7 11 2556

MARKET
Outlook

SET Index
PER 16
2540 SET
PER : TOP(FV@B80) MK(FV@B5)
Fiscal Cliff 1-2
Fiscal Cliff
4 ( 4.5
) 1.09
2
4 10

16.4
1-2
Fiscal Cliff

Dollar Fed QE
Fed QE3
Fed

Fed
(Safe Haven) Dollar Index 1%
1
36%

SET Index PER

Current PER 16 2540

2555 Big Lot 8.8 ,
. 26 ..55 8.1
LTF 5.2

SET
Index PER , Upside Fair Value
Dividend Yield TOP (FV@B 80) MK (FV@B 5)

SET Index
1416.66
()
+24.73
(%)
+1.78
45,746
()

BGH,
BIGC, BTS, CPN, DCC, DTAC,
HMPRO, KTB, LH, MINT, PS, PTTEP,
SCB, THAI, TISCO, TMB, TPIPL, TUF

Market Comments
Technical Analysis
SET Index Outlook
PT
SEAFCO
Major Statistics for Investment
Strategies
Model Portfolio
Warrant Corner
Earnings Guide
Calendar

1
2
3
4
5
12
13
20
23

, CISA
: 004146
porranee@asiaplus.co.th

: 004132
therdsak@asiaplus.co.th

.

.

www.asiaplus.co.th

MARKET
OUTLOOK

SET Index

: Bloomberg, ASP

:
1,407
1-3 1,407 1,419
1,407
SET 1,415
16 11 1,391

1,391 SET 1,415

1,419

:
1,419 1,391

prakit@asiaplus.co.th . 02-680-1334
pearthida@asiaplus.co.th 02-680-1213

www.asiaplus.co.th

MARKET
OUTLOOK
PT

: Bloomberg, ASP

PREMIER TECHNOLOGY 2 Ascending

Triangle Break
PT 7.50
7.50

prakit@asiaplus.co.th . 02-680-1334
pearthida@asiaplus.co.th 02-680-1213

www.asiaplus.co.th

MARKET
OUTLOOK
SEAFCO

: Bloomberg, ASP

Cash Balance 5.70 SEAFCO

Break Out Volume
6.80 7.00
6.80

prakit@asiaplus.co.th . 02-680-1334
pearthida@asiaplus.co.th 02-680-1213

www.asiaplus.co.th

MARKET
OUTLOOK

Major Statistics for Investment Strategies

Sector

31-Dec-11 to 4-Jan-13

16.04%

3.20%

10%

16.09%

17.77%

15%

5%

30%

Global Index

9.78%

20%

10.01%

44.59%

48.16%

48.46%

40%

32.12%

36.90%

50%

25%

15.36%

30%
60%

Regional Index
21.72%

Domestic Sector

21.34%

35%

25.82%

Global Sector

31.50%

31-Dec-11 to 4-Jan-13
64.59%

70%

0%
-5%

S&P500

Bloomberg Eur
500

CAC

DAX

Shiang Hai
Comp

TWSE

TO PIX

STI

Hang Seng

Philippines Comp

SET

SETBANK

SETHELTH

SETCOMUN

SETENTER

SETCOM

SETPROP

SETPETRO

SETENERG

SETETRON

SET

KO SPI

-10%
-15%

0%

JCI

10%

7.40%

8.84%

20%

: ASP, Bloomberg

GDP

Fair Value ()

(%) to GDP

0%
-5%

-2

-10%

-2.91

-4

-15%

-6
-20%

-6.45

-6.56
-8

-25%

-8.25
-10

-30%

-9.71
-10.71

-12

-35%

: ASP

LPN

SSI

KGI

BJC

: ASP

PER
18.0

MAJOR

2556F

TPOLY

2555F

TPIPL

2554

TTCL

2553

CENTEL

2552

SCCC

2551

TSTH

2550

SRICHA

CCET

-40%

-14

TRUE

-11.64

PER

(X)
16.5

14.0

(X )

15.2

16.0

13.8

13.8

14.0

13.2

12.0

12.9
11.7

12.0

11.8
11.1
10.0

11.5
10.3

10.2

10.0

9.8

9.8

10.0

8.5

8.0

8.0

6.0

6.0
4.0

4.0

2.0

2.0

: ASP

GDP Growth

%YoY

817

15
10

769
597

6.0 5.3

3.9 450 432

1,100

788 797
717 73512.0
9.1
597
6.6
5.9

900
10.5
700
4.2

3.8 3.2 2.7 3.7

3.0

500

0.4

300

-5

-2.8
-4.9

-4.2

100

-7.1

-10

CAC 40

FSTE 100

GDP

1299Index
1,300
1172
1197

SET (RHS)

103310471041 1025
984
916

25
20

DAX

: ASP

GDP
30

DJIA

0.0
S&P 500

Korea

China

Hong Kong

Thailand(Cons.)

Indonesia

Taiwan

Singapore

Malaysia

Thailand(ASP)

Philippines

Japan

0.0

(%YoY)
GDP Growth
Consumption
Private
Public
Investment
Private
Public
Export
Import

4Q54
-8.9
-3.0
-2.8
-4.1
-3.6
-1.3
-12.1
-6.4
3.3

1Q55
0.4
2.4
2.9
-0.2
5.2
9.2
-9.6
-3.2
4.3

2Q55
4.4
5.6
5.3
7.4
10.2
11.8
4.0
1.1
8.6

3Q55
3.0
6.5
6.0
9.0
15.5
16.2
13.2
-2.8
-1.8

-8.9

-15

: ASP

www.asiaplus.co.th

4Q55F

3Q55

2Q55

1Q55

4Q54

3Q54

2Q54

1Q54

4Q53

3Q53

2Q53

1Q53

4Q52

3Q52

2Q52

1Q52

4Q51

3Q51

2Q51

1Q51

(100)

: ASP

MARKET
OUTLOOK
GDP Growth
% YoY

2555F

2556F

GDP Growth
Consumption
Private
Public
Investment
Private
Public
Export
Import
Headline Inflation
Dubai Crude Oil (USD)
Foreign Exchange USD/TH

4.4
5.1
5.2
4.8
10.9
11.0
6.0
2.6
6.1
3.4
100
30

4.0
4.8
5.0
4.0
9.8
10.0
9.0
5.0
7.0
2.8
100
31

million Baht

33,362

50,000
40,000

11,754

(10,892)

4,216
Jul-12

7,866

(6,566)

May-12

Jun-12

1,182

(14,744)

Apr-12

10,000

4,085

20,000

8,974

30,000

(3,027)

(10,000)

(2,087)

46,434

Dec-12

Nov-12

Oct-12

Sep-12

Aug-12

Mar-12

Feb-12

Jan-12

Dec-11

(20,000)

: ASP

Coverage 157
All Coverage 157 Companys

Developed Countries

60%

Developing Countries

50%

48%

37%

40%

0
-1

30%

-2
-3
-4
INDIA

THAILAND

INDONESIA

PHILIPPINES

MALAYSIA

CHINA

SINGAPORE

HONG KONG

BRITAIN

EUROZONE

UNITED STATES

JAPAN

TAIWAN

AUSTRALIA

NEW ZEALAND

SOUTH KOREA

20%

-5

14%

10%

0%
BUY

: ASP

HOLD

SELL

: ASP

Bloomberg

Bloomberg
100%

80%

90%

70%

80%

58%

60%

74%

70%
50%

60%

40%

50%
40%

30%
21%

21%

30%

20%

19%

20%
10%

10%

0%

0%
RISE

NEUTRAL

7%

RISE

FALL

: ASP, Bloomberg

West Texas Crude Oli

Dubai Crude Oil

Nym ex Crude Oil

Dollar Index(RHS)

US$/Barrel

95

140

90

120

85

100

80

80
75

60

70

40

www.asiaplus.co.th

Dec 11

Aug 11

Apr 11

Dec 10

Aug 10

Apr 10

Dec 09

Apr 09

Aug 09

Dec 08

Aug 08

Apr 08

Dec 07

Apr 07

Aug 07

Dec 06

Aug 06

60
Apr 06

65

0
Dec 05

20

: ASP, Bloomberg

FALL

: ASP, Bloomberg

Dollar Index

160

NEUTRAL

Index Sensitivity
()
..55E
PER 11
972
PER 12
1,060
PER 12.5
1,104
PER 13
1,149
PER 13.5
1,193
PER 14
1,237
PER 15
1,325

..56E
1,008
1,100
1,146
1,192
1,237
1,283
1,375

..56E
1,044
1,139
1,187
1,234
1,282
1,329
1,424

..56E
1,081
1,179
1,228
1,277
1,326
1,375
1,474

.. 56E
1,117
1,218
1,269
1,320
1,371
1,422
1,523

: ASP

MARKET
OUTLOOK
2,088
2,000

1,078

491

0
(415)

(832)

-2,000

(737)

-4,000
-6,000
(6,118)
-8,000

1,078
-3,509

: ASP, SET

(WTD)

10

% change (WTD)

% Chg -1M
14.2

6.1

7.1

7.7
BANK

(1.0)

7.7

TRANS

8.2

9.0

9.7

11.1
AGRI

-0.21

10

-0.51

(0.5)

11.5

12

INS

0.00

14

0.05

0.17

0.30

0.20

0.35

16

0.43

0.52

0.48

6
4

-1.53

: ASP, Bloomberg

www.asiaplus.co.th

PETRO

COMM

CONMT

0
FIN

JPY -1.81

IDR

INR

SGD

HKD

CNY

NZD

TWD

KRW

PHP

THB

MYR

AUD

(2.0)

PROP

(1.5)

ENTER

0.5

1,078

: ASP, SET

1.0

76,388

2554

4,446

4,000

2555

6,000

-

90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
-10,000

.. 56

2556

: ASP, Bloomberg

MARKET
OUTLOOK

02/01/56

02/01/56

02/01/56

03/01/56

03/01/56
03/01/56

04/01/56

01/01/56
01/01/56

(fiscal
cliff)
+
89 8


(fiscal cliff)
+

4 2555
0

()

+

+


fiscal cliff
257 167
+

89 8
.. 59,094
.. 4.8
2
0
3 2555 426,000
9.6% 2554
1 . 300
+
2557
2.25 2% ()
3
60

: ASP

www.asiaplus.co.th

MARKET
OUTLOOK

USA
Date Time
01/04/2013 02:00

Event
Fed Releases Minutes from December 11-12 FOMC
Meeting

Survey

Actual

Prior

01/04/2013 03:50

Total Vehicle Sales

Dec

15.30M

15.30M

15.46M

01/04/2013 03:50

Domestic Vehicle Sales

Dec

11.70M

11.97M

12.01M

01/04/2013 20:30

Revision of Seasonally Adjusted Household Survey Data

01/04/2013 20:30

Change in Nonfarm Payrolls

Dec

153K

--

146K

01/04/2013 20:30

Change in Private Payrolls

Dec

150K

--

147K

01/04/2013 20:30

Change in Manufact. Payrolls

Dec

5K

--

-7K

01/04/2013 20:30

Unemployment Rate

Dec

7.70%

--

7.70%

01/04/2013 20:30

Avg Hourly Earning MOM All Emp

Dec

0.20%

--

0.20%

01/04/2013 20:30

Avg Hourly Earning YOY All Emp

Dec

1.70%

--

1.70%

01/04/2013 20:30

Avg Weekly Hours All Employees

Dec

34.4

--

34.4

01/04/2013 20:30

Change in Household Employment

Dec

--

--

-122

01/04/2013 20:30

Underemployment Rate (U6)

Dec

--

--

14.40%

01/04/2013 22:00

Factory Orders

Nov

0.40%

--

0.80%

01/04/2013 22:00

ISM Non-Manf. Composite

Dec

54

--

54.7

01/08/2013 19:30

NFIB Small Business Optimism

Dec

--

--

87.5

01/08/2013 22:00

IBD/TIPP Economic Optimism

Jan

--

--

45.1

01/09/2013 03:00

Consumer Credit

01/09/2013 19:00

MBA Mortgage Applications

01/10/2013 20:00

RBC Consumer Outlook Index

Nov

$12.000B

--

$14.158B

04-Jan

--

--

-10.40%

Jan

--

--

46.9

01/10/2013 20:30

Initial Jobless Claims

05-Jan

361K

--

372K

01/10/2013 20:30

Continuing Claims

30-Dec

--

--

3245K

01/10/2013 20:45

Bloomberg Jan. United States Economic Survey

01/10/2013 21:45

Bloomberg Consumer Comfort

06-Jan

--

--

-31.8

01/10/2013 22:00

Wholesale Inventories

Nov

0.30%

--

0.60%

01/10/2013 22:00

JOLTs Job Openings

Nov

--

--

3675

01/11/2013 20:30

Import Price Index (MoM)

Dec

0.10%

--

-0.90%

01/11/2013 20:30

Import Price Index (YoY)

Dec

--

--

-1.60%

01/11/2013 20:30

Trade Balance

Nov

-$41.2B

--

-$42.2B

EU
Date Time
01/04/2013 16:00

Event
PMI Services

Dec F

Survey
47.8

Actual
--

Prior
47.8

01/04/2013 16:00

PMI Composite

Dec F

47.3

--

47.3

01/04/2013 17:00

Euro-Zone CPI Estimate (YoY)

Dec

2.10%

--

2.20%

01/07/2013 16:30

Sentix Investor Confidence

Jan

--

--

-16.8

01/07/2013 17:00

Euro-Zone PPI (MoM)

Nov

0.10%

--

0.10%

01/07/2013 17:00

Euro-Zone PPI (YoY)

Nov

2.40%

--

2.60%

01/08/2013 17:00

Euro-Zone Consumer Confidence

Dec F

-26.6

--

-26.6

01/08/2013 17:00

Euro-Zone Retail Sales (MoM)

Nov

--

--

-1.20%

01/08/2013 17:00

Euro-Zone Retail Sales (YoY)

Nov

--

--

-3.60%

01/08/2013 17:00

Euro-Zone Unemployment Rate

Nov

--

--

11.70%

01/08/2013 17:00

Business Climate Indicator

Dec

--

--

-1.19

01/08/2013 17:00

Euro-Zone Economic Confidence

Dec

86.2

--

85.7

01/08/2013 17:00

Euro-Zone Indust. Confidence

Dec

-14.5

--

-15.1

01/08/2013 17:00

Euro-zone Services Confidence

Dec

--

--

-11.9

01/10/2013 19:45

ECB Announces Interest Rates

10-Jan

0.75%

--

0.75%

01/10/2013 19:45

ECB Deposit Facility Rate

10-Jan

0.00%

--

0.00%

www.asiaplus.co.th

MARKET
OUTLOOK
JAPAN
Date Time

Event

01/07/2013 06:50

Monetary Base (YoY)

Survey

Actual

Prior

--

--

5.00%

Dec

01/07/2013 06:50

Loans & Discounts Corp YoY

Nov

--

--

0.26%

01/07/2013 12:00

Vehicle Sales (YoY)

Dec

--

--

-3.30%

01/10/2013 06:50

Official Reserve Assets

Dec

--

--

$1270.9B

01/10/2013 06:50

Japan Buying Foreign Bonds

04-Jan

--

--

--

01/10/2013 06:50

Japan Buying Foreign Stocks

04-Jan

--

--

--

01/10/2013 06:50

Foreign Buying Japan Bonds

04-Jan

--

--

--

04-Jan

--

--

--

01/10/2013 06:50

Foreign Buying Japan Stocks

01/10/2013 08:00

Bloomberg Jan. Japan Economic Survey

01/10/2013 12:00

Leading Index CI

Nov P

--

--

92.8

01/10/2013 12:00

Coincident Index CI

Nov P

--

--

90.7

01/11/2013 06:50

Current Account Total

Nov

-57.6B

--

376.9B

01/11/2013 06:50

Adjusted Current Account Total

Nov

327.8B

--

414.1B

01/11/2013 06:50

Trade Balance - BOP Basis

Nov

-828.4B

--

-450.3B

01/11/2013 06:50

Current Account Balance YOY%

Nov

-82.00%

--

-29.40%

01/11/2013 06:50

Bank Lending Ex-Trusts YoY

Dec

--

--

1.30%

01/11/2013 06:50

Bank Lending incl Trusts (YoY)

Dec

--

--

--

01/11/2013

Eco Watchers Survey: Current

Dec

--

--

40

01/11/2013

Eco Watchers Survey: Outlook

Dec

--

--

41.9

CHINA
Date Time
01/04/2013 08:45
10-15 JAN

Event
HSBC Services PMI
Foreign Exchange Reserves

Period
Dec
Dec

Survey
-$3317.0B

10-15 JAN
10-15 JAN

Actual
51.7
--

Prior
52.1
$3290.0B

New Yuan Loans

Dec

550.0B

--

522.9B

Money Supply - M0 (YoY)

Dec

--

--

10.70%

10-15 JAN

Money Supply - M1 (YoY)

Dec

5.90%

--

5.50%

10-15 JAN

Money Supply - M2 (YoY)

Dec

14.00%

--

13.90%

10-13 JAN

Imports YoY%

Dec

3.00%

--

0.00%

10-13 JAN

Exports YoY%

Dec

5.50%

--

2.90%

10-13 JAN

Trade Balance (USD)

Dec

$20.05B

--

$19.63B

01/11/2013 08:30

Consumer Price Index (YoY)

Dec

2.30%

--

2.00%

01/11/2013 08:30

Producer Price Index (YoY)

Dec

-1.80%

--

-2.20%

Date Time
01/04/2013 14:30

Event
Foreign Reserves

Period
28-Dec

THAILAND
Survey
--

Actual
--

Prior
$182.4B

01/04/2013 14:30

Forward Contracts

28-Dec

--

--

$23.7B

01/09/2013 14:30

Benchmark Interest Rate

09-Jan

2.75%

--

2.75%

01/10/2013 10:30

Consumer Confidence Economic

Dec

--

--

69.4

01/10/2013 10:30

Consumer Confidence

Dec

--

--

79.1

PIIGS
Date Time
01/08/2013 17:00

Event
Greece to Sell Bills

Period

Survey

Actual

Prior

01/10/2013 16:30

Spain to Sell 2.75% 2015 Bonds

01/10/2013 16:30

Spain to Sell 4.5% 2018 Bonds

01/10/2013 16:30

Spain to Sell 5.9% 2026 Bonds

01/10/2013 17:00

3M Bill Allotment

10-Jan

--

--

3.000B

01/10/2013 17:00

3M Bill Average Yield

10-Jan

--

--

0.77%

01/10/2013 17:00

3M Bill Bid/Cover Ratio

10-Jan

--

--

2.79%

01/10/2013 17:00

12M Bill Allotment

10-Jan

--

--

6.500B

01/10/2013 17:00

12M Bill Average Yield

10-Jan

--

--

1.46%

01/10/2013 17:00

12M Bill Bid/Cover Ratio

10-Jan

--

--

1.94%

01/10/2013 17:00

Italy to Sell 365-Day Bills

01/11/2013 17:00

3 Year Bond Allotment

11-Jan

--

--

3.495B

01/11/2013 17:00

3 Year Bond Average Yield

11-Jan

--

--

2.50%

01/11/2013 17:00

3 Year Bond Bid/Cover Ratio

11-Jan

--

--

1.36%

01/11/2013 17:00

Italy to Sell Bonds

www.asiaplus.co.th

10

MARKET
OUTLOOK

3Q55
USA (Dow Jones)
Company Name
Alcoa Inc

Company Ticker

Date

AA US

08/01/2013

Net Profit 3Q55(Million US$)

