Nok Airlines (NOK TB) แนวโน้มฟื้นตัวในปี 2558

Transcription

Nok Airlines (NOK TB) แนวโน้มฟื้นตัวในปี 2558
Results Review, 2 March 2015
Nok Airlines (NOK TB)
Buy (Maintained)
Transport - Aviation
Market Cap: USD263m
Target Price:
Price:
THB16.00
THB13.60
Macro
แนวโน้มฟื้ นต ัวในปี 2558
Risks
Growth
Value
Nok Airlines (NOK TB)
Price Close
Relative to Stock Exchange of Thailand Index (RHS)
22.0
118
20.0
105
18.0
91
16.0
78
14.0
65
12.0
51
10.0
120
38
0
0
.
2
0
0
NOK (Top Pick ในกลุ่มการบิน) บันทึกผลประกอบการทีน
่ ่าผิดหวังในปี 2557 ด ้วย .
0
้ ” ทีร่ าคา 0
มูลค่าขาดทุนจากการดาเนินงานมูลค่า 501 ล ้านบาท ยัง คงแนะนา “ซือ
เป้ าหมายเท่ากับ 16.00 บาท (18% upside) โดยผลประกอบการได ้รับแรงกดดันจาก 0
yield ทีล
่ ดลงแม ้ว่า unit cost จะเริม
่ ฟื้ นตัว ทัง้ นี้ ด ้วยแนวโน ้ม yield ทีเ่ ริม
่ ดีขน
ึ้ ในปี
2558 และ unit cost ทีล
่ ดลงจากราคาน้ ามันดิบทีต
่ ่า คาดว่าผลประกอบการในปี นี้จะ
เริม
่ ดีขน
ึ้

80
60

Source: Bloomberg
Avg Turnover (THB/USD)
Cons. Upside (%)
Upside (%)
52-wk Price low/high (THB)
Free float (%)
Share outstanding (m)
Shareholders (%)
99.7m/3.04m
27.9
17.7
11.6 - 20.2
30
625
Thai Airways International
Aviation Investment
State Street Bank Europe
39.2
9.5
6.8
Share Performance (%)
มุมมอง
ในช่วงกลางปี 2557 ทีผ
่ ่านมา NOK ได ้ปรับแผนการให ้บริก ารเสริม (Ancillary
Service) ซึง่ จะส่งผลดีตอ
่ yield ในปี 2558 ประกอบกับความต ้องการท่องเทีย
่ วที่
ฟื้ นตัว เราจึง คาดว่า yield จะเริม
่ ฟื้ นตั วดีข น
ึ้ ราว +3.7% y-o-y ในปี 2558
นอกจากนัน
้ บริษัทคาดว่า unit cost จะลดลงอีกราว 5% y-o-y จากค่าซ่อมบารุง
ทีล
่ ดลง และการปรับลดค่าใช ้จ่ายทางการตลาด
Jan-15
Nov-14
Sep-14
Jul-14
May-14
Mar-14
Vol m
20
ผลประกอบการน่าผิดหว ัง
NOK บันทึก ผลประกอบการทีน
่ ่ าผิด หวังในปี 2557 ด ้วยมูลค่า ขาดทุนจากการ
ดาเนินงานมูลค่า 501 ล ้านบาท ต่ากว่าคาดการณ์ของเราทีข
่ าดทุน 99 ล ้านบาท
จาก yield ทีย
่ ังคงย่าแย่ ทัง้ นี้ หากไม่รวมรายการขาดทุนจากการเริม
่ ดาเนินการ
NOK Scoot มูลค่า 61.2 ล ้านบาท คาดว่าผู ้ประกอบการจะผ่านจุดคุ ้มทุนในไตร
มาส 4/57 ในขณะที่ unit cost และค่าใช ้จ่า ยไม่ร วมน้ ามั นฟื้ นตัว 1.7% และ
2.7% y-o-y ตามลาดับโดย yield ทีล
่ ดลงอย่างมีนัยสาคัญ (ลดลงราว 11.4% yo-y) เป็ นเหตุผลหลักของการขาดทุนในปี ทีผ
่ ่านมา (yield ได ้รับแรงกดดันจาก
ปั ญหาทางการเมืองและการแข่งขันในอุตสาหกรรมทีท
่ วีความรุนแรง)
100
40


2

.
