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Thailand Daily
Monday, February 02, 2015
SET Index
Close
Chg (%)
1,581.25
High/Low
I V Global Securities Public Company Limited
-0.32
1,592.83/1,581.01
Chg (%)
Market Activity
Value (Btm)
Volume (m sh.)
Mkt cap (Bt/US$bn)
52,210
12,631
14,710/450
-2.9
-38.3
-0.3
Net BUY/SELL
(Btm)
Retail investors
Local institution
Proprietary
Foreign
1,437
(1,071)
383
(749)
Today’s Focus
Thai Union Frozen Foods Plc (TUF) – HOLD (maintained)
• We expect weak 4Q14 results for TUF. Given the slow season for the
seafood businesses in the fourth quarter, we see TUF’s 4Q14 earnings falling
sharply by 45.8% QoQ (on declining profit margins) albeit rising 27.8% YoY
(on a margin recovery). Therefore, we estimate the full-year 2014
performance to enjoy a 90% YoY surge in bottom-line profits after a
sluggish 2013. Seasonally speaking, the performances in 2Q and 3Q are
generally better than 1Q and 4Q and we are anticipating a similar trend this
year.
• Maintain HOLD rating with a price target of Bt24. We prefer to maintain our
earnings estimates on TUF for now. We foresee a higher risk from EU
operations via further EU currency weakness. Sales from the EU and US
markets accounted for 31% and 43% of consolidated sales in 9M14.
Investor group, As of YTD, 2015
(Btm)
Retail
Local
Proprietary
Foreign
Total
Buy
608,158
93,189
90,619
193,525
985,491
Sell
621,903
83,404
82,359
197,825
985,491
Net
(13,745)
9,785
8,260
(4,300)
Press News
General news
 NCPO denies push to lift martial law
 Paragon bombs 'homemade'
O/N Inter Bank (%)
2.00
Bt/US$
32.719
Top 5 Most Active
TRUE
KBANK
JAS
ADVANC
SCB
% Chg
0.74
-1.77
1.84
-2.39
-1.91
0.06
6.10
4.90
31.25
13.80
20.00
16.19
11.87
8.70
8.66
0.09
5.30
41.75
0.13
9.40
-18.18
-14.52
-8.24
-7.14
-6.93
Top 5 Losers
M-AAA
MK
DTCI
GSTEL
CPH
 Advent of digital TV to fail without legislative support
 Digital TV to help boost ad spending this year by 4.5%
Close (Bt)
13.60
222.00
8.30
245.00
179.50
Top 5 Gainers
IEC
SSPF
KC
SMG
AFC
 Higher prices for CNG take effect
Corporate News
 Ch Karnchang earmarks Bt10 bn for merger of metro, expressway operators
 Pruksa ready to build energy saving projects
 Srithai plans bigger role in Malaysia
Calendar of events
Rights
Lists of shares under the SET’s turnover list
Short Sales Data
List of management changes in securities holding
NVDR Trading Data
World Indices
SET Index
INDU Index
SPX Index
CCMP Index
UKX Index
NKY Index
HSI Index
twse Index
STI Index
JCI Index
KLCI Index
PCOMP Index
Index
1,581.25
17,164.95
1,994.99
4,635.24
6,749.40
17,674.39
24,507.05
9,361.91
3,391.20
5,289.40
1,781.26
7,689.91
Chg
-0.3%
-1.4%
-1.3%
-1.0%
-0.9%
0.4%
-0.4%
-0.7%
-0.8%
0.5%
-0.1%
1.0%
The opinions and information contained herein are based upon sources believed to be reliable but their accuracy, completeness or correctness are
not guaranteed. This information is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered herein by this report.I V
Global Securities Plc (“IVG”) accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or its content.
Thailand Daily
Monday, February 02, 2015
Thai Union Frozen Foods Plc (TUF)
Heading for a soft 4Q14
I V Global Securities Public Company Limited
Rating: HOLD TP: Bt24.00
Close Price: Bt21.80
 We expect weak 4Q14 results for TUF. Given the slow season for the seafood businesses in
the fourth quarter, we see TUF’s 4Q14 earnings falling sharply by 45.8% QoQ (on declining profit
margins) albeit rising 27.8% YoY (on a margin recovery). Therefore, we estimate the full-year
2014 performance to enjoy a 90% YoY surge in bottom-line profits after a sluggish 2013.
Seasonally speaking, the performances in 2Q and 3Q are generally better than 1Q and 4Q and we
are anticipating a similar trend this year.
 Expecting flat US$ sales growth for 2014 on a 30% plunge in tuna prices. In 4Q14, we
expect consolidated sales to come in flat YoY or rise 1.8% QoQ on a further decline in the
skipjack tuna price to US$1,187/ton in 4Q14 (-25% YoY and -24% QoQ). However, the
consolidation of MerAlliance and King Oscar should help a bit.
 Margin should also come in soft. Even though margins on branded products have been
sustained, a slight inventory loss on tuna raw materials (as prices fell 24% QoQ) will lower gross
profit margin in the final quarter of the year. However, the improved pet food biz at the US
operation is a positive development. We estimate overall gross profit margin at 16% for 2014, or
just shy of the 15.7% for 4Q14.
