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Thailand Company Update

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11 November 2019 Financial Services | Commercial Finance

Muangthai Capital (MTC TB) Take Profit (from Buy)

Lower ROE, Limited Upside: D/G TAKE PROFIT Target Price (Return) THB64.50 (+5%) Price: THB61.25

Market Cap: USD4,285m Avg Daily Turnover (THB/USD) 492m/16.0m

• Downgrade to TAKE PROFIT from Buy with a new GGM-based THB64.50

TP from THB65.00, 5% upside. This reflects our earnings downgrade, as we cut 2019F-2021F net profit projections on slower loan growth and higher CIR. To reflect this, ROE is likely to decline ahead from its 2018 peak. A 26% YTD share price increase has largely priced in the growth outlook. Upside gain is limited. Potential risks from stricter regulations to curb elevated household debt may drag future loans demand. Our TP suggests 2020F P/BV of 6.7x and 25.4x P/E, implying 1.1x PEG.

• CIR trending up to 46-47% in 2020. At the SET’s 7 Nov Opportunity Day, management was optimistic on high loan demand in 4Q and 2020. Muangthai Capital expects gross loans to rise to THB60bn in December – roughly +26% YoY in 2019 – and guided for loan growth of c.25% for 2020. It will continue with its annual plans to open 600 new branches in 2020 after reaching 4,000 in November (2019 target: 3,900). Funding costs are also expected to peak in 3Q and likely decline in 4Q and 2020 on a lower interest rate environment, which should help increase margins. Despite NIMs expansion, MTC guided for high CIR in 2020 (46-47%) from c.44% in 2017-2018 on higher expenses related to its new head office, branch expansions, and staff costs. Management affirmed that it is prepared for Thai Financial Reporting Standard 9, which goes into effect in Jan 2020. Moreover, it might release some excess reserves in future. More details will be made available in 1Q20.

• Slowing economy and stricter regulations drag loan growth potential. Loan growth decelerated to 6% QoQ in 3Q vs 7.6% in 2Q19 and 8.1% in 3Q18, which led to a 20% rise in 9M19. Given the slowing economy and high household debt so far, MTC’s loan demand has softened, and it is likely to miss its 2019 YoY targets of 30-35%. We revise down 2019 loan growth assumptions to 26% from 30%. Moreover, Bank of Thailand might implement stricter regulations to curb the high household debt problem, which should drag loan growth potential. We slash loan growth assumptions to 22-20% for 2020-2021 from 25-20%.

• 4Q19F and 2019F outlook. We revise down our earnings projections 3% for 2019 to reflect higher-than-expected overhead expenses in 3Q and weaker loan growth. Despite this downgrade, 4Q earnings are expected to be higher: THB1.15bn (+15% YoY), largely from higher NII from loans.

• Earnings projections. Despite MTC’s higher margins from lower funding cost prospects, we revise down our earnings projections 4-6% for 2020-2021. This is given the slower loan growth assumptions (see above) and higher CIRs of 46.6-46.2% from 45-44.4%. ROEs during this period are likely to be lower at 29.6-28.1% from the high level of 35% in 2018.

Analyst Tanadech Rungsrithananon +66 2088 9745 [email protected]

Share Performance (%) YTD 1m 3m 6m 12m Absolute 26.0 7.4 5.1 29.3 20.5 Relative 21.2 5.7 6.7 30.2 23.0 52-wk Price low/high (THB) 42.50-64.50

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Forecasts and Valuation Dec-17 Dec-18 Dec-19F Dec-20F Dec-21F

Reported net profit (THBm) 2,501 3,713 4,256 5,381 6,544 Recurring net profit (THBm) 2,501 3,713 4,256 5,381 6,544 Recurring net profit growth (%)

70.8 48.5 14.6 26.4 21.6

Recurring EPS (THB) 1.18 1.75 2.01 2.54 3.09 BVPS (THB) 4.22 5.80 7.51 9.67 12.29 DPS (THB) 0.18 0.26 0.30 0.38 0.46 Recurring P/E (x) 32.9 28.0 30.5 24.1 19.8 P/BV (x) 9.2 8.4 8.2 6.3 5.0 Dividend yield (%) 0.5 0.5 0.5 0.6 0.8 Return on average equity (%) 32.0 35.0 30.2 29.6 28.1 Return on average assets (%) 8.1 8.6 7.7 7.8 7.9 Source: Company data, RHB

mailto:[email protected]

Muangthai Capital Thailand Company Update

11 November 2019 Financial Services | Consumer Finance


Financial Exhibits Asia Financial summary Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Country EPS 1.2 1.8 2.0 2.5 3.1 Financials Core EPS 1.2 1.8 2.0 2.5 3.1 Company Name DPS 0.2 0.3 0.3 0.4 0.5 Bloomberg MTC TB BVPS 4.2 5.8 7.5 9.7 12.3

TAKE PROFIT Valuation metrics Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Valuation basis Recurring P/E (x) 32.9 28.0 30.5 24.1 19.8 Our GGM assumptions include:

i. COE of 9.5%; ii. ROE of 28%; iii. Long-term growth of 6%.

