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01 August 2017 Morning Brief

Daily Market Performance Todays highlights


SET (31/07/2017): Market Turnover:
Market Wrap-up
1,576.8 (-0.31%) Bt57,300m
Source: SET, KS The SET Index closed at 1,576.08 on Monday, down 4.98 pts, or 0.31%.
Proprietary and Retail investors bought a net Bt2,354.47mn and Bt8,330.95mn
Sector PER (KS Coverage, x) worth of Thai shares, while Institutional and Foreign investors were net sellers
Yr to Dec 15A 16A 17E 18E of Bt3,526.50mn and Bt7,158.91mn, respectively.
Agribusiness & Food 26.41 46.40 36.42 28.02
Banking 9.04 10.17 10.61 9.48 Strategy
Commerce 24.90 33.44 27.64 24.16
Commercial 26.77 27.55 31.79 28.40 Daily View (page 3 ) Brightening prospects for the domestic economy, with
Construction Materials 12.65 11.24 11.98 12.05
Contractor 23.60 29.69 41.40 27.32
nonfarm income rising for the first time in 2017 and the export and tourism
Electronics 13.47 17.66 17.28 13.97 sectors seeing further growth, should provide support to domestic-consumption-
Energy 115.38 12.78 9.25 9.97 linked stocks. We expect the SET Index to test 1,580 today and we see CPALL
Finance & Securities 21.14 18.46 17.53 15.96
ICT 11.70 21.00 26.93 25.53 (in view of the improvement in domestic consumption), CENTEL* and MINT*
Industrial Estate 13.98 25.78 26.68 18.45 (not covered by KS Research) as the most attractive. We also maintain our
Insurance 22.98 17.68 17.45 14.12
Personal Products & investment themes on 1) stocks expected to deliver strong 2Q17 earnings
n.a. 47.90 35.51 22.76
Pharmaceuticals growth, such as LH, MTLS, MEGA, TK* (not covered by KS Research), JWD and
Petrochemical 11.39 10.55 10.42 10.85
Property Fund 14.42 21.67 17.78 16.36
BEAUTY; 2) plays on the recovering oil price, such as PTT and PTTEP; 3) stocks
Residential 9.30 9.63 9.16 9.19 with low PERs and high dividend yields, such as PSH; and 4) stocks that will get
Transportation 52.77 32.90 33.05 29.54 a lift from further progress in mega infrastructure projects, such as STEC.
Utilities 18.79 17.14 15.10 14.72
Monthly economic monitor - June data: Uneven recovery to continue
(page 4 ) Non-farm income showed its first positive growth of the year but
farm-income continued to slow down. June non-farm wages showed the first
Source: KS positive growth in 2017, growing by 2.4% YoY (vs -2.4% in May) with both
Inside Page positive growth in private (+2.9% YoY) and public (+2.1% YoY) sectors. Note
that despite a rebound in June, 2Q17 non-farm income growth remained
Fund Flows i
negative (-0.2% YoY in 2Q17 vs -0.6% in 1Q17). The unemployment rate
Bond Trading i (seasonally adjusted) dropped to 1.1% (vs 1.3% prev) as the number of
Top Ten Short Sale ii unemployed persons slowed to 5.8% YoY (vs 10.6% prev). On the other hand,
Thai NVDR Trading Data by Stock ii June farm income growth confirmed our view of a slowdown (+6.2% YoY vs
+18.0% YoY 5M17) mainly due to a falling price effect.
Daily Driver Stats (Market Summary) iii
Daily Driver Stats (Commodity) iv Sector & Equities Recommendation
Director Trade v Weekly Petrochemical Update (Petrochemical: Underweight) -
Insider Trading vi Downstream aromatic spreads surged (page 5 ) PTTGC was the main
Foreign Ownership - top ten gainers and losers vi beneficiary of last weeks widened HDPE price, while IRPC benefited from
expanded ethylene and propylene spreads. IVL benefited from a higher PET
Economic Calendar vii
margin by 28% WoW and higher PTA margin by 6% WoW. The impact on SCC
Company's Calendar ix and TOP was neutral as petrochemical spreads were unchanged.

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 1,576.08 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 60.81pt/0.28% Oil - Nymex (USD) 50.17/bbl/0.46USD
Change -4.98pt/-0.31% (Btm) (Contracts) PTT 661 SCB -286 S&P -1.8pt/-0.07% Gold - London (USD) 1,267.69/Oz/8.55USD
Turnover (Btm) 57,299.81 Foreign -7,159 -15,190 SCC 375 ADVANC -188 NASDAX -26.55pt/-0.42% DXYO 92.86/-0.42%
PER (x) 16.38 Institution -3,527 -11,488 BBL 278 PTTEP -160 CAC -37.62pt/-0.73% Bt/USD 33.28/-0.27%
PBV (x) 1.91 Retail 8,331 26,678 PTTGC 266 INTUCH -67 FTSE 3.63pt/0.05% USD/Euro 1.17/0.21%
Div Yield (%) 3.07 Proprietary 2,354 - BEAUTY 213 KKP -60 DAX -44.45pt/-0.37% 10Y US treasury yld 2.29/0.23%

01 August 2017 1 Morning Brief


Morning Brief
Sector & Equities Recommendation
ORI (Outperform) - Forming 4 JVs A new step for growth (page 6 )
We maintain our Outperform rating on ORI after raising our mid-2018 TP to
Bt16.70 from Bt15.90 to reflect our earnings revision. Not only do we see ORIs
earnings rising in the short term on a gain from a disposal of shares in
subsidiaries, but a partnership with Nomura Real Estate Development (NRED)
will enhance its earnings in the medium term on increased management fees
and equity income. We thus see ORI reporting robust 2017-19E EPS growth of
103%/53%/35%, respectively. ORI has also revised up a number of its 2017
business targets, indicating a bright operating outlook in 2H17. Apart from a big
jump in 2H17 presales, we see the company posting strong growth on its
quarterly earnings in 2H17.

TASCO (Outperform) - Earnings hiccup provides an entry level (page


7 ) We upgrade TASCO to Outperform from Neutral to reflect the stocks 9.6%
decline in share price over the past month that widened potential upside to our
new TP to 6.2% and a 2017E dividend yield of 5.0%. We lower our mid-2018
target price to Bt24.0 (from Bt25.0) as we reduce 2017-19E earnings by 7.2-
10.0%. While we expect 2Q17 earnings to weaken by 60.4% YoY and 77.5%
QoQ due to a deeper asphalt-Dubai crude discount together with a hedging loss
on oil price, we believe this to be a temporary occurrence and thus foresee a
significant recovery as soon as 3Q17. On a longer-term basis, we expect regional
demand growth to be sustainable driven by infrastructure development projects.

AOT (Neutral) - 3QFY17E Preview: Expect Pax growth to exceed


earnings growth (page 8 ) Expect 3QFY17E earnings to grow 6% YoY. We
expect AOT to report 3QFY17E earnings of Bt5.4bn, down 17.1% QoQ but up
6% YoY. The QoQ decrease should due to a seasonal effect. Behind the expected
YoY growth is a reported 8.4% increase in number of passengers. Excluding an
extraordinary item and FX gain/loss, we estimate core profit of Bt5.3bn, down
17.8% QoQ but up 10.2% YoY, based on the same reasons as for changes in
net profits. Note that AOT had an insurance claim for damaged caused by
flooding of Bt464.8mn in 3QFY16.

STEC (Outperform) - Earnings Preview: 2Q17 net profit to rise YoY, fall
QoQ (page 9) Earnings up YoY, down QoQ. We forecast STECs 2Q17 net profit
at Bt230mn, up 19.1% YoY but down 7.5% QoQ due to a drop in revenue on
slower construction activity during the rainy season.
Daily View
Strategy Brightening prospects for the domestic economy, with nonfarm income
rising for the first time in 2017 and the export and tourism sectors seeing
further growth, should provide support to domestic-consumption-linked
stocks. We expect the SET Index to test 1,580 today and we see CPALL (in
view of the improvement in domestic consumption), CENTEL* and MINT*
(not covered by KS Research) as the most attractive. We also maintain our
investment themes on 1) stocks expected to deliver strong 2Q17 earnings
growth, such as LH, MTLS, MEGA, TK* (not covered by KS Research), JWD
and BEAUTY; 2) plays on the recovering oil price, such as PTT and PTTEP;
3) stocks with low PERs and high dividend yields, such as PSH; and 4)
stocks that will get a lift from further progress in mega infrastructure
projects, such as STEC.
Key economic data shows positive signs; nonfarm income sees growth
for the first time in six months. The Bank of Thailand said the broad economy
showed positive signs in many areas in June. Nonfarm income grew for the first
time in six months, adding 2.40% YoY, while growth in farm income slowed to
6.20%. Note that 2Q17 nonfarm income contracted 0.20% YoY in 2Q17, a further
decline from -0.60% YoY in 1Q17.

