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21 July 2017 Morning Brief

Daily Market Performance Todays highlights


SET (20/07/2017): Market Turnover:
Market Wrap-up
1,575.28 (-0.04%) Bt41,763m
Source: SET, KS The SET Index closed at 1,575.28 on Thursday, down 0.57 pt, or 0.04%.
Proprietary and retail investors bought a net Bt495.97mn and Bt1,433.65mn of
Sector PER (KS Coverage, x) Thai shares, respectively, while Institutional and foreign investors were net
Yr to Dec 15A 16A 17E 18E sellers of Bt675.96mn and Bt1,253.66mn, respectively.
Agribusiness & Food 26.41 46.41 37.17 28.60
Banking 9.04 10.17 10.67 9.55 Strategy
Commerce 24.90 33.44 27.54 24.07
Commercial 26.77 27.55 31.56 28.21 Daily View (page 3 ) June exports came in stronger than expected although
Construction Materials 12.69 11.22 11.89 11.98
Contractor 23.60 29.69 42.85 28.27
we see a risk that the rubber price will decline in 2H17, which could weigh on
Electronics 13.47 17.66 18.32 14.81 the export sector. Coupled with a potential recovery in bank stocks, we see the
Energy 115.38 12.78 9.01 9.71 SET Index rising to trade in a range of 1,570-1,579 today. CENTEL and MINT
Finance & Securities 21.14 18.46 17.78 15.07
ICT 11.70 21.00 27.28 25.87 (not covered by KS Research) look attractive today. We also reiterate our strategy
Industrial Estate 13.98 25.78 27.69 19.14 of focusing on 1) stocks that will get a lift from rising oil prices, such as PTT and
Insurance 22.98 17.68 18.18 14.71
Personal Products & PTTEP; 2) those with promising 2Q17 earnings outlooks, such as MTLS, MEGA,
n.a. 47.90 32.90 21.09
Pharmaceuticals KKP, BEAUTY, JWD and TK (not covered by KS Research); 3) stocks that have low
Petrochemical 11.39 10.55 10.14 10.56
Property Fund 14.42 21.67 17.78 16.36
PERs and high dividend yields, among which we view LH and PSH as the most
Residential 9.30 9.63 9.16 9.15 attractive for medium-term market participants; 4) stocks that have wide upsides
Transportation 52.77 32.90 32.67 29.19 to our target prices, such as SPALI; as well as 5) contractor stocks with massive
Utilities 18.79 17.14 14.78 14.41
backlogs that will secure solid revenue growth, such as STEC and UNIQ (not
covered by KS Research).

Economic Data Flash - June exports: commodities remained key driver


Source: KS (page 4 ) Despite a price slowdown, commodity-related exports remained the
Inside Page key driver. Nominal export growth in June was recorded at 11.7% YoY (vs
13.2% YoY in May 2017; 1H17 export growth registered at 7.8% YoY). Note
Fund Flows i
that the export value in June reached USD20bn, the second time this occurred
Bond Trading i since Oct. 2014. The key export growth driver products included those that are
Top Ten Short Sale ii commodity related and Hard Disk Drives (HDD). Despite showing signs of a
Thai NVDR Trading Data by Stock ii slowdown, rubber (+27.2% YoY; 1.2% volume) and rubber products (+21.6%
YoY vs +47.0% prev) still led the pack. Rice (+34.4% YoY; +44.4% volume)
Daily Driver Stats (Market Summary) iii
and sugar (+36.0% YoY; +4.8% volume) exports saw a strong rebound. Plastic
Daily Driver Stats (Commodity) iv products bounced back strongly (+28.9% YoY vs 16.0% prev).
Director Trade v
Sector & Equities Recommendation
Insider Trading vi
Foreign Ownership - top ten gainers and losers vi KTB (Outperform) - The pain already priced in (page 5 ) After weaker-
than-expected 2Q17 earnings due to higher-than-expected provisions and
Economic Calendar vii
weaker-than-expected FX gain, we lower our 2017-19 earnings forecasts by
Company's Calendar ix 15%/8%/6% to reflect our higher credit cost and lower non-NII assumptions.
We reduce our target price from Bt22.0 to Bt21.0, implying 0.96x PBV, and
maintain our Outperform rating as we believe the worst for asset quality has
passed, earnings have bottomed out and valuation remains cheap.
Kasikorn Securities PCL
Research Department

Contact: 02-696-0031
Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
SET Index 1,575.28 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA -28.97pt/-0.13% Oil - Nymex (USD) 46.79/bbl/-0.33USD
Change -0.57pt/-0.04% (Btm) (Contracts) KBANK 205 SCC -430 S&P -0.38pt/-0.02% Gold - London (USD) 1,236.95/Oz/-3.06USD
Turnover (Btm) 41,763.05 Foreign -1,254 6,202 TOP 204 PTTGC -303 NASDAX 4.96pt/0.08% DXYO 94.31/-0.5%
PER (x) 16.32 Institution -676 62 AOT 179 KTB -147 CAC -16.85pt/-0.32% Bt/USD 33.67/0.2%
PBV (x) 1.91 Retail 1,434 -6,264 PTT 167 BBL -144 FTSE 56.96pt/0.77% USD/Euro 1.15/-0.16%
Div Yield (%) 3.07 Proprietary 496 - SCB 146 PTTEP -80 DAX -4.8pt/-0.04% 10Y US treasury yld 2.26/-0.47%

21 July 2017 1 Morning Brief


Sector & Equities Recommendation
BAY (Neutral) - 2Q17 Review: Earnings beat on higher NIM, lower-
than-expected provisions (page 6 ) BAY reported a 2Q17 net profit of
Bt5.9bn, up 11.5% YoY and 4.0% QoQ. The result is 5.6% ahead of our forecast
and in line with the Bloomberg consensus estimate. Earnings beat our forecast
on lower-than-expected provisions and a higher-than-expected NIM. NPLs
increased but were still lower than expected. The growth in net profit YoY was
from strong net interest income and strong net fee income. The QoQ growth
was from lower personnel expense and improved NII. 1H17 net profit represents
50.3% of our full-year forecast.

BBL (Outperform) - 2Q17 Review: Earnings in line but provisions


higher than expected and coverage ratio fell further (page 7 ) BBL
reported a 2Q17 net profit of Bt8.0bn, up 12% YoY and down 3.1% QoQ. The
result is in line with our and consensus forecasts. In detail, provisions were
higher than expected but offset by lower-than-expected tax expense and slightly
better-than- expected NII resulting from an expanded NIM and loan growth. The
strong YoY earnings were driven by higher NII (lower funding cost and loan
growth) and a low base of investment gain in 2Q16. Earnings dropped QoQ on
higher OPEX and lower net fee income. Overall, PPOP rose 24.1% YoY but
dropped 5.8% QoQ. 1H17 earnings represent 50.1% of our full-year forecast.

SCB (Outperform) - 2Q17 Review: Earnings in line with, NPLs up


slightly as expected (page 8 ) SCB reported a 2Q17 net profit of Bt11.9bn,
down 7.1% YoY and flat QoQ. The result is in line with our and consensus
estimates. In detail, operating income was slightly better than expected but
offset by slightly higher-than-expected OPEX. The NPL ratio increased slightly,
in line with our expectation. PPOP fell by 19% YoY as there was a one-time
reversal of life policy reserve amounting to Bt4.3bn in 2Q16, while PPOP was flat
QoQ as higher NII and non-NII were offset by higher OPEX. 1H17 earnings
represent 52% of our full-year forecast.

AOT (Neutral) - KPS likely to win bid for commercial area at DMK (page
9 ) We reiterate our Neutral rating on AOT with a target price of Bt46.0. We
believe the news will be viewed positively and result in a short-term share price
catalyst. Based on our earnings forecasts, the stock is currently trading at a PER
of 34.2x FY2017E and 31.6x FY2018E.

COL (Underperform) - To book a one-time accounting gain in 3Q17E


(page 10) Maintain Underperform rating. We maintain our Underperform rating
on COL with a mid-2018E target price of Bt46.0 based on a forward PER of 18.0x,
which is 1.5SD below the historical forward PER mean since March 2013.
Although COLs share price dropped by 13% yesterday and the company may
book an extra gain from the transaction in 3Q17E, we estimate aggregate 2017-
19E earnings growth of the OFM and B2S businesses to be lackluster at
9%/5%/5%.

PSH (Outperform) - Strong presales signal upside risk in 2017 (page


1 1 ) We maintain our Outperform rating on the stock with an unchanged mid-
2018 target price of Bt26.50. In addition to the potential upside of 14.7% from
the latest closing price, we expect an attractive dividend yield of more than 6.2%
for a one-year holding period. We still believe earnings will rebound strongly in
2Q17 from an abnormally low level in 1Q17, thanks to a much larger contribution
from high-margin condominium projects such as Chapter One MidTown and The
Tree Rio Bang Or. This rebound will be the key share price driver. PSH is one of
our top picks in the Residential sector.

