Company Update

COMPANY RESEARCH | Company Update
NEUTRAL
May 31, 2016
(from OUTPERFORM)
Aeon Thana Sinsap
(AEONTS TB)
Share Price: Bt91.75
Target Price: Bt100.0 (+9.0%)
Going weak in the knees

Target 6-7% loan growth with flat revenue in FY16; weak
exports and farm income could hit personal loan operations
 Expect earnings to expand at 5% CAGR (3-year) over FY1518F; asset quality should improve with lower credit cost
 Cut FY16-17F earnings; downgrade to NEUTRAL and trimmed
TP to Bt100 from Bt110, recommend switching to KTC for
superior earnings growth and better asset quality outlook
Forecast 6% loan growth in FY16F driven by credit card loans
We had an update from the management on operations and outlook for
this year. The company will focus on middle-income earners in the
credit card segment because of better asset quality vs personal loans.
We forecast 6% loan growth in FY16F based on 3% growth in personal
loans (57% of total loans) and 10% growth in credit card loans. On a
negative note, there could be less income from some key customers as
weak exports could lead some exporters to cut overtime payments.
Moreover, two-thirds of AEONTS’s customers are upcountry and
experiencing drought, weak farm income, and high consumer debt.
Improving asset quality outlook but slow earnings growth
We expect credit cost to drop to 7.5% in FY16F from 7.8% in FY15 due
to tighter loan approvals and improving collections. Provisions should
stay at c.Bt1.2bn per quarter. NPL and coverage ratios should stay flat
yoy at 3.3% and 115%, respectively, in FY16F. However, earnings
growth should remain low at 5% p.a. over FY16-18F due to (i) slow net
interest income growth, dragged by personal loan segment, (ii) weak
fee income following slow card spending growth (+3% yoy vs +7% for
the industry) and (iii) lower NIM with a larger share of credit card loans.
Downgrade to NEUTRAL, trimmed TP to Bt100; prefer KTC
We cut FY16-17F earnings by 5% and 11% after reflecting slower loan
and fee income growth. Our revised TP implies 10x FY16F P/E, 1.8x
P/BV and 20% ROE. The share price has fallen 5% YTD following
market concerns over slow earnings growth. Switch to KTC for superior
earnings growth and asset quality outlook (see details on page 2-3).
Financial Summary (Btm)
2014
Year to Dec
Operating Income
Pre-provisioning Profit
Net Profit
Basic EPS (Bt)
EPS growth (%)
DPS (Bt)
PER (x)
Div Yield (%)
P/BV (x)
Book Value (Bt)
ROAE (%)
ROAA (%)
14,870
8,043
2,418
9.67
-3.35
3.45
9.5
3.8
2.20
41.78
25.0
3.87
Jesada TECHAHUSDIN, CFA
662 - 659 7000 ext 5004
[email protected]
Key Data
12-mth High/Low (Bt)
Market Cap (Btm/US$m)
3m Avg. Turnover (Btm/US$m)
Free Float (%)
Issued Shares (m shares)
Major Shareholders:
- AEON FINANCIAL SERVI
- ACS CAPITAL CORP CO
- AEON HOLDING (THAILA
107.0 / 80.3
22,938.0 / 640.7
3.7 / 0.1
22.2
250
35.1
19.2
8.8
Share Price Performance
Absolute (%)
Relative to index (%)
YTD
1Mth
3Mth 12Mth
(4.7)
(14.4)
(3.4)
(4.0)
1.4
(4.6)
(3.2)
2.4
Krungsri Securities vs Market
2015
2016F
2017F
2018F
15,132
7,839
2,446
9.79
1.19
3.45
9.4
3.8
1.91
48.08
21.8
3.64
15,849
8,045
2,520
10.08
3.03
3.45
9.1
3.8
1.68
54.72
19.6
3.49
16,847
8,497
2,683
10.73
6.43
3.70
8.6
4.0
1.49
61.75
18.4
3.51
18,010
8,992
2,829
11.32
5.47
3.90
8.1
4.3
1.33
69.16
17.3
3.48
Positive
Market
Recommend
7
Krungsri
Target Price (Bt)
100.0
’16 Net Profit (Btm)
2,683
’17 Net Profit (Btm)
2,829
Neutral
2
Market
121.3
2,799
3,217
Negative
0
% +/(17.3)
(4.1)
(12.1)
Krungsri's earnings revision
Earnings revision (%)
2016F
2017F
(4.7)
(10.8)
Source: Bloomberg, Krungsri Securities
Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
May 31, 2016
Company Update | AEONTS
Why switch to KTC?