P/B (x) 9.2 8.4 8.2 6.3 5.0

Dividend yield (%) 0.5 0.5 0.5 0.6 0.8

Balance sheet (THBm) Dec-17 Dec-18 Dec-19 Dec-20 Dec-21

Gross loans & advances 35,623 48,047 60,540 73,859 88,630 Key drivers Loan impairment allowances (1,171) (1,499) (1,742) (2,080) (2,512)

i. Gradual economic improvement that increases customer spending, which could spur demand for loans;

ii. Large number of untapped customers that are not able to access the traditional banking system;

iii. Branch network expansion to reach untapped customers.

Net loans & advances 34,452 46,548 58,798 71,778 86,119

Total assets 36,953 49,146 61,924 75,238 89,909

Deposits from customers 0 0 0 0 0

Total liabilities 28,010 36,847 46,005 54,745 63,854

Shareholders' funds 8,943 12,299 15,919 20,493 26,055

Total equity 8,943 12,299 15,919 20,493 26,055

Income statement (THBm) Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Key risks Net interest income 6,122 8,444 10,352 12,910 15,663

i. Stricter regulations could dampen loan growth and reduce margins;

ii. Intense competition that could restrict potential growth and deteriorate profitability;

iii. Deterioration in loan quality could pressure higher provision levels.

Non-interest income 676 872 792 890 902

Operating income 6,798 9,316 11,144 13,801 16,564

Overhead expenses (3,013) (4,103) (5,268) (6,436) (7,653)

Pre-provision operating profit 3,785 5,213 5,876 7,365 8,912

Loan impairment allowances (679) (586) (543) (638) (731)

Other impairment allowances 0 0 0 0 0

Pretax profit 3,106 4,627 5,333 6,727 8,181 Company Profile Reported net profit 2,501 3,713 4,256 5,381 6,544

MTC is one of Thailand’s leading microfinance institutions, which provides loans services to retail customers. The company was established in 1992 by the Petampai family. It focuses on vehicle and land title loans businesses. It currently has the highest market share in motorcycle title loans in Thailand.

Recurring net profit 2,501 3,713 4,256 5,381 6,544

Profitability Dec-17 Dec-18 Dec-19 Dec-20 Dec-21

ROA (%) 8.1 8.6 7.7 7.8 7.9

ROE (%) 32.0 35.0 30.2 29.6 28.1

Yield on IEAs (%) 23.0 22.8 21.9 21.9 21.9

Cost of funds (%) 3.0 3.5 3.8 3.6 3.6

Net interest margin (%) 20.7 20.2 19.1 19.2 19.3

Non-II / Total income (%) 9.9 9.4 7.1 6.4 5.4

CIR (%) 44.3 44.0 47.3 46.6 46.2

Credit cost (bps) 229.7 140.1 100.0 95.0 90.0

PIOP growth (%) 76.5 37.7 12.7 25.3 21.0

Net profit growth (%) 70.8 48.5 14.6 26.4 21.6

Asset quality Dec-17 Dec-18 Dec-19 Dec-20 Dec-21

Gross impaired loans/Gross loans (%) 2.3 1.4 1.0 1.0 0.9

Loan loss coverage ratio (%) 265.4 277.7 280.7 291.5 293.3

Gross impaired loans (THBm) 441 540 621 714 857

Liquidity Dec-17 Dec-18 Dec-19 Dec-20 Dec-21

Loan growth (%) 51.3 34.9 26.0 22.0 20.0

Customer deposits growth (%) n.a. n.a. n.a. n.a. n.a.

LDR (%) n.a. n.a. n.a. n.a. n.a.

Capital Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 CET1 ratio (%) n.a. n.a. n.a. n.a. n.a. Tier-1 ratio (%) n.a. n.a. n.a. n.a. n.a.

Total capital ratio (%) n.a. n.a. n.a. n.a. n.a.

Source: Company data, RHB




Valuation and TP Our GGM-based TP of THB64.50 implies FY20F P/BV of 6.7x and P/E of 25.4x.