21 July 2017 2 Morning Brief


Daily View
Strategy June exports came in stronger than expected although we see a risk that
the rubber price will decline in 2H17, which could weigh on the export
sector. Coupled with a potential recovery in bank stocks, we see the SET
Index rising to trade in a range of 1,570-1,579 today. CENTEL and MINT
(not covered by KS Research) look attractive today. We also reiterate our
strategy of focusing on 1) stocks that will get a lift from rising oil prices, such
as PTT and PTTEP; 2) those with promising 2Q17 earnings outlooks, such as
MTLS, MEGA, KKP, BEAUTY, JWD and TK (not covered by KS Research); 3)
stocks that have low PERs and high dividend yields, among which we view
LH and PSH as the most attractive for medium-term market participants; 4)
stocks that have wide upsides to our target prices, such as SPALI; as well as
5) contractor stocks with massive backlogs that will secure solid revenue
growth, such as STEC and UNIQ (not covered by KS Research).
June exports positive; 2H17 outlook seems uncertain. Thai exports surged
11.70% YoY to USD20.30bn in June, according to Ministry of Commerce data, while
imports jumped 13.70% to USD18.40bn, resulting in a trade surplus of USD1.91bn.
As a result, the first-half trade surplus was USD6.97bn with exports and imports rising
7.80%/15.00% to USD113.00bn/USD106.00bn.
Given the upbeat international trade figures, we see an upside risk of whole-year
exports exceeding our 2017 growth forecast of 3.50-4.00%.
Looking more closely at the June trade figures, we note an even faster growth rate
of 14.20% when exports of gold and oil-related goods are excluded (1H17 growth of
9.00%), indicating most exported goods were produced domestically using local raw
materials.
Rice exports jumped 34.40% YoY, the fourth consecutive month they have increased
and lifting first-half growth for the staple to 4.50%. China was the major contributor
to the growth with its rice imports rising 376%. We believe this was due to stronger
collaboration between the two countries, which bodes well for rice exports in the
second half of the year.
Similarly, sugar exports increased for a fourth month, rising 36.00% YoY and lifting
1H17 growth to 5.80%. We see the growing demand providing support to the share
prices of BRR and KSL (not covered by KS Research).
Exports of electronic components rose by 19.10% YoY. The growth rate remained
high although the pace of increase slowed compared to 24.20% as a result of the
baht strengthening. We see baht appreciation easing in 3Q17, which is also high
season for the export sector and thus should provide support for KCE and DELTA.
Looking at trade destinations, exports to ASEAN rose 24.60% in the month for a
fourth consecutive month (4M17 growth of 3.10%), while exports to CLMV markets
expanded 13.80%, for a fifth successive month (1H17 growth of 13.50%. Such
positive export growth in the region should provide a boost to MEGA given that
ASEAN markets account for 70% of its customer base.
On the downside, the sharp export growth was largely driven by rubber exports,
which shot up by 27.20% (1H17 growth of 57.70%), as the rubber price surprisingly
rose in the first five months, in contrast to the slump seen in 1H16. Looking ahead
to 2H17, rubber and sugar exports are likely to come under pressure as we see a
risk of the rubber price falling while the sugar price may decline on increased supply
given the higher rainfall levels. Exports of agricultural goods look uncertain while we
see no strong improvement in manmade exports. As such, non-farm income and
consumer spending will likely remain lackluster.
Expect hotel stocks to outperform. AOT surged to Bt50.50 yesterday, reflecting
optimism about the tourism sector after the number of arrivals continued to increase,
which should boost sentiment in the hotel sector and trigger speculation in MINT and
ERW, given the way they have lagged CENTEL. In the past month, CENTELs share
price has risen 7.19% while MINT and ERW have increased 4.46% and 4.85%.
Investment strategy - CENTEL and MINT look attractive today. We also reiterate
our strategy of focusing on 1) stocks that will get a lift from rising oil prices, such as
Analyst PTT and PTTEP; 2) those with promising 2Q17 earnings, such as MTLS, MEGA, KKP,
Prakit Sirivattanaket BEAUTY, JWD and TK (not covered by KS Research); 3) stocks that have low PERs
Prakit.si@kasikornsecurities.com and high dividend yields, among which we view LH and PSH as the most attractive
for medium-term market participants; 4) stocks that have wide upsides to our target
prices, such as SPALI; as well as 5) contractor stocks with massive backlogs that will
secure solid revenue growth, such as STEC and UNIQ (not covered by KS Research).

21 July 2017 3 Morning Brief


Economic Data Flash - June exports: commodities
Thailand Economics remained key driver
Key data
Despite a price slowdown, commodity-related exports remained the key
driver. Nominal export growth in June was recorded at 11.7% YoY (vs 13.2%
YoY in May 2017; 1H17 export growth registered at 7.8% YoY). Note that the
export value in June reached USD20bn, the second time this occurred since Oct.
2014. The key export growth driver products included those that are commodity
related and Hard Disk Drives (HDD). Despite showing signs of a slowdown, rubber
(+27.2% YoY; 1.2% volume) and rubber products (+21.6% YoY vs +47.0% prev)
still led the pack. Rice (+34.4% YoY; +44.4% volume) and sugar (+36.0% YoY;
+4.8% volume) exports saw a strong rebound. Plastic products bounced back
strongly (+28.9% YoY vs 16.0% prev).

Electronics: IC slowed, HDD recovery remained firm. Exports of integrated


circuits slowed down (6.2% YoY vs 30.4% prev) while HDD remained firm
(+15.8% YoY vs 22.7% prev).

Vehicle exports dropped 2.5% YoY (vs +5.6% prev). Exports of commercial
cars (-2.8% YoY vs 19.9% prev) and passenger cars (-10.5% YoY vs -5.1% prev)
both saw negative growth. However, exports of motorbikes (20.5% YoY vs 14.1%
prev) remained firm.

Despite the slowdown, double-digit import growth continued. The value


of imports in June grew 13.7% YoY (vs 18.2% YoY prev; 1H17 recorded at 15.0%
YoY). Import slowdowns were seen in fuel-related products (+7.9% YoY vs
+19.8% prev), capital goods (8.8% YoY vs 15.6% prev) and consumer goods
(3.6% YoY vs 11.4% prev). As a result, the trade surplus accelerated to USD1.9bn
(vs USD944mn prev). Note that YTD the trade surplus totaled USD6.9bn.

Implication
Maintain our view of an export slowdown in 2H17E. Despite double-digit
growth, June exports started to show signs of a slowdown on the back of weak
commodity prices. The value of auto exports also showed signs of a slowdown
following the export volume, which posted negative growth for the 12th
consecutive month. Moreover, the low base effect will start to wane from August
2017. Note that export growth was in negative territory in the period of April-July
2016.

Kampon Adireksombat, Ph.D.


Economist
Kampon.a@kasikornsecurities.com
Nattapong Rittiraj
Research Assistant
Nattapong.ri@kasikornsecurities.com

21 July 2017 4 Morning Brief


KTB TB Outperform Krung Thai Bank PCL - The pain already priced in
After weaker-than-expected 2Q17 earnings due to higher-than-expected
Target Price Bt21.00 provisions and weaker-than-expected FX gain, we lower our 2017-19
Close Price (20/07/2016) Bt 18.10 earnings forecasts by 15%/8%/6% to reflect our higher credit cost and
Upside % 16.02 lower non-NII assumptions. We reduce our target price from Bt22.0 to
Anti-Corruption Indicator Certified Bt21.0, implying 0.96x PBV, and maintain our Outperform rating as we
believe the worst for asset quality has passed, earnings have bottomed out
and valuation remains cheap.

Investment highlights
2Q17 earnings hit by large provision for EARTH. KTB reported a 2Q17 net
profit of Bt3.2bn, down 62.9% YoY and 62.2% QoQ. The result is lower 58% lower
than consensus and 54% lower than our forecast due to 1) higher-than-expected
provisions, as KTB qualitatively classified Energy EARTH (EARTH TB, Bt1.46, NR)
as an NPL and set aside full provisions for it; and 2) a lower-than-expected FX gain.
PPOP dropped 2.7% YoY and 1.1% QoQ mainly from lower NII due to loan
contraction YoY and lower other income. 1H17 net profit represents 44.2% of our
full-year forecast.

NPLs to peak in 3Q17. Management expects NPLs to continue to increase (from


the SME segment) and peak in 3Q17 given that new NPL formation should remain
stable, a tighter underwriting process that resulted in low NPLs for lending in 2015-
16, KTBs proactive classification of NPLs, and a more prudent restructuring
process. In 2Q17, a loan of Bt12bn to EARTH was qualitatively classified as an NPL,
while NPLs from SMEs (mainly rice millers) increased, although at a slower pace
compared to 1Q17, and asset quality of retail loans showed signs of improvement.
The bank seems to take a more prudent approach to provisions by setting a
minimum required coverage ratio of 110% (from 100%) with the aim to reach
120% in the near term and to eventually close the gap with its peers at around
130%. We expect NPLs in 2H17 to increase at a much a slower pace compared to
1H17 and expect an NPL ratio of 5.34% in 4Q17 (5.17% in 2Q17).

Cost control and funding cost management to be key earnings


supporters in 2017. KTB continues to control expenses (personnel, saving from
closing branches, and other expenses), which resulted in a low cost/income ratio
of 39.9% in 1H17. It also reduced funding cost further in 2Q17 through increasing
CASA to 69.3% from 61.8% in 2Q16, reducing term deposits, and increasing its
LDR ratio. These should help support earnings amid soft loan growth, lower non-
NII and high provisions.

Revising down 2017-19E earnings. We lower our 2017-19 earnings forecasts


by 15%/8%/6% mainly as we raise our credit cost assumptions from 168/151/132
bps to 201/167/145 bps to reflect expected higher provisions due to the larger-
than-expected EARTH loan exposure and a more prudent provisioning policy. We
also lower our non-NII growth assumption slightly by 6% in 2017 to reflect weak
FX gains in 1H17 and a lower FX gain outlook in line with management guidance
compared to the peak level in 2016.

Valuation
We maintain our Outperform rating on KTB with a reduced target price of Bt21.0
Analyst from Bt22.0. We lower our PBV multiple from 1.0x mid-2018E BVPS to 0.96x mid-
Jantana Taveeratanasilp 2018E BVPS as we reduce our long-term ROE assumption from 12.4% to 12%.
Jantana.ta@kasikornsecurities.com

21 July 2017 5 Morning Brief


BAY TB Neutral Bank of Ayudhya PCL - 2Q17 Review: Earnings beat
on higher NIM, lower-than-expected provisions
Target Price Bt40.00
Performance highlights
Close Price (20/07/2017) Bt 36.50
Upside % 9.59 BAY reported a 2Q17 net profit of Bt5.9bn, up 11.5% YoY and 4.0% QoQ.
Anti-Corruption Indicator Certified The result is 5.6% ahead of our forecast and in line with the Bloomberg consensus
estimate. Earnings beat our forecast on lower-than-expected provisions and a
higher-than-expected NIM. NPLs increased but were still lower than expected. The
growth in net profit YoY was from strong net interest income and strong net fee
income. The QoQ growth was from lower personnel expense and improved NII.
1H17 net profit represents 50.3% of our full-year forecast.

Loans growth of 3% QoQ as expected. Loans grew by 3.0% QoQ, 8.6% YoY
and 1.8% YTD. The QoQ loan growth was on higher Thai corporate (+4.8% QoQ),
SME (+2.9% QoQ) and retail (+2.8% QoQ) loans. Registering growth were auto
loans (+3.4% QoQ (from new and used cars), credit card & personal loans (+2.2%
QoQ), HKL personal loans (+1.7% QoQ), and mortgage loans (+2.2% QoQ). NIM
rose by 8 bps QoQ to 3.79% (better than expected) on an expanded loan yield
from BAYs expansion of high-yield loans and an increased yield on investment,
while funding cost increased by 5 bps QoQ to 1.64%. NII rose by 11.1% YoY and
2.8% QoQ.