In the same month, the tourism sector continued to expand as tourist arrivals
increased 11.40% YoY, compared to 4.60% growth in May, which resulted in
service sector revenue rising 7.40%. Exports expanded 7.60% YoY boosted by
electronic components, and petroleum, petrochemical and agricultural products,
while imports surged 12.80% YoY although their value was still lower than that of
exports, resulting in a trade surplus of USD2.90bn.

Sales of durable goods fell 3.00% YoY on declines in vehicle and motorcycle sales
by 0.50% and 4.70%, while passenger car sales continued to grow, adding
15.60%. Non-durable goods sales fell 1.90%.

On the negative side, manufacturing MPI declined as auto and electrical appliance
production fell 1.30% and 18.30% YoY and the capacity utilization rate remained
low at 60.50%. Private investment continued to decline for a 12th consecutive
month but the pace of decrease slowed to 0.20% YoY.

We maintain our GDP growth estimates at 3.30% for 2Q17 and 3.40% and 3.90%
for 3Q-4Q17.
Brighter prospects in domestic consumption in 2H17; CPALL, CENTEL*,
MINT* look attractive. In sum, the export, tourism and services sectors were
the key engines driving economic growth, while the continued growth in the export
sector resulted in nonfarm income rising for the first time in 2017, which bodes
well for domestic consumption in the second half of the year. Such improving
prospects will provide support to tourism and retail stocks, among which we see
CENTEL* and MINT* (both have been our recommended picks for the past two
weeks), EWR, THAI, AAV and CPALL (upside of more than 18%, while most of its
products are necessities that have had protection against sluggish consumption).

Investment strategy - We expect the SET Index to test 1,580 today and we see
CPALL (in view of domestic consumption improvement), CENTEL* and MINT* as
the most attractive. We also maintain our investment themes on 1) stocks expected
to deliver strong 2Q17 earnings growth, such as LH, MTLS, MEGA, TK*, JWD and
BEAUTY; 2) stocks that will get a boost from the recovering oil price, such as PTT
Analyst and PTTEP; 3) stocks with low PERs and high dividend yields, such as PSH; and 4)
Prakit Sirivattanaket stocks that will get a lift from further progress in mega infrastructure projects, such
Prakit.si@kasikornsecurities.com as STEC.

01 August 2017 3 Morning Brief


Monthly economic monitor - June data: Uneven
Thailand Economics recovery to continue
Non-farm income showed its first positive growth of the year but farm-
income continued to slow down. June non-farm wages showed the first positive
growth in 2017, growing by 2.4% YoY (vs -2.4% in May) with both positive growth in
private (+2.9% YoY) and public (+2.1% YoY) sectors. Note that despite a rebound in
June, 2Q17 non-farm income growth remained negative (-0.2% YoY in 2Q17 vs -0.6%
in 1Q17). The unemployment rate (seasonally adjusted) dropped to 1.1% (vs 1.3%
prev) as the number of unemployed persons slowed to 5.8% YoY (vs 10.6% prev). On
the other hand, June farm income growth confirmed our view of a slowdown (+6.2%
YoY vs +18.0% YoY 5M17) mainly due to a falling price effect.
Tourism recovery continued to support consumption. In line with our
expectation, June foreign tourist arrivals saw a continued improvement (+11.4% YoY)
with a strong recovery in tourists from China (+6.6% YoY), Malaysia (+16.1% YoY),
and the Middle East (+85.1% YoY). The June Private Consumption Index (PCI) growth
recorded at 3.0% YoY (vs 1.8% prev). Tourisms strong recovery drove the service
index to grow by 7.4% YoY (vs 6.3% YoY prev). Meanwhile, sales of clothes and
apparel (semi-durables) slowed down (0.9% YoY vs 1.5% prev). The slowdown in sales
of durable goods continued (3.0% YoY vs 3.7% prev) due to falling sales of commercial
cars (-0.5% YoY) and motorcycles (-4.7% YoY), while passenger cars sales saw a
strong rebound (15.6% YoY). However, sales of consumer products (non-durables)
bounced back somewhat (1.9% YoY vs -2.2% prev).
Disappointing production and private investment indices. The June
Manufacturing Production Index (MPI) saw flat growth with a negative bias (-0.2% YoY
vs 1.6% prev), dragged down by vehicle production (-1.3% YoY) and electrical
appliances (-18.3% YoY). Industrial capacity utilization (CAPU) remained stubbornly
low (60.5% vs 60.6% prev). Negative growth of the Private Investment Index
continued (-0.2% YoY vs -0.1% prev), marking the 12th consecutive monthly
contraction.
Current account surplus bounced back strongly. In trade activity, exports grew
(7.6% YoY vs 10.6% prev.), and imports rose (+12.8% YoY vs 18.2% prev). As a
result, the June trade surplus registered at USD 2.9bn. However, with subsiding
dividend outflows and a strong tourist recovery, services and other incomes bounced
back strongly to record a surplus of USD1.3bn, resulting in a current account surplus
of USD4.3bn. In public spending, the current expenditure slowed down somewhat
(+1.6% YoY), while the capital expenditure continued to contract (-25.7% YoY).
Implication
Maintain our view of 3.3% 2Q17E GDP growth with export and tourism as
key drivers. A full data set from 2Q17 suggests that the economic recovery remains
uneven. The export recovery (+8.0% in 2Q17) has started to support non-farm wage
growth, but it still has a limited impact on the sluggish private investment index (-0.2%
YoY in 2Q17). Meanwhile, tourism recovery remains strong (+7.6% YoY in 2Q17 vs
+1.7% in 1Q17).
Expect limited impact from severe flooding in Sakhon Nakhon. Based on
recent track records, flooding seems to be a seasonal event in Thailand. According to
the local press, 23 provinces have been affected from flooding over the last few weeks.
The most severely affected province is Sakhon Nakhon, a province in the North East.
Kampon Adireksombat, Ph.D.
Economist The provinces yearly Gross Provincial Product (GPP) accounts for 0.3% of GDP. If we
Kampon.a@kasikornsecurities.com assume the impact of the flooding lasts one month, the estimated impact would be
Nattapong Rittiraj 0.025% of GDP, positing a limited impact on 3Q17E GDP growth, in our view. Note
Research Assistant that Sakhon Nakhons economy is mostly driven by the service sector (74% share of
Nattapong.ri@kasikornsecurities.com GPP) followed by agriculture (20% share) and manufacturing (6% share). As a result,
we maintain our GDP growth forecast for 3Q17E of 3.4% and for 4Q17E of
3.9% (due to a low base effect from 4Q16).

01 August 2017 4 Morning Brief


Weekly Petrochemical Update - Downstream aromatic
Petrochemical Sector Underweight
spreads surged
PTTGC was the main beneficiary of last weeks widened HDPE price,
while IRPC benefited from expanded ethylene and propylene spreads.

IVL benefited from a higher PET margin by 28% WoW and higher PTA
margin by 6% WoW.

The impact on SCC and TOP was neutral as petrochemical spreads were
unchanged.

Industry highlights
Crude and naphtha rose. Dubai crude rose by 1% WoW to USD48.19/bbl after
US commercial crude stocks declined by 7.2mn bbl WoW to 483.4mn bbl, lower
than the consensus estimate of a decline of 3.0mn bbl. US crude production output
declined by 19mn bpd WoW. In addition, Saudi Arabia pledged to cut exports by
0.6mn bpd on a monthly basis to 6.6mn bpd in August. There was positive
sentiment from the USD depreciation to the lowest level of the year after the Fed
meeting was more dovish about a possible rate hike that the market had previously
expected to occur in December this year. Naphtha rose by 3% WoW to USD389/ton
last week. On a quarterly perspective, Dubai crude and naphtha prices declined 4%
and 5%.

Polyolefin spreads maintained. The prices and spreads of upstream olefin


products rose WoW following the increase in oil prices. However, HDPE and PP
spreads remained stable. On a quarterly basis, the HDPE spread declined by 4%,
and the PP spread rose by 1%.

PET spread rose WoW. BZ and PX spreads showed no movement last week.
However, the PTA spread rose by 6% WoW, and the PET spread expanded by 28%
WoW. On a quarterly basis, the PET spread was 36% lower.

