initiate coverage: kkpkiatnakin bank pcl (kkp) time to enjoy growth merger gives advantages over...

Initiate Coverage: KKP 9 Feb 2016

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Please see disclaimer on last page

BUY

TP: Bt50.00

Closing price: Bt41.75 Upside/downside: 19.8%

Sector Banking

Paid-up shares (shares mn) 847

Market capitalization (Bt mn) 35,352

Free float (%) 76.48

12-mth daily avg. turnover (Bt mn) 32.55

12-mth trading range (Bt) 41.00/

29.50

Major shareholders (%)

Credit Suisse AG, HK Branch 8.5

Chase Nominees Limited 7.3

Thai NVDR 5.9

Financial highlights

Source: SETSMART, AWS *Lombard loan is a multi-purpose credit facility serving wealth management clients.

Thailand Research Department

Mr. Warut Siwasariyanon,

License, No. 17923

Tel: 02 680 5041

Ms. Veeraya Rattanaworatip,

Assistant Analyst

Kiatnakin Bank PCL (KKP)

Time to enjoy growth

► Merger gives advantages over peers in providing more

innovative products and services.

► Anticipate loan growth to resume in 2016 a double-digit

pace.

► Initiate coverage with BUY recommendation. Our 2016

target price is Bt50.00, which offers an upside of 19.8%

from the current price of Bt41.75 (8 Feb).

Merger creates distinction

Since 2012, Kiatnakin and Phatra, have joined together with the

sole objective of employing their strengths in commercial banking

and capital market business to be a “High Performance Bank.”

KKP aims to exploit more business opportunities and provide

distinct products and services. One of its achievements includes

the successful launch of the Lombard loan*, which it was the first

to offer in the country. This helps show the synergy it has gained

as it leads to an increase in the scope of corporate capabilities.

Expect growth to resume in 2016

Management is determined to resume growth in 2016 and has

targeted double-digit loan growth of as much as 15% after two

consecutive years of loan contractions. KKP plans to grow more

in low-base segments while continuously cooperating with its

affiliates to enhance services. We assume FY16 loan growth at

12% in line with management’s guidance and estimate FY16

earnings of Bt3.8bn, up 13.8% YoY.

Initiate coverage with a BUY recommendation

Our 2016 target price of Bt50.00 offers an upside of 19.8% from

the current price of Bt41.75 (8 Feb). The target is based on PBV

of 1.06x our prospective 2016E BV (Gordon Growth Model) and

long-term ROE forecast of 10.5%. Currently, the stock trades at a

PBV below the sector average PBV of 1.1x and gives the highest

dividend yield of 5.8%. With this undemanding valuation, the

company’s aggressive strategy in boosting loan growth and the

synergy from the group, we recommend investors BUY.

2014 2015 2016E 2017E

Revenue (Btmn) 13,912 15,057 16,230 18,265

Net profit (Btmn) 2,734 3,317 3,776 4,406

EPS (Bt) 3.25 3.92 4.46 5.21

EPS growth (%) -38.5 20.6 13.8 16.7

P/E (x) 12.8 10.7 9.4 8.0

BVPS (Bt) 43.6 44.8 47.2 50.0

P/BV (x) 1.0 0.9 0.9 0.8

DPS (Bt) 1.85 2.10 2.41 2.81

Div. yield (%) 4.4 5.0 5.8 6.7

ROE (%) 7.6 8.9 9.7 10.7


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Merger creates distinction

Kiatnakin successfully merged with Phatra in September 2012 with the

objective of utilizing their strengths in commercial banking and capital market

business to exploit potential business opportunities. Kiatnakin Bank is the

parent company in charge of commercial banking business while Phatra is a

subsidiary operating capital market related business, together with Phatra’s

subsidiaries (PSEC, KKTRADE, and PASSET). The bank’s shareholding

structure is illustrated in Figure 1.

Figure 1: Organization structure

Source: Company data

As Phatra is recognized as one of the leading securities companies in

Thailand, the bank can employ Phatra’s expertise in the capital market and

financial analysis, along with the bank’s solid experience in the banking

business to offer diverse and innovative products and services differentiating

it from its peers. These include the establishment of a corporate banking

group in 2H13, in which KKP can use the business relationships that PSEC

has with listed and other major companies to offer financial services as well

as credit facilities, such as credit lines, project financing, loan syndication,

etc. Such services can help expand revenue-generating channels and further

diversify its risk. Specifically, as of 2015, hire-purchase loans accounted for

as much as 65.3% of its total portfolio, which may lead to a high concentration

of risk. However, the bank aims to diversify its loan portfolio by reducing hire-

purchase loans to below 50% in the long term.

