Escolar Documentos
Profissional Documentos
Cultura Documentos
BUY
Stock Data
58.00
70.00
20.69
46.44
1,289
TISCO TB
TISCO.BK
M
0.31
13.76
801
10.00
59.3 / 39.5
3.28
49 / 48
74.1
50
Price Performance
Dec-16
Jun-16
Sep-16
Mar-16
Sep-15
Dec-15
Jun-15
Mar-15
Dec-14
Price (Bt)
60
50
40
30
20
10
0
Absolute
Relative to SET
1M
7.4
6.9
3M
5.5
4.7
Share performance
TISCO has made a giant stride forward in its acquisition of the retail
banking business of Standard Chartered Bank (Thai). On the basis of
this move, we have raised 2017F loan growth from 8% to 25%, which
shoves our earnings forecast up by 6% for 2017F (assuming a half-year
impact) and 12% for 2018F (full-year impact). We maintain Buy on
TISCO with a hike in TP to Bt70 (1.6x 2017F BVPS) from Bt60.
12M
38.9
17.7
FY Dec
New
2017F
5,449
6.81
43.37
2.72
2018F
6,033
7.54
48.18
3.01
Old
2017F
5,143
6.42
42.87
2.57
2018F
5,367
6.70
47.00
2.68
Change
2017F
6%
6%
1%
6%
2018F
12%
12%
3%
12%
Maintain Buy with a TP hike. We view this move as adding large value to TISCO and
maintain Buy, raising our TP to Bt70 (1.6x 2017F BVPS) from Bt60.
Kittima Sattayapan, CFA
Fundamental Investment
Analyst on Securities
(66-2) 949-1003
kittima.sattayapan@scb.co.th
Unit
(Bt mn)
(Bt mn)
(Bt)
(Bt)
(Bt)
(Bt)
(x)
(x)
(%)
(x)
(%)
(%)
2014
8,676
4,250
10.84
5.31
32.14
2.00
10.93
5.35
0.02
1.80
17.45
3.45
2015
9,528
4,250
11.90
5.31
35.09
2.40
10.93
4.87
0.01
1.65
15.79
4.14
2016F
8,889
4,928
11.10
6.15
38.96
2.40
9.42
5.22
15.95
1.49
16.62
4.14
2017F
9,978
5,449
12.46
6.81
43.37
2.72
8.52
4.65
10.57
1.34
16.53
4.69
2018F
11,018
6,033
13.76
7.54
48.18
3.01
7.70
4.21
10.72
1.20
16.46
5.20
The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein
reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell
or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.
Financial statement
2014
1,180
38,058
15,003
262,784
556
6,950
256,390
317,657
205,384
10,897
65,406
291,833
93
8,007
25,731
32.14
2015
16,888
6,758
10,130
5,865
5,527
10,468
1,032
(92)
9,528
5,277
4,250
0
4,250
5.31
2.40
2016F
15,960
5,083
10,877
5,718
6,595
10,000
1,208
(97)
8,889
3,961
4,928
0
4,928
6.15
2.40
2017F
17,805
5,260
12,545
6,021
7,353
11,213
1,337
(102)
9,978
4,529
5,449
0
5,449
6.81
2.72
2018F
21,181
7,126
14,056
6,436
8,100
12,392
1,481
(107)
11,018
4,984
6,033
0
6,033
7.54
3.01
2015
1,101
31,163
8,617
238,260
542
6,168
232,634
280,294
158,125
10,249
74,519
252,099
99
8,007
28,095
