SET News 6/2017

February 9, 2017

SET market report for January 2017

- SET Index closed at 1,577.31 points, up 2.2 pct from end-2016.

- Average daily securities trading value at THB 58.39 bln, rising 31.64 pct y-o-y - Market cap at THB 15.9 trillion, a 2.25 pct rise from end-2016 - Foreign investors were net buyers with trading in Thai shares at THB 6.20 bln. BANGKOK, February 9, 2017 - The Stock Exchange of Thailand (SET) Index ended January at 1,577.31, up 2.2 percent compared to the end 2016. Similar to the other regional markets, foreign capital flow into Thailand was underpinned by such global factors as the U.S. economic policy, The UK’s strategic plan after Brexit, China’s measures to boost liquidity, and Japan's exports rise for the first time in 15 months in December, 2016. At the end of January, the combined market capitalization of SET and Market for Alternative Investment (mai) was at THB 15.9 trillion (USD 454.29 billion), a 2.25 percent increase from the end of last year. The average daily trading value of SET and mai in January was THB 58.39 billion, rising 31.64 pct y-o-y. Key highlights for January Securities: - SET Index ended January at 1,577.31 points, up 2.2 pct from end-2016. - Market capitalization of SET was at THB 15.52 trillion, up 2.91 percent from end-2016, while market valuation of mai was at THB 335.87 billion, down 21.04 percent from end-2016, partly due to the move of Energy Absolute pcl (EA) from mai to SET in early January. - Forward P/E ratio of SET was 14.66 times, while mai's was 37.72 times. - Dividend yield ratio of SET was at 3.07 percent at the end of the month, while mai's was at 1.41 percent. - In January, average daily trading value of SET and mai rose 31.64 percent from the same period a year earlier to THB 58.39 billion (USD 1.67 billion). - Foreign investors were net buyers of Thai shares in January at THB 6.20 billion. - In January, listed companies raised funds through equity worth a combined THB 15.12 billion from the secondary market. Derivatives: - The average derivatives trading volume was 311,200 contracts per day in January, rising 9.12 percent from the average daily trading volume in 2016.

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“SET… You Grow, We Groom”

Members of the media please contact the Corporate Communications Dept.: Arada Kultawanich tel: +66 (0) 2009 9483 / Darawan Maleesri tel: +66 (0) 2009 9484 / Kanokwan Khemmalai tel: +66 (0) 2009 9478.

Thai bourse market report for January 2017

February 9, 2017

Net buy / sellYearly 6 months Quarterly Monthly

2014 2015 2016 H1/16 H2/16 4/2015 3/2016 4/2016 2016 2017Nov Dec Jan

Foreign net trading value into regional stock marketsUnit: million USD, Data as of Jan 31, 2017

SET in the regional context

2014 2015 2016 H1/16 H2/16 4/2015 3/2016 4/2016 Nov Dec JanTHAILAND -1,091 -4,372 2,240 1,038 1,203 -1,300 2,748 -1,545 -1,044 13 179INDONESIA 3,766 -1,580 1,259 984 274 -695 1,641 -1,367 -919 -273 -73PHILIPPINES 1,256 -1,194 83 641 -557 -321 111 -668 -383 -191 6VIETNAM 136 100 -345 -79 -266 -62 -152 -114 -68 -50 26TAIWAN 13,190 3,384 10,956 6,245 4,712 249 8,017 -3,305 -3,244 1 1,844INDIA 16,118 3,274 2,903 2,956 -53 -334 4,554 -4,607 -2,611 -1,250 -73KOREA 5,684 -3,580 10,480 3,349 7,131 -4,011 6,065 1,066 -436 1,245 1,250

Source: Bloomberg Note: excludes mai

2

SET in the regional contextUnit: net flow (billion THB); Data as of Jan 27, 2017Foreign net flow into Thai bond and equity markets

Net flowYearly Quarterly Monthly Weekly

2014 2015 2016 2/2016 3/2016 4/2016 2016 9-13 Jan 16-20 Jan 23-27 JanNov Dec 1-27 JanGovernment bond

Sources: SETSMART, Thai BMA and BOT3

Government bond (LB+TB) 29.7 -71.8 16.4 27.6 21.4 -22.8 -21.6 -4.8 19.5 5.3 19.2 -6.1Central bank bond -53.9 -40.4 46.8 28.7 -9.5 -75.1 -48.5 3.7 2.5 1.0 3.3 -1.5Equity -35.7 -155.6 78.5 17.6 97.3 -54.7 -36.9 0.3 7.4 1.7 -0.5 -0.7THB/USD (average) 32.48 34.25 35.28 35.29 34.84 35.40 35.37 35.79 35.50 35.48 35.38 35.26THB/USD (end of period) 32.91 36.03 35.83 35.12 34.59 35.83 35.70 35.83 35.28 35.43 35.37 35.28

SET in the regional context

-17.1 -6.9 -6.8 -2.10.3 3.8

-0.70.9 8.6 12.8 13.4 18.1 20.5

-11.3 -3.0 -1.6 -0.10.4 0.4 1.9 3.3 8.6 11.0 14.8 15.3 19.8

China Malaysia Philippines Singapore Hong Kong Japan India Korea MSCI EM Taiwan Vietnam Indonesia Thailand