Core businesses are

commercial banking

and capital market,

which are operated by

Kiatnakin and Phatra,

respectively.

Kiatnakin Bank

Phatra Capital

KK Trade

Phatra Asset

Management Phatra

Securities

Erawan Law Office FUNDS*

*Kiatnakin Bank holds shares in Asia Recovery Fund 1, Asia Recovery Fund 2, Asia Recovery

Fund 3, Thai Restructuring Fund, Asia Recovery Property Fund 1, Asia Recovery Property Fund

3, Bangkok Capital Fund, and Gamma Capital Fund.

Phatra’s expertise in

the capital market,

along with Kiatnakin’s

solid banking

experience helps KKP

stay innovative.


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Figure 2: Loan portfolio classification


What makes KKP more appealing over its competitors is its ability to

generate income from capital market business. The capital market

business is composed of brokerage business, investment banking

business, investment business, and asset management business. One of

its advantages is its private wealth management services, especially to

high net worth individuals with investible assets above Bt30mn. As of 2015,

it had as much as Bt310bn in assets under advisement, up 9% YoY with

the around 2,000 high net worth customers. The strength of serving these

customers is that they have high purchasing power, hence, the bank is

confident it can acquire appropriate volume and fees when launching new

products, such as private funds and mutual funds. In addition, KKP can

further extend its services to these customers using expertise in private

banking and wealth management, as seen in the recent launch of Lombard

loan, a multi-purpose credit facility serving wealth management clients.

This shows some of the synergy resulting from the merger that allows the

bank to exploit a wider range of business opportunities more distinctively

and innovatively.

For the year-ended 2015, revenues from commercial banking business

and capital market business accounted for 80% and 20%, respectively.

The former is mostly from interest income from loan whereas the latter is

mostly from brokerage fees and investments. KKP’s 2015 net revenue

breakdown is illustrated in Figure 3.

Ability to generate

income from capital

market gives further

advantages.

Retail lending, 67.8%

Commercial lending, 26.0%

Corporate lending, 4.9%

Special asset management loan, 0.4%

Lombard loan, 0.7% Other loans, 0.2%

- Retail lending is composed of 65.3% from hire purchase, 1.2% from personal loan, 0.8% from micro-

SMEs loan, and 0.5% from housing loan.

- Commercial lending is composed of 13.9% from real estate development and 12.1% from SMEs loan.


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Figure 3: FY15 revenue composition


Expect growth to resume in 2016

Although KKP reported a FY15 net profit of Bt3.3bn, jumping 21% YoY,

loan growth has contracted for two consecutive years, mainly from the

decline in hire-purchase loans. However, the bank expects to resume its

loan growth in 2016 and has set a challenging double-digit target of around

15%. In 2016, it aims to put more emphasis on low-base segments while

relying less on hire-purchase loans. KKP plans to make its loan portfolio

more diverse by slashing hire-purchase loans to less than 50% in the long

term.

One of the segments KKP will focus more on will be corporate banking,

which currently accounts for 4.9% of its total loans with Bt8.8bn

outstanding. The bank expects to continue utilizing the business

relationships that Phatra has with listed and other large corporate clients

to extend its financial services. KKP targets outstanding loans from this

segment to reach approximately Bt20bn in this year. As this segment is

likely to depend on market sentiment, we believe the anticipated favorable

economic conditions driven by the government’s investments to serve as

a positive catalyst for expansion.

Further, KKP will continue to strengthen its wealth management business

by expanding Lombard loan, which has just previously been launched in

3Q15, becoming the first in Thailand to offer this type of loans. As of 2015,

Lombard loan contributed merely 0.7%, implying sufficient room to grow.

Such loan is a low-risk type as it is fully secured by financial assets being

used as collateral. In addition, growing in this segment does not require

physical branches as Phatra will be in charge in handling and interacting

with customers.

A challenging double-

digit loan growth

target of around 15%.

Interest income from loan, 70%

Special asset management,

10%

Bancassurance, 7%

Other, 10%

Investment, 3%

Commercial banking business

Brokerage fee, 42%

Investment, 38%

Investment banking, 8%

Asset management, 7%

Other, 5%

Capital market business

KKP aims to grow

more in low-base

segments while using

its new strategy to

bolster growth.


