens
that are installed inside office elevators or other waiting areas within such buildings.
Aside from office building media, VGI also has the rights to be the sole selling agent
for four mega outdoor LED screens located around Bangkok.
Expansion into digital media networks. VGI announced that it had inked contracts
with three new networks:
i.
It is the sole selling agent for four new mega LED screens – with a total
space of 972 sq m – around Victory Monument with a 1-year contract
length. The company has already started selling for this.
ii.
VGI has the exclusive rights to operate media spaces both inside and
outside Empire tower – comprising two big LED screens – with a 5-year
contract length. The company has already started selling this.
iii.
VGI has the exclusive rights to operate media spaces at Chamchuri Square
with a total space of 270,000 sq m. The contract length is three years and it
expects to start selling dates in May.
Figure 22: New media business platforms
Figure 23: Office building advertising platforms
Source: Company
Source: Company
Aggressive expansion into other media. Last year, VGI expanded its advertising
platforms through every type of media business. These included the new contracts
with FamilyMart and Chamchuri Square, and the LED screens along the Victory
Monument and Empire tower. We expect these new expansions to increase VGI’s
revenue by about THB250m-300m per year from FY16. However, these contributions
will not match the advertising contract with Tesco Lotus, which contributed THB500m
per year. This contract has already expired.
Nevertheless, we expect the GPMs of the new expansions to be higher at 40-50%
vis-à-vis that for Tesco Lotus, which stood at 20%. This higher GPM is due to the fact
that for this new media, VGI does not have to pay a high percentage for revenue
sharing contracts.
See important disclosures at the end of this report
12
BTS Group Holdings (BTS TB)
27 March 2015
Property Business
Current property business structure. Currently, BTS operates only commercial
property, consisting of hotel businesses and a golf course, as the company has
already completed revenue booking for its latest residential project, the Abstracts
Phahonyothin Park condominium.
Hotel business. Currently, BTS’ hotel brands are U Hotels & Resorts and Eastin
comprising U Chiang Mai Hotel, U Inchantree Kanchanaburi, Eastin Grand Hotel
Sathorn Bangkok and U Sathorn Bangkok.
Golf course and sports club. Through a subsidiary, the company operates a golf
course and sports club business – Thana City Golf & Sports Club – which is located
at Bangna-Trad Highway KM14.
Exclusive JV with Sansiri to develop residential projects. On Oct 2014, BTS
entered into a strategic alliance agreement with Sansiri to exclusively and jointly
develop residential projects for sale. The 50:50 JV will focus on residential
developments valued at over THB3bn and located within a 500m radius from mass
rapid transit routes. We see the partnership as a win-win situation for both BTS and
Sansiri. This is because BTS has a strong balance sheet and large landbank but less
experience in the property business, which is bolstered by Sansiri’s solid brand and
experience.
First 50:50 JV condominium project will be launched during Apr-Jun 2015. This
THB5.8bn project, which spans 8,000 sq m and has 873 units within 43 floors, will be
located near the Mo Chit Skytrain station and is slated for completion in 2018. It has
already obtained an environmental impact assessment (EIA) license. The selling
prices are in the THB160,000-170,000 per sq m range, and is targeted at the midrange to high-end segment. The company expects to generate an internal rate of
return (IRR) of about 17% and 12% NPAT margins.
Figure 24: Sansiri project’s expected timeline
Source: Company
Figure 25: Land details and location
Source: Company
See important disclosures at the end of this report
13
BTS Group Holdings (BTS TB)
27 March 2015
A share swap deal with Natural Park. At the end of 2014, BTS announced that it
was disposing of all shares in its two subsidiaries, which are engaged in the property
business, to Natural Park – with the total value not exceeding THB9.41bn. These
units are BTS Assets Co Ltd (BTSA) – which owns the Eastin Grand Hotel Sathorn
and land plots located along Phaholyothin Road near the BTS Mo Chit Station – and
Kamkoong Properties Co Ltd (Kamkoong), the owner of land plots located on
Phayathai Road. This is next to the BTS Phayathai Station. BTS will receive up to
200.19m newly-issued ordinary shares of Natural Park – at an offer price of
THB0.047 per share (not exceeding 35.66% of total shares) – and warrants to
purchase shares at a ratio of two newly-issued shares to the company for one
warrant at no cost. Note that each warrant entitles the holder to purchase one
ordinary share at the exercise price of THB0.047 per share.