 High promotional expenses. We expect SG&A expenses to remain high at 10.4% of sales
amid normal high season expenses. In addition, there might be some advisory fees related to the
Bumble Bee Foods acquisition contract, which will be incurred every quarter starting 4Q14
onward until the deal is completed, possibly by 3Q15. Thus, we estimate EBIT margin at 5.3%.
 Bumble Bee Foods deal. With an estimated acquisition price of US$1.5bn (including debts of
US$760m and assets of US$750m), the deal diligence is expected to be finalized by 3Q15.
Funded mostly by borrowings, TUF is paying 10.4x EV/EBITDA for Bumble Bee, considered fair
versus the company’s 11.7x valuation. The acquisition would allow TUF to meet its target revenue
of US$8bn by 2020. Rising interest expenses will dilute earnings contributions from BBF.
 Maintain HOLD rating with a price target of Bt24. We prefer to maintain our earnings
estimates on TUF for now. We foresee a higher risk from EU operations via further EU currency
weakness. Sales from the EU and US markets accounted for 31% and 43% of consolidated sales
in 9M14.
Please see separate report for more details
Rattana Leenutaphong (662) 658-5787
[email protected]
CGR 2014:
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate government is made pursuant to the
policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock
Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The
result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed
after that date. I V Global Securities Plc. (IVG) does not confirm nor certify the accuracy of such survey result.
2-Feb-15
2 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Global Markets Summary
U.S. stocks declined on Friday, with benchmarks down for a second month, after data
showed U.S. economic growth slowed sharply in the fourth quarter and Russia's central bank
unexpectedly cut is benchmark interest rate. Already deep under water, stock futures retained
stiff losses after the Commerce Department reported gross domestic product expanded at a 2.6
percent annual rate after the third quarter's 5 percent jaw-dripping pace. Analysts had
projected the economy would expand at a 3 percent rate in the final quarter of 2014. The Dow
Jones Industrial Average fell 251.90 points, or 1.5 percent, to 17,164.95. The payment
processor jumped more than 4 percent after reporting a better-than-expected quarterly profit
late Thursday. The S&P 500 declined 26.26 points, or 1.3 percent, 1,994.99; consumer
discretionary leading losses and energy the sole sector in 10 gaining. The Nasdaq shed 48.17
points, or 1 percent, at 4,635.24.
European equities closed lower on Friday, with investors reacting to earnings and euro
zone inflation and unemployment reports. The pan-European Euro Stoxx 600 Index ended
around 0.5 percent lower, having started the day in positive territory. Stocks pared gains after
official statistics showed the euro zone slid further into deflation in January. Prices fell by 0.6
percent year-on-year in January, below the 0.5-percent slide forecast by analysts polled by
Reuters, and worse than December's 0.2 percent price fall. The Euro Stoxx 600 ends the month
7.2 percent higher, however, boosted after the European Central Bank announced a new bondbuying program earlier in January. In the U.K. on Friday, the FTSE 100 closed around 0.7
percent lower on the day, pressured as BT fell 2.6 percent when the telecoms firm announced it
would pay off its pension deficit. The French benchmark CAC 40 finished unofficially 0.7 percent
lower, while the DAX provisionally ended 0.5 lower.
Asian stocks started the week mixed, following a rebound in global crude oil prices.
However, the HSBC Purchasing Manager’s Index (PMI) came in at 49.7, below the flash reading
of 49.8, and below the Reuters poll of 49.8. Japan's key Nikkei 225 index fell to a one-week low
at the open, as dollar-yen pulled back below the 118 handle to a two-week low.
Crude oil prices fell smartly on Monday in early Asia as a weekend official reading of China's
manufacturing showed a slump that is confirmed by a closely watched private survey. At the
weekend, China said January CFLP manufacturing PMI fell to 49.8 from 50.1 in December,
placing it in contraction even as the timing of the Chinese New Year holiday this year relative to
last should have boosted the January reading. On the New York Mercantile Exchange, U.S.
crude oil for delivery in March fell 0.90% to $47.30 a barrel.
Gold rallied more than $20 on Friday, after data showed the U.S. economy grew less than
expected in the fourth quarter. On the Comex division of the New York Mercantile Exchange,
gold futures for April delivery jumped $23.30, or 1.86%, to settle at $1,279.20 a troy ounce by
close of trade on Friday. Futures were likely to find support at $1,252.10, the low from January
29, and resistance at $1,300.20, the high from January 26. The Commerce Department said in
a report that the economy expanded 2.6% in the final three months of 2014, below
expectations for a 3.0% gain and slowing sharply from growth of 5.0% in the three months to
September. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, ended at 95.00 by late-Friday, down 0.01% for the
day and 0.33% lower on the week. Despite Friday's strong gains, gold lost $14.80, or 1.11%,
on the week, the first weekly decline in a month.