Actual
Estimate Surprise
61.4

USA (S&P500)
Company Name
Mosaic Co/The
Monsanto Co
Apollo Group Inc
Alcoa Inc
Constellation Brands Inc
Wells Fargo & Co

Company Ticker

Date

MOS US
MON US
APOL US
AA US
STZ US
WFC US

04/01/2013
08/01/2013
08/01/2013
08/01/2013
09/01/2013
11/01/2013

Net Profit 3Q55(Million US$)

Actual
Estimate Surprise
395.25
198
103.722
61.375
103.8
4873.42

Bloomberg European 500 Index

Company Name

Company Ticker

Date
Actual

Suedzucker AG

SZU GR

10/01/2013

Net Profit 3Q55

Estimate
Surprise
125.333

SET Index
Company Name
Aeon Thana Sinsap Thailand PCL
Tisco Financial Group PCL
Kiatnakin Bank PCL

www.asiaplus.co.th

Company Ticker

Date

AEONTS TB
TISCO TB
KK TB

08/01/2013
11/01/2013
11/01/2013

Net Profit 3Q55(MB)

Actual
Estimate Surprise
380.0
3671.9
3125.2

11


4 ..2556

MODEL
Portfolio

SET Index

Research Portfolio
PER
Div Yield
Weighted Index
Fair
Market Price
Upside
Portfolio Market
2555F
2555F
Value
1/2/2013
PTT
420.12
332.00
27%
20%
9.29
3.84
HMPRO
15.60
12.60
24%
24%
32.85
1.35
DTAC
110.00
88.25
25%
12%
17.40
5.17
ROJNA
14.18
10.50
35%
12%
8.45
3.41
MCS
7.96
6.35
25%
20%
13.25
3.77
BGH
129.00
113.50
14%
12%
22.45
1.34
CASH
0%
Weighted Average PER (x)
11.39
SD (%)
Weighted Average Yield (%)
3.6%
BETA (X)

Bonds, 20%

Stocks

Stocks,
50%

Mutual
Fund, 30%

1 1 3 6

YTD

Portfolio

0.02%

0.0%

-3.5%

11.7%

SET

0.99%

7.3%

6.6%

16.2%

46.7%
35.4%

PORT VS SET

-0.97%

-7.3%

-10.1%

-4.5%

11.3%

5.7%
2.9%
1.4%
0.6%
-0.8%

HMPRO

MCS

-0.8%

PTT

DTAC

SET

ROJNA

-0.3%

AEONTS

6.50%
5.50%
4.50%
3.50%
2.50%
1.50%
0.50%
-0.50%
-1.50%
-2.50%
-3.50%

12%

0%

0%

12%

AEONTS

BGH

Portfolio Summary
Portfolio Summary
Date
Amount Invested in 2010 (Baht)
Remaining Cash Balance(Baht)
Total Value Of Stocks Invested(Baht)
Value of Portfolio If Realized All (Baht)
Gain/(Loss) If Realized All (Baht)
Starting NAV (Baht)
Current NAV (Baht)
Return (%)

: ASP

2-Jan-13
28,874,370
61,570,451
138,650,898
77,080,447
48,206,078
28.87
77.08
166.95%

Risk
SD.
BETA
2.83%
1.26
3.47%
0.91
3.47%
0.24
4.22%
0.35
3.94%
0.67
3.71%
0.31
3.6%
0.71

Portfolio Action
SET Index 0.99%
0.02%
PER 16
2540
SET
Domestic Play
Dividend Yield
AEONTS(FV@B112.81)

Outperform
BGH (FV@B129) 2556
17% .
29 27
2 . JCI 12
JCI 2
. 2 3 BGH
AEC

: 1

research@asiaplus.co.th

.

.

www.asiaplus.co.th

Warrant Corner
As of :
Warrant

AGE-W1
AMC-W1
AQUA-W2
BLAND-W2
BLAND-W3
BROOK-W4
BTS-W2
BWG-W1
CCP-W1
CEN-W3
CGD-W2
CMO-W1
CSP-W1
DIMET-W1
E-W1
EARTH-W3
ECL-W1
EMC-W3
EPCO-W1
ERW-W2
FOCUS-W1
GEN-W3
GJS-W2
GL-W2
GLAND-W1
GLOBAL-W
GOLD-W1
GSTEEL-W
IEC-W1
JMART-W1
KMC-W2
KSL-W1
L&E-W2
LEE-W2
LIVE-W1
LL-W1
MATCH-W2
MILL-W1
MINT-W4
MJD-W1

Exercise Ratio

Final Exercise

Exercise

Date

Price

Warrant

13 Feb 14
7 Mar 14
15 Mar 14
2 May 13
7 Nov 15
8 Aug 16
11 Nov 13
13 Jul 14
29 Sep 14
10 Jun 15
21 Jun 13
11 Nov 15
29 Nov 13
1 Nov 17
22 Dec 20
15 Sep 16
1 Dec 13
29 Mar 14
20 Oct 14
17 Dec 13
15 Jun 14
15 May 14
12 Dec 17
31 Oct 14
26 May 14
18 May 13
31 Mar 14
26 Sep 19
18 Jun 14
30 Dec 13
20 Jun 15
15 Mar 13
23 May 13
20 May 13
21 Jan 14
14 Feb 15
29 May 14
24 Feb 14
18 May 13
28 Jun 13

0.7110
3.0000
0.7500
1.9000
1.5000
1.0500
4.3750
1.2000
1.0000
2.0000
0.5000
2.0000
3.9000
0.5000
1.4080
1.4660
1.0000
1.5000
2.2660
2.8000
3.0000
1.0000
0.2070
35.0000
1.0000
6.2500
3.0000
0.5500
0.0200
3.0000
1.0000
10.0000
7.4000
2.5000
0.1735
1.0000
1.3980
1.8290
11.8180
2.0000

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

www.asiaplus.co.th

Warrant

Stock

Theory

All-in

Gearing

Stock

Price

Price

Price(B&S)

Premium

(x)

1.4060
1.0000
1.0000
1.0000
1.0000
1.0000
0.1600
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0650
1.0230
1.0000
1.0000
1.0150
1.0000
1.0000
1.0000
3.6300
1.0000
1.0000
1.2000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.1524
1.0000
1.0010
2.7340
1.1000
1.0000

0.00
0.74
0.47
0.04
0.44
1.71
0.41
0.82
5.20
1.89
0.21
1.96
0.27
0.99
0.59
5.55
0.45
0.59
1.16
2.00
1.50
0.36
0.08
37.50
2.64
13.50
7.65
0.17
0.03
11.00
0.23
3.74
6.90
1.00
0.45
0.18
4.50
1.07
9.45
1.02

3.48
2.20
0.74
1.30
1.30
2.78
7.05
1.68
6.70
3.06
0.54
3.38
2.04
1.55
1.39
7.45
1.14
1.67
2.78
4.38
3.64
0.58
0.08
73.00
3.60
18.00
10.60
0.33
0.05
14.50
0.41
14.20
15.20
3.66
0.62
0.31
5.70
2.18
20.50
2.98

3.75
0.02
0.22
0.01
0.33
1.83
0.43
0.62
5.57
nm.
0.12
1.82
0.02
1.10
1.20
6.22
0.26
0.46
0.82
1.64
1.28
0.19
0.08
37.17
2.61
14.16
7.70
0.13
0.05
11.22
0.05
4.16
7.55
1.07
0.52
0.02
4.28
2.37
9.64
1.01

-80%
70%
65%
49%
49%
-1%
-2%
20%
-7%
27%
31%
17%
104%
-4%
41%
-8%
27%
25%
23%
10%
24%
134%
186%
-1%
1%
-3%
0%
118%
nm.
-3%
200%
-3%
-6%
-4%
-9%
281%
3%
2%
0%
1%

#DIV/0!
2.97
1.57
32.50
2.95
1.63
2.75
2.05
1.29
1.62
2.57
1.72
7.56
1.57
2.51
1.37
2.53
2.83
2.43
2.19
2.43
1.61
3.63
1.95
nm.
1.60
1.39
1.94
1.67
nm.
1.78
3.80
nm.
3.66
1.59
1.72
1.27
5.57
2.39
2.92

Delta

1.00
0.12
0.76
0.10
0.59
0.98
0.89
0.79
1.00
nm.
0.77
0.90
0.07
0.98
0.98
0.99
0.82
0.80
0.69
0.96
0.83
0.63
0.60
0.90
0.98
1.00
1.00
0.69
0.99
0.98
0.35
0.98
0.99
0.97
0.97
0.19
0.98
0.77
1.00
1.00

Breakeven

-76%
57%
52%
241%
15%
0%
-2%
13%
-4%
10%
81%
6%
121%
-1%
4%
-2%
30%
20%
12%
10%
16%
87%
24%
0%
1%
-7%
0%
12%
nm.
-3%
56%
-16%
-15%
-11%
-9%
88%
2%
2%
-1%
3%

Implied

Parity

In-Out

Gearing

Ratio

Money

#DIV/0!
0.35
1.19
3.36
1.75
1.59
2.45
1.63
1.29
nm.
1.99
1.55
0.54
1.53
2.46
1.36
2.07
2.26
1.69
2.11
2.02
1.01
2.17
1.76
nm.
1.60
1.39
1.35
1.65
nm.
0.63
3.74
nm.
3.56
1.54
0.33
1.24
4.31
2.38
2.92

4.89
0.59
0.61
0.67
0.67
1.01
1.02
0.83
1.08
0.79
0.76
0.85
0.49
1.04
0.71
1.08
0.79
0.80
0.82
0.91
0.81
0.43
0.35
1.01
0.99
1.03
1.00
0.46
1.00
1.04
0.33
1.03
1.06
1.05
1.10
0.26
0.97
0.98
1.00
0.99

80%
-70%
-65%
-49%
-49%
1%
2%
-20%
7%
-27%
-31%
-17%
-104%
4%
-41%
8%
-27%
-25%
-23%
-10%
-24%
-134%
-186%
1%
-1%
3%
0%
-118%
n
3%
-200%
3%
6%
4%
9%
-281%
-3%
-2%
0%
-1%

3 Jan 13
Conversion Periods
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
1st Apr, Oct
At the End of May, Nov
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At 15th Mar, 15th Sep
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At 17 Dec 2013
At the End of Jan, Apr, Jul, Oct
At the End of Dec
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
18 Nov 2011, 18 May 2012, 16 Nov 2012, 17 May 2013
At the End of Mar, Jun, Sep, Dec
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
15st Mar, Jun, Sep, Dec
At the End of Jan, May, Sep
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Jun, Dec
At the End of Month
At the End of Mar, Jun, Sep, Dec

Warrant Corner
As of :
Warrant

NEP-W2
NNCL-W2
PF-W3
PYLON-W1
RML-W3
ROJNA-W2
ROJNA-W3
RS-W2
SIMAT-W1
SINGHA-W
SIRI-W1
SLC-W1
SLC-W2
SLC-W3
SMM-W2
SPCG-W1
SPORT-W3
SPORT-W4
STPI-W1
TAPAC-W1
TASCO-W3
TCC-W1
TCC-W2
TCC-W3
TCJ-W1
TFD-W1
TH-W1
TICON-W3
TICON-W6
TLUXE-W2
TMI-W1
TPOLY-W1
TRUBB-W1
TSF-W2
TYM-W1
UKEM-W1
UWC-W1

Exercise Ratio

Final Exercise

Exercise

Date

Price

Warrant

15 Dec 16
29 Dec 15
18 Jul 15
25 Apr 15
15 May 15
30 Jul 14
18 Jul 16
19 May 14
28 Aug 14
28 Nov 14
20 Jan 15
16 May 15
28 Oct 15
14 Sep 16
25 Apr 14
2 Mar 15
21 Apr 15
15 Aug 14
6 May 13
31 May 13
17 Apr 14
30 Oct 14
3 May 18
1 Apr 22
17 Mar 16
31 Mar 13
9 Sep 17
31 Jan 14
3 Oct 14
20 Feb 15
4 Oct 15
7 Jun 13
7 Aug 14
14 May 15
23 Jun 14
5 Nov 14
13 Nov 15

0.5000
1.0000
1.0000
2.2000
2.7500
3.3340
4.0000
1.9000
1.3494
6.0000
1.1140
0.9400
0.5700
1.0000
1.5000
1.0000
1.6850
1.7080
2.4820
2.3000
65.3000
0.8220
0.9380
1.0000
10.0000
1.0000
1.0000
18.8450
7.7690
2.5000
0.2500
1.5000
3.2000
0.3000
5.0000
0.5000
1.0000

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

Warrant

Stock

Theory

All-in

Gearing

Stock

Price

Price

Price(B&S)

Premium

(x)

1.0000
1.0000
1.0000
1.0000
1.0000
1.1998
1.0000
1.0000
1.1116
1.0000
1.1670
0.4250
0.1749
1.0000
1.0000
1.0000
1.1571
1.0245
1.4042
1.0000
1.0000
1.2167
1.0659
1.0000
1.0000
1.1880
1.0000
1.0613
1.0298
1.0000
1.0000
1.0000
1.2500
1.0000
1.0000
1.0000
1.0000

0.69
1.06
0.68
2.48
0.53
8.55
6.60
4.18
4.96
0.00
2.66
0.31
0.19
0.56
1.30
14.80
0.00
1.14
80.25
1.54
5.60
0.00
1.62
1.64
4.18
3.28
2.58
0.74
7.05
1.33
1.81
0.65
1.81
3.48
0.46
1.57
3.04

1.11
2.06
1.09
4.78
2.16
11.00
11.00
6.40
6.35
0.00
3.58
0.98
0.98
0.98
2.22
17.40
2.86
2.86
64.00
4.06
45.50
2.50
2.50
2.50
12.20
4.30
5.30
14.90
14.90
4.10
2.32
1.92
3.36
3.76
3.76
2.16
4.58

0.71
1.14
0.20
2.36
0.48
9.08
6.81
4.33
5.49
nm.
2.62
0.39
0.17
0.90
0.94
15.91
1.07
1.09
86.25
1.64
3.45
1.71
1.93
1.94
6.29
3.85
4.21
0.61
7.23
1.38
2.00
0.49
1.18
3.48
0.25
1.52
3.47

7%
0%
54%
-2%
52%
-5%
-4%
-5%
-8%
nm.
-5%
nm.
69%
59%
26%
-9%
-41%
-1%
-7%
-5%
56%
-67%
-2%
6%
16%
-13%
-32%
31%
-2%
-7%
-11%
12%
38%
1%
45%
-4%
-12%

1.61
1.94
1.60
1.93
4.08
nm.
1.67
1.53
1.42
nm.
1.57
1.34
0.90
1.75
1.71
1.18
nm.
nm.
nm.
2.64
8.13
nm.
1.64
1.52
2.92
1.56
2.05
21.37
2.18
3.08
1.28
2.95
2.32
1.08
8.17
1.38
1.51

Delta

0.95
0.97
0.65
0.87
0.60
0.98
0.94
0.97
1.00
nm.
0.93
0.98
0.99
0.99
0.89
1.00
0.87
0.92
1.00
0.98
0.32
0.98
0.95
0.94
0.82
1.00
0.99
0.29
0.93
0.78
1.00
0.85
0.69
1.00
0.34
0.93
1.00

Breakeven

2%
0%
19%
-1%
19%
-3%
-1%
-4%
-5%
nm.
-3%
25%
20%
13%
19%
-4%
-21%
-1%
-19%
-13%
41%
-46%
0%
1%
5%
-43%
-8%
29%
-1%
-3%
-4%
31%
23%
0%
29%
-2%
-4%

Implied

Parity

In-Out

Gearing

Ratio

Money

1.53
1.89
1.05
1.67
2.44
nm.
1.56
1.48
1.42
nm.
1.46
1.32
0.89
1.74
1.51
1.18
nm.
nm.
nm.
2.57
2.60
nm.
1.56
1.44
2.39
1.56
2.03
6.18
2.03
2.39
1.28
2.52
1.61
1.08
2.81
1.27
1.50

0.93
1.00
0.65
1.02
0.66
1.05
1.04
1.05
1.09
0.00
1.06
0.59
0.59
0.63
0.79
1.10
1.70
1.01
1.07
1.06
0.64
3.04
1.02
0.95
0.86
1.14
1.48
0.76
1.02
1.07
1.13
0.89
0.72
0.99
0.69
1.04
1.13

-7%
0%
-54%
2%
-52%
5%
4%
5%
8%
nm.
5%
-70%
-69%
-59%
-26%
9%
41%
1%
7%
5%
-56%
67%
2%
-6%
-16%
13%
32%
-31%
2%
7%
11%
-12%
-38%
-1%
-45%
4%
12%

3 Jan 13
Conversion Periods
15st Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Feb, May, Aug, Nov
At the End of Feb, May, Aug, Nov
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec
At the End of May, Nov
At the End of Mar, Jun, Sep, Dec
At the End of May, Nov
At the End of Mar, Sep
At the End of Mar, Sep
At 25th Every month
2 Mar 2015
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of May, Nov
At the End of Jan, Apr, Jul, Oct
At the End of Mar, Jun, Sep, Dec
At the End of Jun
At the End of Feb, May, Aug, Nov
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Sep
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Jun, Sep, Dec
At the End of Mar, Sep
At the End of May, Nov
At the End of Jun, Dec
At the End of Jun, Dec
At the End of Feb, May, Aug, Nov
At the End of Mar, Sep
At the End of Jun, Dec
At the End of Mar, Jun, Sep, Dec

: ASP

www.asiaplus.co.th

Derivatives Warrant
As of :
Derivatives
Warrant

ADVA01CC
ADVA01PC
ADVA06CA
ADVA08CC
ADVA08PB
ADVA13CE
ADVA13PC
ADVA16CB
ADVA28CA
ADVA28CB
ADVA28PA
ADVA42CC
AOT01CC
AOT01PC
AOT08CB
AOT13CD
AOT28CA
AOT42CC
BANP01CD
BANP01PD
BANP06CD
BANP06PD
BANP08CD
BANP08PC
BANP13CG
BANP13PC
BANP16CA
BANP18CC
BANP18PA
BANP28CA
BANP42CE
BANP42PB
BAY01CD
BAY01PD
BAY08CE
BAY08PD
BAY13CD
BAY16CA
BAY28CA
BAY42CD
BBL06CC
BBL06PC
BBL08CC
BBL08PC
BBL13CD
BBL13PC
BBL16CA
BBL18CC
BBL28CA
BCP01CD
BCP01PD
BCP08CC
BCP13CB
BCP42CC
BEC01CB
BGH01CB
BGH01PB
BGH06CA
BGH08CB
BGH13CD
BGH16CA
BGH28CA
BGH42CB
BH01CB
BH13CC
BH42CA

Final Exercise

Exercise

Exercise Ratio

DW

Stock

Implied

Theory

All-in

Gearing

Date

Price

DW

Stock

Price

Price

Volatility

Price(B&S)

Premium

(x)

