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March 24, 2017 OUTPERFORM

COMPANY RESEARCH | Company Update

SCI Electric
(SCI TB)
Share Price: Bt11.1 Target Price: Bt12.8 (+15.3%)

Gear up for the finest hour


 Laos government to review new design for 500kV line project on
22 April; if approved, project value would be revised up by 10-
15% but award of EPC contract could be delayed by 3-6 months
 Delay in Laos project led us to trim FY17F/18F earnings by
c.15%. Expect mild growth for switch board and tower
businesses
 Maintain OUTPERFORM rating with a lower TP of Bt12.8/sh
(from 15/sh) based on 23x FY17F P/E, in line with peers
Awarding EPC contract to be clarified on 22 April
We brought management on local-fund roadshow this week. Investors
are concerned SCI has yet to be awarded the Bt11bn EPC contract for
the 500kV transmission line project Route 2. Route 1 was awarded in Karun INTRACHAI
2Q16. Route 2 has been delayed from 3Q16 due to a change in 662 - 659 7000 ext 5010
Electricite Du Laos (EDL) governor and design for the project. EDL Karun.intrachai@krungsrisecurities.com
needs higher transmission capacity wires as they want to sell more
electricity to its neighboring Vietnam and Thailand. The revised proposal Key Data
will be submitted to the cabinet on 22 April. If the new design is
12-mth high/low (Bt) 13.10 / 7.35
approved, project value will be revised up by 10-15% but this will delay
Market capital (BtmUS$m) 8,325.0 / 239.4
the EPC contract awarding by 3-6 months. If it is not approved, the 3m avg. turnover (Btm/US$m) 52.1 / 1.5
project will proceed based on existing design and we expect SCI to be Free float (%) 27.4
awarded the contract by 2Q17. Issued shares (m shares) 750
Major shareholders:
Delay in revised design will affect revenue recognition for Route 1
- PARITINARAKORN SIRIC 18.1
The delays in approval for the new design will affect revenue recognition - PRITINARAKORN VANIDA 14.5
for Route 1. About 80-90% of revenues from site survey services (c.5% of - PARITINARAKORN RASAM 14.2
total project value) had been booked in 2H16. It will book revenue for
design work next but needs to wait for the Laos government to finalize the Share Price Performance
new design. This led us to trim FY17/18F earnings by c.15%. For the
switch board and tower manufacturing units, they are expected to deliver
mild growth. We forecast revenue of Bt400m for switch board and Bt1.2bn
for tower manufacturing units this year. SCI currently has c.Bt900m
backlog for transmission towers, which will be recognized this year. It
plans to secure another c.Bt800m worth of orders for transmission towers
and c.Bt200m worth of orders for telecom towers this year. We
conservatively assume SCI to secure 30% of both orders.
OUTPERFORM, Bt12.8/sh TP; stock offers attractive 78% (3-year)
earnings CAGR, implying only 0.7x PEG
We trimmed our TP to Bt12.8/sh after the earnings downgrade but
maintain an OUTPERFOM rating. We remain convinced that SCI is likely YTD 1Mth 3Mth 12Mth
to secure the 500kV line Route 2 project, because it has studied and Absolute (%) (3.5) (5.1) (5.1) 32.1
developed the project to serve domestic demand as well as to be Relative to index (%) (4.6) (4.0) (8.4) 19.3
connected to the regional grid system to export electricity as proposed in
Laos PDP. Krungsri Securities vs Market
Financial Summary (Btm) Positive Neutral Negative
Year to Dec 2015 2016 2017F 2018F 2019F Market
Recommend 4 1 0
Sales (Btm) 2,090 1,944 5,156 9,697 11,842
Krungsri Market % +/-
Growth (%) (26) (7) 165 88 22
Target Price (Bt) 12.8 12.1 5.8
EBITDA (Btm) 255 231 577 1,083 1,316
17 Net Profit (Btm) 417 523 (20.3)
Growth (%) (44) (9) 150 88 21
18 Net Profit (Btm) 755 862 (12.4)
Recurring profit (Btm) 187 162 417 755 918
Growth (%) (43) (13) 157 81 22
Net profit (Btm) 187 162 417 755 918 Krungsri's earnings revision
FDEPS (Bt) (Core) 0.25 0.22 0.56 1.01 1.22 2017F 2018F
Growth (%) (87) (13) 157 81 22 Earnings revision (%) (15.0) (14.0)
PE (x) 46 53 21 11 9 Source: Bloomberg, Krungsri Securities
DPS (Bt) 0.10 0.05 0.22 0.40 0.49
Yield (%) 0.9 0.4 1.9 3.5 4.3
BVPS (Bt) 2.5 2.6 2.9 3.5 4.3
P/BV (x) 4.6 4.4 3.9 3.2 2.7

Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
Company Update | SCI March 24, 2017

SCI: Quarterly earnings summary


YE Dec (Btmn) 4Q15 1Q16 2Q16 3Q16 4Q16 %QoQ %YoY
Revenue 500 273 260 601 810 35% 62%
Gross profit 36 44 35 98 156 59% 333%
SG&A (45) (43) (33) (30) (29) -3% -35%
Net other income 6 5 5 7 10 45% 60%
EBIT (9) 1 2 68 126 87% n/a
Share profit of associates 0 (0) (1) (2) (3) 25% n/a
Interest expenses (4) (4) (3) (5) (3) -46% -40%
Extra items (Inc. FX) 0 0 0 0 0 n/a n/a
Taxes 5 (7) (5) (11) (17) 66% n/a
Core profit (3) (5) (4) 57 114 99% n/a
Net profit (3) (5) (4) 57 114 99% n/a
EBITDA (0) 9 10 68 144 112% n/a
Core EPS (Bt) (0.00) (0.01) (0.00) 0.08 0.16 99% n/a
EPS (Bt) (0.00) (0.01) (0.00) 0.08 0.16 99% n/a
Key Ratios
Gross margin (%) 7.2 16.2 13.3 16.3 19.2
SG&A/Revenue (%) 9.0 15.8 12.7 5.0 3.6
EBITDA margin (%) (0.0) 3.5 3.8 11.3 17.8
Interest Coverage (x) (0.7) 1.5 1.5 14.8 51.0
Net profit margin (%) (0.5) (1.8) (1.4) 9.5 14.0
Source: Company data, Krungsri Securities

SCI: Revised assumptions


FY17F % chg FY18F % chg
old new old new
Revenue (Btm) 5,906 5,156 -13% 10,446 9,697 -7%
% Revenue recognition from EPC
500 kV transmission line (route1) 20% 15% -5% 25% 20% -5%
500 kV transmission line (route2) 5% 5% 0% 20% 20% 0%
PDSR (phase2) 10% 10% 0% 30% 30% 0%
Earnings (Btm) 489 417 -15% 880 755 -14%
Source: Krungsri Securities

SCI: Potential projects in Laos


Project value Contracted Contracted Recognition
Project Location Status
(US$m) period (month) singing period
500kV transmission Muang Houn - Muang
416.6 46 May-16 3Q16 Signed
line (route1) Nan
500kV transmission Muang Nan - Xieng
303.3 46 2Q17 3Q17 On process
line (route2) Khoung
Power distribution and Vientiane, Thakhex,
67 28 2Q17 3Q17 On process
rehabilitation (phase2) Suvannakhe tand Pakse
Source: Company data, Krungsri Securities

Krungsri SecuritiesResearch 2
Company Update | SCI March 24, 2017

SCI: 500kV transmission line (route 1) SCI: 500kV transmission line (route 2)

Source: Company data, Krungsri Securities Source: Company data, Krungsri Securities