USD Local currency2016 Stock index change (%YoY)Unit: percent; (end of Dec 2015 - Dec 30, 2016)

4Source: Bloomberg; * MSCI EM = MSCI Emerging Markets Index

2.8 1.3 3.16.8 5.6 4.3 3.3 4.6 5.7 5.4 5.3

8.56.1

-0.4 0.0

1.8 2.0 2.1 2.2 2.4 3.9 4.9 5.4 5.7 5.8 6.2

Japan Indonesia Malaysia Korea Taiwan Thailand China India Vietnam MSCI EM Philippines Singapore Hong Kong

USD Local currencyStock index change (%YTD)Unit: percent; (end of Dec 2016 - Jan 31, 2017)

-17.1China Malaysia Philippines Singapore Hong Kong Japan India Korea MSCI EM Taiwan Vietnam Indonesia Thailand

Stock index movement (in local currency)Data as of Jan 31, 2017; rebased end-2016 = 100110 Singapore

PhilippinesVietnam

110 MSCI asia ex Japan

MSCI frontier merkets

SET in the regional context

Source: Bloomberg

90

100

31 Dec 1

6

10 Jan 1

7

20 Jan 1

7

30 Jan 1

7VietnamThailandMalaysiaIndonesia

90

100

31 Dec 1

6

10 Jan 1

7

20 Jan 1

7

30 Jan 1

7

merketsMSCI emerging marketsMSCI world index

Thailand

5

11.07

9.88

11.16

12.12

11.40

12.99

14.06

15.76

16.35

13.22

26.12

11.80

12.15 14.8

6

14.98

13.93 16.23

17.48

16.37

17.40

16.02 27.5

6

9.67 11.72

13.42

13.55

14.09

14.31

14.75

15.79

17.26

14.66

37.72

Korea Hong Kong China Taiwan Singapore Vietnam Indonesia Malaysia Philippines SET mai

Jan 31, 2016 Dec 30, 2016 Jan 31, 2017Unit: timesForward P/E of Thailand and regional comparisons

SET in the regional context

Average of 9 countries as of Jan 31, 2017 is 13.84

9.61 12.09

13.51

11.80 17.7

2

14.02

13.93 19.9

2 27.62

17.73

51.47

12.20

12.22 16.50

15.91

16.52

17.61

18.37

18.63 24.23

16.74 63.2

7

12.94

13.10

16.01

16.32

16.86

18.19

18.97

19.66 23.86

17.11

Hong Kong Singapore Taiwan Vietnam Malaysia China Korea Philippines Indonesia SET mai

Jan 31, 2016 Dec 30, 2016 Jan 31, 2017

Korea Hong Kong China Taiwan Singapore Vietnam Indonesia Malaysia Philippines SET mai

Source: Bloomberg, *Historical P/E of SET and mai from SETSMARTForward P/E Ratio : The measure of the price-to-earning ratio (P/E) using forecasted earnings for the next 12 months from analyst consensus in Bloomberg data base.Historical P/E Ratio: The measure of the price-to-earning ratio( P/E) using trailing 12 months earning in the calculation.

Average of 9 countries as of Jan 31, 2017 is 17.32

6

Unit: timesHistorical P/E of Thailand and regional comparisons

92.42

25

3.09

4.26

4.39 4.56

4.14

3.52

3.20

2.97 3.70

3.76 3.96

3.16

3.14

3.24 3.49

3.55 3.88

3.07

Jan 31, 2016 Dec 30, 2016 Jan 31, 2017

Market Dividend YieldUnit: percent

SET in the regional context 2.11

1.48 2.25

2.05

1.32 1.56

1.57 1.81

1.89

1.26 1.55

1.67

1.75

1.78

1.41

Indonesia Korea China Philippines Malaysia Vietnam Hong Kong Singapore Taiwan SET mai

Source: BloombergMarket dividend yield : Previous 12-month dividend value divided by market capitalization at the end of the month.

7

Average of 9 countries as of Jan 31, 2017 is 2.67%

80.961.731.9

1,354.0

1,124.6698.8 698.8

Share turnover velocity** (2012 - Dec 2016) Unit: percent

Average daily turnover* (2012 - Dec 2016)Unit: million USD

SET in the regional context

31.9 27.126.9 20.926.9 19.214.5 11.8

2012 2013 2014 2015 2016 Aug16

Sep16

Oct16

Nov16

Dec16

Thailand Singapore Malaysia Indonesia Philippines

698.8 698.8434.8321.8374.6 346.6

151.5 118.42012 2013 2014 2015 2016 Aug

16Sep16

Oct16

Nov16

Dec16

Thailand Singapore Malaysia Indonesia Philippines

8

Source: World Federation of Exchanges (WFE).* Average daily turnover calculates by trading value / number of business days** The turnover velocity is the ratio between the Electronic Order Book (EOB) turnover of domestic shares and their market capitalization. The value is annualized by multiplying the monthly average by 12.

