1. business and industrial

Thailand Daily
Wednesday, February 11, 2015
SET Index
Close
Chg (%)
1,594.96
High/Low
I V Global Securities Public Company Limited
-0.43
1,606.69/1,592.59
Chg (%)
Market Activity
Value (Btm)
Volume (m sh.)
Mkt cap (Bt/US$bn)
51,224
13,260
14,841/455
-13.1
-11.2
-0.4
Net BUY/SELL
(Btm)
Retail investors
Local institution
Proprietary
Foreign
1,037
73
(964)
(145)
Today’s Focus
Total Access Communication Plc (DTAC) – HOLD (maintained)
• High marketing expenses hit bottom line. DTAC reported 4Q14 net profit of
Bt1.89bn (EPS of Bt0.80), +2% YoY and -27% QoQ. Full-year 2014 net
profit came in at Bt10.7bn (EPS of Bt4.53), up just 1.5% YoY. The results
came in a little softer than our estimate of Bt10.9bn but well below the
consensus forecast of Bt11.66bn.
• 4Q14 DPS of Bt2.34 was announced, representing a 2.4% yield – stronger
than expected. Full-year 2014 DPS combined is Bt6.91 (or a 152.5% payout
ratio). XD is 20 on Feb with payment on 10 April.
• Maintain HOLD. We slash our earnings estimates by 11% p.a. and maintain
our HOLD rating, with a revised price target of Bt101. At our target, the
stock would trade at 8.5x 2015F EV/EBITDA.
Investor group, As of YTD, 2015
(Btm)
Retail
Local
Proprietary
Foreign
Total
Buy
846,767
130,646
123,440
263,006
1,363,860
Sell
863,894
121,738
116,395
261,833
1,363,860
O/N Inter Bank (%)
2.00
Net
(17,127)
8,909
7,046
1,173
Bt/US$
32.60
Close (Bt)
13.90
244.00
2.78
361.00
18.30
% Chg
-2.11
-0.81
0.00
-1.37
-6.15
2.90
3.64
2.52
20.00
3.08
29.46
16.67
15.60
14.29
12.41
3.74
158.50
36.75
36.25
31.00
-12.62
-9.43
-9.26
-8.81
-7.46
Top 5 Losers
SIAM
TTL
TPP
WHA
MANRIN
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
 Egat 'first state unit to establish infrastructure fund'
 CAT will ask superboard about converting DTAC assets into capital for joint
venture
 Watchdog setting rules on crowdfunding portals
Top 5 Gainers
SPACK
FANCY
DCON
TSTE
RICH
General news
 Panel aims to cut red tape for projects
Top 5 Most Active
TRUE
ADVANC
TPIPL
PTT
MTLS
Press News
Index
1,594.96
17,868.76
2,068.59
4,787.64
6,829.12
17,652.68
24,528.10
9,393.70
3,434.24
5,321.47
1,811.12
7,723.14
Chg
-0.4%
0.8%
1.1%
1.3%
-0.1%
-0.3%
0.0%
-0.3%
0.5%
-0.5%
0.0%
-0.8%
Corporate News
 Airport noise case rejected
 Thai AirAsiaX adds Sapporo route
 Buriram Sugar ups biomass energy output
 Lease IT to ramp up loans to SMEsegment
 LH Bank shares surge on 'deal'
 Minor International to operate Anantara resort business in Malaysia under
joint venture with DRH
 Court dismisses Teq TV's lawsuit over MCOT's equipment bid call
 PTT to import an additional 2m tonnes of LNG a year
 TrueVisions eyes football league trio
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
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
Wednesday, February 11, 2015
Total Access Communication Plc (DTAC)
Soft 2014 results but dividend comes in strong
I V Global Securities Public Company Limited
Rating: HOLD TP: Bt101.00
Close Price: Bt96.25

High marketing expenses hit bottom line. DTAC reported 4Q14 net profit of Bt1.89bn (EPS
of Bt0.80), +2% YoY and -27% QoQ. Full-year 2014 net profit came in at Bt10.7bn (EPS of
Bt4.53), up just 1.5% YoY. The results came in a little softer than our estimate of Bt10.9bn but
well below the consensus forecast of Bt11.66bn.

4Q14 DPS of Bt2.34 was announced, representing a 2.4% yield – stronger than expected.
Full-year 2014 DPS combined is Bt6.91 (or a 152.5% payout ratio). XD is 20 on Feb with
payment on 10 April.

As we’d expected, service revenue in 4Q14 declined by 4.3% YoY but rose by 1.6% QoQ to
Bt17bn. For 2014, service revenue fell by 2.6% YoY to Bt68bn, with slightly positive net adds of
65k (to a total of 28m subscribers) on ARPU of Bt202 (-4% YoY). DTAC could resume positive
net adds in 4Q14, ending market share decline concerns. Voice revenue dropped by 16% YoY
while data service revenue increased by 23% YoY, accounting for 40.7% of total revenues.
Smartphone penetration accounted for 48% of total sub and 3G DTN subscribers amounted at
20.2m (or 72% of sub base) at year-end 2014.

Regulatory cost continued to fall by 28% YoY for the full year, making up 22.8% of service
revenue (down from 31% a year ago). However, regulatory costs on a QoQ comparison
declined just 0.7% QoQ.

SG&A increased by 12% YoY and 33% QoQ in 4Q14, but rose by 5% YoY for the full year.
Marketing expenses alone increased by 33% (or 6.9% of total revenues versus 5% a year ago).

EBITDA margin came in at 34.4% for the year, compared with 31.8% last year.

Key guidance; Management targets low single-digit service revenue growth for 2015. EBITDA
margin is expected to stay flat YoY. Meanwhile, the capex guidance is at least Bt14bn.

