ksk_031715_92454

Kasikorn Securities Public Company Limited may be the issuer of structured notes on the securities which are the constituents of SET50 index.Please refer to the important disclosures and disclaimers at the end of this document. This publication is intended for the benefits of non-institutional clients of Kasikorn Securities pcl.

Tracking Fundamental MomentumPositive on infrastructure-oriented sectors Action and recommendation Last week, consensus turned negative again on its 2015 earnings forecasts for

Thai-listed companies, with a downward revision of 0.17% WoW to Bt103.46 per share from Bt103.75. As a result, 2015E EPS growth declined to 9.9% from 10.1% in the previous week (2014 EPS of Bt93.34). Looking at individual sectors, consensus raised 2015E earnings for the Construction services (CK), Construction Materials (DCC, SCC), and Insurance (BLA) sectors. Meanwhile, estimated earnings for the Agribusiness (GFPT), Food (CPF, CBG) and Transportation (THAI, PSL) sectors were all downgraded.

The implied SET Index target increased slightly, from 1706.57 to 1709.68 (+0.18% WoW) on the back of upgrades of the Finance (TK, SAWAD, MBKET), Construction Materials (SCC, DCC) and Construction services (ITD, SEAFCO, TTCL) sectors.

Among the stocks that consensus viewed more bullishly both in terms of earnings and target price were ITD, SEAFCO and SCC.

Key investment points Tracking Fundamental Momentum (TFM) is a quantitative analysis report that

monitors the changes in consensus earnings and target-price forecasts for companies listed on the Thai stock market on a weekly basis. We use data that has at least 3 sources, resulting in a total of 149from 140 firms in our universe.

This week we review the stocks in our universe. We add AEONTS, ASK, BA, BTSGIF, CBG, IFEC, MBKET, MK, MONO, MTLS, PYLON, RCL, SAMTEL, SAPPE, SEAFCO, SMT, TASCO, TK and TRUEIF and remove KBS, NWR, PF, PTG, RML, STA, SYMC, TAE, THRE and TPIPL.

Earnings Revisions Last week (9-13 Mar), the overall earnings revision trend for Thai-listed

companies decreased, with earnings forecasts for 2015 declining by 0.17% to Bt102.56 per share from Bt102.73 in the previous week. As a result, 2015E EPS growth slowed to 9.9% from 10.1% (Fig 1).

2015E earnings for the Construction services, Construction Materials, and Insurance sectors were all viewed more positively last week. The better earnings outlook for the Construction services sector was led by CK (+5.70% WoW). In the Construction Materials sector, consensus was more bullish on DCC (+1.17% WoW) and SCC (+0.45% WoW), while in the Insurance sector BLA saw a positive revision (+0.34% WoW) (Figs 3,5).

Looking at individual stocks, WORK, WHA, BEAUTY, MK, TRUE and AH were all revised up more than 2% (Fig 5).

The Agribusiness, Food and Transportation sectors were viewed more negatively by consensus with lower EPS estimates from the previous week. The Agribusiness and Food sector was pulled down again by GFPT, CPF and CBG. Meanwhile, consensus took a more negative view of the Transportation sector's earnings outlook, specifically those of THAI and PSL (Figs 3, 5).

Looking at individual stocks, SVI, JAS, SC and ITD were all revised down more than 3% (Fig 5).

Strategy Snapshot

Earnings Revision Trend

EPS Growth 2015

SET Index Target

Remark: Implied SET index target derived from target price

estimated by consensus, from a total 140 firms in our universe.

Analyst (s) Auayporn Meesiln [email protected]

17 March 2015 Kasikorn Securities Public Company Limited

80

100

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14

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-14

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-14

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-14

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-14

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-14

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-14

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-14

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-15

SET 2014 SET 2015 SET 2016

104.10103.82

103.12102.73 102.56

11.5%11.2%

10.5%10.1%

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-4W -3W -2W -1W 13-Mar

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ImpliedSETIndexTarget

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-1 SD From avg discount from Implied SET Index Target

+1 SD From avg discount from Implied SET Index Target

THAILAND

17 March 2015 2 Tracking Fundamental Momentum

Target Price Revision

Last week (9-13 Mar), the implied SET Index target rose by 0.18% to 1709.68 from 1706.57 in the previous week (Fig 2).

Interestingly, the SET Index (green line in the left figure) has never traded above the implied SET Index target (orange line). Under normal market conditions, the SET Index trades at an average discount (grey line), or slightly under or above the line. It has risen to the upper bound (+1SD) when investors have viewed the market optimistically and slumped to the lower bound (-1SD) when they have viewed it pessimistically.

The SET Index is currently at 1515.57 and the upper bound (+1SD) is at 1,621.37(Fig 2), with the remaining upside at 6.98% (Fig 2) suggesting limited upside for stock prices. However, we also see a limited downside risk in the SET Index at the average discount line (1,429.80) and do not expect the index to trade at the lower bound (-1SD), or at 1238.23 pts. We can see this on the first page (Strategy Snapshot, Pic 3).

Target prices for the Finance, Construction Materials and Construction services sectors were all raised. The improved outlook for the Finance sector was driven by TK, SAWAD and MBKET. The Construction Materials sector was led up by SCC and DCC, while in the Construction services sector, ITD, SEAFCO and TTCL paced the upward revisions (Figs 3, 5).

Looking at individual stocks, TRUE, SVI, RS, BEAUTY and CBG stood out, with target-price upgrades of more than 3%. Note that SVI's earnings were revised down (Fig 5).

The sectors that had their target prices cut by consensus from the previous week were Agribusiness, Food and Banking. The Agribusiness sectors downward revision was focused on GFPT. The Food sector was led down by CPF while in the Banking sector, SCB was downgraded further (Figs 3, 5).

In terms of individual stocks, SINGER, MK, SRICHA, STPI, THAI and PSL stood out with target-price downgrades of more than 4% (Fig 5).

Connection between target price and earnings Stock (target prices +, earnings+)

We believe stocks that had both their earnings and target prices revised up should outperform the market in the medium term.