5,8213,193

1,561

Domestic Market CapitalizationUnit: billion USD; data as of end-Dec 2016 (...%) Percentage change (MoM); Nov 2016 - Dec 2016

Number of Listed CompaniesUnit: companies; data as of end-Dec 2016(…) Change (MoM); Nov 2016 - Dec 2016

SET in the regional context

Source: World Federation of Exchanges (WFE).* Bombay SE 9

1,973911 903 757 656 537 265

India*

Hong K

ong

Taiwan

Malays

ia

Singapo

re

Thailan

d

Indones

ia

Philippi

nes

1,561862 650 437 434 363 240

Hong K

ong India*

Taiwan

Singapo

re

Thailan

d

Indones

ia

Malays

ia

Philippi

nesvv(-3.0%) (0.1%) (1.4%) (-61) (+16) (+1)(0.2%) (0.3%) (3.2%) (+3) (0) (-2)(MoM) (+2)(1.6%) (+1)(5.3%)

Domestic Market Capitalization (%YoY)

SET in the regional context Unit: percent; (end of Dec 2015 - Dec 2016)

-5.2%

0.3% 0.4% 1.5% 3.0%15.7% 22.8% 25.4%

-1.9%0.3% 6.1% 2.3% 5.8% 11.2% 18.1% 23.0%

Malaysia Hong Kong Philippine Singapore India Taiwan Indonesia Thailand

USD Local currency

Source: World Federation of Exchanges (WFE).* Bombay SE 10

-3.0%

0.1% 0.2% 0.3% 1.4% 1.6% 3.2% 5.3%

-3.0% -0.6% -0.4%0.3% 1.0% 1.2% 2.4% 3.2%

Hong Kong India Taiwan Singapore Philippine Malaysia Thailand Indonesia

USD Local currency

Domestic Market Capitalization (%MoM)Unit: percent; (end of Nov 2016 - Dec 2016)

-5.2%Malaysia Hong Kong Philippine Singapore India Taiwan Indonesia Thailand

Initial Public Offering raising fund in ASEAN-5 Market (million USD; Data as of Dec 2016)

6,522 5,196

4,024 4,350

2013 2014 2015 2016*

SET in the regional context

11

2,835 1,669 1,369

4,024 2,550

1,251 768 316

4,350

319 1,312 878 116

1,504 1,659 299 1,043 1,017

Thailand Singapore Malaysia Indonesia Philippines

Source: Bloomberg, The Stock Exchange of ThailandNote: In 2016, 2 Large IPO in Singapore from Frasers Logistics & Industrial REIT valued USD 664 million and Manulife US REIT valued USD 470 million

16,400 9,723 5,697 4,358 2,818Accumulated 4 years IPO value

90

110 INDUSTECHFINCIALRESOURCCONSUMPPROPCONSETSET50

SET index classified by industry

Market Activities(Data as of Jan 31, 2017; rebased end-2016 = 100)

Weight Mkt cap.2014 2015 2016 Nov 16 Dec 16 Jan 17 Jan 17

SET 15.3 -14.0 19.8 1.0 2.2 2.2 100%SET50 13.3 -18.7 18.6 0.7 2.3 2.0 63%

Industrial -14.3 -9.7 33.6 5.5 3.8 6.3 5%Technology 22.0 -34.5 7.5 -2.0 2.7 4.1 10%Financial 27.9 -22.3 17.7 2.2 3.0 3.3 17%Resource -2.3 -20.7 38.5 1.5 4.5 3.1 19%

Consumption 40.9 -18.3 6.2 -1.3 1.4 3.0 1%Property 18.8 -0.9 4.0 -1.6 1.6 2.4 16%Service 22.8 2.9 20.7 2.1 -0.4 -0.2 24%

Agro & Food 8.7 -13.2 36.3 0.2 2.5 -0.2 7%

%YoY %MTD

90 SET50SERVICEAGRO

Source: SETSMART

SET index classified by industryUnit: percent

12

12,282,7

55

15,079,2

7215,5

17,973

12,415,0

2112,7

15,608

13,407,0

6513,3

74,797

13,566,1

1813,7

92,013

14,686,0

7414,9

62,071

14,364,5

8514,5

89,797

14,742,7

7115,0

79,272

15,517,9

73

1,288 1,543 1,577 1,301 1,332 1,408 1,405 1,424 1,445 1,524 1,548 1,483 1,496 1,510 1,543 1,577

1006001,1001,600

05,000,000

10,000,00015,000,00020,000,000

2015

2016

2017

(YTD)

Jan 16

Feb 16

Mar 16

Apr 16

May 16

Jun 16 Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

SET Market capitalization and SET index Unit: Market cap.(million THB) (LHS); Index (RHS)

Market ActivitiesSET Market Cap Index

High 15,685,434(Jan 26, 17) 1,591.00(Jan 26, 17)Low 15,281,890(Jan 4, 17) 1,554.88(Jan 19, 17)Average 15,474,872%YTD 2.91% 2.23%

2017 (YTD)

2015

2016

2017

(YTD)

Jan

Feb

Mar

Apr

May

Jun Jul Aug

Sep

Oct

Nov

Dec

Jan

323,478

425,364

335,866

314,634

310,652

326,123

331,509

330,531

337,010

382,584

378,830

362,722

379,484

394,945

425,364

335,866

523 616 646 509 500 518 525 524 527 589 585 552 576 599 616 646

50150250350450550650750

0100,000200,000300,000400,000500,000

2015

2016

2017

(YTD)