Figure 1: MTC’s GGM valuation Cost of equity (COE) computation:

Sustainable ROE (%) 28.0

Risk free rate (%) 2.00

COE (%) 9.5 Equity premium (%) 7.00

Long-term growth (g) 2.00

Beta (x) 1.08

Implied P/BV (x) 6.7 Cost of equity - CAPM (%) 9.5

BVPS – FY20F THB9.67

TP THB64.26

TP (rounded) THB64.50


MTC is trading at a premium level when compared with peers. Its share price has increased 26% so far in 2019, and the counter is trading at a 2020F P/BV of 6.3x, which largely reflects its growth prospects, in our view. MTC’s valuation is trading at a premium when compared with:

i. Srisawad Corp (SAWAD TB, BUY, TP: THB63.00), which is trading at 2020F P/BV of 4x;

ii. Krungthai Card (KTC TB, TAKE PROFIT, TP: THB43.00), which is trading at 2020F P/BV of 4.8x.

Impacted by the interest rate cuts. Given the slower-than-expected economic growth and interest rate cut changes in future, this might affect MTC’s NIMs going forward. If the company’s funding costs drop from such cuts, this might increase NIMs to higher levels. We believe every 10bps increase in NIM should cause NII to rise 0.5% from our THB12.9bn projection while earnings rise 1% from our 2020 projection of THB5.4bn.

Figure 2: NIM sensitivity analysis -20bps -10bps 2020F +10bps +20bps NIM 19.0% 19.1% 19.2% 19.31% 19.41% NII (THBm) 12,776 12,843 12,910 12,978 13,045 Operating income (THBm) 13,666 13,733 13,801 13,868 13,935 PIOP (THBm) 7,231 7,298 7,365 7,432 7,499 Net profit (THBm) 5,274 5,327 5,381 5,435 5,489 Change (2.0%) (1.0%) 0.0% 1.0% 2.0% EPS (THB) 2.49 2.51 2.54 2.56 2.59 ROAE 28.9% 29.2% 29.6% 29.9% 30.2%





Impact from the credit cost adjustments. Although the company has high reserves, we conservatively assume that it will set aside elevated provisions to counter potential uncertainties. If MTC sets aside credit costs that are lower than our estimates, these might result in earnings rising higher than we expected. Our analysis shows every 10bps decrease in credit costs will cause net profit to rise 1% from our 2020 projection of THB5.4bn.

Figure 3: Credit cost sensitivity analysis -20bps -10bps 2020F +10bps +20bps Credit costs (bps) 75 85 95 105 115 PIOP (THBm) 7,365 7,365 7,365 7,365 7,365 Provisioning expenses (THBm) (504) (571) (638) (706) (773) Net profit (THBm) 5,489 5,435 5,381 5,327 5,274 Change 2.0% 1.0% 0.0% (1.0%) (2.0%) EPS (THB) 2.59 2.56 2.54 2.51 2.49 ROAE 30.1% 29.8% 29.6% 29.3% 29.1% Source: Company data, RHB

Impact from weaker loan growth. The slowing economy and stricter regulations to curb higher household debt might drag the loan growth potential. Our analysis shows that every 1% decrease in loan growth should cause net profit to decline 1.2% from our 2020 projection of THB5.4bn.

Figure 4: Loan growth sensitivity analysis -2% -1% 2020F +1% +2% Loan growth (%) 20.0% 21.0% 22.0% 23.0% 24.0% NII (THBm) 12,749 12,830 12,910 12,991 13,072 Operating income (THBm) 13,639 13,720 13,801 13,881 13,962 PIOP (THB m) 7,203 7,284 7,365 7,446 7,526 Net profit (THB m) 5,252 5,317 5,381 5,446 5,510 Change (2.4%) (1.2%) 0.0% 1.2% 2.4% EPS (THB) 2.48 2.51 2.54 2.57 2.60 ROAE 29.1% 29.3% 29.6% 29.8% 30.1%





3Q19 Results 3Q19 results. Earnings came in at THB1.08bn, up 6%QoQ (+12% YoY) – this was 4% lower than our estimate, given higher overhead expenses. Despite a higher opex, growth was supported by elevated NII and lower provisions. NIM was higher at 19.2% thanks to increased loan yields.

Total branches increased to 3,961 after 222 new branches were opened during the quarter. MTC’s 9M19 earnings stood at THB3.1bn, up 15% YoY, given higher NII from loans and lower provisions despite the increase in overhead expenses.