(Bloomberg, CNBC and Investing.com)
2-Feb-15
3 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Press News
General news
NCPO denies push to lift martial law
An adviser to the National Council for Peace and Order (NCPO) yesterday denied claims the
council's advisory board had suggested martial law should be lifted and replaced with Section
44 of the interim charter to ease pressure from foreign governments. Gen Noppadol
Inthapanya, also a member of the National Legislative Assembly (NLA), said NCPO advisers
saw no need to revoke martial law or invoke Section 44.The issue was not discussed when
they met on Friday, Gen Noppadol said.Section 44 authorises the NCPO chief to exercise the
powers of the executive, legislative and judicial branches of the government to promote
reform and unity, and suppress threats to national security, the royal institution and the
economy.The report about the government switching to Section 44 emerged after last week's
visit to Bangkok by assistant Secretary of State Daniel Russel, the top US diplomat for East
Asia and the Pacific, who called on the military-led government to lift martial law.According to
Gen Noppadol, Section 44 is tougher than martial law.According to a NCPO source, the
council's advisers proposed that after martial law is lifted, the NCPO could issue regulations
under Section 44 to maintain law and order. This could help ease pressure from the
international community.(Bangkok Post)
Paragon bombs 'homemade'
Two improvised time bombs exploded in front of Siam Paragon shopping centre Sunday
evening, slightly injuring a man, police said. Paragon and other retail outlets in the Siam
Square/Siam Center area were closed, roads were blocked and shoppers and diners were
evacuated from the area.Pol Lt Gen Prawut Thawornsiri, a police spokesman, said the bombs
were hidden behind a transformer at BMA Express Service, between the Siam BTS station and
the luxury mall.The two improvised explosive devices (IEDs) were set on timers to explode at
about 8pm, a peak time for shopping, entertainment and dining out in the Siam Square area.
Despite this, Pol Lt Gen Prawut said the bombs "were not intended to kill".Military authorities
were immediately on the scene, but police handled the main investigation.No motive for the
attacks was given. Authorities at first told the media the bombing was the explosion of a power
transformer of a Paragon billboard. They dropped that story and admitted the blasts were
caused by bombs after several hours of investigation.Thailand is officially under martial law, but
police handled crowd control, and acted as spokesmen for the media. Spokesmen asked the
public not to panic, despite the mishandling of the early hours of the investigation. (Bangkok
Post)
Higher prices for CNG take effect
The retail price of compressed natural gas (CNG) has been raised by 50 satang to 13 baht a
kilogramme as of today, says the Energy Policy Administration Committee (EPAC). CNG for
public transport also rose by 50 satang to 10 baht per kg.Energy Minister Narongchai
Akrasanee said the rise was part of the government’s restructuring plan to bring domestic fuel
charges in line with global prices.Natural gas prices have declined in line with global crude
prices, which began to fall in the second half of 2014.The natural gas price is 14-15 baht per
kg, down from 16.50 baht calculated from its real cost last year.The government plans to
collect excise tax on retail CNG after its price is floated, out of fairness to other fuel consumers
who have been paying tax to fund gas subsidies but do not use any gases.The excise tax
method will be applied to liquefied petroleum gas (LPG) as well.Most CNG and LPG users are
in the transport sector, whose big trucks and pickups leave a disproportionate amount of wear
and tear on the roads.Since Thailand launched commercial use of CNG, national oil and gas
conglomerate PTT Plc, the sole seller, had subsidised the gas to the tune of 105 billion baht as
of Dec 31.The EPAC told PTT to prepare itself for cheap LPG under a scheme to help lowincome earners.The low-income group, mostly food vendors and households that use less than
90 kilowatt-hours of electricity a month, can buy LPG at a 33% discount starting on Monday.
The LPG discount price is pegged at 18.13 baht per kg, below the market reference price of
24.16 baht.Energy policymakers estimate the low-income group at 7.5 million houses and
shops nationwide.The LPG subsidy could amount to 40-50 million baht.The EPAC also
approved a renewal of concessions for small power producers (SPPs) of the cogeneration type.