Analyst (s)
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Tan Chirasittikorn
(Assistant Analyst)
Tan.c@kasikornsecurities.com

01 August 2017 5 Morning Brief


ORI TB Outperform Origin Property PCL - Forming 4 JVs A new step for
growth
Target Price Bt16.70
We maintain our Outperform rating on ORI after raising our mid-2018 TP
Close Price (31/07/2017) Bt 15.10 to Bt16.70 from Bt15.90 to reflect our earnings revision. Not only do we
Upside % 10.60 see ORIs earnings rising in the short term on a gain from a disposal of
Anti-Corruption Indicator N/A shares in subsidiaries, but a partnership with Nomura Real Estate
Development (NRED) will enhance its earnings in the medium term on
increased management fees and equity income. We thus see ORI reporting
robust 2017-19E EPS growth of 103%/53%/35%, respectively. ORI has
also revised up a number of its 2017 business targets, indicating a bright
operating outlook in 2H17. Apart from a big jump in 2H17 presales, we see
the company posting strong growth on its quarterly earnings in 2H17.
Investment highlights
2017-19E earnings revised up. We raise our 2017-19E earnings forecasts by
16.0%/2.4%/6.7%, respectively, mainly to reflect the benefit ORI will receive from
4 JVs with NRED. Apart from an extra gain we estimate at Bt212mn from the
disposal of 49% stakes in 4 subsidiaries that will be booked in 3Q17, management
fees related to sales & marketing and construction will help boost earnings during
the development period. While we see negative equity income being contributed
from the JVs before rights transfers start in 2020, the management fees should
cover this loss. Our new forecasts indicate 2017-19E EPS will increase by a strong
103%/53%/35%.

Strong business partner enhances outlook. We see plenty of benefits for ORI
from the partnership with NRED. As a leading property developer in Japan involved
in both recurring and non-recurring real estate businesses for more than 60 years,
NRED will be able to share its development experience as well as its customer base
with ORI. In addition, its 49% stakes in the 4 new JVs at a total investment cost
of Bt2.15bn means NRED will share the development risk and financial costs with
ORI. Finally, the deals will boost ORIs ROE and strengthen its balance sheet.

Business targets raised. Following the announcement of the new partner, ORI
raised several of its 2017 business targets. New launch value was revised up to
Bt18.0bn from Bt15.0bn, while presales target was increased to Bt14.0bn from
Bt13.0bn. Also, the revenue target was increased to Bt9.0bn from Bt6.0bn. Given
that the Park 24 project acquisition should be concluded by Oct. 2, ORIs project
completions in 2017 will rise to Bt12.77bn from Bt6.87bn, while its backlog at the
end-2Q17 had risen to Bt25.3bn from Bt14.4bn at end-1Q17.

Exciting performance in 2H17E. ORI plans to launch 4 KnightsBridge


condominium projects worth Bt7.4bn in 3Q17 (three of them will be developed
under the JV with NRED) and a further 4 new projects with a value of Bt1.2bn in
4Q17 (including its first low-rise project). These projects will help lift 2H17 presales
to nearly Bt10.0bn from the Bt4.2bn achieved in 1H17. Also, the Bt7.0bn of backlog
scheduled to be transferred in 2H17 means of Bt9.0bn of 2017 revenue is already
100% secured.

Valuation
We maintain our Outperform rating on ORI with a new mid-2018 TP of Bt16.70
(up from Bt15.90). Our valuation is based on Bt15.48 derived from the average
Analyst 12M Fwd PER in 2012-16 of the developers under our coverage (exc. LH) of 7.3x
Sorapong Jakteerungkul plus Bt1.22 from its recurring-income business. This implies a nice upside of 10.6%
Sorapong.j@kasikornsecurities.com from the latest closing price plus a dividend yield for a one-year holding period of
4.8%. Apart from the solid long-term outlook, expectations of strong presales and
earnings in 2H17 should provide further support to the share price.

01 August 2017 6 Morning Brief


TASCO TB Outperform Tipco Asphalt PCL - Earnings hiccup provides an entry
level
Target Price Bt24.0
We upgrade TASCO to Outperform from Neutral to reflect the stocks 9.6%
Close Price (31/07/2016) Bt 22.60 decline in share price over the past month that widened potential upside to
Upside % 6.2 our new TP to 6.2% and a 2017E dividend yield of 5.0%. We lower our mid-
Anti-Corruption Indicator Declared 2018 target price to Bt24.0 (from Bt25.0) as we reduce 2017-19E earnings
by 7.2-10.0%. While we expect 2Q17 earnings to weaken by 60.4% YoY
and 77.5% QoQ due to a deeper asphalt-Dubai crude discount together
with a hedging loss on oil price, we believe this to be a temporary
occurrence and thus foresee a significant recovery as soon as 3Q17. On a
longer-term basis, we expect regional demand growth to be sustainable
driven by infrastructure development projects.
Investment highlight
Lowering 2017-19E earnings estimates. We lower 2017-19E earnings by 7.2-
10.0% to Bt2.9bn/Bt3.2bn/Bt3.7bn to reflect a lower sales volume assumption and
a stronger THB/USD FX assumption (lower translation from overseas business).
Our Dubai crude oil assumptions for 2017-19E of USD53/USD57/USD60/bbl that
we lowered from USD53/USD65/USD65/bbl since May 29 should have a limited
impact on TASCOs profitability as benefit from a lower crude oil environment will
likely be offset by the absence of hedging gains assumed in our previous
assumptions.

Expect lower 2Q17 earnings YoY and QoQ. We expect TASCO to report 2Q17
earnings of Bt278.4mn, down 60.4% YoY and 77.5% QoQ. The YoY and QoQ
decline should be mainly due to a deeper asphalt-Dubai crude discount spread that
should pressure GPM. Together with an expected hedging loss as average Dubai
crude fell to USD46.4/bbl in June, we expect GPM to decline to 8.1% from 17.5%
in 2Q16 and 18.8% in 1Q17. Together with estimated 2Q17 sales volume of
0.51mn tons (+16.3% YoY, -3.5% QoQ) 1H17 earnings should account for 52.0%
of our full-year estimate.

Earnings likely to recover in 3Q17. We expect a strong recovery in 3Q17


earnings that could potentially double YoY and QoQ due to a low base effect. The
recovery should be driven by improved profitability, as the price of asphalt price
remained flat QoQ around $270/ton while the cost of feedstock decreased thanks
to the decline in crude oil price in 2Q17. Assuming Dubai crude oil stays around
the current level near USD50/bbl, TASCO could potentially book a hedging gain of
Bt200-300mn, which would boost the bottom line, in contrast to hedging losses in
1Q-2Q17.

Regional asphalt demand outlook to remain strong. While asphalt demand


sometimes fluctuates in the short term, we believe regional demand growth should
be sustainable. This is as GPD growth of key Asian markets such as China,
Indonesia, Malaysia and Vietnam are forecasted to grow at strong growth of 5.2-
6.4% in 2017-19E, implying that the need for asphalt for infrastructure projects.
This is along with projects in Palembang, Indonesia and Kushing, Malaysia that
should support demand growth in 2018-19E.
Analyst
Sorapong Jakteerungkul Valuation
Sorapong.j@kasikornsecurities.com We upgrade TASCO to Outperform from Neutral although lower our target price to
Anurak Suwanichkul Bt24.0 (from Bt25.0). Our target price reflects a mid-2018 PER of 10.8x, close to
(Assistant Analyst) 1.0SD above the 12-mth forward PER in 2012-17. We believe the stocks 9.6%
Anurak.s@kasikornsecurities.com decline in share price over the past month reflected expectations of weak 2Q17
earnings, and that the current level provides a good entry point for investors to
obtain a potential 12-month return of 6.2% plus an estimated 2017 dividend yield
of 5.0%.

01 August 2017 7 Morning Brief


AOT TB Neutral Airports of Thailand PCL - 3QFY17E Preview: Expect
Pax growth to exceed earnings growth
Target Price Bt46.00
Performance highlights
Close Price (31/07/2017) Bt 51.50
Downside % -10.7 Expect 3QFY17E earnings to grow 6% YoY. We expect AOT to report
Anti-Corruption Indicator Declared 3QFY17E earnings of Bt5.4bn, down 17.1% QoQ but up 6% YoY. The QoQ
decrease should due to a seasonal effect. Behind the expected YoY growth is a
reported 8.4% increase in number of passengers. Excluding an extraordinary item
and FX gain/loss, we estimate core profit of Bt5.3bn, down 17.8% QoQ but up
10.2% YoY, based on the same reasons as for changes in net profits. Note that
AOT had an insurance claim for damaged caused by flooding of Bt464.8mn in
3QFY16.