Improved asset quality. Loan growth decelerated to 6% QoQ from 7.6% in 2Q. Loan growth increased 20% YTD for 9M19. Gross NPL declined 5.1% QoQ to THB565m, leading the NPL ratio to decrease to 0.98% (2Q19: 1.09%), while the LLC ratio rose to 295.8%. MTC’s D/E ratio was lower at 3x, still below the ceiling limit of 4x.

Figure 5: MTC’s 3Q19 results summary FYE 31 Dec (THBm) 3Q18 2Q19 3Q19 QoQ

(%) YoY (%) Comments: 3Q19 vs 3Q18

NII 2,185 2,500 2,697 8% 23% Up from higher loan growth. NIM 20.3% 19.0% 19.2% Non-II 233 209 200 (4%) (14%) Down due to lower fees and service income. Non-II/total income 9.6% 7.7% 6.9% Operating income 2,418 2,708 2,897 7% 20% Overhead expenses (1,060) (1,232) (1,428) 16% 35% Higher from new branch expansions and staff costs. Cost-income ratio 43.8% 45.5% 49.3% Pre-impairment profit 1,358 1,476 1,469 (1%) 8% Impairment allowance (160) (189) (116) (39%) (27%) Credit cost – annualised (bps) 148 148 83 Lower credit costs due to lower NPLs. Pre-tax profit 1,198 1,287 1,352 5% 13%

Tax (233) (266) (272) 2% 17% Effective tax rate 19.4% 20.7% 20.1% Non-controlling interests 0 0 0 n.a. n.a. Net profit 965 1,021 1,080 6% 12% Source: Company data, RHB

Figure 6: Key data and ratios (THBm) 3Q18 2Q19 3Q19 QoQ

(%) YoY (%) Comments – 3Q19 vs 3Q18

Gross loans 44,778 54,421 57,647 6% 29% Higher YoY largely from automotive-backed loans. Customer deposits n.a. n.a. n.a. n.a. n.a. Gross NPLs 566 595 565 (5%) (0%) Stable YoY. Total assets 45,650 55,813 59,207 6% 30% Shareholders' funds 11,287 13,776 14,797 7% 31% ROAA (%) 8.7% 7.8% 7.5% ROAE (%) 35.7% 31.3% 30.2% Gross NPL ratio (%) 1.3% 1.1% 1.0% Loan loss reserves (%) 258.5% 275.8% 295.8% Up on additional provisions set aside. Debt to equity ratio 3.0 3.1 3.0 Source: Company data, RHB




Figure 7: MTC’s earnings trends (quarterly) Figure 8: MTC’s loan growth trends (quarterly)

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Figure 9: MTC’s NIM trends (quarterly) Figure 10: MTC’s NPL and LLC ratio trends (quarterly)

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Figure 11: MTC’s net profit trends Figure 12: MTC’s loan growth trends

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Figure 13: MTC’s NIM trends Figure 14: MTC’s CIR trends

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Figure 15: MTC’s D/E trends Figure 16: MTC’s ROAE vs P/BV

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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