TRUE, RS, and BEAUTY all saw upward adjustments of their target prices and earnings from the previous week and remaining upside. TRUEs target price increased 6.37% WoW (from Bt11.49 to Bt12.22), while its earnings were raised 2.02% WoW. RSs target price was raised by 5.09% WoW (from Bt19.00 to Bt19.97) and earnings by 0.83% WoW. Meanwhile, BEAUTYs target price was raised by 4.32% (from 42.97 to 44.83) and earnings by 2.33% (Fig 6).

Stocks (target prices +, earnings 0)

Among the stocks whose target prices were raised while their earnings were left unchanged were SEAFCO, TK and SAWAD. Their fair prices were revised up by 9.68%, 9.15% and 7.15%, respectively (Fig 6).

Stocks(target prices -, earnings -)

THAI, CPF, PSL, JAS and GFPT saw downward adjustments of both their target prices and earnings from the previous week (Fig 6).

In conclusion, this week we see the most positive momentum in ITD, SEAFCO and SCC, and the most negative momentum in THAI, CPF, PSL, JAS and GFPT.


Fig 1 Thailand Earnings Revisions 2015E Fig 2 SET Index Target and Upside

Source: Bloomberg, 13 March 2015 Source: Bloomberg, 13 March 2015

Fig 3 Earnings &Target Price Revisions by Sector Fig 4 Scatter Plot by Sector

Source: Bloomberg and KS, 13 March 2015 Source: Bloomberg and KS, 13 March 2015

Fig 5 Thailand Revisions: TOP 20 Positive and Negative Revisions

Source: Bloomberg, 13 March 2015

SET Dec-14 Jan-15 Feb-15 13-Mar

EPS 109.26 104.43 103.12 102.56

% MTD Change -1.49 -4.42 -1.25 -0.54

SET 20-Feb 27-Feb 6-Mar 13-Mar

EPS 103.82 103.12 102.73 102.56

% WoW Change -0.27 -0.67 -0.38 -0.17

Date SET Index SET Target Upside

9-Mar-15 1559.71 1706.57 9.42%

13-Mar-15 1541.55 1709.68 10.91%

Date Upper Average Lower

9-Mar-15 1618.41 1427.19 1235.98

13-Mar-15 1621.37 1429.80 1238.23

FIN 1.99% FIN 15.95% CONS 0.55% FIN 2.49%CONMT 1.44% CONMT 3.58% CONMT 0.41% ETRON 1.71%CONS 1.39% HELTH 3.30% INS 0.30% CONMT 0.78%COMUN 0.76% ETRON 2.12% HOT 0.30% STEEL 0.00%HELTH 0.71% CONS 1.68% PROP 0.05% ENERG -0.10%ETRON 0.30% ENTER 1.60% ENERG 0.03% PROP -0.13%INS 0.17% COMUN 1.32% HHOLD 0.00% HELTH -0.59%PROP 0.08% TRANS 1.30% STEEL 0.00% COMUN -0.65%TRANS 0.07% HHOLD 0.80% ETRON -0.02% BANK -0.78%HHOLD 0.00% PROP 0.08% FIN -0.04% CONS -1.02%STEEL 0.00% ENERG -0.31% AUTO -0.15% TRANS -2.02%ENERG -0.09% BANK -0.88% BANK -0.32% COM -2.42%COM -0.16% COM -1.76% HELTH -0.36% HOT -2.49%PETRO -0.19% PETRO -2.03% COMUN -0.45% HHOLD -3.06%ENTER -0.24% AUTO -2.09% PETRO -0.53% INS -3.17%AUTO -0.28% HOT -2.34% ENTER -0.66% AUTO -3.63%HOT -0.51% INS -3.17% COM -0.68% PETRO -3.76%BANK -0.66% FOOD -4.11% TRANS -0.96% ENTER -4.26%FOOD -1.55% STEEL -14.68% FOOD -1.17% FOOD -6.22%AGRI -3.35% AGRI -19.23% AGRI -2.02% AGRI -12.90%

