KSK 031715 91730

Morning Brief
17 March 2015
Todays highlights
Daily Market Performance

SET (16/03/2015):
Market Turnover:
1,515.57 (-1.69%)
Market Wrap-up
Bt45,358m
The SET Index yesterday slumped 25.98 points (-1.69%) to 1,515.57 on low
Source: SET, KS
turnover of Bt45,358mn after the crude oil price

absence of positive catalysts. Energy, ICT and
down. Foreign investors were net buyers of
Bt1,969mn, Prop -Bt556mn, Ret +Bt1,814mn).
meeting begins.
Sector PER (x)

Yr to Dec
Agribusiness & Food

Auto
Banking
Commerce
Commercial
Construction Materials
Contractor
Electronics
Energy
Health Care
Home & Office Products
ICT
Industrial Estate
Insurance
Media
Petrochemical
Property Fund
Residential
Shipping
Tourism
Transportation
Utilities
12A
11.24
15.02
14.89
23.79
14.79
25.93
45.69
19.88
8.44
37.44
1.25
18.77
21.65
25.16
18.37
9.69
30.11
13.03
-5.68
35.27
7.39
33.72
13A
25.10
8.95
11.97
25.69
29.96
17.00
11.70
15.81
9.47
46.46
1.39
21.88
13.57
18.98
15.46
10.29
49.54
12.28
-6.75
28.20
41.95
33.54
14E
16.33
10.88
11.97
31.01
25.80
18.24
27.57
15.30
20.59
40.96
12.48
19.26
16.11
123.26
17.76
25.37
35.94
10.59
42.84
33.81
40.42
25.86
15E
13.77
11.75
11.50
27.73
23.40
15.59
27.61
14.30
11.57
35.26
10.93
19.41
13.21
18.31
16.81
14.54
34.39
10.02
25.24
23.89
24.74
18.91
Sector & Equities Recommendation

BA (Outperform) (page 2) We initiate coverage of Bangkok Airways (BA)
with an Outperform rating and a TP of Bt24. We like BA as it is an airline

company with comparatively less volatile earnings than its peers. This is due
to the steady cashflow provided by its non-airline businesses and dividend
income/share of profit from BDMS and SPF. Given the positive outlook for a
low jet fuel price this year and the 20% price correction in BA's share price
since its IPO in Nov 2014 (vs. SET -2%), we see an opportunity to exploit the
current positive valuation gap. Our TP of Bt24 is based on a sum-of-parts
valuation, which implies upside of 19%.
SPALI (Under review) (page 3) However, in our view, given: 1) that SPALI
is trading at a 2015E PER of just 6.9x, which is comparatively low compared

with its peers 9.9x (or about 8.2x excluding LH); 2) the recent share price
correction of about 15% in the past week; and 3) that this extra money will
support new investments and/or allow SPALI to possibly acquire attractive
land plots at reasonable prices, we see this decision providing additional value
to SPALI in the long term. The short-term negative impact, in our view, should
provide a nice entry level for long-term investors looking to ride the solid
growth potential of this company. In the conservative case, at the latest
closing price, investors should receive a nice dividend yield of 5.0% assuming
SPALI pays a 2015 dividend at the same amount as in 2014 of Bt1.0 per
share. Note that SPALI is maintaining its 2015 pre-sales growth target at
18.6%, to Bt23bn, and revenue growth target at 17.8%, to Bt22bn. Current
secured 2015 revenue accounts for 80% of this years target.
Source: Bloomberg, KS
Inside
Page
Fund Flows
Bond Trading
Top Ten Short Sale
ii
Thai NVDR Trading Data by Stock
ii
Daily Driver Stats (Market Summary)
iii
Daily Driver Stats (Commodity)
iv
Director Trade
Insider Trading
vi
Foreign Ownership - top ten gainers and losers
vi
Economic Calendar
vii
Company's Calendar
ix
hit a one-month low amid an

Bank stocks led the market
Bt712mn of stocks (Inst Key event today: the FOMC
Kasikorn Securities PCL

Research Department
Contact: 02-696-0031
Thai Stock Market
SET Index
Change
1,515.57
Trading by Investor Type

Investor Type
SET
TFEX
-25.98pt/-1.69%
Turnover (Btm)
45,357.76
Foreign
PER (x)
20.98
PBV (x)
2.12
Retail
Div Yield (%)
2.90
Proprietary
17 March 2015
Institution
NVDR Net Buy/Sell

Top Buy
(Btm)
712
(Contracts)
5,301
-1,969
3,867
1,814
737
-556
Net
International Markets
Top Sell
Net
DJIA
228.11pt/1.29%
KBANK
-456
S&P
27.79pt/1.35%
57.75pt/1.19%
DTAC
147
LH
143
BBL
-330
NASDAX
INTUCH
114
SCB
-177
CAC
HANA
83
SCC
-140
FTSE
GL
71
PTT
-122
DAX
Commodity Market
Oil - Nymex (USD)
Gold - London (USD)
43.88/bbl/-0.96USD
1,157.07/Oz/-0.27USD
DXYO
99.6/-0.72%
50.7pt/1.01%
Bt/USD
32.95/0.05%
63.5pt/0.94%
USD/Euro
1.05/-0.47%
266.11pt/2.24%
10Y US treasury yld
2.07/-2%
Morning Brief
Morning Brief
Bangkok Airways PCL - More than just an airline company
(BA TB, Bt20.00, Outperform, Fair price Bt24.00)
Jitima Ratanatam
(Jitima.r@kasikornsecurities.com)
We initiate coverage of Bangkok Airways (BA) with an Outperform rating and a TP of Bt24.
We like BA as it is an airline company with comparatively less volatile earnings than its
peers. This is due to the steady cashflow provided by its non-airline businesses and
dividend income/share of profit from BDMS and SPF. Given the positive outlook for a low
jet fuel price this year and the 20% price correction in BA's share price since its IPO in
Nov 2014 (vs. SET -2%), we see an opportunity to exploit the current positive valuation
gap. Our TP of Bt24 is based on a sum-of-parts valuation, which implies upside of 19%.
Investment highlight
2015 outlook. We expect BA to report a 2015 net profit of Bt1.58bn, up from Bt351m in 2014.
The key growth drivers will be a higher pax number, fleet expansion, flight capacity expansion at
Samui Airport and the lower jet fuel price. Competition in the airline market is intense but we expect
BAs differentiation via its focus on Samui routes (high margin as BA is the airport operator) and
increasing code sharing with many airlines will enable the company to survive in the long run. BA
should also benefit from Thai Airways restructuring plan as we expect some passengers to switch to
BA as THAI exits routes.
Fleet expansion. BA is targeting to increase its fleet from 27 aircraft in 2014 to 30 aircraft in
2015. We expect revenue to increase 30% YoY, driven by improvements in ASK capacity (+13%
YoY), Pax number (+26% YoY to 6m) and avg. ticket price (+3% YoY to Bt3,880). The low base for
tourist numbers due to the Thai political uncertainty last year should support strong growth in 2015.
Samui expansion. The company has already been granted permission from the Thai DCA in Nov
2014 to increase the flight capacity at Samui Airport from 36 to 50 flights per day. BA will be the
primary beneficiary of this change as it accounts for roughly 90% of total daily flights to Samui
Airport.
Fuel hedging. Currently about 75% of BAs fuel is hedged at roughly US$106/bbl. Blended with
the unhedged portion, we expect BAs effective jet fuel cost at US$102/bbl (-9% YoY) in 2015.
Combined with BAs fixed pricing for advanced ticket bookings with code share partners (20-25% of
total revenue), we expect EBITDAR margin to return to normal at 20% in 2015 from 15% in 2014.
Every US$1 change in the jet fuel price will impact core profit by 3%.
Non-airline businesses and dividend income curb earnings volatility. Non-airline business
accounts for 20% of BA's total revenues and contributes stable, high-margin earnings. Combined
with the steady dividend income/share of profit from BDMS and SPF (~Bt500m/ year), this gives BA
an advantage over other airlines as its earnings should be less volatile than those of its peers.
Valuation
Our TP of Bt24 is based on a sum-of-parts valuation, made up of: 1) its core operation (Bt10); and
2) investments in BDMS (Bt12.5) and SPF (Bt1.8). Excluding BDMS and SPF's valuation, BAs core
operation is trading at 0.6x PBV and 4x EBITDAR in 2015E, lower than the average for regional
airlines at 1.5x PBV and 5.5x EVEBITDAR. The share price correction 20% since IPO in Nov 2014, we
attractive valuation upside of 19%. We initiate coverage of BA with an Outperform rating.
17 March 2015
Morning Brief
Morning Brief
Supalai PCL - Dividend policy change to support long-term growth
(SPALI TB, Bt20.10, Under review)
Sorapong Jakteerungkul
(Sorapong.j@kasikornsecurities.com)
What's going on?