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This report is issued and distributed in Indonesia by PT RHB Sekuritas Indonesia. This research does not constitute an offering document and it should not be construed as an offer of securities in Indonesia. Any securities offered or sold, directly or indirectly, in Indonesia or to any Indonesian citizen or corporation (wherever located) or to any Indonesian resident in a manner which constitutes a public offering under Indonesian laws and regulations must comply with the prevailing Indonesian laws and regulations. Singapore This report is issued and distributed in Singapore by RHB Securities Singapore Pte Ltd which is a holder of a capital markets services licence and an exempt financial adviser regulated by the Monetary Authority of Singapore. RHB Securities Singapore Pte Ltd may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, RHB Securities Singapore Pte Ltd accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact RHB Securities Singapore Pte Ltd in respect of any matter arising from or in connection with the report. Hong Kong This report is issued and distributed in Hong Kong by RHB Securities Hong Kong Limited (興業僑豐證券有限公司) (CE No.: ADU220) (“RHBSHK”) which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Any investors wishing to purchase or otherwise deal in the securities covered in this report should contact RHBSHK. RHBSHK is a wholly owned subsidiary of RHB Hong Kong Limited; for the purposes of disclosure under the Hong Kong jurisdiction herein, please note that RHB Hong Kong Limited with its affiliates (including but not limited to RHBSHK) will collectively be referred to as “RHBHK.” RHBHK conducts a full-service, integrated investment banking, asset management, and brokerage business. RHBHK does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this research report. Investors should consider this report as only a single factor in making their investment decision. Importantly, please see the company-specific regulatory disclosures below for compliance with specific rules and regulations under the Hong Kong jurisdiction. Other than company-specific disclosures relating to RHBHK, this research report is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. United States This report was prepared by RHB and is being distributed solely and directly to “major” U.S. institutional investors as defined under, and pursuant to, the requirements of Rule 15a-6 under the U.S. Securities and Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, access to this report via Bursa Marketplace or any other Electronic Services Provider is not intended for any party other than “major” US institutional investors, nor shall be deemed as solicitation by RHB in any manner. RHB is not registered as a broker-dealer in the United States and does not offer brokerage services to U.S. persons. Any order for the purchase or sale of the securities discussed herein that are listed on Bursa Malaysia Securities Berhad must be placed with and through Auerbach Grayson (“AG”). Any order for the purchase or sale of all other securities discussed herein must be placed with and through such other registered U.S. broker-dealer as appointed by RHB from time to time as required by the Exchange Act Rule 15a-6. This report is confidential and not intended for distribution to, or use by, persons other than the recipient and its employees, agents and advisors, as applicable. Additionally, where research is distributed via Electronic Service Provider, the analysts whose names appear in this report are not registered or qualified as research analysts in the United States and are not associated persons of Auerbach Grayson AG or such other registered U.S. broker-dealer as appointed by RHB from time to time and therefore may not be subject to any applicable restrictions under Financial Industry Regulatory Authority (“FINRA”) rules on communications with a subject company, public appearances and personal trading. Investing in any non-U.S. securities or related financial instruments discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in the United States. The financial instruments discussed in this report may not be suitable for all investors. Transactions in foreign markets may be subject to regulations that differ from or offer less protection than those in the United States. DISCLOSURE OF CONFLICTS OF INTEREST RHB Investment Bank Berhad, its subsidiaries (including its regional offices) and associated companies, (“RHBIB Group”) form a diversified financial group, undertaking various investment banking activities which include, amongst others, underwriting, securities trading, market making and corporate finance advisory. As a result of the same, in the ordinary course of its business, any member of the RHBIB Group, may, from time to time, have business relationships with or hold positions in the securities (including capital market products) or perform and/or solicit investment, advisory or other services from any of the subject company(ies) covered in this research report. While the RHBIB Group will ensure that there are sufficient information barriers and internal controls in place where necessary, to prevent/manage any conflicts of

interest to ensure the independence of this report, investors should also be aware that such conflict of interest may exist in view of the investment banking activities undertaken by the RHBIB Group as mentioned above and should exercise their own judgement before making any investment decisions. Malaysia Save as disclosed in the following link (RHB Research conflict disclosures – Oct 2019) and to the best of our knowledge, RHBIB hereby declares that: 1. RHBIB does not have a financial interest in the securities or other capital

market products of the subject company(ies) covered in this report. 2. RHBIB is not a market maker in the securities or capital market products of the

subject company(ies) covered in this report. 3. None of RHBIB’s staff or associated person serve as a director or board

member* of the subject company(ies) covered in this report *For the avoidance of doubt, the confirmation is only limited to the staff of research department

4. Save as disclosed below, RHBIB did not receive compensation for investment banking or corporate finance services from the subject company in the past 12 months.

5. RHBIB did not receive compensation or benefit (including gift and special cost arrangement e.g. company/issuer-sponsored and paid trip) in relation to the production of this report.

Thailand RHB Securities (Thailand) PCL and/or its directors, officers, associates, connected parties and/or employees, may have, or have had, interests and/or commitments in the securities in subject company(ies) mentioned in this report or any securities related thereto. Further, RHB Securities (Thailand) PCL may have, or have had, business relationships with the subject company(ies) mentioned in this report. As a result, investors should exercise their own judgment carefully before making any investment decisions. Indonesia PT RHB Sekuritas Indonesia is not affiliated with the subject company(ies) covered in this report both directly or indirectly as per the definitions of affiliation above. Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting regulations thereof, what constitutes as affiliated parties are as follows: 1. Familial relationship due to marriage or blood up to the second degree, both

horizontally or vertically; 2. Affiliation between parties to the employees, Directors or Commissioners of the

parties concerned; 3. Affiliation between 2 companies whereby one or more member of the Board of

Directors or the Commissioners are the same; 4. Affiliation between the Company and the parties, both directly or indirectly,

controlling or being controlled by the Company; 5. Affiliation between 2 companies which are controlled, directly or indirectly, by

the same party; or 6. Affiliation between the Company and the main Shareholders. PT RHB Sekuritas Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as insider information prohibited by law. Insider means: a. a commissioner, director or employee of an Issuer or Public Company; b. a substantial shareholder of an Issuer or Public Company; c. an individual, who because of his position or profession, or because of a

business relationship with an Issuer or Public Company, has access to inside information; and

d. an individual who within the last six months was a Person defined in letters a, b or c, above.