KTC offers stronger earnings growth…
We forecast the credit card segment will expand at a faster pace than the personal
loan segment in term of sales and loan growth. Both KTC and AEONTS have guided
that they will focus more on the credit card segment than personal loans this year
because of better asset quality prospect. However, we believe KTC would benefit
more from credit card spending than AEONTS as this segment accounts for 65% of
KTC’s revenue but only 36% at AEONTS. We forecast KTC will post three-year
earnings CAGR (FY15-18F) of 12% vs 5% for AEONTS.
AEONTS: Expect 5% three-year earnings CAGR in FY1518F
KTC: Expect 12% three-year earnings CAGR in FY15-18F
Source: Company data, Krungsri Securities
Source: Company data, Krungsri Securities
…and superior balance sheet with lower funding cost
KTC has a superior balance sheet with higher loan loss reserve (LLR) and lower
NPL.Currently, KTC’s NPL coverage is 423% which is four times that at AEONTS of
114%. As both write-off Bt1.2-1.3bn in bad debt per quarter, current LLR can cover
one-year of write-off for KTC and six months at AEONTS. We see other key support
for KTC’s profitability, such as a high bad debt recovery rate (Bt2.0bn for KTC vs
Bt532m for AEONTS in FY15) and lower funding costs arising from a better Fitch
Rating (A+ for KTC and A- for AEONTS).
AEONTS: NPL coverage and NPL ratio
KTC has lower NPL and higher LLR vs AEONTS
Source: Company data, Krungsri Securities
Source: Company data, Krungsri Securities
Krungsri Securities Research
2
May 31, 2016
Company Update | AEONTS
KTC and AEONTS
KTC
AEONTS
67%
32%
1%
40%
57%
3%
64%
35%
1%
36%
51%
13%
27%
1%
72%
35%
52%
13%
39.6
2.0m
19,800
25.4
2.3m
11,043
18.93
761k
24,865
36.02
5.23m
6,887
FY16F P/L items
Loan growth
NII growth
Non-nii growth
Asset Yield
Cost of fund
Net interest margin
Cost to income
Credit cost
10.0%
14.5%
8.8%
18.0%
3.4%
14.6%
42.9%
8.5%
6.0%
4.8%
4.0%
24.8%
4.1%
21.3%
49.2%
7.5%
FY16F balance sheet items
Total loan (Btbn)
LLR (Btbn)
NPLs (Btbn)
Write-off (Btbn)
NPLs to total loans
LLR to total loans
LLR to NPLs
Net debt to equity (times)
66.8
5.3
1.3
5.1
1.96%
7.9%
403%
5.45
66.9
2.5
2.2
4.7
3.30%
3.8%
116%
4.25
Valuation and key info
Share price as at 30 May 2016
Market cap (Btm)
Target price (Bt)
P/E (x)
P/BV (x)
ROA (%)
ROE (%)
Dividend yield (%)
88.75
22,883
110.0
10.5
2.3
3.5
23.2
3.8
91.75
22,938
100.0
9.1
1.7
3.5
19.6
3.8
Operations*
Loan breakdown
Credit card
Personal loan
Other
Revenue breakdown
Credit card
Personal loan
Other
Borrowing breakdown
ST loans
LT loans
Debentures
Credit card
Credit outstanding (Btbn)
Number of credit cards
Outstanding per card (Bt)
Personal loans
Loans outstanding (Btbn)
Number of accounts
Outstanding per account (Bt)
*As of end-1Q16 for KTC and 4Q15 (end-Feb 16) for AEONTS
Source: Company data, Krungsri Securities
Krungsri Securities Research
3
May 31, 2016
Company Update | AEONTS
Cut FY16-17F earnings, downgrade to NEUTRAL
We cut FY16-17F earnings by 5% and 11% after adjust for slower loan and fee
income growth. We also reduced NIM as AEONTS plans to increase credit card
proportion to 45% of total loans by FY18 from 40% now. Hence, we downgrade the
stock to NEUTRAL and cut TP to Bt100 (from Bt110), implying 10x FY16F P/E, 1.8x
P/BV and 20% ROE. The share price has fallen 5% YTD following market concerns
over weak exports and farm income. Note that 40% of AEONTS’s cardholders are
line operators which would be affected by weak exports as some export-oriented
corporates and SMEs would cut overtime payments. Moreover, two-thirds of
AEONTS’s customers are upcountry and are experiencing drought, weak farm
income, and high consumer debt.