Net fee income grew 7.7% YoY (in line), but other non-NII was slightly
weaker than expected. Net fee income improved by 7.7% YoY from card, wealth
& fund management, brokerage, and HP fees, but dropped by 0.7% QoQ on lower
loan-related and bancassurance fees. Non-interest income rose by 4.7% YoY on a
strong recovery of bad debt (+43% YoY) and net fee income, but dropped by 3.3%
QoQ mainly due to a lower FX gain, investment gain, and other income. The cost
to income ratio decreased from 48.8% in 1Q17 to 47.2%, which was slightly better
than expected, due to lower personnel expense and higher income.

Asset quality better than expected. The NPL ratio decreased from 2.52% in
1Q17 to 2.47% on NPL sales (Bt1.8bn) and loan write-offs, while NPL formation
increased slightly QoQ due mainly to the expected classification of Energy Earth
(Earth TB, Bt1.46, NR) as an NPL. Provisions increased slightly by 3.5% YoY and
3.7% QoQ (credit cost 150 bps, slightly lower than our assumption of 157 bps).
The coverage ratio remained stable QoQ at 143%.

Maintain Neutral rating with a target price of Bt40.0. We maintain our


Neutral rating on BAY with a target price of Bt40.0, implying 1.3x PBV mid-2018E.
The stock currently trades at 1.2x PBV mid-2018E, or at its 10-year historical mean.

Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com

21 July 2017 6 Morning Brief


BBL TB Outperform Bangkok Bank PCL - 2Q17 Review: Earnings in line but
provisions higher than expected and coverage ratio
Target Price Bt208.0 fell further
Close Price (20/07/2017) Bt 182.5
Performance highlights
Upside % 13.97
Anti-Corruption Indicator Certified BBL reported a 2Q17 net profit of Bt8.0bn, up 12% YoY and down 3.1%
QoQ. The result is in line with our and consensus forecasts. In detail, provisions
were higher than expected but offset by lower-than-expected tax expense and
slightly better-than- expected NII resulting from an expanded NIM and loan
growth. The strong YoY earnings were driven by higher NII (lower funding cost
and loan growth) and a low base of investment gain in 2Q16. Earnings dropped
QoQ on higher OPEX and lower net fee income. Overall, PPOP rose 24.1% YoY but
dropped 5.8% QoQ. 1H17 earnings represent 50.1% of our full-year forecast.

Loans increased 2.8% QoQ; NIM stable QoQ (better than expected).
Loans grew 2.8% QoQ and 3.8% YoY and higher than expected. Loans increased
from large corporate, medium and small-sized SMEs, and the international
segment. NIM was stable QoQ at 2.22% (better than expected) on higher loans
(we expect from higher SME loans) and interbank yield, while funding cost was
stable (+1 bps QoQ) due to a tightened LDR. Net interest income increased 6.2%
YoY and 1.8% QoQ, which was slightly better than expected.

Non-NII improved sharply YoY (in line). Net fee income increased 6.6% YoY
from mutual fund, bancassurance and electronic service fees, but dropped 5.2%
QoQ from expected lower guarantee fees. Non-interest income increased 24% YoY
from a higher investment gain and net fee income, and rose 5% QoQ on higher
dividend and FX gains. The cost to income ratio increased from 40.7% in 1Q17 to
45.8% in 2Q17 mainly due to an increase in other expense and premises expense
related to developing working systems and improving the efficiency of business
operations, which resulted in OPEX increasing 2% YoY and 16% QoQ.

NPLs increased as expected, but the peak of NPLs is likely to be delayed.


The NPL ratio increased to 4.34% from 4.04% in 1Q17 (mostly from the SME,
some corporate, manufacturing and commercial segments), in line with our
expectation, but we estimate NPL formation remained high at 1.7%, although
slightly lower than 2.0% in 1Q17. The SML ratio decreased to 2.13% from 2.51%
in 1Q17. Provisions of Bt5.7bn were 18% higher than our forecast, and 1H17
provisions accounted for 72% of the banks guidance of Bt16bn for the year. The
coverage ratio dropped further to 151% from 160% in 1Q17. We believe the end
of the NPL cycle could be later than we had earlier expected, as although the bank
maintained its provision guidance for 2017 at Bt16bn, it expects the peak of cycle
to be delayed to the end of 2017/early 2018.
Maintain Outperform rating and target price of Bt208.0. We maintain our
Outperform rating on BBL with a target price of Bt208.0, implying a mid-2018E
PBV of 1.0x. The stock is currently trading at a mid-2018E PBV of 0.84x. A
continued drop in coverage ratio may trigger higher provisions to be set aside in
the future to rebuild the ratio. However, this could be partially offset by a strong
NIM and lower-than-expected tax rate. Valuation looks attractive trading -0.5SD
its 10-year historical average of 0.91x.

Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com

21 July 2017 7 Morning Brief


SCB TB Outperform Siam Commercial Bank PCL - 2Q17 Review: Earnings
in line with, NPLs up slightly as expected
Target Price Bt178.0
Performance highlights
Close Price (20/07/2017) Bt 152.0
Upside % 17.11 SCB reported a 2Q17 net profit of Bt11.9bn, down 7.1% YoY and flat
Anti-Corruption Indicator Certified QoQ. The result is in line with our and consensus estimates. In detail, operating
income was slightly better than expected but offset by slightly higher-than-
expected OPEX. The NPL ratio increased slightly, in line with our expectation. PPOP
fell by 19% YoY as there was a one-time reversal of life policy reserve amounting
to Bt4.3bn in 2Q16, while PPOP was flat QoQ as higher NII and non-NII were offset
by higher OPEX. 1H17 earnings represent 52% of our full-year forecast.

Loans grew 0.9% QoQ as expected. Loans grew by 0.9% QoQ, and 5.8 YoY,
and 1.6% YTD, driven by corporate (+1.7% QoQ) and auto loans (+1.0% QoQ).
Housing loans rose by 0.5% QoQ and SME loans fell by 0.4% QoQ. NIM declined
by 3 bps QoQ to 3.18% due to a decline in loan yield (mainly SME and housing
segments) and interbank yield, which was partially offset by lower funding cost
(mainly from an increase in CASA and lower term deposits). Overall, net interest
income increased by 4.7% YoY but decreased by 1.0% QoQ, in line with our
assumption.
Non-interest income fell YoY but grew QoQ (in line). Non-NII declined by
26.1% YoY due to a reversal of life policy reserve in 2Q16 and lower investment
gain, but improved by 5.3% QoQ mainly due to higher other income and dividend
income. Excluding the reversal, non-NII would increase by 3.3% YoY. Net
insurance premiums continued to drop, down 84% YoY and 21% QoQ to Bt950mn
as a result of higher underwriting expense. Net fee income improved by 8.0% YoY
(-2.1% QoQ) driven by bancassurance, mutual fund and corporate finance fees.
The cost to income ratio increased to 42.0% from 40.6% in 1Q17 due to higher
staff expense, marketing and promotions, advisory service fees and rental expense.
OPEX rose by 14.0% YoY and 5.9% QoQ.

NPLs increased as expected, new NPL formation increased slightly. The


NPL ratio came in at 3.10% vs 3.06% in 1Q17 mainly from SME loans and partially
from auto loans. NPLs rose slightly by 2.5% QoQ. New NPL formation increased
from 0.41% in 1Q17 to 0.45% in 2Q17 from SME and auto loans. The SML ratio
increased slightly to 2.32% from 2.24% in 1Q17, and the coverage ratio was stable
at 133.5%. Asset quality looks better compared to Bangkok Bank (BBL,
Outperform, TP Bt208.0) and Krungthai Bank (KTB, Outperform, TP Bt21.0).

Maintain Outperform rating with a 2017 target price of Bt178.0. We


maintain our Outperform rating on SCB with a target price of Bt178.0, implying
1.6x PBV mid-2018E. The stock currently trades at 1.37x PBV mid-2018E, or -0.5SD
its 10-year mean of 1.5x. We believe the recent share price decline presents a
good opportunity to accumulate the stock.

Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com

21 July 2017 8 Morning Brief


AOT TB Neutral Airports of Thailand PCL - KPS likely to win bid for
commercial area at DMK
Target Price Bt46.00 What's going on?
Close Price (20/07/2017) Bt 50.50
Downside % -8.9 Thai daily newspaper Kaohoon reported that King Powers subsidiary, King Power
Anti-Corruption Indicator Declared Suvarnabhumi (KPS) gave the highest price yesterday in the bid to operate 2,510
sqm of commercial space available in Don Mueang Airport terminal 1 for a 10-year
period. The reference price was Bt6,000/sqm per month.

Taking part in the bidding were King Power Suvarnabhumi, Central Retail
Corporation Ltd., The Mall Group and Minor International Pcl (MINT). According to
the news report, AOT will report the result to the board on Aug. 23, and if it
approves, it will inform King Power within seven days and sign the contract within
45 days.

AOT is prepared to open the bidding for commercial area in Suvarnabhumi


International Airport in FY4Q17 (July-Sept 2017) as King Powers contract will
expire in FY2020.

Impact
Based on the reference price of Bt6,000/sqm per month, we estimate AOT will
obtain revenue of roughly Bt180mn per year, which is insignificant compared to
our total revenue estimate for FY2017 of Bt54bn, which represents only 0.33% of
our forecast and 0.85% of our FY2017 earnings forecast.

Recommendation
We reiterate our Neutral rating on AOT with a target price of Bt46.0. We believe
the news will be viewed positively and result in a short-term share price catalyst.
Based on our earnings forecasts, the stock is currently trading at a PER of 34.2x
FY2017E and 31.6x FY2018E.

Analyst
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Phochara Lertwiram
(Assistant Analyst)
Phochara.l@kasikornsecurities.com

21 July 2017 9 Morning Brief


COL TB Underperform COL PCL - To book a one-time accounting gain in
3Q17E
Target Price Bt46.00 What's going on?
Close Price (20/07/2017) Bt 50.25
Downside % -8.46 To dispose of all online businesses to the Central Group on Aug 1.
Anti-Corruption Indicator Declared Yesterday (July 20), COL reported to the Stock Exchange of Thailand (SET) that
the companys board of directors approved the disposal of its entire 99.99% stake
of its subsidiary Cenergy Innovation Co., Ltd. (CNG) to Harng Central Department
Store Co., Ltd. (HCDS). The transaction, valued at Bt22.72mn, will be completed
on Aug 1. See details of the change in COLs holding structure in Figs 1-2.