(Bangkok Post)
2-Feb-15
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Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Panel convened to sort out telecoms
THE INFORMATION and Communications Technology Ministry has formed the committee to
seek ways to settle the disputes between TOT and Advanced Info Service before AIS'
concession expires in September.ICT Minister Pornchai Rujiprapa said last week that the
committee, which was established under Article 43 of the new Public-Private Joint Venture Act,
is expected to reach a conclusion in the middle of this year.Then the ministry will forward the
conclusion to the Cabinet for consideration.He declined to specify which problems the
committee would focus on.The AIS-TOT disputes range from the rental rate for their
telecommunication towers to ownership of the towers under the concession.A source from AIS
said the company has urged the ministry to establish the committee as soon as possible to clear
up the problems before the concession ends.It remains to be seen if the committee will discuss
the conclusion by the committee founded under Article 22 of the old public-joint venture law
that AIS has to resume the original concession terms regarding its revenue-sharing with TOT
from the prepaid mobile phone service.TOT had amended AIS' concession to allow AIS to
reduce its prepaid revenue-sharing rate from 25-30 per cent to a 20-per-cent flat rate starting
in June 2001. The Supreme Court cited the case in ruling in February 2010 that former prime
minister Thaksin Shinawatra was guilty of abuse of power.AIS is the flagship of InTouch
Holdings, formerly known as Shin Corp, which was founded by the Shinawatras.Shortly after the
court verdict, the government set up the committee under Article 22 to consider how to
proceed.(The Nation)
Advent of digital TV to fail without legislative support
THE BIRTH of digital terrestrial TV broadcasting to serve community-based demand will possibly
fail if the new digital economy bills are unsupportive, a member of the broadcasting regulator
said last week."I'm really concerned about the radio frequency allocation for public and
community-based services because under the digital economy bills, the assignment of radio
frequencies appears to give first priority to government bodies," Supinya Klangnarong, a
member of the National Broadcasting and Telecommunications Commission (NBTC), told The
Nation.Meanwhile, a member of the National Reform Council (NRC) suggested that the
government's bills appear to conflict with the draft constitution in terms of media reform.The
NBTC is expected to see its power reduced and independence eliminated after it comes under
the oversight of the National Digital Economy Commission (NDEC).Supinya said that under
those circumstances, it would be difficult to create community-based TV broadcasters, which
allow local people to operate their own TV stations, in the near future.According to the radio
frequency allocation master plan, in each local broadcasting site, 12 digital terrestrial TV
channels are reserved for community-based service.This will encourage local people to
participate in and promote media reform and liberalisation.More importantly, the bills will also
take away the NBTC's revenue and research and development fund for the public, disabled and
disadvantaged people, benefits for the elderly and media development for public and
community services.She said this fund should be reserved for the support of the broadcasting
industry, particularly for community-based broadcasting, which will be run under a limited
source of income.(The Nation)
Digital TV to help boost ad spending this year by 4.5%
THE MEDIA Agency Association of Thailand (MAAT) has forecast a 4.5-per-cent increase in
advertising spending this year to Bt141 billion, mainly encouraged by a growing terrestrialbased digital TV business and the digital-media boom.However, the advertising industry is
anxious about the volatile world economy, while the high level of household debts in Thailand
could affect the bottom line."After experiencing a tough situation last year, we have set a
conservative growth [target] of 4.5 per cent in this year's advertising spending from a year
ago," MAAT chairwoman Wannee Ruttanaphon said yesterday. The association's forecast was
mainly based on macroeconomic growth and developments in the media industry.Wannee, who
is also chairwoman of IPG Mediabrands, said that among key media, terrestrial-based digital TV,
digital media and transit continued to enjoy growth, similar to last year's trend.She noted that
TV remained the key medium brands and advertisers use to reach a mass audience. This media
segment represents more than 60 per cent of total ad spending.However, free TV channels
based on the old analog platform are being challenged by the new digital TV broadcasters.
MAAT director Ratthakorn Surbsuk, a trading partner at GroupM Thailand, said the association
expected to see a very small advertising-rate increase on traditional analog TV stations while
digital terrestrial TV channels had the potential to raise average advertising rates by 40 per
cent.(The Nation)
2-Feb-15
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Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Corporate news
Ch Karnchang earmarks Bt10 bn for merger of metro, expressway operators
CH KARNCHANG, a leading construction company, has budgeted Bt10 billion to facilitate the
merger of two affiliates - Bangkok Metro and Bangkok Expressway."We have to buy 10 per
cent in BMCL from BECL before the merger because of the Limited Public Company Act. When
companies want to merge, they cannot have cross-holdings of shares, so we have to buy
BMCL shares from BECL," Plew Trivisvavet, president and chief executive officer, told a press
conference yesterday. Ch Karnchang also stands ready to buy shares from others who hold
shares in BMCL and BECL but are against the deal and do not want to hold shares in the new
company resulting from the merger. (The Nation)
Pruksa ready to build energy saving projects
PRUKSA REAL ESTATE plans to launch energy-saving residential projects in 2016 with the help
of its Japanese partner and a German architect who is an expert in energy-saving properties.