Capex. DTAC spent Bt14.5bn in capex for 2014, and is on track to reach 6,500 3G/4G base
stations in Bangkok and 30 major revenue-contributing cities by 1Q15. At end 2014, DTAC had
11,619 3G/2.1GHz base stations, 1,056 4G, 5,912 3G/850 and 10,830 2G base stations. As at
end-2014, its net D/E ratio was at 85.4%, up from 44% in 3Q14.

Maintain HOLD. We slash our earnings estimates by 11% p.a. and maintain our HOLD rating,
with a revised price target of Bt101. At our target, the stock would trade at 8.5x 2015F
EV/EBITDA.
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.
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Global Markets Summary
U.S. stocks closed up about 1 percent on Tuesday as investors shook off early negative
news out of Greece on hopes of a resolution. Investors are watching closely for a possible
Greek debt deal when the euro group of finance ministers meets in Brussels on Wednesday
where Greece's Finance Minister Yanis Varoufakis is expected to detail new reform proposals.
The Dow Jones Industrial Average closed up 139.5 points, or 0.79 percent, at 17,868.76, with
Pfizer and Coca-Cola leading gains, and Caterpillar the greatest laggard. The S&P 500 closed up
21.85 points, or 1.07 percent, at 2,068.59, with utilities leading all sectors higher except
energy. The Nasdaq closed up 61.63 points, or 1.30 percent, at 4,787.64.
European equities closed higher on Tuesday following rumors of a compromise deal on
Greek debt.The pan-European FTSEurofirst 300 closed provisionally 0.5 percent higher at
1,487.76 points, with all sectors in positive territory bar basic resources and oil and gas. The
benchmark German DAX index closed unofficially 0.8 percent higher, while the French CAC 40
ended up 0.9 percent. The U.K.'s FTSE 100 closed provisionally down 0.2 percent, with falling
oil prices weighing on the basic resources and energy-dominated index.
Asian markets opened mixed early Wednesday, as a drop in oil prices and a mixed reaction
to a slew of earnings in Sydney offset an inspiring lead from Wall Street. Japanese markets are
shut for a public holiday on Wednesday.
Crude oil prices were quoted higher in early Asia on Wednesday after industry data
showing solid builds in U.S. crude and product supplies last week. The American Petroleum
Institute said crude stocks rose 1.6 million barrels last week, while distillates gained 497,000
barrels and gasoline supplies increased 1.6 million barrels. On the New York Mercantile
Exchange, crude oil for delivery in March was quoted up 0.37% to $50.97 a barrel.
Gold prices held mostly flat on Wednesday in Asia with Greece firmly in focus and China
data ahead. Greece's Parliament approved the government's economic plan in a vote late
Tuesday that sets up a showdown with country's international creditors beginning this week in
Brussels. With 162 'yes' votes against 137 'nos' with one absentee lawmaker, Prime Minister
Alexis Tsipras earned approval for a plan that rolls back many of the austerity measures agreed
by the former government of Antonis Samaras. On the Comex division of the New York
Mercantile Exchange, gold futures for April delivery edged higher by 0.02% to trade at
$1,234.20 a troy ounce.
(Bloomberg, CNBC and Investing.com)
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Press News
General news
Egat 'first state unit to establish infrastructure fund'
The Electricity Generating Authority of Thailand (Egat) will be the first state enterprise to set
up an infrastructure fund, worth about Bt20 billion, on expectations of unit subscriptions early
this year, according to the Securities and Exchange Commission.SEC secretary-general Vorapol
Socatiyanurak said Egat was just waiting for the legal process to be complete. "The next is
Airports of Thailand, which may raise more than Bt10 billion," he said.Vorapol said this year
was expected to see stock trading in foreign currencies, particularly the US dollar and Chinese
yuan. The Stock Exchange of Thailand signed memoranda of understanding with China's
central bank late last year. However, all will depend on the Bank of Thailand's readiness for
the payment system.Regarding the regulations on primary listings, Vorapol said China's
securities watchdog yesterday discussed with the SEC the listing of Chinese companies on the
SET. He said the SEC also planned to help turn Thailand into a "digital economy" with Internet
crowd funding this year. The commission will supervise the central system linking business
owners and investors to limit risk that may arise from fraud.(The Nation)
Panel aims to cut red tape for projects
Easing rules and regulations on public-private ventures for projects worth 1.5 billion baht will
top the Public-Private Partnership (PPP) Policy Committee's agenda tomorrow as the panel
seeks to speed up infrastructure investment. "Wednesday will be the final meeting, and the
resolution will be forwarded to the cabinet for approval, while the process is expected to end
in April after conducting public hearings in March," Finance Minister Sommai Phasee said
yesterday."There is no need to get it [the resolution] through the legislation council, so it will
be ready within the next couple of months, and all private-sector companies interested in
joining PPP projects in Thailand can then go ahead."Authorising responsible ministers to
approve public projects worth less than 1 billion baht will also be included on tomorrow's
agenda, Mr Sommai said, adding that projects worth more than 5 billion would remain subject
to the committee's regulations.The 3.3-trillion-baht infrastructure plan, spanning the eight
years through 2022, is seen as crucial to revitalising the country's lacklustre economy.Mr
Sommai said the draft PPP strategic plan would also be approved by the committee in the
coming weeks.Spending on infrastructure megaprojects is expected to create constructionrelated jobs nationwide over the next eight years and boost medium-term economic growth.