As of March 31, book value of CNG based on its separate financial statement was
Bt19.39mn. CNG also holds as 49% stake of Central Group Online Co. (CGO), which
currently operates the Looksi website (previously Zalora), valued at Bt147mn. COL
reported a net investment in CGO as of 1Q17 of Bt50.14mn, implying an
accumulated loss of Bt97mn.

Impact
Estimate a one-time accounting gain in 3Q17E of Bt120mn-Bt130mn. We
estimate consolidated net book value of CNG after adjusting for an accumulated
share of loss from its 49% investment in CGO in a negative range of Bt98mn-
Bt108mn. Based on the Bt22.72mn from the sale of CNG, we expect COL to book
a one-time accounting gain in a range of Bt120mn-Bt130mn in 3Q17E, which
represents 22%-24% of our 2017 net profit forecast. However, we estimate cash
inflow to be only Bt22.7mn. In addition, according to its plan to discontinue the
Central Online website in August, COL may have to write off inventory and software
assets, which will be booked as an extra expense.

Maintain core profit forecast. As the timeline of the disposal of the online
business in August is in line with our expectation of mid-3Q17E, we maintain our
2017-19 core profit forecasts of Bt533mn/Bt807mn/Bt849mn
(+47%/+51%/+5%).

Doubtful growth prospects for existing businesses and new business


plan. After the transaction, COLs existing businesses will comprise 64 OfficeMate
stores (OFM), 99 B2S stores (B2S) and the MEB e-book business in Thailand. We
maintain our view that the growth outlook for OFM and B2S is limited as the
increasing trend of using smart devices has had a substantial effect on demand for
books, stationery and office supplies. Furthermore, COL expects to launch two new
businesses in 2H18E, a logistics service and a franchise platform of office supplies
under the OfficeMate brand. We believe the logistics business looks challenging
due to COLs lack of experience, while we believe the OFM franchise platform may
not be attractive for traditional office supply shops due to the additional investment
that would be required.

Recommendation
Maintain Underperform rating. We maintain our Underperform rating on COL
with a mid-2018E target price of Bt46.0 based on a forward PER of 18.0x, which is
1.5SD below the historical forward PER mean since March 2013. Although COLs
Analysts
share price dropped by 13% yesterday and the company may book an extra gain
Korakot Sawetkruttamat from the transaction in 3Q17E, we estimate aggregate 2017-19E earnings growth
korakot.sa@kasikornsecurities.com of the OFM and B2S businesses to be lackluster at 9%/5%/5%.
Tareetip Wongsaengpaiboon
tareetip.w@kasikornsecurities.com

21 July 2017 10 Morning Brief


PSH TB Outperform Pruksa Holding PCL - Strong presales signal upside
risk in 2017
Target Price Bt26.50 What's going on?
Close Price (20/07/2017) Bt 23.10
Upside % 14.72 PSH disclosed yesterday that 2017 presales could reach Bt55.0bn, exceeding the
Anti-Corruption Indicator N/A full-year target of Bt52.9bn set by the company early this year. Company director
Mr. Piya Prayong attributed the potential upside to strong presales at newly
launched condominium projects in the premium and value markets such as The
Reserve Thonglor (Bt1.8bn), Chapter One Shine Bang Po (Bt1.6bn) and The Tree
Sukhumvit 71-Ekkamai (Bt2.5bn). 1H17 presales amounted to about Bt27.0bn,
beating the companys target of Bt20.0bn and accounting for more than half of its
2017 target.

In 2H17, PSH plans to add 35 new projects worth Bt39.0bn, up from 31 projects
valued at Bt20.0bn in 1H17. This will take 2017 new launches to 66 projects worth
Bt59.0bn. The next condominium projects to be launched in the value segment will
be The Privacy Charan-Ratwitee Station (Bt900mn, Aug. 5), followed by The
Privacy Thapra-Interchange (Bt2.4bn, Aug. 19). About half of the units at these
projects are expected to be sold at launch.

Mr. Piya confirmed PSHs 2017 revenue target of Bt50.2bn. Revenue is expected
to get a boost from a condominium backlog of Bt10.0bn as well as larger 2H17
low-rise revenue versus 1H17 on a number of new projects. He said the loan
rejection rate was well under control at about 10%. The rate for condominiums
was far lower than that of low-rise products.

Impacts
This latest announcement is in line with our expectations, as we had already
expected 2017 presales to beat PSHs target. Nonetheless, it may prompt some
investors who have been wary of PSHs presales to take a second look at the stock.

The information may be indicate that PSHs 1H17 low-rise presales will be
unchanged from 1H16, but we believe the situation in the second half of this year
will be significantly different from 2H16, when PSH faced a number of delayed
launches. We thus see 2H17 low-rise presales performance rising strongly HoH,
versus a slight decline in 2H16.

Recommendation
We maintain our Outperform rating on the stock with an unchanged mid-2018
target price of Bt26.50. In addition to the potential upside of 14.7% from the latest
closing price, we expect an attractive dividend yield of more than 6.2% for a one-
year holding period.

We still believe earnings will rebound strongly in 2Q17 from an abnormally low
level in 1Q17, thanks to a much larger contribution from high-margin condominium
projects such as Chapter One MidTown and The Tree Rio Bang Or. This rebound
will be the key share price driver. PSH is one of our top picks in the Residential
sector.

Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

21 July 2017 11 Morning Brief


Daily News
Economic & Industry News
June exports defy baht, jump 11.7%. Exports in June surged 11.7% year-on-year despite the
firmer baht, supported by strong orders from traditional markets and boosting the government's
confidence of meeting its full-year target of 5% growth in export value. (Bangkok Post)

Apisak aims to allay fears over currency. The economic recovery remains resilient in the face of
the stronger baht, with large firms able to handle the situation, says Finance Minister Apisak
Tantivorawong. (Bangkok Post)

Govt tries to reassure foreign firms on tax changes. The government has sought to ease the
concerns of foreign companies ahead of changes in the way excise is calculated for a range of goods
and services, with Deputy Finance Minister Wisudhi Srisuphan telling business leaders that their
overall tax burden will not be increased. (The Nation)

Skills training for workers in EEC set to start soon. The first set of curricula for producing
manpower to support trade and investment development in the Eastern Economic Corridor (EEC) is
expected to be completed in a couple of months. (The Nation)

Sound strategies key to ranking. Any gains in Thailand's competitiveness ranking next year will
hinge on how well the government and the private sector execute their economic and business
strategies, says IMD. (The Nation)

Profits rise for most banks in first half. Most Thai commercial banks expressed strong
confidence that they will continue to see growth in their financial results in the second half of this
year, as they announced that earnings for the first half improved over the same period last year,
thanks to the country's overall economic growth. (The Nation)

Corporate News
Toyota to drive Thai hybrid hub. Japanese car giant Toyota pledges to produce a large number
of hybrid electric vehicles (HEVs) in Thailand in a bid to make the country its emerging-market
production hub. (Bangkok Post)

New Epson model for printed indoor media. To support the high potential growth of signage
printers, Epson has developed the SureColor SC-B9070, designed for printed indoor media. (The
Nation)

21 July 2017 12 Morning Brief



Daily Stats

Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
18-Jul-17 19-Jul-17 20-Jul-17 5 Days 30 Days YTD 2016
Thailand 69.52 -3.59 -37.31 23.20 232.38 504.97 2,240.46
Indonesia -80.73 -121.05 -56.28 -344.28 -766.61 674.47 1,258.66
Philippine 5.42 3.11 -2.48 -5.56 4.71 395.54 83.39
India 58.43 158.09 0.00 357.99 552.52 8,717.08 2,902.89
Taiwan 62.93 143.17 -20.10 195.73 1,067.12 9,280.17 10,956.41
S. Korea -159.37 -29.13 105.80 118.43 1,300.55 10,168.73 10,480.09
Vietnam 3.56 -0.18 3.65 5.61 69.91 427.75 -344.70
Total -40.23 150.42 -6.72 351.12 2,460.58 30,168.70 27,577.19
Source : Bloomberg

Trading Activities (Btmn)


SET Buy Sell Net 5 Days 30 Days YTD 2016
Institutions 5,167 5,843 -676 -7,243 -3,970 42,267 -8,657
Foreign Investors 14,498 15,752 -1,254 780 7,895 17,243 77,927
Local Investors 17,228 15,794 1,434 4,859 1,793 -56,564 -94,642
Proprietary Trading 4,869 4,373 496 1,604 -5,718 -2,946 25,372
Index Future Long Short Net 5 Days 30 Days YTD 2016
Institutions 9,691 9,629 62 -3,806 22,045 45,482 -127,656
Foreign Investors 17,463 11,261 6,202 28,099 -4,044 -17,476 214,365
Local Investors 41,036 47,300 -6,264 -24,293 -18,001 -28,006 -86,709
Metal Futures Long Short Net 5 Days 30 Days YTD 2016
Institutions 2,324 2,535 -211 1,593 -1,460 1,400 512
Foreign Investors 1,000 155 845 1,111 -9,868 -22,920 -3,321
Local Investors 3,103 3,737 -634 -2,704 11,328 21,520 2,809

Bond Trading
Bond Trading (Btmn)
18-Jul-17 19-Jul-17 20-Jul-17 5 Days 30 Days YTD 2016
Net Foreign 474 -663 1,246 -3,465 -84 139,715 330,926
Short term 469 100 -597 863 2,004 28,152 289,238
Long term (TTM > 1Y) 5 -763 1,843 -4,328 -2,088 111,563 41,688
Net Asset Management 24,639 5,057 12,410 61,552 252,207 1,893,310 3,248,652
Short term 23,349 2,580 9,954 51,756 216,973 1,782,304 3,057,827
Long term (TTM > 1Y) 1,290 2,478 2,456 9,796 35,234 111,006 190,825
Total Outright Trading 128,330 86,113 100,979 449,959 1,965,250 12,565,732 22,409,446
Short term 81,425 47,004 49,036 241,739 1,224,654 9,264,073 16,843,737
Long term (TTM > 1Y) 46,904 39,110 51,944 208,221 740,596 3,301,658 5,565,709
Source : Thai BMA

21 July 2017 i Daily Stats



Daily Stats

Top Ten Short Sale


Acc % Short Sale Volume Comparing with Main Board
-1 Day -1 Week -1 Month -3 Month
CKP 37.04 15.64 5.16 2.34
GLOBAL 31.03 21.84 8.05 3.17
IVL 21.33 9.37 4.84 2.49
MINT 11.26 9.26 4.10 3.21
KTB 10.67 6.69 4.92 3.42
SPALI 10.44 5.97 3.89 2.52
SCC 10.25 6.91 3.89 4.13
CHG 10.02 1.98 1.94 1.87
VGI 9.59 7.35 2.79 2.83
SCCC 9.12 6.62 5.96 2.26
Source : SET Smart