2
0
.
2





ประมาณการ
เรายังคงประมาณการเดิม โดยยังคาดว่าจะยังคงบันทึกขาดทุนจากการดาเนินการ
Nok Scoot มูล ค่ า 180 ล ้านบาทในปี 2558 และ 75 ล ้านบาทในปี 2559
ตามลาดับ แต่การร่วมมือทางพันธมิตรในครัง้ นี้จะช่วยหนุน traffic และ yield ให ้ดี
ขึน
้

้ ”
ย ังคงแนะนา “ซือ
้ ” เนื่องจากมูลค่าประเมิน PE ปี 2558 ที่ 11.1x ยังคงถูก ราคา
ยังคงแนะนา “ซือ
เป้ าหมายเท่ากับ 16.00 บาทอิงจาก PE ปี 2558 ที่ 13x โดย NOK ยังคงเป็ นหุ ้น
Top Pick ในกลุม
่ การบินด ้วยผลตอบแทนปั นผลถึง 4-7% ในปี 2558-59
YTD
1m
3m
6m
12m
Absolute
3.8
(6.2)
14.3
(16.1)
(26.1)
Forecasts and Valuations
Relative
(2.6)
(6.4)
14.7
(18.0)
(47.0)
Total turnover (THBm)
Dec-12
Dec-13
Dec-14
Dec-15F
Dec-16F
8,218
11,180
12,160
16,851
19,672
Reported net profit (THBm)
505
1,066
(472)
767
1,231
Recurring net profit (THBm)
748
1,063
(501)
767
1,231
278.2
42.2
(147.2)
Recurring EPS (THB)
1.50
1.70
(0.80)
1.23
1.97
Veena Naidu + 66 2862 9752
DPS (THB)
1.10
1.03
0.00
0.59
0.95
[email protected]
Recurring P/E (x)
9.1
8.0
Ahmad Maghfur Usman 603 9207 7654
P/B (x)
7.66
1.87
[email protected]
P/CF (x)
7.95
4.48
8.1
7.6
6.65
3.25
Shariah compliant
Recurring net profit growth (%)
Dividend Yield (%)
EV/EBITDA (x)
Return on average equity (%)
Net debt to equity (%)
Our vs consensus EPS (adjusted) (%)
59.9
net cash
39.3
net cash
na
2.25
na
0.0
na
(11.3)
net cash
na
60.5
11.1
6.9
1.95
1.67
8.72
6.29
4.3
7.0
7.62
3.03
18.9
net cash
4.8
26.0
net cash
16.6
Source: Company data, RHB
See important disclosures at the end of this report
Powered by EFATM Platform
1
Nok Airlines (NOK TB)
2 March 2015
Figure 1: Nok’s key operating metrics
ASK (available service km)
RPK (revenue passenger km)
Load factor (%)
Adjusted passenger yield (THB/RPK)
Adjusted unit cost (THB/ASK)
4Q13
4Q14
1,186.0
942.7
79.5
3.23
2.47
1,510.1
1,257.4
83.3
2.78
2.29
YoY %
chg
27.3
33.4
3.8
(14.0)
(7.2)
FY13
FY14
4,247.0
3,567.0
84.0
3.13
2.39
5,375.0
4,372.0
81.3
2.78
2.35
YoY %
chg
26.6
22.6
-2.6
-11.4
-1.7
Remarks
Hit by political woes and stiff competition
Overall costs – both fuel and non-fuel – improved
as more economies of scale were achieved from
the larger fleet size
Source: RHB, Company data
Figure 2: Nok’s results review table (THBm)
FY13
FY14
3,514.3
YoY %
chg
15.3
11,179.8
12,159.5
YoY %
chg
8.8
(2,995.9)
(3,653.1)
21.9
(10,205.9)
(12,882.8)
26.2
52.4
(138.9)
(364.9)
973.8
(723.3)
(174.3)
Depreciation and amortisation
EBIT
Interest income
Interest expense
EI
PBT
Tax
PAT
MI
PATAMI
(12.9)
39.5
39.2
0.0
(5.9)
72.8
63.3
136.1
0.0
136.1
(28.2)
(167.1)
12.5
0.0
39.4
(115.1)
(0.6)
(115.7)
135.2
19.5
118.6
(522.6)
(68.0)
NM
(766.4)
(258.2)
(100.9)
(185.0)
NM
(85.7)
(50.8)
923.0
106.5
0.0
3.2
1,032.7
33.4
1,066.1
0.0
1,066.1
(70.1)
(793.4)
100.6
(2.3)
29.6
(665.4)
(0.4)
(665.8)
194.1
(471.7)
38.0
(186.0)
(5.5)