Higher Pax to drive revenue YoY. We estimate 3QFY17 revenue of Bt13.3bn,


down 9.3% QoQ but up 5.8% YoY. We expect aeronautical revenue of Bt7.6bn (-
9.5% QoQ, +6.1% YoY), in line with the number of passengers at AOTs six
managed airports of 31.2mn (-10.7% QoQ, +8.4% YoY). The QoQ decline should
due to a seasonal effect as 3QFY17 is normally AOTs low season, while the YoY
growth should be due mainly to a recovery of Chinese tourists since May 2017
following a big drop since Oct. 2016 when there was a crackdown on Chinese zero-
dollar tours. Thai tourists grew strongly by 21.3% in the Oct 2016 to May 2017
period. We estimate non-aeronautical revenue of Bt5.7bn (-9% QoQ, +5.3% YoY),
which represents only around 43% of our 3QFY17 revenue forecast. Note that of
total space at Suvarnabhumi Airport of 500,000 sqm, commercial area accounts
for 20,000-30,000 sqm, which is less than 5% compared to roughly 10% at other
regional airports.

GPM to widen YoY. We expect 3QFY17 GPM to come in at 54%, down from
58.7% in 2QFY17 but up from 52% in 3QFY16. The lower margin QoQ should due
to lower economies of scale, as more than 70% of COGS is quasi-fixed costs. GPM
should widen YoY on better economies of scale and lower depreciation and
amortization expense, as some assets had fully depreciated.

Recommendation. We reiterate our Neutral rating on AOT with a target price of


Bt46.0. Our 9MFY17 earnings estimate accounts for 80.3% of our full-year
forecast, and we see potential upside risk to our full-year forecast as the number
of international passengers during Oct 2016 to June 2017 recorded growth of
5.4%, exceeding our forecast of 4%. However, uncertainty surrounding the new
commercial area rental rate at Suvarnabhumi airport, which will be implemented
in FY2018, remains a potential downside risk to our forecast. Based on our forecast,
the stock is trading at a PER of 28.7x FY2018E.

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

01 August 2017 8 Morning Brief


STEC TB Outperform Sino-Thai Engineering and Construction PCL -
Earnings Preview: 2Q17 net profit to rise YoY, fall QoQ
Target Price Bt30.10
Performance highlights
Close Price (31/07/2017) Bt 25.75
Upside % 16.89 Earnings up YoY, down QoQ. We forecast STECs 2Q17 net profit at Bt230mn,
Anti-Corruption Indicator N/A up 19.1% YoY but down 7.5% QoQ due to a drop in revenue on slower construction
activity during the rainy season.

Revenue up YoY, down QoQ. We expect revenue to rise 26.4% YoY but fall
4.0% QoQ to Bt4.8bn on a low contribution from newly signed projects in 1H17.
This reflects both the impact of the rainy season, which slows work, as well as the
early-phase construction status of many of STECs projects. Key contributors will
be: 1) the double-track railway, Chachoengsao; 2) 12 small power plants; and 3)
the MRT Blue Line.

Stable GPM. We expect gross margin to be unchanged from 1Q17 at 8.3% but
down from 9.3% in 2Q16 due to the completion of high-margin projects.

SG&A-to-sales up on lower revenue base. We expect SG&A-to-sales to come


in at 2.7%, up from 2.4% in 1Q17 on a lower revenue base, but down from 3.3%
in 2Q16. We estimate SG&A expense at Bt131mn, up 2.8% YoY and 6.8% QoQ.
Maintain Outperform. We reiterate our Outperform rating on STEC with a target
price of Bt30.10 based on a sum-of-the-parts valuation. Our target price comprises
Bt28.6 for the construction business (pegged to a PBV of 3.66x of mid-2018 BV)
plus Bt1.5 for its investments. We believe STEC will be one of the prime
beneficiaries of the new round of government infrastructure projects. It is due to
announce 2Q17 results Aug. 7-8.

Analyst
Tareetip Wongsaengpaiboon
Tareetip.w@kasikornsecurities.com

01 August 2017 9 Morning Brief


Daily News
Economic & Industry News
Flood aid at the ready. Heavy flooding has wreaked havoc across the Northeast, bringing back
vivid memories of the 2011 flood disaster for many Bangkok residents and rural dwellers, but
policymakers and business operators have not been idle in lending a helping hand to those affected.
(Bangkok Post)

Big retailers see little cheer. Weak consumer spending in the second quarter of the year has
exacerbated concerns for the sales performance of the big retailers in the second half. (The Nation)

More taxi-booking apps on the way. Consumers will soon have more taxi-booking applications
to try out when initiatives from the government, the main Bangkok taxi network and a social media
service hit the market this year. (The Nation)

Long-term optimism despite short-term concerns among home-buyers, poll finds.


Sentiments regarding Bangkok's real estate market show concerns about the near future due to
economic factors, but express an optimistic outlook for growth in property value over the next five
years, according to the results of the H1 2017 Consumer Sentiment Survey, released by DDproperty,
Thailand's number one property portal. (The Nation)

Corporate News
'By Thais for Thais': Line Taxi revs engine. Line Thailand is jumping on the mobile-taxi-booking
bandwagon by expanding the services offered by its on-demand delivery app Line Man, adding cabs
to its current list that includes food, groceries, documents and parcels. (Bangkok Post)

EV producers seek bigger tax breaks. Following Tesla's launch of its mass production electric
vehicle, investors in Thailand are calling for the government to provide more incentives for
consumers to buy EV cars - in line with moves overseas. (The Nation)

Habitat to launch two projects in second half. Habitat Group is backing its confidence in the
property market with plans to launch two big projects in the second half of this year. (The Nation)

01 August 2017 10 Morning Brief



Daily Stats

Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
27-Jul-17 28-Jul-17 31-Jul-17 5 Days 30 Days YTD 2016
Thailand -27.85 0.00 -214.50 -317.60 -199.16 194.20 2,240.46
Indonesia -2.20 -1.83 25.23 -111.46 -797.94 505.99 1,258.66
Philippine 12.39 12.51 -1.87 48.05 38.41 446.48 83.39
India 380.40 -1.78 0.00 398.63 578.78 9,085.10 2,902.89
Taiwan 175.51 -239.47 -40.71 -159.37 21.83 9,045.52 10,956.41
S. Korea -178.09 -580.64 -230.43 -1,638.14 -380.84 8,629.89 10,480.09
Vietnam 3.06 3.07 11.41 79.82 112.31 518.48 -344.70
Total 363.21 -808.14 -450.87 -1,700.07 -626.61 28,425.66 27,577.19
Source : Bloomberg

Trading Activities (Btmn)


SET Buy Sell Net 5 Days 30 Days YTD 2016
Institutions 4,240 7,767 -3,527 4,221 -4,884 46,039 -8,657
Foreign Investors 21,316 28,475 -7,159 -9,829 -6,587 6,866 77,927
Local Investors 24,710 16,379 8,331 6,437 14,877 -48,444 -94,642
Proprietary Trading 7,033 4,679 2,354 -829 -3,407 -4,461 25,372
Index Future Long Short Net 5 Days 30 Days YTD 2016
Institutions 14,149 25,637 -11,488 2,398 20,530 49,799 -127,656
Foreign Investors 17,344 32,534 -15,190 10,523 30,544 -1,024 214,365
Local Investors 90,128 63,450 26,678 -12,921 -51,074 -48,775 -86,709
Metal Futures Long Short Net 5 Days 30 Days YTD 2016
Institutions 8,742 7,534 1,208 715 2,585 3,504 512
Foreign Investors 2,689 2,788 -99 1,746 -2,845 -21,632 -3,321
Local Investors 9,608 10,717 -1,109 -2,461 260 18,128 2,809

Bond Trading
Bond Trading (Btmn)
26-Jul-17 27-Jul-17 31-Jul-17 5 Days 30 Days YTD 2016
Net Foreign 2,784 5,490 16,303 26,330 9,011 164,554 330,926
Short term 1,004 5,122 8,179 16,096 11,951 42,685 289,238
Long term (TTM > 1Y) 1,780 368 8,124 10,234 -2,940 121,869 41,688
Net Asset Management -1,113 34,760 13,217 74,390 307,584 1,985,452 3,248,652
Short term -1,477 30,054 12,113 67,711 279,142 1,867,224 3,057,827
Long term (TTM > 1Y) 363 4,706 1,103 6,680 28,442 118,228 190,825
Total Outright Trading 79,765 121,298 113,741 500,063 1,799,466 13,150,510 22,409,446
Short term 49,229 87,761 72,784 344,251 1,173,986 9,672,331 16,843,737
Long term (TTM > 1Y) 30,536 33,537 40,958 155,812 625,479 3,478,179 5,565,709
Source : Thai BMA

1 August 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
THCOM 23.36 5.77 6.12 2.63
ACAP 23.17 8.29 1.08 0.16
TPCH 22.60 12.58 4.67 1.19
LHBANK 18.91 22.90 7.99 3.65
MINT 16.49 18.04 8.65 4.45
THAI 16.39 8.95 3.36 2.84
SMT 12.52 2.44 0.64 0.07
BLAND 11.79 3.14 1.68 1.20
SPALI 10.56 5.99 4.15 2.95
INTUCH 9.35 5.58 3.10 2.09
Source : SET Smart

