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Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
SET Index
Close
Chg (%)
1,615.89
High/Low
+0.15
1,619.65/1,611.58
Chg (%)
Market Activity
Value (Btm)
Volume (m sh.)
Mkt cap (Bt/US$bn)
53,657
15,037
11,977/461
-1.4
40.4
-20.2
(1,019)
805
346
(132)
Retail
Local
Proprietary
Foreign
Total
Buy
947,584
147,995
140,061
294,650
1,530,289
Sell
969,673
138,286
131,080
291,250
1,530,289
O/N Inter Bank (%)
2.00
Net
(22,089)
9,709
8,981
3,400
Close (Bt)
9.35
369.00
2.96
14.00
17.00
% Chg
6.86
2.79
0.00
0.00
9.68
12.80
4.42
25.25
5.90
6.80
29.29
14.51
12.72
12.38
11.48
0.05
2.76
40.00
3.08
273.00
-16.67
-12.10
-11.11
-10.47
-9.60
Top 5 Gainers
CPH
FANCY
TCOAT
CNT
GL
Sino-Thai Engineering & Construction Plc (STEC) – BUY (maintained)
• STEC posted net profit of Bt1.52bn (EPS of Bt1.0), -12.3% YoY. The results
came in line with the consensus and our estimate. 4Q14 net profit declined
44% YoY but improved by 12% QoQ to Bt371m.
• Maintain forecast and BUY rating. STEC is one of the strongest candidates to
win certain projects, including the double-track rail project and new mass
transit routes. We prefer to maintain our BUY call on STEC with a price
target of Bt29 (for 1.5SD or 4.9x BV at end 2015). At our target, the stock
would trade at P/E of 28x our 2015 earnings.
Press News
General news
 Government to delay oil, gas bidding
 Headline inflation will be close to zero this year, says BOT chief
 Project value drops after new policy
 Ngam Wong Wan condo wins case
 Big C reports satisfactory performance during tough 2014
 Digital TV ventures cited as NMG records Bt64m in profits
 SCG Chemicals poised to grow on weak oil prices
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
• We maintain our BUY on INTUCH with a revised price target of Bt93. At our
target, the stock would trade at P/E of 18.4x 2015 earnings.
Corporate News
Top 5 Losers
GJS
CWT
INSURE
SPACK
SFP
• Bt2.23 interim DPS. INTUCH announced a final DPS (for the operating period
of 1 Jan 2015-26 March 2015) of Bt2.23, representing a first-half yield of
2.7%. XD is 31 March with payment on 24 April.
• Construction revenue in 2014 declined marginally by 3% YoY to Bt21.55bn.
4Q14 construction revenue came in flat YoY at Bt6bn.
Bt/US$
32.606
Top 5 Most Active
ITD
PTT
TPIPL
TRUE
TTA
• INTUCH reported net profits of Bt14.76bn for 2014, up 1.3% YoY. The
results were in line with our expectations.
• THCOM’s 2014 DPS was Bt0.65 (or a 1.8% yield). The dividend pay-out ratio
was at 45%. The XD date is on 30 March with payment on 23 April.
Investor group, As of YTD, 2015
(Btm)
Shin Corp (INTUCH) – BUY (maintained)
• ADVANC 2H14 DPS of Bt5.96. The XD date is on 26 March with payment on
22 April. The combined full-year DPS will be Bt12, representing a pay-out
ratio of 99% on consolidated net profits.
Net BUY/SELL
(Btm)
Retail investors
Local institution
Proprietary
Foreign
Today’s Focus
Index
1,615.89
18,019.35
2,096.99
4,893.84
6,873.52
18,021.76
24,682.54
9,529.51
3,426.22
5,374.17
1,800.95
7,773.45
Chg
0.2%
0.3%
0.4%
0.7%
0.7%
0.2%
1.1%
0.3%
0.2%
0.6%
0.7%
0.8%
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
Monday, February 16, 2015
I V Global Securities Public Company Limited
Shin Corp (INTUCH)
Rating: BUY TP: Bt93.00
Close Price: Bt83.50
Results on track with Bt2.23 DPS announced

INTUCH reported net profits of Bt14.76bn for 2014, up 1.3% YoY. The results were in line with
our expectations.

Bt2.23 interim DPS. INTUCH announced a final DPS (for the operating period of 1 Jan 201526 March 2015) of Bt2.23, representing a first-half yield of 2.7%. XD is 31 March with payment
on 24 April.

ADVANC 2H14 DPS of Bt5.96. The XD date is on 26 March with payment on 22 April. The
combined full-year DPS will be Bt12, representing a pay-out ratio of 99% on consolidated net
profits.