He said sustainable economic growth would be enhanced by increased regional and border
trade, while airport expansion would promote Thailand as a major tourist
destination.Regarding government plans to set up special economic zones (SEZs), the finance
minister said the zones were being strategically placed near the borders of neighbouring
countries to reduce production and labour costs.(Bangkok Post)
CAT will ask superboard about converting DTAC assets into capital for joint
venture
CAT Telecom's board will ask the State Enterprise Policy Commission, better known as the
superboard, to consider whether it is possible to convert the concession assets of Total Access
Communication (DTAC) into capital for the state agency to form a joint venture with the
company.The joint venture would act as an infrastructure holding company, in which DTAC
would hold some of the shares.The model forms part of an agreement between CAT and
DTAC to create a partnership and clear their dispute on the ownership of telecom towers
under the concession.If CAT can convert the DTAC concession assets into the joint venture,
the company will withdraw its network dispute from an arbitration panel.Under the model,
CAT would convert all DTAC concession assets into the joint venture, while the private
telecom operator would still pay annual concession revenue to CAT until the end of the
concession period in 2018.DTAC would also be expected to transfer its new telecom assets
under a National Broadcasting and Telecommunications Commission licence to the joint
venture as part of its shareholding.DTAC also proposed to CAT that it would have an exclusive
right to lease all telecom network assets under the joint venture to provide telecom services,
while CAT and DTAC would share revenue and dividends from the partnership.The company's
assets under the concession comprise telecommunications towers, a fibre-optic network, a
transmission network, and cellular base stations.While most of these have already been
transferred to CAT over the years under the build-transfer-operate arrangement between the
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two parties, DTAC has yet to transfer 10,000 disputed telecom towers to the state agency.The
CAT-DTAC move is also part of the memorandum of understanding they signed in December,
aiming to establish a collaborative relationship and constructive discussion in order to promote
their infrastructure, network-sharing and network-access business.DTAC interim chief
executive officer Sigve Brekke said on Monday before the CAT board meeting that he hoped
the state agency's board would agree with the joint-venture model.(The Nation)
Watchdog setting rules on crowdfunding portals
The Securities and Exchange Commission (SEC) said the regulations to govern crowdfunding
platforms will be finalised this year while the Market for Alternative Investment (MAI) expects
that once the rules are in place, foreign and domestic crowdfunding portals would pop-up.
Some start-up companies with high potential and small and medium enterprises (SMEs) that
have set up their businesses via crowdfunding platforms will be able to enter the MAI market
within 2-3 years, they said.Crowdfunding is an alternative for start-ups and SMEs to raise
funds via "crowdfunding portals" that are usually online and do not involve traditional banking.
Businesses or projects have to invite people to pledge or invest small amounts by providing
information on business plans, financial statements and returns on the website while the
"crowd" are potential investors (institutions or individuals) who are interested in investing in
an innovative idea or an unlisted company by providing a fund pool via a crowdfunding site to
help turn ideas into real businesses.The crowd can provide financial support, product and
service ideation or access to their social networks in return for nothing, which is called a
"donation model." This type of crowd is normally associated with philanthropy or social
sponsorship. (The Nation)
Corporate news
Airport noise case rejected
The Administrative Court yesterday dismissed an environmental and noise pollution case
concerning Suvarnabhumi airport filed by residents against the Airports of Thailand Plc (AoT)
and state agencies. The case was filed in 2010 by Narongsak Duangnil and 30 other residents
living near Suvarnabhumi airport against the AoT and other state authorities, including the
Department of Civil Aviation and the Transport Ministry.Noise at the airport is a long-standing
complaint for residents, who sought redress from the state but also argued the airport
offended on broader grounds covered under environmental impact legislation.They asked the
AoT to restrict daily nighttime flying from 11pm-5am and to redo the environmental impact
assessment (EIA) for Suvarnabhumi airport as the report in 2005 in their view was not legally
conducted. Residents said it was made without public participation. The residents also
demanded the airport be declared a pollution source, which requires control measures and
compensation for residents of between 100,000-780,000 baht each plus 7.5% interest a year.
However, the court said the airport was constructed before the EIA report system was devised
under Section 56 of the 1997 constitution.EIA reports are needed for each airport based on
Science and Technology Ministry regulations issued in August 1992. However, the cabinet had
approved Suvarnabhumi's construction in November 1991.As a result, the airport does not fall
under the regulations for conducting the EIA. The airport's EIA conducted in 2005 was also not
unlawful, the court said.(Bangkok Post)
Thai AirAsiaX adds Sapporo route
Budget long-haul carrier Thai AirAsiaX will launch a daily direct flight between Bangkok and
Sapporo, Japan, ending a monopoly enjoyed by national carrier Thai Airways International for
more than two years. AirAsia will begin flying the northern Japan route on May 1, according to
the airline's chief executive Nadda Buranasiri.Starting from March 26, the airline also will
increase the frequency of its Bangkok-Tokyo route to two flights per day. And its flights to
Osaka will become daily, up from five times a week. As the result, TAAX will have four daily
flights to Japan.He said the airline initially carried about 80% Thai passengers, but the ratio
has dropped to around 65%, with the rest Japanese. The company expects to fill half their
seats with Japanese customers in the future.Mr Nadda said the company would obtain new
aircraft to serve the Sapporo route, possibly taking delivery by the end of the year. It also may
offer new destinations in Japan, he said.In the second half of 2014, Thai AirAsia X recorded
around 1.5 billion baht in revenue, 36.4% higher than its target of 1.1 billion baht. It projects
six billion baht in income in 2015, thanks to new routes and more flights.Based on information
from the Japan National Tourism Organisation, 657,000 Thais visited Japan in 2014, up 45%
from 2013. About 50% of Thai visitors travelled with tour groups and the rest visited the
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country on their own.To promote the new route, the airline will offer 10,000 seats at 3,990
baht for booking from today until Sunday. Travel must occur between May 1 and March 26