Thai NVDR Trading Data by Stock


Top Net Buy (Btmn) Top Net Sell (Btmn)
Stock 14-Jul-17 17-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17 Stock 14-Jul-17 17-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17
KBANK 223.31 1.39 373.12 106.49 205.11 SCC 61.36 114.65 306.31 -55.56 -429.87
TOP -35.82 134.87 120.67 50.43 204.49 PTTGC -73.13 -206.06 -207.05 58.67 -302.90
AOT -68.61 14.74 124.97 24.57 178.60 KTB 14.78 35.17 200.22 3.95 -147.21
PTT 132.41 151.47 393.48 101.22 167.25 BBL 412.99 299.38 408.14 -251.93 -144.14
SCB 138.41 139.16 118.36 24.73 146.20 PTTEP 47.52 -14.25 147.69 -19.86 -79.82
BCP 1.21 -6.22 21.27 1.77 71.80 CPF 58.72 39.04 -34.64 -32.25 -64.42
IVL 81.58 -4.35 3.08 15.53 66.55 BDMS 131.25 71.92 84.16 -16.16 -56.17
GL 3.36 -1.89 -2.98 -16.47 61.88 KKP 119.22 29.81 38.31 6.33 -52.67
IRPC 85.41 34.63 13.02 -1.66 57.86 BANPU 12.42 -23.63 4.11 97.15 -48.31
KTC 1.51 -5.89 7.88 123.63 53.82 TVO 5.30 4.70 1.60 -0.85 -46.77
GLOBAL 20.28 2.06 11.53 0.59 19.68 LH -10.69 -104.13 -72.39 -33.40 -42.81
ADVANC 240.84 32.02 241.91 -103.70 15.90 SAW AD 14.87 14.22 -22.91 1.67 -42.09
CENTEL 24.42 33.35 11.29 5.83 13.58 CPN 34.74 71.85 115.17 44.56 -36.98
TMB 23.40 34.66 38.65 11.27 11.46 HANA -22.85 -28.62 16.93 -10.85 -34.93
JMT 6.16 7.54 -0.97 5.06 10.46 SPALI -12.25 -15.58 -6.50 3.37 -32.50
TRUE -23.88 7.39 -93.86 19.24 10.18 DTAC 70.28 62.28 58.73 63.59 -32.08
PTG 5.29 2.42 0.68 -1.13 8.07 BEAUTY -1.10 -3.59 10.13 26.58 -24.84
EPG 1.39 4.67 -0.23 -0.22 7.83 BPP 1.32 -1.24 12.58 -1.34 -24.08
DELTA -9.77 7.51 17.71 -14.71 7.56 ANAN -0.62 0.48 -1.55 -12.93 -23.08
PSL 10.88 -5.77 1.30 0.97 7.21 ESSO -17.68 -22.43 -15.19 -16.17 -22.76
Source: SET Source: SET

Net Buy/Sell 10 Days NVDR Trading by Sector


Value (% of Mkt Cap.) Value (Btmn) 20-Jul-17 5 Days
Top Buy Top Sell Buy Sell Total (%) (%)
PT 1.47% FOCUS -1.81% -- Banking 1,451.41 1,454.13 2,905.53 48.42% 53.32%
AH 1.22% TRC -0.75% -- Energy & Utilities 1,162.85 868.28 2,031.13 39.27% 35.09%

SPRC 0.99% SPALI -0.74% -- Transportation & Logistics 620.46 438.90 1,059.36 26.75% 23.55%
-- Petrochemicals & Chemicals 390.61 629.69 1,020.30 55.30% 48.72%
GJS 0.88% CPF -0.61%
-- Construction Materials 259.96 698.91 958.87 56.19% 47.90%
GFPT 0.86% SSSC -0.56%
-- Property Development 278.93 474.12 753.05 28.07% 25.83%
JMT 0.63% ECL -0.49%
-- Information & Communication 298.16 333.70 631.86 23.27% 31.32%
ERW 0.59% ESSO -0.48%
-- Food and Beverage 216.00 352.12 568.12 36.28% 34.32%
KBANK 0.54% MATI -0.40% -- Commerce 234.47 287.74 522.21 28.07% 27.72%
NETBAY 0.51% HANA -0.34% -- Finance and Securities 198.62 130.32 328.94 23.88% 22.25%
AMATA 0.49% TIP -0.34% -- Electronic Components 120.53 155.46 275.99 35.33% 31.88%
GSTEL 0.46% PTTGC -0.34% -- Health Care Services 55.24 123.57 178.81 26.20% 37.72%
BBL 0.45% PTL -0.34% -- Media & Publishing 41.77 37.74 79.51 16.20% 13.91%
VNT 0.43% TIPCO -0.32% -- Steel 15.89 16.40 32.29 17.76% 16.22%
TMB 0.42% LH -0.28% -- Insurance 12.09 15.69 27.78 37.38% 30.16%
TMT 0.41% KSL -0.28% -- Tourism & Leisure 20.76 6.43 27.19 19.11% 15.57%
CENTEL 0.39% KKC -0.28% -- Automotive 6.59 9.17 15.76 6.63% 10.52%

SCB 0.38% LHK -0.27% -- Agribusiness 11.87 2.55 14.43 7.47% 10.84%
KKP 0.37% TKN -0.27% -- Industrial Materials & Machine 2.08 1.19 3.26 2.68% 2.77%
TPAC 0.35% BIG -0.26% -- Professional Services 0.54 1.13 1.67 14.11% 9.93%
TSTH 0.35% LHBANK -0.25% *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET Source: SET, KS Research

21 July 2017 ii Daily Stats



Daily Stats

Daily Driver Stats (Market Summary)

%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
World Stock Index
Dow Jones 21,611.78 -0.13% 0.27% 0.38% 16.99% 9.36% 21,640.75 17,888.28
S&P 500 2,473.45 -0.02% 1.05% 0.81% 14.03% 10.48% 2,473.83 2,085.18
Nasdaq 6,390.00 0.08% 1.84% 2.42% 25.05% 18.70% 6,390.00 5,036.37
FTSE 100 7,487.87 0.77% 1.00% -0.48% 11.36% 4.83% 7,547.63 6,634.40
DAX 12,447.25 -0.04% -1.54% -3.43% 21.46% 8.42% 12,888.95 9,981.24
CAC 5,199.22 -0.32% -0.69% -2.10% 18.30% 6.93% 5,432.40 4,321.08
NIKKEI 20,144.59 0.62% 0.22% 0.38% 22.96% 5.39% 20,230.41 16,083.11
Hang Seng 26,740.21 0.26% 1.50% 3.15% 20.83% 21.54% 26,740.21 21,574.76
MSCI Ex. JP 454.58 -0.09% 1.51% 4.27% 25.60% 27.96% 455.00 348.49
S&P Volatility (VIX Index) 9.58 -2.15% -3.23% -7.62% -26.59% -31.77% 22.51 9.51
Dow Jones Real Estate 318.33 -0.42% 1.49% -0.83% -4.56% 4.43% 338.01 287.10
Dow Jones Financial Sector 537.82 -0.11% 0.01% 0.80% 21.68% 6.85% 540.14 437.91
Dow Jones Construction Material 675.32 -0.85% -0.31% 0.04% 5.01% 7.04% 681.12 580.39
Dow Jones Energy 536.42 -0.50% 1.03% -0.13% -4.75% -13.51% 638.25 520.96
Dow Jones Technology 1,862.97 0.03% 2.06% 3.14% 33.14% 23.58% 1,862.97 1,372.35
Dow Jones Health Care 861.91 0.65% 1.83% 3.15% 9.74% 17.87% 861.91 697.23
Dow Jones Consumer Services 839.26 -0.24% 0.88% -0.61% 10.87% 9.71% 860.20 713.91
SET Indices
SET Index 1,575.28 -0.04% -0.26% -0.37% 4.68% 2.10% 1,591.00 1,406.18
SET 100 Index 2,243.43 -0.15% -0.19% -0.26% 4.52% 3.00% 2,271.25 2,000.16
SET 50 Index 998.59 -0.16% -0.08% 0.27% 4.82% 3.50% 1,009.23 896.30
MAI Index 564.16 -0.31% -0.28% -1.81% -1.46% -8.46% 646.02 493.07
Energy 20,447.67 -0.02% 0.78% -0.29% 8.46% -0.38% 21,627.10 17,550.63
Bank 522.46 -0.88% -2.82% -0.11% 5.61% 4.65% 550.93 469.29
Property 291.20 0.39% -0.92% -3.11% 2.05% 7.90% 300.56 251.01
Transportation 318.82 1.80% 1.91% 4.96% 11.13% 13.77% 318.82 256.38
Construction Materials 13,263.75 -0.50% -0.03% -1.97% -1.92% 1.89% 14,295.50 12,324.97
ICT 165.66 -0.44% -0.14% 2.47% -0.06% 12.22% 173.26 140.39
Electronic 2,163.57 -1.31% -2.77% -7.18% 18.72% 0.93% 2,343.26 1,738.15
Commerce 35,828.44 -0.20% 0.20% -1.79% 9.28% -3.07% 37,477.05 32,356.84
Hospitality & Leisure 640.32 1.87% 0.45% 6.19% 3.87% 6.71% 646.81 567.42
Fixed Income and FX
US 2-Y yield 1.35 -0.29% -0.82% -0.29% 79.35% 13.78% 1.41 0.64
US 5-Y yield 1.82 -0.36% -3.85% 1.68% 60.44% -5.68% 2.14 1.02
US 10-Y yield 2.26 -0.47% -3.65% 3.25% 44.70% -7.58% 2.63 1.45
US Ted Spread 0.17 -17.44% -38.02% -39.65% -61.58% -66.33% 0.69 0.17
Thai 2-Y yield 1.52 -0.17% -0.77% 0.83% -1.68% -10.59% 1.75 1.50
Thai 5-Y yield 1.90 0.22% -0.33% -2.89% 11.09% -12.26% 2.31 1.68
Thai 10-Y yield 2.57 0.94% 0.72% 2.02% 22.71% -3.46% 2.90 2.01
Thai TED Spread 0.33 0.73% 23.82% 80.42% 38.58% 258.06% 0.33 0.07
Dollar Index 94.31 -0.50% -1.49% -3.32% -2.93% -7.73% 103.30 94.16
French CDS USD SR 5Y 18.39 -5.10% -14.55% -23.65% -42.97% -50.32% 70.36 18.39
Greece 5Yr USD CDS 5124.67 0.00% 0.00% 0.00% 0.00% 0.00% 5,124.67 5,124.67
Portugal 5Yr USD CDS 170.96 -1.62% -7.02% -7.10% -37.84% -37.61% 310.32 170.96
Ireland 5Yr USD CDS 31.72 0.00% -7.49% -20.12% -50.98% -50.24% 70.26 31.72
Spain 5Yr USD CDS 62.31 -4.29% -9.07% -6.11% -30.69% -17.60% 95.25 62.31
Italy 5Yr USD CDS 135.80 -3.22% -8.18% -7.04% -0.01% -13.62% 197.28 123.81
German 5Yr USD CDS 13.70 -4.03% -8.62% -9.52% -18.19% -37.09% 25.23 13.62
US 5Yr CDS 19.89 0.00% 0.00% 0.00% 0.00% 0.00% 19.89 19.89
Thailand 5Yr CDS 64.63 1.29% 3.56% 10.79% -28.97% -20.79% 104.83 51.41
Indonesia 5Yr CDS 115.73 12.78% -0.93% 1.52% -28.77% -26.70% 198.85 102.35
Philippines 5Yr CDS 72.94 -5.06% -0.24% 1.07% -27.53% -33.49% 134.81 71.09
USD : EURO 1.15 -0.16% 1.04% 2.67% 4.58% 9.09% 1.16 1.04
USD : POUND 0.77 0.84% -0.14% -1.10% 1.39% -4.93% 0.83 0.75
USD : Yen 112.31 0.25% -0.59% 1.21% 7.55% -3.85% 118.35 99.99
USD : Yuan 6.77 0.24% -0.18% -0.68% 1.44% -2.50% 6.96 6.62
Source: Bloomberg