NM
823.5
(164.4)
(101.2)
(162.4)
NM
(144.2)
Core PATAMI
142.0
(19.9)
(114.0)
1,062.9
(501.3)
(147.2)
Revenue
Costs
EBITDA
4Q13
4Q14
3,048.3
Remarks
Despite RPK surging 22.6% on eight aircraft
deliveries in FY14, the growth in revenue was
a mere 8.8% as a result to yields dropping
11.4% YoY
Unit costs decreased 1.7% YoY but, excluding
fuel costs, unit costs decreased much more at
2.7%. The higher costs overall were largely
due to higher capacity added
The yield drop of 11.4% was sharper than the
drop of 1.7% in unit costs. This led to EBITDA
going into losses. Furthermore, there was an
additional EBITDA loss as a result of the Nok
Scoot JV
Nok Scoot JV contributed approximately
THB61.2m in losses in FY14
Below
Source: RHB, Company data
See important disclosures at the end of this report
2
Nok Airlines (NOK TB)
2 March 2015
Financial Exhibits
Profit & Loss (THBm)
Dec-12
Dec-13
Dec-14
Dec-15F
Total turnover
8,218
11,180
12,160
16,851
Dec-16F
19,672
Cost of sales
(7,495)
(10,257)
(12,953)
(16,288)
(18,511)
Gross profit
722
923
(793)
563
1,161
Operating profit
722
923
(793)
563
1,161
Operating EBITDA
773
974
(723)
631
1,239
Depreciation of fixed assets
(38)
(35)
(42)
(45)
Amortisation of intangible assets
(12)
(16)
(28)
(23)
Operating EBIT
722
923
(793)
563
1,161
41
106
101
Interest income
Interest expense
Exceptional income - net
-
Pre-tax profit
520
Taxation
(15)
Minority interests
-
Profit after tax & minorities
3
1,033
(27)
185
256
(2)
-
-
30
-
-
(243)
(50)
(665)
33
(0)
748
(161)
1,417
(261)
-
194
180
75
505
1,066
(472)
767
1,231
Reported net profit
505
1,066
(472)
767
1,231
Recurring net profit
748
1,063
(501)
767
1,231
Dec-12
Dec-13
Dec-15F
Dec-16F
722
923
(793)
563
1,161
50
51
70
68
77
Other operating cash flow
121
945
(1,708)
480
334
Operating cash flow
894
1,918
(2,431)
1,111
1,573
Tax paid
(39)
Cash flow from operations
856
Source: Company data, RHB
Cash flow (THBm)
Operating profit
Depreciation & amortisation
Capex
(23)
1,895
Dec-14
(11)
(2,443)
(58)
(63)
Other investing cash flow
(322)
(2,478)
2,943
Cash flow from investing activities
(380)
(2,541)
2,718
3,250
-
Proceeds from issue of shares
-
Other financing cash flow
(414)
Cash flow from financing activities
(414)
(670)
(225)
458
(136)
975
(220)
1,352
(80)
(80)
141
194
61
114
(184)
2,580
458
185
246
2,193
2,927
3,959
Total cash generated
62
1,934
733
852
985
Forex effects
(0)
-
-
-
2,927
3,779
4,944
Cash at beginning of period
Implied cash at end of period
246
12
2,193
(184)
(481)
(481)
Source: Company data, RHB
See important disclosures at the end of this report
3
Nok Airlines (NOK TB)
2 March 2015
Financial Exhibits
Balance Sheet (THBm)
Dec-12
Dec-13
Dec-14
Dec-15F
Dec-16F
1,656
5,333
3,227
4,259
5,319
4
11
17
27
85
Accounts receivable
30
73
86
62