THCOM’s 2014 DPS was Bt0.65 (or a 1.8% yield). The dividend pay-out ratio was at 45%. The
XD date is on 30 March with payment on 23 April.

We maintain our BUY on INTUCH with a revised price target of Bt93. At our target, the stock
would trade at P/E of 18.4x 2015 earnings.

ADVANC’s 2014 net profit dropped slightly by 0.7% YoY to Bt36bn (EPS of Bt12.12), in line
with our estimate but below the consensus figure of Bt36.8bn. Core profits came in flat YoY at
Bt36.7bn in 2014. The 4Q14 bottom line was partly hit by one-time deferred tax asset write-offs
of Bt664m.

2015 guidance. Service revenue growth is targeted at 3-4% with capex guidance of Bt40bn,
excluding the new 4G auction (versus actual outflows of Bt35.8bn in 2014). Management
targets EBITDA margin to continue to improve by 100-200bp. We maintain our positive view on
ADVANC’s prospects and reaffirm our BUY rating with a price target of Bt273. At our target, the
stock would trade at P/E of 21x and EV/EBITDA of 12.4x.

THCOM’s 2014 results slightly below our target. THCOM reported net profit of Bt1.6bn
(EPS of Bt1.46) for 2014, growing a strong 42% YoY, versus our estimate of Bt1.66bn and the
Bloomberg consensus of Bt1.75bn. 4Q14 net profit of Bt425m rose by 48% YoY and 52% QoQ.
Earnings growth will be driven by the full-year contribution from TC 7 and increased marketing
efforts in India, Indonesia and the Philippines for the iPSTAR broadband service given current
low utilization rates of 20%, 10% and 8%, respectively. Our BUY rating on THCOM remains
unchanged, with a price target of Bt46.0.
Please see separate report for more details
Rattana Leenutaphong (662) 658-5787
[email protected]
CGR 2014:
Sino-Thai Engineering & Construction Plc (STEC)
Solid margin despite sluggish revenue growth
16-Feb-15
Rating: BUY TP: Bt29.0
Close Price: Bt26.0

STEC posted net profit of Bt1.52bn (EPS of Bt1.0), -12.3% YoY. The results came in
line with the consensus and our estimate. 4Q14 net profit declined 44% YoY but improved by
12% QoQ to Bt371m.

Construction revenue in 2014 declined marginally by 3% YoY to Bt21.55bn. 4Q14 construction
revenue came in flat YoY at Bt6bn.

Gross margin was on track at 10.2% in 2014, compared with 9.5% in 2013. STEC was able to
maintain gross margin at 10% or so in every quarter of 2014.

SG&A as a % of sales checked in at 2.7% in 2014 versus 2.4% achieved a year ago.
Meanwhile, in absolute terms, SG&A expenses increased 8% YoY to Bt583m.

Thus, EBIT margin came in at the 7.5% level for the year, which was 40bp better YoY.
2 of 14
Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited

Net margin for the full year remained healthy at the 7% level.

Net cash fell from Bt8.4bn at end 2013 to Bt5.37bn at end 2014. STEC spent a total of Bt1.7bn
on investments and fixed assets.

Looking for another Bt30bn in new backlog in 2015. STEC achieved its target backlog of
Bt24bn in 2014 with the majority coming in December, including the North Green Line (Mor Chit
to Saphan Mai) mass transit project. Therefore, STEC’s backlog has increased to about Bt51bn
or so. The latest backlog additions, i.e. Bt12.5bn of 12 small power plant (SPP) projects, where
the company has considerable expertise, should help sustain future gross profit margin as the
Bt11bn parliament building and Bt4.8bn Phuket international airport expansion projects may
yield slim margins. For 2015, the company targets a 25% share of new project bids valued at
Bt120bn, including the double-track rail project and several mass transit schemes. The timing of
the bids will largely be in 2H15 rather than in 1H15 as the process of getting each project ready
for final approval requires lengthy arrangements by the relevant authorities.