SPALI informed the SET yesterday afternoon that it would change its dividend policy from
approximately 45% of net income after tax to not less than 35% of net income after tax on its
separate financial statements.
The main purpose of this adjustment, disclosed during an opportunity day event conducted at the
SET, is to boost the companys financial flexibility in the long term, as the new policy will give it a
much wider payout ratio range, from 35% to 100%. This will allow SPALI to easily manage its
dividend per share to keep it at least at the same amount as it paid in the previous year.
Impact
Despite this clarification, we see a negative impact on its share price in the short term given the
market may take a conservative view of this change by assuming the lowest rate for future dividend
payments, while the current Bloomberg consensus dividend payout ratio for SPALI is at 40.0%.
Assuming a new rate of 35%, Bloomberg's consensus 2015-17 dividend per share (DPS) for SPALI
will fall by Bt0.14-0.19 from the current estimate of Bt1.16-1.30. This implies a decline in DPS of 1215%. In this case, we may see the share price contract at the same rate if a DDM valuation model
is applied. Note that the eight largest residential developers have an average dividend payout ratio
in a range of 44-49% over the next three years (or about 39-41% excluding LH).
Recommendation
However, in our view, given: 1) that SPALI is trading at a 2015E PER of just 6.9x, which is
comparatively low compared with its peers 9.9x (or about 8.2x excluding LH); 2) the recent share
price correction of about 15% in the past week; and 3) that this extra money will support new
investments and/or allow SPALI to possibly acquire attractive land plots at reasonable prices, we
see this decision providing additional value to SPALI in the long term.
The short-term negative impact, in our view, should provide a nice entry level for long-term
investors looking to ride the solid growth potential of this company. In the conservative case, at the
latest closing price, investors should receive a nice dividend yield of 5.0% assuming SPALI pays a
2015 dividend at the same amount as in 2014 of Bt1.0 per share. Note that SPALI is maintaining its
2015 pre-sales growth target at 18.6%, to Bt23bn, and revenue growth target at 17.8%, to Bt22bn.
Current secured 2015 revenue accounts for 80% of this years target.
17 March 2015
Morning Brief
Morning Brief
Daily News
Economic & Industry News
PM blasts squabbling over charter. Prime Minister Prayut Chan-o-cha has warned that the
charter-drafting process will be scrapped if arguments among the stakeholders continue. (Bangkok
Post)
ERC asks for power plant delays. The Energy Regulatory Commission (ERC) is in talks with
several private power producers that received licenses to develop plants, urging them to postpone
commercial operations until 2022. (Bangkok Post)
Sommai vows to push new tax . Finance Minister Sommai Phasee has issued a stern warning
that Thailand will become mired in fiscal woe if tax reform, particularly the land and buildings tax,
fails to materialise. (Bangkok Post)
We'll find a solution for SEZs, Prayut says. PM General Prayut Chan-o-cha promised yesterday
that the government would seek appropriate solutions in a bid to ease investor concerns over the
enforcement of martial law in special economic zones (SEZs). (Nation)
Baht weaker but stable after rate cut. The Bank of Thailand's 25-basis-point cut in the policy
interest rate last week has weakened the value of the baht by 0.5 per cent and taken the
government bond yield curve to its lowest point in six years. (Nation)
New emissions tax won't hurt car sales much: minister. Industry Minister Chakramon
Phasukavanich has said the restructuring of the automobile excise tax to include an emissions levy
that will become effective from January 1 next year should not have a significant impact on people's
decisions to buy a new car. (Nation)
Advertising spending rises 21.4% in Jan-Feb. Ad expenditures in the first two months showed
signs of a recovery, surging 21.4 per cent to Bt19.94 billion from Bt16.42 billion a year earlier,
according to Nielsen (Thailand). (Nation)
17 March 2015
Morning Brief
Daily Stats
Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
12-Mar-15
Thailand
13-Mar-15
16-Mar-15
5 Days
30 Days
YTD
-224.16
2014
-12.60
19.37
21.61
8.56
-332.42
-1,091.32
Indonesia
-10.48
-35.03
-57.69
-216.26
193.68
680.35
3,766.10
Philippine
9.35
-8.13
-9.21
-2.89
76.82
897.43
1,256.05
India
142.15
20.87
0.00
10.33
2,878.25
5,365.09
16,161.87
Taiwan
75.49
-153.79
-253.79
-856.69
472.79
4,680.37
13,190.34
S. Korea
-71.22
92.98
-11.79
168.14
1,783.74
1,096.29
5,683.85
Vietnam
-0.36
-2.22
-0.24
-7.35
14.48
49.03
135.56
132.33
-65.95
-311.11
-896.16
5,087.33
12,544.40
39,102.45
Total
Source : Bloomberg
Trading Activities
SET
Institutions
Foreign Investors
Local Investors
Proprietary Trading
Index Future
Buy
3,270
Sell
5,239
Net
-1,969
5 Days
30 Days
-4,502
-8,571
1,138
YTD
2014
71,424
9,610
8,898
712
279
-10,818
-7,418
-36,584
28,376
26,562
1,814
7,418
29,799
7,709
-38,421
4,658
Short
-556
Net
-3,195
5 Days
-10,410
30 Days
-1,429
YTD
4,102
Long
3,582
2014
Institutions
27,854
27,108
746
14,803
36,864
12,838
Foreign Investors
18,858
13,557
5,301
-3,528
-34,071
-30,168
9,728
Local Investors
47,306
53,353
-6,047
-11,275
-2,793
17,330
-33,851
Metal Futures
Institutions
Foreign Investors
Local Investors
Long
1,575
Short
Net
5 Days
30 Days
1,510
65
-1,454
-2,675
YTD
24,123
2014
-4,194
3,214
667
89
578
2,181
-1,120
-7,298
-3,058
1,234
1,877
-643
-727
3,795
11,492
-156
Bond Trading
Bond Trading
12-Mar-15
Net Foreign
Short term
-9,513
13-Mar-15
-7,652
16-Mar-15
-1,320
5 Days
30 Days
35,604
60,636
YTD
2014
-10,244
207,033
137,173
-601
-0
-2
54,231
58,380
4,871
-8,913
-7,652
-1,318
-18,627
2,256
-15,116
69,861
8,156
10,452
-2,180
33,171
206,991
578,649
2,134,558
7,999
8,353
-2,350
31,972
201,239
529,443
2,026,203
157
2,099
170
1,199
5,751
49,206
108,355
118,587
100,293
70,424
490,303
1,655,041
4,030,895
18,867,218
Short term
50,622
52,242
37,657
267,403
978,211
2,393,919
12,869,159
Long term (TTM > 1Y)
67,965
48,051
32,767
222,900
676,830
1,636,976
5,998,059

Net Asset Management
Short term
Total Outright Trading
Source : Thai BMA
17 March 2015
Morning Brief
Daily Stats
Top Ten Short Sale
A cc % Short Sale Volume Comparing with Main Board
-1 Day
-1 Week
-1 Mont h
-3 Month
BIGC
25.03
32.89
17.84
8.83
QH
19.42
4.01
1.16
0.59
IVL
17.19
5.22
2.05
2.14
PT T
14.08
9.82
6.06
7.21
MAKRO
13.18
26.17
9.72
6.35
BEC
12.70
4.57
3.45
3.82
ADVANC
12.36
9.40
6.13
3.80
SCC
10.90
9.49
6.61
3.82
KBANK
10.11
7.08
6.17
5.17
8.29
16.72
10.99
7.10
BJC
Source : SET Smart
Thai NVDR Trading Data by Stock