WoW MoM WoW MoMTarget Price Earning

AUTO

BANK

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CONMT

CONS

ENERG

ENTER

ETRON

HELTH

HOT INS

PETRO

PROP

TRANS

-1.5%

-0.5%

0.5%

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-1.5% -0.5% 0.5% 1.5%

TP%chg

EPS %chg

ITD 10.49% WORK 57.29% SINGER -10.13% SIM -21.45% WORK 8.71% RCL 32.24% THAI -30.57% THAI -12700.00%SEAFCO 9.68% TK 52.34% MK -10.05% GFPT -19.23% WHA 5.73% IRPC 28.57% PSL -18.31% GRAMMY -43.69%TK 9.15% SAWAD 32.94% SRICHA -7.80% SINGER -17.70% CK 5.70% TRUE 23.93% SVI -5.11% MONO -19.00%SAWAD 7.15% KAMART 32.70% STPI -6.08% GRAMMY -17.27% BEAUTY 2.33% SMT 22.03% JAS -4.91% PSL -18.31%TRUE 6.37% SVI 26.59% THAI -5.51% SRICHA -15.47% MK 2.13% BMCL 16.13% SC -3.76% LOXLEY -16.30%SVI 5.36% MTLS 24.45% CPF -5.23% TMT -14.68% TRUE 2.02% ESSO 14.89% ITD -3.38% SIM -12.98%MBKET 5.11% KTC 19.33% PSL -4.44% CPF -12.63% AH 2.01% PYLON 13.59% CPF -3.28% GFPT -12.90%RS 5.09% JMART 17.88% JAS -3.76% STPI -12.55% AAV 1.90% TK 12.12% BCH -2.95% CPF -12.03%BEAUTY 4.32% BMCL 15.00% GFPT -3.35% THAI -12.14% ANAN 1.86% WORK 11.22% GUNKUL -2.88% OFM -10.54%CBG 3.68% SEAFCO 14.71% AIT -3.30% TTA -11.59% KCE 1.64% CK 10.97% MAKRO -2.71% DRT -10.42%TTCL 3.64% TTCL 14.58% AH -2.46% MK -10.05% MTLS 1.26% AAV 10.59% TICON -2.13% GLOBAL -10.06%TRUEIF 2.84% RS 14.21% BEC -1.99% SAMTEL -8.70% DCC 1.17% BJCHI 6.20% GFPT -2.02% TICON -9.96%SAPPE 1.77% ITD 14.08% SCB -1.88% BTSGIF -8.43% AP 1.02% MBKET 6.16% BEC -1.73% MCOT -9.09%ANAN 1.73% TRUE 12.88% PYLON -1.78% PSL -6.51% RS 0.83% TVO 5.92% ASP -1.50% WHA -8.09%SCC 1.70% BEAUTY 10.88% THANI -1.64% TICON -5.74% KKP 0.65% BEAUTY 5.72% STANLY -1.29% JAS -7.19%BTSGIF 1.65% IRPC 9.55% TICON -1.39% PCSGH -5.36% TISCO 0.52% SVI 5.69% SCB -1.15% TUF -6.51%MAJOR 1.48% ROJNA 8.61% MCOT -1.26% LHBANK -5.17% CENTEL 0.51% SIRI 5.56% DTAC -1.09% PCSGH -6.25%SC 1.47% MAJOR 8.31% THREL -1.26% THREL -4.76% SCC 0.45% SAWAD 5.00% ERW -0.88% SITHAI -6.19%MAKRO 1.42% ASK 8.26% ASP -1.22% BEC -4.53% BLA 0.34% AP 4.45% CBG -0.85% TTCL -5.84%DCC 1.40% ANAN 6.99% CPALL -1.17% ROBINS -4.38% KBANK 0.15% KTC 4.37% BH -0.82% KSL -5.77%

WoW MoM WoW MoMTarget Price Earning

WoW MoM WoW MoM


Fig 6 WoW Changes in EPS and Target prices

Source: Bloomberg, 13 March 2015

Earning

Stock TP EPS Stock TP EPS Stock TP EPS Stock TP EPSSINGER -10.13% 0.00% CENTEL -0.64% 0.51% TRUE 6.37% 2.02% CK 1.07% 5.70%MK -10.05% 2.13% THCOM -0.62% 0.10% RS 5.09% 0.83% TCAP 0.73% 0.07%SRICHA -7.80% 0.00% KBANK -0.48% 0.15% BEAUTY 4.32% 2.33% AAV 0.73% 1.90%STPI -6.08% 0.00% KKP -0.37% 0.65% ANAN 1.73% 1.86% TISCO 0.64% 0.52%AIT -3.30% 0.00% PTT -0.32% 0.10% SCC 1.70% 0.45% BLA 0.34% 0.34%AH -2.46% 2.01% IVL -0.20% 0.00% DCC 1.40% 1.17% MTLS 0.25% 1.26%PYLON -1.78% 0.00% TMB -0.16% 0.00% AP 1.22% 1.02%THANI -1.64% 0.00% BJCHI -0.06% 0.00%MCOT -1.26% 0.00% WORK 0.00% 8.71%THREL -1.26% 0.00% MINT 0.00% 0.15%SIM -1.10% 0.00% WHA 0.00% 5.73%LH -0.83% 0.00%

TP

Stock TP EPS Stock TP EPS Stock TP EPS Stock TP EPSTHAI -5.51% -30.57% CPALL -1.17% -0.46% ITD 10.49% -3.38% BAY 0.53% 0.00%CPF -5.23% -3.28% ROBINS -1.00% -0.24% SEAFCO 9.68% 0.00% BH 0.50% -0.82%PSL -4.44% -18.31% DTAC -0.79% -1.09% TK 9.15% 0.00% SPALI 0.42% 0.00%JAS -3.76% -4.91% BBL -0.55% -0.48% SAWAD 7.15% 0.00% AOT 0.40% -0.13%GFPT -3.35% -2.02% KTB -0.30% -0.04% SVI 5.36% -5.11% BTS 0.39% 0.00%BEC -1.99% -1.73% EGCO -0.23% -0.05% MBKET 5.11% 0.00% PS 0.37% -0.09%SCB -1.88% -1.15% PTTGC -0.19% -0.63% CBG 3.68% -0.85% HEMRAJ 0.27% 0.00%TICON -1.39% -2.13% BCP -0.17% -0.08% TTCL 3.64% 0.00% IRPC 0.25% 0.00%ASP -1.22% -1.50% ADVANC -0.13% -0.07% TRUEIF 2.84% -0.36% CPN 0.24% -0.05%

SAPPE 1.77% 0.00% STEC 0.22% 0.00%BTSGIF 1.65% 0.00% BIGC 0.15% -0.50%MAJOR 1.48% 0.00% BCH 0.11% -2.95%SC 1.47% -3.76% INTUCH 0.11% -0.72%MAKRO 1.42% -2.71% LPN 0.04% -0.71%TOP 1.05% 0.00% STANLY 0.00% -1.29%BDMS 0.86% 0.00% GUNKUL 0.00% -2.88%GLOBAL 0.72% -0.32% CHG 0.00% -0.19%QH 0.71% -0.49% ERW 0.00% -0.88%HMPRO 0.61% -0.31%

Target Price (-/0) Earning (+/0) Target Price (+) Earning (+)

Target Price (-) Earning (-) Target Price (+/0) Earning (-/0)