Exports plunge 8% yoy in April 2016
Farm income index fell 11% in March 2016
Source: Ministry of Commerce, Krungsri Securities
Source: Office of Agricultural Economics, Krungsri Securities
AEONTS: Cut FY16-17F earnings by 5% and 11%
Key assumptions
New
2016F
6.0%
21.32%
4.0%
7.0%
7.50%
2,520
-4.7%
19.6%
Loan growth
NIM
Non-interest income growth
OPEX growth
Credit cost
Net profit (Bt m)
% Chg in net profit
ROE (%)
2017F
7.0%
21.32%
5.0%
7.0%
7.40%
2,683
-10.8%
18.4%
Previous
2016F
2017F
10.00%
15.0%
22.70%
22.80%
6.00%
15.0%
11.00%
15.0%
7.70%
7.50%
2,645
3,006
20.60%
20.4%
Source: Krungsri Securities estimates
P/E Band
P/BV Band
Source: Company data, Krungsri Securities
Source: Company data, Krungsri Securities
Krungsri Securities Research
4
May 31, 2016
Company Update | AEONTS
Financial statement - Quarter (Btm)
4Q14
1Q15
2Q15
3Q15
4Q15
3,929
(598)
3,332
0
336
3,667
(1,693)
1,974
(1,236)
738
(150)
588
2.35
3,808
(574)
3,234
0
382
3,616
(1,805)
1,811
(1,155)
656
(132)
524
2.10
3,972
(583)
3,389
0
572
3,961
(1,843)
2,118
(1,204)
914
(182)
731
2.93
4,001
(579)
3,421
0
528
3,950
(1,986)
1,963
(1,265)
699
(143)
550
2.20
3,746
(567)
3,179
0
426
3,606
(1,659)
1,946
(1,131)
816
(168)
642
2.57
120%
22.62%
46.17%
1,992
3.4%
8.39%
121%
21.81%
49.92%
1,971
3.3%
7.79%
117%
22.44%
46.52%
2,143
3.5%
7.97%
115%
22.14%
50.29%
2,292
3.7%
8.18%
114%
20.25%
46.02%
2,106
3.3%
7.20%
2014
2015
2016E
2017E
2018E
Profitability ratios
Loan
Net interest income
Non-interest income
Operating expense
Net profit
7.3%
8.3%
55.5%
10.2%
-3.4%
7.2%
2.6%
-3.7%
6.8%
1.2%
6.0%
4.8%
4.0%
7.0%
3.0%
7.0%
6.5%
5.0%
7.0%
6.4%
8.0%
7.0%
6.0%
8.0%
5.5%
Asset yield
Funding cost
Net interest margin
Cost-to-income
26.8%
4.9%
22.6%
45.9%
25.4%
4.4%
21.7%
48.2%
24.8%
4.1%
21.3%
49.2%
24.6%
3.9%
21.3%
49.6%
24.4%
3.9%
21.2%
50.1%
Liquidity ratios
Loans to borrowings
Net debt to equity
142.3%
4.9
135.1%
4.6
137.7%
4.2
140.3%
3.9
143.0%
3.7
Asset quality ratios
NPL ratio
Loan loss coverage ratio
3.4%
121.9%
3.3%
114.1%
3.3%
115.6%
3.2%
120.7%
3.2%
124.5%
25.0%
3.9%
21.8%
3.6%
19.6%
3.5%
18.4%
3.5%
17.3%
3.5%
Income statement
Interest income
Interest expenses
Net interest income
Net fee and service income
Non-interest income
Total operating income
Operating expenses
Operating profit
Loan loss provisions
Pre-tax profit
Tax
Net profit
EPS
Key ratios
Loans to borrowings
Net interest margin
Cost to income
Gross NPL (Btm)
NPL/ Gross loans
Credit cost