Company overview of Natural Park. Natural Park engages in real estate
development business including:
i) Real estate development for rent, service and hotels. The company focuses on
generating income from rent and service fees. Its main income in 2013 and 2014 was
derived from:

The Natural Park Apartment

Centara Hotel & Convention Centre Khon Kaen, which officially began full
operations in Dec 2013

Anantara Chiang Mai Resort & Spa, for which the investment was made in
Sep 2014
In addition, during 2013 to 2014, Natural Park invested in 19.81% of Prospect
Development Co Ltd, which engages in the business of renting warehouses and
factory space.
ii) Real estate development for sale. Natural Park has two projects for sale, both
developed in 2013 and launched before the end of that year. The two projects that
have been developed and are now for sale are:
Figure 26: Land details and location

Park Ramindra – an 8-storey and 206-unit horizontal condominium project

Park Aran – comprising:
o
Park Aran Condo, an 8-storey, 512-unit horizontal condominium project
o
Park Aran Boulevard, a 3.5-storey, 62-unit commercial shop house
development
Figure 27: BTS assets’ book value and selling prices
Subsidiaries
Assets
BTSA
Eastin Grand Hotel Sathorn
Book value
(THBm)
Selling price
(THBm)
2,986
6,778
591
1,838-2,631
3,577
8,616-9,409
Land located on Phaholyothin Road
Kamkoong
Total
Land plot located on Phayathai Road
Source: Company data
Source: Company
After this transaction is completed, BTS will become a major shareholder of Natural
Park. The company expects to benefit from this share swap deal, given that it will
become a strategic investor in Natural Park, which will focus on generating recurring
income from real estate assets including – but not limited to – hotels, serviced
apartments and office buildings. BTS believes that this sector is likely to contribute
stable long-term revenue and profit growth. Additionally, the company’s strategy in
real estate expansion becomes clearer with the growth in its commercial property
business being conducted via Natural Park. BTS can also leverage on the latter’s
existing expertise in operating and developing commercial real estate.
See important disclosures at the end of this report
14
BTS Group Holdings (BTS TB)
27 March 2015
Win-win for both Natural Park and BTS. We like this transaction as it will help BTS
to unlock its land assets which it has held for a long time but could not generate
recurring income. This transaction will let Natural Park – which has the ability and
skills to develop the land plots – to manage the Mo Chit and Phayathai plots. Natural
Park will develop these plots for mixed use as commercial property and manage
recurring income from the real estate developments. We expect this transaction to be
completed by 4QFY15 and operations to start within 2HFY16.
Services Business
Services business. BTS’ services business division provides strategic support for
the rest of the group and is a potential source of future revenue growth. In addition to
the development and operation of the Rabbit card ticketing system, this division is
engaged in construction services, hotel management services and the running of
BTS’ ChefMan restaurants.
Figure 28: BTS’ 3QFY15 services revenue breakdown
Figure 29: BTS’ quarterly services revenue breakdown
Source: Company Data
Source: Company Data
Rabbit card. The company’s e-money services business (under Bangkok Smartcard
System Company Ltd or BSS) has developed an e-money service system with a
common ticketing system for Bangkok’s major mass transit network. It is used as a
common ticket to travel on transit systems, like the BTS Skytrain and BRT Bus, and
is also a means of payment at more than 40 retail partner stores. Currently, the
number of Rabbit cards issued has increased significantly to more than 3m units,
about a 47.62% rise when compared to the 2.1m units issued at end-2013.