Thai NVDR Trading Data by Stock


Top Net Buy (Btmn) Top Net Sell (Btmn)
Stock 24-Jul-17 25-Jul-17 26-Jul-17 27-Jul-17 31-Jul-17 Stock 24-Jul-17 25-Jul-17 26-Jul-17 27-Jul-17 31-Jul-17
PTT 20.06 -204.27 -68.38 90.06 661.06 SCB 115.32 -53.44 -62.90 -89.03 -285.81
SCC -187.81 -116.50 -161.70 66.24 375.50 ADVANC 256.69 91.91 -141.08 -61.69 -187.82
BBL -155.05 -248.73 -253.61 -64.99 277.54 PTTEP -16.42 -42.88 -141.28 39.38 -159.62
PTTGC -82.50 -533.44 4.33 285.29 266.40 INTUCH 145.69 -139.72 -43.42 24.83 -67.27
BEAUTY 11.74 12.57 15.87 107.63 212.56 KKP -90.66 -69.48 -129.14 -90.43 -59.76
IRPC 19.75 -18.48 67.51 2.49 205.14 KBANK 129.03 -26.85 -143.30 -24.20 -45.81
TISCO 12.18 33.08 45.41 13.44 197.42 TRUE -34.34 -11.90 13.43 28.13 -25.47
CPN 27.33 15.14 16.87 56.98 166.51 CK 11.52 -15.12 -29.02 -25.87 -25.07
TOP 97.15 110.46 51.78 174.17 148.73 TASCO -1.48 0.28 -0.27 -0.99 -23.19
GLOW -50.64 -19.92 4.39 13.22 113.72 TVO 2.36 9.66 7.52 19.45 -22.67
BANPU 97.59 72.30 106.02 29.82 105.55 EGCO -27.72 -53.75 -56.41 -55.21 -18.29
KTB -74.96 -376.00 -30.03 -48.98 73.04 QH -4.11 10.20 -2.45 -1.07 -18.01
MINT 7.28 1.54 -50.32 -34.95 69.93 ESSO -11.21 -3.44 -8.65 -18.73 -15.54
HMPRO -21.47 -12.81 42.05 10.34 56.00 TCAP -1.99 -5.68 -11.87 -2.18 -11.92
DTAC -7.29 37.07 -2.16 -19.53 54.36 KCE -57.23 179.31 52.75 -0.52 -10.75
AEONTS 3.20 3.97 1.05 2.54 47.14 WORK -0.32 62.74 2.54 1.96 -10.58
TMB -12.09 77.66 49.35 40.19 38.02 TSTH 0.01 -0.00 0.06 -2.53 -8.08
ORI 5.68 1.72 5.01 8.29 34.89 CPF -15.00 -21.65 75.90 79.03 -8.03
CPALL -42.02 31.02 -134.05 -14.52 33.85 WHA 0.58 34.46 1.53 3.07 -7.70
BEM 11.70 -7.18 5.92 22.64 31.79 RATCH 1.73 2.04 -0.55 -4.03 -6.85
Source: SET Source: SET

Net Buy/Sell 10 Days NVDR Trading by Sector


Value (% of Mkt Cap.) Value (Btmn) 31-Jul-17 5 Days
Top Buy Top Sell Buy Sell Total (%) (%)
BAT -3K 1.38% KKP -1.01% -- Energy & Utilities 3,158.50 2,072.42 5,230.92 56.45% 36.38%
SGP 1.07% W ICE -0.62% -- Banking 2,701.77 2,516.11 5,217.88 58.67% 50.15%

BEAUT Y 1.04% ECL -0.60% -- Information & Communication 1,198.85 1,413.68 2,612.53 44.47% 33.31%
-- Transportation & Logistics 780.62 706.42 1,487.05 48.84% 27.02%
CM 1.01% SSSC -0.46%
-- Petrochemicals & Chemicals 801.70 505.98 1,307.68 79.39% 51.52%
T ISCO 0.77% SPALI -0.45%
-- Food and Beverage 581.74 537.51 1,119.25 42.15% 34.56%
T OP 0.75% ESSO -0.44%
-- Construction Materials 691.88 331.58 1,023.46 48.68% 34.98%
T PAC 0.69% MEGA -0.37%
-- Commerce 637.51 327.59 965.09 31.79% 30.16%
AH 0.65% T IP -0.35% -- Property Development 481.65 324.30 805.95 24.69% 21.74%
GJS 0.63% LH -0.30% -- Electronic Components 216.91 176.65 393.57 34.31% 26.35%
BANPU 0.55% ANAN -0.25% -- Health Care Services 190.36 186.77 377.13 34.37% 29.68%
T PCH 0.55% T HANI -0.25% -- Finance and Securities 181.54 83.39 264.93 27.34% 22.70%
EA 0.48% AMAT A -0.25% -- Media & Publishing 98.48 81.65 180.12 32.14% 23.61%
SPRC 0.47% T RC -0.24% -- Insurance 21.13 28.81 49.94 51.27% 44.88%
ASIAN 0.46% MC -0.24% -- Agribusiness 27.05 22.16 49.22 30.24% 22.43%
W ORK 0.45% PT T GC -0.24% -- Tourism & Leisure 29.07 5.46 34.53 16.82% 23.33%
T CC 0.41% T KN -0.23% -- Steel 18.30 15.15 33.45 20.10% 12.96%

BCP 0.41% AMANAH -0.22% -- Automotive 14.81 2.48 17.29 16.05% 14.87%
ORI 0.41% T IPCO -0.21% -- Industrial Materials & Machine 3.65 4.19 7.84 2.81% 3.90%
T MB 0.38% LHBANK -0.20% -- Packaging 0.16 1.72 1.88 6.28% 4.97%
KCE 0.36% SNC -0.20% *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET Source: SET, KS Research