Top Net Buy (Btmn)
Stock
10-Mar-15
DTAC
LH
INTUCH
11-Mar-15
12-Mar-15
Top Net Sell (Btmn)

13-Mar-15
16-Mar-15
Stock
10-Mar-15
11-Mar-15
12-Mar-15
13-Mar-15
16-Mar-15
106.94
1.69
118.50
73.78
147.19
KBANK
446.40
-51.83
64.69
-200.96
-113.08
-77.66
-5.91
-13.92
142.94
BBL
-14.16
-486.57
-260.95
-61.94
-455.83
-329.72
0.84
-110.71
187.42
-99.76
114.20
SCB
193.60
203.47
0.67
-30.82
-176.81
-139.96
HANA
4.16
-1.07
10.37
24.96
83.47
SCC
-3.77
-129.03
-52.28
259.38
GL
8.65
16.44
38.18
11.81
70.65
PTT
-12.78
-225.82
-164.66
-131.00
-121.60
JAS
EGCO
9.09
4.56
-8.49
4.89
25.13
6.93
146.07
35.84
61.40
56.54
AOT
-35.99
-15.49
-39.13
-92.28
-107.41
PTTEP
-81.72
-34.31
-44.81
-97.37
-89.99
VGI
15.39
-10.03
32.90
9.41
52.58
CPALL
-10.06
-51.18
-70.02
-106.17
-86.42
DCC
-0.53
-0.51
3.37
72.86
43.75
CPF
69.15
-45.45
12.74
4.19
-70.19
SPCG
-0.20
-2.75
-2.01
30.49
33.62
TISCO
30.72
-1.85
4.77
-9.01
-61.41
IRPC
66.40
-8.98
-9.53
-22.44
32.74
TRUE
26.75
-48.12
-15.83
-44.32
-58.05
UNIQ
-0.78
1.96
-48.74
14.96
31.16
PTTGC
-30.11
-89.28
-43.18
-28.95
-48.42
ITD
-26.08
-19.93
4.70
-24.14
27.07
BDMS
-21.98
10.22
-38.93
-56.47
-41.92
TRC
19.58
-35.17
1.34
36.27
25.85
MINT
107.87
-12.38
-42.60
44.30
-41.09
AAV
76.54
41.16
45.03
0.36
24.77
KTB
-53.99
-31.08
6.39
-59.06
-35.74
STEC
2.84
6.08
31.11
50.59
19.70
BCP
-47.67
-61.44
-18.88
-13.26
-35.36
BA
-0.14
-0.94
-0.90
15.55
18.78
MAJOR
-42.73
-63.25
-11.99
-1.80
-34.90
BAY
16.97
14.40
-0.19
3.01
18.07
HEMRAJ
-4.00
168.75
-1.98
-44.43
-32.67
IFEC
2.79
0.99
31.77
2.81
17.54
BANPU
-68.03
-23.35
-36.28
-24.95
-26.93
13.50
-1.89
-1.10
14.11
BEC
-5.96
-26.12
28.64
-18.80
-23.79
TCAP
22.644124
Source: SET
Source: SET
Net Buy/Sell 1 Month
NVDR Trading by Sector
Value (Btmn)
Top Buy
Value (Btmn)
Top Sell
KBANK
2,298.72
BBL
-3,035.17
INTUCH
1,266.59
PTT
-2,417.60
TRUE
1,207.19
PTTGC
-968.22
SCB
1,164.12
AOT
-418.13
STEC
1,161.00
ADVANC
-391.28
LH
1,120.35
MAX
-354.88
IRPC
926.28
CPN
-351.48
RS
430.63
BDMS
-337.00
TOP
423.24
BAY
-288.42
PS
393.08
PTTEP
-272.45
ESSO
383.79
TMB
-268.95
JAS
368.89
SAMART
-260.00
GL
350.56
CPALL
-218.74
Buy
Total
16-Mar-15
(%)
5 Days
(%)
550.84
1,594.81
2,145.66
50.7%
45.6%
-- Information & Communication Technology

856.30
596.57
1,452.87
16.7%
18.9%
-- Energy & Utilities
465.13
615.35
1,080.49
23.6%
20.9%
-- Property Development
514.89
384.64
899.53
14.9%
17.3%
-- Construction Materials
186.53
274.96
461.49
25.6%
21.8%
-- Food and Beverage
152.40
299.63
452.04
25.2%
21.5%
-- Transportation & Logistics

-- Media & Publishing
99.70
113.32
230.40
113.89
330.10
227.21
16.8%
9.2%
16.5%
12.2%
-- Electronic Components
-- Banking
140.28
71.77
212.05
19.5%
18.7%
-- Commerce
42.55
144.93
187.48
13.9%
14.2%
-- Finance and Securities
87.92
65.33
153.25
8.4%
5.6%
-- Health Care Services
37.16
101.83
138.98
32.5%
25.5%
-- Petrochemicals & Chemicals
35.64
95.10
130.74
35.3%
29.2%
-- Home & Office Products
24.42
9.45
10.99
24.17
35.42
33.61
1.5%
0.7%
1.6%
0.8%
CPF
320.29
GFPT
-213.76
AAV
306.75
BCP
-191.54
TICON
269.07
TUF
-171.50
AMATA
LPN
VGI
220.24
199.28
197.31
SPALI
BEC
DTAC
-142.60
-116.88
-116.21
-- Insurance
AP
190.92
THAI
-116.00
-- Agribusiness
9.72
23.76
33.48
16.7%
12.1%
19.17
3.23
22.41
20.4%
19.4%
-- Steel
7.23
5.51
12.74
4.5%
3.2%
-- Automotive
1.57
3.60
5.17
3.8%
3.5%
-- Professional Services
1.60
1.84
3.44
0.5%
1.3%
-- Tourism & Leisure
Source: SET
Sell
*% of Trading Volumn in Underlying Securities traded in each sector

Source: SET, KS
17 March 2015
ii
Morning Brief
Daily Stats
Daily Driver Stats (Market Summary)
Current Index
%Change
1D
1W
1M
52 week
1Y
YTD
High
Low
World Stock Index