FINANCIAL RATIOS
Return ratios
ROAE
ROAA
Krungsri Securities Research
5
May 31, 2016
Company Update | AEONTS
INCOME STATEMENT (Btm)
2014
2015
2016E
2017E
2018E
15,248
(2,358)
15,527
(2,303)
16,155
(2,291)
17,069
(2,305)
18,203
(2,401)
12,890
629
1,980
14,870
(6,827)
13,225
532
1,908
15,132
(7,294)
13,865
630
1,984
15,849
(7,804)
14,764
662
2,083
16,847
(8,350)
15,802
701
2,208
18,010
(9,018)
8,043
(5,015)
7,839
(4,754)
8,045
(4,877)
8,497
(5,126)
8,992
(5,436)
3,028
(611)
1
3,085
(625)
(13)
3,167
(633)
(13)
3,371
(674)
(14)
3,556
(711)
(15)
2,418
2,418
9.67
3.45
41.78
2,446
2,446
9.79
3.45
48.08
2,520
2,520
10.08
3.45
54.72
2,683
2,683
10.73
3.70
61.75
2,829
2,829
11.32
3.90
69.16
BALANCE SHEET (Btm)
2014
2015
2016E
2017E
2018E
Cash
Net loans
Premises and equipment - net
Intangible asset
Other assets
Total assets
2,769
56,485
1,030
737
3,370
64,392
2,925
60,723
954
656
5,464
70,721
2,655
64,365
1,001
688
5,737
74,446
2,686
68,792
1,021
702
5,851
79,053
2,487
74,248
1,052
723
6,027
84,537
Bank loan
Debentures
Other liabilities
Total liabilities
41,393
7,563
4,991
53,947
46,731
8,669
3,216
58,616
48,600
9,015
3,152
60,768
51,030
9,466
3,120
63,617
54,092
10,034
3,120
67,247
250
478
(1)
250
478
(16)
250
478
(16)
250
478
(16)
250
478
(16)
9,717
10,444
1
64,392
11,309
12,021
84
70,721
12,967
13,679
0
74,446
14,724
15,436
0
79,053
16,579
17,291
0
84,537
Interest income
Interest expenses
Net interest income
Bad debt recovered
Non-interest income
Total operating income
Operating expenses
Operating profit
Loan loss provisions
Pretax profit
Taxation
Minority interest
Net profit
Recurring net profit
Basic EPS (Bt)
DPS (Bt)
BVPS (Bt)
Share capital
Share premium
Other reserves
Retained earnings
Total equity
Minority interests
Total equity & liabilities
Krungsri Securities Research
6
CG Rating 2015 Companies with CG Rating
ADVANC
BAFS
BCP
BIGC
BTS
CK
CPN
DRT
DTAC
DTC
EASTW
EGCO
GRAMMY
HANA
HMPRO
INTUCH
IRPC
IVL
KBANK
KCE
KKP
KTB
LHBANK
LPN
MCOT
MINT
MONO
NKI
PHOL
PPS
PS
PSL
PTT
PTTEP
PTTGC
QTC
RATCH
ROBINS
SAMART
SAMTEL
SAT
SC
SCB
SCC
SE-ED
SIM
SNC
SPALI
THCOM
TISCO
TKT
TMB
TOP
VGI
WACOAL
AAV
ACAP
AGE
AHC
AKP
AMATA
ANAN
AOT
APCS
ARIP
ASIMAR
ASK
ASP
BAY
BBL
BDMS
BKI
BLA
BOL
BROOK
BWG
CENTEL
CFRESH
CHO
CIMBT
CM
BANPU
CNT
COL
CPF
CPI
CSL
DCC
DELTA
DEMCO
ECF
EE
ERW
GBX
GC
GFPT
GLOBAL
GUNKUL
HOTPOT
HYDRO
ICC
ICHI
INET
IRC
KSL
KTC
LANNA
LH
LOXLEY
LRH
MACO
MBK
MC
MEGA
MFEC
NBC
NCH
NINE
NSI
NTV
OCC
OGC
OISHI