22 Jan 13
22 Jan 13
4 Jul 13
26 Mar 13
26 Mar 13
25 Mar 13
25 Mar 13
28 Jun 13
5 Apr 13
5 Apr 13
5 Apr 13
15 Mar 13
22 Jan 13
22 Jan 13
26 Mar 13
29 Apr 13
7 Jun 13
15 Mar 13
27 Feb 13
27 Feb 13
6 Feb 13
6 Feb 13
23 Apr 13
23 Apr 13
25 Mar 13
25 Mar 13
28 Feb 13
27 Feb 13
27 Feb 13
5 Apr 13
26 Apr 13
26 Apr 13
26 Apr 13
26 Apr 13
23 Apr 13
23 Apr 13
20 Jun 13
28 Jun 13
7 Jun 13
15 Mar 13
4 Jul 13
4 Jul 13
30 Apr 13
30 Apr 13
16 May 13
16 May 13
28 Jun 13
23 May 13
7 Jun 13
7 Jun 13
7 Jun 13
30 Apr 13
7 Aug 13
15 Mar 13
7 Jun 13
27 Feb 13
27 Feb 13
6 Jun 13
18 Jan 13
13 Feb 13
31 May 13
13 May 13
15 Mar 13
7 Jun 13
13 Feb 13
26 Apr 13

170.083
218.679
193.000
205.000
240.000
189.521
170.083
180.000
225.000
180.000
200.000
174.943
52.955
65.703
69.626
66.194
80.000
55.000
401.726
540.000
480.112
578.094
356.000
510.000
440.919
489.910
401.726
342.937
580.000
365.000
372.332
509.507
30.000
44.000
30.000
42.000
30.000
26.000
31.000
27.647
173.000
210.000
160.000
210.000
180.000
210.000
158.000
150.000
180.000
23.500
31.000
21.000
27.500
20.683
54.000
93.000
120.000
89.000
90.000
95.000
95.000
110.000
95.000
70.000
76.392
65.000

38.88025
38.88025
70.000
40.000
50.000
38.88025
48.59086
35.000
70.000
35.000
27.000
77.7605
19.61169
9.80681
19.6129
15.6912
17.000
20.000
97.94319
100.000
97.94319
97.94319
100.000
160.000
97.94319
97.94319
137.17421
195.96413
200.000
65.000
196.07843
196.07843
15.000
10.000
8.000
16.000
16.000
16.000
17.000
19.74724
40.000
30.000
40.000
50.000
40.000
25.000
35.000
50.000
34.000
15.000
10.000
8.000
15.000
9.84931
20.000
30.000
20.000
20.000
30.000
20.000
40.000
33.000
40.000
20.000
19.84127
25.000

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

1.02
0.44
0.55
0.60
0.89
0.84
0.21
1.49
0.21
1.13
0.71
0.54
2.22
0.01
1.39
2.08
1.51
2.20
0.55
1.28
0.10
1.65
0.98
0.89
0.47
1.00
0.33
0.45
1.04
1.32
0.44
0.59
0.40
1.24
0.79
0.84
0.40
0.60
0.33
0.39
1.06
1.35
1.17
0.73
0.91
1.42
1.58
1.06
1.07
0.67
0.52
1.48
0.54
1.11
1.27
0.82
0.79
1.55
0.79
1.07
0.70
0.58
0.63
0.76
0.33
0.71

209.00
209.00
209.00
209.00
209.00
209.00
209.00
209.00
209.00
209.00
209.00
209.00
96.50
96.50
96.50
96.50
96.50
96.50
422.00
422.00
422.00
422.00
422.00
422.00
422.00
422.00
196.00
422.00
422.00
422.00
422.00
422.00
33.00
33.00
33.00
33.00
33.00
33.00
33.00
33.00
196.00
196.00
196.00
196.00
196.00
196.00
196.00
196.00
196.00
31.50
31.50
31.50
31.50
31.50
70.50
113.00
113.00
113.00
113.00
113.00
113.00
113.00
113.00
74.25
74.25
74.25

82%
75%
62%
63%
64%
66%
73%
78%
55%
66%
58%
71%
171%
99%
66%
85%
84%
138%
74%
74%
62%
99%
74%
95%
47%
72%
306%
67%
161%
71%
69%
63%
67%
93%
76%
123%
61%
73%
59%
92%
60%
64%
65%
68%
64%
64%
71%
58%
59%
77%
78%
94%
70%
66%
105%
83%
79%
67%
100%
80%
70%
70%
84%
73%
83%
86%

0.99
0.27
0.31
0.30
0.67
0.55
0.01
0.86
0.07
0.83
0.29
0.43
2.21
0.00
1.32
1.84
0.96
2.03
0.34
1.16
0.02
1.56
0.74
0.59
0.39
0.75
0.00
0.41
0.78
1.01
0.32
0.48
0.26
0.89
0.49
0.49
0.27
0.46
0.21
0.28
0.71
0.67
0.94
0.37
0.54
0.73
1.16
0.94
0.67
0.56
0.22
1.34
0.38
1.10
0.89
0.69
0.46
1.31
0.77
0.93
0.54
0.34
0.48
0.47
0.13
0.46

0%
4%
11%
10%
6%
6%
24%
11%
15%
5%
13%
4%
0%
32%
0%
2%
10%
3%
8%
2%
16%
1%
8%
13%
6%
7%
128%
2%
12%
7%
9%
7%
9%
4%
10%
13%
10%
8%
11%
7%
10%
14%
6%
11%
10%
11%
9%
4%
10%
7%
18%
4%
13%
0%
13%
4%
8%
6%
1%
3%
9%
14%
6%
15%
12%
11%

5.27
12.22
5.43
8.71
4.70
6.40
20.48
4.01
14.22
5.28
10.90
4.98
2.22
984.01
3.54
2.96
3.76
2.19
7.83
3.30
43.09
2.61
4.31
2.96
9.17
4.31
4.33
4.79
2.03
4.92
4.89
3.65
5.50
2.66
5.22
2.46
5.16
3.44
5.88
4.28
4.62
4.84
4.19
5.37
5.38
5.52
3.54
3.70
5.39
3.13
6.06
2.66
3.89
2.88
2.78
4.59
7.15
3.65
4.77
5.28
4.04
5.90
4.48
4.88
11.34
4.18

www.asiaplus.co.th

Delta

Breakeven

1.00
-0.79
0.66
0.56
-0.85
0.78
-0.06
0.78
0.30
0.86
-0.37
0.93
1.00
0.00
0.99
0.99
0.86
1.00
0.67
-0.96
0.11
-1.00
0.84
-0.80
-0.57
-0.78
0.00
0.95
-0.99
0.82
0.77
-0.79
0.77
-0.93
0.80
-0.90
0.74
0.91
0.68
0.94
0.80
-0.59
0.94
-0.64
0.76
-0.62
0.92
0.97
0.75
0.93
-0.39
0.99
0.76
1.00
0.91
0.94
-0.62
0.89
1.00
0.95
0.82
0.61
0.89
0.67
0.44
0.80

10%
2854%
24%
55%
340%
35%
-51%
25%
77%
23%
22%
23%
0%
-100%
2%
8%
25%
15%
79%
nm.
599%
nm.
29%
361%
101%
402%
nm.
18%
nm.
31%
32%
273%
34%
502%
40%
518%
25%
17%
29%
45%
22%
67%
19%
113%
33%
91%
20%
10%
27%
16%
40%
15%
24%
2%
33%
35%
305%
16%
23%
36%
24%
48%
40%
39%
217%
44%

Implied

Parity

In-Out

Last Trading

Gearing

Ratio

Money

5.27
-9.60
3.56
4.91
-3.97
4.98
-1.20
3.13
4.30
4.54
-4.06
4.61
2.22
0.00
3.52
2.94
3.23
2.19
5.27
-3.16
4.94
-2.61
3.60
-2.37
-5.19
-3.38
0.00
4.54
-2.01
4.03
3.75
-2.89
4.24
-2.46
4.16
-2.20
3.82
3.14
4.03
4.02
3.71
-2.84
3.94
-3.43
4.07
-3.40
3.25
3.58
4.01
2.91
-2.36
2.63
2.96
2.88
2.52
4.33
-4.46
3.23
4.77
5.03
3.31
3.60
3.99
3.26
5.04
3.33

1.00
0.89
0.90
0.91
0.73
0.94
1.16
0.90
0.87
0.95
0.95
0.96
1.00
1.47
1.00
0.98
0.91
0.97
0.93
0.63
0.86
0.57
0.93
0.65
0.87
0.72
0.44
0.98
0.54
0.94
0.92
0.67
0.92
0.59
0.91
0.60
0.91
0.93
0.90
0.93
0.91
0.78
0.95
0.80
0.91
0.80
0.92
0.97
0.91
0.94
0.87
0.96
0.88
1.00
0.89
0.96
0.83
0.94
0.99
0.97
0.92
0.88
0.94
0.87
0.90
0.90

0%
-13%
-11%
-10%
-36%
-6%
14%
-11%
-15%
-5%
-5%
-4%
0%
32%
0%
-2%
-10%
-3%
-8%
-58%
-16%
-75%
-8%
-55%
-15%
-39%
-128%
-2%
-87%
-7%
-9%
-48%
-9%
71%
-10%
68%
-10%
-8%
-11%
-7%
-10%
28%
-6%
26%
-10%
25%
-9%
-4%
-10%
-7%
15%
-4%
-13%
0%
-13%
-4%
20%
-6%
-1%
-3%
-9%
-14%
-6%
-15%
-12%
-11%

Date
16 Jan 13
16 Jan 13
27 Jun 13
20 Mar 13
20 Mar 13

3 Jan 13

DW Cash Balance *

19 Mar 13
19 Mar 13
24 Jun 13
1 Apr 13
1 Apr 13
1 Apr 13
11 Mar 13
16 Jan 13
16 Jan 13
20 Mar 13
23 Apr 13
3 Jun 13
11 Mar 13
20 Feb 13
20 Feb 13
31 Jan 13
31 Jan 13
17 Apr 13
17 Apr 13
19 Mar 13
19 Mar 13
21 Feb 13
20 Feb 13
20 Feb 13
1 Apr 13
22
22
22
22
17
17
14

Apr
Apr
Apr
Apr
Apr
Apr
Jun

13
13
13
13
13
13
13

24 Jun 13
3 Jun 13
11 Mar 13
27 Jun 13
27 Jun 13
24 Apr 13
24 Apr 13
10 May 13
10 May 13
24 Jun 13
17 May 13
3 Jun 13
3 Jun 13
3 Jun 13
24 Apr 13
1 Aug 13
11 Mar 13
3 Jun 13
20 Feb 13
20 Feb 13
31 May 13
14 Jan 13
7 Feb 13
27 May 13
7 May 13
11 Mar 13
3 Jun 13
7 Feb 13
22 Apr 13

Derivatives Warrant
As of :
Derivatives
Warrant

BIGC01CC
BIGC01PA
BIGC08CB
BIGC13CB
BIGC16CA
BIGC18CA
BIGC28CA
BIGC42CB
BIGC42CC
BJC01CB
BJC01PA
BJC06CB
BJC06PB
BJC08CB
BJC13CB
BJC13CC
BJC28CA
BJC42CB
BJC42PA
BLA01CC
BLA01PB
BLA13CD
BLA13PC
BLA42CA
BTS01CB
BTS01PA
BTS13CC
BTS16CA
BTS28CA
BTS42CA
BTS42PA
CPAL01CD
CPAL01PD
CPAL06CA
CPAL06PA
CPAL08CD
CPAL13CD
CPAL28CA
CPAL42CD
CPF01CD
CPF01PD
CPF06CB
CPF06PB
CPF08CF
CPF08PC
CPF13CC
CPF16CB
CPF18CB
CPF28CA
CPN01CA
CPN01PA
CPN08CB
CPN42CC
DCC13CB
DCC13CC
DELT06CA
DELT13CC
DELT13PA
DTAC01CD
DTAC01PD
DTAC06CB
DTAC06PB
DTAC13CD
DTAC13PC
DTAC18CA
DTAC28CA
DTAC42CC
EGCO01CA
ESSO01CC
ESSO01PC
ESSO06CA
ESSO08CC
ESSO13CD
ESSO28CA
ESSO42CC
ESSO42PB

Final Exercise

Exercise

Exercise Ratio

DW

Stock

Implied

Theory

All-in

Gearing

Date

Price

DW

Stock

Price

Price

Volatility

Price(B&S)

Premium

(x)

27 Feb 13
27 Feb 13
18 Jan 13
9 Jul 13
28 Jun 13
15 Mar 13
7 Jun 13
15 Mar 13
28 Jun 13
22 Jan 13
22 Jan 13
2 Oct 13
2 Oct 13
2 Apr 13
13 Jun 13
9 Jul 13
13 May 13
28 Jun 13
28 Jun 13
27 Feb 13
27 Feb 13
29 Apr 13
9 Jul 13
26 Apr 13
26 Apr 13
26 Apr 13
10 Jul 13
31 May 13
7 Jun 13
28 Jun 13
28 Jun 13
26 Apr 13
26 Apr 13
6 Feb 13
6 Feb 13
26 Mar 13
9 Jul 13
13 May 13
8 Mar 13
26 Apr 13
26 Apr 13
6 Jun 13
6 Jun 13
5 Mar 13
5 Mar 13
18 Feb 13
28 Jun 13
8 Mar 13
5 Apr 13
26 Apr 13
22 Apr 13
21 Jan 13
15 Mar 13
13 Jun 13
4 Oct 13
4 Jul 13
29 Apr 13
20 Jun 13
7 Jun 13
7 Jun 13
2 Oct 13
2 Oct 13
29 Apr 13
25 Mar 03
8 Mar 13
5 Apr 13
15 Mar 13
22 Jan 13
22 Jan 13
22 Jan 13
4 Jul 13
2 Apr 13
30 Apr 13
7 Jun 13
15 Feb 13
28 Jun 13

175.000
210.000
179.000
175.000
170.000
160.000
215.000
200.000
170.000
34.735
62.000
50.000
70.000
60.000
38.000
67.000
60.000
55.000
70.000
43.000
50.000
45.000
43.000
40.000
5.700
7.200
6.500
5.350
5.800
5.000
6.500
31.000
44.000
32.000
39.000
33.000
38.000
38.000
30.000
30.000
44.000
30.000
35.000
33.000
38.000
33.391
32.000
27.000
35.000
50.000
80.000
45.000
45.000
50.000
47.000
23.000
25.000
25.500
78.000
95.000
67.000
94.000
82.921
76.793
75.000
81.934
67.194
102.594
9.200
13.500
9.500
10.000
10.800
11.000
7.500
11.500

50.000
40.000
50.000
30.003
35.000
50.000
65.000
100.000
40.000
14.88538
12.000
20.000
15.000
20.000
16.000
16.000
18.000
16.000
10.000
20.000
10.000
16.000
10.000
25.000
3.500
2.500
3.00003
3.500
3.500
4.000
2.000
15.000
10.000
15.000
15.000
8.000
14.99925
17.000
10.000
15.000
10.000
10.000
10.000
8.000
8.000
9.82125
15.000
25.000
16.000
20.000
11.000
15.000
20.000
16.000
15.000
8.000
8.000
5.000
20.000
10.000
20.000
15.000
19.74334
19.19754
25.000
17.76886
23.99232
29.31692
5.000
4.000
5.000
2.500
6.250
7.000
5.000
5.000

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

0.89
0.68
0.66
1.82
1.90
1.13
0.58
0.32
1.45
1.80
0.33
0.87
1.09
0.53
1.57
0.74
0.63
0.91
1.50
1.05
0.16
1.28
0.28
0.95
0.56
0.44
0.63
0.65
0.57
0.66
0.50
1.06
0.52
0.90
0.15
1.25
0.84
0.64
1.66
0.44
1.14
0.72
0.53
0.48
0.95
0.34
0.48
0.33
0.21
1.66
1.06
2.40
1.88
0.41
1.00
1.35
1.06
0.49
0.89
1.87
1.39
1.48
0.79
0.31
0.65
0.76
0.96
1.58
0.27
0.81
0.42
0.61
0.22
0.22
0.59
0.47

207.00
207.00
207.00
207.00
207.00
207.00
207.00
207.00
207.00
61.00
61.00
61.00
61.00
61.00
61.00
61.00
61.00
61.00
61.00
64.00
64.00
64.00
64.00
64.00
7.20
7.20
7.20
7.20
7.20
7.20
7.20
45.75
45.75
45.75
45.75
45.75
45.75
45.75
45.75
34.25
34.25
34.25
34.25
34.25
34.25
34.25
34.25
34.25
34.25
81.25
81.25
81.25
81.25
44.75
44.75
31.25
31.25
31.25
87.50
87.50
87.50
87.50
87.50
87.50
87.50
87.50
87.50
147.50
10.30
10.30
10.30
10.30
10.30
10.30
10.30
10.30

94%
89%
114%
71%
93%
88%
79%
83%
74%
211%
85%
62%
60%
91%
81%
85%
80%
75%
70%
53%
80%
67%
71%
0%
86%
111%
91%
83%
81%
87%
109%
77%
69%
0%
110%
0%
75%
69%
100%
65%
86%
67%
63%
98%
125%
70%
73%
77%
59%
94%
78%
0%
123%
79%
116%
93%
89%
72%
66%
73%
72%
66%
77%
72%
72%
69%
82%
153%
100%
295%
68%
84%
75%
73%
95%
82%

0.67
0.30
0.56
1.34
1.25
0.96
0.26
0.17
1.09
1.77
0.16
0.70
0.76
0.25
1.45
0.26
0.33
0.60
0.97
1.05
0.01
1.20
0.03
0.96
0.47
0.11
0.40
0.56
0.46
0.58
0.09
0.98
0.19
0.91
0.00
1.55
0.59
0.49
1.58
0.34
0.84
0.54
0.31
0.14
0.42
0.21
0.29
0.29
0.13
1.53
0.46
2.41
1.79
0.13
0.29
1.04
0.81
0.12
0.63
1.10
1.06
0.91
0.45
0.08
0.52
0.50
0.84
1.53
0.23
0.48
0.30
0.37
0.10
0.10
0.57
0.24

6%
12%
2%
11%
14%
5%
22%
12%
10%
1%
5%
10%
12%
16%
3%
29%
17%
14%
10%
0%
24%
2%
37%
0%
6%
15%
17%
6%
8%
6%
24%
3%
15%
-1%
20%
-6%
11%
7%
2%
7%
5%
9%
13%
15%
11%
7%
14%
3%
12%
2%
16%
0%
2%
26%
39%
8%
7%
26%
9%
13%
8%
18%
13%
19%
4%
9%
3%
1%
2%
0%
13%
12%
18%
22%
1%
11%