Fig 7 Comparable consensus EPS

Note: All data derived from Bloomberg Source: Bloomberg, 13 March 2015

Sector 20-Feb-15 27-Feb-15 6-Mar-15 13-Mar-15 %MOM 2016 %YoYAgribusiness 1.64 1.59 1.49 1.46 -12.90 1.65 12.96GFPT 1.64 1.59 1.49 1.46 -12.90 1.65 12.96Automotive 1.66 1.64 1.61 1.60 -3.63 1.84 14.73STANLY 16.76 16.56 16.56 16.35 -2.43 18.87 15.41SAT 1.82 1.82 1.82 1.82 -0.71 2.00 10.12AH 1.75 1.75 1.64 1.68 -4.29 1.86 10.93PCSGH 0.85 0.82 0.80 0.80 -6.25 0.94 18.62Banking 2.58 2.58 2.57 2.57 -0.78 2.88 12.10BBL 20.22 20.41 20.41 20.32 -0.28 22.10 8.79KBANK 21.39 21.35 21.36 21.39 0.01 24.33 13.75SCB 17.17 17.10 17.06 16.87 -1.77 18.56 10.06TISCO 5.75 5.75 5.75 5.78 0.38 6.37 10.10KKP 4.17 4.12 4.12 4.15 -2.17 4.98 20.00TCAP 4.41 4.41 4.41 4.42 -0.16 4.80 8.76BAY 2.70 2.68 2.61 2.61 -3.22 3.11 19.17KTB 2.62 2.61 2.62 2.61 0.04 2.94 12.39TMB 0.23 0.23 0.23 0.23 0.44 0.26 14.04LHBANK 0.10 0.10 0.10 0.10 0.00 0.11 7.14Commerce 1.08 1.07 1.07 1.06 -2.42 1.28 20.40BIGC 10.08 10.08 10.08 10.03 -0.26 11.29 12.56ROBINS 2.12 2.08 2.08 2.07 -2.45 2.53 22.10BJC 1.32 1.33 1.33 1.33 0.68 1.56 17.50OFM 1.85 1.66 1.66 1.66 -10.54 2.01 21.45CPALL 1.55 1.52 1.53 1.52 -2.94 1.94 27.60SINGER 1.28 1.28 1.28 1.28 -4.71 1.54 20.39MC 1.06 1.06 1.05 1.05 -1.32 1.21 15.69MAKRO 1.26 1.26 1.26 1.22 -3.55 1.47 20.21BEAUTY 1.21 1.21 1.25 1.28 5.72 1.58 23.67MEGA 0.81 0.84 0.88 0.88 3.77 0.91 3.75GLOBAL 0.33 0.31 0.31 0.31 -10.06 0.38 21.41HMPRO 0.32 0.32 0.32 0.32 -1.85 0.37 16.35KAMART 0.35 0.35 0.34 0.34 -2.03 0.38 10.95LOXLEY 0.23 0.23 0.19 0.19 -16.30 0.24 24.74Communication 1.68 1.67 1.68 1.68 -0.65 1.94 15.79ADVANC 13.75 13.76 13.70 13.69 -0.57 15.75 15.00DTAC 4.98 4.98 4.94 4.88 -3.59 5.41 10.74INTUCH 5.30 5.29 5.29 5.25 -1.56 6.07 15.64TRUEIF 0.84 0.84 0.84 0.84 -0.36 0.97 16.17AIT 3.53 3.53 3.53 3.53 0.68 3.85 9.18SAMART 1.96 1.92 1.92 1.92 -3.71 2.20 14.59THCOM 2.05 2.03 2.03 2.03 -0.83 2.34 15.21SAMTEL 1.43 1.46 1.46 1.46 -4.33 1.60 9.81JMART 0.93 0.91 0.91 0.91 -1.83 1.00 9.20JAS 0.61 0.61 0.61 0.58 -7.19 0.63 7.75SIM 0.23 0.23 0.23 0.23 -12.98 0.26 13.60TRUE 0.16 0.16 0.20 0.20 23.93 0.29 44.55Construction Materials 7.12 7.13 7.14 7.17 0.78 7.90 10.06SCC 32.83 32.89 33.02 33.17 1.03 36.55 10.18SCCC 24.04 24.04 24.04 24.04 0.00 26.06 8.40TASCO 6.79 6.79 6.79 6.79 0.00 7.63 12.32DCC 0.34 0.34 0.34 0.35 0.58 0.38 10.40DRT 0.38 0.38 0.34 0.34 -10.42 0.39 14.24Construction Services 0.89 0.90 0.87 0.87 -1.02 0.96 9.62BJCHI 3.99 3.99 3.99 3.99 6.20 4.20 5.26SRICHA 3.40 3.36 3.26 3.26 -4.21 3.20 -1.84STPI 2.03 2.03 1.92 1.92 -5.52 1.87 -2.66TTCL 1.53 1.53 1.44 1.44 -5.84 2.06 43.73STEC 1.03 1.02 1.02 1.02 -2.67 1.15 12.82SEAFCO 0.96 0.96 0.93 0.93 -3.04 0.97 4.97CK 0.80 0.88 0.84 0.89 10.97 1.05 17.64ITD 0.15 0.15 0.15 0.14 -2.05 0.17 20.98