Maintain forecast and BUY rating. STEC is one of the strongest candidates to win certain
projects, including the double-track rail project and new mass transit routes. We prefer to
maintain our BUY call on STEC with a price target of Bt29 (for 1.5SD or 4.9x BV at end 2015).
At our target, the stock would trade at P/E of 28x our 2015 earnings.
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.
16-Feb-15
3 of 14
Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
Global Markets Summary
U.S. stocks closed at highs on Friday, with the Dow above 18,000 and S&P 500 setting a
new record as firming oil prices sent the energy sector higher. The Dow Jones industrial
average closed up 46.97 points, or 0.26 percent, to 18,019.35, with Caterpillar leading 16 blue
chip advancers and American Express the greatest laggard. The last time the index closed
above 18,000 was on Dec. 26, 2014. The S&P 500 closed up 8.51 points, or 0.41 percent, at
2,096.99, with the energy sector up 1.95 percent to lead six sectors higher and utilities the
greatest decliner. The Nasdaq closed up 36.22 points, or 0.75 percent, to 4,893.84, its highest
level since March 2000, the peak of the dotcom bubble. The Russell 2000 also closed at a
record high.
European equities closed higher on Friday with investor sentiment boosted by better-thanexpected growth numbers out of the euro zone and the prospect of a cease-fire deal between
Ukraine and Russia. The pan-European Euro Stoxx 600 Index ended around 0.6 percent higher
with all major bourses posting modest gains. Fresh figures on Friday showed fourth-quarter
euro zone GDP (gross domestic product) rose 0.3 percent compared to the last quarter, which
managed to beat expectations. Germany's GDP number grew more than expected in the fourth
quarter, expanding by 0.7 percent quarter-on-quarter, which bolstered hopes that the euro
zone's largest economy is back on track.
Japanese shares charged up to a 8-year high on Monday, shrugging off weaker-thanexpected growth figures released before the market opened, while markets in Australia reacted
negatively to a slew of corporate earnings. Japan's Nikkei 225 index broke above the 18,000
level, hitting its highest level since July 2007, following data that showed the world's thirdlargest economy crawling out of recession in the final quarter of 2014. Gross domestic product
grew an annualized 2.2 percent, but missed a Reuters poll expecting a 3.7 percent gain.
Meanwhile, dollar-yen hovered near a one-and-a-half-week low of 118.7. As of 8.15 am Thai
time, the Nikkei was trading at 18,062.26, up 148.90 or 0.83%.
Crude oil prices gained in early Asia on Monday as investors eyed a shaky cease fire in
Ukraine On the New York Mercantile Exchange, crude oil for delivery in March gained 0.56% at
$53.97 a barrel. Last week, crude oil futures rallied sharply on Friday, with prices continuing to
recover from recent lows amid speculation productions cuts by drillers in the U.S and global oil
companies will alleviate a glut in supplies. Industry research group Baker Hughes said Friday
that the number of rigs drilling for oil in the U.S. fell by another 84 in the past week to 1,056,
the lowest since August 2011. The number of oil rigs has declined in 15 of the last 18 weeks
since hitting an all-time high of 1,609 in mid-October. A day earlier, Nymex oil soared $2.37, or
4.85%, to end at $51.21 a barrel, after Russian President Vladimir Putin confirmed that a cease
fire deal with Ukraine starting February 15 had been reached, following months of violence.
Elsewhere, on the ICE Futures Exchange in London, Brent for April delivery soared $2.24, or
3.78%, on Friday to settle at $61.52 a barrel by close of trade. Prices hit $61.77 earlier in the
session, the most since December 23.
Gold prices eased mildly on Monday in early Asia with Greece talks in focus later in the day
and U.S. markets shut. On the Comex division of the New York Mercantile Exchange, gold
futures for April delivery eased 0.10% to $1,228.30 a troy ounce.
(Bloomberg, CNBC and Investing.com)
16-Feb-15
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Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
Press News
General news
Government to delay oil, gas bidding
The government has agreed to delay bidding for concessions for oil and gas exploration and
host a public forum to debate the matter on Friday. Some believe the government is caving to