1 August 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 21,891.12 0.28% 1.76% 2.54% 18.05% 10.77% 21,891.12 17,888.28
S&P 500 2,470.30 -0.07% 0.02% 1.93% 13.17% 10.34% 2,477.83 2,085.18
Nasdaq 6,348.12 -0.42% -0.98% 3.38% 21.59% 17.93% 6,422.75 5,046.37
FTSE 100 7,372.00 0.05% -0.08% 0.81% 8.52% 3.21% 7,547.63 6,634.40
DAX 12,118.25 -0.37% -0.74% -1.68% 16.89% 5.55% 12,888.95 10,144.34
CAC 5,093.77 -0.73% -0.66% -0.53% 15.49% 4.76% 5,432.40 4,321.08
NIKKEI 19,925.18 -0.17% -0.25% -0.54% 22.58% 4.24% 20,230.41 16,083.11
Hang Seng 27,323.99 1.28% 1.78% 6.05% 23.38% 24.20% 27,323.99 21,574.76
MSCI Ex. JP 459.61 0.54% 0.38% 5.35% 25.59% 29.38% 460.58 348.49
S&P Volatility (VIX Index) 10.26 -0.29% 8.80% -8.23% -9.92% -26.92% 22.51 9.36
Dow Jones Real Estate 319.89 0.04% 0.46% 1.09% -3.22% 4.94% 338.01 287.10
Dow Jones Financial Sector 542.54 0.47% 0.55% 1.79% 21.10% 7.79% 544.66 437.91
Dow Jones Construction Material 654.05 -0.56% -2.66% -3.02% 1.83% 3.67% 681.12 580.39
Dow Jones Energy 542.27 0.14% 2.32% 2.34% -3.30% -12.57% 638.25 520.96
Dow Jones Technology 1,829.98 -0.65% -1.84% 3.68% 26.58% 21.39% 1,864.23 1,413.78
Dow Jones Health Care 848.32 -0.19% -1.49% 0.55% 7.13% 16.01% 861.91 697.23
Dow Jones Consumer Services 845.64 0.01% 0.88% 1.67% 11.98% 10.54% 860.20 713.91
SET Indices
SET Index 1,576.08 -0.31% -0.04% 0.09% 3.78% 2.15% 1,591.00 1,406.18
SET 100 Index 2,250.61 -0.35% 0.11% 0.41% 4.04% 3.32% 2,271.25 2,000.16
SET 50 Index 1,003.96 -0.31% 0.30% 0.97% 4.29% 4.05% 1,009.23 896.30
MAI Index 551.03 -1.33% -1.40% -2.59% -5.31% -10.59% 646.02 493.07
Energy 20,938.48 0.07% 1.74% 3.48% 10.27% 2.01% 21,627.10 17,550.63
Bank 514.68 -1.11% -1.65% -3.16% 1.32% 3.09% 550.93 469.29
Property 290.55 0.36% -0.28% -1.63% 3.82% 7.66% 300.56 251.01
Transportation 321.90 -0.64% -0.34% 5.21% 11.63% 14.87% 323.96 256.38
Construction Materials 13,254.07 0.80% -0.01% -1.02% -2.93% 1.82% 14,295.50 12,324.97
ICT 163.84 -0.99% -0.97% 1.19% -1.72% 10.99% 173.26 140.39
Electronic 2,050.77 -1.86% -1.92% -7.65% 11.83% -4.33% 2,343.26 1,738.15
Commerce 35,949.43 0.08% 0.58% -2.09% 6.45% -2.74% 37,477.05 32,356.84
Hospitality & Leisure 634.21 0.01% -0.30% 4.45% -1.04% 5.69% 646.81 567.42
Fixed Income and FX
US 2-Y yield 1.35 0.14% -0.56% -2.36% 86.83% 13.53% 1.41 0.64
US 5-Y yield 1.84 0.09% 0.78% -2.80% 61.54% -4.76% 2.14 1.02
US 10-Y yield 2.29 0.23% 1.73% -0.41% 44.43% -6.14% 2.63 1.45
US Ted Spread 0.24 2.19% 64.60% -17.27% -55.37% -52.41% 0.69 0.14
Thai 2-Y yield 1.51 -0.20% -0.09% -1.70% -1.05% -10.72% 1.75 1.50
Thai 5-Y yield 1.89 -0.93% 0.81% -3.95% 11.67% -12.77% 2.31 1.69
Thai 10-Y yield 2.53 -0.73% -0.16% -1.31% 23.11% -5.17% 2.90 2.04
Thai TED Spread 0.36 9.31% 9.95% 96.41% 62.67% 297.40% 0.36 0.07
Dollar Index 92.86 -0.42% -1.19% -2.89% -3.46% -9.14% 103.30 92.86
French CDS USD SR 5Y 17.92 1.07% -1.04% -17.86% -44.73% -51.59% 70.36 17.66
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 167.17 0.74% -0.25% -14.88% -36.38% -38.99% 310.32 165.93
Ireland 5Yr USD CDS 31.72 0.00% 0.00% -20.12% -50.98% -50.24% 70.26 31.72
Spain 5Yr USD CDS 63.10 -1.04% -0.93% -2.90% -25.14% -16.55% 87.33 62.31
Italy 5Yr USD CDS 133.62 -0.45% -0.10% -8.24% 6.87% -15.01% 197.28 123.81
German 5Yr USD CDS 13.15 -2.38% -0.63% -15.13% -21.79% -39.63% 25.23 12.83
US 5Yr CDS 19.89 0.00% 0.00% 0.00% 0.00% 0.00% 19.89 19.89
Thailand 5Yr CDS 61.22 -0.99% -2.94% -1.08% -34.53% -24.97% 104.83 51.41
Indonesia 5Yr CDS 112.34 0.73% -2.64% -4.32% -27.96% -28.85% 198.85 102.35
Philippines 5Yr CDS 69.82 -0.37% -4.69% -9.76% -27.75% -36.34% 134.81 69.69
USD : EURO 1.17 0.21% 0.70% 2.88% 5.26% 11.23% 1.17 1.04
USD : POUND 0.76 -0.31% -0.68% -1.13% 0.24% -6.26% 0.83 0.75
USD : Yen 110.57 -0.59% -0.14% -1.29% 9.40% -5.34% 118.35 99.99
USD : Yuan 6.73 -0.22% -0.32% -0.78% 1.28% -3.11% 6.96 6.62
Source: Bloomberg

1 August 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) 50.17 0.93% 8.26% 8.97% 20.02% -6.61% 54.45 39.51 PTT, PTTEP
GRM (USD/bbl) 8.01 4.43% 2.04% 19.55% 102.27% 14.59% 10.50 2.87 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 93.52 0.00% 3.85% 12.12% 42.15% 1.38% 112.90 62.57 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 933.00 0.00% -4.50% 3.55% 46.70% -2.91% 1,338.00 631.00 TTA , P SL, RCL, JUTHA , A SIM A R

Gold (USD/ounce) 1,267.69 0.68% 0.89% 1.95% -6.84% 9.33% 1,364.26 1,130.70
Thai Gold Bar (Bath/15.244 g) 20,070.00 0.45% 0.40% -0.45% -11.12% 1.26% 22,670.00 19,330.00
Near Month Gold Future (Baht) 19,900.00 -0.25% 0.76% -0.25% -10.16% 1.27% 22,450.00 19,150.00
Silver (USD/ounce) 1,676.00 1.21% 1.58% 1.76% -17.11% 3.20% 2,071.00 1,522.00
Copper Spot (USD/MT) 6,336.25 0.65% 5.70% 6.90% 32.58% 14.72% 6,336.25 4,595.00
CRB Index 182.64 0.29% 3.64% 4.50% 0.46% -5.13% 195.14 166.50
Zinc (USD/tonne) 2,795.00 0.68% 0.25% 1.34% 23.35% 8.50% 2,924.00 2,215.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,642.50 0.00% 2.56% 1.62% 6.21% -17.38% 3,348.00 2,391.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 14.91 3.76% 3.54% 7.97% -21.73% -20.05% 21.21 12.76 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 9.69 -0.64% -0.05% 5.99% -2.81% -1.82% 10.58 8.76
Soybean Oil (USD/pound) 33.96 0.30% 3.35% 5.53% 17.02% 3.16% 37.43 28.25 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 322.80 0.00% -2.77% 8.91% -3.79% -0.12% 359.00 293.50
Rubber (JPY/kg) 205.70 0.59% -1.72% 2.34% 33.83% -22.05% 351.40 149.50 STA, TRUBB
Chicken - (Bt/kg) 39.25 1.95% 1.95% -3.09% 7.53% -4.27% 43.50 34.75 CPF,GFPT
Pork (Bt/kg) 59.38 0.00% 0.00% -1.66% -7.59% -11.25% 77.63 57.38 CPF
Ethylene (USD/tonne) 950.00 0.00% 3.26% 7.95% -8.65% -13.64% 1,290.00 880.00
Propyene (USD/tonne) 835.00 0.00% 0.00% 1.83% 17.61% -1.18% 965.00 705.00
HDPE (USD/tonne) 1,090.00 0.00% 1.87% 1.87% -3.54% -6.84% 1,200.00 1,070.00
PVC CFR Far East (USD/tonne) 880.00 0.0% 0.0% 2.3% 8.6% -2.2% 960.00 810.00
Naptha (USD/tonne) 467.25 1.91% 9.36% 12.90% 32.37% -5.89% 528.88 343.75
Ethylene Spread (Olefin) 482.75 -1.78% -2.03% 3.57% -29.73% -20.01% 819.25 453.37 PTTGC
Propylene Spread (Olefin) 367.75 -2.32% -9.81% -9.45% 3.01% 5.52% 473.50 299.50 PTTGC
HDPE Spread (Olefin) 622.75 -1.39% -3.11% -5.09% -19.85% -7.54% 791.25 612.75 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 497.50 -1.49% -1.49% 13.07% 36.30% 0.51% 505.00 365.00 SSI, GSTEL, GJS
Slab (USD/tonne) 422.50 0.60% 0.60% 10.46% 34.13% 0.60% 427.50 315.00 SSI
Scrap (USD/tonne) 306.50 0.00% 8.30% 10.65% 39.64% 10.45% 306.50 201.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 75.00 -11.76% -11.76% 30.43% 50.00% 0.00% 87.50 27.50 SSI
Source : Bloomberg, SET Smart

Source : Bloomberg, SET Smart

1 August 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)
27-Jul-17 SGF Common share KANNANAT BOONSUNANONDHA Sell 0.33 10,100,000 3,333,000
26-Jul-17 BLAND Common share ANANT KANJANAPAS Buy 1.83 620,000 1,134,600
27-Jul-17 BM Common share TIRAWAT AMORNTHATRI Buy 3.56 17,000 60,520
27-Jul-17 CMR Common share VARAPHAN UNACHAK Buy 4.00 100,000 400,000
25-Jul-17 DNA W arrant SAMART CHUASIRIPHATTANA Sell 1.53 400,000 612,000
26-Jul-17 DNA W arrant SAMART CHUASIRIPHATTANA Sell 1.57 600,000 942,000
25-Jul-17 DNA W arrant SUPAKORN CHUASIRIPHATTANA Sell 1.53 400,000 612,000
26-Jul-17 DNA W arrant SUPAKORN CHUASIRIPHATTANA Sell 1.57 600,000 942,000
26-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 2.05 400,000 820,000
27-Jul-17 FTE Common share PRAPAN CHITRCHAROENCHAI Buy 3.80 30,000 114,000
25-Jul-17 SMM W arrant 4 ANCHALEEPORN TEERASIN Sell 0.58 150,000 87,000
27-Jul-17 T TI Common share KUMJORN CHUENCHOOCHIT Buy 31.00 10,200 316,200
6-Jul-17 UEC Common share PONGSAK UTAISINCHAROEN Sell 2.40 30,000 72,000
27-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.35 255,000 1,619,250