17,977.42
1.29%
-0.10%
-0.23%
10.27%
0.87%
18,288.63
16,026.75
S&P 500
Dow Jones
2,081.19
1.35%
0.08%
-0.75%
11.50%
1.08%
2,117.39
1,815.69
Nasdaq
4,929.51
1.19%
-0.26%
0.73%
15.26%
4.08%
5,008.10
3,999.73
FT SE 100
6,804.08
0.94%
-1.05%
-1.01%
3.77%
3.62%
6,961.14
6,182.72
DAX
12,167.72
2.24%
5.06%
10.98%
30.23%
24.09%
12,167.72
8,571.95
CAC
5,061.16
1.01%
2.51%
6.34%
16.74%
18.45%
5,061.16
3,918.62
-0.04%
2.42%
7.44%
35.30%
10.29%
19,254.25
13,910.16
NIKKEI
19,246.06
Hang Seng
23,949.55
MSCI Ex. JP
S&P Volatility (VIX Index)
0.53%
-0.72%
-2.97%
11.72%
1.46%
25,317.95
21,182.16
376.51
-0.00%
-1.23%
-2.04%
11.52%
1.51%
397.59
335.37
15.61
-2.44%
3.65%
6.26%
-18.70%
26.25
10.32
1.12%
2.09%
-2.19%
2.15%
325.45
260.43
388.26
Dow Jones Real Estate
307.05
4.07%
16.60%
Dow Jones Financial Sector
449.21
1.11%
1.08%
0.45%
9.81%
0.14%
454.69
Dow Jones Construction Material
530.41
0.52%
-0.14%
0.26%
-1.23%
6.18%
544.78
450.45
Dow Jones Energy
632.68
1.22%
-0.96%
-8.10%
-14.66%
-5.21%
855.72
612.64
Dow Jones T echnology
1,287.53
1.19%
-1.55%
-1.56%
17.80%
1.55%
1,333.18
1,051.19
Dow Jones Health Care
782.09
2.16%
2.22%
4.06%
26.62%
7.83%
782.09
586.84
Dow Jones Consumer Services
734.10
1.19%
0.73%
1.74%
18.95%
5.46%
736.60
585.42
SET Indices
SET Index
1,515.57
-1.69%
-2.83%
-6.21%
11.40%
1.20%
1,615.89
1,349.90
SET 100 Index
2,218.43
-1.66%
-2.99%
-6.83%
9.72%
0.26%
2,382.15
2,005.26
SET 50 Index
996.39
-1.57%
-2.98%
-6.97%
8.38%
-0.46%
1,074.80
912.35
MAI Index
744.02
-2.40%
-4.29%
-6.34%
84.12%
6.28%
801.35
392.57
18,730.94
-2.27%
-4.38%
-9.44%
0.18%
0.18%
22,190.44
17,617.57
Bank
592.72
-1.15%
-3.35%
-7.13%
19.93%
-0.26%
688.00
488.48
Property
288.01
-2.53%
-5.26%
-8.12%
12.71%
-0.18%
326.12
251.67
Transportation
226.78
-1.16%
-2.45%
-5.80%
24.17%
1.57%
244.71
174.06
13,635.33
-2.74%
-2.83%
1.36%
32.00%
14.75%
14,315.44
10,173.01
228.15
-1.59%
-0.48%
-6.33%
7.18%
2.01%
4.24%
5.56%
40.69%
27,103.92
-0.90%
-1.31%
-5.27%
-0.88%
513.15
-2.24%
-1.33%
-5.45%
7.52%
52.91%
Energy
Construction Materials
ICT
Electronic
Commerce
Hospitality & Leisure
1,783.39
-1.37%
243.57
202.35
1,783.39
1,250.01
-5.18%
32,041.97
26,930.95
-2.13%
608.67
471.73
17.22%
Fixed Income and FX

US 2-Y yield
0.65
-1.20%
-6.16%
1.25%
-2.32%
0.74
0.31
US 5-Y yield
1.55
-1.98%
-5.86%
0.97%
-9.05%
-6.06%
1.83
1.15
US 10-Y yield
2.07
-2.00%
-5.43%
1.04%
-24.46%
-4.58%
2.80
1.64
US Ted Spread
0.24
-4.03%
-8.13%
-4.66%
28.30%
9.15%
0.26
0.18
Thai 2-Y yield

Thai 5-Y yield
1.89
2.40
0.00%
0.00%
-6.90%
-1.23%
-9.57%
-2.44%
-18.18%
-26.15%
-10.43%
-3.23%
2.42
3.28
1.88
2.19
Thai 10-Y yield
2.75
0.73%
1.10%
-0.36%
-29.12%
-2.83%
3.88
2.49
Thai TED Spread
0.17
-3.24%
-17.06%
-0.47%
50.95%
32.41%
0.34
0.11
99.60
-0.72%
2.07%
5.74%
24.34%
10.33%
100.33
79.09
Dollar Index
French CDS USD SR 5Y
-0.48%
-0.17%
-13.31%
-24.16%
-16.39%
Greece 5Yr USD CDS
451.61
39.56
0.00%
0.00%
0.00%
-57.58%
0.00%
Portugal 5Yr USD CDS
120.01
55.31
35.55
1,064.53
432.65
-0.82%
-0.26%
-33.01%
-42.16%
-40.71%
228.37
117.90
Ireland 5Yr USD CDS
47.70
2.18%
1.55%
-4.52%
-43.21%
-4.93%
86.50
40.21
Spain 5Yr USD CDS
82.57
-1.87%
-0.41%
-20.48%
-22.23%
-14.43%
115.45
55.99
104.07
-1.14%
2.61%
-18.57%
-22.62%
-23.82%
155.77
81.84
20.90%
Italy 5Yr USD CDS

German 5Y r USD CDS
16.25
0.03%
-1.16%
-10.39%
-31.17%
US 5Yr CDS
16.51
-2.31%
-5.66%
-3.95%
-27.18%
23.95
13.44
-3.96%
26.19
15.50
Thailand 5Yr CDS
105.12
4.24%
3.02%
-3.71%
-21.94%
-1.76%
136.16
80.84
Indonesia 5Yr CDS
158.32
1.23%
6.79%
4.39%
-14.65%
-11.06%
189.51
127.99
Philippines 5Yr CDS
92.50
0.19%
6.91%
-1.07%
-16.67%
-8.87%
111.01
78.51
USD : EURO
1.05
-0.47%
-3.20%
-7.66%
-23.62%
-12.95%
1.39
1.05
USD : POUND
0.68
0.34%
2.22%
4.09%
11.63%
5.39%
0.68
0.58
-0.15%
0.32%
2.01%
18.58%
1.33%
121.66
101.05
0.04%
-0.02%
0.33%
0.57%
0.88%
6.28
6.11
USD : Y en
USD : Y uan
121.28
6.26
Source: Bloomberg
17 March 2015
iii
Morning Brief
Daily Stats
Daily Driver Stats (Commodity)
Current Index
1D
%Change
1M
1W
52 week
High
Low
1Y
YTD
-55.88%
-17.63%
Current Price
Nymex Futures 1 M (USD/bbl)
GRM (USD/bbl)
Newcastle Coal Price (USD/tonne)
Baltic Dry Index (BDI)
Gold (USD/ounce)
Related Stocks
43.88
-2.14%
-12.24%
-16.86%
9.01
-1.42%
-3.94%
7.26%
61.80
0.00%
0.00%
0.00%
-15.23%
-1.98%
75.65
564.00
1,157.07
250.58%
28.90%
107.26
8.24
0.36%
-0.70%
6.42%
-64.73%
-27.88%
1,621.00
-0.02%
-1.53%
-5.55%
-13.73%
-2.11%
1,380.59
43.88 PTT, PTTEP

-0.95 PTTGC,TOP,IRPC,ESSO
61.80 BANPU,LANNA,UMS
509.00 TTA, PSL
1,144.82 THL
Thai Gold Bar (Bath/15.244 g)
18,220.00
0.22%
-0.05%
-4.36%
-11.64%
-3.80%
21,180.00
17,920.00
Near Month Gold Future (Baht)
18,000.00
-0.28%
-0.28%
-4.76%
-11.76%
-2.44%
21,000.00
17,750.00
1,558.00
0.52%
-2.14%
-7.59%
-24.18%
-2.44%
2,150.00
1,528.00
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0.00
0.00
5,864.25
-0.30%
-0.50%
1.92%
-9.63%
-7.91%
7,186.00
5,433.00
Silver (USD/ounce)
Near Month Silver Future (Baht)
Copper Spot (USD/MT)
210.12
-0.28%
-4.19%
-8.32%
-29.82%
-8.63%
312.93
Zinc (USD/tonne)
CRB Index
2,005.00
-0.30%
-1.81%
-6.79%
2.72%
-7.94%
2,410.00
1,945.00 PDI
Malaysian Palm Oil (MYR/tonne)

Sugar Price (US cent/lb)
2,243.00
12.90
0.00%
1.57%
-1.80%
-2.79%
-1.69%
-13.07%
-21.56%
-29.35%
-2.35%
-13.54%
2,874.00
19.78
1,942.50 TVO, UVAN, UPOIC