73
Other current assets
408
606
1,854
1,715
1,667
2,098
6,024
5,184
6,063
7,144
5
6
47
6
6
Tangible fixed assets
81
93
254
292
336
Intangible assets
34
54
46
72
75
Total other assets
35
95
1,037
1,219
1,219
Total cash and equivalents
Inventories
Total current assets
Total investments
Total non-current assets
155
248
1,385
1,589
1,636
2,252
6,272
6,569
7,652
8,780
Accounts payable
420
413
543
721
818
Other current liabilities
851
1,160
1,445
1,751
2,001
Total assets
Total current liabilities
1,271
1,572
1,989
2,471
2,819
Other liabilities
93
156
231
248
279
Total non-current liabilities
93
156
231
248
279
1,364
1,728
2,220
2,719
3,098
Share capital
500
625
625
625
625
Retained earnings reserve
388
876
104
687
1,437
Total liabilities
Other reserves
-
3,042
3,042
3,042
3,042
Shareholders' equity
888
4,543
3,771
4,354
5,104
Minority interests
-
578
578
578
Total equity
888
4,543
4,349
4,933
5,682
2,252
6,272
6,569
7,652
8,780
Dec-12
Dec-13
Dec-14
Dec-15F
Dec-16F
36.1
36.0
8.8
38.6
16.7
Operating profit growth (%)
180.9
27.8
(186.0)
0.0
106.2
Net profit growth (%)
152.6
111.2
(144.2)
0.0
60.5
EPS growth (%)
152.6
69.0
(144.2)
0.0
60.5
11.4
309.3
(17.0)
15.5
17.2
Operating margin (%)
8.8
8.3
(6.5)
3.3
5.9
Net profit margin (%)
6.1
9.5
(3.9)
4.6
6.3
23.7
25.0
(7.3)
10.8
15.0
Total liabilities & equity
-
Source: Company data, RHB
Key Ratios (THB)
Revenue growth (%)
Bv per share growth (%)
Return on average assets (%)
Return on average equity (%)
59.9
39.3
(11.3)
18.9
26.0
(186.5)
(117.4)
(74.2)
(86.3)
(93.6)
DPS
1.10
1.03
0.00
0.59
0.95
Recurrent cash flow per share
1.71
3.03
(3.91)
1.56
2.16
Net debt to equity (%)
Source: Company data, RHB
See important disclosures at the end of this report
4
Nok Airlines (NOK TB)
2 March 2015
SWOT Analysis
 Thailand is a popular tourism destination
 Earnings are
susceptible to
volatility in jet
fuel prices
 Favourable demographics
 Extensive booking and payment distribution channel
 Fierce
competition in
the Thailand
aviation
landscape
 Room to
increase
gearing for
aircraft
acquisitions
 Nok-Scoot joint-venture (JV) could lead to start-up
losses over its first three years of operations
P/E (x) vs EPS growth
P/BV (x) vs ROAE
200
2500%
9.0
70%
180
2200%
8.0
60%
160
1900%
7.0
50%
140
1600%
6.0
40%
120
1300%
5.0
30%
100
1000%
4.0
20%
3.0
10%
80
700%
-20%
P/E (x) (lhs)
EPS growth (rhs)
Source: Company data, RHB
P/B (x) (lhs)
Jan-16
0.0
Jan-15
-500%
Jan-14
-10%
0
Jan-13
1.0
Jan-12
-200%
Jan-16
0%
20
Jan-15
2.0
Jan-14
100%
Jan-13
400%
40
Jan-12
60
Return on average equity (rhs)
Source: Company data, RHB
Company Profile
Nok Airlines (Nok) is one of Thailand’s leading low-cost carriers with the most extensive domestic route coverage. It operates out of two
hubs, in Chiang Mai and Don Mueang.