4.65
7.61
6.27
3.79
3.11
3.66
5.49
6.47
3.57
2.28
15.40
3.51
3.73
5.75
2.43
5.15
5.38
4.19
4.07
3.05
40.00
3.13
22.86
2.69
3.67
6.55
3.81
3.16
3.61
2.73
7.20
2.88
8.80
3.39
20.33
4.58
3.63
4.20
2.76
5.19
3.00
4.76
6.46
8.92
4.51
10.26
4.76
4.15
10.19
2.45
6.97
2.26
2.16
6.82
2.98
2.89
3.69
12.76
4.92
4.68
3.15
3.94
5.61
14.70
5.38
6.48
3.80
3.18
7.63
3.18
4.90
6.75
7.49
6.69
3.49
4.38

www.asiaplus.co.th

Delta

Breakeven

0.91
-0.50
0.99
0.80
0.83
0.96
0.50
0.63
0.83
1.00
-0.55
0.81
-0.58
0.60
0.99
0.44
0.60
0.73
-0.62
1.00
-0.03
0.97
-0.04
0.99
0.95
-0.34
0.81
0.96
0.91
0.97
-0.21
0.99
-0.35
1.00
-0.03
0.99
0.85
0.88
1.00
0.79
-0.84
0.77
-0.47
-0.34
-0.68
0.63
0.66
0.96
0.49
1.00
-0.41
1.00
1.00
0.36
0.50
0.93
0.91
-0.17
0.73
-0.57
0.84
-0.53
0.65
-0.20
0.87
0.68
0.96
1.00
0.98
-1.00
0.73
0.73
0.50
0.48
1.00
-0.54

56%
182%
121%
23%
33%
28%
62%
86%
23%
27%
nm.
15%
61%
90%
8%
68%
59%
32%
102%
0%
-81%
8%
-49%
-1%
23%
61%
36%
16%
21%
13%
9%
9%
28%
-7%
-74%
-26%
23%
22%
12%
25%
400%
23%
49%
62%
568%
89%
33%
19%
60%
8%
50%
-9%
9%
74%
55%
18%
26%
-22%
24%
88%
12%
48%
48%
-24%
29%
43%
18%
31%
96%
nm.
28%
64%
73%
61%
14%
87%

Implied

Parity

In-Out

Gearing

Ratio

Money

4.25
-3.81
6.21
3.03
2.59
3.52
2.73
4.05
2.96
2.28
-8.40
2.83
-2.15
3.44
2.40
2.25
3.23
3.07
-2.50
3.05
-1.05
3.05
-1.02
2.68
3.49
-2.22
3.08
3.05
3.30
2.65
-1.49
2.86
-3.09
3.39
-0.60
4.55
3.08
3.70
2.76
4.08
-2.53
3.67
-3.07
-3.04
-3.08
6.47
3.15
3.97
5.03
2.44
-2.88
2.26
2.16
2.47
1.50
2.68
3.35
-2.12
3.57
-2.69
2.65
-2.10
3.62
-2.88
4.69
4.41
3.66
3.18
7.47
-3.17
3.60
4.90
3.73
3.22
3.49
-2.38

0.94
0.87
0.98
0.90
0.88
0.96
0.82
0.89
0.91
0.99
0.92
0.91
0.71
0.86
0.97
0.77
0.86
0.88
0.72
1.00
1.24
0.98
1.40
1.00
0.94
0.87
0.86
0.94
0.92
0.94
0.96
0.98
0.93
1.01
1.11
1.06
0.90
0.94
0.98
0.94
0.62
0.92
0.85
0.93
0.75
0.93
0.87
0.97
0.89
0.98
0.89
1.00
0.98
0.79
0.72
0.92
0.93
1.12
0.91
0.77
0.92
0.75
0.89
1.06
0.96
0.92
0.97
0.99
0.98
0.62
0.89
0.89
0.85
0.82
0.99
0.74

-6%
15%
-2%
-11%
-14%
-5%
-22%
-12%
-10%
-1%
8%
-10%
42%
-16%
-3%
-29%
-17%
-14%
39%
0%
-19%
-2%
-28%
0%
-6%
15%
-17%
-6%
-8%
-6%
4%
-3%
8%
1%
-10%
6%
-11%
-7%
-2%
-7%
62%
-9%
18%
8%
33%
-7%
-14%
-3%
-12%
-2%
13%
0%
-2%
-26%
-39%
-8%
-7%
-11%
-9%
30%
-8%
33%
-13%
-5%
-4%
-9%
-3%
-1%
-2%
63%
-13%
-12%
-18%
-22%
-1%
34%

Last Trading
Date

3 Jan 13

DW Cash Balance *

20 Feb 13
20 Feb 13
14 Jan 13
3 Jul 13
24 Jun 13
11 Mar 13
3 Jun 13
11 Mar 13
24 Jun 13
16 Jan 13
16 Jan 13
26 Sep 13
26 Sep 13
27 Mar 13
7 Jun 13
3 Jul 13
7 May 13
24 Jun 13
24 Jun 13
20 Feb 13
20 Feb 13
23 Apr 13
3 Jul 13
22 Apr 13
22 Apr 13
22 Apr 13
4 Jul 13
27 May 13
3 Jun 13
24 Jun 13
24 Jun 13
22 Apr 13
22 Apr 13
31 Jan 13
31 Jan 13
20 Mar 13
3 Jul 13
7 May 13
4 Mar 13
22 Apr 13
22 Apr 13
31 May 13
31 May 13
27 Feb 13
27 Feb 13
12 Feb 13
24 Jun 13
4 Mar 13
1 Apr 13
22 Apr 13
22 Apr 13
15 Jan 13
11 Mar 13
7 Jun 13
30 Sep 13
27 Jun 13
23 Apr 13
14 Jun 13
3 Jun 13
3 Jun 13
26 Sep 13
26 Sep 13
23 Apr 13
19 Mar 13
4 Mar 13
1 Apr 13
11 Mar 13
16 Jan 13
16 Jan 13
16 Jan 13
27 Jun 13
27 Mar 13
24 Apr 13
3 Jun 13
11 Feb 13
24 Jun 13

Derivatives Warrant
As of :
Derivatives
Warrant

GLOW01CB
HEMR01CA
HMPR01CC
HMPR01PB
HMPR13CD
HMPR42CB
INTU01CA
INTU01PA
INTU06CA
INTU06PA
INTU13CB
INTU16CA
INTU28CA
INTU42CA
INTU42PA
IRPC01CC
IRPC01PB
IRPC13CD
IRPC13PB
IRPC28CA
IRPC28PA
IRPC42CD
IVL01CF
IVL01CG
IVL01PF
IVL06CB
IVL06PB
IVL08CE
IVL08PC
IVL13CF
IVL13PD
IVL16CA
IVL18CE
IVL18PB
IVL28CA
IVL28CB
IVL28CC
IVL28PA
IVL42CD
IVL42PB
KBAN01CC
KBAN01PC
KBAN08CD
KBAN08PB
KBAN13CF
KBAN13PD
KBAN28CA
KTB01CD
KTB01PC
KTB06CA
KTB06PA
KTB13CE
KTB13PB
KTB28CA
LH01CD
LH01PD
LH06CB
LH13CC
LH18CC
MAKR01CA
MAKR06CA
MAKR06PA
MAKR13CA

Final Exercise

Exercise

Exercise Ratio

DW

Stock

Implied

Theory

All-in

Gearing

Date

Price

DW

Stock

Price

Price

Volatility

Price(B&S)

Premium

(x)

7 Jun 13
22 Jan 13
26 Apr 13
26 Apr 13
16 May 13
26 Apr 13
22 Jan 13
22 Jan 13
3 Apr 13
3 Apr 13
9 Jul 13
31 May 13
13 May 13
8 Mar 13
8 Mar 13
22 Jan 13
22 Jan 13
22 Mar 13
22 Mar 13
7 Jun 13
7 Jun 13
26 Apr 13
22 Jan 13
7 Jun 13
27 Feb 13
3 Apr 13
3 Apr 13
26 Mar 13
26 Mar 13
18 Feb 13
16 May 13
28 Feb 13
8 Mar 13
8 Mar 13
13 May 13
13 May 13
13 May 13
13 May 13
8 Mar 13
8 Mar 13
22 Jan 13
22 Jan 13
30 Apr 13
30 Apr 13
18 Feb 13
26 Jun 13
5 Apr 13
22 Jan 13
22 Jan 13
5 Jul 13
5 Jul 13
16 May 13
22 Mar 13
7 Jun 13
26 Apr 13
26 Apr 13
5 Jul 13
20 Jun 13
20 May 13
27 Feb 13
2 Oct 13
2 Oct 13
22 Mar 13

66.000
2.644
8.736
12.480
10.648
8.736
50.383
62.979
53.290
64.917
62.500
58.000
65.000
48.445
67.823
3.200
4.300
3.650
4.100
4.200
4.100
3.100
25.845
20.500
40.000
24.851
29.821
27.000
41.000
28.824
32.500
26.250
26.000
40.000
27.000
33.000
21.000
30.000
23.857
39.762
143.583
179.478
164.000
220.000
154.551
200.000
175.000
12.722
16.778
15.500
18.000
18.000
14.565
17.500
7.119
10.000
7.500
7.500
8.000
314.000
340.000
500.000
330.000

20.000
0.98649
4.99201
3.32801
4.15956
6.65602
19.37984
9.68898
14.53277
14.53277
14.99925
20.000
15.000
19.37984
19.37984
1.500
1.000
1.000
2.000
1.400
0.700
2.000
14.9098
7.000
10.000
9.94036
9.94036
8.000
16.000
9.94036
10.000
20.000
25.000
25.000
18.000
18.000
8.000
10.000
9.94036
9.94036
39.88831
29.91325
40.000
50.000
39.88831
25.000
33.000
4.60936
3.68745
5.000
5.000
5.000
4.60936
7.000
3.95507
4.000
3.000
4.000
5.000
100.000
150.000
100.000
62.500

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

1.04
0.53
0.91
0.47
0.74
0.70
1.00
0.12
1.25
0.42
1.14
0.89
0.84
1.16
0.33
0.69
0.41
0.76
0.22
0.49
1.13
0.63
0.14
1.17
1.43
0.43
0.65
0.48
1.05
0.20
1.03
0.16
0.14
0.60
0.23
0.10
0.98
0.71
0.45
1.39
1.32
0.12
1.09
0.91
1.09
1.48
0.98
1.56
0.04
1.14
0.46
0.77
0.11
0.63
0.74
0.34
0.71
0.73
0.46
1.49
0.94
1.31
2.52

79.25
3.10
12.80
12.80
12.80
12.80
69.50
69.50
69.50
69.50
69.50
69.50
69.50
69.50
69.50
4.22
4.22
4.22
4.22
4.22
4.22
4.22
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
196.00
196.00
196.00
196.00
196.00
196.00
196.00
19.80
19.80
19.80
19.80
19.80
19.80
19.80
9.70
9.70
9.70
9.70
9.70
446.00
446.00
446.00
446.00

74%
161%
97%
86%
79%
102%
116%
74%
72%
67%
80%
77%
71%
93%
68%
138%
294%
91%
107%
84%
226%
91%
127%
224%
171%
77%
103%
93%
159%
0%
124%
86%
82%
137%
76%
66%
96%
95%
83%
145%
90%
70%
65%
74%
64%
70%
58%
173%
80%
73%
72%
72%
78%
72%
86%
77%
40%
88%
74%
121%
69%
62%
135%

0.78
0.49
0.81
0.17
0.58
0.61
0.98
0.01
1.11
0.16
0.67
0.63
0.51
1.08
0.15
0.68
0.01
0.66
0.04
0.28
0.04
0.57
0.03
0.04
1.11
0.26
0.34
0.19
0.80
0.26
0.54
0.07
0.07
0.50
0.11
0.03
0.72
0.38
0.30
1.10
1.31
0.01
0.87
0.57
1.04
0.73
0.77
1.54
0.00
0.94
0.16
0.53
0.00
0.45
0.65
0.16
0.71
0.57
0.37
1.30
0.73
0.91
1.83

10%
2%
4%
15%
7%
5%
0%
11%
3%
15%
15%
9%
12%
2%
12%
0%
8%
5%
13%
16%
22%
3%
9%
53%
2%
11%
11%
17%
8%
-2%
15%
12%
12%
5%
19%
33%
10%
13%
8%
1%
0%
10%
6%
11%
1%
17%
6%
1%
16%
7%
21%
10%
29%
11%
4%
11%
-1%
7%
6%
4%
8%
17%
9%

3.81
5.93
2.82
8.18
4.16
2.75
3.59
59.78
3.83
11.39
4.06
3.90
5.52
3.09
10.87
4.08
10.29
5.55
9.59
6.15
5.34
3.35
12.58
3.21
1.84
6.14
4.06
6.84
1.56
13.20
2.55
8.20
7.50
1.75
6.34
14.58
3.35
3.70
5.87
1.90
3.72
54.60
4.50
4.31
4.51
5.30
6.06
2.75
134.24
3.47
8.61
5.14
39.05
4.49
3.31
7.13
4.55
3.32
4.22
2.99
3.16
3.40
2.83

www.asiaplus.co.th

Delta

Breakeven

0.83
1.00
0.99
-0.35
0.88
0.99
1.00
-0.06
0.96
-0.31
0.72
0.83
0.68
1.00
-0.40
1.00
-0.13
0.98
-0.29
0.72
-0.10
0.99
-0.37
-0.09
-1.00
0.69
-0.69
0.51
-0.99
-0.74
-0.75
0.55
0.57
-1.00
0.51
0.18
0.91
-0.65
0.80
-0.99
1.00
-0.08
0.86
-0.69
0.99
-0.47
0.79
1.00
-0.01
0.91
-0.27
0.77
-0.02
0.79
0.97
-0.47
0.91
0.92
0.87
1.00
0.83
-0.60
0.97

25%
82%
13%
36%
22%
16%
11%
-89%
13%
10%
31%
25%
38%
13%
49%
10%
2085%
24%
43%
43%
43%
12%
472%
24%
nm.
57%
308%
117%
nm.
332%
308%
136%
nm.
nm.
65%
129%
32%
177%
59%
nm.
3%
-85%
21%
171%
10%
51%
26%
17%
-99%
15%
5%
33%
-74%
28%
12%
70%
-1%
18%
18%
33%
11%
61%
55%

Implied

Parity

In-Out

Last Trading

Gearing

Ratio

Money

3.17
5.93
2.78
-2.89
3.65
2.71
3.59
-3.68
3.67
-3.50
2.93
3.25
3.74
3.08
-4.33
4.08
-1.30
5.43
-2.75
4.45
-0.55
3.32
-4.63
-0.28
-1.83
4.23
-2.79
3.50
-1.55
-9.74
-1.92
4.48
4.28
-1.74
3.23
2.57
3.03
-2.40
4.67
-1.88
3.72
-4.28
3.87
-2.97
4.45
-2.51
4.77
2.75
-0.83
3.16
-2.35
3.96
-0.86
3.53
3.23
-3.33
4.15
3.06
3.69
2.98
2.63
-2.05
2.75

0.91
0.98
0.96
0.91
0.93
0.96
1.00
1.08
0.97
0.98
0.87
0.92
0.90
0.98
0.94
1.00
0.90
0.96
0.93
0.86
0.86
0.97
0.94
0.91
0.48
0.90
0.72
0.85
0.45
0.85
0.61
0.89
0.89
0.48
0.84
0.75
0.91
0.71
0.93
0.49
1.00
1.07
0.94
0.74
0.99
0.83
0.95
0.99
1.17
0.93
0.98
0.91
1.31
0.90
0.97
0.85
1.01
0.93
0.94
0.96
0.93
0.71
0.91

-10%
-2%
-4%
10%
-7%
-5%
0%
-8%
-3%
2%
-15%
-9%
-12%
-2%
7%
0%
12%
-5%
8%
-16%
16%
-3%
6%
9%
107%
-11%
38%
-17%
120%
17%
63%
-12%
-12%
110%
-19%
-33%
-10%
41%
-8%
104%
0%
-7%
-6%
35%
-1%
21%
-6%
-1%
-15%
-7%
3%
-10%
-24%
-11%
-4%
17%
1%
-7%
-6%
-4%
-8%
41%
-9%

Date
3 Jun 13
16 Jan 13

3 Jan 13

DW Cash Balance *

22 Apr 13
22 Apr 13
10 May 13
22 Apr 13
16 Jan 13
16 Jan 13
28 Mar 13
28 Mar 13
3 Jul 13
27 May 13
7 May 13
4 Mar 13
4 Mar 13
16 Jan 13
16 Jan 13
18 Mar 13
18 Mar 13
3 Jun 13
3 Jun 13
22 Apr 13
16 Jan 13
3 Jun 13
20 Feb 13
28 Mar 13
28 Mar 13
20 Mar 13
20 Mar 13
12 Feb 13
10 May 13
21 Feb 13
4 Mar 13
4 Mar 13
7 May 13
7 May 13
7 May 13
7 May 13
4 Mar 13
4 Mar 13
16 Jan 13
16 Jan 13
24 Apr 13
24 Apr 13
12 Feb 13
20 Jun 13
1 Apr 13
16 Jan 13
16 Jan 13
28 Jun 13
28 Jun 13
10 May 13
18 Mar 13
3 Jun 13
22 Apr 13
22 Apr 13
28 Jun 13
14 Jun 13
14 May 13
20 Feb 13
26 Sep 13
26 Sep 13
18 Mar 13

Derivatives Warrant
As of :
Derivatives
Warrant

MINT01CB
MINT01PA
MINT06CA
MINT08CB
MINT42CC
PS01CC
PS01PB
PS06CB
PS08CC
PS13CD
PS28CA
PS42CB
PTT01CD
PTT01PD
PTT06CC
PTT06PC
PTT08CE
PTT08PC
PTT13CH
PTT13PC
PTT16CA
PTT18CD
PTT28CA
PTT28CB
PTT42CE
PTT42PB
PTTE01CD
PTTE01PD
PTTE08CD
PTTE08PB
PTTE13CF
PTTE13PB
PTTE18CB
PTTE18PB
PTTE28CA
PTTE42CE
PTTE42PB
PTTG01CC
PTTG01PC
PTTG06CB
PTTG06PB
PTTG08CC
PTTG08PB
PTTG13CC
PTTG13PC
PTTG18CB
PTTG28CA
PTTG42CB
ROBI01CA
SCB01CC
SCB01PB
SCB06CD
SCB06PD
SCB08CE
SCB08PC
SCB13CD
SCB13PC
SCB16CA
SCB18CA
SCB18PA
SCB28CA
SCB28CB
SCB42CD
SCC01CD
SCC01PD
SCC08CD
SCC08PC
SCC13CE
SCC13PC
SCC18CB
SCC28CA
SCCC13CA

Final Exercise

Exercise

Exercise Ratio

DW

Stock

Implied

Theory

All-in

Gearing

Date

Price

DW

Stock

Price

Price

Volatility

Price(B&S)

Premium

(x)

7 Jun 13
7 Jun 13
5 Jul 13
21 Jan 13
8 Mar 13
26 Apr 13
26 Apr 13
5 Jul 13
18 Jan 13
7 Aug 13
7 Jun 13
26 Apr 13
26 Apr 13
26 Apr 13
3 Apr 13
3 Apr 13
27 Feb 13
27 Feb 13
9 Jul 13
22 Mar 13
28 Feb 13
20 May 13
13 May 13
13 May 13
26 Apr 13
26 Apr 13
22 Jan 13
22 Jan 13
25 Jan 13
25 Jan 13
22 Mar 13
22 Mar 13
27 Feb 13
27 Feb 13
13 May 13
26 Apr 13
26 Apr 13
27 Feb 13
27 Feb 13
6 Feb 13
6 Feb 13
23 Apr 13
23 Apr 13
10 Jul 13
10 Jul 13
15 Mar 13
5 Apr 13
15 Mar 13
26 Apr 13
22 Jan 13
22 Jan 13
6 Feb 13
6 Feb 13
25 Jan 13
25 Jan 13
10 Jul 13
26 Mar 13
28 Feb 13
8 Mar 13
8 Mar 13
5 Apr 13
5 Apr 13
15 Mar 13
27 Feb 13
27 Feb 13
5 Mar 13
5 Mar 13
25 Mar 13
25 Mar 13
4 Mar 13
5 Apr 13
30 Apr 13