Figure 30: BTS’ rabbit cards
Figure 31: Total number of card holders
Source: Company
Source: Company Data
New type of Rabbit card. At the start of 2015, BTS signed a long-term business
cooperation contract with AEON under the co-branded Rabbit programme and
securitisation project. BTS and Aeon will jointly develop the co-branded Rabbit card.
The first product to be launched under this programme is the AEON Rabbit member
card. The cardholders can use this card to: i) obtain consumer loans from AEON, ii)
travel on the BTS Skytrain system, and iii) purchase products or services at partner
retail stores. Cardholders can also enjoy special promotions and privileges offered by
the business partners at such stores.
See important disclosures at the end of this report
15
BTS Group Holdings (BTS TB)
27 March 2015
Setting up the SPV. BTS (through BSS) and AEON will set up the SPV for the
securitisation and issuance of this new Rabbit card. Under the securitisation project,
the SPV will raise funds by issuing debentures of up to THB4,500m, whereby these
debentures will be fully subscribed by the company. BSS and AEON, the SPV’s
shareholders, will also provide the venture with subordinated loans in equal amounts
of up to a total of THB500m. This SPV will benefit BTS in three ways: i) it will receive
interest on the senior and subordinate loans, ii) it will get dividends from the SPV,
and iii) it will get the loyalty fee on each card issued under this SPV (BTS expects to
issue 700,000 cards this year). The company expects yields for this JV of 8% per
year, guaranteed on return of principal in the case where bad debts exceed 15%,
with AEON buying back the senior loans at par.
Figure 32: AEON Rabbit member card
Figure 33: Securitisation structure
Source: Company
Source: Company
ChefMan. ChefMan is a premium Chinese restaurant chain managed by Man
Kitchen Co Ltd, which offers distinctly original Cantonese cuisine. It has four
branches: three dine-ins and one takeaway. The company aims to add 13 more
branches by 2016. These new branches would consist of nine express restaurants,
two buffets, and one each of fine dining and private dining. BTS estimates capex of
THB270m, with approximately 25% IRR.
Figure 34: ChefMan projects
Source: Company
See important disclosures at the end of this report
16
BTS Group Holdings (BTS TB)
27 March 2015
Results Review
Figure 35: BTS’ 9MFY15 results review
FYE Mar (THBm)
3QFY14
2QFY15
3QFY15
QoQ (%)
YoY (%)
9MFY14
9MFY15
YoY (%)
2,008
1,756
1,684
(4)
(16)
6,305
5,076
(19)
EBITDA
EBITDA Margin (%)
722
36
604
34
553
33
(9)
(23)
2,041
32
1,723
34
(16)
Depreciation
94
124
106
(14)
14
284
342
21
EBIT
628
480
446
(7)
(29)
1,757
1,380
(21)
EBIT Margin (%)
31
27
26
28
27
Interest expense
Interest income
Associates
EI/Others
(134)
361
158
16
(112)
286
223
65
(78)
248
200
549
(30)
(10)
-
(41)
27
-
(500)
1,027
460
13,943
(324)
868
592
766
(35)
29
(95)
Pretax profit
1,030
943
1,366
45
33
16,687
3,283
(80)
51
54
81
265
65
(436)
(42)
(191)
(20)
(264)
(19)
38
(39)
(3,685)
(22)
(668)
(20)
(82)
Minority Interest
157
118
120
2
(23)
809
350
(57)
Net Profit
Core Profit
437
437
633
616
981
587
55
(5)
124
34
12,193
1,091
2,265
1,786
(81)
64
Net Margin (%)
22
35
35
17
35
Revenue
Pretax Margin (%)
Tax
Effective tax rate (%)
Comments
Gain of THB420m
recognised from sale
of Mo Chit land and
MACO-W1 in 3QFY15
Source: Company data
Figure 36: BTS’ quarterly revenue breakdown
Figure 37: BTS’ quarterly results breakdown
Source: Company data *includes share of revenue from BTSGIF
Source: Company data
Revenue softened in 3QFY15. BTS’ 3QFY15 revenue dropped 4% QoQ and 16%
YoY to THB1.68bn. This was due to: i) the slowdown in its media business (despite
the quarter being the high season) as the near expiration of its Tesco Lotus contract
hurt sales, and ii) lower residential property transferred. Gross profit also fell 5.9%
QoQ and 18.7% YoY to THB873m, which was reflected in the slight drop in GPM to
52% from 3QFY14’s and 2QFY15’s 53%. However, net profit still grew 55% QoQ and
124% YoY to THB981m because BTS recognised a gain of about THB420m from the
sale of the Mo Chit land and MACO-W1 warrants.