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What’s more, the bank intends to grow more in areas that do not require

physical branches, such as retail lending through direct sales agents in

both telesales and face to face. This retail lending will be underlined by

personal loans, SME loans, and mortgage loans as these segments

contributed only 2.5% of its FY15 total portfolio. About 300 sales agents

will initially start working this month and the bank plans to increase this to

800 agents this year.

We assume loan growth of 12% in FY16 followed by 10% growth in FY17,

based on management’s guidance. Although the double-digit loan growth

target seems unlikely and quite challenging given its two consecutive years

of loan contractions, we believe the target is achievable as the loan

segments that will be focused on still have low bases with more-than-

ample room to grow. Furthermore, looking back through 2011, KKP

actually enjoyed double-digit loan growth and just started to face

contractions in 2014 due to fragile economic conditions. Another positive

factor would lie in our expectation for local economic recovery driven by

the government’s investments, which should enhance consumer

confidence and trigger loan demand. We estimate FY16 and FY17

earnings of Bt3.8bn and Bt4.4bn, up 13.8% and 16.7%, respectively.

Figure 5: Earnings outlook 2014-2017

Source: Company data, AWS estimates

Figure 4: Loan growth

Source: Company data, AWS estimates

Assume FY16 loan

growth of 12% and

estimate FY16

earnings of Bt3.8bn,

up 13.8% YoY.

2014 2015 2016F 2017F

Net profit 2,734 3,317 3,776 4,406

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Btmn

*Loans = Loans to customers less Deferred revenue

2011 2012 2013 2014 2015 2016F 2017F

Loans 135,303 168,388 189,931 184,118 177,681 199,002 218,903

0

50,000

100,000

150,000

200,000

250,000

Btmn

26.5% YoY

24.5% YoY

12.8% YoY

-3.1% YoY

-3.5% YoY

12.0% YoY

10.0% YoY


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Initiate coverage with a BUY recommendation

Our 2016 target price of Bt50.00 offers 19.8% upside from the current price

of Bt41.75 (8 Feb). Our target price is based on PBV of 1.06x our

prospective 2016E BV (Gordon Growth Model) and long-term ROE

forecast of 10.5%. Currently, the counter trades at an undemanding PBV

and offers very decent dividend yield. Specifically, it is trading at a PBV of

0.9x, compared to the sector average PBV of 1.1x. More importantly, it

offers the highest dividend yield at around 5.8%, assuming 54% dividend

payout ratio. We also like the integration between affiliates, which allows

the bank to provide products and services that are distinct from its peers.

Taking these underlying factors together, we initiate coverage with a BUY

recommendation.

Figure 6: KKP’s historical PBV

Source: Company data, Bloomberg

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

PBV (X)

Figure 7: Peer comparison

Source: Bloomberg (*), AWS estimates

Bank Close Price TP (2016)

8-Feb-16 FY15 FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

BAY Bt31.00 Bt39.00 2.53 2.75 2.91 8.7% 5.5% 11.3 10.7 1.1 1.0 2.6% 2.6%

BBL Bt150.00 Bt188.00 17.91 19.82 21.66 10.7% 9.3% 7.6 6.9 0.8 0.7 4.7% 4.7%

CIMBT* Bt1.09 N/A 0.05 0.07 N/A 39.2% N/A 15.4 N/A 0.9 N/A 1.7% N/A

KBANK Bt169.00 Bt205.00 16.49 18.23 20.65 10.5% 13.3% 9.3 8.2 1.3 1.1 2.4% 2.7%

KKP Bt41.75 Bt50.00 3.92 4.46 5.21 13.8% 16.7% 9.4 8.0 0.9 0.8 5.8% 6.7%

KTB Bt18.00 Bt21.00 2.04 2.25 2.52 10.6% 12.0% 8.0 7.1 0.9 0.8 5.0% 5.6%

LHBANK* Bt1.55 N/A 0.13 0.15 0.15 12.8% 0.0% 10.3 10.3 1.0 1.0 3.4% 3.2%

SCB Bt134.50 Bt152.00 13.88 16.14 17.44 16.3% 8.0% 8.3 7.7 1.3 1.2 4.8% 5.2%

TCAP Bt36.75 Bt50.00 4.25 4.72 5.43 11.0% 14.9% 7.8 6.8 0.8 0.8 5.1% 5.9%

TISCO Bt42.75 Bt46.00 5.31 5.44 5.98 2.5% 9.8% 7.9 7.2 1.1 1.0 5.1% 5.6%

TMB Bt2.60 Bt3.10 0.21 0.23 0.26 8.7% 13.1% 11.2 9.9 1.4 1.2 2.7% 3.0%

Average 9.7 8.3 Average 1.1 1.0 Average 3.9% 4.5%

EPS (Bt) EPS Growth (%) Forward PER Forward PBV Dividend Yield (%)

Undemanding

valuation with PBV of

0.9x and attractive

dividend yield of 5.8%.