See important disclosures at the end of this report
5
Nok Airlines (NOK TB)
2 March 2015
Recommendation Chart
Sell
Trading Buy
May-14
16.0
15.2
15.0
18.6
30.8
37.6
19.8
Price Close
30.0 Recommendations & Target Price
28.0
26.0
24.0
22.0
20.0
18.0
16.0
14.0
12.0
Buy
Neutral
10.0
Jun-13
Nov-13
Take Profit
Not Rated
Oct-14
Source: RHB, Bloomberg
Date
Recommendation
Target Price
Price
2015-01-16
Buy
16.0
13.5
2014-08-11
Sell
15.2
16.7
2014-05-12
Sell
15.0
16.5
2014-03-03
Neutral
18.6
18.5
2014-01-22
Neutral
19.8
18.3
2013-11-08
Buy
30.8
24.0
2013-06-19
Buy
37.6
0.0
Source: RHB, Bloomberg
See important disclosures at the end of this report
6
RHB Guide to Investment Ratings
Buy: Share price may exceed 10% over the next 12 months
Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain
Neutral: Share price may fall within the range of +/- 10% over the next 12 months
Take Profit: Target price has been attained. Look to accumulate at lower levels
Sell: Share price may fall by more than 10% over the next 12 months
Not Rated: Stock is not within regular research coverage
Disclosure & Disclaimer
All research is based on material compiled from data considered to be reliable at the time of writing, but RHB does not make any representation or
warranty, express or implied, as to its accuracy, completeness or correctness. No part of this report is to be construed as an offer or solicitation of an offer
to transact any securities or financial instruments whether referred to herein or otherwise. This report is general in nature and has been prepared for
information purposes only. It is intended for circulation to the clients of RHB and its related companies. Any recommendation contained in this report does
not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is for the
information of addressees only and is not to be taken in substitution for the exercise of judgment by addressees, who should obtain separate legal or
financial advice to independently evaluate the particular investments and strategies.
This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB’s
strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such
information and accordingly investors should make their own informed decisions before relying on the same.
RHB, its affiliates and related companies, their respective directors, associates, connected parties and/or employees may own or have positions in
securities of the company(ies) covered in this research report or any securities related thereto, and may from time to time add to, or dispose off, or may be
materially interested in any such securities. Further, RHB, its affiliates and related companies do and seek to do business with the company(ies) covered
in this research report and may from time to time act as market maker or have assumed an underwriting commitment in securities of such company(ies),
may sell them or buy them from customers on a principal basis and may also perform or seek to perform significant investment banking, advisory or
underwriting services for or relating to such company(ies), as well as solicit such investment, advisory or other services from any entity mentioned in this
research report.
RHB and its employees and/or agents do not accept any liability, be it directly, indirectly or consequential losses, loss of profits or damages that may arise
from any reliance based on this report or further communication given in relation to this report, including where such losses, loss of profits or damages are
alleged to have arisen due to the contents of such report or communication being perceived as defamatory in nature.
The term “RHB” shall denote where applicable, the relevant entity distributing the report in the particular jurisdiction mentioned specifically herein below
and shall refer to RHB Research Institute Sdn Bhd, its holding company, affiliates, subsidiaries and related companies.
All Rights Reserved. This report is for the use of intended recipients only and may not be reproduced, distributed or published for any purpose without prior
consent of RHB and RHB accepts no liability whatsoever for the actions of third parties in this respect.
Malaysia
This report is published and distributed in Malaysia by RHB Research Institute Sdn Bhd (233327-M), Level 11, Tower One, RHB Centre, Jalan Tun Razak,
50400 Kuala Lumpur, a wholly-owned subsidiary of RHB Investment Bank Berhad (RHBIB), which in turn is a wholly-owned subsidiary of RHB Capital
Berhad.