next year.(Bangkok Post)
Buriram Sugar ups biomass energy output
SET-listed miller Buriram Sugar Plc (BRR) starts up its second biomass power plant today for
an extra 9.9 megawatts. The 700-million-baht plant generates power from bagasse, a waste
byproduct from sugar production, managing director Anan Tangtongwetchakit said.He said
80% of the total power produced from the plant or about 8 MW would be sold to the
Provincial Electricity Authority (PEA) and the rest used as the company's own power
source.The company is set to sign a power purchase agreement with the PEA soon, Mr Anan
said.The company expects its renewable energy revenue will rise by 200 million baht to a total
of 450 million this year thanks to a higher feed-in tariff (FiT).The Energy Ministry has raised
the FiT to 4.53 baht a kilowatt-hour from 3.60 baht.Buriram Sugar still operates its first
biopower plant, also with production capacity of 9.9 MW and located at the same site in Buri
Ram province as its mills.The company plans to diversify into more renewable energy sectors
and organic fertiliser, Mr Anan said, adding that a feasible study into ethanol production has
been conducted.Despite low global oil prices deterring motorists from switching to biofuels,
Buriram Sugar has earmarked 1 million baht to produce 150,000 litres of ethanol a day in the
near future.He said sales of power and fertiliser from the second plant were expected to
increase the revenue proportion from biomass to 20% of the total in the short term from 17%,
jumping to 30% by year-end.(Bangkok Post)
Lease IT to ramp up loans to SMEsegment
LISTED company Lease IT (LIT) is aggressively chasing private businesses, particularly small
and medium-sized enterprises, now that commercial banks are more cautious about providing
loans to this segment.Sompon Ekteerajit, managing director of the leasing firm, said that even
though the economy looked like improving over last year, banks were still not easing up on
lending to SMEs, providing an opportunity for LIT to expand its factoring portfolio.Because
SMEs represent relatively high risk to lenders, this segment generates high yield. LIT says it is
confident of managing the risk, as proved by its non-performing-loan rate of less than 2 per
cent.He said the company previously granted factoring (accounts-receivable financing) to new
SME customers at the rate of Bt60 million to Bt70 million per month, but last year, that rose to
Bt100 million per month. In January of this year, factoring to new SME clients climbed to
Bt200 million. The increase showed that SMEs had more demand for this type of
financing.Before the firm listed on the Market for Alternative Investment in 2013, leasing and
instalment loans accounted for 50 per cent of its portfolio, project finance and trade finance
for 28 per cent and factoring for the rest. Last year, the company adjusted its portfolio by
increasing its focus on project finance, trade finance and factoring. The proportion of
instalment loans and leasing dropped to 39 per cent, project finance and trade finance went
to 31 per cent and the proportion of factoring increased to 30 per cent.(The Nation)
LH Bank shares surge on 'deal'
Speculation about a deal between CP All Plc and Land and Houses Bank (LH Bank) has flared
up again, resulting in the bank's share price leaping 3.03% yesterday. Shares in LH Financial
Group, its parent firm, peaked at 2.18 baht yesterday on the Stock Exchange of Thailand
(SET) to close at 2.04 baht in turnover of 656 million baht.CP All, the 7-Eleven convenience
store operator, is interested in buying a stake in LH Bank as a way of getting a banking licence
to expand into microcredit through its extensive store network.Its share price fell by 0.6% to
close at 41.25 baht in trade worth 261 million baht.Local media yesterday reported CP All had
agreed to buy a 51% stake in LH Bank, while the remainder would be shared between existing
shareholders.The report also cited a source from a commercial bank as saying the bank would
raise its registered capital after details were agreed next month. It also stated CP All would be
the largest shareholder and gain full management control.LH Bank came out to file a
statement to the SET denying the report, saying it was "unaware of the matter".However,
executives of the bank and CP All were unavailable for comment.A person familiar with the
matter also denied the most recent speculation and said it had no grounds. "Someone is
cooking up something again," said the source. "I don't think people who are in the working
team on the deal are aware of this. The Bank of Thailand and authorities heard the
speculation also."The deal was proposed in late 2013, when LH Financial Group's major
shareholder and CP Group executives held discussions over the possibility of the retailer
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buying the LH Bank stake and taking control of the bank.The speculation caused the share
prices of both companies to fluctuate last year.(Bangkok Post)
Minor International to operate Anantara resort business in Malaysia under joint
venture with DRH
Minor International (MINT) will operate a resort and lodging business in Malaysia under its
Anantara trade name through the establishment of a joint-management contract with
Destination Resorts and Hotels (DRH).A securities analyst believes this overseas revenue
source should contribute to Minor's projected 30-per-cent net-profit growth this year. MINT's
corporate chief financial officer, Traithip Siwakritkul, said Minor and DRH, a subsidiary of
Khazanah Nasional, would jointly develop the new business under the Anantara brand. Minor
hopes to apply its extensive hotel-management experience to business in Malaysia, a country
with a diverse cultural and architectural environment. Since DRH has no equity stake or
company director role in MINT, it is not a related entity as defined by the Stock Exchange of
Thailand and thus does not need to comply with the SET's 2003 full-information-disclosure
rule. However, Minor says it will keep the SET and investors informed of future developments
on this project. For the long term, Minor will rely on hotels under its management to expand
in Africa and neighbouring areas. This is the same business model as that of its Oaks Hotels
interest in Australia, whose acquisition paved the way for Minor to expand not only in
Australia but also in New Zealand and China later. (The Nation)
Court dismisses Teq TV's lawsuit over MCOT's equipment bid call
The Central Administrative Court has dismissed a lawsuit by Teq TV, a provider of digital
broadcasting solutions, regarding MCOT's second tender call for transmission equipment for
terrestrial-based digital television.MCOT director-general Sivaporn Chomsuwan said yesterday
that the court decision would make it easier for his firm to get moving on its network of digital
TV transmitters, which was considerably behind its original schedule. On December 4, Teq TV
filed a lawsuit at the court against MCOT, believing that the second tender could affect its
business. Previously, the company sued MCOT in the Civil Court. In the previous round of
bidding for a provider of digital-transmission equipment, Teq TV offered the best price.