21 July 2017 iii Daily Stats



Daily Stats

Daily Driver Stats (Commodity)

%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
Current Price Related Stocks
Nymex Futures 1 M (USD/bbl) 46.79 -0.70% 1.54% 5.86% 9.02% -12.90% 54.45 39.51 PTT, PTTEP
GRM (USD/bbl) 7.85 7.68% 10.88% 20.77% 173.52% 12.30% 10.80 2.87 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 84.33 0.00% 0.80% 1.27% 34.22% -8.59% 112.90 62.57 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 948.00 0.00% 6.76% 11.79% 36.21% -1.35% 1,338.00 631.00 TTA , P SL, RCL, JUTHA , A SIM A R

Gold (USD/ounce) 1,236.95 -0.25% 1.17% -1.15% -6.36% 6.68% 1,364.26 1,130.70
Thai Gold Bar (Bath/15.244 g) 19,860.00 0.05% 0.40% -1.73% -9.85% 0.20% 22,670.00 19,330.00
Near Month Gold Future (Baht) 19,650.00 -0.25% 0.26% -2.00% -9.86% 0.00% 22,450.00 19,150.00
Silver (USD/ounce) 1,618.00 -0.31% 1.44% -2.94% -17.78% -0.37% 2,071.00 1,522.00
Copper Spot (USD/MT) 5,925.25 -0.07% 1.23% 3.90% 20.50% 7.28% 6,103.50 4,595.00
CRB Index 178.40 -0.14% 2.32% 4.15% -1.56% -7.33% 195.14 166.50
Zinc (USD/tonne) 2,727.00 -0.73% -2.73% 6.69% 22.31% 5.86% 2,924.00 2,175.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,581.50 0.00% -1.84% -3.93% 10.49% -19.29% 3,348.00 2,336.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 14.41 -0.62% 1.91% 5.41% -20.74% -22.73% 21.21 12.76 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 9.82 1.39% 4.00% 8.03% -0.63% -0.43% 10.58 8.76
Soybean Oil (USD/pound) 33.22 1.56% 2.78% 4.40% 18.94% 0.91% 37.43 27.83 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 332.00 3.94% 3.94% 9.90% -7.52% 2.72% 359.00 293.50
Rubber (JPY/kg) 216.20 4.09% 8.15% 10.76% 40.66% -18.08% 351.40 149.50 STA, TRUBB
Chicken - (Bt/kg) 38.00 0.00% -1.30% -6.17% 4.11% -7.32% 43.50 34.75 CPF,GFPT
Pork (Bt/kg) 57.88 0.00% 0.00% -7.77% -11.64% -13.93% 77.63 57.38 CPF
Ethylene (USD/tonne) 900.00 0.00% 1.69% 0.56% -15.89% -18.18% 1,290.00 880.00
Propyene (USD/tonne) 820.00 0.00% -0.61% 0.00% 16.31% -2.96% 965.00 705.00
HDPE (USD/tonne) 1,070.00 0.00% 0.00% -0.93% -5.73% -8.55% 1,200.00 1,070.00
PVC CFR Far East (USD/tonne) 880.00 0.0% 2.3% 2.3% 8.6% -2.2% 960.00 810.00
Naptha (USD/tonne) 435.50 1.16% 6.41% 5.19% 17.70% -12.29% 528.88 343.75
Ethylene Spread (Olefin) 464.50 -1.06% -2.36% -3.43% -33.64% -23.03% 819.25 453.37 PTTGC
Propylene Spread (Olefin) 384.50 -1.28% -7.52% -5.30% 14.78% 10.33% 473.50 299.50 PTTGC
HDPE Spread (Olefin) 634.50 -0.78% -3.97% -4.73% -17.06% -5.79% 791.25 612.75 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 467.50 0.00% 1.08% 6.25% 27.21% -5.56% 499.00 365.00 SSI, GSTEL, GJS
Slab (USD/tonne) 410.00 0.00% 3.14% 5.81% 30.16% -2.38% 427.50 315.00 SSI
Scrap (USD/tonne) 281.00 0.00% -0.18% 10.20% 24.06% 1.26% 282.00 201.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 57.50 0.00% -11.54% 9.52% 9.52% -23.33% 87.50 27.50 SSI
Source : Bloomberg, SET Smart

Source : Bloomberg, SET Smart

21 July 2017 iv Daily Stats



Daily Stats

Director Trade
Director Trade
Transact ion Stock Types of Name of Management Transaction Avg Price Amount Tot al Remark
Date Securities (Bt ) (shares) (Bt)
19-Jul-17 BLAND Common share ANANT KANJANAPAS Buy 1.84 20,004,300 36,807,912
17-Jul-17 ECF Common share WALLOP SUKSAWAD Sell 4.10 10,000,000 41,000,000
17-Jul-17 ECF Common share WARAPORN SUKSAWAD Sell 4.10 10,000,000 41,000,000
19-Jul-17 ECL W arrant 2 DANUCHA VERAPONG Buy 2.40 105,200 252,480
17-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 1.73 300,000 519,000
17-Jul-17 FVC W arrant 2 DANUJ BUNNAG Sell 1.80 600,000 1,080,000
18-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 1.76 150,000 264,000
18-Jul-17 FVC W arrant 2 DANUJ BUNNAG Sell 1.82 50,000 91,000
19-Jul-17 FVC Common share MONTRIE PRAJUNPANICH Buy 2.90 178,500 517,650
20-Jul-17 GUNKUL W arrant SOMBOON AUEATCHASAI Sell 1.63 5,500 8,965
18-Jul-17 T MC Common share THAWEEMIT KAMOLMONGKOLSUK Buy 1.27 25,000,000 31,750,000
17-Jul-17 T MC Common share TUBTIM KAMOLMONGKOLSUK Buy 1.15 25,000,000 28,750,000
19-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.90 50,000 345,000
19-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.95 150,000 1,042,500
30-Jun-17 VNG Common share PHATTRA SAHAWAT Buy 12.33 480,000 5,918,400
21-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.70 128,800 1,635,760
27-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.55 400,000 5,020,000
28-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.57 600,000 7,542,000
29-Jun-17 VNG Common share SITTIWAT SAHAWAT Buy 12.40 900,000 11,160,000
19-Jul-17 VIBHA W arrant PHIJIT WIRIYAMETTAKUL Buy 1.67 5,000 8,350
19-Jul-17 W AVE W arrant CATHLEEN MALEENONT Sell 1.67 2,485,692 4,151,106

Source : www.sec.or.th

21 July 2017 v Daily Stats



Daily Stats

Insider Trading

Change 1W (Bt mn) Change 1M (Btmn) Change 3M (Bt mn) Change 6M (Btmn) Change YTD (Btmn)

Gainers Gainers Gainers Gainers Gainers


ASIAN 13.50 BDMS 169.29 BDMS 1325.63 BDMS 1328.23 BDMS 1328.23
SIRI 10.46 MALEE 24.33 TKN 209.23 SIRI 380.27 SIRI 489.86
EA 5.03 EA 22.91 PACE 104.16 PACE 208.80 PACE 208.80
MODERN 4.79 BLA 19.84 BLAND 91.26 WHAUP 181.76 WHAUP 181.76
MALEE 4.36 BLAND 15.48 MTLS 63.94 AIRA 161.41 AIRA 161.41
BLAND 4.29 ASIAN 13.50 TFD 58.59 BLAND 134.11 BLAND 134.11
GLOBAL 2.34 AJ 12.50 TLUXE 54.35 PLAT 117.60 PLAT 117.60
NPP 1.83 PACE 12.50 MCS 48.55 TU 101.23 MCS 95.25
SMT 1.81 SIRI 10.22 GBX 48.05 EA 85.91 TU 86.39
RJH 1.59 SMT 9.02 PTG 41.82 MCS 85.35 EA 85.91

Losers Losers Losers Losers Losers


DCORP -79.50 TMT -280.00 EARTH -913.80 EARTH -905.35 EARTH -905.35
ITD -42.98 ITD -173.72 NETBAY -307.80 TKN -600.77 TKN -600.77
SPPT -35.70 DCORP -79.50 TMT -277.86 TMT -323.44 TMT -323.44
MONO -7.56 TFG -57.00 ITD -224.34 NETBAY -307.80 NETBAY -307.80
WORK -4.80 SPPT -35.70 DCORP -79.50 MK -254.72 MK -254.72
CENTEL -4.08 MODERN -35.02 TFG -57.00 ITD -244.14 ITD -244.14
AS -2.49 PJW -28.80 SQ -55.65 CCN -161.11 CCN -149.11
EPCO -2.15 SCC -26.00 FVC -45.61 PYLON -143.00 BA -144.75
ECL -1.24 ECF -13.20 MODERN -40.01 DCORP -137.00 PYLON -143.00
MINT -1.22 AS -12.43 SPPT -35.70 ORI -136.13 DCORP -137.00