pressure from critics of the concessions.Civic groups plan to gather at Government House
today in protest and submit an open letter calling for suspension of the bidding to Prime
Minister Prayut Chan-o-cha.The 21st round of petroleum and gas exploration aims to cover 29
gas and oil resource blocks, of which 23 are offshore and six onshore.Sansern Kaewkamnerd,
deputy government spokesman, said the government has decided to extend the window for
bid applications until further notice.The Energy Ministry is in talks about how long to extend
the application window and will update the public soon.Originally, the government had
scheduled Wednesday as the cut-off period for bidding applications, which it began accepting
on Oct 21 last year.Maj Gen Sansern said the bidding window has been extended out of
concern about various groups disseminating inaccurate information about the country's energy
situation.The government has genuine concerns about the matter and wants to build energy
security through accurate information, he said.It has decided to organise a public forum to
allow all concerned parties to present their views so rational decisions can be made.The
government expects all concerned parties energy activists, academics and investors to join
the forum, which is to be held at Santi Maitree Building in the Government House compound,
said Maj Gen Sansern.Feedback at the forums will be considered by the government, the
National Legislative Assembly and the National Reform Council.The forum on Friday will be
covered by media outlets and broadcast on the government-run daily television programme
Thailand Moves Forward.(Bangkok Post)
Headline inflation will be close to zero this year, says BOT chief
THE BANK of Thailand believes that headline inflation will be close to zero this year and around
2.5 per cent in 2016 while core inflation is expected to be around 1 per cent, giving the central
bank confidence that there will be no deflation as domestic demand is still expanding.Headline
inflation was recorded at minus 0.41 per cent last month and core inflation at 1.64 per cent in
the same period while the BOT was targeting headline inflation of between 1-4 per cent.He
explained that headline inflation would be in the region of 2.5 per cent next year because of the
eventual increase in oil prices, which was expected to be around US$60-$70 barrel (Bt1,9502,280) by the end of this year.The central bank governor insisted that the country's gross
domestic product would expand by 4 per cent in 2015 as a result of recovering domestic
consumption, investment and tourism.He said the economy should expand by 4 per cent in the
first half of the year because of the slight expansion last year while the economic expansion in
the second half should be around 3 per cent, which meant average growth of around 4 per cent
for the year.In a separate interview, former finance minister Thanong Bidaya said the BOT
should lower the policy interest rate to ease the problem of the baht strengthening against the
US dollar compared to other currencies in the region.He explained that Thailand's decision to
keep the policy interest rate at a level higher than developed countries meant exposing the
country to more fund-flow risk in the constant search for better returns.(The Nation)
Project value drops after new policy
Industrial projects worth 7.7 billion baht won approval for investment privileges in January,
the first month of the new investment promotion policy focusing on skill improvements and
technology transfers. While the amount is lower year-on-year, Hirunya Suchinai, acting Board
of Investment (BoI) secretary general, said it was to be expected.She said the investment
promotion policy had been shifted to favour industries that matched the country's needs and
long-term goals of upgrading labour skills and knowledge, as well as promoting technology
and innovation.In the past, industrial privileges promoted labour-intensive industries and job
creation in needy areas.At its first meeting in 2015, the BoI approved investment privileges for
23 projects with a combined investment value of 77.23 billion baht.Among them was a 2.39billion-baht stoneware factory of Le Creuset Manufacturing (Thailand) Co Ltd, which uses high
technology from Europe.Sparktech (Thailand) Co Ltd was also granted privileges for the 3.7billion-baht expansion of metal parts production.Energy Absolute Plc also got the green light