Fig 7 Comparable consensus EPS


Sector 20-Feb-15 27-Feb-15 6-Mar-15 13-Mar-15 %MOM 2016 %YoYEnergy 3.55 3.55 3.55 3.55 -0.10 4.09 15.27PTT 31.77 31.64 31.55 31.58 -0.59 35.83 13.45PTTEP 8.96 8.96 8.96 8.96 -2.66 10.28 14.75EGCO 14.89 14.89 14.89 14.88 -0.51 16.04 7.78GLOW 5.98 5.98 5.98 5.98 0.00 6.03 0.87TOP 4.27 4.36 4.42 4.42 3.83 5.01 13.34RATCH 4.80 4.79 4.79 4.79 -0.17 5.53 15.40BCP 3.73 3.76 3.76 3.75 0.54 3.97 5.65BANPU 1.40 1.40 1.40 1.40 -1.82 2.12 51.71SPCG 2.32 2.33 2.33 2.33 0.26 2.85 22.34ESSO 0.40 0.40 0.43 0.43 14.89 0.53 21.76GUNKUL 0.86 0.87 0.87 0.84 -1.64 1.56 85.04DEMCO 0.96 0.96 0.94 0.94 -1.05 1.08 15.32EA 0.82 0.82 0.84 0.84 2.20 1.36 62.29TTW 0.74 0.74 0.74 0.74 -0.80 0.71 -4.05CKP 0.42 0.41 0.41 0.41 -5.71 0.47 13.80IRPC 0.20 0.20 0.20 0.20 28.57 0.30 48.99Entertain 0.69 0.67 0.67 0.66 -4.26 0.83 25.71BEC 2.40 2.39 2.37 2.33 -3.00 2.51 7.72MCOT 0.88 0.82 0.80 0.80 -9.09 0.85 6.50WORK 0.62 0.62 0.62 0.67 11.22 0.75 11.72MAJOR 1.44 1.46 1.46 1.46 1.18 1.68 15.53RS 0.60 0.61 0.60 0.60 0.00 0.90 49.17VGI 0.33 0.33 0.34 0.34 3.08 0.40 19.10MONO 0.10 0.08 0.08 0.08 -19.00 0.18 122.22GRAMMY -0.52 -0.71 -0.74 -0.74 -43.69 0.06 -92.57Electronic 2.31 2.32 2.35 2.35 1.71 2.49 5.94DELTA 5.17 5.20 5.20 5.20 0.66 5.64 8.38KCE 3.86 3.87 3.91 3.98 2.63 4.45 11.90HANA 3.16 3.17 3.15 3.15 -0.44 3.42 8.67SMT 0.89 0.89 1.08 1.08 22.03 n.m. n.m.SVI 0.30 0.32 0.33 0.32 5.69 0.39 22.15Finance 1.10 1.11 1.12 1.12 2.49 1.30 16.54AEONTS 10.37 10.37 10.37 10.37 -0.05 11.76 13.50KTC 7.57 7.73 7.73 7.73 4.37 8.77 13.36ASK 2.31 2.31 2.31 2.31 0.00 2.55 10.39MBKET 2.06 2.06 2.19 2.19 6.16 2.29 4.57SAWAD 1.08 1.10 1.11 1.11 5.00 1.47 31.72TK 0.55 0.62 0.62 0.62 12.12 0.82 31.77THANI 0.34 0.34 0.34 0.34 0.00 0.42 23.74ASP 0.46 0.46 0.47 0.46 -0.65 0.51 11.52MTLS 0.39 0.40 0.40 0.40 3.08 0.52 30.10Food 1.41 1.40 1.33 1.32 -6.22 1.51 14.64TUF 1.44 1.43 1.35 1.35 -6.51 1.56 15.79OISHI 3.31 3.31 3.31 3.31 0.00 1.80 -45.62M 2.63 2.62 2.62 2.62 -0.23 2.97 13.31TVO 1.99 1.99 1.99 1.99 5.92 2.09 5.03CPF 1.75 1.75 1.59 1.54 -12.03 1.87 21.82SAPPE 1.51 1.51 1.56 1.56 2.78 1.78 14.28KSL 0.50 0.48 0.47 0.47 -5.77 0.43 -9.28CBG 1.41 1.41 1.41 1.40 -0.85 1.60 14.29MINT 1.39 1.36 1.35 1.35 -3.23 1.58 16.83PM 0.81 0.81 0.81 0.81 0.37 0.89 9.88ICHI 1.05 1.05 1.04 1.04 0.19 1.15 10.47CFRESH 0.96 0.96 0.96 0.96 0.00 1.22 26.69Health Care 0.66 0.66 0.66 0.66 -0.59 0.76 16.23BDMS 0.50 0.48 0.47 0.47 -0.18 0.65 36.50BH 1.41 1.41 1.41 1.40 -0.40 4.92 251.29CHG 1.39 1.36 1.35 1.35 -2.06 0.61 -55.00BCH 0.81 0.81 0.81 0.81 -5.40 0.33 -59.75


Fig 7 Comparable Consensus EPS


Sector 20-Feb-15 27-Feb-15 6-Mar-15 13-Mar-15 %MOM 2016 %YoYHome Products 0.28 0.28 0.28 0.28 -3.06 0.49 78.04MODERN 0.64 0.64 0.64 0.64 -1.53 0.67 4.20SITHAI 0.23 0.22 0.21 0.21 -6.19 0.26 22.64IFEC 0.22 0.22 0.22 0.22 0.00 0.77 254.84Hotel/Tourism 0.49 0.49 0.49 0.49 -2.49 0.62 26.25CENTEL 1.18 1.18 1.17 1.18 -2.32 1.43 21.48ERW 0.12 0.12 0.11 0.11 -3.45 0.17 53.57Insurance 2.26 2.19 2.18 2.19 -3.17 2.86 30.79BLA 2.78 2.69 2.68 2.69 -3.59 3.56 32.37THREL 0.77 0.78 0.78 0.78 1.04 0.90 15.38Petrochemicals 3.60 3.56 3.56 3.54 -3.76 4.01 13.34PTTGC 6.27 6.19 6.19 6.15 -4.44 6.84 11.13IVL 1.09 1.09 1.09 1.09 0.00 1.36 25.05Property 0.75 0.75 0.75 0.75 -0.13 0.83 10.87PS 3.25 3.25 3.25 3.25 -0.28 3.53 8.46SPALI 2.89 2.90 2.90 2.90 0.28 2.97 2.38LPN 1.98 1.97 1.97 1.95 -2.20 2.16 10.50CPN 1.91 1.91 1.90 1.90 -0.26 2.22 16.55TICON 1.38 1.32 1.27 1.24 -9.96 1.32 6.21WHA 1.71 1.67 1.48 1.57 -8.09 1.75 11.61AMATA 1.30 1.31 1.31 1.31 -0.31 1.52 16.30AP 0.85 0.86 0.88 0.89 4.45 0.95 6.61LH 0.65 0.66 0.66 0.66 1.53 0.76 14.78SF 0.64 0.64 0.64 0.64 0.00 0.73 14.89ROJNA 0.47 0.47 0.47 0.47 0.00 0.40 -15.60PYLON 0.54 0.54 0.61 0.61 13.59 0.68 11.48MK 0.47 0.47 0.47 0.48 2.13 0.50 4.17SC 0.45 0.45 0.45 0.44 -2.47 0.50 14.25QH 0.41 0.41 0.41 0.41 -1.21 0.46 12.50ANAN 0.37 0.38 0.38 0.38 4.07 0.48 24.22HEMRAJ 0.35 0.34 0.34 0.34 -1.16 0.37 7.02SIRI 0.22 0.22 0.23 0.23 5.56 0.25 10.53Steel 0.99 0.99 0.99 0.99 0.00 1.22 22.98TMT 0.99 0.99 0.99 0.99 0.00 1.22 22.98Transportation 0.57 0.58 0.57 0.57 -2.02 0.73 29.24AOT 10.66 10.68 10.68 10.66 0.10 12.34 15.70BTSGIF 0.65 0.65 0.65 0.65 0.31 0.72 10.15BECL 3.72 3.74 3.74 3.74 0.76 3.91 4.52NOK 1.41 1.41 1.41 1.41 3.76 1.68 19.40TTA 1.04 1.06 1.05 1.05 0.57 1.07 1.90RCL 0.58 0.70 0.77 0.77 32.24 0.76 -1.56BA 1.01 1.01 1.02 1.02 0.79 1.40 37.33NYT 0.82 0.82 0.80 0.80 -2.43 0.97 20.42AAV 0.34 0.36 0.37 0.38 10.59 0.42 12.77PSL 0.28 0.28 0.28 0.23 -18.31 0.47 101.29BTS 0.21 0.21 0.21 0.21 0.00 0.22 5.85BMCL -0.03 -0.03 -0.03 -0.03 16.13 -0.01 -142.31THAI -0.19 -0.19 -0.39 -0.50 -12700.00 1.36 170.44