35.09
2016F
1,217
31,505
8,617
226,347
542
7,129
219,760
267,951
151,800
10,249
64,519
236,659
99
8,007
31,193
38.96
2017F
1,364
16,068
8,617
283,191
542
8,659
275,074
308,050
187,397
10,249
64,519
273,230
99
8,007
34,721
43.37
2018F
1,485
16,068
8,617
311,510
542
10,646
301,407
334,582
209,004
10,249
64,519
295,908
99
8,007
38,576
48.18
2014
2015
2016F
2017F
2018F
3Q15
955
34,880
8,805
237,260
530
5,813
231,976
283,639
162,105
9,207
76,438
256,679
100
8,007
26,860
33.55
4Q15
4,074
1,409
2,665
1,421
1,665
2,421
301
(20)
2,140
896
1,244
0
1,244
1.55
-
1Q16
4,067
1,374
2,692
1,402
1,566
2,528
309
(18)
2,237
981
1,255
0
1,255
1.57
-
2Q16
3,991
1,300
2,691
1,318
1,605
2,404
289
(18)
2,133
926
1,208
0
1,208
1.51
-
3Q16
3,975
1,218
2,758
1,540
1,652
2,646
317
(13)
2,342
1,092
1,250
0
1,250
1.56
-
4Q15
1,101
31,163
8,617
238,260
542
6,168
232,634
280,294
158,125
10,249
74,519
252,099
99
8,007
28,095
35.09
1Q16
1,094
36,657
7,195
233,166
503
6,389
227,280
279,060
152,873
12,304
75,017
249,565
101
8,007
29,394
36.71
2Q16
974
28,870
7,478
230,833
521
6,792
224,562
270,223
152,001
11,361
67,046
241,499
101
8,007
28,623
35.75
3Q16
1,016
30,272
7,415
226,437
532
7,365
219,604
265,922
153,489
8,310
64,092
235,905
110
8,007
29,908
37.35
Financial Ratios
3Q15
(11.33)
(5.82)
5.79
2.46
3.63
22.79
3.30
74.14
3.65
4Q15
(9.33)
7.93
5.83
2.30
3.81
40.75
3.23
80.10
1.50
1Q16
(8.36)
2.96
5.86
2.28
3.88
38.26
3.07
89.26
1.68
2Q16
(7.42)
(9.00)
5.87
2.21
3.96
40.04
3.03
97.03
1.60
3Q16
(4.56)
17.35
5.99
2.14
4.15
38.43
3.04
106.95
1.93
(10.05)
(4.13)
(9.33)
1.64
(5.00)
0.85
25.11
4.04
10.00
6.76
5.62
3.08
2.54
2.84
17.45
5.69
2.58
3.11
3.41
15.79
5.86
2.17
3.70
4.00
16.62
6.20
2.15
4.05
4.37
16.53
6.58
2.61
3.97
4.36
16.46
2.61
102.97
1.68
3.28
80.10
2.21
2.90
108.67
1.75
1.99
153.95
1.60
1.77
193.12
1.60
97.04
102.41
104.64
112.41
113.89
36.64
34.55
39.74
39.60
39.53
90
15.27
11.31
3.96
16.47
12.71
3.77
17.91
13.95
3.97
15.96
12.70
3.26
15.88
12.89
2.99
80
1.9x
70
1.5x
Price (Bt)
100
2.2x
60
50
1.2x
40
0.8x
30
0.5x
20
10
Source: SEC
25.0%
Jun-17
Dec-17
Jul-16
Dec-16
Jan-16
Feb-15
Aug-15
Aug-14
Sep-13
Mar-14
Oct-12
Apr-13
Nov-11
May-12
5.0%
4.0%
10.0%
37
5.0%
35
0.0%
3.0%
2.0%
1.0%
0.0%
Dec-16
Nov-16
Oct-16
Sep-16
Aug-16
Jul-16
-1.0%
Jun-16
-5.0%
May-16
Avg. Price
15.0%
Jan-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
Apr-15
May-15
39
7.0%
6.0%
Apr-16
41
20.0%
Mar-16
43
Feb-16
45
Baht/share