for 448.5 megawatts of wind-energy generation worth 26.27 billion baht.Group 15 Co Ltd
16-Feb-15
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Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
received a nod for the 9.9-megawatt expansion of refuse-derived fuel generation worth 1.25
billion baht.Thai AirAsia X Co Ltd won the nod for air transport business worth 9 billion baht.
(Bangkok Post)
Corporate news
Ngam Wong Wan condo wins case
SET-listed developer AP (Thailand) Plc is set to continue construction and sales activities for its
Aspire Ngamwongwan condominium project after a court yesterday ruled in favour of the
project’s environmental impact assessment (EIA) and construction permit. The Central
Administrative Court also ordered the Bangkok Metropolitan Administration (BMA) to pay
35,503.42 baht in compensation plus 7.5% interest per year to each of seven plaintiffs living
near the construction site.The court said the BMA did not act properly in supervising the
project’s construction.Aspire Ngamwongwan, developed by AP subsidiary Value Property Co, is
located on nearly 10 rai on Ngam Wong Wan Road near the Phong Phet intersection and
Chinnakhet Soi 1.With a total sales value of 2.8 billion baht, it is slated to have two high-rise
buildings with 28 storeys each and a nine-storey parking building.Some 1,458 units are
scheduled for the project, each sized 28 square metres.Construction started in late 2010. The
building is 90% completed and was scheduled to transfer units next year, a two-year delay
from an earlier schedule. Losses from the delay have not been estimated.The project has sales
of 15%, down from 50%, as it had to return booking money to the 35% who were unhappy
customers.The project was sued in 2011 by 39 neighbours of the construction site who said
the project annoyed them with noise, dust and shaking, while overtime work took place at
night, further disturbing them.The 39 neighbours and the Stop Global Warming Association
Thailand also alleged the project’s buildings blocked the sunlight and wind.They asked the
Central Administrative Court to revoke its EIA, which they claimed had survey distortions, and
its construction permit.Association president Srisuwan Janya said his group would appeal to
the Supreme Administrative Court on the EIA issue.Phitsanu Niumprasert, a representative of
Laksi district office’s public works department, said the office was unable to stop the project’s
construction because the Building Control Act allowed it to impose only a fine.This is the first
such case the office has faced, as previously no high-rise buildings were constructed in the
district, he said.AP chief marketing officer Vittakarn Chandavimol hailed the ruling, saying it
would enable the project to continue construction under the supervision of the Laksi district
office.(Bangkok Post)
Big C reports satisfactory performance during tough 2014
BIG C Supercenter remained resilient during a tough year in 2014 with 3.1-per-cent retail-sales
growth as a result of continued expansion in all store formats, 7.3-per-cent growth in rental
and service income, and 3.7-per-cent net income growth."Big C was able to reach a
satisfactory sales level during a challenging year and maintain its profitability at the high level
achieved in the previous year," said Rumpa Kumhomreun, chief financial officer and vice
president for accounting and finance."Our rental income continued its strong performance, as
we have been adding new rental space in line with our successful retail-property model. The
year 2014 saw major changes to our supply chain as we … replaced two old distribution
centres by opening two new facilities, one for Mini Big C stores, and one for cross-dock
operations."We also started construction of a new fresh-food distribution centre in Lat Krabang
during the third quarter of 2014, which once opened will replace the old centres."The year
2014 also saw a big change in our top management, as Yves Braibant, our long-time CEO,
stepped down after 13 years and handed over the helm to Rob Cissell, who is bringing with
him a wealth of experience from leading retailers in Europe and Asia," she said.Big C last year
opened four hypermarkets, seven Big C Markets, 46 Mini Big C outlets (29 at Bangchak service
stations), 20 Pure Drugstores, and 11 shopping malls.The company also completed one