18.000
23.000
14.000
14.000
11.000
15.000
21.000
16.000
16.000
21.300
21.000
15.500
300.000
380.000
285.685
349.717
340.000
410.000
320.000
339.866
285.685
280.000
310.000
350.000
265.982
394.048
152.145
189.445
155.000
170.000
165.000
170.000
130.000
180.000
165.000
130.000
200.000
53.000
70.000
59.113
68.965
58.000
71.000
62.000
65.000
55.000
57.000
53.202
57.000
131.140
164.919
131.140
158.958
144.055
158.958
160.000
144.055
134.121
140.000
190.000
165.000
145.000
141.075
300.000
365.000
330.000
400.000
310.625
335.278
280.000
350.000
360.000

8.000
5.000
6.000
5.000
5.000
8.000
5.000
6.000
6.000
6.000
6.500
8.000
80.000
50.000
49.26108
49.26108
50.000
100.000
65.01951
98.52217
78.80221
100.000
65.0000
65.0000
78.80221
78.80221
39.26188
39.26188
35.000
35.000
50.000
50.000
50.000
50.000
32.000
40.000
40.000
20.000
10.000
14.7776
14.7776
16.000
16.000
14.99925
10.000
25.000
18.000
19.70443
20.000
29.80626
29.80626
24.83855
24.83855
29.80456
24.83713
30.003
24.83855
34.77051
50.000
50.000
33.000
33.000
39.74563
80.000
50.000
50.000
80.000
98.61933
98.61933
100.000
65.000
100.000

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

0.54
1.14
1.11
1.17
1.79
0.90
0.59
1.08
0.89
0.76
0.64
0.89
0.74
1.32
1.29
1.37
0.59
0.95
1.00
0.48
0.76
0.72
0.87
0.53
1.06
0.97
0.45
0.61
0.44
0.43
0.39
0.51
0.79
0.56
0.64
1.09
1.03
0.98
0.69
0.74
0.28
0.98
0.79
1.22
1.13
0.69
0.98
0.99
0.82
1.80
0.08
1.30
0.17
1.15
0.08
1.36
0.19
1.32
0.72
0.46
0.87
0.90
1.04
1.89
0.21
2.50
0.29
1.45
0.13
1.64
1.64
1.08

19.80
19.80
19.80
19.80
19.80
21.40
21.40
21.40
21.40
21.40
21.40
21.40
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
337.00
166.50
166.50
166.50
166.50
166.50
166.50
166.50
166.50
166.50
166.50
166.50
71.25
71.25
71.25
209.00
71.25
71.25
71.25
71.25
71.25
71.25
71.25
67.00
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
184.50
446.00
446.00
446.00
446.00
446.00
446.00
446.00
446.00
434.00

79%
102%
80%
133%
124%
87%
86%
71%
0%
79%
81%
96%
57%
55%
56%
96%
65%
97%
82%
77%
61%
53%
58%
53%
62%
55%
74%
71%
61%
93%
65%
81%
71%
86%
53%
67%
56%
84%
83%
0%
309%
57%
92%
76%
83%
59%
74%
73%
84%
102%
69%
0%
71%
0%
67%
59%
62%
0%
0%
69%
53%
0%
0%
92%
65%
81%
65%
77%
71%
0%
60%
78%

0.34
0.56
0.95
1.16
1.74
0.80
0.22
0.93
0.90
0.41
0.34
0.75
0.60
1.05
1.14
0.60
0.33
0.73
0.38
0.24
0.68
0.64
0.66
0.36
0.94
0.81
0.38
0.56
0.37
0.20
0.23
0.25
0.73
0.33
0.46
0.95
0.87
0.91
0.26
0.82
0.00
0.88
0.30
0.83
0.36
0.66
0.83
0.92
0.58
1.79
0.00
2.11
0.01
1.35
0.00
0.99
0.01
1.44
0.89
0.23
0.69
1.20
1.09
1.81
0.01
2.30
0.06
1.36
0.00
1.65
1.47
0.77

13%
13%
4%
0%
1%
4%
16%
5%
0%
21%
18%
6%
7%
7%
4%
16%
10%
7%
24%
13%
3%
4%
9%
14%
4%
6%
2%
1%
2%
7%
11%
13%
2%
9%
11%
4%
5%
2%
11%
-2%
69%
3%
18%
13%
25%
1%
5%
2%
10%
0%
12%
-11%
16%
-3%
15%
9%
24%
-2%
-5%
9%
5%
-5%
-1%
1%
21%
2%
16%
2%
28%
0%
2%
8%

4.58
3.47
2.97
3.38
2.21
2.97
7.25
3.30
4.01
4.69
5.14
3.01
5.69
5.11
5.30
4.99
11.42
3.55
5.18
7.13
5.63
4.68
5.96
9.78
4.03
4.41
9.42
6.95
10.81
11.06
8.54
6.53
4.22
5.95
8.13
3.82
4.04
3.64
10.33
6.52
50.51
4.54
5.64
3.89
6.31
4.13
4.04
3.65
4.09
3.44
77.37
5.71
43.69
5.38
92.85
4.52
39.09
4.02
5.13
8.02
6.43
6.21
4.46
2.95
42.48
3.57
19.22
3.12
34.79
2.72
4.18
4.02

www.asiaplus.co.th

Delta

Breakeven

0.72
-0.63
0.95
1.00
1.00
0.98
-0.38
0.92
1.00
0.61
0.62
0.97
0.75
-0.68
0.85
-0.54
0.51
-0.91
-0.37
-0.48
0.90
0.83
0.69
0.48
0.90
-0.74
0.91
-0.96
0.83
-0.57
0.56
-0.51
0.97
-0.69
0.57
0.91
-0.78
0.99
-0.39
0.98
0.00
0.89
-0.43
0.77
-0.29
0.96
0.92
0.98
0.83
1.00
-0.02
1.00
-0.03
1.00
-0.01
0.79
-0.03
1.00
0.99
-0.56
0.81
0.96
0.99
1.00
-0.03
1.00
-0.16
1.00
-0.02
1.00
0.96
0.89

34%
145%
9%
8%
5%
13%
46%
11%
-9%
39%
48%
20%
24%
156%
17%
153%
101%
nm.
31%
98%
21%
13%
28%
47%
13%
206%
74%
106029%
60%
752%
66%
121%
15%
443%
37%
15%
246%
15%
79%
-20%
-100%
12%
76%
27%
15%
8%
21%
12%
36%
5%
-94%
-79%
-80%
-50%
-94%
19%
-64%
-17%
-25%
140%
22%
-20%
-6%
9%
-73%
14%
-29%
9%
-70%
-3%
10%
28%

Implied

Parity

In-Out

Last Trading

Gearing

Ratio

Money

3.31
-2.17
2.82
3.38
2.21
2.91
-2.73
3.04
4.01
2.84
3.20
2.91
4.30
-3.48
4.52
-2.69
5.78
-3.25
-1.90
-3.44
5.09
3.89
4.14
4.66
3.64
-3.28
8.61
-6.68
8.95
-6.32
4.80
-3.31
4.11
-4.08
4.62
3.49
-3.15
3.60
-4.05
6.36
0.00
4.03
-2.42
2.99
-1.84
3.97
3.71
3.57
3.40
3.44
-1.68
5.71
-1.41
5.38
-1.05
3.59
-1.15
4.01
5.08
-4.51
5.19
5.96
4.40
2.95
-1.24
3.56
-3.09
3.11
-0.54
2.72
4.01
3.57

0.89
0.69
0.96
1.00
0.99
0.96
0.89
0.95
1.00
0.83
0.85
0.95
0.94
0.76
0.96
0.81
0.91
0.67
0.88
0.87
0.98
0.96
0.92
0.88
0.96
0.72
0.98
0.78
0.98
0.90
0.90
0.85
0.98
0.80
0.90
0.96
0.69
0.98
0.93
1.02
2.86
0.97
0.85
0.89
0.93
0.99
0.95
0.98
0.91
1.00
1.10
1.13
1.13
1.03
1.15
0.92
1.24
1.02
1.05
0.87
0.95
1.06
1.01
0.99
1.19
0.98
1.05
0.98
1.28
1.00
0.98
0.93

-13%
45%
-4%
0%
-1%
-4%
12%
-5%
0%
-21%
-18%
-6%
-7%
32%
-4%
24%
-10%
50%
14%
15%
-3%
-4%
-9%
-14%
-4%
40%
-2%
28%
-2%
11%
-11%
17%
-2%
25%
-11%
-4%
45%
-2%
8%
2%
-65%
-3%
17%
-13%
7%
-1%
-5%
-2%
-10%
0%
-9%
11%
-12%
3%
-13%
-9%
-19%
2%
5%
15%
-5%
5%
1%
-1%
-16%
-2%
-5%
-2%
-22%
0%
-2%
-8%

Date
3 Jun 13
3 Jun 13

3 Jan 13

DW Cash Balance *

28 Jun 13
15 Jan 13
4 Mar 13
22 Apr 13
22 Apr 13
28 Jun 13
14 Jan 13
1 Aug 13
3 Jun 13
22 Apr 13
22 Apr 13
22 Apr 13
28 Mar 13
28 Mar 13
20 Feb 13
20 Feb 13
3 Jul 13
18 Mar 13
21 Feb 13
14 May 13
7 May 13
7 May 13
22 Apr 13
22 Apr 13
16 Jan 13
16 Jan 13
21 Jan 13
21 Jan 13
18 Mar 13
18 Mar 13
20 Feb 13
20 Feb 13
7 May 13
22 Apr 13
22 Apr 13
20 Feb 13
20 Feb 13
31 Jan 13
31 Jan 13
17 Apr 13
17 Apr 13
4 Jul 13
4 Jul 13
11 Mar 13
1 Apr 13
11 Mar 13
22 Apr 13
16 Jan 13
16 Jan 13
31 Jan 13
31 Jan 13
21 Jan 13
21 Jan 13
4 Jul 13
20 Mar 13
21 Feb 13
4 Mar 13
4 Mar 13
1 Apr 13
1 Apr 13
11 Mar 13
20
20
27
27
19
19
26

Feb
Feb
Feb
Feb
Mar
Mar
Feb

13
13
13
13
13
13
13

1 Apr 13
24 Apr 13

Derivatives Warrant
As of :
Derivatives
Warrant

SPAL01CC
SPAL08CB
SPAL42CB
SPAL42PA
STA01CD
STA01PC
STA08CB
STA08PA
STA13CE
STA13PB
STA42CD
TCAP01CC
TCAP01PB
TCAP06CA
TCAP08CD
TCAP08PB
TCAP13CE
TCAP18CA
TCAP28CA
TCAP42CC
THAI01CE
THAI01PD
THAI03CA
THAI08CB
THAI08PA
THAI13CD
THAI18CC
THAI28CA
THAI42CC
TISC01CC
TISC01PB
TMB01CB
TMB01PB
TOP01CD
TOP01PD
TOP08CE
TOP08PB
TOP13CE
TOP13PC
TOP16CA
TOP28CA
TOP42CD
TOP42PA
TPIP01CC
TPIP01PB
TPIP13CC
TPIP13CD
TPIP28CA
TPIP42CA
TPIP42PA
TRUE01CE
TRUE01PE
TRUE06CA
TRUE06PA
TRUE08CD
TRUE08PB
TRUE13CE
TRUE13PB
TRUE16CA
TRUE18CD
TRUE28CA
TRUE28CB
TUF01CC
TUF08CD
TUF01PB
TUF13CC
TUF16CA

Final Exercise

Exercise

Exercise Ratio

DW

Stock

Implied

Theory

All-in

Gearing

Date

Price

DW

Stock

Price

Price

Volatility

Price(B&S)

Premium

(x)

7 Jun 13
21 Jan 13
28 Jun 13
28 Jun 13
22 Jan 13
22 Jan 13
28 Jan 13
28 Jan 13
5 Jul 13
5 Jul 13
15 Feb 13
27 Feb 13
27 Feb 13
6 Jun 13
2 Apr 13
2 Apr 13
13 Jun 13
8 Mar 13
7 Jun 13
15 Mar 13
26 Apr 13
26 Apr 13
14 Mar 13
28 Jan 13
28 Jan 13
10 Jul 13
23 May 13
7 Jun 13
15 Feb 13
7 Jun 13
7 Jun 13
27 Feb 13
27 Feb 13
7 Jun 13
7 Jun 13
2 Apr 13
2 Apr 13
26 Mar 13
26 Mar 13
28 Feb 13
7 Jun 13
8 Mar 13
8 Mar 13
26 Apr 13
26 Apr 13
30 Apr 13
4 Oct 13
13 May 13
28 Jun 13
28 Jun 13
7 Jun 13
7 Jun 13
5 Jul 13
5 Jul 13
2 Apr 13
2 Apr 13
26 Jun 13
30 Apr 13
31 May 13
4 Mar 13
7 Jun 13
11 Jun 13
7 Jun 13
18 Jan 13
7 Jun 13
10 Jul 13
31 May 13

16.000
15.751
16.000
20.000
13.400
18.000
14.600
19.500
17.000
20.000
12.000
27.648
37.522
28.635
32.000
42.000
31.597
26.660
38.000
25.673
18.500
25.000
22.000
18.000
21.000
23.000
20.000
23.000
17.000
43.000
50.000
1.350
1.750
58.000
75.000
57.000
82.000
59.549
62.526
54.586
66.000
47.639
74.436
10.000
16.000
12.200
14.800
14.000
14.000
19.000
4.200
5.300
4.400
5.200
5.200
7.000
5.500
5.000
5.300
3.600
5.500
4.100
67.000
69.000
78.000
70.000
70.000

8.000
3.93782
8.000
4.000
5.000
4.000
6.000
5.000
5.000
5.000
5.000
9.87459
9.87459
7.89952
8.000
10.000
15.79779
24.68553
18.000
19.74724
8.000
5.000
20.000
5.000
5.000
5.99988
10.000
6.500
5.000
16.000
10.000
0.500
0.500
20.000
10.000
16.000
25.000
19.84915
19.84915
19.84915
16.500
19.84915
19.84915
8.000
4.000
6.250
6.000
7.000
8.000
5.000
2.000
1.250
1.000
1.000
1.000
2.000
3.125
2.000
4.000
2.000
3.500
1.500
20.000
20.000
10.000
14.99925
20.000

1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000
1.000

0.55
0.58
0.45
0.86
1.08
0.21
0.37
0.45
0.89
0.93
1.38
1.13
0.39
1.40
1.03
0.90
0.62
0.48
0.32
0.66
0.67
0.95
0.15
0.92
0.31
0.70
0.47
0.55
1.17
0.87
0.80
1.18
0.25
0.81
1.47
1.01
0.83
0.69
0.25
0.77
0.79
1.13
0.59
0.64
0.76
0.55
1.00
0.36
0.34
1.03
0.83
0.80
1.55
0.85
0.82
0.99
0.34
0.44
0.22
0.91
0.26
0.98
0.77
0.27
1.66
1.04
0.67

18.40
18.40
18.40
18.40
18.80
18.80
18.80
18.80
18.80
18.80
18.80
38.00
38.00
38.00
38.00
38.00
38.00
38.00
38.00
38.00
22.30
22.30
22.30
22.30
22.30
22.30
22.30
22.30
22.30
51.75
51.75
1.91
1.91
69.50
69.50
69.50
69.50
69.50
69.50
69.50
69.50
69.50
69.50
14.50
14.50
14.50
14.50
14.50
14.50
14.50
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.40
5.40
73.50
73.50
73.50
73.50
73.50

77%
0%
54%
73%
92%
108%
0%
146%
79%
101%
103%
98%
84%
74%
80%
107%
77%
84%
65%
94%
81%
90%
82%
104%
130%
82%
76%
76%
106%
83%
75%
170%
201%
62%
76%
75%
105%
69%
69%
52%
68%
74%
86%
92%
102%
79%
139%
74%
69%
92%
91%
159%
96%
146%
97%
220%
84%
149%
67%
71%
75%
62%
71%
54%
86%
74%
69%

0.36
0.65
0.35
0.40
1.08
0.09
0.66
0.20
0.76
0.57
1.36
1.04
0.16
1.19
0.81
0.45
0.46
0.45
0.19
0.61
0.57
0.64
0.10
0.87
0.08
0.46
0.38
0.39
1.07
0.70
0.55
1.15
0.02
0.66
0.80
0.82
0.49
0.55
0.08
0.75
0.49
1.10
0.32
0.57
0.32
0.42
0.32
0.21
0.21
0.65
0.77
0.26
1.42
0.30
0.69
0.39
0.29
0.15
0.23
0.91
0.24
1.01
0.48
0.24
0.74
0.57
0.39

11%
-2%
7%
10%
0%
9%
-11%
8%
14%
18%
1%
2%
11%
4%
6%
13%
9%
1%
15%
2%
7%
9%
12%
1%
13%
22%
11%
19%
2%
10%
19%
2%
15%
7%
13%
5%
12%
5%
17%
1%
14%
1%
10%
4%
11%
8%
43%
14%
15%
4%
9%
20%
10%
19%
11%
7%
22%
24%
14%
0%
19%
3%
12%
1%
16%
16%
13%

4.18
8.06
5.11
5.35
3.48
22.38
8.47
8.36
4.22
4.04
2.72
3.41
9.87
3.44
4.61
4.22
3.88
3.21
6.60
2.92
4.16
4.69
7.43
4.85
14.39
5.31
4.74
6.24
3.81
3.72
6.47
3.24
15.28
4.29
4.73
4.30
3.35
5.07
14.01
4.55
5.33
3.10
5.93
2.83
4.77
4.22
2.42
5.75
5.33
2.82
3.25
5.40
3.48
6.35
6.59
2.73
5.08
6.14
6.14
2.97
5.93
3.67
4.77
13.61
4.43
4.71
5.49

Delta

Breakeven

0.83
1.00
0.81
-0.54
1.00
-0.30
0.98
-0.51
0.71
-0.43
1.00
0.99
-0.42
0.91
0.87
-0.64
0.81
0.99
0.55
0.99
0.80
-0.55
0.57
0.98
-0.26
0.56
0.70
0.55
0.97
0.77
-0.39
1.00
-0.12
0.83
-0.55
0.91
-0.79
0.86
-0.23
0.98
0.65
1.00
-0.63
0.99
-0.55
0.88
0.62
0.65
0.64
-0.75
0.87
-0.27
0.89
-0.26
0.77
-0.54
0.64
-0.27
0.65
0.99
0.62
0.89
0.72
0.88
-0.53
0.64
0.64

