Download Report

Company Update, 7 November 2014
PTT Global Chemical (PTTGC TB)
Buy (Maintained)
Energy & Petrochemicals - Downstream Products
Market Cap: USD8,207m
Target Price:
Price:
THB70.70
THB59.80
Macro
Risks
3Q14 Net Profit Rises 25% QoQ
Growth
Value
PTT Global Chemical (PTTGC TB)
Relative to Stock Exchange of Thailand Index (RHS)
84.0
118
79.0
108
74.0
98
69.0
88
64.0
78
59.0
68
54.0
50
45
40
35
30
25
20
15
10
5
58

Sep-14
Jul-14
May-14
Mar-14
Jan-14
Source: Bloomberg
Avg Turnover (THB/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (THB)
Free float (%)
Share outstanding (m)
Shareholders (%)
PTT Plc.
Thai NVDR
HSBC (Singapore) Nominees
PTE LTD
612m/19.0m
27.1
18.4
56.8 - 80.0
51
4,509
48.9
7.2
2.8
Absolute
Relative
YTD
1m
3m
6m
12m
(24.4)
3.0
(8.8)
(14.3)
(24.6)
(34.5)
(45.9)

Major commodity prices and spreads moved in line with our
expectations. Refined product spreads were mixed, as fuel oil and jet
spreads improved, while all refineries under our coverage recorded stock
losses as crude oil prices dipped in 3Q14. Olefins and polymer spreads
improved on higher product prices and lower feedstock costs.
Meanwhile, aromatics spreads also improved over the past quarter with
paraxylene (PX) prices having bottomed out in 2Q14.
3Q14 net profit came in at THB7.5bn (+25% QoQ, -21% YoY), in line
with our expectations. PTT Global Chemical’s (PTTGC) refinery ran at a
102% utilization rate. It booked a stock loss of USD2.92/barrel (bbl), with
hedging gains of USD0.70/bbl and a gross refining margin of
USD3.83/bbl. Its polyethylene plants ran at a 104% utilization rate, while
olefins spreads improved over the past quarter. Meanwhile, the
company’s aromatics plants ran at a 83% utilization rate, with PX
spreads rebounding from their lows in 2Q14 and benzene spreads
remaining strong. Note that in 2Q14, PTTGC recognized an impairment
loss of THB2.2bn as a result of business restructuring.
4Q14F outlook: olefins spreads at 2-year high. We expect its core
earnings to be healthy in 4Q14. However, whether PTTGC will report
further stock losses/gains will depend on the closing price of crude oil at
the end of the year. We expect its plants to run at full capacity in the final
quarter of the year. The latest commodity prices indicate that polymer
spreads are now at 2-year highs. This is a result of lower feedstock
prices – crude oil (USD83.99/bbl, -17% QoQ), condensate (USD724/ton,
-17% QoQ) and naphtha (-21% QoQ) – while product prices have so far
remained stable and strong.
Forecasts and Valuations
Share Performance (%)
0.8
(12.4)
(26.6)
Shariah compliant
Kannika Siamwalla, CFA 66 2862 9744
[email protected]
Dec-11
Dec-12
Dec-13F
Dec-14F
Dec-15F
500,305
565,617
552,881
527,437
539,554
Reported net profit (THBm)
30,033
34,001
33,277
27,304
36,191
Recurring net profit (THBm)
30,033
34,001
33,277
29,242
36,191
Recurring net profit growth (%)
84.0
13.2
(2.1)
(12.1)
23.8
Recurring EPS (THB)
6.65
7.54
7.38
6.49
8.03
DPS (THB)
2.33
3.40
3.33
2.73
3.62
Recurring P/E (x)
8.98
7.93
8.10
9.21
7.44
P/B (x)
1.36
1.21
1.13
1.13
1.04
P/CF (x)
9.76
5.33
7.29
4.95
4.79
3.9
5.7
5.6
4.6
6.1
EV/EBITDA (x)
7.23
6.59
6.20
6.01
5.03
Return on average equity (%)
14.3
16.2
14.4
11.4
14.5
Net debt to equity (%)
46.8
32.3
32.2
37.5
27.1
0.0
0.0
0.0
Total turnover (THBm)
Dividend Yield (%)
Our vs consensus EPS (adjusted) (%)
Source: Company data, RHB
See important disclosures at the end of this report


2

.
3
0
.