Fig 8 Comparable Consensus Target Prices


Sector 13-Feb-15 20-Feb-15 27-Feb-15 6-Mar-15 13-Mar-15 %MOMAgribusiness 21.86 21.48 19.87 18.27 17.66 -19.23GFPT 21.86 21.48 19.87 18.27 17.66 -19.23Automotive 20.67 20.72 20.72 20.29 20.23 -2.09STANLY 225.88 225.88 225.88 225.88 225.88 0.00SAT 20.57 20.87 20.87 20.87 20.87 1.44AH 17.24 17.24 17.24 16.97 16.55 -4.00PCSGH 11.20 11.20 11.20 10.60 10.60 -5.36Banking 30.01 29.98 29.98 29.95 29.75 -0.88BBL 220.43 218.87 218.56 218.56 217.36 -1.39KBANK 259.78 259.78 261.27 261.27 260.01 0.09SCB 205.38 205.38 203.56 202.95 199.13 -3.04TISCO 48.43 48.37 48.50 48.50 48.81 0.78KKP 43.15 43.15 42.86 42.86 42.70 -1.05TCAP 37.04 37.04 36.67 36.67 36.94 -0.26BAY 38.87 38.87 39.26 39.10 39.31 1.14KTB 25.87 25.87 25.98 25.98 25.90 0.13TMB 3.09 3.09 3.11 3.11 3.10 0.49LHBANK 1.66 1.66 1.58 1.58 1.58 -5.17Commerce 31.35 31.14 31.04 30.85 30.80 -1.76BIGC 228.57 232.00 232.00 230.22 230.56 0.87ROBINS 57.45 57.21 55.57 55.49 54.93 -4.38BJC 43.31 44.21 43.68 43.68 43.68 0.87OFM 56.00 56.00 54.00 56.63 56.63 1.12CPALL 49.75 49.45 49.06 48.19 47.62 -4.29SINGER 22.28 20.40 20.40 20.40 18.33 -17.70MC 18.24 17.96 17.96 17.96 17.96 -1.55MAKRO 37.75 35.88 36.78 36.78 37.30 -1.19BEAUTY 40.43 40.43 42.97 42.97 44.83 10.88MEGA 19.92 21.13 21.13 21.13 21.13 6.07GLOBAL 12.81 12.75 12.55 12.70 12.79 -0.16HMPRO 10.11 10.11 10.03 9.92 9.98 -1.32KAMART 6.93 6.70 6.00 9.20 9.20 32.70LOXLEY 4.77 4.77 4.77 4.67 4.67 -2.10Communication 34.68 34.67 34.75 34.87 35.14 1.32ADVANC 255.93 256.47 257.72 257.21 256.86 0.36DTAC 106.11 105.00 103.85 103.44 102.63 -3.28INTUCH 94.86 95.27 95.27 95.15 95.25 0.41TRUEIF 12.78 12.78 12.85 12.90 13.27 3.85AIT 43.50 45.50 45.50 45.50 44.00 1.15SAMART 38.16 38.20 38.28 38.28 38.28 0.32THCOM 50.20 50.20 48.99 48.66 48.35 -3.68SAMTEL 23.00 21.50 21.00 21.00 21.00 -8.70JMART 12.47 12.47 14.70 14.70 14.70 17.88JAS 9.50 9.18 9.18 9.54 9.18 -3.36SIM 4.45 3.59 3.59 3.53 3.49 -21.45TRUE 10.83 11.06 11.18 11.49 12.22 12.88Construction Materials 115.14 116.55 117.54 117.57 119.27 3.58SCC 527.64 535.44 540.62 541.42 550.62 4.36SCCC 421.70 421.70 421.70 418.56 418.56 -0.75TASCO 80.50 80.50 80.50 80.50 80.50 0.00DCC 6.02 6.01 6.12 6.16 6.24 3.69DRT 5.42 5.53 5.53 5.35 5.35 -1.24Construction Services 19.89 19.89 19.72 19.94 20.22 1.68BJCHI 45.52 46.85 46.85 46.85 46.82 2.87SRICHA 40.82 40.82 40.57 37.42 34.50 -15.47STPI 27.52 26.93 25.75 25.63 24.07 -12.55TTCL 36.00 35.33 35.33 39.80 41.25 14.58STEC 28.02 27.95 27.81 27.66 27.72 -1.08SEAFCO 12.71 12.71 12.91 13.29 14.58 14.71CK 30.43 30.62 30.99 31.01 31.34 2.98ITD 7.93 8.05 7.93 8.19 9.04 14.08