See important disclosures at the end of this report
17
BTS Group Holdings (BTS TB)
27 March 2015
Outlook
FY15F total revenue expected to drop 18%. We expect BTS’ FY15 revenue to drop
18% YoY to THB6.66bn (from THB8.12bn) because of several reasons: i) lower
residential units transferred this year (FY14 residential property revenue was
THB2.06bn with 131 units transferred vs the THB420m with 21 units transferred in
FY15), and ii) the slowdown in the advertising industry that impacted the media
business, so much so that segment income likely dropped by about 2-3% this year.
GPM should pick up to 51% (from 50% previously), as BTS has a lessened portion of
property revenue, which has a lower GPM historically (about 30-35%). Other income
should record about THB1.93bn from: i) interest income, ii) dividend income, and iii)
assets divestment from the sale of the Mo Chit land and MACO-W1 warrants totalling
about THB420m. However, if BTS can finish the transaction with Natural Park in May,
the company may recognise the profit gain of about THB5bn this year in FY16. We
expect BTS to record net profit and recurring net profit at THB2.81bn and THB2.33bn
respectively. We expect recurring net profit to grow about 29% this year as it books
the full-year share of profit from the BTSGIF fund and lower finance costs of about
THB200m. This is because the company’s debt repayment was more than THB4bn
after it received the cash from selling the BTSGIF.
We forecast for FY16F’s revenue to grow 7%. Despite the transfer of revenue from
Eastin Grand Hotel Sathorn to Natural Park, which contributes revenue of about
THB500m per year, and the expiry of the sales floor advertising contracts with Tesco
Lotus (about THB500m per year), FY16 ought to be a better year for BTS. We expect
the company’s media business – which contributes about 40-45% to total revenue –
to grow by about 10% next year. This is because VGI will recognise its new sources
of revenue from: i) mass transit media – it will start operations of new media at 11
new BTS Skytrain stations, ii) modern trade media that has new advertising space
with FamilyMart, and iii) the new mega LED screens with ad space at Victory
Monument, Empire tower and Chamchuri Square. Total adex should start to pick up
by about 7-9% this year. This is in line with Thailand’s GDP, which the Bank of
Thailand (BOT) has forecasted to grow by about 3-4%. Moreover, BTS plans to have
13 more branches of ChefMan restaurants within the FY16. Furthermore, the JV with
AEON ought to push services revenue sharply up next year, while the mass transit
division should grow in line with the O&M contracts that are expected to grow about
4% every year. BTS’ property business may see a slowdown, given that it loses
revenue contribution from the Eastin Grand Hotel Sathorn and the fact that there are
no residential properties for sale next year.
GPM expected to increase to 55%. With regards to the increased contribution from
media and service business, we expect this ought to drive BTS’ GPM in FY16 to rise
to 55% from 51% previously. Selling, general & administrative (SG&A) to sales
should stand at 25%. While the company does not expect to incur any more
marketing expenses for residential property, it still has to face the initial start-up costs
of its new projects with Sansiri and Natural Park next year. Other income, eg interest
income, etc, may also drop as BTS uses its cash to pay a high dividend to
shareholders. In addition, share income from associates (mainly from its 33.33%
stake in BTSGIF) should increase, as it has continuous growth in ridership, which will
increase fare-box revenue.