Jan 16

Feb 16

Mar 16

Apr 16

May 16

Jun 16 Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

mai Market capitalization and mai index

Source: SETSMART13

Unit: Market cap.(million THB) (LHS); Index (RHS)%YTD 2.91% 2.23%

mai Market Cap IndexHigh 436,825

(Jan 5, 17)646.02

(Jan 31, 17)Low 322,678

(Jan 19, 17)490.09

(Jan 4, 17)Average 339,482%YTD -21.04% 4.83%

2017 (YTD)

616.27 646.02518.40 527.35 551.74

616.27 576.21 598.74 616.27 646.02

400500600700800

8,00010,00012,00014,000

50,245 55,36745,168 44,910

58,101 52,45361,456 55,256 55,367

1,542.941,577.31 1,407.70 1,444.99 1,483.211,542.94 1,495.72 1,510.24

1,542.941,577.31

1,2001,6002,000

50,00060,00070,00080,000

SET average daily trading value and SET Index Average daily trading value SET Index at the end of period

mai average daily trading value and mai Index Average daily trading value mai Index at the end of periodUnit: Trading value (million THB (LHS); Index (RHS) Unit: Trading value (million THB) (LHS); Index (RHS)

Market Activities

2,281 3,0211,371 1,902 3,203 2,631 2,083 2,559 3,258 3,021

0100200300400

02,0004,0006,0008,000

2016

2017

(YTD)

Q1/201

6

Q2/201

6

Q3/201

6

Q4/201

6

Oct 16

Nov 16

Dec 16

Jan 17

45,168 44,910 52,45340,366

0400800

20,00030,00040,00050,000

2016

2017

(YTD)

Q1/201

6

Q2/201

6

Q3/201

6

Q4/201

6

Oct 16

Nov 16

Dec 16

Jan 17

(THB million) 2016 2017(YTD) H1/2016 H2/2016 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Oct 16 Nov 16 Dec 16 Jan 17Average daily trading value (SET and mai) % YOY 52,52618.56% 58,38831.64% 46,669-2.16% 58,19441.60% 46,540-14.40% 46,81215.42% 61,30346.60% 55,084-10.15% 63,54047.05% 57,81551.04% 43,6244.72% 58,38831.64%

Source: SETSMART 14

28,265 32,231 24,687 25,505 32,565 30,138 35,702 33,825 28,738 33,691 32,732 23,732 32,23113,433 14,028 11,828 11,681 16,068 14,041 15,073 15,415 17,535 16,689 14,018

11,418 14,0285,304 6,7414,731 4,779

6,067 5,606 6,928 6,436 4,992 6,567 5,6384,608

6,7415,523 5,388 5,294 4,8466,604 5,299 6,636 6,584 6,597 6,592 5,426

3,8655,388

Average daily trading value and trading proportion classified by investor typesUnit: million THB

Average daily

Market Activities

15

53.81% 55.20% 53.05% 54.48% 53.12% 54.71% 55.49% 54.33% 49.67% 53.02% 56.62% 54.40% 56.14%25.57% 24.03% 25.42% 24.95% 26.21% 25.49% 23.43% 24.76% 30.30% 26.27% 24.25% 26.17% 23.58%10.10% 11.55% 10.17% 10.21% 9.90% 10.18% 10.77% 10.34% 8.63% 10.34% 9.75% 10.56% 11.10%10.52% 9.23% 11.37% 10.35% 10.77% 9.62% 10.31% 10.57% 11.40% 10.37% 9.39% 8.86% 9.17%

2016 2017(YTD)

Q1/2016 Q2/2016 Q3/2016 Q4/2016 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17Local Investors Foreign Investors Local Institutions Proprietary Trading

Unit: percent53,52653,526 58,38858,388 46,54046,540

Average daily trading value 46,81246,812

Source: SETSMART

61,30361,303 64,33964,339 62,26062,260 57,86257,862 63,54063,540 57,81557,81555,69355,693 43,62343,623 58,38858,388

Market Activities

-13,038

6,197 3,501 3,341

Local Investors Foreign Investors Local Institutions Proprietary Trading

Unit: million THB, data as of Jan 31, 2017Net trading position classified by investor type (YTD)

Unit: million THB, data as of Jan 31, 201778,546 6,197 18,398 17,580 97,293

-54,725

34,354.15 17,643-18,145 -36,890

309 6,197

2016 2017 (YTD)

Q1/2016 Q2/2016 Q3/2016 Q4/2016 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17

Source: SETSMART 16

Local Investors Foreign Investors Local Institutions Proprietary TradingNet trading value of foreign investors

Market Activities

SET10SET11-30SET31-50

SET51-100Non SET100 and mai

Proportion of trading value by market capUnit: percent, data as of Jan 31, 2017

28% 22% 37% 30% 25% 23% 27% 19% 23% 22%21% 18%

22% 20% 22% 21% 18% 19% 16% 18%9% 12%

13% 12% 11% 8% 13% 15% 8% 12%12% 13%

11% 13% 13% 12% 12% 12% 13% 13%30% 36% 18% 25% 30% 35% 30% 36% 40% 36%

18% 17% 17% 18% 14% 22% 25% 21% 19% 17%14% 11% 20% 13% 13% 10% 8% 13% 9% 11%13% 12%