12.70 KBS,KSL
9.63
-0.49%
-2.43%
-2.36%
-31.50%
-5.03%
15.39
30.26
-0.33%
-1.59%
-6.60%
-23.68%
-6.08%
43.21
Soybeans (USD/lb)
Soybean Oil (USD/pound)
210.12
8.98
29.54 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton)
363.10
0.00%
0.11%
0.30%
-27.74%
-13.15%
593.20
342.20
Rubber (JPY/kg)
210.20
-1.45%
-0.19%
-4.63%
-10.44%
-1.45%
237.60
175.40 STA, TRUBB
Chicken - (Bt/kg)
37.00
0.00%
-2.63%
-3.90%
-2.63%
-9.76%
47.50
Pork (Bt/kg)
57.00
0.00%
0.00%
-0.82%
-10.41%
-13.93%
81.50
1,020.00
0.00%
0.00%
14.61%
-26.88%
13.33%
Propyene (USD/tonne)
1,025.00
0.00%
0.00%
21.30%
-24.35%
91.59%
1,390.00
535.00
HDPE (USD/tonne)
1,250.00
0.00%
0.00%
11.11%
-18.57%
6.84%
1,610.00
1,090.00
Ethylene (USD/tonne)
PVC CFR Far East (USD/tonne)
860.00
0.0%
0.0%
3.6%
-16.9%
Naptha (USD/tonne)
502.75
-4.10%
-5.63%
-7.24%
-45.25%
Ethylene Spread (Olefin)
517.25
4.34%
6.16%
48.64%
Propylene Spread (Olefin)
522.25
4.29%
6.09%
72.36%
HDPE Spread (Olefin)
747.25
2.96%
4.18%
28.17%
Hot Rolled Coil (USD/tonne)
377.50
-1.31%
-1.31%
Rebar (USD/tonne)
432.50
0.00%
0.00%
Slab (USD/tonne)
330.00
0.00%
Scrap (USD/tonne)
246.50
Billet (USD/tonne)
398.50
Spread Rebar-Billet (USD/tonne)

Spread HRC-Slab (USD/tonne)
8.2%
1,490.00
32.50 CPF,GFPT
49.88 CPF
820.00
1,060.00
795.00
8.00%
993.50
398.25
8.50%
19.04%
713.50
301.50 PTTGC
19.58%
651.44%
566.75
21.16%
6.07%
848.25
571.50 PTTGC, SCC
-6.79%
-28.44%
-16.11%
545.00
377.50 SSI, GSTEL, GJS
0.00%
-18.01%
0.00%
545.00
432.50 TSTH, BSBM
0.00%
-4.35%
-37.14%
-15.92%
525.00
330.00 SSI
0.00%
-1.20%
7.88%
-30.56%
-19.71%
373.50
228.50 TSTH, GSTEL, GJS
0.00%
0.00%
0.00%
-19.49%
0.50%
516.00
395.00 BSBM
34.00
0.00%
0.00%
0.00%
4.62%
-5.56%
87.50
47.50
-9.52%
-9.52%
-20.83%
1,800.00%
-17.39%
75.00
21.75 PTTGC
21.50 BSBM
-15.00 SSI
Source : Bloomberg, SET Smart
17 March 2015
iv
Morning Brief
Daily Stats
Director Trade
Director Trade
Transaction Stock
Types of
Dat e
Securities
Name of Management
Transact ion
Avg Price
Amount
Total
(Bt)
(shares)
(Bt)
12-Mar-15
CHG
Common share
APIRUM PANYAPHOL
Sell
19.30
64,900
1,252,570
13-Mar-15
AJD
Common share
PIPAT PATIWATEPHINYO
Buy
2.88
14,420,000
41,529,600
11-Mar-15
AJD
W arrant
Sell
0.50
20,000,000
10,000,000
12-Mar-15
AJD
W arrant 2
Sell
1.50
14,000,000
21,000,000
13-Mar-15
AJD
Common share
Buy
2.89
8,000,000
23,120,000
13-Mar-15
AKR
Common share
PRINYA NAKCHUDTREE
Buy
2.90
50,000
145,000
12-Mar-15
HY DRO
Common share
PICHAI KLONGPITAK
Sell
3.61
410,300
1,481,183
10-Mar-15
IVL
11-Mar-15
MINT
W arrant
WILLIAM ELLWOOD HEINECKE
Sell
2.60
213
554
Common share
WILLIAM ELLWOOD HEINECKE
Buy
33.58
15,000
503,700
10-Mar-15
NMG
W arrant
SERMSIN SAMALAPA
T ransfer
12-Mar-15
NW R
Common share
POLPAT KARNASUTA
Sell
2.14
2,000,000
4,280,000
13-Mar-15
NW R
Common share
POLPAT KARNASUTA
Sell
2.15
1,000,000
2,150,000
9-Mar-15
PACE
Common share
SORAPOJ TECHAKRAISRI
13-Mar-15
PST C
Common share
ANONG PANICHAROENNAN
Receive
13-Mar-15
PST C
Common share
T ransfer
7,500,000
13-Mar-15
PST C
Common share
T ransfer
10,000,000
Remark
19,000,000
T ransfer
100,000,000
10,000,000
13-Mar-15
PSL
Common share
STEPHEN KORAH
Buy
14.95
2,000
29,900
12-Mar-15
PS
Common share
PRASERT TAEDULLAYASATIT
Sell
31.25
133,400
4,168,750
13-Mar-15
PS
Common share
PRASERT TAEDULLAYASATIT
Sell
30.75
385,300
11,847,975
11-Mar-15
SAMART
Common share
WATCHAI VILAILUCK
Buy
33.88
200,000
6,776,000
13-Mar-15
SIRI
Common share
SUPOL SOMBATHWICHATHON
Sell
1.92
500,000
960,000
11-Mar-15
SMM
Common share
PRAJAYA CHAIKAM
Buy
2.20
79,800
175,560
12-Mar-15
SMM
Common share
PRAJAYA CHAIKAM
Buy
2.26
36,800
83,168
12-Mar-15
SUSCO
Common share
MONGKOL SIMAROJ
Buy
3.74
100,000
374,000
300,000
1,362,000
11-Mar-15
SVI
Common share
THREEKWAN BUNNAG
Buy
4.54
13-Mar-15
T UF
Common share
KRAISORN CHANSIRI
Sell
20.00
13-Mar-15
VIBHA
Common share
CHAISITH VIRIYAMETTAKUL
Buy
15.80
80,000,000 1,600,000,000
40,000
632,000
Source : www.sec.or.th
17 March 2015
Morning Brief
Daily Stats
Insider Trading
Change 1W (Btmn)
Gainers
Change 1M (Btmn)
Gainers
Change 3M (Btmn)
Gainers
NMG
59.08
NMG
292.70
TSR
40.00
SIRI
CPF
22.27
TH
Change 6M (Btmn)
Gainers
NMG
311.76
DCC
88.30
TH
172.59
MTLS
RS
74.78
EARTH
120.64
21.21
ACD
70.40
SIRI
ACD
19.50
CPF
66.57
IFEC
12.80
SAMTEL
SIRI
11.11
SAMART
10.18
Change YTD (Btmn)
Gainers
1161.00
RS
327.32
793.45
NMG
311.76
AJP
663.57
TH
138.10
88.79
CENTEL
553.19
EARTH
120.64
IFEC
83.25
TH
521.20
SIRI
88.82
42.32
ACD
70.40
GFM
387.53
IFEC
83.25
TSR
40.00
RS
67.32
BA
349.75
ACD
70.40
BCP
29.90
CPF
67.12
BH
276.48
CPF
66.57
SAMTEL
9.46
TH
21.21
SYNTEC
50.57
EARTH
200.99
SYNTEC
50.57
TRC
6.98
TLUXE
18.60
SAMTEL
48.86
M-CHAI
175.12
SAMTEL
48.86
Losers
Losers
Losers
Losers
Losers
KC
-612.75
KC
-612.75
WHA
-3146.69
WHA
-3134.72
WHA
FANCY
-289.10
BEAUTY
-526.21
AAV
-1491.35
AAV
-1498.35
EA
-3146.69
-1115.47
-438.42
EA
-1115.47
EA
-1115.47
SAWAD
-1050.00
-1050.00
SAWAD
-1050.00
S11
-62.63
ABC
MFEC
-16.96
MAJOR
-427.00
SAWAD
JMART
-662.83
MBAX
-9.05
FANCY
-289.10
AP
-832.75
AP
-832.75
CGD
-660.00
SOLAR
-5.28
S11
-87.69
JMART
-662.83
JMART
-772.83
KC
-612.75
HYDRO
-4.10
NBC
-82.00
CGD
-660.00
ABC
-727.21
BEAUTY
-526.21
-442.62
MK
-4.06
MFEC
-34.02
KC
-612.75
CGD
-662.55
ABC
CHG
-1.69
PTG
-29.56
BEAUTY
-526.21
KC
-612.83
MAJOR
-425.77
THANI
-0.86
TICON
-27.98
NYT
-450.00
BEAUTY
-526.21
AJD
-348.30
Source: KS Research, as of 13 March 2015
Foreign Ownership - top ten gainers and losers