OTO
PAP
PDI
PE
PG
PJW
PM
PPP
PR
PRANDA
PREB
PT
PTG
Q-CON
QH
RS
S&J
SABINA
SAMCO
SCG
SEAFCO
SFP
SIAM
SINGER
SIS
SITHAI
SMK
SMPC
SMT
SNP
TCAP
SPI
SSF
SSI
SSSC
SST
STA
STEC
SVI
SWC
SYMC
SYNTEC
TASCO
TBSP
TF
TGCI
THAI
THANA
THANI
THIP
THRE
THREL
TICON
TIP
TIPCO
TK
TKS
TMI
TMILL
TMT
TNDT
TNITY
TNL
TOG
TPC
TPCORP
TRC
TRU
TRUE
TSC
TSTE
TSTH
TTA
TTCL
TTW
TU
TVD
TVO
UAC
UT
UV
VNT
WAVE
WINNER
YUASA
ZMICO
2S
AEC
AEONTS
AF
AH
AIRA
AIT
AJ
AKR
AMANAH
AMARIN
AP
APCO
AQUA
AS
ASIA
AUCT
AYUD
BA
BEAUTY
BEC
BFIT
BH
BIG
BJC
BJCHI
BKD
BTNC
CBG
CGD
CHG
CHOW
CI
CITY
CKP
CNS
CPALL
CPL
CSC
CSP
CSS
CTW
DNA
EARTH
EASON
ECL
EFORL
ESSO
FE
FIRE
FOCUS
FORTH
FPI
FSMART
FSS
FVC
GCAP
GENCO
GL
GLAND
GLOW
GOLD
GYT
HTC
HTECH
IEC
IFEC
IFS
IHL
IRCP
LALIN
ITD
JSP
JTS
JUBILE
KASET
KBS
KCAR
KGI
KKC
KTIS
KWC
KYE
L&E
LHK
LIT
LST
M
MAJOR
MAKRO
MATCH
MATI
MBKET
M-CHAI
MFC
MILL
MJD
MK
MODERN
MOONG
MPG
MSC
MTI
MTLS
NC
NOK
NUSA
NWR
NYT
OCEAN
PACE
PATO
PB
PCA
PCSGH
PDG
PF
PICO
PL
PLANB
PLAT
PPM
PRG
PRIN
PSTC
PTL
PYLON
QLT
RCI
RCL
RICHY
RML
RPC
S
SALEE
SAPPE
SAWAD
SCCC
SCN
SCP
STANLY
SEAOIL
SIRI
SKR
SMG
SOLAR
SORKON
SPA
SPC
SPCG
SPPT
SPVI
SRICHA
SSC
STPI
SUC
SUSCO
SUTHA
SYNEX
TAE
TAKUNI
TCC
TCCC
TCJ
TEAM
TFD
TFI
TIC
TIW
TLUXE
TMC
TMD
TOPP
TPCH
TPIPL
TRT
TSE
TSR
TT
UMI
UP
UPF
UPOIC
UREKA
UWC
VIBHA
VIH
VPO
WHA
WIN
XO
Disclaimer
The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to
the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on
the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public
investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public
Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2015
Level 5: Extended
BCP
CPN
GYT
PE
PM
PPP
PT
PTT
AYUD
DTC
KCE
PTTEP
THREL
BAFS
EASTW
KGI
SABINA
TISCO
BANPU
ECL
KKP
SCB
TMB
BAY
EGCO
KTB
SINGER
TMD
BBL
ERW
LANNA
SIS
TNITY
PTTGC
SAT
SCC
THANI
TOP
BLA
GCAP
MBKET
SNP
TSTH
BTS
HANA
MFC
SSF
CFRESH
HTC
MINT
SSI
CIMBT
IFEC
MTI
SSSC
Level 4: Certified
ADVANC AMANAH
CSL
DCC
IRPC
IVL
PPS
PSL
TCAP THCOM
ASP
DRT
KBANK
PTG
THRE
BKI
FSS
LHBANK
SNC
TOG
CNS
INTUCH
NKI
SVI
Level 3B: Established by Commitment and Policy
AAV
CITY
GL
MANRIN
PJW
SAPPE
SUTHA
TOPP
UV
AHC
CK
GOLD
MATI
PLANB
SC
T
TPC
VPO
AIT
AKR
CKP
COLOR
GPSC
GRAMMY
MODERN
MSC
PLE
POLAR
SCP
SFP
TAE
TBSP
TPCH
TPIPL
WAVE
WINNER
ARROW
CWT
HYDRO
NOBLE
PRG
SIM
TCC
TSR
YUASA
ASK
EARTH
IRCP
NOK
PTL
SLP
TFD
TT
BA
EASON
IT
NPK
Q-CON
SMT
TGCI
TYCN
BDMS
EPG
JCT
NUSA
QTC
SPA
TGPRO
UAC
BEC
F&D
KCM
OISHI
RCI
SPORT
THANA
UBIS
BJCHI
FANCY
KWC
OTO