Source : www.sec.or.th

1 August 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


TWPC 66.64 TMC 120.82 BDMS 1325.63 BDMS 1328.23 BDMS 1328.23
PACE 48.14 TWPC 69.01 TKN 209.23 SIRI 339.79 SIRI 489.86
PRO 8.38 PACE 48.14 TMC 120.82 WHAUP 181.76 PACE 256.94
TSE 6.00 BLAND 47.71 PACE 118.30 BLAND 175.61 WHAUP 181.76
BLAND 4.25 VNG 40.81 BLAND 116.73 AIRA 161.41 BLAND 175.61
GLOBAL 4.06 BDMS 28.85 TWPC 75.29 PACE 134.34 AIRA 161.41
UTP 2.85 TVT 20.25 MTLS 63.94 TMC 120.82 TMC 120.82
EPCO 2.11 UTP 15.06 MCS 48.55 PLAT 117.60 PLAT 117.60
ECL 1.39 ASIAN 13.50 GBX 48.05 TU 101.23 MCS 95.25
JSP 1.00 AJ 12.50 PTG 41.82 EA 85.91 TU 86.39

Losers Losers Losers Losers Losers


BAT-3K -2414.70 BAT-3K -2414.70 BAT-3K -2414.70 BAT-3K -2414.70 BAT-3K -2414.70
DTAC -2.41 ITD -92.91 EARTH -914.32 EARTH -905.35 EARTH -905.35
BFIT -0.70 ECF -82.00 NETBAY -307.80 TKN -600.77 TKN -600.77
COLOR -0.32 DCORP -79.50 TMT -278.60 TMT -323.44 TMT -323.44
XO -0.21 TFG -57.00 ITD -174.76 NETBAY -307.80 NETBAY -307.80
NYT -0.12 SPPT -35.70 ECF -95.20 MK -254.72 MK -254.72
IVL -10.08 DCORP -79.50 ITD -245.18 ITD -245.18
AS -9.33 TFG -57.00 CCN -161.11 CCN -149.11
MONO -7.56 SQ -55.65 PYLON -143.00 BA -145.19
ASAP -6.38 FVC -45.09 ORI -136.13 PYLON -143.00

Source: SEC, KS Research, as of 27 July 2017

Foreign Ownership - top ten gainers and losers

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

Gainers Gainers Gainers Gainers Gainers


MEGA 0.58 MEGA 0.94 SIRI 1.50 BJC 5.27 SIRI 10.38
WORK 0.22 KTC 0.71 KBANK 1.36 LPN 4.69 BJC 9.99
KTC 0.13 TMB 0.48 SPRC 1.03 SIRI 4.10 LPN 9.58
TMB 0.12 WORK 0.44 LPN 0.99 BEAUTY 3.69 GFPT 6.70
SPRC 0.11 EA 0.39 TMB 0.92 SPRC 3.44 TMB 3.66
VGI 0.10 SPRC 0.30 MEGA 0.91 AOT 2.44 KBANK 3.11
IRPC 0.10 THCOM 0.30 GFPT 0.79 PTG 2.35 SAWAD 2.95
EA 0.09 BANPU 0.27 PTG 0.73 INTUCH 1.78 BANPU 2.84
AMATA 0.09 VGI 0.23 BANPU 0.66 STEC 1.78 INTUCH 2.72
WHA 0.08 TOP 0.18 BA 0.62 THAI 1.71 MTLS 2.67

Losers Losers Losers Losers Losers


KKP -0.89 KKP -1.90 SPALI -2.57 TVO -4.89 TVO -7.12
THANI -0.31 KCE -1.45 KCE -2.33 SPALI -3.42 MAJOR -6.98
BCH -0.28 SPALI -0.65 AMATA -1.65 CPF -3.10 UNIQ -5.62
STEC -0.21 BCH -0.48 MALEE -1.44 AMATA -3.07 CPF -5.54
PTTGC -0.15 THANI -0.34 KKP -1.36 ANAN -3.00 TU -4.67
SPALI -0.13 PTTGC -0.28 CPF -1.19 MAJOR -2.87 SPALI -4.53
CK -0.12 BBL -0.25 S -0.90 MALEE -2.80 PLANB -3.91
KTB -0.12 ANAN -0.21 TCAP -0.80 TCAP -2.64 ROBINS -3.72
TISCO -0.09 STEC -0.20 TASCO -0.78 CBG -2.00 STEC -3.65
INTUCH -0.07 TVO -0.20 ANAN -0.77 KCE -1.98 AMATA -3.59

Source: SET100, Setsmart

1 August 2017 vi Daily Stats



Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
08/01/2017 07:30 Thailand Nikkei Thailand PMI Mfg Jul -- 49.6 50.4 --
08/01/2017 14:00 Thailand CPI YoY Jul 0.30% -- -0.05% --
08/01/2017 14:00 Thailand CPI NSA MoM Jul 0.00% -- 0.02% --
08/01/2017 14:00 Thailand CPI Core YoY Jul 0.44% -- 0.45% --
08/01/2017 14:30 Thailand Business Sentiment Index Jul -- -- 50.7 --
08/03/2017 10:30 Thailand Consumer Confidence Jul -- -- 74.9 --
08/03/2017 10:30 Thailand Consumer Confidence Economic Jul -- -- 63.3 --
08/04/2017 14:30 Thailand Foreign Reserves 28-Jul-17 -- -- $186.6b $186.6b
08/04/2017 14:30 Thailand Forward Contracts 28-Jul-17 -- -- $32.3b $32.3b
08/01/2017 07:30 Japan Nikkei Japan PMI Mfg Jul F -- 52.1 52.2 --
08/01/2017 08:45 China Caixin China PMI Mfg Jul 50.4 -- 50.4 --
08/01/2017 12:00 Japan Vehicle Sales YoY Jul -- -- 0.097 --
08/01/2017 15:00 Eurozone Markit Eurozone Manufacturing PMI Jul F 56.8 -- 56.8 --
08/01/2017 16:00 Eurozone GDP SA QoQ 2Q A 0.60% -- 0.60% --
08/01/2017 16:00 Eurozone GDP SA YoY 2Q A 2.10% -- 1.90% --
08/01/2017 19:30 United States Personal Income Jun 0.40% -- 0.40% --
08/01/2017 19:30 United States Personal Spending Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States Real Personal Spending Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States PCE Deflator MoM Jun 0.00% -- -0.10% --
08/01/2017 19:30 United States PCE Deflator YoY Jun 1.30% -- 1.40% --
08/01/2017 19:30 United States PCE Core MoM Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States PCE Core YoY Jun 1.40% -- 1.40% --
08/01/2017 20:45 United States Markit US Manufacturing PMI Jul F 53.2 -- 53.2 --
08/01/2017 21:00 United States ISM Manufacturing Jul 56.5 -- 57.8 --
08/01/2017 21:00 United States ISM Prices Paid Jul 55.8 -- 55 --
08/01/2017 21:00 United States ISM New Orders Jul -- -- 63.5 --
08/01/2017 21:00 United States ISM Employment Jul -- -- 57.2 --
08/01/2017 21:00 United States Construction Spending MoM Jun 0.40% -- 0.00% --
08/01/2017 08/02 United States Wards Total Vehicle Sales Jul 16.80m -- 16.41m --
08/01/2017 08/02 United States Wards Domestic Vehicle Sales Jul 13.05m -- 12.79m --
08/01/2017 08/07 Japan Official Reserve Assets Jul -- -- $1249.8b --
08/02/2017 06:50 Japan Monetary Base YoY Jul -- -- 17.00% --
08/02/2017 06:50 Japan Monetary Base End of period Jul -- -- 468.0t --
08/02/2017 12:00 Japan Consumer Confidence Index Jul 43.5 -- 43.3 --
08/02/2017 16:00 Eurozone PPI MoM Jun -0.10% -- -0.40% --
08/02/2017 16:00 Eurozone PPI YoY Jun 2.40% -- 3.30% --
08/02/2017 18:00 United States MBA Mortgage Applications 28-Jul-17 -- -- 0.40% --
08/02/2017 19:15 United States ADP Employment Change Jul 190k -- 158k --
08/03/2017 06:50 Japan Japan Buying Foreign Bonds 28-Jul-17 -- -- 1178.6b --
08/03/2017 06:50 Japan Japan Buying Foreign Stocks 28-Jul-17 -- -- 205.8b --
08/03/2017 06:50 Japan Foreign Buying Japan Bonds 28-Jul-17 -- -- -157.7b --
08/03/2017 06:50 Japan Foreign Buying Japan Stocks 28-Jul-17 -- -- 292.4b --
08/03/2017 07:30 Japan Nikkei Japan PMI Services Jul -- -- 53.3 --
08/03/2017 07:30 Japan Nikkei Japan PMI Composite Jul -- -- 52.9 --
08/03/2017 08:45 China Caixin China PMI Composite Jul -- -- 51.1 --
08/03/2017 08:45 China Caixin China PMI Services Jul -- -- 51.6 --
08/03/2017 15:00 Eurozone ECB Publishes Economic Bulletin 0 0 0 0
08/03/2017 15:00 Eurozone Markit Eurozone Services PMI Jul F 55.4 -- 55.4 --
08/03/2017 15:00 Eurozone Markit Eurozone Composite PMI Jul F 55.8 -- 55.8 --
08/03/2017 16:00 Eurozone Retail Sales MoM Jun 0.00% -- 0.40% --