Speaking in Japan during a visit to Smart City Shio-Ashiya by Pana Home, he said the
company's vision is to develop innovative residential projects to serve customer demand under
the Four Consumer Mega Trend concept, which has four themes: safe home, healthy home,
green home and smart home.The safety home aspect means building under the prefabrication
system. (The Nation)
Srithai plans bigger role in Malaysia
Rapidly expanding Srithai Superware Plc has tied up with a Malaysian company in its latest
investment venture and will use Kota Baharu as its gateway into Malaysia. District unit
manager Khanistha Kaewsung said the melamine and plastic package and container products
company will partner with Koperasi Maju Gabungan Nusantara Malaysia Bhd to market plastic
ware in Malaysia."To date we have already appointed 10 dealers in Kelantan to market the
company's more than 100 plastic products which includes plates and crockery and electrical
products," she told the Bernama news agency on Sunday.The Malaysian firm is based in Kota
Baharu, the state capital of Kelantan.The decision is part of the Bangkok-based listed
company's plans to expand to other Southeast Asian markets. It has factories in Vietnam and
Indonesia.(Bangkok Post)
2-Feb-15
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Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Calendar of Events – February 2 , 2015
MON
2
1DIV - XD
TDEX - XD
TUE
3
AJP - XM
METCO - XD
TTA - XD
WED
4
KSL - XM
THU
5
A - XM
GENCO - XM
M-AAA - XN
PRO - XM
PRO - XR
TAPAC - XD
TAPAC - XM
TTA - XB
TTA - XR
TTA - XW
FRI
6
TBSP - XM
TWZ - XR
9
CGH - XM
ECL - XW
TPC - XM
VGI - XM
10
KIAT - XW
PTTEP - XD
PTTEP - XM
SCC - XM
WHA - XR
WHA - XW
11
ACAP - XM
FVC - XM
SAMART - XW
12
UREKA - XR
13
16
17
18
19
APURE - XR
20
23
E-W3 - XE
24
25
26
AJP - XR
27
* ND – No dividend XD – Cash Dividend XD (ST) – Stock Dividend XR – Rights for Common XE- Exercise Warrant XW – Rights for Warrant
– Rights for Transferable Subscription Right XN – Ex Capital Return XM – Rights for Meeting XI- Rights for Interest
XT
Rights
Symbol
SAFARI
DCON
SGF
POLAR
POLAR
POLAR
PRO
TTA
TTA
TWZ
ECL
KIAT
WHA
WHA
SAMART
UREKA
APURE
AJP
CKP
FVC
X-Date
23/01/2015
26/01/2015
26/01/2015
28/01/2015
28/01/2015
28/01/2015
05/02/2015
05/02/2015
05/02/2015
06/02/2015
09/02/2015
10/02/2015
10/02/2015
10/02/2015
11/02/2015
12/02/2015
19/02/2015
26/02/2015
23/04/2015
04/05/2015
Board Date
24/12/2014
13/11/2014
13/01/2015
31/10/2014
31/10/2014
31/10/2014
23/01/2015
22/12/2014
22/12/2014
11/03/2014
13/11/2014
15/12/2014
18/12/2014
18/12/2014
19/12/2014
10/12/2014
16/01/2015
21/01/2015
21/01/2015
28/01/2015
Rights for
Common
Warrant
Common
Common
Warrant
Warrant
Common
Common
Warrant
Common
Warrant
Warrant
Common
Warrant
Warrant
Common
Common
Common
Common
Warrant
Allotted Shares (Shares)
133,333,333
342,400,000
770,700,120
7,039,876,852
293,328,203
3,519,938,426
350,000,000
520,470,459
173,490,153
716,636,388
297,388,000
1,099,997,940
350,506,098
117,000,000
201,300,782
85,000,000
324,766,975
263,775,000
1,870,000,000
130,000,000
Ratio (Holding: New) at Price (Baht)
1.5 : [email protected] Baht
6:1
3 : [email protected] Baht
1 : [email protected] Baht
6:1
10 : [email protected] Baht
15 : [email protected] Baht
87 : [email protected] Baht
2:1
2:1
2.75 : [email protected] Baht
5:1
4 : [email protected] Baht
2 : [email protected] Baht
1 : [email protected] Baht
2:1
Source: SET
2-Feb-15
7 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Lists of shares under the SET’s turnover list
Notification of securities with trading transactions causing a false market (only trading transactions with cash balance account allowed)
Share
Period
BSM
13 Jan – 2 Feb 2015
BSM-W1
13 Jan – 2 Feb 2015
MAX
13 Jan – 2 Feb 2015
RICH
13 Jan – 2 Feb 2015
TFD
13 Jan – 2 Feb 2015
TFD-W2
13 Jan – 2 Feb 2015
TFD-W3
13 Jan – 2 Feb 2015
TLUXE
13 Jan – 2 Feb 2015
TLUXE-W2
13 Jan – 2 Feb 2015
RPC
15 Jan – 4 Feb 2015
PSTC