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Possible risks and concerns

Possible risks and concerns that might affect KKP are:

1. Slower-than-expected pace of local economic growth which may

fail to strengthen consumer confidence.

2. Drought becomes more severe, adversely affecting agricultural

sector and eventually swaying consumer spending.

3. Rising inflow of NPLs leading to higher provision expenses.

4. Uncertainty about the global economy which has direct negative

impact on export sector.


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Income Statement

Unit: Btmn 2013 2014 2015 2016E 2017E

Net interest income 8,347 8,913 9,449 9,948 11,229

Non-net interest income 5,918 4,999 5,608 6,281 7,035

Net operating income 14,265 13,912 15,057 16,230 18,265

Non-interest expense 6,634 7,550 7,822 8,440 9,777

Pre-provision profit 7,631 6,362 7,235 7,790 8,488

Provision expense 2,240 3,199 3,208 3,202 3,134

Pre-tax profit 5,391 3,163 4,027 4,588 5,354

Net profit 4,418 2,734 3,317 3,776 4,406

Balance Sheet

Unit: Btmn 2013 2014 2015 2016E 2017E

Cash 1,231 1,301 1,032 3,288 1,209

Interbank & money market items 9,742 7,007 9,801 10,977 12,075

Investment 31,305 33,015 24,033 28,133 32,781

Net loans 184,637 177,457 169,356 189,487 207,876

Properties foreclosed 4,103 3,667 4,598 4,231 3,892

Premises and equipment net 1,654 1,445 1,892 2,233 2,635

Other assets 17,082 17,260 25,431 26,083 26,690

Total assets 249,754 241,153 236,144 264,432 287,159

Deposits 145,982 132,297 104,327 118,859 130,745

Interbank & money market items 6,656 9,795 9,209 10,315 11,346

Liabilities payable on demand 414 316 389 435 479

Debts issued and borrowings 42,569 42,772 61,085 68,415 79,004

Other liabilities 18,385 19,062 22,978 26,129 22,795

Total liabilities 214,006 204,242 197,988 224,153 244,369

Paid-up capital 8,388 8,428 8,468 8,468 8,468

Capital surplus 9,204 9,281 9,356 9,356 9,356

Other components 955 1,091 906 906 906

Retained earnings 16,946 17,882 19,199 21,198 23,565

Total equity of the company 35,493 36,682 37,929 39,928 42,295

Minority interest 255 229 227 351 495

Total equity 35,748 36,911 38,156 40,279 42,790


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Key Financial Ratios

2013 2014 2015 2016E 2017E

Growth

Gross loans (%) 12.8 -3.1 -3.5 12.0 10.0

Net interest income growth (%) 17.4 6.8 6.0 5.3 12.9

Non-net interest income growth (%) 34.4 -15.5 12.2 12.0 12.0

Pre-provision profit (%) 36.6 -16.6 13.7 7.7 9.0

Net profit (%) 30.3 -38.1 21.3 13.8 16.7

Profitability

NIM (%) 3.7 3.9 4.3 4.4 4.5

Cost to income (%) 46.5 54.3 51.9 52.0 53.5

Credit cost (bps) 125.0 171.0 177.3 170.0 150.0

ROA (%) 1.8 1.1 1.4 1.5 1.6

ROE (%) 12.9 7.6 8.9 9.7 10.7

EPS (Bt) 5.3 3.3 3.9 4.5 5.2

BVPS (Bt) 42.5 43.6 44.8 47.2 50.0

DPS (Bt) 2.7 1.9 2.1 2.4 2.8

Asset quality

Gross NPL ratio (%) 3.8 5.6 5.8 5.5 5.0

Coverage (%) 100.0 80.5 91.9 98.5 113.4

Capital

Tier 1 capital (%) 13.1 14.8 14.6 14.9 14.7

CAR (%) 13.7 15.2 16.5 16.8 16.4

D/E (x) 6.0 5.5 5.2 5.6 5.7

Liquidity

Loans to deposits (%) 130.1 139.2 170.3 167.4 167.4

Market

P/E (x) 7.9 12.8 10.7 9.4 8.0

P/BV (x) 1.0 1.0 0.9 0.9 0.8

Dividend yield (%) 6.3 4.4 5.0 5.8 6.7

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CG Report

Corporate Governance Report 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 evaluation 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, Asia wealth Securities Company

Limited does not conform nor certify the accuracy of such survey result.