Singapore
This report is published and distributed in Singapore by DMG & Partners Research Pte Ltd (Reg. No. 200808705N), a wholly-owned subsidiary of DMG &
Partners Securities Pte Ltd, a joint venture between Deutsche Asia Pacific Holdings Pte Ltd (a subsidiary of Deutsche Bank Group) and OSK Investment
Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is referred to as “RHBIB”, which in turn is a whollyowned subsidiary of RHB Capital Berhad). DMG & Partners Securities Pte Ltd is a Member of the Singapore Exchange Securities Trading Limited. DMG &
Partners Securities Pte Ltd may have received compensation from the company covered in this report for its corporate finance or its dealing activities; this
report is therefore classified as a non-independent report.
As of 1 March 2015, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd do not have proprietary positions
in the securities covered in this report, except for:
a)
As of 1 March 2015, none of the analysts who covered the securities in this report has an interest in such securities, except for:
a)
Special Distribution by RHB
Where the research report is produced by an RHB entity (excluding DMG & Partners Research Pte Ltd) and distributed in Singapore, it is only distributed
to "Institutional Investors", "Expert Investors" or "Accredited Investors" as defined in the Securities and Futures Act, CAP. 289 of Singapore. If you are not
an "Institutional Investor", "Expert Investor" or "Accredited Investor", this research report is not intended for you and you should disregard this research
report in its entirety. In respect of any matters arising from, or in connection with this research report, you are to contact our Singapore Office, DMG &
Partners Securities Pte Ltd
Hong Kong
This report is published and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (“RHBSHK”) (formerly known as OSK Securities Hong
Kong Limited), a subsidiary of OSK Investment Bank Berhad, Malaysia which have since merged into RHB Investment Bank Berhad (the merged entity is
referred to as “RHBIB”), which in turn is a wholly-owned subsidiary of RHB Capital Berhad.
7
RHBSHK, RHBIB and/or other affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company.
RHBSHK, RHBIB and/or other affiliates may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain
compensation for investment banking services from the subject company.
Risk Disclosure Statements
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that
losses will be incurred rather than profit made as a result of buying and selling securities. Past performance is not a guide to future performance. RHBSHK
does not maintain a predetermined schedule for publication of research and will not necessarily update this report
Indonesia
This report is published and distributed in Indonesia by PT RHB OSK Securities Indonesia (formerly known as PT OSK Nusadana Securities Indonesia), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Thailand
This report is published and distributed in Thailand by RHB OSK Securities (Thailand) PCL (formerly known as OSK Securities (Thailand) PCL), a
subsidiary of OSK Investment Bank Berhad, Malaysia, which have since merged into RHB Investment Bank Berhad, which in turn is a wholly-owned
subsidiary of RHB Capital Berhad.
Other Jurisdictions
In any other jurisdictions, this report is intended to be distributed to qualified, accredited and professional investors, in compliance with the law and
regulations of the jurisdictions.
DMG & Partners Research Guide to Investment Ratings
Kuala Lumpur
Hong Kong
Singapore
Malaysia
Tel : +(60) 3 9280 2185
Fax : +(60) 3 9284 8693
19 Des Voeux Road
Central, Hong Kong
Tel : +(852) 2525 1118
Fax : +(852) 2810 0908
Tel : +(65) 6533 1818
Fax : +(65) 6532 6211
Buy: Share price may exceed 10% over the next 12 months
Trading Buy:Malaysia
Share price
may exceed 15% over theRHB
nextOSK
3 months,
however longer-term outlook remains uncertain
Research Office
Securities Hong Kong Ltd. (formerly known
DMG & Partners
Neutral: Share
mayInstitute
fall within
months
as 12
OSK
Securities
Securities Pte. Ltd.
RHB price
Research
Sdn the
Bhdrange of +/- 10% over the next
Take Profit:
Target
price One,
has been
attained. Look to accumulate at lower
Honglevels
Kong Ltd.)