07 Jan – 6 Feb 2015
MTLS
19 Jan – 6 Feb 2015
BMCL
29 Dec 2014 – 6 Feb 2015
CCN
29 Dec 2014 – 6 Feb 2015
CHOW
29 Dec 2014 – 6 Feb 2015
KIAT
29 Dec 2014 – 6 Feb 2015
KTP
29 Dec 2014 – 6 Feb 2015
PSTC
29 Dec 2014 – 6 Feb 2015
SPA
29 Dec 2014 – 6 Feb 2015
TCC
29 Dec 2014 – 6 Feb 2015
TCC-W2
29 Dec 2014 – 6 Feb 2015
TCC-W3
29 Dec 2014 – 6 Feb 2015
TCC-W4
29 Dec 2014 – 6 Feb 2015
TPOLY
29 Dec 2014 – 6 Feb 2015
WIIK
29 Dec 2014 – 6 Feb 2015
BROCK
20 Jan – 9 Feb 2015
JTS
20 Jan – 9 Feb 2015
KC
(Level 2 : Excluded from credit limit )
20 Jan – 9 Feb 2015
BGT
21 Jan – 10 Feb 2015
AUCT
22 Jan – 11 Feb 2015
ML
22 Jan – 11 Feb 2015
AJD
05 Jan 2015 – 13 Feb 2015
AJD-W1
05 Jan 2015 – 13 Feb 2015
CEN
05 Jan 2015 – 13 Feb 2015
CEN-W3
05 Jan 2015 – 13 Feb 2015
MILL
05 Jan 2015 – 13 Feb 2015
MILL-W2
05 Jan 2015 – 13 Feb 2015
AJD
14 Jan 2015 – 13 Feb 2015
AJD-W1
14 Jan 2015 – 13 Feb 2015
TPOLY
26 Jan 2015 – 13 Feb 2015
GENCO
28 Jan 2015 – 17 Feb 2015
GENCO-W1
28 Jan 2015 – 17 Feb 2015
DIMET
30 Jan 2015 – 19 Feb 2015
DIMET-W1
30 Jan 2015 – 19 Feb 2015
AGE
12 Jan 2015 – 20 Feb 2015
ECF
12 Jan 2015 – 20 Feb 2015
ECF-W1
12 Jan 2015 – 20 Feb 2015
EE
12 Jan 2015 – 20 Feb 2015
KCM
12 Jan 2015 – 20 Feb 2015
POLAR
12 Jan 2015 – 20 Feb 2015
POLAR-W1
12 Jan 2015 – 20 Feb 2015
POLAR-W2
12 Jan 2015 – 20 Feb 2015
PRECHA
12 Jan 2015 – 20 Feb 2015
ABC
2 – 20 Feb 2015
ABC-W1
2 – 20 Feb 2015
AMANAH
19 Jan 2015 – 27 Feb 2015
GIC
19 Jan 2015 – 27 Feb 2015
CYBER
19 Jan 2015 – 27 Feb 2015
CYBER-W1
19 Jan 2015 – 27 Feb 2015
FSMART
19 Jan 2015 – 27 Feb 2015
MONO
19 Jan 2015 – 27 Feb 2015
MONO-W1
19 Jan 2015 – 27 Feb 2015
PE
19 Jan 2015 – 27 Feb 2015
PTCH
19 Jan 2015 – 27 Feb 2015
2-Feb-15
8 of 13
Thailand Daily
Monday, February 02, 2015
Share
AJP
AJP-W1
CI
CKP
E
E-W1
E-W2
E-W3
HYDRO
NCL
OCEAN
OCEAN-W1
PRINC
PRINC-W1
UREKA
VTE
VTE-W1
TPOLY
AEC
AEC-W2
BKD
BKD-W1
EMC
EMC-W4
FVC
ITD
MLINK
PLE
PLE-W2
RWI
TFI
I V Global Securities Public Company Limited
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
26 Jan
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
02 Feb
Period
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 06 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015 – 13 Mar
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
The purpose of Turnover List is to disclose the list of securities which have high turnover ratio and might lead to an abnormal trading, and
settlement risk .The Turnover List is intended to warn both investors and brokers against the risks associated with trading such securities.
2-Feb-15
9 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
Short Sales Data January 30 2015
Symbol
AAV
ADVANC
AOT
BANPU
BAY
BBL
BEC
BH
BIGC
CENTEL
CK
CPN
DTAC
GLOW
INTUCH
ITD
IVL
JAS
KBANK
KCE
KKP
KTB
LH
MC
MINT
PS
PTT
PTTEP
PTTGC
ROBINS
SCB
SCC
SCCC
SPCG
STEC
THCOM
TICON
TPIPL
TRUE
TTW
TUF
Volume (Shares)
141,900
56,100
299,000
7,200
9,000
22,500
14,700
20,000
6,800
3,100
100,000
40,000
415,000
68,100
52,700
1,150,000
150,400
42,800
337,200
500
145,800
273,000
240,800
3,000
348,700
24,100
369,200
114,000
104,300
3,000
329,300
26,000
2,100
10,000
40,000
221,300
15,400
170,000
8,550,000
28,300
407,000
Value (Baht)
750,300
13,919,700
94,828,500
174,360
627,750
4,321,000
752,150
3,110,000
1,646,100
105,700
2,900,000
1,801,250
38,810,000
6,255,800
4,349,325
10,292,500
3,159,510
353,060
75,021,100
23525
5,843,100
6,224,400
2,244,340
45,030
12,546,200
787,250
128,840,000
12,779,700
5,866,600
134,700
59,273,250
12,838,000
898,800
280,000
1,030,000
8,560,625
273,680
414,600
115,825,020
339,600
8,890,630
%Short Sale Volume Comparing with
Main Board
0.30
0.93
7.52
0.08
0.27
0.50
0.90
2.74
3.88
0.18
0.47
0.98
14.03
6.56
0.74
0.87
0.70
0.02
3.26
0.01
16.45
0.51
2.06
0.07
3.14
0.98
10.17
2.45
0.51
0.30
4.32
1.35
1.55
0.47
0.19
9.29
0.84
0.05
3.24
0.50
4.38
Source: SET
2-Feb-15
10 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
List of management changes in January 30 2015
Company
BKD
BH
ECL
ECL