P/E Band P/BV Band

Source: Bloomberg, Krungsri Securities Source: Bloomberg, Krungsri Securities

Krungsri SecuritiesResearch 3
Company Update | SCI March 24, 2017

INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F


Turnover 2,090 1,944 5,156 9,697 11,842
Cost of sales (COGS) (1,730) (1,611) (4,480) (8,513) (10,413)
Depreciation &amoritisation (32) (34) (39) (45) (47)
Gross profit 360 333 677 1,184 1,429
S&A expenses (137) (136) (138) (145) (160)
Operating profit 223 197 538 1,038 1,269
Other operating income 0 0 0 0 0
EBIT 223 197 538 1,038 1,269
Interest expense (24) (14) (62) (121) (148)
Interest income 0 0 0 0 0
Other income 27 26 26 27 27
Goodwill amortisation 0 0 0 0 0
Pre-tax profit 225 209 503 944 1,148
Income tax on company & subsidiaries (38) (40) (85) (189) (230)
Profit after tax 187 169 417 755 918
Minority interests (0) (0) 0 0 0
Share of associate net income 0 (6) 0 0 0
Preferred dividends 0 0 0 0 0
Recurring attributable net profit 187 162 417 755 918
FX & Extraordinary items 0 0 0 0 0
Reported net profit 187 162 417 755 918
Shares in issue (Y/E, m) 750 750 750 750 750
EPS (Bt) 0.25 0.22 0.56 1.01 1.22
DPS (Bt) 0.10 0.05 0.22 0.40 0.49
DPS/EPS (%) 40 23 40 40 40

CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F


Net profit 187 162 417 755 918
Depreciation and amortization 32 34 39 45 47
Change in working capital 2 475 (692) (443) (210)
Other operating activities (155) (718) (28) (22) (23)
Operating cash flow 66 (46) (263) 335 732
Net capital expenditure (29) (79) (363) (114) (64)
Free cash flow 36 (124) (627) 221 668
Other investing activities (1,027) 524 (94) (20) (6)
Investing cash flow (1,056) 446 (458) (134) (70)
Equity issued 585 0 0 0 0
Debt financing (162) (144) 983 593 594
Dividend paid (442) (38) (167) (302) (367)
Other financing activities 862 (32) 0 0 0
Financing cash flow 844 (213) 816 291 226
Net cash (146) 187 94 492 888
Beginning cash 269 123 310 404 896
Ending cash 123 310 404 896 1,784

Krungsri SecuritiesResearch 4
Company Update | SCI March 24, 2017

BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F


Cash & equivalents 1,149 884 978 1,470 2,358
A/C receivable 777 402 1,130 2,125 2,596
Inventory 213 299 608 1,160 1,420
Others 133 716 737 759 782
Total Current Assets 2,272 2,301 3,454 5,514 7,155
Property and equipment 188 245 569 638 656
Investments & associates 151 82 163 168 168
Other assets 296 407 421 435 441
Total Assets 2,908 3,035 4,607 6,756 8,421
Short-term debt 218 89 72 65 58
A/C payable 685 871 1,217 2,320 2,840
Other current liabilities 51 38 31 31 31
Total Current Liabilities 954 998 1,320 2,416 2,930
Long-term debt 49 34 1,034 1,634 2,234
Other liabilities 45 44 44 44 44
Total Liabilities 1,048 1,077 2,398 4,095 5,208
Share capital 750 750 750 750 750
Share premium 902 902 902 902 902
Retained earnings 207 295 545 998 1,549
Total ordinary equity 1,860 1,947 2,197 2,650 3,201
Preferred equity 0 0 0 0 0
Minorities 0 11 11 11 11
Total equity & minorities 1,860 1,958 2,208 2,661 3,212