Change 1D
Gainers
Change 1W
Gainers
Change 1M
Gainers
Change 3M
Gainers
Change YTD
Gainers
AP
0.34
TRUE
1.49
STEC
5.01
AAV
6.00
EARTH
AMATA
0.17
AP
1.36
AP
2.04
EARTH
5.70
STEC
8.07
5.88
AAV
0.16
STEC
1.06
PTG
1.90
STEC
5.18
BAY
4.76
SVI
0.15
BECL
1.04
TICON
1.78
BAY
4.74
AAV
4.26
TCAP
0.13
SIRI
0.96
SIRI
1.64
AP
4.38
AP
3.70
2.97
SAMART
0.11
AAV
0.60
TRUE
1.48
SAWAD
3.48
SAWAD
BECL
0.10
LPN
0.60
AMATA
1.41
AMATA
2.85
AMATA
2.78
THCOM
0.09
AMATA
0.54
IRPC
1.33
KTC
2.37
TICON
2.36
GLOW
0.07
KBANK
0.45
LH
1.32
ICHI
2.13
ICHI
2.12
JAS
0.06
SPCG
0.41
THCOM
1.22
SIRI
2.08
TUF
1.85
Losers
Losers
Losers
HEMRAJ
Losers
-27.14
HEMRAJ
Losers
HEMRAJ
-0.85
HEMRAJ
-26.98
-29.72
PSL
-0.66
SAMART
-1.08
JAS
-2.30
GFPT
-6.21
GFPT
HEMRAJ
-28.79
SF
-0.28
JAS
-1.02
SAMART
-2.26
DEMCO
-4.99
DEMCO
-3.74
SPALI
-0.16
PSL
-0.99
GFPT
-2.04
SAMART
-3.90
TTA
-3.33
BCP
-0.16
CPF
-0.90
SPALI
-1.82
SPALI
-3.85
BECL
-3.24
QH
-0.15
SPALI
-0.79
CPF
-1.81
LPN
-3.73
LPN
-3.20
THAI
-0.14
THAI
-0.67
PSL
-1.72
CPF
-3.51
CPF
-3.15
BBL
-0.14
KKP
-0.66
KKP
-1.18
BECL
-3.20
SAMART
-2.71
KCE
-0.13
GFPT
-0.60
THAI
-1.05
TTA
-3.05
THREL
-2.27
HANA
-0.13
BCP
-0.55
BANPU
-0.99
BANPU
-1.86
BANPU
-2.16
-6.03
Source: SET100, Setsmart
17 March 2015
vi
Morning Brief
Daily Stats
Economic Calendar
Date Time
Country
Event
Period
03/20/2015 14:30
Thailand
Foreign Reserves
Mar-15
03/20/2015 14:30
03/20/2015 03/27
Thailand
Thailand
Forward Contracts
Car Sales
Mar-15
Feb
03/23/2015 03/26
Thailand
Customs Exports YoY
Feb
03/23/2015 03/26
03/23/2015 03/26
Thailand
Thailand
Customs Imports YoY

Customs Trade Balance
Feb
Feb
03/17/2015 03:00
03/17/2015 03:00
United States Net Long-term TIC Flows

United States Total Net TIC Flows
Jan
Jan
03/17/2015 12:00
03/17/2015 12:00
Japan
Japan
Leading Index CI
Coincident Index
Jan F
Jan F
03/17/2015 14:00
03/17/2015 17:00
Eurozone
Eurozone
EU27 New Car Registrations

Employment QoQ
Feb
4Q
03/17/2015 17:00
Eurozone
Employment YoY
4Q
03/17/2015 17:00
03/17/2015 17:00
Eurozone
Eurozone
ZEW Survey Expectations

CPI MoM
Mar
Feb
03/17/2015 17:00
03/17/2015 17:00
Eurozone
Eurozone
CPI YoY
CPI Core YoY
Feb F
Feb F
Survey
Actual
Prior
Revised
---
---
$154.8B
$20.8B
---
---
---
59721
-3.46%
---
--
--
-13.33%
--
---
--$27.2B
-$457M
$35.4B
-$39.2B
---
$88.3B
--
-$174.8B
105.1
-$176.8B
--
---
---
113
6.70%
---
---
---
0.20%
0.60%
0.40%
--
--
--
52.7
--
0.60%
-0.30%
---
-1.60%
-0.30%
-1.60%
-0.60%
0.60%
1040K
---
0.60%
1065K
---
03/17/2015 19:30
03/17/2015 19:30
United States Housing Starts

United States Housing Starts MoM
Feb
Feb
03/17/2015 19:30
United States Building Permits
Feb
-2.40%
1065K
---
-2.00%
1053K
-1060K
03/17/2015 19:30
03/17/2015
United States Building Permits MoM

Japan
BOJ Annual Rise in Monetary Base
Feb
Mar-15
0.50%
80T
---
-0.70%
80T
0.00%
--
03/17/2015
03/16/2015 03/17
Japan
China
Bank of Japan Monetary Policy Statement

Foreign Direct Investment YoY
Jan-00
Feb
03/16/2015 03/17
03/18/2015 06:50
China
Japan
Foreign Direct Investment YoY CNY

Trade Balance
Feb
Feb
03/18/2015 06:50
03/18/2015 06:50
Japan
Japan
Trade Balance Adjusted

Exports YoY
Feb
Feb
03/18/2015 06:50
Japan
Imports YoY
Feb
03/18/2015 08:30
03/18/2015 12:00
China
Japan
Bank of Japan's Monthly Economic Report for March
Jan-00
Jan-00
03/18/2015 13:00
03/18/2015 17:00
Japan
Eurozone
Machine Tool Orders YoY

Trade Balance SA
Feb F
Jan
03/18/2015 17:00
03/18/2015 17:00
Eurozone
Eurozone
Trade Balance NSA

Construction Output MoM
Jan
Jan
China February Property Prices
03/18/2015 17:00
03/18/2015 18:00
Eurozone
Construction Output YoY
United States MBA Mortgage Applications
Jan
Mar-15
03/19/2015 01:00
United States FOMC Rate Decision (Upper Bound)
Mar-15
03/19/2015 01:00
03/19/2015 06:50
United States FOMC Rate Decision (Lower Bound)

Japan
Japan Buying Foreign Bonds
Mar-15
Mar-15
03/19/2015 06:50
03/19/2015 06:50
Japan
Japan
Japan Buying Foreign Stocks

Foreign Buying Japan Bonds
Mar-15
Mar-15
03/19/2015 06:50
03/19/2015 11:30
Japan
Japan
Foreign Buying Japan Stocks

All Industry Activity Index MoM
Mar-15
Jan
03/19/2015 12:30
03/19/2015 12:30
Japan
Japan
Nationwide Dept Sales YoY

Tokyo Dept Store Sales YoY
Feb
Feb
03/19/2015 17:00
Eurozone
Labour Costs YoY
4Q
03/19/2015 19:30
03/19/2015 19:30
United States Current Account Balance