However, upon examination, MCOT found that the quality of equipment provided by Teq did
not meet the requirements and conditions of the terms of reference. MCOT therefore decided
not to sign a contract with Teq TV. A source at MCOT said Teq TV was upset with that
decision and took the matter to the Civil Court, which accepted the case and began hearings
but had not yet ruled on it.Sivaporn said the second case was dropped because Teq TV was
not a bidder in the second round, so it had no right to appeal against this procedure. Last
month, MCOT announced that the successful bidder was the country's leading provider of
information and communications technology, Loxley, whose bid was Bt104 million lower than
the reserve price. With its new partner, MCOT aims to cover at least 80 per cent of the
country's 23.5 million households with its digital-TV transmission network by midyear in
accordance with the broadcasting regulator's conditions. (The Nation)
PTT to import an additional 2m tonnes of LNG a year
PTT is preparing to import another 2 million tonnes a year of liquefied natural gas (LNG) to
alleviate the loss of a gas supply from Joint Development Area Block 17, which Thailand must
return to Malaysia in accordance to its contract under the JDA.Meanwhile, PTT is confident
that maintenance shutdowns of the gas pipelines from Myanmar and the JDA this year will not
affect the stability of the domestic electricity supply. Nuttachat Charuchinda, chief operating
officer of PTT's upstream petroleum and gas business group, said the company would try to
secure a long-term contract for 1 million tonnes of LNG a year, with another 1 |million tonnes
a year in the form of short-term (spot market) contracts. However, since the current LNG
price is still volatile, PTT does not have to rush to secure a long-term LNG import contract yet.
The price formula PTT has in mind could be done in hybrid form to reduce the risk of high
costs. This year's LNG spot-market price is quite volatile. Late last year, the LNG price was
US$19 per million BTU (British thermal units), then slipped to $8 per million BTU last month,
and to $6.8 per million BTU this week. This is lower than the price of the natural gas Thailand
buys from Myanmar. Hence this is a good time for PTT to import some LNG to reduce reliance
on natural gas obtained from the Gulf of Thailand without affecting consumers' electricity
rates.The imported LNG will be delivered late this month, Nuttachat said. The additional 2
million tonnes of imported LNG this year will mean a total of 4 million tonnes. PTT's LNG
depot/terminal has the capacity to store up to 5 million tonnes a year. Currently, PTT receives
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755 million cubic feet per day (MMCFD) of natural gas from the JDA, which is about 68 per
cent of total output, while Malaysia's Petronas receives 32 per cent. However, according to a
contract between the two countries, |PTT and Malaysia will soon get 50 per cent each, and
the Thai company needs to make up the shortfall.(The Nation)
TrueVisions eyes football league trio
TrueVisions, the country's leading pay TV operator, has vowed to either secure or retain the
broadcast rights to three major football leagues for several more years. The rights are due to
expire this year. Having the broadcast rights to these football tournaments will reinforce its
claim as the "king of sports" pay TV firm.The three leagues are La Liga in Spain, whose
broadcast rights in Thailand currently belong to RS Plc; the Uefa Champions League, whose
rights are held by beIN Sports; and Italy's Calcio Serie A, whose broadcast rights in Thailand
are held by TrueVisions.Attaphon Na Bangxang, chief programme and content officer at
TrueVisions, said the company aims to secure various programmes including sports and
entertainment to satisfy every group of subscribers.The Uefa Champions League broadcast
rights have just been secured by beIN Sports. TrueVisions will hold talks with the Qatar-based
channel to broadcast all the matches in Thailand via both beIN Sports and TrueVisions sports
channels.Meanwhile, La Liga Spain and Calcio Serie A are likely to start a new bidding process
for the 2016-18 seasons in the second half of this year.Although TrueVisions did not set any
budget to secure the broadcast rights of these tournaments, the bidding or sub-licensing