Singapore Save as disclosed in the following link (RHB Research conflict disclosures – Oct 2019) and to the best of our knowledge, RHB Securities Singapore Pte Ltd hereby declares that: 1. RHB Securities Singapore Pte Ltd, its subsidiaries and/or associated

companies do not make a market in any issuer covered in this report. 2. RHB Securities Singapore Pte Ltd, its subsidiaries and/or its associated

companies and its analysts do not have a financial interest (including a shareholding of 1% or more) in the issuer covered in this report.

3. RHB Securities, its staff or connected persons do not serve on the board or trustee positions of the issuer covered in this report.

4. RHB Securities Singapore Pte Ltd, its subsidiaries and/or its associated companies do not have and have not within the last 12 months had any corporate finance advisory relationship with the issuer covered in this report or any other relationship that may create a potential conflict of interest.

5. RHB Securities Singapore Pte Ltd, or person associated or connected to it do not have any interest in the acquisition or disposal of, the securities, specified securities based derivatives contracts or units in a collective investment scheme covered in this report.

6. RHB Securities Singapore Pte Ltd and its analysts do not receive any compensation or benefit in connection with the production of this research report or recommendation.

Hong Kong

https://research.rhbtradesmart.com/attachments/40/rhb-report-rhbib-and-rhbs-conflict-of-interest-disclosures-oct-2019-504887919629241275d9b78ff2a6b0.pdf




10

The following disclosures relate to relationships between RHBHK and companies covered by Research Department of RHBSHK and referred to in this research report: RHBSHK hereby certifies that no part of RHBSHK analyst compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. RHBHK had an investment banking services client relationships during the past 12 months with: -. RHBHK has received compensation for investment banking services, during the past 12 months from: -. RHBHK managed/co-managed public offerings, in the past 12 months for: -. On a principal basis. RHBHK has a position of over 1% market capitalization of: -. Additionally, please note the following: Ownership and material conflicts of interest: RHBSHK policy prohibits its analysts and associates reporting to analysts from owning securities of any company covered by the analyst. Analyst as officer or director: RHBSHK policy prohibits its analysts, and associates reporting to analysts from serving as an officer, director, advisory board member or employee of any company covered by the analyst. RHBHK salespeople, traders, and other non-research professionals may provide oral or written market commentary or trading strategies to RHB clients that reflect opinions that are contrary to the opinions expressed in this research report.

KUALA LUMPUR

RHB Investment Bank Bhd Level 3A, Tower One, RHB Centre Jalan Tun Razak Kuala Lumpur 50400 Malaysia Tel : +603 9280 8888 Fax : +603 9200 2216

JAKARTA

PT RHB Sekuritas Indonesia Revenue Tower 11th Floor, District 8 - SCBD Jl. Jendral Sudirman Kav 52-53 Jakarta 12190 Indonesia Tel : +6221 509 39 888 Fax : +6221 509 39 777

HONG KONG

RHB Securities Hong Kong Ltd. 12th Floor, World-Wide House 19 Des Voeux Road Central Hong Kong Tel : +852 2525 1118 Fax : +852 2810 0908

BANGKOK

RHB Securities (Thailand) PCL 10th Floor, Sathorn Square Office Tower 98, North Sathorn Road, Silom Bangrak, Bangkok 10500 Thailand Tel: +66 2088 9999 Fax :+66 2088 9799

SINGAPORE

RHB Securities Singapore Pte Ltd. 10 Collyer Quay #09-08 Ocean Financial Centre Singapore 049315 Tel : +65 6533 1818 Fax : +65 6532 6211

การจดัอันดบับรรษัทภิบาล 2561 (Thai Institute of Directors Association (IOD) – Corporate Governance Report Rating 2018

Website: www.thai-iod.com

IOD (IOD Disclaimer)

ผลสาํรวจการกํากบัดแูลกิจการบริษัทจดทะเบียนที่แสดงไว้นี ้ เป็นผลที่ได้จากการสํารวจและประเมินข้อมลูทีบ่ริษัทจดทะเบยีนในตลาดหลกัทรัพย์แหง่ประเทศไทย และ

ตลาดหลกัทรัพย์ เอ็ม เอ ไอ (“บริษัทจดทะเบียน”) เปิดเผยตอ่สาธารณะและเป็นข้อมลูที่ผู้ลงทนุทัว่ไปสามารถเข้าถึงได้ ผลสํารวจดงักลา่วจงึเป็นการนําเสอนข้อมลูในมมุมอง