RATIOS (%) 2015 2016 2017F 2018F 2019F


Growth (%)
Turnover (25.6) (7.0) 165.3 88.1 22.1
EBITDA (44.3) (9.4) 149.8 87.6 21.5
EBIT (48.2) (11.6) 173.4 92.9 22.2
Net profit (42.7) (13.2) 157.0 81.0 21.6
EPS (87.4) (13.2) 157.0 81.0 21.6
Profitability (%)
Gross profit margin 17.2 17.1 13.1 12.2 12.1
EBITDA margin 12.2 11.9 11.2 11.2 11.1
EBIT margin 10.7 10.1 10.4 10.7 10.7
Net profit margin 8.9 8.4 8.1 7.8 7.8
ROA 7.7 5.5 10.9 13.3 12.1
ROE 15.0 8.5 20.0 31.0 31.3
S&A/turnover 6.6 7.0 2.7 1.5 1.3
Leverage ratio (x)
D/E 0.6 0.6 1.1 1.5 1.6
Net D/E (0.5) (0.4) 0.1 0.1 (0.0)
Interest coverage 10.3 15.1 9.1 8.8 8.8
Per share (Bt)
EPS 0.2 0.2 0.6 1.0 1.2
BVPS 2.5 2.6 2.9 3.5 4.3
DPS 0.1 0.1 0.2 0.4 0.5

Krungsri SecuritiesResearch 5
CG Rating 2015 Companies with CG Rating

ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMY HANA
HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINT MONO NKI
PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL SAT SC
SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMB TOP VGI WACOAL

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP ASIMAR ASK ASP BANPU
BAY BBL BDMS BKI BLA BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT
COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW GBX GC GFPT GLOBAL
GUNKUL HOTPOT HYDRO ICC ICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO
MBK MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP
PDI PE PG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS
S&J SABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNP
SPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSP TCAP
TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TK TKS TMI
TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSC TSTE TSTH
TTA TTCL TTW TU TVD TVO UAC UT UV VNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCO AQUA


AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHI BKD BTNC
CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP CSS CTW
DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTH FPI FSMART FSS FVC
GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP
ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS KWC KYE L&E LALIN
LHK LIT LST M MAJOR MAKRO MATCH MATI MBKET M-CHAI MFC MILL MJD MK
MODERN MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT OCEAN PACE PATO
PB PCA PCSGH PDG PF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL
PYLON QLT RCI RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP
SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY
STPI SUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC
TIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR TT UMI UP UPF
UPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO

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 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 assessment of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public
Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2015
Level 5: Extended
BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

Level 4: Certified
ADVANC AMANAH ASP AYUD BAFS BANPU BAY BBL BKI BLA BTS CFRESH CIMBT CNS
CSL DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA HTC IFEC INTUCH
IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MBKET MFC MINT MTI NKI
PPS PSL PTG PTTEP SABINA SCB SINGER SIS SNC SNP SSF SSI SSSC SVI
TCAP THCOM THRE THREL TISCO TMB TMD TNITY TOG TSTH

Level 3B: Established by Commitment and Policy


AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI CGH CHG CHOW CIG
CITY CK CKP COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO
GL GOLD GPSC GRAMMY HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO
MANRIN MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP PATO PF
PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE SAM SAMART SAMTEL
SAPPE SC SCP SFP SIM SLP SMT SPA SPORT SSC SST STEC STPI SUC
SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT
TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT
UV VPO WAVE WINNER YUASA

Level 3A: Established by declaration of intent


ABC ACAP AGE AH ANAN AP APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK
BWG CEN CENTEL CHARAN CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO
DIMET DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT
ICC ICHI INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH
MAKRO MC MCOT MFEC MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC
PACE PCSGH PDI PG PHOL PLAT PR PRANDA PREB PS QLT RATCH RML ROBINS
ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SITHAI SMK SMPC SPALI SPC SPCG
SPI SRICHA STANLY SUPER SYMC SYNEX SYNTEC TASCO TCMC TFI THAI TICON TKT TLUXE
TMILL TMT TNL TPCORP TSTE TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA
ZMICO

Level 2: Declared
2S ABICO AF AIRA AKP ALUCON AMARIN AMATA AOT APCO BEAUTY BFIT BH BKD
BLAND BROCK BRR BSBM BTNC CCP CI CSC CSR CSS EFORL EPCO ESTAR FE
FER FNS FVC GEL GLOBAL GUNKUL IEC IFS ILINK INET J JMT JUTHA K
KASET KBS KCAR KKC KSL KTECH L&E LALIN LTX M MALEE MBAX MBK MEGA
MILL MK MPG MTLS NCH NCL NNCL NPP OCC OCEAN PB PCA PDG PRINC
PSTC PYLON QH ROCK ROH RP RPC S&J SGP SIAM SKR SMG SMIT SORKON
SPACK SPPT SR SUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPA TPP
TRT TRU TRUE TSC TSI TTW TVD TVO TVT U UKEM UNIQ UWC VIBHA
VNG WIIK WIN XO