prices should be practical for it to do business and make a profit. Other pay TV operators
such as RS and GMM Grammy pay less attention to bidding for sports programmes as they are
now focusing on their digital TV channels.TrueVisions has proven even without content from
the English Premier League, it could retain its subscribers during the past two years.(Bangkok
Post)
11-Feb-15
8 of 14
Thailand Daily
Wednesday, February 11, 2015
I V Global Securities Public Company Limited
Calendar of Events – February 11 , 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 - XR, PRO - XM
TAPAC - XD TAPAC - XM
TTA - XR , TTA - XW
TTA - XB
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
SCCC - XM
16
SNC - XD
SNC - XM
TGCI - XM
17
ADVANC - XM
TIF1 - XD
UNIPF - XD
18
PSL - XM
Q-CON - XM
19
APURE - XR
20
CSL - XM
DTAC - XM
23
24
25
26
27
DELTA - XM
SAMCO - XD
AJP - XR
E-W3 - XE
SAMCO - XM
SMART - XM
IRPC - XM
BTSGIF - XD
MPIC - XM
* ND – No dividend XD – Cash Dividend XD (ST) – Stock Dividend XR – Rights for Common XE- Exercise Warrant XW – Rights for Warrant
XT – Rights for Transferable Subscription Right XN – Ex Capital Return XM – Rights for Meeting XI- Rights for Interest
Rights
Symbol
PRO
TTA
TTA
TWZ
ECL
KIAT
WHA
WHA
SAMART
UREKA
APURE
AJP
TLUXE
SMART
CKP
FVC
X-Date
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
27/03/2015
07/04/2015
23/04/2015
04/05/2015
Board Date
26/01/2015
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
06/02/2015
07/02/2015
21/01/2015
28/01/2015
Rights for
Common
Common
Warrant
Common
Warrant
Warrant
Common
Warrant
Warrant
Common
Common
Common
Common
Warrant
Common
Warrant
Allotted Shares (Shares)
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
1,136,903,040
184,000,000
1,870,000,000
130,000,000
Ratio (Holding: New) at Price (Baht)
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 : [email protected] Baht
5:2
1 : [email protected] Baht
2:1
Source: SET
11-Feb-15
9 of 14
Thailand Daily
Wednesday, February 11, 2015
I V Global Securities Public Company Limited
Lists of shares under the SET’s turnover list
Notification of securities with
Share
AUCT
ML
AJD
AJD-W1
CEN
CEN-W3
MILL
MILL-W2
AJD
AJD-W1
GENCO
GENCO-W1
DIMET-W1
DIMET
AGE
ECF
ECF-W1
EE
KCM
POLAR
POLAR-W1
ABC-W1
ABC
KIAT
RICH
TLUXE
DNA,
DNA-W1
AMANAH
GIC
CYBER
CYBER-W1
FSMART
MONO-W1
MONO
PE
PTCH
PSTC
TPOLY
KC
FANCY
NINE
NINE-W1
AJP
AJP-W1
CI
CKP
E
E-W1
HYDRO
NCL
OCEAN
OCEAN-W1
PRINC-W1
PRINC
UREKA
VTE
VTE-W1
AEC-W2
AEC
BKD
BKD-W1
EMC
EMC-W4
FVC
ITD
MLINK
PLE-W2
PLE
RWI
TFI
APCS
COLOR,
COLOR-W1
NPP
NPP-W1
NUSA
NUSA-W1
PRECHA
S
SMM
THANA
TIES
TIES-W2
TRT
TRT-W2
TSF
TSF-W2
UAC
UAC-W1
trading transactions causing a false market (only trading transactions with cash balance account allowed)
Period
22 Jan – 11 Feb 2015
22 Jan – 11 Feb 2015
05 Jan 2015 – 13 Feb 2015
05 Jan 2015 – 13 Feb 2015
05 Jan 2015 – 13 Feb 2015
AJD-W2
14 Jan 2015 – 13 Feb 2015
28 Jan 2015 – 17 Feb 2015
30 Jan 2015 – 19 Feb 2015
12 Jan 2015 – 20 Feb 2015
12 Jan 2015 – 20 Feb 2015
12 Jan 2015 – 20 Feb 2015
12 Jan 2015 – 20 Feb 2015
POLAR-W2
12 Jan 2015 – 20 Feb 2015
2 – 20 Feb 2015
3 – 23 Feb 2015
3 – 23 Feb 2015
3 – 23 Feb 2015
4 – 24 Feb 2015
19 Jan 2015 – 27 Feb 2015
19 Jan 2015 – 27 Feb 2015
19 Jan 2015 – 27 Feb 2015
19 Jan 2015 – 27 Feb 2015
19 Jan 2015 – 27 Feb 2015
19 Jan 2015 – 27 Feb 2015
19 Jan 2015 – 27 Feb 2015
9 – 27 Feb 2015
(Level 2 : Excluded from credit limit )
9 – 27 Feb 2015
(Level 2 : Excluded from credit limit )
10 Feb 2015 – 02 Mar 2015
11 Feb 2015 – 03 Mar 2015
11 Feb 2015 – 03 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
E-W2
E-W3
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
26 Jan 2015 – 06 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
02 Feb 2015 – 13 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 2015
TSF-W3
09 Feb 2015 – 20 Mar 2015
09 Feb 2015 – 20 Mar 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.
11-Feb-15
10 of 14
Thailand Daily
Wednesday, February 11, 2015
I V Global Securities Public Company Limited
Short Sales Data February 10, 2015
Symbol
ADVANC
AOT
BANPU
BBL
BCP
BEC
BGH
BH
BIGC
BJC
BJCHI
BTS
CENTEL
CK
CPF
CPN
DELTA
DTAC
EGCO
GLOBAL
GLOW
HEMRAJ
HMPRO
INTUCH
IRPC
ITD
IVL
JAS
KBANK
KTB
KTIS
LH
LPN
M
MC
MINT
PS
PTT
PTTEP
PTTGC
RATCH
ROBINS
SCB
SCC
SCCC
SPALI
TCAP
THAI
THCOM
TMB
TOP
TPIPL
TRUE
TTW
TUF
VGI
Volume (Shares)
233,600
175,500
26,200