EA
EARTH
EARTH
IVL
IHL
PSTC
SANKO
SANKO
SANKO
SANKO
SANKO
SE-ED
SMT
SMT
SMT
SMT
TSTE
TSTE
TSTE
TTI
TRC
Name of Management
THANANAN SATO
SUVARN VALAISATHIEN
VIRAT ANURAKPUTTI
DANUCHA VERAPONG
SUTHAM SONGSIRI
PHIPAT PHIHAKENDR
PHISUDHI PHIHAKENDR
RUSSELL LEIGHTON KEKUEWA
ONGART THUMRONGSAKUNVONG
CHUTINUN KITSAMRET
MASAMI KATSUMOTO
MASAMI KATSUMOTO
MASAMI KATSUMOTO
MASAMI KATSUMOTO
MASAMI KATSUMOTO
VIBOOLSAK UDOMVANICH
POONPUN CHAIKUL
POONPUN CHAIKUL
SOMNUK CHAIKUL
SOMNUK CHAIKUL
PRAPAS CHUTIMAVORAPHAND
PRAPAS CHUTIMAVORAPHAND
PRAPAS CHUTIMAVORAPHAND
KUMJORN CHUENCHOOCHIT
PODCHANEE PHAOSAVASDI
Type of
Securities
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
Common
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
share
Transaction
date
Amount
(share)
27/01/2015
400,000
28/01/2015
3,000
30/01/2015
41
29/01/2015
1,500,000
28/01/2015
40,000
29/01/2015 100,000,000
29/01/2015 100,000,000
29/01/2015
100,000
29/01/2015
41,300
28/01/2015
5,000,000
27/01/2015
100,000
27/01/2015
100,000
27/01/2015
300,000
28/01/2015
100,000
28/01/2015
200,000
28/01/2015
10,000
22/01/2015
2,000,000
29/01/2015
82,000
22/01/2015
2,000,000
29/01/2015
82,000
28/01/2015
10,600
27/01/2015
13,500
29/01/2015
14,000
29/01/2015
200
29/01/2015
225,000
Average
price (Bt)
4.31
159.5
3.84
3.48
25.75
0
0
20.8
7.2
1.76
1.77
1.81
1.8
1.73
1.75
5.75
0
7.43
0
7.43
16.31
15.39
16.79
26
7
The methods of
Acquisition/
Disposition
Buy
Buy
Sell
Sell
Buy
Transfer
Transfer
Buy
Buy
Sell
Sell
Sell
Sell
Sell
Sell
Sell
Transfer
Buy
Transfer
Buy
Buy
Buy
Buy
Buy
Sell
Source: SEC
2-Feb-15
11 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
NVDR Trading Data
January 30 2015
NVDR Top 20 Net Buy
NVDR Top 20 Net Sell
Value (Baht)
1 PTTGC
2 SCC
3 JAS
4 BBL
5 DTAC
6 MINT
7 BECL
8 AOT
9 DELTA
10 PTT
11 BTS
12 CPALL
13 TTW
14 ADVANC
15 KCE
16 THAI
17 BEC
18 BGH
19 CPN
20 AJP
Buy
714,715,306
459,610,200
349,892,920
323,918,064
98,460,865
103,369,625
205,944,675
114,225,332
70,483,575
156,619,400
49,989,889
49,082,350
53,761,560
255,100,700
28,995,600
30,616,280
35,310,875
32,549,260
38,137,750
21,513,410
Value (Baht)
Sell
Total
Net
353,438,268 1,068,153,574 361,277,039 KBANK
143,400,842 603,011,042 316,209,358 INTUCH
84,488,590 434,381,510 265,404,330 CK
204,841,984 528,760,048 119,076,080 KTB
12,946,700 111,407,565 85,514,165 SCB
19,032,475 122,402,100 84,337,150 BAY
130,114,575 336,059,250 75,830,100 PTTEP
65,410,100 179,635,432 48,815,232 TRUE
22,110,350
92,593,925 48,373,225 AJD
114,782,540 271,401,940 41,836,860 LH
14,774,165
64,764,054 35,215,724 TASCO
17,696,500
66,778,850 31,385,850 GFPT
22,692,655
76,454,215 31,068,905 TPIPL
224,653,200 479,753,900 30,447,500 UNIQ
978,525
29,974,125 28,017,075 IVL
3,233,120
33,849,400 27,383,160 GLOW
8,652,925
43,963,800 26,657,950 STEC
7,630,500
40,179,760 24,918,760 SAMART
16,247,125
54,384,875 21,890,625 BMCL
173,100
21,686,510 21,340,310 JMART
Buy
480,010,328
28,769,850
5,165,400
64,181,503
138,562,950
18,287,425
68,426,494
146,396,880
7,728,016
23,600,785
2,177,125
15,047,780
26,018,210
10,702,690
10,368,950
16,208,950
6,566,875
17,651,000
23,125,817
3,970,520
Volume (Share)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
CGD-W3
JAS
IEC
SSI
PTTGC
TMB
GSTEL
BTS
AAV
TIES
TTW
MINT
CYBER
ASP
BECL
AJP
THAI
AI
MC
QH
Buy
34,105,000
42,479,900
68,270,500
15,745,500
12,627,301
6,588,300
4,225,000
5,058,926
4,005,500
4,592,200
4,415,800
2,865,600
2,714,800
2,487,500
5,249,200
1,831,500
2,024,300
1,523,700
1,397,000
2,190,300
Sell
10,254,900
43,173,500
3,030,400
6,252,164
2,068,600
23,000
1,495,800
800,400
1,982,200
1,873,700
527,700
581,700
433,900
3,318,000
15,800
212,000
79,900
200
820,300
Total
34,105,000
52,734,800
111,444,000
18,775,900
18,879,465
8,656,900
4,248,000
6,554,726
4,805,900
6,574,400
6,289,500
3,393,300
3,296,500
2,921,400
8,567,200
1,847,300
2,236,300
1,603,600
1,397,200
3,010,600
Sell
Total
Net
971,392,358 1,451,402,686 (491,382,030)
213,364,287 242,134,137 (184,594,437)