1
0
0
.
2
0
0
PTTGC booked 3Q14 earnings of THB7.5bn (+25% QoQ, -21% YoY), and .
0
a THB2.8bn stock loss. Major commodity spreads moved in line with 0
our expectations, and olefins and aromatics spreads improved in 3Q. 0
PTTGC is now trading at distressed levels (-2SD from its forward 1.1x
P/BV) but is still attractive vis-a-vis the regional peer average, as it has
a much lower P/E, and higher ROE and ROA – even though its P/BV is
slightly higher. BUY, with a THB70.70 TP (1.2x 2015 P/BV,18.4% upside).

Nov-13
Vol m
Price Close




Powered by EFATM Platform
1
PTT Global Chemical (PTTGC TB)
7 November 2014
Figure 1: 3Q14/9M14 results review
FYE Dec (THBm)
3Q13
2Q14
3Q14
% QoQ
% YoY
9M13
9M14
% YoY
FY14F
% of FY14F
142,311
153,282
146,676
-4
3
397,268
447,324
13
527,437
85
11,723
8,578
8,932
4
-24
31,473
24,973
-21
40,846
61
8%
6%
6%
23%
17%
Net interest
(1,144)
(1,303)
(1,364)
5
19
(3,769)
(4,099)
9
(5,570)
74
Pretax profit
10,357
7,274
7,839
8
-24
27,358
21,370
-22
35,276
61
7%
5%
5%
20%
14%
(1,419)
(1,493)
-1%
-22%
Turnover
EBIT
EBIT margin (%)
Pretax margin (%)
Taxation
(708)
(599)
(521)
-7%
-8%
-8%
Associate income
(54)
290
240
-17
-547
(93)
770
-926
(1,500)
(51)
9,610
6,086
7,591
25
-21
26,088
19,972
-23
27,304
73
7%
4%
5%
19%
13%
2.13
1.35
1.68
5.79
4.43
Net margin (%)
EPS (THB)
25
-26
7%
Tax rate (%)
Net profit
-13
8%
-21
5
(4,233)
35
-12%
5%
-23
6.05
73
Source: RHB
Figure 2: Crude oil price (USD/bbl)
Figure 3: Refined product spreads
Source: Bloomberg
Source: PTTGC
See important disclosures at the end of this report
2
PTT Global Chemical (PTTGC TB)
7 November 2014
Figure 4: PTTGC’s forward P/BV band
Source: Bloomberg
See important disclosures at the end of this report
3
PTT Global Chemical (PTTGC TB)
7 November 2014
Financial Exhibits
Profit & Loss (THBm)
Dec-11
Dec-12
Dec-13F
Dec-14F
Total turnover
500,305
565,617
552,881
527,437
539,554
Cost of sales
(453,385)
(516,497)
(500,673)
(475,839)
(480,900)
Gross profit
46,920
49,120
52,208
51,597
58,654
Gen & admin expenses
(9,125)
(12,005)
(14,031)
(10,752)
(10,994)
Operating profit
37,795
37,116
38,177
40,846
47,660
Operating EBITDA
51,403
53,930
54,914
58,781
66,385
(13,608)
(16,815)
(16,737)
(17,935)
(18,724)
37,795
37,116
38,177
40,846
47,660
(1,500)
(1,500)
Depreciation of fixed assets
Operating EBIT
Net income from investments
Other recurring income
-
(44)
(78)
Dec-15F
3,180
4,292
4,124
-
-
Interest expense
(5,575)
(6,320)
(6,084)
(5,570)
(4,829)
Exchange gains
(724)
-
(1,322)
-
-
-
-
(2,239)
-
Pre-tax profit
34,676
35,865
34,817
31,537
41,331
Taxation
(3,102)
(1,416)
(1,976)
(4,233)
(5,140)
Minority interests
(1,541)
(448)
Profit after tax & minorities
30,033
34,001
Reported net profit
30,033
Recurring net profit
30,033
Cash flow (THBm)
Operating profit
Depreciation & amortisation
Exceptional income - net
821
436
-
-
33,277
27,304
36,191
34,001
33,277
27,304
36,191
34,001
33,277
29,242
36,191
Dec-11
Dec-12
Dec-13F
Dec-14F
Dec-15F
37,795
37,116
38,177
40,846
47,660
13,608
16,815
16,737
17,935
18,724
(15,087)
4,337
(9,908)
5,411
Operating cash flow
36,316
58,267
45,006
64,191
66,218
Interest paid
(5,575)
(6,320)
(6,084)
(5,570)
(4,829)
Tax paid
(3,102)
(1,416)
(1,976)
(4,233)
(5,140)
Cash flow from operations
27,639
50,531
36,946
54,388
56,249
Capex
34,936
(25,036)
(6,966)
(37,528)
(18,360)
Source: Company data, RHB
Change in working capital
Other new investments
Other investing cash flow
Cash flow from investing activities
(106)
754
(51)
369
(167)
(101)
9,468
(13,774)
(12,481)
(13,139)
(5,499)
44,298
(38,056)
(19,498)
(50,297)
(23,960)
Dividends paid
(10,512)
(10,512)
(15,332)
(14,975)
(12,287)
Proceeds from issue of shares
(52,153)
120
Increase in debt
(10,610)
9,391
Other financing cash flow
(13,480)
(1)
5,076
(13,531)
-
-
-
(73,275)
(1,001)
(28,812)
(9,900)
(25,818)
Cash at beginning of period
21,035
18,973
31,269
18,582
10,534
Total cash generated
(1,338)
11,475
(11,365)
(5,809)
6,471
(724)