15% 13% 14% 11% 14% 9% 9% 12%8% 7%

7% 8% 10% 8% 8% 8% 7% 7%7% 8%

5% 7% 7% 8% 8% 8% 8% 8%5% 3%

6% 5% 6% 4% 5% 4% 4% 3%6% 6%

4% 5% 6% 7% 6% 7% 7% 6%29% 37% 25% 31% 31% 30% 26% 29% 38% 37%

2016 2017 (YTD) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Oct 16 Nov 16 Dec 16 Jan 17

Proportion of trading value by sector Unit: percent, data as of Jan 31, 2017

Source: SETSMART

46,540Daily average trading value (Unit: million THB) 46,81258,388 61,303

17

CommerceTransportationBankInformation & Communication Technology

Energy

Construction materialsFood & BeverageOthers

63,540 57,81555,693 43,62353,526 58,388

Market Activities

Industrial

Accumulated fund raising value 2017

Unit: million THB

Type Yearly % YoY Quarterly Monthly 2016 Jan 2016 2017 YTD 1/2016 2/2016 3/2016 4/2016 Nov 16 Dec 16 Jan 17Initial Public Offering 52,781 - - n.a. 1,356 9,195 11,062 31,168 7,961 2,665 -Secondary Offering 191,595 8,723 15,124 73.38% 13,835 74,604 93,821 9,334 2,789 5,089 15,124

Unit: million THB, data as of Jan 31, 2017Fund raising value

Source: SET18

Services412

Property14,483

Industrial Goods

229- Public Offering 1,339 - - n.a. - - - 1,339 - 1,317 -- Private Placement 12,277 6,192 15,119 144.17% 8,484 724 1,712 1,357 39 661 15,119- Convertible Bond - - - n.a. - - - - - - -- Warrant 63,705 284 5 -98.24% 1,713 51,339 7,445 3,209 471 2,183 5- Right Offering 114,272 2,247 - n.a. 3,637 22,541 84,663 3,430 2,278 927 -

Grand Total 244,375 8,723 15,124 73.38% 15,191 83,799 104,883 40,502 10,750 7,754 15,124

Number of active investors and active rate* Unit: No. of accounts (LHS); % active rate (RHS)

Market Activities

311,907 324,875 286,113 266,906 262,002 302,221 286,189 305,768 330,045 355,568 382,464 368,054 371,785 348,967 318,528

26.2% 24.9% 23.0% 21.3% 20.8% 23.8% 22.4% 23.7% 25.4% 27.2% 29.0% 27.6% 27.9% 25.9% 23.5%

0%10%20%30%40%

0200,000400,000600,000800,000

clients active rate

Source: SET; Note: 1. 12-month average 2. December info * calculated by number of active accounts / total accounts; active account is account which trade at least once a month. 19

0%02015 2016 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

2015 2016 2015 2016Dec Jan Feb Mar Apr May Jun Jul Aug** Sep Oct Nov Dec

Number of investors (accounts) 1,244,9072 1,355,6642 1,244,907 1,255,178 1,259,885 1,271,142 1,278,884 1,289,698 1,301,988 1,307,933 1,320,905 1,332,790 1,333,917 1,347,326 1,355,664% YoY of Number of accounts 13.3%2 8.9% 2 13.3% 12.6% 11.1% 10.4% 10.0% 9.7% 9.4% 8.7% 8.7% 8.3% 7.5% 7.6% 8.9%Trading Value / Accounts (Million baht)

2.87 3.27 2.81 3.32 3.19 4.00 2.60 2.65 3.38 3.26 3.58 3.46 3.42 3.64 2.74

% YoY of trading value / Accounts -10.8% 14.1% -23.4% 1.9% -1.9% 37.3% 1.8% 11.1% 21.0% 27.3% 25.6% 14.2% 7.8% 33.8% -5.9%

1 1

Market Activities224,726 235,570 204,063 188,620 185,947 215,201 204,427 215,112 237,887 258,352 281,135 273,205 274,319 257,634 257,634

16% 5% -17% -23% -30% -16% -5% 3% 9% 13% 22% 33% 34% 21% 15% -100%0%100%200%300%

0100,000200,000300,000

2015 2016 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16

Number of active internet investor’s account Unit: No. of accounts (LHS); %YoY (RHS)

1 1

Internet Trading Value Unit: million THB (LHS); %YoY (RHS)

Source: SET; Note: 1. monthly average value 2. calculated by average of monthly internet trading value / average of monthly total trading value Active internet investors is account which trade at least once a month. 20

339,746 372,805 284,933 302,406 289,088410,196

248,976 272,660 391,807 410,638 493,252 427,125 428,821 478,158320,529

-2% 10% -36% -36% -43% 10% -2% 18% 27% 37% 42% 26% 22% 56% 12% -200%-100%0%100%200%300%