110,899,450 116,064,850 (105,734,050)
164,250,140 228,431,643 (100,068,637)
224,445,850 363,008,800 (85,882,900)
100,872,325 119,159,750 (82,584,900)
130,496,400 198,922,894 (62,069,906)
192,366,774 338,763,654 (45,969,894)
51,451,932
59,179,948 (43,723,916)
61,311,008
84,911,793 (37,710,223)
32,329,675
34,506,800 (30,152,550)
36,933,500
51,981,280 (21,885,720)
45,368,200
71,386,410 (19,349,990)
29,685,690
40,388,380 (18,983,000)
25,611,960
35,980,910 (15,243,010)
30,330,525
46,539,475 (14,121,575)
20,305,146
26,872,021 (13,738,271)
30,759,886
48,410,886 (13,108,886)
33,561,672
56,687,489 (10,435,855)
14,334,840
18,305,360 (10,364,320)
Volume (Share)
Net
34,105,000
32,225,000
25,097,000
12,715,100
6,375,137
4,519,700
4,202,000
3,563,126
3,205,100
2,610,000
2,542,100
2,337,900
2,133,100
2,053,600
1,931,200
1,815,700
1,812,300
1,443,800
1,396,800
1,370,000
Buy
NPARK-W1
NPARK
GJS
SLC
AJD
TPIPL
BMCL
KTB
LH
SIRI
CK
TRUE
IRPC
INTUCH
PACE
KBANK
CCET
DCON
GFPT
ESTAR
77,862,218
19,658,500
40,110,000
1,754,700
10,748,800
12,160,400
2,822,119
2,529,400
874,600
177,400
10,730,400
2,302,200
353,000
242,200
2,154,930
681,000
889,000
951,900
317,700
Sell
88,565,214
125,821,618
34,442,900
50,000,000
11,592,200
18,774,700
17,580,100
7,214,400
6,622,953
4,904,400
3,786,000
14,080,110
5,186,300
2,618,631
2,500,400
4,366,560
2,718,528
2,824,400
2,329,700
1,657,500
Total
88,565,214
203,683,836
54,101,400
90,110,000
13,346,900
29,523,500
29,740,500
10,036,519
9,152,353
5,779,000
3,963,400
24,810,510
7,488,500
2,971,631
2,742,600
6,521,490
3,399,528
3,713,400
3,281,600
1,975,200
Net
(88,565,214)
(47,959,400)
(14,784,400)
(9,890,000)
(9,837,500)
(8,025,900)
(5,419,700)
(4,392,281)
(4,093,553)
(4,029,800)
(3,608,600)
(3,349,710)
(2,884,100)
(2,265,631)
(2,258,200)
(2,211,630)
(2,037,528)
(1,935,400)
(1,377,800)
(1,339,800)
Source: SET
2-Feb-15
12 of 13
Thailand Daily
Monday, February 02, 2015
I V Global Securities Public Company Limited
I V Global Investment Research – Recommendation Definitions
Sector Recommendations
Stock Recommendations
OVERWEIGHT: The industry, as defined by the analyst's
coverage universe, is expected to outperform the relevant
primary market index by at least 10% over the next 12
months.
BUY: Expecting positive total returns of 15% or more over the
next 12 months.
NEUTRAL: The industry, as defined by the analyst's coverage
universe, is expected to perform in line with the relevant
primary market index over the next 12 months.
HOLD: Expecting total returns of not more than -10% to +10%
over the next 3 months.
UNDERWEIGHT: The industry, as defined by the analyst's
coverage universe, is expected to underperform the relevant
primary market index by 10% over the next 12 months.
SELL: Expecting negative total returns of 15% or more over the
next 12 months
Disclaimers
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate government is made
pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the
information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the
public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is
not an evaluation of operation and is not based on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey may be changed after that date. I V Global Securities Plc. (IVG) does not confirm nor certify the accuracy of such survey
result.
The opinions and information contained herein are based upon sources believed to be reliable but their accuracy, completeness or
correctness are not guaranteed. This information is not to be construed as an offer, invitation or solicitation to buy or sell the
securities covered herein by this report. I V Global Securities Plc. (“IVG”) accepts no liability whatsoever for any direct or
consequential loss arising from any use of this document or its content.
18th Floor, Mercury Tower, 540 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330
Telephone: +66 (0) 2658-5800 Fax: +66 (0) 2658-5779
2-Feb-15
13 of 13