28%
-46%
14%
67%
0%
nm.
-88%
nm.
31%
75%
5%
17%
91%
11%
29%
265%
22%
8%
41%
11%
25%
163%
92%
29%
24%
49%
32%
53%
26%
26%
32%
13%
-13%
17%
85%
25%
458%
29%
-13%
4%
36%
5%
269%
15%
149%
nm.
63%
47%
35%
195%
22%
45%
22%
27%
61%
836%
53%
32%
41%
3%
51%
8%
32%
50%
84%
36%
38%

Implied

Parity

In-Out

Last Trading

Gearing

Ratio

Money

3.48
8.05
4.15
-2.88
3.48
-6.65
8.29
-4.25
3.01
-1.73
2.72
3.38
-4.12
3.14
4.01
-2.69
3.14
3.18
3.60
2.90
3.34
-2.58
4.25
4.76
-3.71
2.98
3.33
3.43
3.70
2.85
-2.51
3.24
-1.89
3.56
-2.58
3.91
-2.64
4.37
-3.16
4.44
3.48
3.09
-3.75
2.79
-2.64
3.70
1.51
3.76
3.43
-2.12
2.84
-1.47
3.10
-1.62
5.06
-1.46
3.25
-1.63
3.98
2.93
3.71
3.28
3.41
11.93
-2.34
3.03
3.53

0.90
1.02
0.94
0.78
1.00
1.00
1.12
0.86
0.88
0.76
0.99
0.98
0.92
0.96
0.94
0.75
0.92
0.99
0.87
0.98
0.93
0.75
0.89
0.99
0.99
0.82
0.90
0.84
0.98
0.91
0.89
0.98
1.02
0.94
0.77
0.95
0.68
0.95
1.03
0.99
0.88
0.99
0.81
0.96
0.76
0.93
0.70
0.88
0.87
0.60
0.92
0.86
0.91
0.89
0.90
0.60
0.82
0.92
0.87
1.00
0.84
0.97
0.89
0.99
0.78
0.86
0.88

-11%
2%
-7%
27%
0%
0%
11%
16%
-14%
31%
-1%
-2%
9%
-4%
-6%
34%
-9%
-1%
-15%
-2%
-7%
33%
-12%
-1%
1%
-22%
-11%
-19%
-2%
-10%
12%
-2%
-2%
-7%
29%
-5%
48%
-5%
-3%
-1%
-14%
-1%
24%
-4%
31%
-8%
-43%
-14%
-15%
67%
-9%
17%
-10%
12%
-11%
66%
-22%
9%
-14%
0%
-19%
-3%
-12%
-1%
29%
-16%
-13%

Date
3 Jun 13
15 Jan 13
24 Jun 13
24 Jun 13
16 Jan 13

16 Jan 13
22 Jan 13
22 Jan 13
28 Jun 13
28 Jun 13
11 Feb 13
20 Feb 13
20 Feb 13
31 May 13
27 Mar 13
27 Mar 13
7 Jun 13
4 Mar 13
3 Jun 13
11 Mar 13
22 Apr 13
22 Apr 13
8 Mar 13
22 Jan 13
22 Jan 13
4 Jul 13
17 May 13
3 Jun 13
11 Feb 13
3 Jun 13
3 Jun 13
20 Feb 13
20 Feb 13
3 Jun 13
3 Jun 13
27 Mar 13
27 Mar 13
20 Mar 13
20 Mar 13
21 Feb 13
3 Jun 13
4 Mar 13
4 Mar 13
22 Apr 13
22 Apr 13
24 Apr 13
30 Sep 13
7 May 13
24 Jun 13
24 Jun 13
3 Jun 13
3 Jun 13
28 Jun 13
28 Jun 13
27 Mar 13
27 Mar 13
20 Jun 13
24 Apr 13
27 May 13
26 Feb 13
3 Jun 13
5 Jun 13
3 Jun 13
14 Jan 13
3 Jun 13
4 Jul 13
27 May 13

* DW Cash balance 1- Week Turnover 200 % 1-Week Average Implied Volatility 100%

www.asiaplus.co.th

3 Jan 13

DW Cash Balance *

: ASP

Company Recommend
Price
L/T
3/01/13
3 months
(B)
AGRO & FOOD INDUSTRY
Agribusiness
CPI
HOLD
6.40
GFPT
HOLD
8.35
18.80
STA
BUY
UPOIC
HOLD
11.30
UVAN
HOLD
95.25
Foods & Beverages
CFRESH
HOLD
10.00
CPF
BUY
34.25
KBS
HOLD
10.60
KSL
BUY
13.90
LST
HOLD
4.04
MINT
HOLD
19.80
OISHI
BUY
161.50
TVO
BUY
24.30
TUF
BUY
73.50
Home & Office Products
SIAM
HOLD
3.12
FINANCIALS
Banking
BAY
BUY
33.00
BBL
BUY
196.00
KBANK
BUY
196.00
KK
BUY
49.25
KTB
BUY
19.80
LHBANK
BUY
1.37
SCB
BUY
184.50
TCAP
BUY
38.00
TISCO
HOLD
51.75
TMB
HOLD
1.91
Finance
AEONTS
BUY
93.75
ASK
BUY
19.80
CGS
HOLD
1.01
CNS
SELL
31.50
FSS
HOLD
2.64
GBX
SELL
0.74
GL
HOLD
73.25
IFS
BUY
2.60
JMT
BUY
11.20
KCAR
BUY
16.40
KGI
SELL
2.38
MBKET
HOLD
14.60
OSK
SELL
4.58
TK
BUY
16.60
TNITY
HOLD
5.10
UOBKH
SELL
3.50
Insurance
BKI
HOLD
300.00
BLA
HOLD
64.00
THRE
BUY
5.05
INDUSTRIALS
Automotive
AH
BUY
20.10
APCS
SELL
4.70
IHL
HOLD
9.45
IRC
BUY
15.50
SAT
BUY
30.75
STANLY
BUY
216.00
Industrial Materials & Machinery
KKC
HOLD
4.94
SNC
BUY
24.80
Petrochem & Chemicals
IVL
HOLD
26.25
PTTGC
BUY
71.25
TPC
BUY
31.50
VNT
BUY
18.20
Packaging
AJ
BUY
15.90
Steel
BSBM
HOLD
1.16
CSP
HOLD
2.02
MCS
BUY
6.40

www.asiaplus.co.th

Fair Upside CAPM

Value
(%) Beta
(B)

Free
Float
(%)

5.34
8.50
19.10
7.92
96.19

-17%
2%
2%
-30%
1%

0.32
0.47
1.97
0.72
0.45

37.6
45.1
52.0
23.1
39.2

6.85
38.38
11.30
16.25
3.92
22.00
216.33
32.32
94.00

-32%
12%
7%
17%
-3%
11%
34%
33%
28%

0.43
0.71
0.87
0.92
1.23
1.04
0.49
0.95
0.46

31.3
46.6
38.9
20.7
18.1
55.6
10.7
56.8
54.4

3.76

21%

1.10

35.2

38.00
245.00
237.33
51.10
23.69
1.75
213.42
49.63
52.00
1.78

15%
25%
21%
4%
20%
27%
16%
31%
0%
-7%

1.27
1.18
1.24
0.93
1.40
na.
1.31
1.04
0.86
1.22

67.1
97.7
76.3
69.9
44.9
22.2
71.1
84.7
77.6
43.7

112.85
23.00
0.98
23.36
2.64
0.70
83.30
3.54
6.88
22.62
2.12
14.86
1.46
20.23
5.65
3.22

20%
16%
-3%
-26%
0%
-5%
14%
36%
-39%
38%
-11%
2%
-68%
22%
11%
-8%

0.53
0.39
0.68
0.43
0.87
0.61
0.78
0.41
na.
0.55
1.50
0.65
-0.12
0.78
0.21
0.33

29.3
22.7
61.9
57.4
30.6
59.3
32.8
26.6
49.1
26.7
65.0
16.7
2.7
29.3
31.7
13.5

261.33
49.80
5.20

-13%
-22%
3%

0.37
0.61
0.25

68.8
34.6
63.9

29.00
4.72
9.42
17.00
40.64
268.34

44%
0%
0%
10%
32%
24%

0.92
na.
1.11
0.34
0.84
0.60

51.8
34.4
34.9
29.7
42.3
40.5

4.69
29.08

-5%
17%

1.20
0.90

41.7
41.3

26.50
73.39
32.30
24.64

1%
3%
3%
35%

2.05
na.
0.95
1.23

33.6
51.0
10.4
16.3

17.83

12%

1.60

45.6

1.23
2.00
7.96

6%
-1%
24%

0.39
0.29
0.67

27.3
15.1
62.5

Mkt.
Cap.
(Bbn)
48.94
1.79
10.47
24.06
3.66
8.95
510.81
4.50
265.20
5.30
22.57
3.31
73.00
30.28
19.65
84.35
9.84
1.85

Net Profit
(Bm)
11A
12F
4,344
165
1,203
1,306
388
1,282
28,601
224
15,837
801
1,890
168
2,880
808
725
5,075
590
308

2,263
125
16
961
257
904
35,458
304
19,690
782
2,354
268
3,045
700
2,033
6,065
755
346

Earnings Guide
EPS
(B)
13F
11A
12F
13F
3,000
139
488
1,166
280
928
34,273
289
16,623
696
2,373
301
3,428
1,109
1,869
7,352
781
262

2,174.48 129,745 167,463 203,729

200.45
9,264
14,503
16,224
374.13
27,338
33,695
39,659
469.08
24,226
36,159
43,518
41.02
2,859
3,262
4,441
276.83
17,012
25,555
29,798
16.41
496
574
795
627.15
36,273
39,479
46,387
48.56
5,003
5,677
13,718
37.67
3,266
3,693
4,293
83.18
4,010
4,867
4,896
78.45
3,858
5,869
6,607
23.44
161
1,731
2,107
6.83
332
493
661
2.35
254
260
193
2.26
217
157
152
1.21
79
156
123
0.81
42
6
5
5.09
215
375
500
1.22
68
115
138
3.36
67
104
147
4.10
323
414
471
4.74
535
408
385
8.34
654
703
707
3.75
27
(73)
(47)
8.30
625
771
843
0.90
117
87
73
1.76
140
163
147
117.66
1,809
(369)
6,769
22.82
52
436
1,904
77.11
3,417
3,469
3,753
17.74 (1,660) (4,274)
1,112
46.13
5.40
1.55
3.31
3.10
10.45
16.55
11.34
4.20
7.14
496.76
126.37
321.26
27.56
21.57
70.47
6.35
64.11
1.31
1.01
3.20

1,320
4,019
(390)
772
89
108
148
276
152
103
408
875
727
1,582
604
766
84
243
520
523
49,892
42,434
15,568
5,990
30,033
31,501
2,302
2,827
1,989
2,117
879
241
879
241
(2,840) (12,444)
101
10
91
125
476
240

4,598
650
130
275
283
1,063
1,861
996
398
598
45,995
8,754
31,718
2,892
2,631
566
566
1,397
45
148
332

0.6
1.0
1.0
1.2
13.6

0.4
0.0
0.8
0.8
9.6

0.5
0.4
0.9
0.9
9.9

0.5
2.4
1.6
1.2
0.2
0.9
4.3
0.9
5.3

0.7
2.7
1.6
1.5
0.3
0.8
3.7
2.5
5.2

0.7
2.3
1.2
1.4
0.4
0.9
5.9
2.3
6.4

0.5

0.6

0.4

1.5
14.3
10.1
4.5
1.5
0.0
10.7
3.9
4.5
0.1

2.4
17.7
15.1
3.9
1.8
0.0
11.6
4.4
5.1
0.1

2.7
20.8
18.2
5.4
2.1
0.1
13.6
11.6
5.9
0.1

0.6
1.4
0.1
3.0
0.2
0.0
3.5
0.1
0.6
1.3
0.3
1.1
0.0
1.2
0.7
0.3

6.9
1.4
0.1
2.2
0.3
0.0
4.9
0.2
0.3
1.7
0.2
1.2
-0.1
1.5
0.5
0.3

8.4
1.9
0.1
2.1
0.3
0.0
5.9
0.3
0.5
1.9
0.2
1.2
-0.1
1.7
0.4
0.3

0.7
2.8
-1.4

5.7
2.9
-1.2

25.0
3.1
0.3

-1.4
0.3
0.5
0.8
1.2
9.5

2.9
0.3
0.8
0.5
2.6
20.6

2.4
0.4
0.8
1.4
3.1
24.3

0.1
1.7

0.3
1.8

0.5
2.1

3.2
6.7
2.6
1.7

1.2
7.0
3.2
1.8

1.8
7.0
3.3
2.2

2.2

0.6

1.4

0.1
0.2
1.0

0.0
0.3
0.5

0.0
0.3
0.7

11A

PER
(X)
12F

13F

11.27
10.9
8.7
18.4
9.4
7.0
15.72
19.9
14.4
6.6
11.4
19.7
22.5
37.5
26.0
13.9
16.69
6.0

21.63
14.4
645.7
25.0
14.3
9.9
14.12
14.6
12.8
6.8
9.3
12.4
24.9
43.2
9.7
14.0
13.04
5.3

16.31
12.9
21.4
20.6
13.1
9.7
14.69
15.4
15.2
9.1
10.0
11.0
22.1
27.3
10.5
11.6
12.61
7.1

16.24
21.6
13.7
19.3
10.9
13.0
31.7
17.3
9.7
11.5
20.7
19.06
145.3
13.7
9.3
10.4
13.8
19.1
21.2
18.0
20.1
12.7
8.9
12.7
136.8
13.3
7.6
12.6
58.37
438.8
22.5
NM

12.98
13.8
11.1
12.9
12.5
10.8
28.9
15.9
8.6
10.2
17.1
13.46
13.5
13.9
9.1
14.4
7.6
145.9
15.0
10.6
32.2
9.9
11.6
11.9
NM
10.8
10.3
10.8
NM
52.4
22.1
NM

10.65
12.4
9.4
10.8
9.2
9.3
21.5
13.5
3.3
8.8
17.0
12.04
11.1
10.3
12.2
14.8
10.0
175.8
12.4
8.8
22.8
8.7
12.3
11.8
NM
9.8
12.2
12.0
17.34
12.0
20.5
16.0

34.48
NM
15.9
19.1
20.4
25.6
22.8
19.34
50.0
14.4
9.95
8.1
10.7
12.0
10.8
7.23
7.2
NM
13.0
11.1
6.7

11.48
7.0
14.4
12.0
30.2
11.9
10.5
14.80
17.3
13.7
11.70
21.1
10.2
9.8
10.2
26.31
26.3
NM
131.2
8.1
13.4

10.03
8.3
12.0
12.0
10.9
9.8
8.9
11.38
10.5
11.9
9.73
14.4
10.1
9.5
8.2
11.22
11.2
22.88
29.0
6.8
9.6

11A

BVS
(B)
12F

13F

5.7
4.8
14.0
3.3
28.8

5.9
4.5
14.5
3.4
29.0

6.2
4.8
15.1
3.5
31.6

3.2
8.5
4.4
6.3
3.1
4.4
15.5
7.3
25.5

3.4
12.9
5.3
6.5
3.4
5.3
17.0
8.4
32.4

3.4
14.0
7.1
7.7
3.7
6.1
21.1
8.9
35.6

4.1

4.4

4.7

16.9
127.7
64.7
38.3
11.6
1.2
54.7
28.7
22.4
1.2

18.3
140.1
75.3
42.2
12.8
1.2
63.3
31.7
24.2
1.3

19.9
154.6
88.0
44.9
14.0
1.2
73.9
36.4
26.9
1.3

24.5
8.9
1.2
50.6
3.4
1.2
21.7
1.8
1.5
5.6
2.4
7.7
2.6
7.1
7.7
4.3

28.8
9.7
1.2
46.3
3.5
1.2
23.1
1.9
2.1
6.3
2.4
7.8
2.5
7.7
7.8
4.5

33.0
10.3
1.2
46.2
3.6
1.2
26.5
2.1
2.2
7.1
2.4
7.8
2.4
8.4
8.1
4.7

240.3
11.2
0.6

261.3
13.3
1.0

272.4
15.5
nm.

14.8
3.0
2.4
10.3
12.3
110.9

17.5
2.8
2.8
10.1
14.4
128.0

19.0
3.0
3.3
11.4
16.7
145.2

2.5
6.4

2.8
6.8

3.2
7.3

12.2
46.3
16.7
15.3

12.4
46.3
18.5
17.0

13.9
51.2
20.5
19.1

8.5

9.1

10.2

1.7
1.5
4.7

1.6
1.6
4.7

1.6
1.7
5.1

PBV
(X)
11A
12F

13F

DPS
(B)
12F
13F

1.67
1.1
1.7
1.3
3.4
3.3
3.49
3.1
4.0
2.4
2.2
1.3
4.5
10.4
3.3
2.9
1.56
0.8

1.66
1.1
1.9
1.3
3.3
3.3
2.77
2.9
2.7
2.0
2.1
1.2
3.7
9.5
2.9
2.3
1.46
0.7

1.56
1.0
1.7
1.2
3.3
3.0
2.50
2.9
2.5
1.5
1.8
1.1
3.2
7.7
2.7
2.1
1.38
0.7

2.19
2.0
1.5
3.0
1.3
1.7
1.2
3.4
1.3
2.3
1.6
1.85
3.8
2.2
0.8
0.6
0.8
0.6
3.4
1.5
7.2
2.9
1.0
1.9
1.8
2.3
0.7
0.8
3.25
1.2
5.7
8.1

1.95
1.8
1.4
2.6
1.2
1.5
1.2
2.9
1.2
2.1
1.5
1.82
3.3
2.0
0.8
0.7
0.8
0.6
3.2
1.4
5.3
2.6
1.0
1.9
1.8
2.1
0.6
0.8
2.98
1.1
4.8
5.0

1.73
1.7
1.07
1.3
6.50
2.2
3.50
1.1
2.50
1.4
0.73
1.2
0.02
2.5
4.00
1.0
1.33
1.9
2.54
1.4
0.03
1.73
2.8
2.45
1.9
1.00
0.8
0.09
0.7
2.19
0.7
0.14
0.6
0.01
2.8
2.93
1.2
0.15
5.0
0.26
2.3
0.97
1.0
0.17
1.9
1.23
1.9
2.0
1.10
0.6
0.20
0.7
0.07
2.67
1.1 12.00
4.1
0.87
nm.
-

1.99
1.4
1.6
4.0
1.5
2.5
1.9
2.86
2.0
3.9
1.67
2.2
1.5
1.9
1.2
1.86
1.9
0.77
0.7
1.4
1.4

1.77
1.1
1.7
3.4
1.5
2.1
1.7
2.60
1.8
3.6
1.66
2.1
1.5
1.7
1.1
1.75
1.8
0.86
0.7
1.3
1.4

1.58
1.1
1.6
2.9
1.4
1.8
1.5
2.35
1.5
3.4
1.36
1.9
1.4
1.5
1.0
1.56
1.6
0.82
0.7
1.2
1.3

0.22
0.00
0.23
0.71
7.21

0.25
0.12
0.27
0.78
7.40

0.62
0.94
0.63
0.60
0.16
0.20
1.87
1.80
2.62

0.59
1.13
0.46
0.56
0.18
0.27
2.96
1.62
3.18

0.19

0.15

1.20
7.00
4.00
3.00
0.85
0.03
4.50
3.47
3.24
0.03
2.95
1.34
0.07
2.12
0.11
0.00
3.55
0.18
0.37
1.11
0.16
1.24
0.84
0.17
0.06
12.00
0.94
-