47
Mar-15
Dec-10
49
May-11
Jan-10
8
7
6
5
4
3
2
1
0
Feb-15
'000 shares
Jun-10
Price
Target
(Bt/Sh) (Bt/Sh)
Neutral 38.50
37.0
Buy
156.50
200.0
Buy
172.00
215.0
Neutral 57.25
60.0
Buy
17.20
21.0
Sell
1.73
1.7
Buy
43.50
50.0
Buy
58.00
70.0
Neutral
2.08
2.2
ETR
(%)
(1.6)
31.6
27.3
13.4
26.6
0.4
19.1
24.8
8.3
15A
15.2
8.7
10.4
14.6
8.4
14.3
10.2
10.9
9.8
11.3
P/E (x)
16F
13.2
9.5
10.5
9.1
8.1
13.7
8.3
9.4
11.8
10.4
17F
11.0
8.0
10.0
9.7
7.5
12.3
7.7
8.5
9.7
9.3
P/BV (x)
15A
16F
1.5
1.4
0.8
0.8
1.4
1.3
1.3
1.2
1.0
0.9
1.3
1.0
1.1
0.9
1.7
1.5
1.2
1.1
1.3
1.2
17F
1.3
0.7
1.2
1.2
0.8
0.9
0.9
1.3
1.0
1.1
ROE (%)
15A
16F
12
11
10
9
15
13
9
14
12
11
10
10
10
12
16
17
13
10
12
12
17F
12
9
12
12
11
8
12
17
11
12
Disclaimer
SCB SECURITIES COMPANY LIMITED (SCBS) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS on the ordinary shares AAV, ADVANC, ANAN, AOT, BA, BANPU, BBL, BCP,
BDMS, BEAUTY, BEC, BEM, BH, BJCHI, BLA, BLAND, BTS, CBG, CENTEL, CK, CPALL, CPF, CPN, DTAC, EARTH, EPG, ERW, GL, GLOW, GPSC, HMPRO, ICHI, INTUCH, ITD, IVL, KBANK, KCE, KKP,
KTB, KTC, LH, LHBANK, LPN, MAJOR, MTLS, PTT, PTTEP, PTTGC, QH, ROBINS, SAMART, SAWAD, SCC, STEC, STPI, SVI, TASCO, TCAP, THAI, THCOM, TISCO, TOP, TPIPL, TRUE, TTA, TU, UNIQ,
WORK.
Before making an investment decision over a derivative warrant, an investor should carefully read the prospectus for the details of the said derivative warrants. Any opinion, news, research,
analyse, price, statement, forecast, projection and/or other information contained in this document (the Information) is provided as general purpose information only, and shall not be construed
as a recommendation to any person of an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities. SCBS and/or its directors, officers, employees, and agents shall not be
liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of, or reliance on, the Information, including without limitation, damages for loss of profits.
The investor should use the Information in association with other information and opinion, including his/her own judgment in making investment decision. The Information is obtained from sources
believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information.
SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any notice. This document is delivered to intended recipient(s) only and is not permitted to
reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS.