Level
11, Tower
RHB Centre
10 Collyer Quay
Sell: Share price may
more than 10% over the next 12 months
Jalanfall
TunbyRazak
12th Floor
#09-08 Ocean Financial Centre
Lumpur
World-Wide House
Singapore 049315
Not Rated: Stock isKuala
not within
regular research coverage
DISCLAIMERS
Phnom
Penh
This research is issuedJakarta
by DMG & Partners Research Pte Ltd and it is forShanghai
general distribution only. It does not have any regard
to the
specific investment
objectives, financial situation and particular needs of any specific recipient of this research report. You should independently evaluate particular
Securities
Indonesia financial adviser
RHB
OSK (China)
Advisory
Ltd. into any
RHBtransaction
OSK Indochina
Securities
Limited
(formerly
investmentsRHB
andOSK
consult
an independent
before
makingInvestment
any investments
or Co.
entering
in relation
to any
securities
or
(formerly known as OSK (China) Investment
known as OSK Indochina Securities Limited)
Mulia Building,
20th in
Floor,
investmentWisma
instruments
mentioned
this report.
Jl. Jenderal Gatot Subroto No. 42,
Jakarta 12710, Indonesia
Advisory Co. Ltd.)
Suite 4005, CITIC Square
No. 1-3, Street 271
Sangkat Toeuk Thla, Khan Sen Sok
Tel : +(8621) 6288 9611
Fax: +(855) 23 969 171
The informationTel
contained
herein has been obtained from sources 1168
we believed
to be reliable but we do not make any representation
or warranty nor
: +(6221) 2783 0888
Nanjing West Road
Phnom Penh
accept any responsibility
or2783
liability
as to its accuracy, completeness orShanghai
correctness.
are subject to change
Fax : +(6221)
0777
20041Opinions and views expressed in this report
Cambodia
without notice.
China
Tel: +(855) 23 969 161
Faxof: +(8621)
6288
9633or sell any securities.
This report does not constitute or form part of any offer or solicitation
any offer
to buy
Bangkok
DMG & Partners Research Pte Ltd is a wholly-owned subsidiary of DMG & Partners Securities Pte Ltd, a joint venture between OSK Investment Bank
Berhad, Malaysia which have since merged into RHBRHB
Investment
Bank Berhad (the merged entity is referred to as “RHBIB” which in turn is a whollyOSK Securities (Thailand) PCL (formerly known
owned subsidiary of RHB Capital Berhad) and Deutsche Asiaas
Pacific
Holdings Pte
Ltd (a PCL)
subsidiary of Deutsche Bank Group). DMG & Partners Securities
OSK Securities
(Thailand)
Pte Ltd is a Member of the Singapore Exchange Securities Trading
Limited.
10th Floor,
Sathorn Square Office Tower
98, North Sathorn Road, Silom
Bangkok 10500
DMG & Partners Securities Pte Ltd and their associates, directors,Bangrak,
and/or employees
may have positions in, and may effect transactions in the securities
Thailand
covered in the report, and may also perform or seek to perform broking and
other corporate finance related services for the corporations whose securities
Tel: +(66) 2 862report.
9999