United States Initial Jobless Claims
4Q
Mar-15
03/19/2015 19:30
United States Continuing Claims
Mar-15
---
---
29.40%
--
---
-986.6B
-1231.4B
---
-1177.5B
-406.1B
-1179.1B
--
0.3
3.2
---
17
-9
---
0
0
0
0
0
0
0
0
--
--
28.90%
--
21.3B
15.0B
---
23.3B
24.3B
---
---
---
-0.80%
-3.50%
---
-0.25%
---
-1.30%
0.25%
---
--
--
---
---
270.4B
356.2B
---
---
---
282.0B
290.1B
---
1.90%
--
---
-0.30%
-2.80%
---
---
---
0.70%
1.30%
---
-$104.3B
--
-$100.3B
--
293K
2400K
---
289K
2418K
---
Source : Bloomberg
17 March 2015
vii
Morning Brief
Daily Stats
Economic Calendar
Date Time
Country
Event
Period
Survey
Actual
Prior
Revised
--
--
43.3
--
--
--
54
--
Mar
--
5.2
--
Feb
0.20%
--
0.20%
--
0
--
0
--
0
-0.70%
0
--
--
--
17.8B
--
--
--
29.2B
--
Feb
--
--
-1.70%
--
Chicago Fed Nat Activity Index
Feb
Existing Home Sales

Existing Home Sales MoM
Feb
Feb
-4.94M
---
0.13
4.82M
---
2.40%
--
-4.90%
--
--
--
-6.7
--
03/19/2015 20:45
03/19/2015 20:45
United States
United States
Bloomberg Consumer Comfort

Bloomberg Economic Expectations
Mar-15
Mar
03/19/2015 21:00
United States
Philadelphia Fed Business Outlook
03/19/2015 21:00
United States
Leading Index
03/20/2015 08:45
China
MNI March Business Indicator
Jan-00
03/20/2015 14:00
03/20/2015 16:00
Japan
Eurozone
Convenience Store Sales Y oY

ECB Current Account SA
Feb
Jan
03/20/2015 16:00
Eurozone
Current Account NSA
Jan
03/23/2015 13:00
Japan
Supermarket Sales YoY
03/23/2015 19:30
United States
03/23/2015 21:00
03/23/2015 21:00
United States
United States
03/23/2015 22:00
Eurozone
Consumer Confidence
Mar A
03/23/2015
Japan
Cabinet Office Monthly Economic Report for March
Jan-00
03/24/2015 08:35
Japan
Markit/JMMA Japan Manufacturing PMI
Mar P
03/24/2015 08:45
03/24/2015 09:00
China
China
HSBC China Manufacturing PMI
---
51.6
50.7
---
Conference Board C hina February Leading Economic Index
Mar P
Jan-00
-50.3
03/24/2015 12:00
Japan
Small Business Confidence
03/24/2015 16:00
Eurozone
03/24/2015 16:00
Eurozone
03/24/2015 16:00
03/24/2015 19:30
Mar
--
--
46.5
--
Markit Eurozone Manufacturing PMI
Mar P
--
--
51
--
Markit Eurozone Services PMI
Mar P
Eurozone
United States
Markit Eurozone Composite PMI

CPI MoM
Mar P
Feb
---
---
53.7
53.3
---
0.20%
--
-0.70%
--
03/24/2015 19:30
United States
CPI Ex Food and Energy MoM
Feb
0.10%
--
0.20%
--
03/24/2015 19:30
United States
CPI YoY
Feb
-0.10%
--
-0.10%
--
03/24/2015 19:30
United States
CPI Ex Food and Energy Y oY
Feb
03/24/2015 19:30
03/24/2015 19:30
United States
United States
CPI Index NSA

CPI Core Index SA
Feb
Feb
1.70%
--
---
1.60%
233.707
----
03/24/2015 20:00
United States
FHFA House Price Index MoM
Jan
03/24/2015 20:45
United States
Markit US Manufacturing PMI
Mar P
03/24/2015 21:00
United States
New Home Sales
Feb
03/24/2015 21:00
03/24/2015 21:00
United States
United States
New Home Sales MoM

Richmond Fed Manufact. Index
Feb
Mar
--
--
239.871
0.50%
--
0.80%
--
55.3
--
55.1
--
475K
-1.30%
---
481K
-0.20%
---
--
--
Source : Bloomberg
17 March 2015
viii
Morning Brief
Daily Stats
Company's Calendar
Mon
Tue
16-Mar-15
17-Mar-15
Wed
Thu
18-Mar-15
19-Mar-15
As of 16 March 2015
Sat
Fri
20-Mar-15
21-Mar-15
0
TPP-XD@0.4
SMK-XD@17.03
SAMART-XD@0.43
CPI-XD@0.06
CMR-XD@3.6
BAT-3K-XD@3
SAMTEL-XD@0.4
LALIN-XD@0.135
SIM-XD@0.03
PYLON-XD@0.5
WHAPF-XD@0.185
VIH-XD@0.02
VGI-XD(ST)@1(O):1(N)
VGI-XD@0.011111111111
OTO-XD@0.05
PDG-XD@0.1
New Listing: AAV13C1510A
23-Mar-15
STPI-XD(ST)@10(O):1(N)
STPI-XD@0.5
M-CHAI-XD@3
TCIF-XD@0.3
24-Mar-15
WG-XD@5.5
SKR-XD@0.85
BUI-XD@0.4
BDMS-XD@0.23
GLAND-XD@0.07
DCON-XD(ST)@25(O):1(N)
DCON-XD@0.15
PERM-XD@0.05
UREKA-XW@2(O):1(N)
30-Mar-15
TMD-XD@1
THCOM-XD@0.65
TKS-XD(ST)@10(O):1(N)
TKS-XD@0.4
CSL-XD@0.16
SYNEX-XD@0.13
31-Mar-15
SCC-XD@7
TPC-XD@0.35
CNS-XD@0.18
INTUCH-XD@2.23
6-Apr-15
7-Apr-15
SMPC-XD(ST)@8(O):1(N)
SMPC-XD@0.15
CSP-XD@0.16
TOG-XD@0.23
SMART-XW@5(O):2(N)
Remark
XD - Cash Dividend
XD(ST) - Stock Dividend
SINGER-XD@0.53
SNP-XD@0.7
MIDA-XD(ST)@10(O):1(N)
MIDA-XD@0.00556
ML-XD(ST)@10(O):1(N)
ML-XD@0.00556
UWCXW@2.29999995231628(O):1(N)
ABPIF-XD@0.3036
GCAP-XD@0.1
LIT-XD@0.12
NTV-XD@1
VNG-XD@0.25
PLE-XD@0.046
GLOBAL-XD(ST)@7(O):1(N)
GLOBAL-XD@0.015873015857
25-Mar-15
HTC-XD@0.3
TSTE-XD@0.5
TBSP-XD@8.5
AH-XD@0.1
TMILL-XD@0.08
26-Mar-15
LEE-XD@0.17
ADVANC-XD@5.96
ZMICO-XD@0.05
1-Apr-15
DTCI-XD@0.2
UAC-XD(ST)@8(O):1(N)
UAC-XD@0.00695
2-Apr-15
CHARAN-XD(ST)@1(O):1(N)
CHARAN-XD@2.5
APCO-XD@0.0425
8-Apr-15
CCET-XD(ST)@22(O):1(N)
CCET-XD@0.00454545
BKD-XD(ST)@5(O):1(N)
BKD-XD@0.012
9-Apr-15
TCAP-XD@1
KBANK-XD@3.5
TCAP-P-XD@1
MAJOR-XD@0.55
CCP-XD(ST)@12(O):1(N)
CCP-XD@0.0023169
BROCK-XW@5(O):1(N)
FPI-XD@0.07
FPI-XW@4(O):1(N)
TTI-XD@1
KCE-XD@0.7
TPIPL-XD@0.02
EARTH-XD@0.05
TNITY-XD(ST)@8(O):1(N)
TNITY-XD@0.07
27-Mar-15
28-Mar-15
TIC-XD@0.8
TGCI-XD@0.08
Q-CON-XD@0.14
TIC-P-XD@0.8
3-Apr-15
4-Apr-15
MCS-XD@0.2
NDR-XD@0.08
10-Apr-15
11-Apr-15
SCB-XD@4.5
BANPU-XD@0.7
SCB-P-XD@4.5
GC-XD@0.08
XR - Rights for Common