CG Rating 2016 Companies with CG Rating
AMATA, AOT, BAFS, BAY, BCP, BIGC, BTS, BWG, CK, CPF, CPN, CSL, DELTA, DEMCO, DRT, DTAC, DTC, EASTW, EGCO, GFPT, GPSC, GRAMMY, HANA, HMPRO, INTUCH, IRPC, IVL, KBANK, KCE,
KKP, KTB, KTC, LHBANK, LPN, MBK, MCOT, MINT, MONO, NKI, NYT, OTO, PHOL, PPS, PS, PSL, PTT, PTTEP, PTTGC, QH, QTC, RATCH, SAMART, SAMTEL, SAT, SC, SCB, SCC, SCCC, SE-ED, SIM,
SITHAI, SNC, SPALI, SSSC, STEC, SVI, TCAP, THCOM, TISCO, TKT, TMB, TNDT, TOP, TSC, TTCL, TU, UV, VGI, WACOAL, WAVE
2S, AAV, ACAP, ADVANC, AGE, AH, AHC, AKP, ALUCON, AMANAH, ANAN, AP, APCO, APCS, ARIP, ASIA, ASIMAR, ASK, ASP, AUCT, AYUD, BANPU, BBL, BDMS, BEM, BFIT, BLA, BOL, BROOK, CEN,
CENTEL, CFRESH, CGH, CHG, CHO, CHOW, CI, CIMBT, CKP, CM, CNS, CNT, COL, CPI, DCC, EA, ECF, EE, ERW, FORTH, FPI, GBX, GC, GCAP, GL, GLOBAL, GLOW, GUNKUL, HOTPOT, HYDRO, ICC,
ICHI, IFEC, INET, IRC, JSP, K, KSL, KTIS, L&E, LANNA, LH, LHK, LIT, LOXLEY, LRH, LST, M, MACO, MALEE, MBKET, MC, MEGA, MFC, MOONG, MSC, MTI, MTLS, NCH, NOBLE, NSI, NTV, OCC,
OGC, OISHI, ORI, PACE, PAP, PB, PCSGH, PDI, PE, PG, PJW, PLANB, PM, PPP, PR, PRANDA, PREB, PRG, PRINC, PT, PTG, PYLON, Q-CON, RICHY, ROBINS, RS, RWI, S, S & J, SABINA, SALEE,
SAMCO, SCG, SEAFCO, SFP, SIAM, SINGER, SIS, SMK, SMPC, SMT, SNP, SPI, SPPT, SPRC, SR, SSF, SST, STA, SUSCO, SUTHA, SWC, SYMC, SYNEX, SYNTEC, TAE, TAKUNI, TASCO, TBSP, TCC, TF,
TFI, TGCI, THAI, THANA, THANI, THIP, THRE, THREL, TICON, TIPCO, TK, TKS, TMC, TMI, TMILL, TMT, TNITY, TNL, TOG, TPC, TPCORP, TRC, TRU, TRUE, TSE, TSR, TSTE, TSTH, TTA, TTW,
TVD, TVO, TWPC, UAC, UP, UPF, VIH, VNT, WINNER, YUASA, ZMICO
AEC, AEONTS, AF, AIRA, AIT, AJ, AKR, AMARIN, AMATAV, AMC, APURE, AQUA, ARROW, AS, BA, BEAUTY, BEC, BH, BIG, BJC, BJCHI, BKD, BR, BROCK, BRR, BTNC, CBG, CGD, CHARAN, CITY,
CMR, COLOR, COM7, CPL, CSC, CSP, CSR, CSS, CTW, DCON, DIMET, DNA, EARTH, EASON, ECL, EFORL, EPCO, EPG, ESSO, FE, FER, FOCUS, FSMART, FSS, FVC, GEL, GIFT, GLAND, GOLD, GSTEL,
GYT, HPT, HTC, HTECH, IFS, IHL, ILINK, INSURE, IRCP, IT, ITD, J, JMART, JMT, JUBILE, JWD, KASET, KBS, KCAR, KGI, KKC, KOOL, KWC, KYE, LALIN, LPH, MAJOR, MAKRO, MATCH, MATI, MCHAI, MDX, MFEC, MJD, MK, MODERN, MPG, NC, NCL, NDR, NEP, NOK, NUSA, PATO, PCA, PDG, PF, PICO, PIMO, PL, PLAT, PLE, PMTA, PPM, PRIN, PSTC, QLT, RCI, RCL, RICH, RML, RPC, SANKO,
SAPPE, SAWAD, SCI, SCN, SCP, SEAOIL, SENA, SIRI, SKR, SLP, SMG, SMIT, SORKON, SPA, SPC, SPCG, SPVI, SSC, STANLY, STPI, SUC, TACC, TCCC, TCMC, TEAM, TFD, TFG, TIC, TIW, TKN,
TLUXE, TMD, TNP, TOPP, TPA, TPAC, TPCH, TPIPL, TPOLY, TRITN, TRT, TTI, TVI, TWP, U, UBIS, UMI, UPOIC, UT, UWC, VIBHA, VPO, VTE, WICE, WIIK, WIN, XO
Corporate Governance Report
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 a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able
to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not base on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. SCB Securities Company
Limited does not conform nor certify the accuracy of such survey result.