Source: SEC, KS Research, as of 14 July 2017

Foreign Ownership - top ten gainers and losers

Change 1D Change 1W Change 1M Change 3M Change YTD

Gainers Gainers Gainers Gainers Gainers


CHG 0.24 LPN 1.08 UNIQ 1.92 BJC 5.38 SIRI 9.97
GFPT 0.11 TISCO 0.82 SIRI 1.66 SIRI 4.41 BJC 9.97
MTLS 0.09 SIRI 0.61 KBANK 1.47 LPN 4.39 LPN 9.28
TOP 0.09 GFPT 0.58 TASCO 0.93 BEAUTY 3.13 GFPT 6.64
BBL 0.08 KBANK 0.39 AOT 0.85 SPRC 2.87 TMB 3.13
SPRC 0.06 BBL 0.38 ADVANC 0.81 AOT 2.81 SAWAD 3.01
LPN 0.06 ADVANC 0.34 THAI 0.81 STEC 2.27 KBANK 2.88
CPF 0.05 SPRC 0.30 SPRC 0.73 PTG 2.09 INTUCH 2.74
RATCH 0.05 SCB 0.26 QH 0.71 INTUCH 1.73 MTLS 2.65
BCPG 0.05 TMB 0.25 GFPT 0.69 THAI 1.61 PTTGC 2.59

Losers Losers Losers Losers Losers


TISCO -0.16 SPALI -1.78 MALEE -2.56 CPF -4.37 TVO -6.78
KCE -0.13 CPF -0.70 AMATA -2.08 TVO -3.98 MAJOR -6.66
MAJOR -0.12 AMATA -0.63 SPALI -1.97 MAJOR -2.92 CPF -5.74
AMATA -0.12 S -0.51 CPF -1.55 AMATA -2.49 UNIQ -5.63
TKN -0.10 BIG -0.48 TVO -1.12 TCAP -2.47 TU -4.54
LH -0.09 MAJOR -0.38 S -0.81 ANAN -2.45 PLANB -3.91
CPALL -0.09 ROBINS -0.36 BIG -0.77 MEGA -2.45 SPALI -3.77
BANPU -0.08 TASCO -0.29 KTC -0.70 SPALI -2.29 ROBINS -3.71
SPALI -0.07 STEC -0.29 MAJOR -0.65 MALEE -2.13 KTC -3.40
CENTEL -0.06 LH -0.29 ANAN -0.64 CBG -1.99 STEC -3.17

Source: SET100, Setsmart

21 July 2017 vi Daily Stats



Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
07/21/2017 14:30 Thailand Foreign Reserves 14-Jul-17 -- -- $184.3b --
07/21/2017 14:30 Thailand Forward Contracts 14-Jul-17 -- -- $32.0b --
07/21/2017 07/27 Thailand Car Sales Jun -- -- -- --
07/28/2017 14:30 Thailand Foreign Reserves 21-Jul-17 -- -- -- --
07/28/2017 14:30 Thailand Forward Contracts 21-Jul-17 -- -- -- --
07/28/2017 07/31 Thailand Mfg Production Index ISIC NSA YoY Jun 1.20% -- 1.40% --
07/28/2017 07/31 Thailand Capacity Utilization ISIC Jun -- -- 6210.00% --
07/21/2017 06:50 Japan Japan Buying Foreign Bonds 14-Jul-17 -- 947.8b 839.5b 805.8b
07/21/2017 06:50 Japan Japan Buying Foreign Stocks 14-Jul-17 -- 438.6b 324.9b 325.3b
07/21/2017 06:50 Japan Foreign Buying Japan Bonds 14-Jul-17 -- 413.7b -408.5b -413.4b
07/21/2017 06:50 Japan Foreign Buying Japan Stocks 14-Jul-17 -- 341.0b -35.0b -35.2b
07/21/2017 12:30 Japan Nationwide Dept Sales YoY Jun -- -- 0.00% --
07/21/2017 12:30 Japan Tokyo Dept Store Sales YoY Jun -- -- -1.10% --
07/21/2017 15:00 Eurozone ECB Survey of Professional Forecasters 0 0 0 0
07/24/2017 07:30 Japan Nikkei Japan PMI Mfg Jul P -- -- 52.4 --
07/24/2017 12:00 Japan Supermarket Sales YoY Jun -- -- -1.80% --
07/24/2017 12:00 Japan Leading Index CI May F -- -- 104.7 --
07/24/2017 12:00 Japan Coincident Index May F -- -- 115.5 --
07/24/2017 15:00 Eurozone Markit Eurozone Manufacturing PMI Jul P 57.2 -- 57.4 --
07/24/2017 15:00 Eurozone Markit Eurozone Services PMI Jul P 55.5 -- 55.4 --
07/24/2017 15:00 Eurozone Markit Eurozone Composite PMI Jul P 56.2 -- 56.3 --
07/24/2017 20:00 China Conference Board China June Leading Economic Index 0 0 0 0
07/24/2017 20:45 United States Markit US Manufacturing PMI Jul P 52.1 -- 52 --
07/24/2017 20:45 United States Markit US Services PMI Jul P -- -- 54.2 --
07/24/2017 20:45 United States Markit US Composite PMI Jul P -- -- 53 --
07/24/2017 21:00 United States Existing Home Sales Jun 5.56m -- 5.62m --
07/24/2017 21:00 United States Existing Home Sales MoM Jun -1.20% -- 1.10% --
07/25/2017 20:00 United States FHFA House Price Index MoM May 0.50% -- 0.70% --
07/25/2017 20:00 United States S&P CoreLogic CS 20-City MoM SA May 0.20% -- 0.28% --
07/25/2017 20:00 United States S&P CoreLogic CS 20-City YoY NSA May 5.70% -- 5.67% --
07/25/2017 20:00 United States S&P CoreLogic CS 20-City NSA Index May -- -- 197.19 --
07/25/2017 20:00 United States S&P CoreLogic CS US HPI YoY NSA May -- -- 5.50% --
07/25/2017 20:00 United States S&P CoreLogic CS US HPI NSA Index May -- -- 188.5 --
07/25/2017 21:00 United States Conf. Board Consumer Confidence Jul 116 -- 118.9 --
07/25/2017 21:00 United States Conf. Board Present Situation Jul -- -- 146.3 --
07/25/2017 21:00 United States Conf. Board Expectations Jul -- -- 100.6 --
07/25/2017 21:00 United States Richmond Fed Manufact. Index Jul 7 -- 7 --
07/26/2017 06:50 Japan PPI Services YoY Jun 0.80% -- 0.70% --
07/26/2017 12:00 Japan Small Business Confidence Jul 49.5 -- 49.2 --
07/26/2017 18:00 United States MBA Mortgage Applications 21-Jul-17 -- -- 6.30% --
07/26/2017 21:00 United States New Home Sales Jun 615k -- 610k --
07/26/2017 21:00 United States New Home Sales MoM Jun 0.80% -- 2.90% --
07/27/2017 01:00 United States FOMC Rate Decision (Upper Bound) 26-Jul-17 1.25% -- 1.25% --
07/27/2017 01:00 United States FOMC Rate Decision (Lower Bound) 26-Jul-17 1.00% -- 1.00% --
07/27/2017 06:50 Japan Japan Buying Foreign Bonds 21-Jul-17 -- -- 947.8b --
07/27/2017 06:50 Japan Japan Buying Foreign Stocks 21-Jul-17 -- -- 438.6b --
07/27/2017 06:50 Japan Foreign Buying Japan Bonds 21-Jul-17 -- -- 413.7b --
07/27/2017 06:50 Japan Foreign Buying Japan Stocks 21-Jul-17 -- -- 341.0b --
07/27/2017 08:00 China Swift Global Payments CNY Jun -- -- 1.61% --
07/27/2017 08:30 China Industrial Profits YoY Jun -- -- 16.70% --

Source : Bloomberg

21 July 2017 vii Daily Stats



Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
07/27/2017 15:00 Eurozone M3 Money Supply YoY Jun 5.00% -- 5.00% --
07/27/2017 19:30 United States Durable Goods Orders Jun P 3.00% -- -0.80% --
07/27/2017 19:30 United States Initial Jobless Claims 22-Jul-17 -- -- 233k --
07/27/2017 19:30 United States Durables Ex Transportation Jun P 0.50% -- 0.30% --
07/27/2017 19:30 United States Continuing Claims 15-Jul-17 -- -- 1977k --
07/27/2017 19:30 United States Cap Goods Orders Nondef Ex Air Jun P 0.40% -- 0.20% --
07/27/2017 19:30 United States Cap Goods Ship Nondef Ex Air Jun P -- -- 0.10% --
07/27/2017 19:30 United States Advance Goods Trade Balance Jun -$65.0b -- -$65.9b -$66.3b
07/27/2017 19:30 United States Wholesale Inventories MoM Jun P -- -- 0.40% --
07/27/2017 19:30 United States Retail Inventories MoM Jun -- -- 0.60% --
07/27/2017 19:30 United States Chicago Fed Nat Activity Index Jun -- -- -0.26 --
07/27/2017 20:45 United States Bloomberg Consumer Comfort 23-Jul-17 -- -- 47.6 --
07/27/2017 22:00 United States Kansas City Fed Manf. Activity Jul -- -- 11 --
07/28/2017 06:30 Japan Jobless Rate Jun 2.90% -- 3.10% --
07/28/2017 06:30 Japan Job-To-Applicant Ratio Jun 150.00% -- 149.00% --
07/28/2017 06:30 Japan Overall Household Spending YoY Jun 0.50% -- -0.10% --
07/28/2017 06:30 Japan Natl CPI YoY Jun 0.40% -- 0.40% --
07/28/2017 06:30 Japan Natl CPI Ex Fresh Food YoY Jun 0.30% -- 0.40% --
07/28/2017 06:30 Japan Natl CPI Ex Fresh Food, Energy YoY Jun -0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI YoY Jul 0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI Ex-Fresh Food YoY Jul 0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI Ex-Fresh Food, Energy YoY Jul -0.10% -- -0.20% --
07/28/2017 06:50 Japan Retail Sales MoM Jun 0.40% -- -1.60% -1.50%
07/28/2017 06:50 Japan Retail Trade YoY Jun 2.40% -- 2.00% 2.10%
07/28/2017 06:50 Japan Dept. Store, Supermarket Sales Jun 0.50% -- -0.60% --
07/28/2017 16:00 Eurozone Economic Confidence Jul 110.8 -- 111.1 --
07/28/2017 16:00 Eurozone Business Climate Indicator Jul 1.18 -- 1.15 --
07/28/2017 16:00 Eurozone Industrial Confidence Jul 4.7 -- 4.5 --
07/28/2017 16:00 Eurozone Services Confidence Jul 13.7 -- 13.4 --
07/28/2017 16:00 Eurozone Consumer Confidence Jul F -- -- -1.7 --
07/28/2017 19:30 United States Rev isions: G D P data from 2014-16; reference y ear remains 2009 0 0 0 0
07/28/2017 19:30 United States GDP Annualized QoQ 2Q A 2.50% -- 1.40% --
07/28/2017 19:30 United States Personal Consumption 2Q A 2.90% -- 1.10% --
07/28/2017 19:30 United States GDP Price Index 2Q A 1.50% -- 1.90% --
07/28/2017 19:30 United States Core PCE QoQ 2Q A -- -- 2.00% --
07/28/2017 19:30 United States Employment Cost Index 2Q 0.60% -- 0.80% --
07/28/2017 21:00 United States U. of Mich. Sentiment Jul F 93 -- 93.1 --
07/28/2017 21:00 United States U. of Mich. Current Conditions Jul F -- -- 113.2 --
07/28/2017 21:00 United States U. of Mich. Expectations Jul F -- -- 80.2 --
07/28/2017 21:00 United States U. of Mich. 1 Yr Inflation Jul F -- -- 2.70% --
07/28/2017 21:00 United States U. of Mich. 5-10 Yr Inflation Jul F -- -- 2.60% --