Fig 8 Comparable Consensus Target Prices


Sector 13-Feb-15 20-Feb-15 27-Feb-15 6-Mar-15 13-Mar-15 %MOMEnergy 48.34 48.12 48.18 48.23 48.19 -0.31PTT 376.08 376.24 375.48 374.48 373.29 14.08PTTEP 131.65 127.04 127.04 127.04 127.04 -0.74EGCO 178.40 178.40 178.40 178.13 177.71 -3.51GLOW 91.30 91.30 92.82 93.55 93.55 -0.38TOP 52.43 52.65 52.71 53.10 53.65 2.46RATCH 66.44 66.44 66.60 67.00 67.00 2.34BCP 37.94 37.56 37.47 37.39 37.33 0.84BANPU 30.75 30.83 31.07 31.03 31.03 -1.61SPCG 32.63 32.63 33.40 33.40 33.40 0.90ESSO 6.04 6.04 6.15 6.15 6.15 2.38GUNKUL 34.48 34.48 36.11 36.11 36.11 1.82DEMCO 17.75 18.38 18.73 17.40 17.40 4.74EA 24.53 24.53 24.18 25.18 25.18 -1.97TTW 12.44 12.54 12.50 12.33 12.33 2.67CKP 18.78 18.28 19.70 19.70 19.70 -0.86IRPC 3.65 3.96 3.93 3.99 4.00 4.93Entertain 19.03 19.28 19.47 19.38 19.33 1.60BEC 46.66 46.25 46.36 45.45 44.54 9.55MCOT 16.55 16.76 15.98 17.57 17.35 -4.53WORK 29.52 33.04 37.86 46.43 46.43 4.83MAJOR 29.92 31.29 31.93 31.93 32.40 57.29RS 17.48 18.62 19.06 19.00 19.97 8.31VGI 11.18 11.18 11.18 11.02 11.02 14.21MONO 5.53 5.53 5.40 5.32 5.32 -1.43GRAMMY 22.00 22.00 22.00 18.20 18.20 -3.90Electronic 31.10 31.32 31.47 31.67 31.76 2.12DELTA 70.56 70.56 70.58 70.58 70.58 -17.27KCE 51.70 52.70 53.79 53.79 53.79 0.03HANA 44.00 44.00 44.25 44.25 44.25 4.03SMT 10.40 10.40 10.40 10.40 10.40 0.57SVI 3.46 3.71 3.69 4.16 4.38 0.00Finance 17.53 18.72 20.02 19.93 20.33 15.95AEONTS 135.80 135.80 135.80 136.50 136.50 26.59KTC 80.75 85.42 96.25 96.36 96.36 0.52ASK 23.30 22.95 24.63 25.23 25.23 19.33MBKET 27.28 27.28 27.28 27.28 28.67 8.26SAWAD 31.37 37.05 37.90 38.92 41.70 5.11TK 6.40 6.40 8.93 8.93 9.75 32.94THANI 3.84 3.91 3.91 3.91 3.84 52.34ASP 5.14 5.50 5.50 5.50 5.43 0.00MTLS 16.33 18.06 21.32 20.27 20.32 5.70Food 28.52 28.58 28.63 27.78 27.35 -4.11TUF 24.01 24.01 24.02 23.53 23.53 24.45OISHI 57.50 57.50 57.50 57.50 57.50 -1.98M 65.43 65.43 67.08 67.08 67.08 0.00TVO 23.00 25.10 25.10 23.90 23.90 2.53CPF 34.60 34.60 34.52 31.90 30.23 3.91SAPPE 38.17 34.75 35.50 36.75 37.40 -12.63KSL 5.81 5.81 5.83 6.02 6.02 -2.01CBG 39.90 39.90 39.90 39.90 41.37 3.51MINT 38.72 38.72 38.85 38.84 38.84 3.68PM 12.00 12.00 12.00 12.00 12.00 0.31ICHI 23.88 24.67 24.30 24.48 24.48 0.00CFRESH 10.80 10.80 10.80 10.80 10.80 2.53Health Care 23.66 23.72 23.76 24.27 24.44 3.30BDMS 20.82 20.82 20.81 21.44 21.62 0.00BH 140.17 141.36 141.94 141.94 142.65 3.84CHG 20.60 20.28 20.30 20.76 20.76 1.77BCH 8.63 8.86 9.11 9.07 9.08 0.76