SMG was voluntarily delisted from the Stock Exchange of Thailand effectively on June 2, 2016
Anti-corruption Progress Indicator 2015
Certified ( )
ADVANC, AKP, AMANAH, ASP, AYUD, BAFS, BANPU, BAY, BBL, BCP, BKI, BLA, BTS, BWG, CENTEL, CFRESH, CIMBT, CNS, CPI, CPN, CSL, DCC, DEMCO, DIMET, DRT, DTAC, DTC, EASTW, ECL,
EGCO, ERW, FE, FSS, GBX, GCAP, GLOW, HANA, HTC, ICC, IFEC, INTUCH, IRPC, IVL, KBANK, KCE, KGI, KKP, KTB, KTC, LANNA, LHBANK, LHK, MBK, MBKET, MFC, MINT, MONO, MOONG, MSC,
MTI, NKI, NSI, OCEAN, PB, PE, PG, PHOL, PM, PPP, PPS, PR, PS, PSL, PT, PTG, PTT, PTTEP, PTTGC, Q-CON, QLT, RATCH, S & J, SABINA, SAT, SCB, SCC, SCG, SINGER, SIS, SMPC, SNC, SNP, SPC,
SPI, SSF, SSI, SSSC, SVI, TCAP, TCMC, TF, TGCI, THANI, THCOM, THRE, THREL, TIPCO, TISCO, TMB, TMD, TNITY, TNL, TOG, TOP, TPC, TPCORP, TSC, TSTH, TTCL, TVI, WACOAL
Declared ()
2S, A, ABC, ABICO, ACAP, AEC, AF, AGE, AH, AI, AIE, AIRA, ALUCON, AMARIN, AMATA, ANAN, AOT, AP, APCO, APCS, APURE, AQUA, AS, ASIA, ASIAN, ASIMAR, ASK, BCH, BEAUTY, BFIT, BH,
BIGC, BJCHI, BKD, BLAND, BROCK, BROOK, BRR, BSBM, BTNC, CEN, CGH, CHARAN, CHO, CHOTI, CHOW, CI, CM, COL, CPALL, CPF, CPL, CSC, CSR, CSS, DELTA, DNA, EA, ECF, EE, EFORL, EPCO,
ESTAR, EVER, FC, FER, FNS, FPI, FSMART, FVC, GC, GEL, GFPT, GIFT, GLOBAL, GPSC, GREEN, GUNKUL, HMPRO, HOTPOT, ICHI, IEC, IFS, ILINK, INET, INOX, INSURE, IRC, J, JAS, JMART, JMT,
JTS, JUBILE, JUTHA, K, KASET, KBS, KC, KCAR, KSL, KTECH, KYE, L&E, LALIN, LPN, LRH, LTX, LVT, M, MAKRO, MALEE, MBAX, MC, MCOT, MEGA, MFEC, MIDA, MILL, MJD, MK, ML, MPG, MTLS,
NBC, NCH, NCL, NDR, NINE, NMG, NNCL, NPP, NTV, NUSA, OCC, OGC, PACE, PAF, PCA, PCSGH, PDG, PDI, PIMO, PK, PLANB, PLAT, PRANDA, PREB, PRG, PRINC, PSTC, PYLON, QH, RML, ROBINS,
ROCK, ROH, ROJNA, RP, RWI, SAMCO, SANKO, SAUCE, SC, SCCC, SCN, SEAOIL, SE-ED, SENA, SGP, SITHAI, SKR, SMIT, SMK, SORKON, SPACK, SPALI, SPCG, SPPT, SPRC, SR, SRICHA, STA,
STANLY, SUPER, SUSCO, SYMC, SYNEX, SYNTEC, TAE, TAKUNI, TASCO, TBSP, TEAM, TFG, TFI, THAI, TIC, TICON, TIP, TKT, TLUXE, TMC, TMI, TMILL, TMT, TPA, TPP, TRT, TRU, TRUE, TSE, TSI,