ของบคุคลภายนอกตอ่มาตรฐานการกํากบัดแูลกิจการของบริษัทจดทะเบยีน โดยไมไ่ด้เป็นการประเมินผลการปฏิบตัิงานหรือการดาํเนินกิจการของบริษัทจดทะเบียนอีกทัง้มิได้

ใช้ข้อมลูภายในของบริษัทจดทะเบยีนในการประเมิน ดงันัน้ผลสํารวจทีแ่สดงนีจ้งึไมไ่ด้เป็นการรับรองถึงผลการปฏิบตัิงานหรือการดาํเนินการของบริษัทจดทะเบียนและไมถื่อ

เป็นการให้คําแนะนําในการลงทนุในหลกัทรัพย์ของบริษัทจดทะเบียนหรือคาํแนะนําใดๆ ผู้ใช้ข้อมลูจงึควรใช้วจิารณญาณของตนเองในการวิเคราะห์และตดัสินใจในการใช้

ข้อมลูใดๆที่เก่ียวกบับริษัทจดทะเบียนที่แสดงในผลสาํรวจนี ้

ทัง้นีบ้ริษัทหลักทรัพย์ อาร์เอชบี (ประเทศไทย) จาํกัด (มหาชน) มิได้ยืนยันหรือรับรองถงึความครบถ้วนและถูกต้องของผลสาํรวจดังกล่าวแต่อย่างใด

ADVANC AKP AMATA AMATAV ANAN AOT AP BAFS BANPU BAYBCP BCPG BRR BTS BWG CFRESH CHO CK CKP CMCNT COL CPF CPI CPN CSL CSS DELTA DEMCO DRTDTAC DTC EA EASTW EGCO GC GEL GFPT GGC GOLDGPSC GRAMMY GUNKUL HANA HMPRO ICC ICHI INTUCH IRPC IVLJSP KBANK KCE KKP KSL KTB KTC LHFG LIT LPNMAKRO MBK MCOT MINT MONO MTC NCL NKI NVD NYTOISHI OTO PCSGH PDJ PG PHOL PLANB PLANET PPS PRGPSH PSL PTG PTT PTTEP PTTGC PYLON Q-CON QH QTCRATCH ROBINS S & J SABINA SAMART SAMTEL SAT SC SCB SCCSCCC SDC SE-ED SIS SITHAI SNC SPALI SPRC SSSC STECSVI SYNTEC TASCO TCAP THAI THANA THANI THCOM THIP THRELTIP TISCO TKT TMB TNDT TOP TRC TRU TRUE TSCTSTH TTCL TU TVD UAC UV VGI VIH WACOAL WAVEWHA WINNER

2S AAV ACAP AGE AH AHC AIRA AIT AKR ALLAALT AMA AMANAH APCO AQUA ARIP ARROW ASIA ASIMAR ASK

ASN ASP ATP30 AU AUCT AYUD BA BBL BDMS BECBEM BFIT BGRIM BIZ BJC BJCHI BLA BOL BPP BROOKBTW CBG CEN CENTEL CGH CHEWA CHG CHOW CI CIMBTCNS COM7 COMAN CPALL CSC CSP DCC DCORP DDD EASONECF ECL EE EPG ERW ETE FN FNS FORTH FPIFSMART FVC GBX GCAP GLOBAL GLOW GULF HARN HPT HTCHYDRO ICN ILINK INET IRC ITD JAS JCKH JKN JWDK KBS KCAR KGI KKC KOOL KTIS L&E LANNA LDCLH LHK LOXLEY LRH LST M MACO MAJOR MALEE MBKETMC MEGA METCO MFC MFEC MK MOONG MSC MTI NCHNEP NINE NOBLE NOK NSI NTV NWR OCC OGC ORIPAP PATO PB PDI PJW PLAT PM PORT PPP PREBPRECHA PRINC PRM PT QLT RICHY RML RS RWI SS11 SALEE SANKO SAWAD SCGS SCI SCN SE SEAFCO SEAOILSELIC SENA SFP SIAM SINGER SIRI SKE SMK SMPC SMTSNP SORKON SPC SPI SPPT SPVI SR SSF SST STASUC SUSCO SUTHA SWC SYMC SYNEX TACC TAE TAKUNI TBSPTCC TEAM TFG TFMAMA THRE TICON TIPCO TK TKN TKSTM TMC TMI TMILL TMT TNITY TNL TNP TNR TOATOG TPA TPAC TPBI TPCORP TRITN TRT TSE TSR TSTETTA TTW TVI TVO TWP TWPC U UMI UOBKH UPUPF UPOIC UT UWC VNT WHAUP WICE WIIK XO YUASAZMICO