Fig 8 Comparable Consensus Target price


Remark: Comparable consensus EPS specific stock at least 3contributors

Sector 13-Feb-15 20-Feb-15 27-Feb-15 6-Mar-15 13-Mar-15 %MOMHome Products 9.09 9.16 9.21 9.16 9.16 0.80MODERN 11.90 11.43 11.82 11.82 11.82 5.20SITHAI 3.05 3.31 3.31 3.21 3.21 -0.70IFEC 17.20 17.20 17.20 17.20 17.20 5.35Hotel/Tourism 18.10 17.95 17.89 17.77 17.67 -2.34CENTEL 40.69 40.28 40.28 40.15 39.89 0.00ERW 5.81 5.81 5.71 5.59 5.59 -1.97Insurance 46.97 48.98 46.27 45.40 45.48 -3.17BLA 56.98 59.69 56.26 55.09 55.28 -3.74THREL 18.65 18.65 17.99 17.99 17.76 -2.99Petrochemicals 46.14 45.88 45.10 45.30 45.21 -2.03PTTGC 65.99 65.47 64.99 64.99 64.87 -4.76IVL 27.56 27.54 26.47 26.85 26.80 -1.71Property 11.73 11.73 11.78 11.73 11.74 0.08PS 37.20 36.82 36.96 36.87 37.01 -2.75SPALI 28.78 28.87 28.96 28.38 28.50 -0.52LPN 23.32 23.10 22.97 22.90 22.91 -0.97CPN 59.15 59.08 59.33 58.69 58.83 -1.78TICON 20.39 20.39 20.55 19.49 19.22 -0.54WHA 35.76 35.36 35.78 36.62 36.62 -5.74AMATA 20.30 20.67 20.48 20.25 20.25 2.41AP 7.72 7.72 7.80 7.77 7.87 -0.27LH 11.15 11.10 11.15 11.15 11.06 1.89SF 7.80 7.80 7.80 7.80 7.80 -0.83ROJNA 7.67 7.67 7.67 8.33 8.33 0.00PYLON 8.89 8.89 8.89 9.01 8.85 8.61MK 4.18 4.18 4.18 4.18 3.76 -0.39SC 4.45 4.45 4.45 4.28 4.34 -10.05QH 4.71 4.82 4.88 4.93 4.97 -2.56ANAN 4.12 4.12 4.26 4.34 4.41 5.54HEMRAJ 4.44 4.41 4.40 4.39 4.40 6.99SIRI 2.02 2.07 2.07 2.09 2.09 -0.77Steel 12.60 10.75 10.75 10.75 10.75 -14.68TMT 12.60 10.75 10.75 10.75 10.75 3.36Transportation 16.61 16.91 16.95 16.82 16.83 1.30AOT 295.50 307.44 307.67 309.62 310.85 -14.68BTSGIF 11.27 11.40 10.77 10.15 10.32 5.19BECL 44.80 44.91 45.24 43.72 43.72 -8.43NOK 18.77 18.75 18.75 18.80 18.80 -2.42TTA 24.89 24.89 24.89 22.01 22.01 0.14RCL 11.70 11.70 11.70 11.70 11.70 -11.59BA 26.46 26.46 26.46 26.46 26.46 0.00NYT 19.07 19.00 19.25 19.25 19.25 0.00AAV 5.83 5.80 5.97 6.16 6.20 0.96PSL 21.31 20.84 20.84 20.84 19.92 6.43BTS 11.05 11.05 11.11 11.06 11.11 -6.51BMCL 1.49 1.49 1.71 1.71 1.71 0.49THAI 16.38 15.78 15.52 15.23 14.39 15.00


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This document is prepared by Kasikorn Securities Public Company Limited (KS). This document has been prepared for individual clients of KS only and must not, either in whole or in part, be copied, photocopied or duplicated in any form or by any means or distributed to any other person. If you are not the intended recipient you must not use or disclose the information in this research in any way. If you received it in error, please immediately notify KS by return e-mail and delete the document. We do not guarantee the integrity of any e-mails or attached files and are not responsible for any changes made to them by any other person.

This document, including information, data, statements, forecasts, analysis and projections contained herein, including any expression of opinion, is based on public available information or information obtained from sources believed to be reliable, but KS does not make any representation or warranty on, assumes no responsibilities for nor guarantees the accuracy, completeness, correctness or timeliness of such information. KS accepts no obligation to correct or update the information or opinions in it. The statements or expressions of opinion herein were arrived at after due and careful consideration and they were based upon such information or sources then, and in our opinion are fair and reasonable in the circumstances prevailing at the time. The information or expressions of opinion contained herein are subject to change without notice.

Nothing in this document shall be construed as an offer or a solicitation of an offer to buy or sell any securities or products, or to engage in or refrain from engaging in any transaction. In preparing this document, KS did not take into account your specific investment objectives, financial situation or particular needs. This document is for your information only and is not to be taken in substitution for the exercise of your judgment. KS salespeople, traders and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions which are contrary to the opinions expressed in this document. Before making an investment decision on the basis of this document, you should obtain independent financial, legal or other advice and consider the appropriateness of investment in light of your particular investment needs, objectives and financial circumstances. There are risks involved in the investment in securities. KS accepts no liability whatsoever for any direct, indirect, consequential or other loss (including claim for loss of profit) arising from any use of or reliance upon this document and/or further communication given in relation to this document.

Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments herein constitute a judgment as of the date of this document, and there can be no assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, projections, ratings or risk assessments. Any valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described in this document were based upon a number of estimates and assumptions and are inherently subject to significant uncertainties or contingencies. It can be expected that one or more of the estimates on which the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments were based will not materialize or will vary significantly from actual results. Therefore, the inclusion of the valuations, opinions, estimates, forecasts, projections, ratings or risk assessments described herein is not to be relied upon as a representation and/or warranty by KS (i) that such valuations, opinions, estimates, forecasts, projections, ratings or risk assessments or their underlying assumptions will be achieved, or (ii) that there is an assurance that future results or events will be consistent with any such valuations, opinions, estimates, forecasts, projections, ratings or risk assessments stated therein.

KS along with its affiliates and/or persons associated with it may from time to time have interests in the securities mentioned in this document. KS and its associates, their directors and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking, advisory and other securities services for companies mentioned in this document.

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 companies listed on the Stock Exchange of Thailand and the Market of Alternative Investment disclosed to the public and able to be accessed by a general public investor at http://www.thai-iod.com/en/publications-detail.asp?id=170 . 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 data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. KS does not confirm nor certify the accuracy of such survey result.

Structured Notes and Derivative Warrants Disclaimer

KS may be the issuer of structured notes on these securities. KS acts as market maker and issuer of Derivative Warrants (DWs) on the underlying stocks listed below. Investors should carefully read the details of the DWs in the prospectus before making any investment decisions.

DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BANPU, BBL, BCP, BDMS, BH, BLAND, BMCL, BTS, CENTEL, CK, CPALL, CPF, CPN, DTAC, GLOBAL, HEMRAJ, HMPRO, INTUCH, IRPC, ITD, IVL, JAS, KTB, LH, LPN, MINT, PS, PTT, PTTEP, PTTGC, QH, SAMART, SCB, SCC, SPALI, SPCG, STEC, STPI, TCAP, THAI, THCOM, TICON, TMB, TOP, TPIPL, TRUE, TTA, TUF and VGI

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