1.00
0.13
0.30
0.21
0.90
6.60

0.85
0.16
0.31
0.47
1.09
7.50

0.07
1.60

0.10
1.75

0.37
2.10
1.94
1.07

0.55
2.11
1.98
1.33

0.18

0.42

0.01
0.15
0.24

0.03
0.15
0.33

Yield
(%)
12F
13F
2.6
3.5
0.0
1.2
6.3
7.6
2.9
6.2
2.8
5.9
4.3
4.0
1.0
1.2
7.4
3.6
3.9
6.0

3.1
3.9
1.4
1.5
6.9
7.8
3.3
5.9
3.3
4.4
4.0
4.5
1.4
1.8
6.7
4.3
4.6
4.8

2.7
3.3
3.3
1.8
5.1
3.7
1.6
2.2
3.5
4.9
1.8
4.7
2.6
5.0
8.8
6.9
5.2
0.7
4.0
5.7
2.3
5.9
7.3
8.4
6.7
3.9
2.0
1.7
4.0
1.4
-

3.1
3.6
3.6
2.0
6.1
4.3
2.2
2.4
9.1
6.3
1.8
nm.
3.1
6.8
6.6
6.7
4.0
4.8
6.8
3.3
6.8
6.9
8.5
5.1
1.7
4.0
1.5
-

3.0
5.0
2.8
3.2
1.3
2.9
3.1
4.6
1.4
6.5
2.9
1.4
2.9
6.2
5.9
1.1
1.1
2.2
0.6
7.4
3.7

3.4
4.2
3.3
3.3
3.0
3.6
3.5
5.2
2.0
7.1
2.7
2.1
3.0
6.3
7.3
2.7
2.7
2.4
2.8
7.4
5.2

Company Recommend
Price
L/T
3/01/13
3 months
(B)
SMIT
BUY
4.90
SSI
SELL
0.59
TMT
BUY
8.85
TSTH
SELL
1.11
PROPERTY & CONSTRUCTION
Construction Materials
DCC
BUY
44.75
DRT
HOLD
7.40
SCC
BUY
446.00
SCCC
SELL
434.00
TASCO
HOLD
44.50
TPIPL
SELL
14.50
VNG
BUY
4.46
Property
AMATA
BUY
17.40
AP
HOLD
8.60
CK
HOLD
14.90
CPN
BUY
81.25
HEMRAJ
BUY
3.10
ITD
BUY
4.56
LH
HOLD
9.70
LPN
SELL
18.40
MJD
BUY
2.92
MK
BUY
3.60
NOBLE
BUY
6.15
NUSA
BUY
1.08
NWR
HOLD
2.04
PF
HOLD
1.08
PREB
BUY
9.20
PRIN
HOLD
2.02
PS
BUY
21.40
QH
BUY
2.24
RML
BUY
2.18
ROJNA
BUY
10.60
SC
BUY
28.50
SEAFCO
BUY
5.95
SENA
BUY
3.32
SF
HOLD
7.10
SIRI
BUY
3.58
SPALI
HOLD
18.40
SRICHA
SELL
39.00
STEC
BUY
28.50
STPI
BUY
65.00
SYNTEC
HOLD
1.07
TICON
BUY
14.90
TPOLY
SELL
1.91
TTCL
SELL
35.75
WHA
BUY
38.75
RESOURCES
Energy
BANPU
HOLD
422.00
BCP
BUY
31.50
EASTW
HOLD
13.10
EGCO
BUY
147.50
GLOW
HOLD
79.25
GUNKUL
BUY
23.60
IRPC
BUY
4.22
LANNA
HOLD
23.40
PTT
BUY
337.00
PTTEP
BUY
166.50
RATCH
BUY
60.25
SPCG
BUY
17.90
TOP
BUY
69.50
TTW
HOLD
9.55

www.asiaplus.co.th

Fair Upside CAPM Free

Value
(%) Beta Float
(B)
(%)
5.42
11% 0.27
40.0
0.51
-13% 1.45
46.2
9.23
4% 0.42
22.1
0.84
-24% 0.81
30.0

52.18
8.10
445.00
308.12
45.08
12.73
5.52

17%
9%
0%
-29%
1%
-12%
24%

0.53
0.29
1.19
0.91
1.25
0.96
1.01

37.8
25.6
67.7
25.6
38.2
41.2
30.0

21.64
8.78
13.54
90.00
3.74
5.24
9.40
17.16
3.65
5.05
7.61
1.36
2.00
1.07
10.18
1.95
28.08
3.25
2.45
14.18
25.62
6.91
3.28
8.50
3.72
20.49
27.38
25.54
72.55
0.99
15.79
1.71
27.75
16.81

24%
2%
-9%
11%
20%
15%
-3%
-7%
25%
40%
24%
26%
-2%
-1%
11%
-4%
31%
45%
12%
34%
-10%
16%
-1%
20%
4%
11%
-30%
-10%
12%
-8%
6%
-10%
-22%
-57%

1.49
0.98
1.00
0.83
0.98
1.39
1.26
0.62
0.64
0.45
0.87
0.59
1.23
1.15
na.
0.69
1.19
0.95
0.91
0.35
1.28
0.88
0.46
0.80
0.88
1.06
na.
0.89
0.75
1.22
0.53
0.55
1.09
na.

65.4
59.8
56.8
30.8
58.8
63.5
52.2
82.6
28.3
57.0
72.5
53.0
85.7
75.7
54.3
49.3
25.9
62.8
58.7
31.8
34.6
63.7
36.7
51.3
49.1
71.2
31.6
69.1
71.2
76.2
55.5
44.2
40.3
65.2

515.27
34.02
14.20
147.57
75.25
23.14
5.46
25.36
420.12
195.69
61.90
17.83
80.12
7.90

22%
8%
8%
0%
-5%
-2%
29%
8%
25%
18%
3%
0%
15%
-17%

1.10
0.90
0.47
0.24
0.69
1.05
1.84
1.04
1.26
1.06
0.31
1.09
1.46
0.44

79.5
62.7
30.8
44.1
30.9
40.0
46.0
33.5
48.8
34.7
38.4
37.1
50.0
34.3

Mkt.
Cap.
(Bbn)
2.60
15.98
3.79
9.35
708.73
18.26
7.68
535.20
99.82
6.79
29.28
5.82
745.46
18.57
24.50
24.62
177.03
30.09
19.12
97.25
27.15
2.06
3.10
2.81
2.46
3.17
6.09
2.13
2.46
47.36
20.57
7.79
14.52
18.76
1.28
2.37
8.31
28.22
31.58
11.83
33.81
23.95
1.71
13.07
0.80
17.16
19.76

Net Profit
(Bm)
11A
12F
222
312
(981) (15,930)
81
388
(1,581)
(684)
43,319
1,243
460
27,281
3,293
736
9,751
467
26,735
932
1,551
927
2,058
537
(1,698)
5,609
1,917
184
234
346
56
96
488
107
203
2,835
853
(474)
(554)
1,079
(59)
418
709
2,015
2,568
1,108
904
400
97
436
49
399
405

32,200
1,221
581
24,880
3,962
406
503
526
45,009
1,221
2,375
462
6,193
2,190
207
5,247
2,289
9
250
311
112
657
459
182
361
3,898
2,185
1,172
1,500
1,220
132
306
1,503
2,741
2,972
991
1,133
1,009
(108)
1,173
(88)
531
213

13F
319
(234)
392
395
45,213
1,397
641
35,523
4,429
612
2,008
601
54,541
1,924
2,492
2,592
5,299
3,182
593
5,255
2,554
608
543
434
561
222
862
236
408
5,175
1,795
1,460
1,450
1,683
144
335
578
3,851
3,517
1,048
1,212
1,678
114
1,262
86
673
715

2,447.60 214,512 223,901 230,706

114.68 20,060
9,559 10,436
62.84
5,610
3,801
3,906
21.79
1,008
1,303
1,462
77.65
4,990 11,439
7,463
115.93
3,494
5,800
7,828
10.38
90
823
646
86.23
4,107
1,311
7,758
8.19
1,043
951
682
962.57 105,296 102,047 104,583
661.00 44,748 58,401 62,565
87.36
4,841
7,855
6,527
(12)
456
1,294
10.02
141.78 14,853 12,649 12,817
38.10
2,113
2,469
2,739

Earnings Guide
EPS
(B)
11A 12F 13F
0.4
0.6
0.6
-0.1 -0.9
0.0
0.2
0.9
0.9
-0.2 -0.1
0.0

11A
11.7
NM
46.5
NM

PER
(X)
12F
8.3
NM
9.7
NM

13F
8.1
NM
9.6
23.7

22.01
14.9
13.2
21.5
25.2
16.7
58.2
11.1
16.40
15.2
10.3
53.3
28.6
13.7
92.2
18.5
12.0
229.2
12.5
9.0
17.6
4.8
12.1
11.7
6.9
12.1
9.4
6.6
8.5
15.4
9.7
7.8
5.5
10.2
10.6
11.9
29.8
23.7
NM
10.3
NM
32.3
77.2

15.55
13.1
12.1
15.1
22.5
11.1
14.6
9.7
13.77
9.6
9.8
9.5
33.4
9.5
32.2
18.5
10.7
4.8
5.7
6.5
4.8
14.3
7.0
9.0
6.2
9.1
11.5
5.3
11.0
11.1
8.9
7.1
14.4
7.7
9.0
11.4
27.9
14.3
15.0
11.3
11.2
25.5
27.7

10.84
12.0
11.4
16.7
6.8
20.0
12.6
64.1
8.6
9.4
11.3
11.1
22.0
11.2
15.4

10.30
11.0
11.1
14.9
10.5
14.8
16.1
10.8
12.0
9.2
10.6
13.4
7.7
11.1
13.9

3.0
0.4
22.7
14.3
4.8
4.8
0.4

3.0
0.6
20.7
17.2
2.7
0.2
0.4

3.4
0.6
29.6
19.3
4.0
1.0
0.5

0.9
0.6
0.6
0.9
0.1
-0.4
0.6
1.3
0.3
0.3
0.8
0.0
0.1
0.1
0.5
0.2
1.3
0.1
-0.1
-0.5
1.7
-0.3
0.6
0.7
0.3
1.5
4.9
0.8
1.1
0.1
0.6
0.1
0.8
2.2

1.1
0.8
0.3
2.8
0.2
0.0
0.5
1.5
0.0
0.3
0.7
0.1
0.4
0.1
0.8
0.3
1.8
0.2
0.3
1.2
1.9
0.6
0.4
1.3
0.4
1.7
3.3
1.0
2.7
-0.1
1.4
-0.2
1.1
0.5

1.8
0.9
1.6
2.4
0.3
0.1
0.5
1.7
0.6
0.6
1.0
0.2
0.1
0.2
1.0
0.3
2.3
0.2
0.4
1.0
2.6
0.7
0.5
0.5
0.5
2.0
3.4
1.0
4.5
0.1
1.3
0.2
1.4
1.4

16.36
14.7
16.5
19.6
30.3
9.2
3.0
12.5
26.89
19.9
15.6
26.6
86.0
56.1
NM
17.3
14.2
11.2
13.2
8.1
72.8
33.1
10.5
18.1
12.1
16.7
22.3
NM
NM
17.2
NM
5.4
10.4
12.5
12.3
7.9
37.4
59.9
17.6
25.9
16.3
43.0
17.7

73.8
4.1
0.6
9.4
2.4
0.2
0.2
3.0
36.9
13.5
3.3
0.0
7.3
0.5

35.2
2.8
0.8
21.6
4.0
1.9
0.1
2.7
35.7
14.7
5.4
0.8
6.2
0.6

38.4
2.8
0.9
14.1
5.4
1.5
0.4
1.9
36.6
15.8
4.5
2.3
6.3
0.7

10.80
5.7
7.7
21.6
15.7
33.2
105.4
20.4
7.8
9.1
12.4
18.0
NM
9.5
18.0

11A
3.0
1.3
3.9
1.6

BVS
(B)
12F
3.4
0.5
4.7
1.5

13F
3.7
0.5
5.0
1.6

6.5
2.0
116.8
73.9
25.2
30.4
4.7

6.5
2.2
127.1
78.2
26.6
29.7
5.0

6.9
2.4
142.7
83.4
33.9
29.9
5.2

5.6
3.8
4.0
9.2
0.9
1.9
2.9
4.8
3.1
5.7
8.5
1.0
0.9
1.6
3.1
2.8
7.6
1.6
0.2
3.7
13.4
2.4
2.9
4.0
1.6
6.3
4.9
4.9
8.4
1.4
7.3
1.9
3.5
2.7

6.3
4.3
4.7
11.6
1.1
2.0
3.0
5.6
3.1
5.8
8.9
1.0
1.3
1.5
3.4
2.9
9.0
1.7
0.6
5.3
14.5
3.0
3.1
4.9
1.5
7.3
7.4
5.3
10.8
1.3
8.4
1.6
4.2
5.3

318.6
21.6
4.2
110.1
23.8
3.0
3.7
11.7
194.6
60.2
33.5
2.3
39.0
2.6

390.8
23.2
4.5
111.8
25.3
4.3
3.7
12.9
207.6
59.9
36.7
5.3
48.2
2.8

DPS
(B)
12F
13F
0.29
0.32
0.65
0.77
-

11A
1.6
0.4
2.3
0.7

PBV
(X)
12F
1.5
1.2
1.9
0.7

7.4
4.8
8.6
12.9
1.3
2.2
3.1
6.5
3.3
6.2
9.6
1.2
1.4
1.6
4.1
3.1
10.7
1.8
1.0
5.3
16.3
3.5
3.4
5.3
1.8
8.8
8.4
5.7
14.1
1.4
8.8
1.8
5.1
5.8

3.02
6.9
3.7
3.8
5.9
1.8
0.5
0.9
3.31
3.1
2.3
3.7
8.9
3.4
2.4
3.3
3.8
0.9
0.6
0.7
1.1
2.2
0.7
2.9
0.7
2.8
1.4
11.8
2.9
2.1
2.5
1.1
1.8
2.2
2.9
8.0
5.8
7.7
0.7
2.0
1.0
10.2
14.2

2.86
6.9
3.3
3.5
5.6
1.7
0.5
0.9
2.93
2.7
2.0
3.2
7.0
2.9
2.2
3.2
3.3
0.9
0.6
0.7
1.1
1.5
0.7
2.7
0.7
2.4
1.4
3.7
2.0
2.0
2.0
1.1
1.4
2.3
2.5
5.3
5.3
6.0
0.8
1.8
1.2
8.5
7.3

2.62
6.5
2.99
3.1
0.45
3.1 10.50
5.2 14.00
1.3
1.00
0.5
0.04
0.9
0.20
2.57
2.3
0.46
1.8
0.33
1.7
0.20
6.3
1.14
2.5
0.09
2.1
3.1
0.40
2.8
0.78
0.9
0.6
0.20
0.6
0.24
0.9
1.5
0.08
0.7
0.04
2.2
0.34
0.7
0.09
2.0
0.62
1.3
0.10
2.3
2.0
0.36
1.8
0.74
1.7
0.20
1.0
0.18
1.3
0.14
2.0
0.18
2.1
0.69
4.6
2.50
5.0
0.65
4.6
1.25
0.8
1.7
1.01
1.1
7.1
0.55
6.6
0.20

440.9
24.5
4.9
113.2
27.4
5.3
4.1
13.3
231.5
68.9
38.9
11.4
51.2
3.0

1.89
1.3
1.5
3.1
1.3
3.3
8.0
1.1
2.0
1.7
2.8
1.8
7.7
1.8
3.7

1.79
1.1
1.4
2.9
1.3
3.1
5.5
1.1
1.8
1.6
2.8
1.6
3.4
1.4
3.4

1.62
1.0 18.00
1.3
1.20
2.7
0.54
1.3
5.25
2.9
2.45
4.5
0.32
1.0
0.08
1.8
1.50
1.5 12.75
2.4
5.88
1.5
2.25
1.6
1.4
2.79
3.2
0.45

13F
1.3
1.2
1.8
0.7

Yield
(%)
12F
13F
6.0
6.5
7.3
8.8
-

0.72
0.35
0.25
0.97
0.16
0.42
0.87
0.17
0.32
0.33
0.05
0.06
0.07
0.43
0.10
0.82
0.10
0.09
0.46
1.02
0.30
0.20
0.13
0.23
0.82
3.00
0.75
2.00
0.04
0.99
0.10
0.70
0.56

2.5
6.7
6.0
2.4
3.2
2.2
0.3
4.5
2.7
2.6
3.9
1.3
1.4
2.9
4.1
4.2
5.6
3.9
3.9
3.6
3.7
4.4
2.9
4.2
3.4
2.6
3.4
5.5
1.9
4.9
3.8
6.4
2.3
1.9
6.8
1.5
0.5

3.3
7.7
6.6
3.1
3.5
3.0
1.0
5.2
3.3
4.1
4.1
1.7
1.2
5.3
4.3
4.7
5.9
8.8
5.4
4.2
2.8
6.3
4.7
5.0
3.8
4.4
4.1
4.4
3.6
5.0
6.0
1.8
6.5
4.5
7.7
2.6
3.1
3.5
6.6
5.0
2.0
1.4

20.00
1.30
0.61
5.25
3.30
0.51
0.23
1.50
12.75
6.30
2.25
0.92
2.83
0.52

3.7
4.3
3.8
4.1
3.6
3.1
1.4
1.9
6.4
3.8
3.5
3.7
4.0
4.7

nm.
4.7
4.1
4.7
3.6
4.2
2.2
5.4
6.4
3.8
3.8
3.7
5.2
4.1
5.4

3.42
0.49
14.00
15.00
1.34
0.15
0.23

Company Recommend
Price
Fair Upside CAPM
L/T
3/01/13 Value
(%) Beta
3 months
(B)
(B)
SERVICES
Commerce
BIGC
HOLD
207.00 215.00
4% 1.16
BJC
SELL
61.00
47.00
-23% 1.06
CPALL
BUY
45.75
52.00
14% 0.79
HMPRO
BUY
12.80
15.60
22% 0.91
LOXLEY
BUY
5.20
6.13
18% 1.29
MAKRO
HOLD
446.00 483.00
8% 0.89
ROBINS
HOLD
67.00
68.00
1% 1.07
Health Care Services
BCH
SELL
9.00
9.70
8% 0.42
BGH
BUY
113.00 129.00
14% 0.31
BH
HOLD
74.25
87.00
17% 0.61
Media & Publishing
BEC
HOLD
70.50
61.50
-13% 0.69
MAJOR
SELL
19.50
19.00
-3% 0.83
MCOT
HOLD
48.00
36.80
-23% 0.55
RS
HOLD
6.20
6.10
-2% 0.86
VGI
BUY
92.75
78.00
-16%
na.
WORK
BUY
47.50
55.00
16% 0.70
Tourism & Leisure
CENTEL
SELL
26.50
22.00
-17% 0.74
ERW
BUY
4.54
4.10
-10% 0.83
Transportation
AAV
HOLD
5.35
4.73
-12%
na.
AOT
HOLD
96.50
92.00
-5% 0.92
BECL
BUY
36.00
40.50
13% 0.35
BMCL
HOLD
0.71
0.70
-1% 0.57
BTS
BUY
7.20
7.50
4% 0.88
PSL
HOLD
14.20
16.00
13% 0.81
RCL
HOLD
7.05
7.70
9% 0.84
THAI
HOLD
22.30
25.62
15% 1.29
TTA
HOLD
16.80
20.00
19% 0.94
TECHNOLOGY
Electronic Components
CCET
SELL
3.22
1.85
-43% 0.63
DELTA
BUY
31.25
36.00
15% 0.63
HANA
HOLD
22.80
22.00
-4% 0.48
KCE
BUY
10.60
12.00
13% 0.47
SMT
HOLD
11.10
10.70
-4% 0.88
SPPT
SELL
3.92
2.50
-36% 0.29
SVI
HOLD
4.10
4.20
2% 0.69
Information and Communication Technology
ADVANC
BUY
209.00 250.00
20% 0.50
DTAC
BUY
87.50 110.00
26% 0.24
INTUCH
BUY
69.50
87.00
25% 0.54
JAS
HOLD
5.50
5.60
2% 2.10
JMART
HOLD
14.00
7.70
-45% 0.47
THCOM
HOLD
25.25
25.25
0% 1.44
TRUE
SELL
5.40
3.60
-33% 0.93
MAI
FPI
HOLD
10.70
11.00
3%
na.
KIAT
BUY
10.10
12.00
19%
na.
TMILL
BUY
4.20
4.14
-1%
na.