FY16 recurring net profit forecast to increase 7%. As a result, we expect BTS’
recurring net profit in FY16 grow to THB2.48bn (+7% YoY), reflecting EPS at
THB0.21. Our forecasts still do not include the share of its 35% stake in Natural Park,
as we are waiting for more clarity on future projects from the latter.
Figure 38: BTS’ forecast core revenue, gross profit and recurring net profit
Source: Company data, RHB
See important disclosures at the end of this report
18
BTS Group Holdings (BTS TB)
27 March 2015
Financial Exhibits
Profit & Loss (THBm)
Mar-12
Mar-13
Mar-14
Mar-15F
Total turnover
7,976
5,585
8,115
6,662
7,119
Cost of sales
(4,020)
(2,882)
(4,089)
(3,269)
(3,195)
Gross profit
Gen & admin expenses
Selling expenses
Other operating costs
Operating profit
Operating EBITDA
Depreciation of fixed assets
Amortisation of intangible assets
Operating EBIT
3,956
2,702
4,026
3,393
3,924
(1,212)
(1,078)
(1,497)
(1,452)
(1,568)
(177)
(223)
(342)
(180)
(214)
-
-
-
2,567
1,401
2,187
1,729
2,109
2,715
2,287
2,964
4,552
3,498
(1,763)
(511)
(482)
(334)
(17)
2,567
(2)
Other recurring income
Interest expense
(31)
(1,503)
Net income from investments
Interest income
Mar-16F
40
(558)
(33)
(855)
-
-
1,401
2,187
1,729
2,109
840
924
3
619
1,895
30
59
1,213
(631)
1,116
(435)
982
(1,432)
(1,248)
Other non-recurring income
1,236
1,065
13,972
809
126
Pre-tax profit
2,408
3,175
17,391
4,060
3,714
Taxation
(173)
(1,248)
(3,806)
(812)
Minority interests
(130)
(209)
(940)
(440)
(427)
(743)
(490)
Profit after tax & minorities
2,106
1,719
12,645
2,808
2,481
Reported net profit
2,106
1,719
12,645
2,808
2,481
Recurring net profit
1,035
1,693
1,810
2,325
2,481
Source: Company data, RHB
Cash flow (THBm)
Mar-12
Mar-13
Mar-14
Mar-15F
Mar-16F
Operating profit
2,567
1,401
2,187
1,729
2,109
Depreciation & amortisation
1,985
2,097
528
558
855
Change in working capital
(1,321)
775
574
136
1,162
Other operating cash flow
(2,245)
1,746
1,230
2,765
2,032
6,019
4,519
5,188
6,159
(1,213)
-
Operating cash flow
986
Interest received
(40)
Interest paid
983
Dividends received
Tax paid
Cash flow from operations
51
(1,064)
559
(0)
(2)
(6)
(174)
(345)
(640)
(435)
(812)
(427)
(743)
1,755
4,659
3,218
3,942
(1,925)
(1,270)
(2,644)
(2,360)
(395)
5,367
14,824
Cash flow from investing activities
(2,320)
4,098
12,180
(1,913)
(1,083)
Dividends paid
(2,647)
(3,159)
(7,112)
(7,748)
(8,582)
-
1,302
2,238
-
-
3,022
(5,465)
(5,322)
1,385
5,461
Capex
Other investing cash flow
Proceeds from issue of shares
Increase in debt
Other financing cash flow
Cash flow from financing activities
Cash at beginning of period
Total cash generated
Forex effects
Implied cash at end of period
(304)
71
1,825
(494)
733
447
4,989
(715)
(368)
(852)
(406)
(430)
(6,589)
(11,048)
(6,769)
(3,552)
1,333
3,513
7,863
3,123
2,168
4,350
(4,740)
1
12
1,333
3,513
(1)
7,862
355
-
-
3,123
3,478
Source: Company data, RHB
See important disclosures at the end of this report
19
BTS Group Holdings (BTS TB)
27 March 2015
Financial Exhibits
Balance Sheet (THBm)
Mar-12
Mar-13
Mar-14
Mar-15F
Mar-16F