0200,000400,000600,000

2015 2016 Dec 15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16% Internet trading value 20152 20162 Dec15 Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16* Sep 16 Oct 16 Nov 16 Dec 16

Comparing with total trading value (%) 37.9 34.9 34.2 34.1 34.6 33.9 33.5 33.7 35.1 35.5 36.0 33.6 33.7 37.6 36.7Comparing with trading value of local investors, excludes local institution (%)

64.0 64.9 61.5 63.9 64.6 64.6 63.0 64.3 61.7 63.9 66.3 67.6 63.6 63.4 67.5

Internet Trading Value

1 1

Fund type2015 2016 Oct 16 Nov 16 Dec 16 Jan 17Equity Fund 979,386 1,141,779 1,076,650 1,090,656 1,141,779 1,142,392 0.1% 24.9%Fixed Income Fund 2,239,040 2,508,995 2,537,973 2,510,088 2,508,995 2,520,776 0.5% 55.0%Mixed Fund 115,564 297,695 288,133 292,603 297,695 276,839 -7.0% 6.0%Property Fund 286,408 287,629 290,701 291,937 287,629 289,367 0.6% 6.3%Infrastructure fund 219,767 235,937 234,524 234,921 235,937 235,605 -0.1% 5.1%

Net asset valueEnd of year End of Month %YTD % proportion

Asset under management

Market ActivitiesUnit: million THB; as of Jan 31, 2017

Infrastructure fund 219,767 235,937 234,524 234,921 235,937 235,605 -0.1% 5.1%Others 134,796 87,511 88,093 86,361 87,511 121,652 39.0% 2.7%Total 3,974,960 4,559,545 4,516,075 4,506,567 4,559,545 4,586,632 0.6% 100.0%Domestic Equity Fund (Exclude Vayupak Fund) 519,973 619,808 571,450 579,554 619,808 609,285 -1.7% 53.3%Vayupak Fund 233,207 328,726 310,773 314,789 328,726 341,152 3.8% 29.9%Foreign Equity Fund 226,206 193,245 194,427 196,313 193,245 191,955 -0.7% 16.8%Total 979,386 1,141,779 1,076,650 1,090,656 1,141,779 1,142,392 0.1% 100.0%Long-Term Equity Fund (LTF) 277,313 337,392 306,234 308,794 337,392 331,387 -1.8% 29.0%Retirement Mutual Fund - Equity (RMFEQ) 54,209 73,467 65,378 66,456 73,467 74,476 1.4% 6.5%Trigger Equity Fund 20,610 18,859 20,732 19,837 18,859 18,540 -1.7% 1.6%Other Equity fund 394,047 383,334 373,533 380,781 383,334 376,836 -1.7% 33.0%Vayupak Fund 233,207 328,726 310,773 314,789 328,726 341,152 3.8% 29.9%Total 979,386 1,141,779 1,076,650 1,090,656 1,141,779 1,142,392 0.1% 100.0%

Equity fund classified by destination

Equity fund classified by special fund group

Source: Summation of Asset Size by Classification report, Association of Investment Management CompaniesNote: In Jan 2017, AIMC adjusted fund type of 1 Mixed funds to Others fund 21

Average daily trading contract classified by instrumentsUnit: contracts; Data as of Jan 31, 2017

2016 2017(YTD)

%YOY3 Q2/16 Q3/16 Q4/16 %QOQ4 Oct 16 Nov 16 Dec 16 Jan 17 %MOM5

SET50 Index Futures1 131,938 83,719 -36.55% 120,229 142,120 126,844 -10.75% 164,212 113,454 104,205 83,719 -19.66%SET50 Index Options 1,757 2,064 17.47% 1,358 2,305 2,008 -12.89% 2.042 2,199 1,764 2,064 17.01%Single Stock Futures 138,634 216,192 55.94% 107,834 214,386 159,796 -25.46% 188,958 146,625 145,122 216,192 48.97%

Note1 Calculate from the total volume traded during

that period, divided by the number of business days in that period.

2 Calculate by total trading volume of each instrument / number of business days of each instrument.

Market Activities: TFEX

Single Stock Futures 138,634 216,192 55.94% 107,834 214,386 159,796 -25.46% 188,958 146,625 145,122 216,192 48.97%50 Baht Gold Futures 747 601 -19.54% 659 478 1,083 126.57% 1,061 1,710 416 601 44.47%10 Baht Gold Futures1 11,154 7,915 -29.04% 11,699 10,523 10,190 -3.16% 9,785 13,690 6,745 7,915 17.35%Interest Rate Futures1 - - n.a. - - - n.a. - - - - n.a.Silver Futures1 - - n.a. - - - n.a. - - - - n.a.Brent Crude Oil Futures1 119 - n.a. 122 41 - n.a. - - - - n.a.USD Futures1 838 704 -15.99% 524 758 1,084 43.01% 1,186 1,087 980 704 -28.16%Sector Index Futures1 - - n.a. - - - n.a. - - - - n.a.Agricultural Futures6 1 5 n.a. 2 2 - n.a. - - - 5 n.a.