S11
SSC
THIP
UEC
CGH
FIRE
LH
PAF
SALEE
SST
TIW
UMI
CHG
FMT
LIT
PAP
SAM
STEC
TK
UP
CHOW
FORTH
LOXLEY
PATO
SAMART
STPI
TMW
UPF
CIG
GENCO
MACO
PF
SAMTEL
SUC
TNDT
UT
Level 3A: Established by declaration of intent
ABC
BWG
DIMET
ICC
MAKRO
PACE
ROJNA
SPI
TMILL
ZMICO
ACAP
CEN
DNA
ICHI
MC
PCSGH
RWI
SRICHA
TMT
AGE
CENTEL
DTAC
INOX
MCOT
PDI
SAMCO
STANLY
TNL
AH
CHARAN
EA
INSURE
MFEC
PG
SCCC
SUPER
TPCORP
ANAN
CHO
ECF
IRC
MJD
PHOL
SCG
SYMC
TSTE
AP
CHOTI
EE
JAS
MONO
PLAT
SEAOIL
SYNEX
TTCL
APCS
CM
EVER
JTS
MOONG
PR
SE-ED
SYNTEC
TU
APURE
CNT
FPI
JUBILE
NBC
PRANDA
SENA
TASCO
TVI
AS
COL
GBX
KC
NDR
PREB
SITHAI
TCMC
UOBKH
ASIA
CPF
GC
KTC
NINE
PS
SMK
TFI
UREKA
ASIAN
CPI
GFPT
KYE
NMG
QLT
SMPC
THAI
VGI
ASIMAR
CPL
GLOW
LHK
NSI
RATCH
SPALI
TICON
VNT
AF
BRR
FVC
KCAR
MPG
QH
SR
TRUE
WIN
AIRA
BSBM
GEL
KKC
MTLS
ROCK
SUSCO
TSC
XO
AKP
BTNC
GLOBAL
KSL
NCH
ROH
TAKUNI
TSI
ALUCON
CCP
GUNKUL
KTECH
NCL
RP
TEAM
TTW
AMARIN
CI
IEC
L&E
NNCL
RPC
TF
TVD
AMATA
CSC
IFS
LALIN
NPP
S&J
TIC
TVO
AOT
CSR
ILINK
LTX
OCC
SGP
TIP
TVT
APCO
CSS
INET
M
OCEAN
SIAM
TIPCO
U
BEAUTY
EFORL
J
MALEE
PB
SKR
TMC
UKEM
BFIT
EPCO
JMT
MBAX
PCA
SMG
TMI
UNIQ
AJ
CPH
GRAND
MAX
PRAKIT
SIRI
TCJ
TTTM
AMC
CSP
GREEN
M-CHAI
PRECHA
SMART
TCOAT
TWP
AQUA
CTW
HFT
MDX
PRIN
SMM
TH
TWZ
ARIP
DCON
HTECH
MIDA
RAM
SOLAR
TKS
UMS
AUCT
DRACO
IHL
ML
RICH
SPG
TNH
UPA
BAT-3K
DSGT
ITD
MPIC
RS
SPVI
TNPC
UPOIC
BIG
DTCI
JSP
NC
SANKO
STA
TPAC
UTP
BJC
E
KDH
NEP
SAUCE
STAR
TPOLY
UVAN
BOL
EMC
KTIS
NWR
SAWAD
SVH
TRC
VARO
BIGC
DELTA
HMPRO
LPN
NTV
RML
SPC
TKT
WACOAL
BROOK
DEMCO
HOTPOT
LRH
OGC
ROBINS
SPCG
TLUXE
WHA
Level 2: Declared
2S
BLAND
FER
KASET
MILL
PSTC
SPACK
TRT
VNG
ABICO
BROCK
FNS
KBS
MK
PYLON
SPPT
TRU
WIIK
BH
BKD
ESTAR
FE
JUTHA
K
MBK
MEGA
PDG
PRINC
SMIT SORKON
TPA
TPP
UWC
VIBHA
Level 1: Committed
AEONTS
CGD
GIFT
MAJOR
PL
SF
TC
TTI
WG
AFC
CMR
GLAND
MATCH
PPM
SHANG
TCCC
TTL
CBG
ESSO
KTP
OHTL
SAWANG
SVOA
TRUBB
VI
CCET
FOCUS
LEE
PICO
SCN
SWC
TSE
VIH
CCN
FSMART
LST
PK
SEAFCO
TAPAC
TTA
VTE
Disclaimer
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by
Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the
Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as
stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report
(Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of
Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is
only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change
to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and
completeness of the assessment result."
