COMPANY RESEARCH | Resume Coverage
OUTPERFORM
January 25, 2017
Major Cineplex Group
(MAJOR TB)
Share Price: Bt31.75
Target Price: Bt36.00 (+13.4%)
Ready for a blockbuster performance
Box office revenues and cinema ADEX to grow despite rising
popularity of digital streaming
Key earnings drivers are a strong movie lineup, screen expansion,
and potential more audience for Thai movies
OUTPERFORM, Bt36/sh TP implies 27x FY17F PE; a stock for
investors seeking discounted growth story with decent yield
Strong movie lineup to drive box office revenue and cinema ADEX
Despite rising global trend towards digital streaming, box office
revenues have been growing steadily by 5% p.a. in Thailand (2% in the
US) in the past five years, outpacing GDP growth of 3%. Movie lineups
have been and will remain the key revenue driver. Looking at the past
successful movies and comparing with the new lineup, the lineup for
2017-18 looks more attractive than the last two years’. Coupled
with aggressive expansion of screens, these will drive MAJOR’s box
office revenue to grow by 9% in FY17-18F. A larger movie audience will
also benefit its advertising business (15% of total revenue). We expect
MAJOR’s admission and advertising revenues to grow by 5-9% and 710% p.a., respectively, over the next three years.
Stronger premium blockbusters, aggressive screen expansion
We identified 14 Hollywood blockbusters that could generate over
Bt100m revenue/movie in 2017 vs 11 in 2015/16. There will also be
other premium movies such as xXx 3: The Return of Xander Cage, and
Beauty & the Beast. These would ensure stronger box office revenues
than the last two years. We expect Thai movies (market share dropped
to a 10-year low of 13% in FY16) to gain more audience as leading Thai
movie studios focus more on feel-good, comedy, and horror movies to
attract local moviegoers. We conservatively assume MAJOR to add 70
and 60 screens in FY17/18F (vs. planned 80 screens), bringing total
screens to 806 by FY18. This will support traffic growth of 4-5% p.a.
over FY17-18F to a record high of 31m in FY18F.
OUTPERFORM, DCF-based TP of 36/sh; more resilient earnings
than media peers
MAJOR is now trading at 24x FY17F PE, in line with its 5-year average
PE multiple, while its earnings will grow 26% in FY17F and 18% in
FY18F, significantly higher than average 9% p.a. during such period.
This could lead to a rerating. We see potential upside from better-thanexpected Thai movie revenues.
Financial Summary (Btm)
Year to Dec
Sales (Btm)
Growth (%)
EBITDA (Btm)
Growth (%)
Recurring profit (Btm)
Growth (%)
Net income
Normalized EPS (Bt)
Growth (%)
PE (x)
DPS (Bt)
Yield (%)
BVPS (Bt)
P/BV (x)
Krungsri Securities Research Team
Worrapong TUNTIWUTTHIPONG
662 - 659 7000 ext 5016
[email protected]
Kitti PITAKTEERABANDIT
Assistant analyst
Key Data
12-mth High/Low (Bt)
Market Cap (Btm/US$m)
3m Avg. Turnover (Btm/US$m)
Free Float (%)
Issued Shares (m shares)
Major Shareholders:
- POOLVARALUK VICHA
- STATE STREET CORP
- BNY MELLON
36.25 / 23.70
28,401.4 / 806.4
64.7 / 1.8
55.5
895
32.9
9.9
6.0
Share Price Performance
Absolute (%)
Relative to index (%)
YTD
1Mth
(3.1)
(4.2)
(3.8)
(6.3)
3Mth 12Mth
9.5
3.8
11.4
(14.0)
Krungsri Securities vs Market
2014
8,623
11.8
2,330
17.3
978
17.6
1,086
1.10
17.6
28.4
1.0
3.4
7.1
4.4
2015
8,580
(0.5)
2,240
(3.8)
933
(4.6)
1,170
1.05
(4.6)
29.8
1.1
3.7
7.4
4.2
2016F
8,625
0.5
2,371
5.8
948
1.6
1,243
1.06
1.6
29.4
1.3
4.0
7.5
4.1
2017F
9,328
8.2
2,653
11.9
1,194
26.0
1,194
1.33
26.0
23.4
1.2
3.8
7.7
4.1
2018F
10,116
8.4
2,853
7.6
1,409
18.0
1,409
1.57
18.0
19.8
1.4
4.5
7.9
3.9
Positive
Market
Recommend
17
Krungsri
Target Price (Bt)
36.0
’16 Net Profit (Btm)
1,243
’17 Net Profit (Btm)
1,194
Neutral
3
Market
35.2
1,047
1,289
Negative
0
% +/2.1
18.7
(7.4)
Krungsri's earnings revision
Earnings revision (%)
2016F
2017F
-
-
Source: Bloomberg, Krungsri Securities
Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
January 25, 2017
Resume Coverage | MAJOR
Growing box office revenues and strong cinema ADEX
The rising popularity of digital streaming or free access content is undeniable,
but there will always be a cinema audience because going to the cinema is
more than simply to watch a movie, it is a social experience. The National
Association of Theatre Owners (NATO) claims teenagers, who are the top digital
media users, were also the largest segment of moviegoers in the US in 2015 at
16% share of movie tickets purchased.