additional Big C Jumbo conversion during the year at Big C Supercenter Rat Burana in
Bangkok. (The Nation)
Digital TV ventures cited as NMG records Bt64m in profits
Nation Multimedia Group still tuned in a net profit last year, despite all the economic and
political difficulties, earning Bt64.5 million thanks partly to launching digital TV ventures and
nimbly fine-tuning its business.The group expanded its television business by launching two
new-generation digital TV channels - NOW on Channel 26 and Nation TV on Channel 22. Even
though the group's print business started facing saturation, its TV business surged 37 per cent
last year.NMG's strategy for this year is to promote a good balance between its print and
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I V Global Securities Public Company Limited
television businesses by maintaining its revenue base from print media while accelerating the
growth of its digital TV channels."Our new TV studios for Nation TV at The Coast Bangna, and
for NOW at Siam Square, will be fully operational in the second quarter of this year. The new
studios will allow our digital TV channels to be closer with individual viewers through various
activities, which will happen very soon," NMG president Duangkamol Chotana said last week.
The group's 2014 net profit declined 74 per cent from Bt251.7 million in 2013 due to the
economic slowdown, domestic political problems and the group's investment in the two digital
TV stations."Media and adverting businesses suffered political difficulty throughout last year.
NMG's total revenue, however, dropped by only 4 per cent. The group was burdened by 3 per
cent higher expenses from investing in the two digital TV channels," she said.The group
achieved Bt824.40 million in revenue in the fourth quarter alone, up 6.7 per cent from
Bt772.40 million in the third quarter.(The Nation)
SCG Chemicals poised to grow on weak oil prices
SCG Chemicals Co, the petrochemical unit of Siam Cement Group, Thailand’s largest industrial
conglomerate, expects hefty growth this year on the back of weaker oil prices. President
Cholanat Yanaranop yesterday said falling oil prices would not adversely effect company
revenue.On the other hand, it provides room for the company to make a greater profit margin,
as the spread between naphtha, the main raw material from oil, and HDPE, the final product,
is bigger.Mr Cholanat said declining oil prices had also encouraged his company to revise its
investment plan to capitalise on greater profit.SCG plans to build a $4.5-billion petrochemical
complex in Vietnam.The project, a joint venture on Long Son island off of southern Vietnam,
will produce 1 million tonnes of ethylene annually when it becomes operational in
2018.Together with its SET-listed subsidiary Thai Plastic and Chemicals Plc, SCG owns 46% of
the complex.Vietnamese and Qatari partners own the rest.The group recently bought a 400hectare plot on Long Son island on which to build Vietnam's first petrochemical
complex.(Bangkok Post)
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Calendar of Events – February 16 , 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 - XD
DTAC - XM
23
DELTA - XD
DELTA - XM
E-W3 - XE
IRPC - XD
IRPC - XM
MPIC - XM
24
BTSGIF - XD
SAMCO - XD
SAMCO - XM
TIES - XM
25
MBKET - XM
26
AJP - XR
NINE - XM
SMART - XM
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
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
16-Feb-15
8 of 14
Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
Lists of shares under the SET’s turnover list
Notification of securities with
Share
GENCO
GENCO-W1
DIMET
DIMET-W1
AGE
ECF
ECF-W1
EE
KCM
POLAR
POLAR-W1
ABC
ABC-W1
KIAT
RICH
TLUXE
DNA,
DNA-W1
AMANAH
GIC
CYBER
CYBER-W1
FSMART
MONO
MONO-W1
PE
PTCH
PSTC
TPOLY
KC
FANCY
NINE
NINE-W1
ABICO
AJP
AJP-W1
CI
CKP
E
E-W1
HYDRO
NCL
OCEAN
OCEAN-W1
PRINC
PRINC-W1
UREKA
VTE
VTE-W1
AJD
AJD-W1
AEC
AEC-W2
BKD
BKD-W1
EMC
EMC-W4
FVC
ITD
MLINK
PLE
PLE-W2
RWI
TFI
APCS
COLOR-W1
COLOR,
NPP
NPP-W1
NUSA
NUSA-W1
PRECHA
S
SMM
THANA
TIES
TIES-W2
TRT
TRT-W2
TSF-W2
TSF
UAC
UAC-W1
ACAP
BRR
CHOW
FPI
NBC-W1
NBC
PDI
RCI
RCI-W1
16-Feb-15
trading transactions causing a false market (only trading transactions with cash balance account allowed)
Period
28 Jan 2015 – 17 Feb
30 Jan 2015 – 19 Feb
12 Jan 2015 – 20 Feb
12 Jan 2015 – 20 Feb
12 Jan 2015 – 20 Feb
12 Jan 2015 – 20 Feb
POLAR-W2
12 Jan 2015 – 20 Feb
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