All Products2 285,189 311,200 9.12% 242,426 370,614 301,006 -18.78% 367,245 278,765 259,231 311,200 20.05%

Source: SETSMART

each instrument.3 Calculated from the average daily trading

volume of year 2016 with year 2017 (YTD).4 Calculated from the average daily trading

volume in Q4/2016 with Q3/2016.5 Calculated from the average daily trading

volume in January 2017 compared with December 2016.

6 TFEX ready for first agricultural trading "RSS3 Futures" on Feb 15, 2016

22

• ปัจจยัภายนอกสาํคญัต่อทศิทางของตลาดหลกัทรพัยไ์ทย• นโยบายเศรษฐกจิสหรฐัฯ (America first) สง่ผลดต่ีอดชันี

Down Jones โดยปรบัตวัเพมิขนึอย่างต่อเนอืงสูร่ะดบั 20,000 จุดซงึเป็นระดบัสงูสดุใหม ่(all time high) ภายหลงัการประกาศยกเลกิ TPP และกาํหนดใหม้กีารเจรจา NAFTA ใหม่

• องักฤษแถลงยุทธศาสตรส์นบัสนุนอุตสาหกรรมสมยัใหมภ่ายหลงัจากออกจากการเป็นสมาชกิ EU โดยภาครฐัจะสนบัสนุน

สรปุประเดน็สาํคญัในเดือนมกราคม 2560

19,80020,00020,200 US: Down Jones

Index movement

7,0007,500 UK: FTSE100

+ 0.5% YTD

- 0.6% YTD

Data as of Jan 31, 2017

23

หลงัจากออกจากการเป็นสมาชกิ EU โดยภาครฐัจะสนบัสนุนอุตสาหกรรมในเชงินวตักรรมมากขนึ การเป็นสมาชกิภาพ EU จะสนิสดุในปี 2562

• จนีออกมาตรการเสรมิสภาพคล่องในระบบการเงนิดว้ยการอดัฉีดเงนิผา่นธนาคารพาณิชย ์ทา่มกลางการคาดเดาผลจากมาตรการทางการคา้ของสหรฐัฯ ทอีาจสง่ผลกระทบต่อเศรษฐกจิจนี

• ยอดสง่ออกของญปีุ่ นในเดอืน ธ.ค.59 เพมิขนึ 5.4% ซงึเป็นการเพมิขนึครงัแรกในรอบ 15 เดอืน

19,60019,800

1-Jan 8-Jan 15-Jan 22-Jan 29-Jan6,5007,000

1-Jan 8-Jan 15-Jan 22-Jan 29-Jan

3,0003,2003,4003,600

1-Jan 8-Jan 15-Jan 22-Jan 29-Jan

CN: SHSZ300

18,000

19,000

20,000

1-Jan 8-Jan 15-Jan 22-Jan 29-Jan

JP: Nikkei

- 0.6% YTD

-0.4% YTD

+ 2.4% YTD

สรปุประเดน็สาํคญัในเดือนมกราคม 2560Exchange rate movement

(%YTD); Data as of Jan 31, 2017

2.6%2.6%

3.6%

SGDEURJPY

+ = Appreciation against USD

Commodities price movement

102030405060Crude oil

8001,0001,2001,400

Gold

2,0004,000

Rubber

+ 1.7% YTD + 5.5% YTD + 22.5%YTD

Data as of Jan 31, 2017(USD/barrel) (USD/ounce) (TOCOM rubber index)

100200300400500

Jun-16 Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Tapioca

0102030

Jun-16 Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Sugar

24

-0.4%0.8%0.9%1.3%

1.9%2.1%

2.6%

PHPIDR

CNYMYRGBPTHBSGD 1020

Jun-16 Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

8001,000

Jun-16 Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

200300400500

Jun-16 Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Thai white rice

0

1-Jun

1-Jul

1-Aug

1-Sep 1-Oct

1-Nov

1-Dec 1-Jan

+ 1.7% YTD + 5.5% YTD + 22.5%YTD

+ 2.4% YTD

(USD/metric ton) (cents/ pound) (USD/metric ton)

+ 10.7% YTD

Source: Bloomberg

+ 0% YTD

Appendix 1 Market StatisticsAs end of January 2017 2015 2016 2017 (YTD) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Nov 2016 Dec 2016 Jan 2017

SETSET Index 1,288.02 1,542.94 1,577.31 1,407.70 1,444.99 1,483.21 1,542.94 1,510.24 1,542.94 1,577.31

Market Dividend Yield (%) 3.36 3.04 2.98 3.38 3.29 3.19 3.04 3.11 3.04 2.98 Market P/E Ratio 1/ 22.57 18.55 19.12 20.65 21.96 21.76 18.55 17.96 18.55 19.12

Market P/BV 1.74 1.96 2.02 1.84 1.86 1.89 1.96 1.90 1.96 2.02 Total Turnover Value (M.Baht) 9,997,371.76 12,259,773 1,107,340 2,845,608.18 2,559,842.18 3,602,253.63 3,252,068.52 1,215,624.33 807,315.99 1,107,339.81 Daily Turnover Value (M.Baht) 41,141.45 50,245 55,367 45,168.38 44,909.51 58,100.87 52,452.72 55,255.65 40,365.80 55,366.99