821
(1,322)
-
-
18,582
12,773
17,005
Cash flow from financing activities
Forex effects
Implied cash at end of period
18,973
31,269
(0)
0
Source: Company data, RHB
See important disclosures at the end of this report
4
PTT Global Chemical (PTTGC TB)
7 November 2014
Financial Exhibits
Balance Sheet (THBm)
Dec-11
Dec-12
Dec-13F
Dec-14F
Dec-15F
Total cash and equivalents
22,606
60,062
44,384
36,336
42,806
Inventories
36,145
41,047
50,238
50,238
50,238
Accounts receivable
42,027
55,406
61,592
49,959
51,107
Other current assets
4,459
4,377
4,301
4,777
4,886
105,236
160,891
160,514
141,309
149,037
Total current assets
Total investments
Tangible fixed assets
Total other assets
6,505
7,978
14,029
14,475
14,475
255,758
262,479
253,054
272,201
271,837
5,468
4,714
4,765
4,396
4,497
Total non-current assets
267,730
275,171
271,848
291,072
290,809
Total assets
372,966
436,062
432,363
432,381
439,846
Short-term debt
22,064
16,404
27,564
24,400
19,269
Accounts payable
30,331
50,813
53,455
47,469
48,560
7,674
2,427
2,188
2,427
2,427
Total current liabilities
60,068
69,645
83,207
74,296
70,256
Total long-term debt
98,102
120,452
95,812
104,052
95,652
6,343
7,920
8,110
8,110
8,110
Total non-current liabilities
104,445
128,372
103,922
112,162
103,762
Total liabilities
164,513
198,017
187,129
186,458
174,018
45,108
45,088
45,088
45,088
45,088
116,556
140,366
156,436
157,126
177,031
Other current liabilities
Other liabilities
Share capital
Retained earnings reserve
Other reserves
Shareholders' equity
Minority interests
36,839
36,978
36,978
36,978
36,978
198,503
222,433
238,503
239,192
259,097
9,950
15,612
6,731
6,731
6,731
Total equity
208,454
238,045
245,234
245,923
265,828
Total liabilities & equity
372,966
436,062
432,363
432,381
439,846
Dec-15F
Source: Company data, RHB
Key Ratios (THB)
Dec-11
Dec-12
Dec-13F
Dec-14F
Revenue growth (%)
33.3
13.1
(2.3)
(4.6)
2.3
Operating profit growth (%)
82.4
(1.8)
2.9
7.0
16.7
Net profit growth (%)
84.0
13.2
(2.1)
(18.0)
32.6
EPS growth (%)
84.2
13.3
(2.1)
(18.0)
32.6
(10.5)
12.1
7.2
0.3
8.3
Operating margin (%)
7.6
6.6
6.9
7.7
8.8
Net profit margin (%)
6.0
6.0
6.0
5.2
6.7
Return on average assets (%)
7.7
8.4
7.7
6.3
8.3
Return on average equity (%)
14.3
16.2
14.4
11.4
14.5
Net debt to equity (%)
46.8
32.3
32.2
37.5
27.1
DPS
2.33
3.40
3.33
2.73
3.62
6.1
11.2
8.2
12.1
12.5
Bv per share growth (%)
Recurrent cash flow per share
Source: Company data, RHB
See important disclosures at the end of this report
5
PTT Global Chemical (PTTGC TB)
7 November 2014
SWOT Analysis
 As the company is PTT’s flagship petrochemical
business, any deals in the future could be given to it
 Changes in the
landscape of the
oil and gas
industry could
have huge
implications on
the company’s
earnings
 Growth
potential will be
in the region
 The company is in a commodity-based business,
which can imply highly volatile earnings
P/E (x) vs EPS growth
P/BV (x) vs ROAE
69%
1
14%
12
53%
1
11%
10
38%
1
9%
8
22%
1
7%
-9%
0
5%
2
-24%
0
2%
0
-40%
0
0%
6
7%
P/E (x) (lhs)
EPS growth (rhs)
Source: Company data, RHB
Jan-15
Jan-14
Jan-13
Jan-12
Jan-11
4
P/B (x) (lhs)
Jan-15
16%
14
Jan-14
18%
1
Jan-13
2
84%
Jan-12
100%
16
Jan-11
18
Return on average equity (rhs)
Source: Company data, RHB
Company Profile
PTT Global Chemical has a total olefins and aromatics production capacity of 8.45m tonnes per annum, with 280,000 barrels per day
of petroleum production capacity. It was listed on the stock exchange of Thailand on Oct 2011, as a result of the amalgamation of PTT
Chemical and PTT Aromatics and Refining.
See important disclosures at the end of this report
6
PTT Global Chemical (PTTGC TB)
7 November 2014
Recommendation Chart
Price Close
70.7
83.1
83.4
89.8
82.1
82.1
68.2
80.0
68.5
Recommendations & Target Price
na
85.0
75.0
70.0
65.0
60.0
55.0
Buy
50.0
Oct-11
Neutral
Aug-12
Sell
Trading Buy
May-13
Take Profit
Not Rated
Feb-14
Source: RHB, Bloomberg
Date
Recommendation
2014-10-22
Buy