Total cash and equivalents
1,333
4,507
32,165
23,628
17,831
Accounts receivable
1,107
946
1,074
980
1,047
Other current assets
5,428
46,766
3,987
3,967
4,032
Total current assets
7,868
52,218
37,227
28,575
22,910
Total investments
3,173
3,566
24,127
24,014
24,565
Tangible fixed assets
9,090
9,613
11,840
13,355
13,071
Intangible assets
45,340
210
2,562
2,515
2,476
Total other assets
1,419
1,683
1,001
791
782
Total non-current assets
59,021
15,073
39,530
40,676
40,894
Total assets
66,889
67,291
76,757
69,251
63,804
Short-term debt
5,021
5,163
3,618
1,711
1,659
Accounts payable
1,452
1,948
2,222
1,816
2,791
Other current liabilities
1,865
1,911
2,790
2,424
2,441
Total current liabilities
8,338
9,022
8,630
5,951
6,890
12,378
6,798
3,037
2,532
1,893
9,241
970
5,327
5,945
6,298
Total non-current liabilities
21,619
7,767
8,365
8,477
8,191
Total liabilities
29,957
16,789
16,995
14,428
15,081
Share capital
36,600
44,427
47,657
47,657
47,657
Retained earnings reserve
(2,033)
(1,715)
3,793
722
5,150
5,374
5,374
5,374
35,290
47,861
56,824
52,324
46,714
1,642
1,906
1,862
1,422
932
735
1,076
1,076
1,076
Total long-term debt
Other liabilities
Other reserves
Shareholders' equity
Minority interests
(707)
(6,317)
Other equity
-
Total equity
36,932
50,502
59,762
54,823
48,722
Total liabilities & equity
66,889
67,291
76,757
69,251
63,804
Mar-12
Mar-13
Mar-14
Mar-15F
Mar-16F
35.4
(30.0)
45.3
(17.9)
6.9
Operating profit growth (%)
137.6
(45.4)
56.1
(20.9)
21.9
Net profit growth (%)
734.8
(18.4)
635.8
(77.8)
(11.6)
EPS growth (%)
734.8
(24.4)
564.1
(78.5)
(11.6)
1.5
17.1
11.6
(7.9)
(10.7)
Operating margin (%)
32.2
25.1
27.0
26.0
29.6
Net profit margin (%)
26.4
30.8
155.8
42.1
34.9
Return on average assets (%)
3.2
2.6
17.6
3.8
3.7
Return on average equity (%)
6.0
4.1
24.2
5.1
5.0
Net debt to equity (%)
66.9
14.8
(42.7)
(35.4)
(29.3)
DPS
0.30
0.54
0.60
0.65
0.72
Recurrent cash flow per share
0.18
0.45
0.28
0.33
0.42
Source: Company data, RHB
Key Ratios (THB)
Revenue growth (%)
Bv per share growth (%)
Source: Company data, RHB
See important disclosures at the end of this report
20
BTS Group Holdings (BTS TB)
27 March 2015
SWOT Analysis
 Solid track record
 Rising
competition in
its media
business
 Competitive advantage against other players
 Regulatory risks
relating to its
concession
business
 Participating in
future mass
transit
expansion
 Expansion in
the media
business
through VGI
 Less direct exposure to the mass transit business
after the establishment of the BTS Rail Mass Transit
Growth Infrastructure Fund (BTSGIF)
P/E (x) vs EPS growth
P/BV (x) vs ROAE
2.0
20%
30
300%
1.5
15%
20
133%
1.0
10%
10
-33%
0.5
5%
0
-200%
0.0
0%
P/E (x) (lhs)
EPS growth (rhs)
Source: Company data, RHB
P/B (x) (lhs)
Jan-16
467%
Jan-15
40
Jan-14
25%
Jan-13
2.5
Jan-12
633%
Jan-16
50
Jan-15
30%
Jan-14
3.0
Jan-13
800%
Jan-12
60
Return on average equity (rhs)
Source: Company data, RHB
Company Profile
BTS Group Holdings (BTS) has four core businesses, namely: i) mass transit (BTS SkyTrain and Bus Rapid Transit), ii) media, iii)
property, and iv) services.