19,400
28,000
29,700
539,400
7,400
18,400
77,500
65,000
121,200
53,100
100,000
78,800
45,600
172,600
37,100
9,300
12,100
16,500
148,200
180,300
474,200
2,215,600
19,600
217,800
72,600
91,400
1,113,700
98,000
1,154,100
46,100
9,200
10,000
121,000
300,900
380,800
735,300
45,800
14,800
15,800
122,500
25,600
2,600
17,400
158,600
330,000
50,000
222,200
67,700
7,000,000
1,888,400
40,600
205,000
2,035,500
Value (Baht)
57,346,900
55,352,400
674,650
3,627,800
931,000
1,569,075
11,075,330
1,139,600
4,213,600
3,022,500
2,390,075
1,230,180
1,714,250
2,825,000
1,970,000
2,006,400
11,819,750
3,564,600
1,491,350
143,510
1,432,650
652,080
1,564,055
38,013,800
8,971,804
173,685
5,130,280
595,320
20,412,200
25,533,730
1,136,800
10,978,160
959,320
535,900
140,760
4,073,450
10,020,725
138,316,100
85,703,400
2,702,200
891,700
716,450
21,796,700
12,545,600
1,086,800
417,600
5,630,850
4,752,000
1,825,000
688,820
3,519,925
19,700,000
26,549,980
495,320
4,420,950
24,793,790
%Short Sale Volume Comparing with
Main Board
3.79
6.24
0.39
0.51
1.56
1.65
1.54
0.97
7.46
10.71
7.53
0.11
7.36
1.82
0.78
0.92
9.59
0.54
1.23
0.75
3.27
0.28
1.34
5.50
1.09
0.08
0.60
0.08
2.69
3.49
2.31
3.62
0.44
2.42
0.42
1.37
6.64
10.23
12.29
0.42
2.59
2.29
2.09
1.61
3.84
0.25
1.22
4.68
0.60
0.42
1.60
1.41
0.88
2.29
1.39
50.36
Source: SET
11-Feb-15
11 of 14
Thailand Daily
Wednesday, February 11, 2015
I V Global Securities Public Company Limited
List of management changes in February 10, 2015
Company
BKD
BKD
BKD
BKD
BLAND
BTS
BTS
CSS
CSS
AJD
AJD
AJD
AJD
AJD
AJD
EASON
EASON
ECL
EPCO
EPCO
GUNKUL
IFEC
IFEC
IHL
NMG
NPP
NPP
RS
SOLAR
SITHAI
SITHAI
SUSCO
SUSCO
SUSCO
SUSCO
SUSCO
SUSCO
SUSCO
SUSCO
SUSCO
TSTE
TSTE
Name of Management
NUCHANART RATANASUWANACHART
THANANAN SATO
THANANAN SATO
THANANAN SATO
ANANT KANJANAPAS
KAVIN KANJANAPAS
KEEREE KANJANAPAS
KITTIRAT MEKMANEE
KITTIRAT MEKMANEE
AMORN MEEMANO
AMORN MEEMANO
PIPAT PATIWATEPHINYO
PIPAT PATIWATEPHINYO
PIPAT PATIWATEPHINYO
PIPAT PATIWATEPHINYO
PETCHARAT EKSANGKUL
WICHAI EKSANGKUL
PREECHA VEERAPONG
YUTH CHINSUPAKUL
YUTH CHINSUPAKUL
NIWET BOONWICHAI
SITTHICHAI PORNSUPANAN
SITTHICHAI PORNSUPANAN
ONGART THUMRONGSAKUNVONG
SERMSIN SAMALAPA
PATINYA DHEVA-AKSORN
SURAPHONG TRIAMCHANCHAI
SURACHAI CHETCHOTISAK
PATAMA WONGTOYTHONG
PAWAT CHALERMPONG
PAWAT CHALERMPONG
CHAIRIT SIMAROJ
CHAIRIT SIMAROJ
MARVEE SIMAROJ
MONGKOL SIMAROJ
MONGKOL SIMAROJ
NOPPADOL ATTAVAVUTTICHAI
PHUANGPHET TAWEECHAIWAT
PIMUK SIMAROJ
PISUT SUNTICHOK
PRAPAS CHUTIMAVORAPHAND
PRAPAS CHUTIMAVORAPHAND
Type of
Securities
Common share
Common share
Common share
Common share
Warrant 4
Common share
Common share
Common share
Warrant
Warrant 2
Warrant 2
Warrant 2
Common share
Common share
Warrant 2
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Warrant
Common share
Common share
Common share
Common share
Common share
Common share
Warrant
Warrant
Warrant
Warrant
Common share
Warrant
Warrant
Warrant
Warrant
Common share
Common share
Transaction
date
Amount
(share)
04/02/2015
50,000
28/01/2015
1,000
02/02/2015
3,000
04/02/2015
200,000
09/02/2015
10,000,000
09/02/2015 600,000,000
09/02/2015 600,000,000
06/02/2015
2,500,000
06/02/2015
1,000,000
04/02/2015
7,020,393
04/02/2015
5,000,000
09/02/2015
6,250,000
05/02/2015
22,000,000
06/02/2015
1,000,000
09/02/2015
3,750,000
09/02/2015
1,000,000
10/02/2015
1,000,000
06/02/2015
2,000,000
06/02/2015
200,000
09/02/2015
50,000
04/02/2015
35,000
09/02/2015
1,000,000
09/02/2015
1,000,000
09/02/2015
70,000
09/02/2015
126,100
05/02/2015
600,000
09/02/2015
500,000
06/02/2015
110,000
06/02/2015
32,000
28/01/2015
100,000
29/01/2015
100,000
05/02/2015
718,692
05/02/2015
209,326
05/02/2015
1,883,964
05/02/2015
7,357,500
09/02/2015
1,000,000
05/02/2015
13,953
05/02/2015
8,006
05/02/2015
1,897,928
05/02/2015
6,976
06/02/2015
6,100
09/02/2015
22,000
Average
price (Bt)
4.2
4.26
4.26
4.25
0.56
9.8
9.8
8.64
6.54
0
0
0
4.46
4.49
0
3
3
3.48
7.13
7.15
33.75
18.5
18.5
6.95
0.71
3.56
3
21.2
14.07
2.66
2.68
0.1
0.1
0.1
0.1
3.89
0.1
0.1
0.1
0.1
17
17.73
The methods of
Acquisition/
Disposition
Buy
Buy
Buy
Buy
Sell
Buy
Sell
Sell
Buy
Transfer
Transfer
Transfer
Sell
Sell
Transfer
Sell
Sell
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Source: SEC
11-Feb-15
12 of 14
Thailand Daily
Wednesday, February 11, 2015
I V Global Securities Public Company Limited
NVDR Trading Data
February 10, 2015
NVDR Top 20 Net Buy
NVDR Top 20 Net Sell