Target Price Price
70.7
59.0
2014-04-23
Buy
83.1
70.5
2014-02-26
Buy
83.4
73.5
2014-02-19
Buy
83.4
72.5
2013-10-22
Buy
89.8
77.5
2013-07-03
Buy
82.1
68.5
2013-05-20
Neutral
82.1
76.0
2013-05-20
Sell
60.2
76.0
2013-04-10
Neutral
82.1
68.0
2012-11-16
Buy
68.5
60.0
Source : RHB, Bloomberg
See important disclosures at the end of this report
7
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
Disclosure & Disclaimer
All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or
warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer
to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for
information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the
information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or
financial advice to independently evaluate the particular investments and strategies.
This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB’s
strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such
information and accordingly investors should make their own informed decisions before relying on the same.
RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in
securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be
materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered
in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies),
may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or
underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this
research report.
RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise
from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are
alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature.
The term “RHB” shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below
and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies.
All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior
consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect.
Malaysia
This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak,
50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital
Berhad.
Singapore
This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG &
Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment
Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB”, which in turn is a whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG &
Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this
report is therefore classified as a non-independent report.
As of 6 November 2014, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary
positions in the securities covered in this report, except for:
a)
As of 6 November 2014, none of the analysts who covered the securities in this report has an interest in such securities, except for:
a)
Special Distribution by RHB
Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed
to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not
an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research
report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG &
Partners Securities Pte Ltd
Hong Kong
This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (“RHBSHK”) (formerly known as OSK Securities Hong
Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is
referred to as “RHBIB”), which in turn is a wholly-owned subsidiary of RHB Capital Berhad.
8
RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company.
RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain
compensation for investment banking services from the subject company.
Risk Disclosure Statements
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that
losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK
does not maintain a predetermined schedule for publication of research and will not necessarily update this report
Indonesia
This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Thailand
This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Other Jurisdictions
In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and
regulations of the jurisdictions.