Reference
Level 5: Extended – Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
investigations, prosecutions or closed cases
Level 4: Certified – Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established – Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared – Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed – Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws
Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road
Klongton, Klongtoey, Bangkok 10110
Tel: 0-2695-4500 Fax: 0-2695-4599
Nakhon Pathom
67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Amphur Muang, Nakhon Pathom 73000
Tel: 0-3427-5500-7 Fax: 0-3421-8989
Central Bangna
589/151 Central City Tower 1 Office, Fl. 27
Bangna-Trad Road, Bangna, Bangkok 10260
Tel: 0-2763-2000 Fax: 0-2399-1448
Suphanburi
249/171-172 Moo 5 Tambol Ta Rahad,
Amphur Muang, Suphanburi, 72000
Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II
111/917-919 Rama II Road, Smaedum,
Bangkhuntien, Bangkok 10150
Tel: 0-2895-9575 Fax: 0-2895-9557
Nakhon Ratchasima
168 Chomphon Road, Tambol Nai Muang,
Amphur Muang Nakhon Ratchasima,
Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited
123 Suntowers (B) Building, Vibhavadirangsit Road,
Jompol, Jatujak, Bangkok 10900
Tel: 0-2273-8388 Fax: 0-2273-8399
Khon Kaen
114 Sri Chan Road, Tambol Nai Muang,
Amphur Muang, Khon Kaen 40000
Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi
64/17 Sukhumvit Road, Tambol Bang Plasoi,
Amphur Muang, Chonburi 20000
Tel: 0-3879-0430 Fax: 0-3879-0425
Chiang Mai
70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chiang Mai 50200
Tel: 0-5321-9234 Fax: 0-5321-9247
Hat Yai Branch
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai,
Amphur Hat Yai, Songkhla 90110
Tel: 0-7422-1229 Fax: 0-7422-1411
Chiang Rai
231-232 Thamalai Road, Tambol Wiang,
Amphur Muang, Chiang Rai 57000
Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Analyst Team
Sector Coverage
Naphat Chantaraserekul, Head of Research
Central line:
662-659-7000
E-mail
Energy, Petrochemical, Strategy
ext. 5000
[email protected]
Kittisorn Pruitipat, CFA, FRM
Construction
Property,
ICTMaterials
ext. 5019
[email protected]
Jesada Techahusdin, CFA
Banking, Consumer Finance, Insurance ext. 5004
[email protected]
Sunthorn Thongthip
Insurance
Insurance Strategy
Food,
Transportation,
ext. 5009
[email protected]
Worrapong Tuntiwutthipong
Electronic, Automotive, Commerce,
ext. 5016
[email protected]
Media
Teerapol Udomvej, Assistant Analyst
Healthcare, Tourism
Songklod Wongchai
Investment Strategy
ext. 5003
[email protected]
Artit Jansawang
Mid - Small cap, MAI
ext. 5005
[email protected]
Nalinee Praman, Assistant Analyst
Mid - Small cap, MAI
Apisak Limthumrongkul
Technical
ext. 5007
[email protected]
Fax 662-658-5643
Definition of Ratings
OUTPERFORM
NEUTRAL
UNDERPERFORM
- Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
- Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
- Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps
www.krungsrisecurities.com