Source : Bloomberg

1 August 2017 vii Daily Stats



Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
08/03/2017 16:00 Eurozone Retail Sales YoY Jun 2.50% -- 2.60% --
08/03/2017 18:30 United States Challenger Job Cuts YoY Jul -- -- -19.30% --
08/03/2017 19:30 United States Initial Jobless Claims 29-Jul-17 242k -- 244k --
08/03/2017 19:30 United States Continuing Claims 22-Jul-17 1958k -- 1964k --
08/03/2017 20:45 United States Bloomberg Consumer Comfort 30-Jul-17 -- -- 48.6 --
08/03/2017 20:45 United States Markit US Services PMI Jul F 54.2 -- 54.2 --
08/03/2017 20:45 United States Markit US Composite PMI Jul F -- -- 54.2 --
08/03/2017 21:00 United States ISM Non-Manf. Composite Jul 56.9 -- 57.4 --
08/03/2017 21:00 United States Factory Orders Jun 3.00% -- -0.80% --
08/03/2017 21:00 United States Factory Orders Ex Trans Jun -- -- -0.30% --
08/03/2017 21:00 United States Durable Goods Orders Jun F 0.00% -- 6.50% --
08/03/2017 21:00 United States Durables Ex Transportation Jun F -- -- 0.20% --
08/03/2017 21:00 United States Cap Goods Orders Nondef Ex Air Jun F -- -- -0.10% --
08/03/2017 21:00 United States Cap Goods Ship Nondef Ex Air Jun F -- -- 0.20% --
08/04/2017 07:00 Japan Labor Cash Earnings YoY Jun 0.50% -- 0.70% 0.60%
08/04/2017 07:00 Japan Real Cash Earnings YoY Jun 0.10% -- 0.10% 0.00%
08/04/2017 15:10 Eurozone Markit Eurozone Retail PMI Jul -- -- 53.2 --
08/04/2017 19:30 United States Change in Nonfarm Payrolls Jul 180k -- 222k --
08/04/2017 19:30 United States Two-Month Payroll Net Revision Jul -- -- 47k --
08/04/2017 19:30 United States Change in Private Payrolls Jul 180k -- 187k --
08/04/2017 19:30 United States Change in Manufact. Payrolls Jul 5k -- 1k --
08/04/2017 19:30 United States Unemployment Rate Jul 4.30% -- 4.40% --
08/04/2017 19:30 United States Average Hourly Earnings MoM Jul 0.30% -- 0.20% --
08/04/2017 19:30 United States Average Hourly Earnings YoY Jul 2.40% -- 2.50% --
08/04/2017 19:30 United States Average W eekly Hours All Employees Jul 34.5 -- 34.5 --
08/04/2017 19:30 United States Labor Force Participation Rate Jul -- -- 62.80% --
08/04/2017 19:30 United States Underemployment Rate Jul -- -- 8.60% --
08/04/2017 19:30 United States Trade Balance Jun -$44.5b -- -$46.5b --
08/07/2017 12:00 Japan Leading Index CI Jun P -- -- 104.6 --
08/07/2017 12:00 Japan Coincident Index Jun P -- -- 115.8 --
08/07/2017 15:30 Eurozone Sentix Investor Confidence Aug -- -- 28.3 --
08/07/2017 21:00 United States Labor Market Conditions Index Change Jul -- -- 1.5 --
08/07/2017 China Foreign Reserves Jul $3069.0b -- $3056.8b --
08/07/2017 China BoP Current Account Balance 2Q P -- -- $18.4b --
08/07/2017 08/12 United States Mortgage Delinquencies 2Q -- -- 4.71% --
08/07/2017 08/12 United States MBA Mortgage Foreclosures 2Q -- -- 1.39% --
08/08/2017 02:00 United States Consumer Credit Jun $16.000b -- $18.410b --
08/08/2017 06:50 Japan BoP Current Account Balance Jun -- -- 1653.9b --
08/08/2017 06:50 Japan BoP Current Account Adjusted Jun -- -- 1400.9b --
08/08/2017 06:50 Japan Trade Balance BoP Basis Jun -- -- -115.1b --
08/08/2017 06:50 Japan Bank Lending Incl Trusts YoY Jul -- -- 3.30% --
08/08/2017 06:50 Japan Bank Lending Ex-Trusts YoY Jul -- -- 3.30% --
08/08/2017 11:30 Japan Bankruptcies YoY Jul -- -- -7.47% --
08/08/2017 17:00 United States NFIB Small Business Optimism Jul -- -- 103.6 --
08/08/2017 21:00 United States JOLTS Job Openings Jun -- -- 5666 --
08/08/2017 China Imports YoY Jul 18.00% -- 17.20% --
08/08/2017 China Trade Balance Jul $44.85b -- $42.80b $42.75b
08/08/2017 Japan Eco Watchers Survey Current SA Jul -- -- 50 --
08/08/2017 Japan Eco Watchers Survey Outlook SA Jul -- -- 50.5 --
08/08/2017 China Exports YoY CNY Jul -- -- 17.30% --

Source : Bloomberg

1 August 2017 viii Daily Stats



Daily Stats

Company's Calendar
As of 31 July 2017
Mon Tue Wed Thu Fri Sat
31-Jul-17 1-Aug-17 2-Aug-17 3-Aug-17 4-Aug-17 5-Aug-17
0 0
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 WHART-XD@0.1705
WHABT-XD@0.146

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

SCC-XD@8.5 PTTEP-XD@1.5
ADVANC-XD@3.51

14-Aug-17 15-Aug-17 16-Aug-17 17-Aug-17 18-Aug-17 19-Aug-17

AMARIN-XR1(O):2(N)@4.25

21-Aug-17 22-Aug-17 23-Aug-17 24-Aug-17 25-Aug-17 26-Aug-17

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

1 August 2017 ix Daily Stats



Daily Stats

Company's Calendar
A s of 31 July 2017
Mon Tue Wed Thu Fri Sat
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

14-A ug-17 15-A ug-17 16-A ug-17 17-A ug-17 18-A ug-17 19-A ug-17

Delisted share: CBG13C1708A Delisted share: MBAX-W1


Delisted share: CPAL13C1708A
Delisted share: CPF13C1708A
Delisted share: IRPC13C1708A
Delisted share: KTC13C1708A
Delisted share: SCC13C1708A
Delisted share: THCO13C1708A
Delisted share: GUNK13C1708A

21-A ug-17 22-A ug-17 23-A ug-17 24-A ug-17 25-A ug-17 26-A ug-17

Delisted share: DTAC13C1708A Delisted share: IVL-W1


Delisted share: TPIP13C1708A
Delisted share: SAMA13C1708A
Delisted share: PTT13C1708A
Delisted share: DTAC13P1708A

Source : SET as of previous t rading day

1 August 2017 x Daily Stats



Daily Stats

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in the prospectus before making any investment decisions.
DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BA, BANPU, BBL, BCH, BCP, BDMS, BEAUTY, BEM, BH, BLA, BLAND, BTS, CBG, CENTEL, CHG, CK, CKP,
CPALL, CPF, CPN, DELTA, DTAC, EA, EPG, GL, GLOW, GPSC, GUNKUL, HMPRO, INTUCH, ICHI, IRPC, ITD, IVL, KCE, KTB, KTC, LH, LPN, MAJOR, MINT, MTLS,
PLANB, PSH, PTG, PTT, PTTEP, PTTGC, QH, ROBINS, SAWAD, SCB, SCC, SIRI, SPALI, SPRC, STEC, STPI, TASCO, TCAP, THAI, THCOM, TKN, TMB, TOP, TPIPL, TRUE,
TTA, TU, TVO, UNIQ, VGI, WHA and WORK

1 August 2017 xi Daily Stats