DMG & Partners Research Guide to Investment Ratings
Kuala Lumpur
Hong Kong
Singapore
Malaysia
Tel : +(60) 3 9280 2185
Fax : +(60) 3 9284 8693
19 Des Voeux Road
Central, Hong Kong
Tel : +(852) 2525 1118
Fax : +(852) 2810 0908
Tel : +(65) 6533 1818
Fax : +(65) 6532 6211
Buy: Share price may exceed 10% over the next 12 months
Trading Buy:Malaysia
Share price
may exceed 15% over theRHB
nextOSK
3 months,
however longer-term outlook remains uncertain
Research Office
Securities Hong Kong Ltd. (formerly known
DMG & Partners
Neutral: Share
mayInstitute
fall within
months
as 12
OSK
Securities
Securities Pte. Ltd.
RHB price
Research
Sdn the
Bhdrange of +/- 10% over the next
Take Profit:
Target
price One,
has RHB
beenCentre
attained. Look to accumulate at lower
Honglevels
Kong Ltd.)
Level
11, Tower
10 Collyer Quay
Sell: Share price may
more than 10% over the next 12 months
Jalanfall
TunbyRazak
12th Floor
#09-08 Ocean Financial Centre
Lumpur
World-Wide House
Singapore 049315
Not Rated: Stock isKuala
not within
regular research coverage
DISCLAIMERS
Phnom
Penh
This research is issuedJakarta
by DMG & Partners Research Pte Ltd and it is forShanghai
general distribution only. It does not have any regard
to the
specific investment
objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular
PT RHB OSK and
Securities
Indonesia
(formerlyfinancial
known asadviser
RHB
OSK (China)
Advisory
Ltd. into any
RHBtransaction
OSK Indochina
Securities
Limited
(formerly
investments
consult
an independent
before
makingInvestment
any investments
or Co.
entering
in relation
to any
securities
or
PT OSKmentioned
Nusadana in this report.
(formerly known as OSK (China) Investment
known as OSK Indochina Securities Limited)
investment instruments
Securities Indonesia)
Plaza CIMB Niaga
Advisory Co. Ltd.)
Suite 4005, CITIC Square
No. 1-3, Street 271
Sangkat Toeuk Thla, Khan Sen Sok
Tel : +(6221) 2598 6888
Tel : +(8621) 6288 9611
Fax: +(855) 23 969 171
The information contained
herein has been obtained from sources 1168
we believed
to be reliable but we do not make any representation
or warranty nor
14th Floor
Nanjing West Road
Phnom Penh
accept any responsibility
or liability
as to its accuracy, completeness orShanghai
correctness.
are subject to change
Jl. Jend. Sudirman
Kav.25
20041Opinions and views expressed in this report
Cambodia
without notice.
Jakarta Selatan 12920, Indonesia
China
Tel: +(855) 23 969 161
Fax
: +(6221)
2598or6777
Faxof: +(8621)
6288
9633or sell any securities.
This report does
not
constitute
form part of any offer or solicitation
any offer
to buy
Bangkok
DMG & Partners Research Pte Ltd is a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank
Berhad, Malaysia which have since merged into RHBRHB
Investment
Bank Berhad (the merged entity is referred to as “RHBIB” which in turn is a whollyOSK Securities (Thailand) PCL (formerly known
owned subsidiary of RHB Capital Berhad) and Deutsche Asiaas
Pacific
Holdings Pte
Ltd (a PCL)
subsidiary of Deutsche Bank Group). DMG & Partners Securities
OSK Securities
(Thailand)
Pte Ltd is a Member of the Singapore Exchange Securities Trading
Limited.
10th Floor,
Sathorn Square Office Tower
98, North Sathorn Road,Silom
Bangkok 10500
DMG & Partners Securities Pte Ltd and their associates, directors,Bangrak,
and/or employees
may have positions in, and may effect transactions in the securities
Thailand
covered in the report, and may also perform or seek to perform broking and
other corporate finance related services for the corporations whose securities
Tel: +(66) 2 862report.