See important disclosures at the end of this report
21
BTS Group Holdings (BTS TB)
27 March 2015
Recommendation Chart
Price Close
9.3
10.2
Recommendations & Target Price
7.5
10
na
11
9
8
7
6
5
4
Buy
3
Mar-10
Neutral
Sell
Jul-11
Trading Buy
Oct-12
Take Profit
Not Rated
Jan-14
Source: RHB, Bloomberg
Date
Recommendation
Target Price
2013-07-09
Trading Buy
10.2
Price
7.9
2013-05-30
Trading Buy
10.2
8.4
2013-05-28
Trading Buy
10.2
8.5
2013-04-29
Trading Buy
10.2
9.1
2013-02-14
Buy
9.3
8.2
2012-11-13
Buy
7.5
6.3
Source: RHB, Bloomberg
See important disclosures at the end of this report
22
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
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investment strategies discussed or recommended in this report.
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unanticipated events.
23
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24
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OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST
Malaysia
RHB does not have qualified shareholding (1% or more) in the subject company (ies) covered in this report except for:
a)
RHB and/or its subsidiaries are not liquidity providers or market makers for the subject company (ies) covered in this report except for:
a)
RHB and/or its subsidiaries have not participated as a syndicate member in share offerings and/or bond issues in securities covered in this report in the
last 12 months except for:
a)
RHB has not provided investment banking services to the company/companies covered in this report in the last 12 months except for:
a)
Thailand
RHB OSK Securities (Thailand) PCL and/or its directors, officers, associates, connected parties and/or employees, may have, or have had, interests
and/or commitments in the securities in subject company(ies) mentioned in this report or any securities related thereto. Further, RHB OSK Securities
(Thailand) PCL may have, or have had, business relationships with the subject company(ies) mentioned in this report. As a result, investors should
exercise their own judgment carefully before making any investment decisions.
25
Indonesia
PT RHB OSK Securities Indonesia is not affiliated with the subject company(ies) covered in this report both directly or indirectly as per the definitions of
affiliation above.
Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting regulations thereof, what constitutes as affiliated parties are as follows:
1.
Familial relationship due to marriage or blood up to the second degree, both horizontally or vertically;
2.
Affiliation between parties to the employees, Directors or Commissioners of the parties concerned;
3.
Affiliation between 2 companies whereby one or more member of the Board of Directors or the Commissioners are the same;
4.
Affiliation between the Company and the parties, both directly or indirectly, controlling or being controlled by the Company;
5.
Affiliation between 2 companies which are controlled, directly or indirectly, by the same party; or
6.
Affiliation between the Company and the main Shareholders.
PT RHB OSK Securities Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as
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Singapore
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Hong Kong
RHBSHK or any of its group companies may have financial interests in in relation to an issuer or a new listing applicant (as the case may be) the securities
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companies covered by this report within the past 12 months.
Note: The reference to “group companies” above refers to a group company of RHBSHK that carries on a business in Hong Kong in (a) investment
banking; (b) proprietary trading or market making; or (c) agency broking, in relation to securities listed or traded on The Stock Exchange of Hong Kong
Limited.