19 Jan 2015 – 27 Feb
19 Jan 2015 – 27 Feb
19 Jan 2015 – 27 Feb
19 Jan 2015 – 27 Feb
19 Jan 2015 – 27 Feb
19 Jan 2015 – 27 Feb
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
11 Feb 2015 – 03 Mar
11 Feb 2015 – 03 Mar
12 Feb 2015 – 03 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
E-W2
E-W3
E-W4
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
26 Jan 2015 – 06 Mar
AJD-W2
16 Feb 2015 – 06 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
02 Feb 2015 – 13 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
NUSA-W2
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
TSF-W3
09 Feb 2015 – 20 Mar
09 Feb 2015 – 20 Mar
16 Feb 2015 – 27 Mar
16 Feb 2015 – 27 Mar
16 Feb 2015 – 27 Mar
16 Feb 2015 – 27 Mar
16 Feb 2015 – 27 Mar
16 Feb 2015 – 27 Mar
16 Feb 2015 – 27 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
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
9 of 14
Thailand Daily
Monday, February 16, 2015
Share
SIAM
STAR
TAKUNI
TH
TSR
WIIK
STAR-W2
TH-W1
I V Global Securities Public Company Limited
16
16
16
16
16
16
16
16
16
16
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Period
2015 – 27
2015 – 27
2015 – 27
2015 – 27
2015 – 27
2015 – 27
2015 – 27
2015 – 27
2015 – 27
2015 – 27
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
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.
16-Feb-15
10 of 14
Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
Short Sales Data February 13, 2015
Symbol
ADVANC
AOT
BANPU
BBL
BCP
BEC
BGH
BH
BIGC
BJC
BTS
CENTEL
CK
CPALL
CPF
DELTA
DTAC
EGCO
GLOBAL
GLOW
HMPRO
INTUCH
IRPC
IVL
JAS
KBANK
KKP
KTB
KTIS
LH
M
MAKRO
MEGA
MINT
PS
PSL
PTT
PTTEP
PTTGC
QH
RATCH
ROBINS
SAMART
SCB
SCC
SCCC
SF
SIM
STPI
TCAP
TMB
TOP
TPIPL
TRUE
TTA
TTW
TUF
VGI
Volume (Shares)
53,900
23,700
299,800
199,000
7,000
53,200
167,800
7,400
8,400
16,200
477,800
13,800
57,200
13,400
678,800
12,600
24,300
5,400
800
32,800
125,400
66,100
5,422,100
149,000
72,600
275,800
300
419,600
39,200
156,000
11,800
2,000
8,000
4,500
109,200
1,408,100
167,500
40,400
45,800
100,000
19,900
37,500
14,900
21,700
17,700
12,700
82,100
200,000
35,000
23,000
444,400
56,100
3,930,000
118,100
689,900
40,600
181,900
84,300
Value (Baht)
13,354,400
7,418,100
8,425,925
38,236,600
229,250
2,694,175
3,455,700
1,165,500
1,906,800
648,000
4,740,495
448,500
1,639,500
552,750
16,834,240
900,900
2,265,975
861,300
9650
2,823,075
1,103,520
5,518,400
24,492,296
3,715,200
613,470
61,880,000
12225
9,860,600
450,800
1,553,845
692,950
73,500
131,200
150,750
3,567,325
24,063,910
60,932,600
4,807,600
2,679,300
416,000
1,219,125
1,698,950
583,275
3,873,550
8,846,200
5,384,400
665,380
660,000
690,540
828,000
1,395,416
2,940,275
11,646,200
1,665,210
11,461,380
499,380
4,163,710
1,026,210
%Short Sale Volume Comparing with
Main Board
1.68
1.55
0.95
4.89
0.20
5.94
0.57
1.89
3.61
3.86
0.96
2.40
0.17
0.21
2.23
1.23
0.88
2.69
0.04
3.26
1.80
0.49
1.81
1.69
0.12
8.37
0.10
1.02
1.78
0.32
3.51
3.06
0.45
0.10
3.34
7.10
3.41
0.55
0.40
0.23
3.98
6.49
0.16
0.46
1.42
14.22
0.17
1.42
0.98
0.99
1.14
1.24
0.67
0.11
0.78
0.97
1.31
1.17
Source: SET
16-Feb-15
11 of 14
Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
List of management changes in February 13, 2015
Company
AP
BLAND
BLAND
BLAND
BLAND
CHO
DCC
IHL
IHL
SIRI
SIRI
SITHAI
SITHAI
SITHAI
SITHAI
SUSCO
SUSCO
TTL
TTL
Name of Management
PUMIPAT SINACHAROEN
AUSAKOON SRISANYANON
AUSAKOON SRISANYANON
AUSAKOON SRISANYANON
AUSAKOON SRISANYANON
RUNGTIWA TAWEESAENGSAKULTHAI
CHAISITH VIRIYAMETTAKUL
ONGART THUMRONGSAKUNVONG
ONGART THUMRONGSAKUNVONG
JESADAVAT PRIEBJRIVAT
ONGART SUWANNAKUL
PAWAT CHALERMPONG
PAWAT CHALERMPONG
PAWAT CHALERMPONG
PAWAT CHALERMPONG
MARVEE SIMAROJ
MONGKOL SIMAROJ
CHARTCHAI PANICHWA
KERATI PANICHEWA
Type of
Securities
Common share
Warrant 4
Warrant 3
Warrant 4
Warrant 4
Warrant
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Common share
Transaction
date
11/02/2015
06/02/2015
09/02/2015
09/02/2015
09/02/2015
09/02/2015
11/02/2015
10/02/2015
12/02/2015
11/02/2015
12/02/2015
06/02/2015
10/02/2015
11/02/2015
11/02/2015
12/02/2015
12/02/2015
12/02/2015
12/02/2015
Amount
(share)
187,000
100,000
100,000
100,000
200,000
90,000
100,000
20,000
12,100
3,906,000
336,000
100,000
100,000
100,000
100,000
500,000
200,000
242,203
267,210
Average
price (Bt)
6.85
0.55
0.34
0.55
0.57
3.78
5.8
6.85
6.85
2.01
2.06
2.8
2.82
2.8
2.86
3.94
3.92
0
0
The methods of
Acquisition/
Disposition
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Buy