9999
are covered in the report. This report is therefore classified as a non-independent
Fax : +(66) 2 108 0999
As of 6 November 2014, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary
positions in the subject companies, except for:
a)
As of 6 November 2014, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except
for:
a)
DMG & Partners Research Pte. Ltd. (Reg. No. 200808705N)
9
Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014
Excellent
ADVANC
AOT
ASIMAR
BAFS
BANPU
BAY
BBL
BCP
BECL
BKI
BROOK
BTS
CIMB
CK
CPF
CPN
CSL
DRT
DTAC
EASTW
EGCO
ERW
GRAMMY
HANA
HEMRAJ
ICC
INTUCH
IRPC
IVL
KBANK
KKP
KTB
LPN
MCOT
MINT
NKI
NOBLE
PAP
PG
PHOL
PR
PRANDA
PS
PSL
PTT
PTTEP
PTTGC
QH
RATCH
ROBINS
RS
S&J
SAMART
SAMTEL
SAT
SC
SCB
SCC
SCSMG
SE-ED
SIM
SIS
SITHAI
SNC
SPALI
SPI
SSI
SSSC
SVI
SYMC
TCAP
THAI
THCOM
THRE
TIP
TASCO
TKT
TMB
TNITY
TOP
TRC
TRUE
TTW
TVO
UV
VGI
WACOAL
Very Good
2S
ACAP
AF
AHC
AIT
AKP
AMANAH
AMARIN
AMATA
AP
APCO
APCS
ASIA
ASK
ASP
AYUD
BEC
BFIT
BH
BIGC
BJC
BLA
BMCL
BWG
CCET
CENTEL
CFRESH
CGS
CHOW
CM
CNT
CPALL
CSC
DCC
DELTA
DTC
ECL
EE
EIC
ESSO
FE
FORTH
GBX
GC
GFPT
GL
GLOW
GOLD
GSTEL
GUNKUL
HMPRO
HTC
IFEC
INET
ITD
JAS
JUBILE
KBS
KCE
KGI
KKC
KSL
KWC
L&E
LANNA
LH
LHBANK
LHK
LIVE
LOXLEY
LRH
LST
MACO
MAJOR
MAKRO
MBK
MBKET
MFC
MFEC
MODERN
MTI
NBC
NCH
NINE
NMG
NSI
NWR
OCC
OFM
OGC
OISHI
PB
PDI
PE
PF
PJW
PM
PPM
PPP
PREB
PRG
PT
PYLON
QTC
RASA
SABINA
SAMCO
SCCC
SCG
SEAFCO
SFP
SIAM
SINGER
SIRI
SKR
SMT
SNP
SPCG
SPPT
SSF
STANLY
STEC
SUC
SUSCO
SYNTEC
TASCO
TCP
TF
TFD
TFI
THANA
THANI
THIP
TICON
TIPCO
TK
TLUXE
TMILL
TMT
TNL
TOG
TPC
TPCORP
TPIPL
TRT
TRU
TSC
TSTE
TSTH
TTA
TBSP
TCCC
TEAM
TGCI
TIC
TIES
TIW
TKS
TMC
TMD
TMI
TNDT
TNPC
TOPP
TPA
TPP
TR
TTI
TVD
TVI
TWZ
UBIS
UEC
UOBKH
UPF
UWC
VARO
VTE
WAVE
WG
TTCL zZMICO
TUF
TWFP
TYM
UAC
UMI
UMS
UP
UPOIC
UT
VIBHA
VIH
VNG
VNT
YUASA
*** PHATRA was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25,2012
Good
A
AAV
AEC
AEONTS
AFC
AGE
AH
AI
AJ
AKR
ALUCON
ANAN
ARIP
AS
BAT-3K
BCH
BEAUTY
BGI
BLAND
BOL
BROCK
BSBM
CHARAN
CHUO
CI
CIG
CITY
CMR
CNS
CPL
CRANE
CSP
CSR
CTW
DEMCO
DNA
DRACO
EA
EARTH
EASON
EMC
EPCO
F&D
FNS
FOCUS
FPI
FSS
GENCO
GFM
GJS
GLOBAL
HFT
HTECH
HYDRO
IFS
IHL
ILINK
INOX
IRC
IRPC
IT
JMART
JMT
JTS
JUTHA
KASET
KC
KCAR
KDH
KTC
KWH
LALIN
LEE
MATCH
MATI
MBAX
MDX
PRINC
MJD
MK
MOONG
MPIC
MSC
NC
NIPPON
NNCL
NTV
OSK
PAE
PATO
PICO
PL
POST
PRECHA
PRIN
Q-CON
QLT
RCI
RCL
ROJNA
RPC
SCBLIF
SCP
SENA
SF
SGP
SIMAT
SLC
SMIT
SMK
SOLAR
SPC
SPG
SRICHA
SSC
STA
SUPER
SVOA
SWC
SYNEX
WIN
WORK
*** CIMBI was voluntarily delisted from the Stock Exchange of Thailand effectively on September 25, 2012.
Source: Thai Institute of Directors (IOD)
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