Property
Fund

Recommend

Leasehold
CPNRF
POPF
SPF
Freehold
TFUND

Price
(B)

NAV Upside
(B)
(%)

BUY
BUY
BUY

19.20
14.50
16.90

10.49
10.25
10.83

-45%
-29%
-36%

BUY

11.60

10.92

-6%

Free
Float
(%)

35.6
24.6
51.8
43.1
65.0
35.7
30.6
97.7
46.0
40.6
47.4
53.6
22.7
41.5
15.1
28.2
45.4
29.4
25.0
30.0
71.0
29.7
50.0
39.2
41.4
49.0
77.0

Mkt.
Cap.
(Bbn)

Net Profit
(Bm)
11A
12F

960.61 21,787
170.78
5,242
96.88
2,178
410.98
8,008
90.13
2,005
10.40
298
107.04
2,604
74.41
1,453
261.44
7,122
17.18
673
174.64
4,386
54.21
1,588
236.80
6,484
141.00
3,530
17.31
782
32.98
1,356
5.47
209
27.83
278
12.21
327
45.97
1,042
35.78
550
10.19
491
359.85 (4,499)
25.95
1,014
137.86
2,215
27.72
1,408
8.48 (1,154)
78.66
2,104
14.76
719
5.84
(781)
48.68 (10,197)
11.89
173

Earnings Guide
EPS
(B)
13F 11A
12F
13F

28,184
5,913
2,476
11,153
2,700
485
3,386
2,072
12,057
879
7,814
2,697
9,019
4,795
856
1,671
299
941
457
1,193
1,098
94
32,712
15,741
6,500
2,294
(1,182)
11,487
122
(1,462)
3,830
(4,619)

34,984
6,834
2,813
14,041
3,665
702
4,137
2,793
10,757
969
6,720
2,344
10,373
5,350
947
1,830
344
1,260
642
1,534
1,375
159
18,757
1,530
8,512
2,293
(1,009)
2,539
539
(771)
4,951
173

11A

PER
(X)
12F

13F

33.73
31.6
44.5
25.7
37.3
34.9
41.1
51.2
35.89
26.7
39.8
34.1
33.59
39.9
22.0
24.3
26.1
33.3
36.3
44.13
65.0
20.7
NM
21.6
62.2
19.7
NM
31.3
20.5
NM
NM
68.7

34.08
28.9
39.1
36.9
33.4
21.5
31.6
35.9
21.43
20.4
22.3
20.1
26.27
29.4
20.2
19.7
18.8
29.6
26.8
38.56
32.6
108.1
11.22
1.6
21.2
12.1
NM
7.5
120.8
NM
12.7
NM

27.46
25.0
34.4
29.3
24.6
14.8
25.9
26.6
24.02
18.5
26.0
23.1
22.92
26.4
18.4
18.0
18.2
22.1
19.0
30.66
26.0
70.7
19.75
17.0
16.2
12.1
NM
33.8
27.4
NM
9.8
68.6

8.39
13.8
9.4
10.5
6.9
2.8
20.5
5.8
21.56
17.7
17.2
15.6
20.3
21.8
79.5
NM
10.47
17.3
14.3
12.0

10.59
12.6
9.5
11.3
8.8
13.7
19.6
11.7
17.49
15.8
14.6
13.3
15.9
18.3
21.3
NM
12.85
12.6
11.0
14.4

6.5
1.4
1.8
0.3
0.1
10.8
1.3

7.2
1.6
1.2
0.4
0.2
14.1
1.9

8.3
1.8
1.6
0.5
0.4
17.2
2.5

0.3
2.8
2.2

0.4
5.1
3.7

0.5
4.3
3.2

1.8
0.9
2.0
0.2
2.8
1.3

2.4
1.0
2.4
0.3
3.1
1.8

2.7
1.1
2.7
0.3
4.2
2.5

0.4
0.2

0.8
0.0

1.0
0.1

0.2
1.6
1.8
-0.1
0.2
0.7
-0.9
-4.7
0.2

3.2
4.5
3.0
-0.1
1.0
0.1
-1.8
1.8
-6.5

0.3
6.0
3.0
-0.1
0.2
0.5
-0.9
2.3
0.2

0.1
2.3
2.0
0.3
-3.6
-0.8
-0.7

0.2
3.3
2.2
1.5
4.0
0.2
0.7

0.3
3.3
2.0
1.2
0.8
0.2
0.4

7.5
5.0
5.2
0.1
0.6
0.0
-0.2

11.8
5.1
4.4
0.3
0.6
0.3
-0.4

13.3
6.0
5.2
0.3
0.8
1.2
-0.3

0.3
1.0
0.2

0.6
0.7
0.3

0.8
0.9
0.3

41.38
25.6
13.6
11.3
37.9
NM
NM
NM
603.76
28.0
17.5
13.5
37.2
24.6
NM
NM
12.42
39.1
9.8
24.3

12F

10A

11A

BVS
(B)
12F

13F

29.3
9.1
4.8
1.4
2.2
40.3
8.2

38.8
9.9
3.6
1.4
2.3
42.3
9.4

44.9
10.7
4.2
1.7
2.6
44.6
11.0

1.8
21.6
9.2

2.0
25.8
11.6

2.2
28.9
13.2

3.6
6.9
11.1
1.3
2.9
4.7

4.1
7.3
11.8
1.6
6.4
5.7

4.3
7.6
12.3
1.7
7.7
6.9

4.3
1.6

5.0
1.6

5.6
1.7

0.0
50.6
24.3
0.2
4.0
14.8
15.5
28.9
36.0

5.4
54.5
26.5
0.1
5.0
14.5
13.7
30.7
28.7

6.0
58.5
25.8
0.1
5.0
16.0
12.8
32.3
26.7

4.2
15.9
17.5
5.3
2.4
1.5
0.6

4.3
17.5
18.6
6.7
6.4
1.5
1.2

4.4
19.1
19.5
7.4
6.9
1.6
1.3

13.3
14.7
9.1
1.1
2.2
12.9
1.5

15.5
14.8
9.3
1.3
4.1
13.2
1.0

16.3
16.0
9.6
1.5
4.6
14.3
0.7

0.7
2.8
1.0

1.0
3.0
1.0

1.3
3.5
1.0

11A

PBV
(X)
12F

8.09
7.1
6.7
9.6
9.2
2.4
11.1
8.2
5.19
5.0
5.2
8.0
9.25
19.4
2.8
4.3
4.7
31.6
10.2
4.90
6.2
2.8
1.39
2,867.3
1.9
1.5
4.4
1.8
1.0
0.5
0.8
0.5

8.37
5.3
6.2
12.9
9.2
2.2
10.5
7.1
4.44
4.6
4.4
6.4
8.60
17.3
2.7
4.1
4.0
14.5
8.3
4.51
5.3
2.9
1.23
1.0
1.8
1.4
11.2
1.4
1.0
0.5
0.7
0.6

89.15
13.13
38.98
18.35
5.01
4.63
1.01
8.04
1,237.70
621.38
207.18
222.85
39.84
5.76
27.67
78.32
9.20
3.16
2.22
1.22

2,153
513
2,864
1,618
132
(1,502)
(197)
(1,275)
47,834
22,217
11,812
16,559
1,072
171
(490)
(2,692)
1,174
63
201
35

10,628
964
4,137
1,748
698
1,656
49
1,376
57,364
35,082
12,012
14,250
1,966
268
348
(6,392)
1,586
182
155
99

8,446
1,078
4,114
1,625
544
341
52
693
68,818
39,429
14,209
16,739
2,509
321
1,301
(4,270)
854
250
203
83

Net Profit (Bm)

10A
11F
12F

10A

EPS (B)
11F

12F

1,917
341
1,103

1.0
0.0
0.4

1.2
0.8
0.9

1.2
1.0
1.2

18.4
NM
39.8

16.6
18.1
19.7

16.4
14.6
14.6

10.3
0.0
11.0

10.4
10.3
10.9

10.5
10.2
10.8

1.02
0.72
0.99

1.13
0.99
1.15

5.33
4.99
5.86

5.89
6.82
6.78

639

0.8

0.6

0.6

15.3

20.8

18.1

10.9

10.6

10.9

0.77

0.48

6.64

4.14

45.4
29.8
38.6
58.8
64.8
27.2
41.9
36.2
29.0
20.4
66.1
49.1
58.8
63.3
27.6
10.1
25.0

1,709 1,892
0
273
403
817
699

515

PER (X)
10A
11F

NAV (B)
11F

12F

DPS (B)
11F
12F

1.57
0.8
2.0
1.3
2.0
4.5
2.7
6.4
180.78
15.7
5.9
7.6
4.9
6.4
2.0
3.6
3.40
16.2
3.6
4.2

13F

DPS
(B)
12F
13F

7.29
4.6
2.15
5.7
0.83
10.9
0.93
7.4
0.17
2.0
0.10
10.0 13.60
6.1
0.93
3.99
nm.
0.25
3.9
1.52
5.6
1.40
7.99
16.3
2.34
2.6
0.77
3.9
2.17
3.5
0.21
12.1
2.20
6.9
1.33
3.94
4.7
0.33
2.6
0.01
1.19
0.9
1.7
1.94
1.4
1.38
5.4
1.4
0.34
0.9
0.40
0.6
0.7
0.69
0.6
-

1.41
1.32
0.8
0.7
0.10
1.8
1.6
1.70
1.2
1.2
1.10
1.6
1.4
0.34
1.7
1.6
2.6
2.5
0.15
3.5
3.2
0.19
7.69
7.97
13.5
12.8 11.80
5.9
5.5
4.57
7.5
7.3
4.38
4.3
3.6
0.08
3.4
3.0
0.45
1.9
1.8
0.13
5.2
7.2
2.73 #REF!
10.5
8.0
0.19
3.3
2.9
0.46
4.2
4.2
0.17

2.48
0.94
1.17
0.22
0.14
16.70
1.25
0.30
1.78
1.55
2.64
0.95
2.38
0.22
2.94
1.87
0.41
0.02
2.38
1.58
0.15
0.40
0.91
0.12

0.10
1.70
1.10
0.48
0.32
0.15
0.21
13.26
4.80
5.00
0.10
0.54
0.47
0.25
0.60
0.15

Yield
(%)
12F
13F
1.8
1.0
1.4
2.0
1.3
1.9
3.0
1.4
1.7
2.8
1.3
1.9
3.4
3.3
3.9
4.5
3.5
2.4
2.8
1.0
1.2
0.2
2.7
2.0
3.8
4.7
2.8
3.1
-

2.2
1.2
1.5
2.6
1.7
2.7
3.7
1.9
1.9
3.3
1.6
2.1
3.9
3.7
4.9
5.0
3.6
3.2
3.9
1.3
1.5
0.4
2.4
2.5
4.4
2.1
2.8
4.1
0.7

4.5
3.1
5.4
4.8
3.2
3.8
4.5
5.0
5.6
5.2
6.3
1.5
3.2
0.5
3.6
1.7
4.5
4.2

4.7
3.1
5.4
4.8
4.5
2.9
3.8
5.1
5.7
6.3
5.5
7.2
1.9
3.9
1.9
3.3
2.4
5.9
3.5

Yield (%)
11F
12F

Changes this week : MK ---> BUY

: ASP

www.asiaplus.co.th

Equity Calendar
January 3, 2013

www.asiaplus.co.th

January 2013
Monday

Tuesday
1

PUBLIC HOLIDAY
(New Year's Day)

Wednesday
2

Thursday
3

Friday
4

Conversion
IEC-W1 1:1w @B0.027

XD
TTL @B2.75

XW
CWT 4 existing : 1CWT-W2 @free

New shares trading

SMM 199,000 shrs (w)

XR
APURE 5 : 1n @B2.03

New shares trading

JMART 3.37m shrs (w)

Conversion
EMC-W3 1:1w @B1.50
New shares trading
BTS 91.99m shrs (cb)
NUSA 200m shrs (pp@B1.00)
MOC : Dec-12 CPI
7

XE
DEMCO-W4 1.004:1w @B4.978 (final, "SP")

10

11

XR
LVT 3:1n @B1.25 + 1LVT-W3 @free

New listing - Derivative warrant

ADVANC issued by BLS (ADVA01CD)
80m units @B1.00
ADVANC issued by BLS (ADVA01PD)
35m units @B1.61
AOT issued by BLS (AOT01CD)
48m units @B1.00
AOT issued by BLS (AOT01PD)
27.5m units @B2.01
BJC issued by BLS (BJC01CC)
70m units @B1.00
BJC issued by BLS (BJC01PB)
30m units @B1.79
EGCO issued by BLS (EGCO01CB)
29.155m units @B1.00
ESSO issued by BLS (ESSO01CD)
110m units @B1.00
ESSO issued by BLS (ESSO01PD)
50m units @B1.00
HEMRAJ issued by BLS (HEMR01CB)
48m units @B1.00
INTUCH issued by BLS (INTU01CB)
80m units @B1.00
INTUCH issued by BLS (INTU01PB)
64.8m units @B2.16
IRPC issued by BLS (IRPC01CD)
70m units @B1.00
IRPC issued by BLS (IRPC01PC)
32m units @B1.31
KBANK issued by BLS (KBAN01CD)
60m units @B1.00
KBANK issued by BLS (KBAN01PD)
37m units @B1.36
KTB issued by BLS (KTB01CE)
70m units @B1.00
KTB issued by BLS (KTB01PD)
30m units @B1.26
PTTEP issued by BLS (PTTE01CE)
50m units @B1.00
PTTEP issued by BLS (PTTE01PE)
34m units @B1.28
SCB issued by BLS (SCB01CD)
50m units @B1.00
SCB issued by BLS (SCB01PC)
29.5m units @B1.58
TPIPL issued by BLS (TPIP01CD)
66.6m units @B1.00
TPIPL issued by BLS (TPIP01PC)
26m units @B1.00
New shares trading
TH 250m shrs (pp @B1.00)
MPC meeting

C = conversion, CB = convertible bonds, PP = private placement, p = preferred shares, w = warrants, n = new, STD = stock dividend, NPG = Non-Performing Group

Provided by Amika (ext 1229)

Equity Calendar
January 3, 2013

www.asiaplus.co.th

January 2013
Monday
14

Tuesday
15

Wednesday
16

"SP" sign posted

BGH08CB
BIG08CB
PS08CC
TUF08CD

Thursday
17
Conversion
CEN-W2 1.05:1w @B2.096 (final)
"SP" sign posted
ADVA01CC
ADVA01PC
AOT01CC
AOT01PC
BJC01CB
BJC01PA
EGCO01CA
ESSO01CC
ESSO01PA
HEMR01CA
INTU01CA
INTU01PA
IRPC01CC
IRPC01PB
IVL01CF
KBAN01CC
KBAN01PC
KTB01CD
KTB01PC
PTTE01CD
PTTE01PD
SCB01CC
SCB01PB
STA01CD
STA01PC

21

22
Conversion
ADVA01CC 1:38.88025DW @B170.083 (final)
ADVA01PC 1:38.88025DW @B218.679 (final)
AOT01CC 1:19.61169DW @B52.955 (final)
AOT01PC 1:9.80681DW @B65.703 (final)
BJC01CB 1: 14.88538DW @B34.735 (final)
BJC01PA 1:12DW @B62.00 (final)
EGCO01CA 1:29.31692DW @B102.594 (final)
ESSO01CC 1:5DW @B9.20 (final)
ESSO01PC 1:4DW @B13.50 (final)
HEMR01CA 1:0.98649DW @B2.644 (fnal)
INTU01CA 1:19.37984DW @B50.383 (final)
INTU01PA 1:9.68898DW @B62.979 (final)
IRPC01CC 1:1.50DW @B3.20 (final)
IRPC01PB 1:1DW @B4.30 (final)
IVL01CF 1:14.9098DW @B25.845 (final)
KBAN01CC 1:39.88831DW @B143.583 (final)
KBAN01PC 1:29.91325DW @B179.478 (final)
KTB01CD 1:4.60936DW @B12.722 (final)
KTB01PC 1:3.68745DW @B16.778 (final)
PTTE01CD 1:39.26188DW @B152.145 (final)
PTTE01PD 1:39.26188DW @B189.445 (final)
SCB01CC 1:29.80626DW @B131.14 (final)
SCB01CPB 1:29.80626DW @B164.919 (final)
STA01CD 1:5DW @B13.40 (final)
STA01CD 1:4DW @B18.00 (final)

23

28

29

30

XD
CPI 1 existing :1STD @free

Friday
18
Conversion
CGS-W5 1.0625:1w @B1.412 (final)
BGH08CB 1:30DW @B90.00 (final)
BIGC08CB 1:50DW @B179.00 (final)
PS08CC 1:6DW @B16.00 (final)
TUF08CD 1:20DW @B69.00 (final)

24

25

31
Conversion
FOCUS-W1 1:1w @B3.00
L&E-W2 1:1w @B7.40

BOT : Dec-12 Trade

February 2013
Monday

Tuesday

Wednesday

Thursday

Friday
1
XR
PPC 10 : 1n @B50.00

MOC : Jan-13 CPI

XD
METCO @B3.00
TSC @B0.50

8
Conversion
DEMCO-W4 1.004:1w @B4.978 (final)

XR
TTA 5:2n @B14.00 + 1W @free

11

12

13

14

15

18

19

20

21

22

25

26

27

28

NESDB : GDP 4Q/12

MPC meeting

PUBLIC HOLIDAY
(Makha Bucha Day)

BOT : Jan-13 Trade

C = conversion, CB = convertible bonds, PP = private placement, p = preferred shares, w = warrants, n = new, STD = stock dividend, NPG = Non-Performing Group

Provided by Amika (ext 1229)