26
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27
Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014
Excellent
BAFS
BCP
BTS
CPN
EGCO
GRAMMY
HANA
INTUCH
IRPC
IVL
KBANK
KKP
KTB
MINT
PSL
PTT
PTTEP
PTTGC
SAMART
SAMTEL
SAT
SC
SCB
SE-ED
SIM
SPALI
TISCO
TMB
TOP
Very Good
AAV
ACAP
ADVANC
ANAN
AOT
ASIMAR
ASK
ASP
BANPU
BAY
BBL
BECL
BIGC
BKI
BLA
BMCL
BROOK
CENTEL
CFRESH
CIMBT
CK
CNT
CPF
CSL
DELTA
DRT
DTAC
DTC
EASTW
EE
ERW
GBX
GC
GFPT
GUNKUL
HEMRAJ
HMPRO
ICC
KCE
KSL
LANNA
LH
LHBANK
LOXLEY
LPN
MACO
MC
MCOT
NBC
NCH
NINE
NKI
NMG
NSI
OCC
OFM
PAP
PE
PG
PHOL
PJW
PM
PPS
PR
PRANDA
PS
PT
QH
RATCH
ROBINS
RS
S&J
SAMCO
SCC
SINGER
SIS
SITHAI
SNC
SNP
SPI
SSF
SSI
SSSC
STA
SVI
TCAP
TF
THAI
THANI
THCOM
TIP
TIPCO
TK
TKT
TNITY
TNL
TOG
TRC
TRUE
TSTE
TSTH
TTA
TTW
TVO
UAC
VGI
VNT
WACOAL
Good
2S
AF
AH
AHC
AIT
AJ
AKP
AKR
AMANAH
AMARIN
AMATA
AP
APCO
APCS
AQUA
ARIP
AS
ASIA
AYUD
BEAUTY
BEC
BFIT
BH
BJC
BJCHI
BOL
BTNC
BWG
CCET
CGD
CGS
CHOW
CI
CKP
CM
CMR
CSC
CSP
CSS
DCC
DEMCO
DNA
EA
ESSO
FE
FORTH
FPI
GENCO
GL
GLOBAL
GLOW
GOLD
HOTPOT
HTC
HTECH
HYDRO
IFS
IHL
INET
IRC
IRCP
ITD
KBS
KGI
KKC
KTC
L&E
LRH
LST
MAJOR
MAKRO
MATCH
MBK
MBKET
MEGA
MFC
MFEC
MJD
MODERN
MONO
MOONG
MPG
MTI
NC
NTV
NUSA
NWR
NYT
OGC
OISHI
PACE
PATO
PB
PDI
PICO
PPM
PPP
PREB
PRG
PRIN
PTG
QLT
QTC
RCL
SABINA
SALEE
SCBLIF
SCCC
SCG
SEAFCO
SEAOIL
SFP
SIAM
SIRI
SKR
SMG
SMK
SMPC
SMT
SOLAR
SPC
SPCG
SPPT
SST
STANLY
STEC
STPI
SUC
SWC
SYMC
SYNEX
SYNTEC
TASCO
TBSP
TEAM
TFD
TFI
THANA
THIP
THREL
TIC
TICON
TIW
TKS
TLUXE
TMI
TMT
TNDT
TPC
TPCORP
TRT
TRU
TSC
TTCL
TUF
TVD
TWFP
UMI
UP
UPF
UPOIC
UT
UV
UWC
VIH
WAVE
WHA
WIN
WINNER
YUASA
ZMICO
IOD (IOD Disclaimer)
การเปิดเผลผลการสารวจของสมาคมส่งเสริมสถาบันกรรมการบริษัทไทย (IOD) ในเรื่องการกากับดูแลกิจการ (Corporate Governance) นี้เป็นการ
ดาเนินการตามนโยบายของสานักงานคณะกรรมการกากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการสารวจของ IOD เป็นการสารวจและประเมินจากข้อมูลของบรษัทจด
ทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลักทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผลู้ งทุนทั่วไปสามารถเข้าถึงได้ ดังนั้นผลสารวจ
ดังกล่าวจึงเป็นการนาเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน
อนึ่ง ผลการสารวจดังกล่าว เป็นผลการสารวจ ณ วันที่ปรากฎในรายงานการกากับดูและกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการสารวจจึงอาจ
เปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้ นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการสารวจดังกล่าวแต่อย่างใด