are covered in the report. This report is therefore classified as a non-independent
Fax : +(66) 2 108 0999
As of 1 March 2015, DMG & Partners Securities Pte Ltd and its subsidiaries, including DMG & Partners Research Pte Ltd, do not have proprietary
positions in the subject companies, except for:
a)
As of 1 March 2015, none of the analysts who covered the stock in this report has an interest in the subject companies covered in this report, except for:
a)
DMG & Partners Research Pte. Ltd. (Reg. No. 200808705N)
8
Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2014
Excellent
BAFS
BCP
BTS
CPN
EGCO
GRAMMY
HANA
INTUCH
IRPC
IVL
KBANK
KKP
KTB
MINT
PSL
PTT
PTTEP
PTTGC
SAMART
SAMTEL
SAT
SC
SCB
SE-ED
SIM
SPALI
TISCO
TMB
TOP
Very Good
AAV
ACAP
ADVANC
ANAN
AOT
ASIMAR
ASK
ASP
BANPU
BAY
BBL
BECL
BIGC
BKI
BLA
BMCL
BROOK
CENTEL
CFRESH
CIMBT
CK
CNT
CPF
CSL
DELTA
DRT
DTAC
DTC
EASTW
EE
ERW
GBX
GC
GFPT
GUNKUL
HEMRAJ
HMPRO
ICC
KCE
KSL
LANNA
LH
LHBANK
LOXLEY
LPN
MACO
MC
MCOT
NBC
NCH
NINE
NKI
NMG
NSI
OCC
OFM
PAP
PE
PG
PHOL
PJW
PM
PPS
PR
PRANDA
PS
PT
QH
RATCH
ROBINS
RS
S&J
SAMCO
SCC
SINGER
SIS
SITHAI
SNC
SNP
SPI
SSF
SSI
SSSC
STA
SVI
TCAP
TF
THAI
THANI
THCOM
TIP
TIPCO
TK
TKT
TNITY
TNL
TOG
TRC
TRUE
TSTE
TSTH
TTA
TTW
TVO
UAC
VGI
VNT
WACOAL
Good
2S
AF
AH
AHC
AIT
AJ
AKP
AKR
AMANAH
AMARIN
AMATA
AP
APCO
APCS
AQUA
ARIP
AS
ASIA
AYUD
BEAUTY
BEC
BFIT
BH
BJC
BJCHI
BOL
BTNC
BWG
CCET
CGD
CGS
CHOW
CI
CKP
CM
CMR
CSC
CSP
CSS
DCC
DEMCO
DNA
EA
ESSO
FE
FORTH
FPI
GENCO
GL
GLOBAL
GLOW
GOLD
HOTPOT
HTC
HTECH
HYDRO
IFS
IHL
INET
IRC
IRCP
ITD
KBS
KGI
KKC
KTC
L&E
LRH
LST
MAJOR
MAKRO
MATCH
MBK
MBKET
MEGA
MFC
MFEC
MJD
MODERN
MONO
MOONG
MPG
MTI
NC
NTV
NUSA
NWR
NYT
OGC
OISHI
PACE
PATO
PB
PDI
PICO
PPM
PPP
PREB
PRG
PRIN
PTG
QLT
QTC
RCL
SABINA
SALEE
SCBLIF
SCCC
SCG
SEAFCO
SEAOIL
SFP
SIAM
SIRI
SKR
SMG
SMK
SMPC
SMT
SOLAR
SPC
SPCG
SPPT
SST
STANLY
STEC
STPI
SUC
SWC
SYMC
SYNEX
SYNTEC
TASCO
TBSP
TEAM
TFD
TFI
THANA
THIP
THREL
TIC
TICON
TIW
TKS
TLUXE
TMI
TMT
TNDT
TPC
TPCORP
TRT
TRU
TSC
TTCL
TUF
TVD
TWFP
UMI
UP
UPF
UPOIC
UT
UV
UWC
VIH
WAVE
WHA
WIN
WINNER
YUASA
ZMICO
IOD (IOD Disclaimer)
การเปิดเผลผลการสารวจของสมาคมส่งเสริมสถาบันกรรมการบริษัทไทย (IOD) ในเรื่องการกากับดูแลกิจการ (Corporate Governance) นี้เป็นการ
ดาเนินการตามนโยบายของสานักงานคณะกรรมการกากับหลักทรัพย์และตลาดหลักทรัพย์ โดยการสารวจของ IOD เป็นการสารวจและประเมินจากข้อมูลของบรษัทจด
ทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทยและตลาดหลักทรัพย์เอ็มเอไอ ที่มีการเปิดเผยต่อสาธารณะและเป็นข้อมูลที่ผลู้ งทุนทั่วไปสามารถเข้าถึงได้ ดังนั้นผลสารวจ
ดังกล่าวจึงเป็นการนาเสนอในมุมมองของบุคคลภายนอกโดยไม่ได้เป็นการประเมินการปฏิบัติและมิได้มีการใช้ข้อมูลภายในในการประเมิน
อนึ่ง ผลการสารวจดังกล่าว เป็นผลการสารวจ ณ วันที่ปรากฎในรายงานการกากับดูและกิจการบริษัทจดทะเบียนไทยเท่านั้น ดังนั้นผลการสารวจจึงอาจ
เปลี่ยนแปลงได้ภายหลังวันดังกล่าว ทัง้ นี้บริษัทหลักทรัพย์ อาร์เอสบี โอเอส เค จากัด (มหาชน) มิได้ยืนยันหรือรับรองถึงความถูกต้องของผลการสารวจดังกล่าวแต่อย่างใด