Source : Bloomberg

21 July 2017 viii Daily Stats



Daily Stats

Company's Calendar
As of 20 July 2017
Mon Tue Wed Thu Fri Sat
17-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17 22-Jul-17
0
1DIV-XD@0.4566
CCN-XR5(O):1(N)@6
New Listing: BA01C1712A
New Listing: BA01P1712A
New Listing: BCP01C1712A
New Listing: BCP01P1712A
New Listing: CENT01C1712A
New Listing: CENT01P1712A
New Listing: CPN01P1712A
New Listing: DELT01C1712A
New Listing: IVL01C1712A
New Listing: IVL01P1712A
New Listing: IVL13C1802A
New Listing: MINT01C1712A
New Listing: MINT01P1712A
New Listing: MTLS01C1712A
New Listing: MTLS01P1712A
New Listing: PSH01C1712A
New Listing: PSH01P1712A
New Listing: S13C1802A
New Listing: S5001C1709I
New Listing: S5001C1710A
New Listing: S5001P1709I
New Listing: S5001P1710A
New Listing: SPAL01C1712A
New Listing: SPRC01C1712A
New Listing: SPRC01P1712A
New Listing: TASC01C1712A
New Listing: TASC01P1712A
New Listing: THAI01C1712A
New Listing: THAI01P1712A
New Listing: TPIP01P1712A

24-Jul-17 25-Jul-17 26-Jul-17 27-Jul-17 28-Jul-17 29-Jul-17

SPORT-XW@5.5(O):1(N) TLGF-XD@0.2129 TMW-XD@1.31 TWZ-XR7(O):2(N)@0.25


LHBANK-XD@0.028

31-Jul-17 1-Aug-17 2-Aug-17 3-Aug-17 4-Aug-17 5-Aug-17

BTS-XD@0.175 PTL-XD@0.36 TIW-XD@1


SUPER-XW@5(O):1(N) KYE-XD@30.36
EPG-XD@0.15

7-Aug-17 8-Aug-17 9-Aug-17 10-Aug-17 11-Aug-17 12-Aug-17

Remark
XD - Cash Dividend XR - Rights for Common
XD(ST) - Stock Dividend XW - Rights for Warrant

21 July 2017 ix Daily Stats



Daily Stats

Company's Calendar
A s of 20 July 2017
Mon Tue Wed Thu Fri Sat
17-Jul-17 18-Jul-17 19-Jul-17 20-Jul-17 21-Jul-17 22-Jul-17
0
Delisted share: JAS13C1707A

24-Jul-17 25-Jul-17 26-Jul-17 27-Jul-17 28-Jul-17 29-Jul-17

Delisted share: IVL13C1707A Delisted share: ECF-W1


Delisted share: SPRC13C1707A
Delisted share: TKN13C1707A
Delisted share: TTA13C1707A

31-Jul-17 1-A ug-17 2-A ug-17 3-A ug-17 4-A ug-17 5-A ug-17

Delisted share: BA27C1707A Delisted share: M42C1707A Delisted share: MAX-W2 Delisted share: CHG08C1707A Delisted share: TRUE06C1707A
Delisted share: BBL27C1707A Delisted share: SCCC42C1707A Delisted share: LPN08C1707A Delisted share: AAV23C1707A
Delisted share: BCH27C1707A Delisted share: STPI42C1707A Delisted share: PLAN08C1707A Delisted share: BANP23C1707A
Delisted share: KBAN27C1707A Delisted share: TICO42C1707A Delisted share: STPI08C1707A Delisted share: BBL23P1707A
Delisted share: KBAN27P1707A Delisted share: UV42C1707A Delisted share: SPRC08C1707A Delisted share: BEM23C1707A
Delisted share: PTTE27P1707A Delisted share: PTTG42C1707A Delisted share: SUPE08C1707A Delisted share: BJCH23C1707A
Delisted share: SCB27C1707A Delisted share: PTTG42P1707A Delisted share: TISC08C1707A Delisted share: BTS23C1707A
Delisted share: THAI27C1707A Delisted share: ROBI42C1707A Delisted share: TKN08C1707A Delisted share: CBG23C1707A
Delisted share: ROBI42P1707A Delisted share: VIBH08C1707A Delisted share: INTU23P1707A
Delisted share: SAMA42C1707A Delisted share: S5028C1707A Delisted share: KBAN23P1707A
Delisted share: SAMA42P1707A Delisted share: S5028P1707A Delisted share: PTT23P1707A
Delisted share: SAWA42C1707A Delisted share: STPI23C1707A
Delisted share: SAWA42P1707A Delisted share: UNIQ23C1707A
Delisted share: SCB42C1707A Delisted share: AOT23C1707A
Delisted share: SCB42P1707A Delisted share: AOT23P1707A
Delisted share: SPAL42C1707A Delisted share: BLA23C1707A
Delisted share: SPAL42P1707A Delisted share: CENT23C1707A
Delisted share: TASC42C1707A Delisted share: KTC23C1707A
Delisted share: THAI42C1707A Delisted share: LH23C1707A
Delisted share: THCO42C1707A Delisted share: PTTE23P1707A
Delisted share: THCO42P1707A Delisted share: SAWA23C1707A
Delisted share: TPIP42C1707A Delisted share: TCAP23C1707A
Delisted share: TPIP42P1707A Delisted share: TRUE23P1707A
Delisted share: TRUE42C1707A Delisted share: ITD24C1707A
Delisted share: TRUE42P1707A Delisted share: PTTG24C1707A
Delisted share: TTW42C1707A Delisted share: AOT24C1707A
Delisted share: TU42C1707A Delisted share: WORK11C1707A
Delisted share: TU42P1707A Delisted share: PSH01C1707A
Delisted share: VNG42C1707A Delisted share: PSH01P1707A
Delisted share: SPRC01C1707A
Delisted share: SPRC01P1707A
Delisted share: TKN01C1707A
Delisted share: BA11C1707A
Delisted share: BDMS11C1707A
Delisted share: BEAU11C1707A
Delisted share: BH11C1707A
Delisted share: BLAN11C1707A
Delisted share: CBG11C1707A
Delisted share: DELT11C1707A
Delisted share: IRPC11C1707A
Delisted share: KTC11C1707A
Delisted share: MAJO11C1707A
Delisted share: MINT11C1707A
Delisted share: MINT11P1707A
Delisted share: PTTG11C1707A
Delisted share: QH11C1707A
Delisted share: SIRI11C1707A
Delisted share: SPRC11C1707A
Delisted share: STPI11C1707A
Delisted share: THCO11C1707A
Delisted share: TKN11C1707A
Delisted share: TU11C1707A
Delisted share: BBL24C1707A
Delisted share: GUNK24C1707A
Delisted share: CBG24C1707A
Delisted share: GLOB24C1707A
Delisted share: ADVA01C1707A
Delisted share: ADVA01P1707A
Delisted share: AOT01C1707A
Delisted share: AOT01P1707A
Delisted share: DTAC01C1707A
Delisted share: DTAC01P1707A
Delisted share: GPSC01C1707A
Delisted share: GPSC01P1707A
Delisted share: INTU01C1707A
Delisted share: INTU01P1707A
Delisted share: PTTE01C1707A
Delisted share: PTTE01P1707A
Delisted share: TRUE01C1707A
Delisted share: TRUE01P1707A
Delisted share: BA01C1707A
Delisted share: BA01P1707A
Delisted share: BCP01C1707A
Delisted share: BCP01P1707A
Delisted share: CENT01C1707A
Delisted share: CENT01P1707A
Delisted share: CPF01C1707A
7-A ug-17 8-A ug-17 9-A ug-17 10-A ug-17 11-A ug-17 12-A ug-17

Delisted share: CPN28C1708A


Delisted share: BCH28C1708A
Delisted share: HMPR28C1708A
Delisted share: TASC28C1708A
Delisted share: TPIP28C1708A
Delisted share: VIBH28C1708A
Delisted share: TISC28C1708A
Delisted share: TRUE28C1708A
Delisted share: TTA28C1708A
Delisted share: PTT28C1708A
Delisted share: ADVA28C1708A
Delisted share: CBG28C1708A
Delisted share: IRPC28C1708A
Delisted share: BA28C1708A
Delisted share: KCE28C1708A
Delisted share: KTC28C1708A
Delisted share: TRUE28C1708B
Delisted share: BBL28C1708A
Delisted share: INTU28C1708A
Delisted share: GUNK28C1708A
Delisted share: SCC28C1708A

Source : SET as of previous trading day

21 July 2017 x Daily Stats



Daily Stats

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Outperform : Expected total return of 10% or more within a 12-month period
Neutral : Expected total return between -10% and 10% within a 12-month period
Underperform : Expected total return of -10% or worse within a 12-month period
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DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BA, BANPU, BBL, BCH, BCP, BDMS, BEAUTY, BEM, BH, BLA, BLAND, BTS, CBG, CENTEL, CHG, CK, CKP,
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21 July 2017 xi Daily Stats