Level 1: Committed
AEONTS AFC AJ AMC AQUA ARIP AUCT BAT-3K BIG BJC BOL CBG CCET CCN
CGD CMR CPH CSP CTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART
GIFT GLAND GRAND GREEN HFT HTECH IHL ITD JSP KDH KTIS KTP LEE LST
MAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NWR OHTL PICO PK
PL PPM PRAKIT PRECHA PRIN RAM RICH RS SANKO SAUCE SAWAD SAWANG SCN SEAFCO
SF SHANG SIRI SMART SMM SOLAR SPG SPVI STA STAR SVH SVOA SWC TAPAC
TC TCCC TCJ TCOAT TH TKS TNH TNPC TPAC TPOLY TRC TRUBB TSE TTA
TTI TTL TTTM TWP TWZ UMS UPA UPOIC UTP UVAN VARO VI VIH VTE
WG

Disclaimer
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by
Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the
Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as
stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report
(Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of
Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is
only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change
to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and
completeness of the assessment result."

Reference
Level 5: Extended Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
investigations, prosecutions or closed cases
Level 4: Certified Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed Organizations statement or board's resolution to work against corruption and to be in compliance with all relevant laws
Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium Nakhon Pathom
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Klongton, Klongtoey, Bangkok 10110 Amphur Muang, Nakhon Pathom 73000
Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989
Central Bangna Suphanburi
589/151 Central City Tower 1 Office, Fl. 27 249/171-172 Moo 5 Tambol Ta Rahad,
Bangna-Trad Road, Bangna, Bangkok 10260 Amphur Muang, Suphanburi, 72000
Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II Nakhon Ratchasima
111/917-919 Rama II Road, Smaedum, 168 Chomphon Road, Tambol Nai Muang,
Bangkhuntien, Bangkok 10150 Amphur Muang Nakhon Ratchasima,
Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited Khon Kaen
123 Suntowers (B) Building, Vibhavadirangsit Road, 114 Sri Chan Road, Tambol Nai Muang,
Jompol, Jatujak, Bangkok 10900 Amphur Muang, Khon Kaen 40000
Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi Chiang Mai
64/17 Sukhumvit Road, Tambol Bang Plasoi, 70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chonburi 20000 Amphur Muang, Chiang Mai 50200
Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247
Hat Yai Branch Chiang Rai
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 231-232 Thamalai Road, Tambol Wiang,
Amphur Hat Yai, Songkhla 90110 Amphur Muang, Chiang Rai 57000
Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Central line:
Analyst Team Sector Coverage 662-659-7000 E-mail

Naphat Chantaraserekul, Head of Research Energy, Petrochemical, Strategy ext. 5000 naphat.chantaraserekul@krungsrisecurities.com
Kittisorn Pruitipat, CFA, FRM Construction
Property, ICT,Materials
Contractor ext. 5019 kittisorn.pruitipat@krungsrisecurities.com
Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 jesada.techahusdin@krungsrisecurities.com
Sunthorn Thongthip Insurance
Food, Insurance Strategy
Transportation, ext. 5009 sunthorn.thongthip@Krungsrisecurities.com
Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 worrapong.tuntiwutthipong@krungsrisecurities.com
Karun Intrachai Media
Renewable Energy ext. 5010 karun.intrachai@krungsrisecurities.com
Teerapol Udomvej Healthcare, Tourism ext. 5012 teerapol.udomvej@krungsrisecurities.com
Kitti Pitakteerabandit, Assistant Analyst
Artit Jansawang Mid - Small cap, MAI ext. 5005 artit.jansawang@krungsrisecurities.com
Nalinee Praman, Assistant Analyst Mid - Small cap, MAI

Fax 662-658-5643
Definition of Ratings
OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps
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