Sell
Buy
Buy
Receive
Transfer
Source: SEC
16-Feb-15
12 of 14
Thailand Daily
Monday, February 16, 2015
I V Global Securities Public Company Limited
NVDR Trading Data
February 13, 2015
NVDR Top 20 Net Buy
NVDR Top 20 Net Sell
Value (Baht)
1 INTUCH
2 LH
3 STEC
4 BBL
5 BECL
6 KTB
7 LIVE
8 SCB
9 PTTGC
10 TOP
11 TUF
12 PTTEP
13 THCOM
14 KTC
15 JMART
16 QH
17 EA
18 BTS
19 IVL
20 ADVANC
Buy
787,848,506
366,249,210
352,289,950
472,697,306
160,406,475
215,280,090
115,267,646
178,731,614
102,873,709
78,284,347
74,351,434
150,573,202
57,003,425
65,865,750
47,182,000
52,946,370
38,008,150
105,998,523
45,898,945
98,949,540
Sell
92,490,075
9,592,960
14,490,125
213,806,474
5,095,025
71,029,466
4,543,896
72,831,265
25,574,185
9,516,939
13,170,984
90,850,491
2,166,200
16,444,450
147,860
9,471,452
6,194,800
75,321,318
20,868,820
78,668,640
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Buy
255,195,000
89,317,700
60,060,500
36,794,300
40,100,000
13,830,310
12,659,600
9,455,000
8,592,400
9,166,200
5,668,700
5,254,100
3,960,700
3,639,100
10,698,000
4,238,710
3,237,670
3,257,600
18,786,500
3,172,300
Sell
9,970,200
9,779,300
967,300
13,172,400
570,857
2,273,100
1,109,900
1,482,433
3,026,011
153,367
76,200
127,500
11,500
7,600,150
1,257,600
574,692
682,200
16,248,200
968,800
Total
880,338,581
375,842,170
366,780,075
686,503,780
165,501,500
286,309,556
119,811,542
251,562,879
128,447,894
87,801,286
87,522,418
241,423,693
59,169,625
82,310,200
47,329,860
62,417,822
44,202,950
181,319,841
66,767,765
177,618,180
Value (Baht)
Net
695,358,431
356,656,250
337,799,825
258,890,832
155,311,450
144,250,624
110,723,750
105,900,349
77,299,524
68,767,408
61,180,450
59,722,711
54,837,225
49,421,300
47,034,140
43,474,918
31,813,350
30,677,205
25,030,125
20,280,900
CK
SCC
AOT
TRUE
DTAC
KBANK
MINT
LPN
UNIQ
DSGT
MAX
ML
AP
THAI
TCAP
BIGC
SYNTEC
AAV
TRC
TSF
Buy
19,439,800
323,084,200
58,742,356
70,458,650
64,957,675
112,851,440
15,722,754
4,663,070
1,099,580
1,128,711
1,184,918
5,530,831
8,732,850
14,391,250
6,975,700
3,500
5,706,830
839,870
244,530
Sell
197,118,731
441,745,400
177,141,056
175,576,040
149,809,280
178,516,140
71,725,079
44,334,510
38,075,170
27,784,620
19,948,558
19,540,250
20,260,110
23,342,040
28,797,175
19,887,700
11,635,016
16,864,174
10,439,590
9,665,426
Buy
1,731,100
551,500
4,993,600
672,700
309,400
415,500
1,000
694,300
68,300
18,844,200
200,000
1,146,500
815,320
8,181,200
225,700
1,153,650
6,253,100
471,800
-
Sell
30,626,400
20,911,800
12,487,200
6,843,525
5,104,100
4,817,000
3,430,200
3,323,300
3,634,400
2,424,600
21,197,600
2,460,000
3,396,000
2,990,300
10,181,200
2,144,900
3,006,762
8,000,100
2,143,500
1,500,100
Volume (Share)
LIVE
IEC
NPARK
LH
GJS
STEC
QH
INTUCH
SIRI
KTB
BLAND-W4
DCON
BECL
JMART
BTS
GEL
TUF
SITHAI
TWZ
LHBANK
Total
Net
265,165,200 245,224,800 MAX
99,097,000 79,538,400 TSF
60,060,500 60,060,500 TRUE
37,761,600 35,827,000 CK
53,272,400 26,927,600 ML
14,401,167 13,259,453 RPC
14,932,700 10,386,500 DSGT
10,564,900
8,345,100 SYNTEC
10,074,833
7,109,967 MPIC
12,192,211
6,140,189 UNIQ
5,822,067
5,515,333 TPIPL
5,330,300
5,177,900 PAE
4,088,200
3,833,200 AAV
3,650,600
3,627,600 AP
18,298,150
3,097,850 SLC
5,496,310
2,981,110 LPN
3,812,362
2,662,978 SUSCO-W1
3,939,800
2,575,400 GSTEL
35,034,700
2,538,300 MINT
4,141,100
2,203,500 EFORL-W2
Total
216,558,531
764,829,600
235,883,412
246,034,690
214,766,955
291,367,580
87,447,833
48,997,580
39,174,750
27,784,620
21,077,269
20,725,168
25,790,941
32,074,890
43,188,425
26,863,400
11,638,516
22,571,004
11,279,460
9,909,956
Net
(177,678,931)
(118,661,200)
(118,398,700)
(105,117,390)
(84,851,605)
(65,664,700)
(56,002,325)
(39,671,440)
(36,975,590)
(27,784,620)
(18,819,847)
(18,355,332)
(14,729,279)
(14,609,190)
(14,405,925)
(12,912,000)
(11,631,516)
(11,157,344)
(9,599,720)
(9,420,896)
Volume (Share)
Total
32,357,500
21,463,300
17,480,800
7,516,225
5,413,500
5,232,500
3,430,200
3,324,300
4,328,700
2,492,900
40,041,800
2,660,000
4,542,500
3,805,620
18,362,400
2,370,600
4,160,412
14,253,200
2,615,300
1,500,100
Net
(28,895,300)
(20,360,300)
(7,493,600)
(6,170,825)
(4,794,700)
(4,401,500)
(3,430,200)
(3,322,300)
(2,940,100)
(2,356,300)
(2,353,400)
(2,260,000)
(2,249,500)
(2,174,980)
(2,000,000)
(1,919,200)
(1,853,112)
(1,747,000)
(1,671,700)
(1,500,100)
Source: SET
16-Feb-15
13 of 14
Thailand Daily
Monday, February 16, 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
16-Feb-15
14 of 14