7UP ABICO ABM AEC AEONTS AF AJ ALUCON AMARIN AMCAS ASAP ASEFA ASIAN BCH BEAUTY BGT BH BIG BLANDBM BR BROCK BSBM BTNC CCET CCP CGD CHARAN CHAYOCITY CMO CMR COLOR CPL CPT CRD CSR CTW CWTD DCON DIGI DIMET EKH EMC EPCO ESSO ESTAR EEFLOYD FOCUS FSS FTE GENCO GIFT GJS GLAND GPI GREENGTB GYT HTECH IFS IHL III INOX INSURE IRCP ITITEL J JCK JMART JMT JTS JUBILE KASET KCM KIATKWC KWG KYE LALIN LEE LPH MATCH MATI MBAX M-CHAIMDX META MILL MJD MM MODERN MPG NC NDR NETBAYNNCL NPK OCEAN PAF PDG PF PICO PIMO PK PLPLE PMTA PPPM PRIN PSTC PTL RCI RCL RJH ROJNARPC RPH SAMCO SAPPE SCP SF SGF SGP SKN SKRSKY SLP SMIT SOLAR SPA SPCG SPG SQ SRICHA SSCSSP STANLY STPI SUN SUPER SVOA T TCCC TCMC THETHG THMUI TIC TITLE TIW TMD TOPP TPCH TPIPP TPOLYTTI TVT TYCN UEC UMS UNIQ VCOM VBIHA VPO WINWORK WP WPH ZIGA

http://www.thai-iod.com/

ขอ้มลู Anti-Corruption Progress Indicator 2560 ประกาศเจตนารมณ์ CAC

ได้รับการรับรอง CAC

N/A

Source: Thai Institute of Directors

ขอ้มลูบรษิทัทีเ่ขา้ร่วมโครงการแนวร่วมปฏบิตัขิองภาคเอกชนไทยในการต่อตา้นทุจรติ (Thai CAC) ของสมาคมส่งเสรมิสถาบนักรรมการบรษิทัไทย (ขอ้มลู ณ วนัที ่17 ต.ค.)

• ไดป้ระกาศเจตนารมณ์เขา้ร่วม CAC

• ไดร้บัการรบัรอง CAC

การเปิดเผยการประเมนิดชันีชีว้ดัความคบืหน้าการป้องกนัการมสี่วนเกีย่วขอ้งกบัการทุจรติคอรร์ปัชนั (Anti-Corruption Progress Indicators) ของบรษิทัจดทะเบยีนในตลาดหลกัทรพัย์แห่งประเทศไทยที่

จดัทาํโดยสถาบนัทีเ่กีย่วขอ้งซึง่มกีารเปิดเผยโดยสาํนกังานคณะกรรมการกาํกบัหลกัทรพัยแ์ละตลาดหลกัทรพัยน้ี์เป็นการดาํเนินการตามนโยบายและตามแผนพฒันาความยัง่ยนืสําหรบับรษิทัจดทะเบยีนโดย

ผลการประเมนิดงักล่าว สถาบนัทีเ่กีย่วขอ้งอาศยัขอ้มลูทีไ่ดร้บัจากบรษิทัจดทะเบยีนตามทีบ่รษิทัจดทะเบยีนไดร้ะบุในแบบแสดงขอ้มลูเพื่อการประเมนิ Anti-Corruption ซึง่อา้งองิขอ้มลูมาจากแบบแสดง

รายงานขอ้มลูประจาํปี แบบ (56-1) รายงานประจาํปีแบบ (56-2) หรอืในเอกสารหรอืรายงานอื่นทีเ่กีย่วขอ้งซึง่เป็นบุคคลภายนอก โดยมไิดเ้ป็นการประเมนิการปฏบิตัขิองบรษิทัจดทะเบยีนในตลาดหลกัทรพัย์

แห่งประเทศไทยและมไิดใ้ชข้อ้มูลภายในเพื่อการประเมนิ เนื่องจากผลการประเมนิดงักล่าวเป็นเพยีงผลการประเมนิ ณ วนัที่ ปรากฏในผลการประเมนิเท่านัน้ ดงันัน้ผลการประเมนิจงึอาจเปลีย่นแปลงได้

ภายหลงัวนัดงักล่าว หรอืรบัรองความถกูตอ้งครบถว้นของผลประเมนิดงักล่าวแต่อย่างใด

thailand company update - rhb tradesmart · 11/11/2019 · which should help increase margin....

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