Value (Baht)
1 BTS
2 LH
3 SCC
4 PTT
5 DTAC
6 TUF
7 TRUE
8 KBANK
9 TOP
10 THCOM
11 CPF
12 TICON
13 LHBANK
14 AOT
15 HMPRO
16 BBL
17 IRPC
18 NPARK
19 BAY
20 SEAFCO
Buy
247,906,950
178,996,910
375,035,400
278,492,096
163,886,750
149,983,862
218,860,440
380,024,952
72,645,875
59,679,025
57,625,325
39,927,100
36,153,562
123,742,200
37,820,060
257,414,088
82,675,294
50,670,135
25,479,125
23,871,850
Sell
50,515,235
9,237,155
228,299,988
150,487,800
75,094,875
76,563,920
145,664,270
310,477,963
12,520,500
5,568,225
22,327,050
6,141,430
3,965,720
94,784,100
9,892,833
229,631,350
57,974,960
26,571,432
4,947,800
4,007,420
Total
298,422,185
188,234,065
603,335,388
428,979,896
238,981,625
226,547,782
364,524,710
690,502,915
85,166,375
65,247,250
79,952,375
46,068,530
40,119,282
218,526,300
47,712,893
487,045,438
140,650,254
77,241,567
30,426,925
27,879,270
Value (Baht)
Net
197,391,715
169,759,755
146,735,412
128,004,296
88,791,875
73,419,942
73,196,170
69,546,989
60,125,375
54,110,800
35,298,275
33,785,670
32,187,842
28,958,100
27,927,227
27,782,738
24,700,334
24,098,703
20,531,325
19,864,430
ADVANC
PTTEP
INTUCH
CPN
SAMTEL
WHA
SAMART
TPIPL
SCB
BGH
MINT
TH
BIGC
KCE
HEMRAJ
MAX
MAJOR
THAI
TISCO
KKP
Buy
230,201,888
154,358,950
22,035,225
42,771,025
233,225
21,919,650
6,969,300
50,500,992
140,206,538
61,350,410
51,802,400
1,413,120
4,310,700
3,544,300
812,754
784,202
3,144,400
3,256,140
3,930,750
7,164,725
Sell
366,496,800
203,709,460
68,536,700
82,245,775
32,614,075
50,677,000
35,629,475
76,878,950
165,934,400
85,165,840
70,927,725
20,284,530
22,923,900
21,951,800
18,406,716
17,402,688
18,970,825
16,822,140
17,096,996
18,910,925
Buy
37,336,000
1,162,700
17,980,600
512,000
3,149,200
184,200
1,090,500
233,000
3,368,510
1,709,600
24,600
2,981,300
70,700
8,300
-
Sell
106,356,800
25,890,400
23,987,300
27,361,200
7,459,900
8,884,900
4,165,700
5,042,000
3,550,000
2,601,000
2,000,000
2,125,500
5,161,700
3,228,200
1,500,000
1,290,000
4,143,900
1,227,300
1,160,200
1,000,000
Volume (Share)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
NPARK
BTS
LH
LHBANK
IRPC
SITHAI
TRUE
AJD
GJS
TUF
HMPRO
SYNTEC
BTS-W3
CGH
BLAND-W4
TICON
LIVE-W2
SIAM
RICH
SEAFCO
Buy
Sell
Total
Net
1,053,402,300 616,553,000 1,669,955,300 436,849,300 IEC
24,366,800
5,030,100
29,396,900 19,336,700 MAX
18,828,300
974,700
19,803,000 17,853,600 SLC
17,361,700
1,890,300
19,252,000 15,471,400 TPIPL
20,357,900
14,225,601
34,583,501
6,132,299 TH
5,792,900
483,100
6,276,000
5,309,800 LIVE
15,646,200
10,399,900
26,046,100
5,246,300 HEMRAJ
4,925,400
879,900
5,805,300
4,045,500 EFORL-W2
23,642,800
20,000,000
43,642,800
3,642,800 NPARK-W1
6,927,801
3,549,300
10,477,101
3,378,501 SSI
4,376,100
1,139,948
5,516,048
3,236,152 PLE-W2
3,102,100
3,102,100
3,102,100 NNCL
3,159,500
344,300
3,503,800
2,815,200 QH
2,104,000
2,104,000
2,104,000 SIRI
2,000,000
89,000
2,089,000
1,911,000 TWZ-W3
2,218,500
342,100
2,560,600
1,876,400 NNCL-W2
1,750,000
1,750,000
1,750,000 BGH
2,088,800
437,300
2,526,100
1,651,500 KGI
3,515,403
1,882,900
5,398,303
1,632,503 SAMTEL
1,791,900
302,900
2,094,800
1,489,000 PAE
Total
Net
596,698,688 (136,294,912)
358,068,410 (49,350,510)
90,571,925 (46,501,475)
125,016,800 (39,474,750)
32,847,300 (32,380,850)
72,596,650 (28,757,350)
42,598,775 (28,660,175)
127,379,942 (26,377,958)
306,140,938 (25,727,863)
146,516,250 (23,815,430)
122,730,125 (19,125,325)
21,697,650 (18,871,410)
27,234,600 (18,613,200)
25,496,100 (18,407,500)
19,219,470 (17,593,962)
18,186,890 (16,618,486)
22,115,225 (15,826,425)
20,078,280 (13,566,000)
21,027,746 (13,166,246)
26,075,650 (11,746,200)
Volume (Share)
Total
143,692,800
27,053,100
23,987,300
45,341,800
7,971,900
12,034,100
4,349,900
6,132,500
3,550,000
2,601,000
2,000,000
2,358,500
8,530,210
4,937,800
1,500,000
1,314,600
7,125,200
1,298,000
1,168,500
1,000,000
Net
(69,020,800)
(24,727,700)
(23,987,300)
(9,380,600)
(6,947,900)
(5,735,700)
(3,981,500)
(3,951,500)
(3,550,000)
(2,601,000)
(2,000,000)
(1,892,500)
(1,793,190)
(1,518,600)
(1,500,000)
(1,265,400)
(1,162,600)
(1,156,600)
(1,151,900)
(1,000,000)
Source: SET
11-Feb-15
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Thailand Daily
Wednesday, February 11, 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.
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Telephone: +66 (0) 2658-5800 Fax: +66 (0) 2658-5779
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