Score Range Number of Logo Description 90 – 100 80 – 89 70 – 79 60 – 69 50 – 59

Below 50

No logo given

Excellent Very Good

Good Satisfactory

Pass N/A

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

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP BMCL BOL BROOKBWG CENTEL CFRESH CHO CIMBT CM CNT COL CPF CPI CSL DCC DELTADEMCO ECF EE ERW GBX GC GFPT GLOBAL GUNKUL HEMRAJ HOTPOT HYDRO ICCICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO MBK MC MEGAMFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP PDI PEPG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS S&JSABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNPSPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSPTCAP TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TKTKS TMI TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUETSC TSTE TSTH TTA TTCL TTW TU TVD TVO TWPC UAC UT UVVNT WAVE WINNER YUASA ZMICOVNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCOAQUA AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHIBKD BTNC CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSCCSP CSS CTW DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTHFPI FSMART FSS FVC GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECHIEC IFEC IFS IHL IRCP ITD JSP JTS JUBILE KASET KBS KCAR KGIKKC KTIS KWC KYE L&E LALIN LHK LIT LIVE LST M MAJOR MAKROMATCH MATI MBKET M-CHAI MFC MILL MJD MK MODERN MOONG MPG MSC MTIMTLS NC NOK NUSA NWR NYT OCEAN PACE PATO PB PCA PCSGH PDGPF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL PYLON QLT RCIRCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP SEAOIL SIRISKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY STPISUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TICTIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR UMI UP UPFUPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO

Source: Thai Institute of Directors (IOD)

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2015.

11


CG Report

ขอมล Anti-Corruption Progress Indicator ของบรษทจดทะเบยน

ระดบ 1ACD AEONTS AFC AIRA AJ ALUCON AMC AQUA ARIP AUCT BAT-3K BIG BJCBLISS BMCL BOL BRR BSBM CBG CCET CCN CGD CMR CPH CSC CSPCTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART GIFT GLANDGRAND GUNKUL HFT HTECH IHL ILINK ITD JSP KDH KTIS KTP LEE LSTMAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NNCL NWR OHTLPICO PK PL PPM PRAKIT PRECHA PRIN PSTC PYLON RAM RICH RS SANKOSAUCE SAWAD SAWANG SCN SEAFCO SF SHANG SIRI SMART SMM SOLAR SPACK SPGSPPT SPVI STA STAR SVH SVOA SWC TAPAC TC TCCC TCJ TCOAT THTKS TNH TNPC TPA TPAC TPOLY TRC TRUBB TSE TTA TTI TTL TTTMTWP TWZ U UMS UPA UPOIC UTP UVAN VARO VI VIBHA VIH VTEWG

ระดบ 22S ABICO AF AKP AMARIN AMATA AOT APCO AYUD BEAUTY BFIT BH BKDBLAND BTNC CCP CI CSR CSS EFORL EPCO FE FNS FVC GEL GLOBALHEMRAJ IEC IFS INET JUTHA KASET KCAR KKC KSL L&E LALIN LTX MMALEE MBK MBKET MEGA MK MPG MTLS NCH NCL NPP OCC OCEAN PBPCA PRINC QH ROCK RPC S&J SGP SIAM SIS SKR SMG SMIT SORKONSUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPP TRT TRU TRUETSC TSI TTW TVD TVO UKEM UNIQ UWC VNG WIIK WIN XO

ระดบ 3AABC ACAP ADVANC AEC AGE AH AIE AMANAH ANAN AP APCS APURE ASASIA ASIAN ASIMAR BIGC BROOK BTS BWG CEN CENTEL CFRESH CHARAN CHO CHOTICM CNT COL CPALL CPF CPI CPL DELTA DEMCO DIMET DNA DTAC EAECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT ICC ICHI IFECINOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH MAKROMC MCOT MFC MFEC MINT MJD MONO MOONG NBC NDR NINE NMG NSINTV OGC PACE PCSGH PDI PG PHOL PLAT PPS PR PRANDA PREB PSQLT RATCH RML ROBINS ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SINGERSITHAI SMK SMPC SPALI SPC SPCG SPI SRICHA SSI STANLY SUPER SVI SYMCSYNEX SYNTEC TASCO TCMC TFI THAI THRE THREL TICON TKT TLUXE TNL TPCORPTMILL TMT TSTE TSTH TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHAZMICO

ระดบ 3BAAV AHC AI AIT AKR ARROW ASK BA BDMS BEC BECL BJCHI BUICGH CHG CHOW CIG CITY CK CKP COLOR CWT EARTH EASON EPG F&DFANCY FIRE FMT FORTH GENCO GL GOLD GPSC GRAMMY HYDRO IRCP IT JCTKCM KWC LH LIT LOXLEY MACO MANRIN MATI MODERN MSC NOBLE NOK NPKNUSA OISHI OTO PAF PAP PATO PF PJW PLANB PLE POLAR PRG PTLQ-CON QTC RCI S11 SALEE SAM SAMART SAMTEL SAPPE SC SCP SFP SIMSLP SMT SPA SPORT SSC SST STEC STPI SUC SUTHA T TAE TBSPTCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT TOPP TPC TPCHTPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT UV VPOWAVE WINNER YUASA

ระดบ 4ASP BAFS BANPU BAY BBL BKI BLA CIMBT CNS CSL DCC DRT DTCEASTW ECL EGCO ERW FSS GCAP HANA HTC INTUCH IRPC IVL KBANK KCEKGI KKP KTB LANNA LHBANK MTI NKI PSL PTG PTTEP SABINA SCB SNCSNP SSF SSSC TCAP THCOM TISCO TIMB TMD TNITY TOG

ระดบ 5BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

ไมเปดเผยหรอไมมนโยบายA ACC AJD AQ BCH BGT BROCK BSM BTC CHUO CPR CRANE EICFER JMART JMT KAMART KBS KIAT LDC MBAX MCS METCO NEW NEWS NYTPAE PDG PERM PMTA POST RCL RICHY ROH S SIMAT TCB TR TSFTVT WORKหมายเหตระดบ 1 : มนโยบายระดบ 2 : ประกาศเจตนารมณระดบ 3 : มมาตรการปองกน ซงทง 2 กรณ ถอเปนผลการประเมนในระดบเดยวกน

3A : บรษทมการประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค3B : บรษทมค ามน และนโยบายของบรษท แตมไดประกาศเจตนารมณเขารวมโครงการ CAC หรอภาค

ระดบ 4 : ไดรบการรบรองระดบ 5 : ขยายผลสผท เกยวของ

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12 Please see disclaimer on last page

This report has been prepared by Asia Wealth Securities Company Limited (“AWS”). The information herein has been obtained from sources believed to be reliable and accurate, but AWS makes no representation as to the accuracy and completeness of such information. AWS does not accept any liability for any loss or damage of any kind arising out of the use of such information or opinions in this report. Before making your own independent decision to invest or enter into transaction, investors should study this report carefully and should review information relating. All rights are reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of AWS. Investment in securities has risks. Investors are advised to consider carefully before making decisions.

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Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,

Pathumwan Bangkok 10330

02-680-5000 02-680-5111

Silom 191 Silom Complex Building,21st Floor Room 2,3-1 Silom Rd.,

Silom, Bangrak, Bangkok, 10500 Thailand

02-630-3500 02-630-3530-1

Asok 159 Sermmitr Tower, 17th FL. Room No.1703, Sukhumvit 21

Road, Klong Toey Nua, Wattana, Bangkok 10110

02-261-1314-21 02-261-1328

Pinklao

7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr., Room

No.1605-1606 Baromrajachonnanee Road, Arunamarin,

Bangkoknoi, Bangkok 10700

02-884-7333 02-884-7357,

02-884-7367

Chaengwattana

99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2204 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2300 02-8353014

Chaengwattana 2

9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2203 Chaengwattana Road, Bang Talad, Pakkred,

Nonthaburi 11120

02-119-2388 02-119-2399

Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad Road,

Bangkaew Bangplee, Samutprakarn 10540

02-106-7345 02-105-2070

Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang District,

Rayong Province 21000

038-808200 038-807200

Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen

40000

043-334-700 043-334-799

Chonburi 44 Vachiraprakarn Road, Bangplasoi, Muang Chonburi, Chonburi

20000

038-274-533 038-275-168

Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-

District, Meung District, Chachoengsao 24000

038-981-587 038-981-591

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