XW - Rights for Warrant
Source : SET as of previous t rading day
17 March 2015
ix
Morning Brief
Daily Stats
Company's Calendar
Mon
Tue
Wed
Thu
Fri
16-Mar-15
17-Mar-15
18-Mar-15
19-Mar-15
20-Mar-15
0
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
24-Mar-15
25-Mar-15
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
ADVA27C1503A
CK27C1503A
GFPT27C1503A
HEMR27C1503A
IVL27C1503A
BLAN13C1503A
IVL13C1503A
PTT13C1503A
PTT13P1503A
E-W3
6-Apr-15
31-Mar-15
1-Apr-15
7-Apr-15
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
BEC06C1503A
CENT06C1503A
HMPR06C1503A
KBAN06P1503A
SCB06P1503A
STA06C1503A
TRUE06C1503A
TRUE06P1503A
ADVA01C1503A
ADVA01P1503A
AOT01C1503A
AOT01P1503A
BCH01C1503A
BJC01C1503A
BJC01P1503A
BLA01C1503A
EART01P1503A
INTU01C1503A
INTU01P1503A
IRPC01C1503A
IRPC01P1503A
JAS01C1503A
JAS01P1503A
KBAN01C1503A
KBAN01P1503A
KTB01C1503A
KTB01P1503A
PTTE01C1503A
PTTE01P1503A
SCB01C1503A
SCB01P1503A
TRUE01C1503A
S5001C1503A
S5001P1503A
TRUE01P1503A
BMCL01C1503A
BMCL01P1503A
share:
share:
share:
share:
share:
PTT28C1504A
PTTG28C1504A
UV28P1504A
SAMA28C1504A
SIRI28C1504A
SCB13C1503A
SCB13P1503A
CK42P1503A
KTB42P1503A
SAMA42P1503A
TMB42P1503A
TPIP42P1503A
27-Mar-15
28-Mar-15
3-Apr-15
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
share:
Delisted
Delisted
Delisted
Delisted
share:
share:
share:
share:
9-Apr-15
Delisted
Delisted
Delisted
Delisted
Delisted
share:
share:
share:
share:
share:
share:
share:
Delisted share: SAMA07C1503A

Delisted share: TTA13C1503A
Delisted share: TRUE07C1503A
2-Apr-15
8-Apr-15
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
26-Mar-15
Delisted share: KKP23C1503A

Delisted share: TPIP23C1503A
Delisted share: UV23C1503A
30-Mar-15
21-Mar-15
Delisted share: VGI13C1503A
23-Mar-15
As of 16 March 2015
Sat
CPF08C1503A
CPF08P1503A
M08C1503A
PTT08C1503A
PTT08P1503A
STEC08C1503A
THRE08C1503A
TRUE08C1503A
TRUE08P1503A
TTA08C1503A
TTA08P1503A
AAV11C1503A
BANP11C1503A
BTS11C1503A
CK11C1503A
CK11C1503B
CPAL11C1503A
CPN11C1503A
HMPR11C1503A
JAS11C1503A
SCC11C1503A
STEC11C1503A
STEC11C1503B
BANP11P1503A
BBL18C1503A
BCH18C1503A
BLAN18C1503A
EART18C1503A
PTTG18C1503A
TPIP18C1503A
TRUE18C1503A
TICO11C1503A
JAS11P1503A
JAS08C1503A
VGI08C1503A
4-Apr-15
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
share:
share:
share:
share:
share:
share:
share:
Delisted
Delisted
Delisted
Delisted
Delisted
Delisted
share:
share:
share:
share:
share:
share:
10-Apr-15
TPIP13C1504A
TTA13C1504A
PTT13C1504A
BMCL13C1504A
S5028C1503A
S5028C1503B
S5028P1503A
S5028P1503B
S5013C1503A
S5013P1503A
S5013C1503B
11-Apr-15
KTB13C1504A
BTS13C1504A
CPF13C1504A
ADVA13C1504A
ADVA13P1504A
IVL13P1504A
Source : SET as of previous trading day
17 March 2015
Morning Brief
Daily Stats
General Disclaimer
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are risks involved in the investment in securities. KS accepts no liability whatsoever for any direct, indirect, consequential or other loss (including claim for
loss of profit) arising from any use of or reliance upon this document and/or further communication given in relation to this document.
Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments herein constitute a judgment as of the date of this document, and
there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, projections, ratings or
risk assessments. Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described in this document were based upon a
number of estimates and assumptions and are inherently subject to significant uncertainties or contingencies. It can be expected that one or more of the
estimates on which the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments were based will not materialize or will vary
significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described
herein is not to be relied upon as a representation and/or warranty by KS (i) that such valuations, opinions, estimates, forecasts, projections, ratings or risk
assessments or their underlying assumptions will be achieved, or (ii) that there is an assurance that future results or events will be consistent with any
such valuations, opinions, estimates, forecasts, projections, ratings or risk assessments stated therein.
KS along with its affiliates and/or persons associated with it may from time to time have interests in the securities mentioned in this document. KS and its
associates, their directors and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or
seek to perform broking, investment banking, advisory and other securities services for companies mentioned in this document.
Corporate Governance Report Disclaimer

The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance 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 companies listed on the Stock Exchange of
Thailand and the Market of Alternative Investment disclosed to the public and able to be accessed by a general public investor at http://www.thaiiod.com/en/publications-detail.asp?id=170 . 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 data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed
after that date. KS does not confirm nor certify the accuracy of such survey result.
Structured Notes and Derivative Warrants Disclaimer

KS may be the issuer of structured notes on these securities.
KS acts as market maker and issuer of Derivative Warrants (DWs) on the underlying stocks listed below. Investors should carefully read the details of the
DWs in the prospectus before making any investment decisions.
DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BANPU, BBL, BCP, BDMS, BH, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DTAC, GLOBAL,
HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KTB, LH, LPN, MINT, PS, PTT, PTTEP, PTTGC, QH, SAMART, SCB, SCC, SPALI, SPCG, STEC, STPI, TCAP,
THAI, THCOM, TICON, TMB, TOP, TPIPL, TRUE, TTA, TUF and VGI
17 March 2015
xi
Morning Brief

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Morning Brief

Daily Market Performance

turnover of Bt45,358mn after the crude oil price

Sector PER (x)

Agribusiness & Food

Sector & Equities Recommendation

with an Outperform rating and a TP of Bt24. We like BA as it is an airline

is trading at a 2015E PER of just 6.9x, which is comparatively low compared

Top Ten Short Sale

Thai NVDR Trading Data by Stock

Daily Driver Stats (Market Summary)

Daily Driver Stats (Commodity)

Foreign Ownership - top ten gainers and losers

hit a one-month low amid an

Kasikorn Securities PCL

Trading by Investor Type

Div Yield (%)

NVDR Net Buy/Sell

10Y US treasury yld

What's going on?

Long term (TTM > 1Y)

Long term (TTM > 1Y)

Source : Thai BMA

Thai NVDR Trading Data by Stock

Top Net Sell (Btmn)

Net Buy/Sell 1 Month

NVDR Trading by Sector

-- Information & Communication Technology

-- Energy & Utilities

-- Food and Beverage

-- Transportation & Logistics

-- Finance and Securities

-- Health Care Services

-- Petrochemicals & Chemicals

-- Home & Office Products

-- Tourism & Leisure

*% of Trading Volumn in Underlying Securities traded in each sector

World Stock Index

Dow Jones Real Estate

Dow Jones Financial Sector

Dow Jones Construction Material

Dow Jones Energy

Dow Jones T echnology

Dow Jones Health Care

Dow Jones Consumer Services

SET 100 Index

Fixed Income and FX

Thai 2-Y yield

Thai 10-Y yield

Thai TED Spread

Greece 5Yr USD CDS

Portugal 5Yr USD CDS

Ireland 5Yr USD CDS

Spain 5Yr USD CDS

Italy 5Yr USD CDS

Thailand 5Yr CDS

Indonesia 5Yr CDS

Philippines 5Yr CDS

43.88 PTT, PTTEP

Thai Gold Bar (Bath/15.244 g)

Near Month Gold Future (Baht)

Malaysian Palm Oil (MYR/tonne)

1,942.50 TVO, UVAN, UPOIC