TSTE, TTW, TU, TVD, TVO, TVT, TWPC, U, UBIS, UKEM, UNIQ, UOBKH, UREKA, UWC, VGI, VIBHA, VNG, VNT, WAVE, WHA, WICE, WIIK, WIN, XO, ZMICO
N/A
AAV, ACC, ADAM, AEONTS, AFC, AHC, AIT, AJ, AJD, AKR, ALLA, ALT, AMATAV, AMC, APX, AQ, ARIP, ARROW, ASEFA, ASN, ATP30, AUCT, BA, BAT-3K, BCPG, BDMS, BEC, BEM, BGT, BIG, BIZ, BJC,
BLISS, BM, BOL, BPP, BR, BRC, BSM, BTC, BTW, BUI, CBG, CCET, CCN, CCP, CGD, CHEWA, CHG, CHUO, CIG, CITY, CK, CKP, CMO, CMR, CNT, COLOR, COM7, COMAN, CPH, CPR, CRANE, CSP,
CTW, CWT, DAII, DCON, DCORP, DRACO, DSGT, DTCI, EARTH, EASON, EIC, EKH, EMC, EPG, ESSO, F&D, FANCY, FMT, FN, FOCUS, FORTH, GENCO, GJS, GL, GLAND, GOLD, GRAMMY, GRAND,
GSTEL, GTB, GYT, HARN, HFT, HPT, HREIT, HTECH, HYDRO, IHL, IRCP, IT, ITD, ITEL, JCT, JSP, JWD, KAMART, KCM, KDH, KIAT, KKC, KOOL, KTIS, KWC, KWG, LDC, LEE, LH, LIT, LOXLEY, LPH,
LST, MACO, MAJOR, MANRIN, MATCH, MATI, MAX, M-CHAI, MCS, MDX, METCO, MODERN, MPIC, NC, NEP, NETBAY, NEW, NEWS, NFC, NOBLE, NOK, NPK, NWR, NYT, OHTL, OISHI, ORI, OTO,
PAE, PAP, PATO, PERM, PF, PICO, PJW, PL, PLE, PMTA, POLAR, POMPUI, POST, PPM, PRAKIT, PRECHA, PRIN, PRO, PTL, QTC, RAM, RCI, RCL, RICH, RICHY, RJH, RPC, RS, S, S11, SAFARI, SALEE,
SAM, SAMART, SAMTEL, SAPPE, SAWAD, SAWANG, SCI, SCP, SEAFCO, SELIC, SF, SFP, SGF, SHANG, SIAM, SIM, SIMAT, SIRI, SLP, SMART, SMM, SMT, SOLAR, SPA, SPG, SPORT, SPVI, SQ, SSC,
SST, STAR, STEC, STHAI, STPI, SUC, SUTHA, SVH, SVOA, SWC, T, TACC, TAPAC, TC, TCB, TCC, TCCC, TCJ, TCOAT, TFD, TGPRO, TH, THANA, THE, THIP, THL, TIW, TK, TKN, TKS, TM, TMW,
TNDT, TNH, TNP, TNR, TNPC, TOPP, TPAC, TPBI, TPCH, TPIPL, TPOLY, TPROP, TR, TRC, TRITN, TRUBB, TSF, TSR, TTA, TTI, TTL, TTTM, TUCC, TWP, TWZ, TYCN, UAC, UEC, UMI, UMS, UP, UPA,
UPF, UPOIC, UT, UTP, UV, UVAN, VARO, VI, VIH, VPO, VTE, WG, WINNER, WORK, WORLD, WP, WR, YCI, YNP, YUASA
Explanations
Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programmed (Thai CAC) under Thai Institute of Directors (as of October 28, 2016) are categorized
into: companies that have declared their intention to join CAC, and companies certified by CAC.