Number of Listed Securities 1,646 7,207 1,905 1,709 1,781 1,838 1,879 1,916 1,879 1,905 Newly Listed Companies 22 11 - 1 - 4 6 3 1 -

Raising value of New Listed Securities (M.Baht) 2/ 179,880.20 135,864 - 4,320.00 8,148.00 31,230.00 92,166.02 16,101.60 3,013.89 - Total value of Newly Listed Securities (M.Baht) 3/ 35,306.59 46,868 - 1,080.00 8,148.00 8,783.73 28,856.51 7,695.60 851.91 -

Delisted Listed Companies 9 8 1 1 1 4 2 - 2 1 No. of Companies moved from mai to SET 3 1 1 - - 1 - - - 1 No. of Companies moved from SET to mai 1 - - - - - - - - -

Total Capitalization (M.Baht) 12,282,755 15,079,272.11 15,517,973.18 13,407,064.75 13,792,013 14,364,585 15,079,272.11 14,742,771 15,079,272 15,517,973 mai

mai Index 522.62 616.27 646.02 518.40 527.35 551.74 616.27 598.74 616.27 646.02 mai Index 522.62 616.27 646.02 518.40 527.35 551.74 616.27 598.74 616.27 646.02 Market Dividend Yield (%) 1.00 1.24 1.46 1.66 1.60 1.47 1.24 1.34 1.24 1.46

Market P/E Ratio 1/ 52.94 63.27 92.42 58.62 62.11 60.31 63.27 60.53 63.27 92.42 Market P/BV 3.29 3.82 3.35 3.18 3.19 3.43 3.82 3.57 3.82 3.35

Total Turnover Value (M.Baht) 768,097.73 556,487 60,426 86,387.58 108,421.30 198,556.69 163,120.94 56,297.19 65,161.63 60,425.60 Daily Turnover Value (M.Baht) 3,160.90 2,280.68 3,021.28 1,371.23 1,902.13 3,202.53 2,630.98 2,558.96 3,258.08 3,021.28

Number of Listed Securities 166 1,047 178 167 175 527 178 176 178 178 Newly Listed Companies 13 13 - 1 4 4 4.00 1 2 -

Raising value of New Listed Securities (M.Baht) 2/ 18,729.54 21,902 - 1,104.00 3,932.00 7,435.00 9,431.38 1,045.20 7,574.18 - Total value of Newly Listed Securities (M.Baht) 3/ 4,593.83 5,912 - 276.00 1,047.00 2,278.75 2,310.74 265.20 1,813.54 -

Delisted Listed Companies - - - - - - - - - - No. of Companies moved from mai to SET 3 1 1 - - 1 - - - 1 No. of Companies moved from SET to mai - - - - - - - - - -

Total Capitalization (M.Baht) 323,478.44 425,364.18 335,866.24 326,122.79 337,010.33 425,364.18 425,364.18 394,944.58 425,364.18 335,866.24

Appendix 1 Market StatisticsAs end of January 2017 2015 2016 2017 (YTD) Q1/2016 Q2/2016 Q3/2016 Q4/2016 Nov 2016 Dec 2016 Jan 2017

SET & maiTrading value proportion separated by investor types 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Local Investors 59.21% 53.81% 55.20% 53.05% 54.48% 53.12% 54.71% 56.62% 54.40% 55.20%Foreign Investors 22.20% 25.57% 24.03% 25.42% 24.95% 26.21% 25.49% 24.25% 26.17% 24.03%Local Institutions 9.39% 10.10% 11.55% 10.17% 10.21% 9.90% 10.18% 9.75% 10.56% 11.55%

Proprietary Trading 9.20% 10.52% 9.23% 11.37% 10.35% 10.77% 9.62% 9.39% 8.86% 9.23%Net Buying Position(M.Baht)

Local Investors 79,895.83 -104,054.06 -13,037.90 -26,756.76 -21,497.55 -58,811.23 3,011.49 22,094.92 -14,248.64 -13,037.90 Foreign Investors -155,630.70 78,545.98 6,196.65 18,398.01 17,580.17 97,293.38 -54,725.58 -36,889.64 309.35 6,196.65Local Institutions 82,133.01 132.09 3,500.57 -6,296.77 2,077.47 -41,078.31 45,429.70 9,683.00 12,070.37 3,500.57

Proprietary Trading -6,398.13 25,375.98 3,340.68 14,655.51 1,839.92 2,596.16 6,284.39 5,111.72 1,868.92 3,340.68Daily Turnover Value (M.Baht) 44,302.35 52,525.65 58,388.27 46,539.61 46,811.64 61,303.39 55,083.70 57,814.61 43,623.88 58,388.27

Total Capitalization (M.Baht) 12,606,233.14 15,504,636.29 15,853,839.42 13,733,187.54 14,129,023.30 14,789,948.76 15,504,636.29 15,137,715.61 15,504,636.29 15,853,839.42 Source: The Stock Exchange of ThailandNote:1/ Historical P/E which calculated from market price of common stock divided / earnign per share2/ Calculated from IPO Price multiplies with number of listed shares2/ Calculated from IPO Price multiplies with number of listed shares3/ Calculated from IPO Price multiplies with IPO shares