Based on data from the Motion Picture Association of America (MPAA), both
tickets sold and box office revenues had continued to grow by c.2% p.a. over
2011-15. It fell 5% in 2014 but recovered quickly the following year (+8% yoy)
because of a robust movie lineup. And we expect a more attractive lineup for
2017-18. Meanwhile, Thailand’s box office revenues grew 5% p.a. over FY1016, outpacing GDP growth of 3%. And, we expect box office revenues to grow
by 9% in 2017-18 driven by stronger premium blockbusters as well as
aggressive expansion (additional screens) by MAJOR.
Cinema ad spending has also been resilient relative to other mediums because
it has direct reach to a target audience with relatively strong purchasing power.
In 2016, Thailand ADEX shrank by 12% but cinema ad spending grew 6%. For
MAJOR, we expect advertising revenues, which are estimated to account for
15% of its revenue and 35% of total gross profit in FY16, to grow by 7-10% p.a.
over the next three years supported by additional screens and more
moviegoers.
Thailand: Cinema ADEX vs total ADEX growth
MAJOR: Advertising revenue and GPM
Btm
%
45.0
1,800
35.0
0.88
0.86
0.85
1,000
5.0
Dec-16
Nov-16
Oct-16
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
0.84
800
0.83
600
0.82
0.81
400
0.80
-25.0
-35.0
0.87
1,200
15.0
-15.0
0.89
1,400
25.0
-5.0
0.90
1,600
200
Total ADEX growth
Cinema ADEX growth
-45.0
0.79
0
0.78
2013
2014
2015
2016F
2017F
Advertising revenue
Source: Nielsen and Krungsri Securities
2018F
GPM
Source: Company data and Krungsri Securities
Stronger Hollywood blockbuster and Thai movie lineups
We identified 14 Hollywood blockbusters in the 2017 lineup that could to
generate over Bt100m revenue each. They are six superhero movies and eight
sequels (which previous movie generated over Bt100m each) compared to only
five superhero movies in 2016 and six blockbuster sequels in 2015. Moreover,
other premium blockbusters this year, such as xXx 3: The Return of Xander
Cage and Beauty & the Beast should also generate high revenues. This would
result in higher box office revenues than the last two years.
Krungsri Securities Research
2
January 25, 2017
Resume Coverage | MAJOR
Top 10 Thailand Box Office 2016
Top 10 Thailand Box Office 2015
Btm
Captain America: Civil War
Luang Pee Jazz 4G
Doctor Strange
Deadpool
Fantastic Beast and Where to Find Them
Batman v Superman: Dawn of Justice
The Jungle Book
Fanday
Gods of Eygpt
X-Men Apocalypse
Total
Source: Company data and www.boxofficemojo.com
336
271
179
162
151
145
144
121
117
111
1,737
Btm
Fast & Furious 7
Jurassic World 4
Avengers 2: Age of Ultron
King Naresuan 6
Mission: Impossible - Rouge Nation
Minions
Star Wars: The Force Awakens
Ant-Man
James Bond: Spectre
Terminator Genesis
Total
Source: Company data and www.boxofficemojo.com
467
305
297
137
136
117
115
118
110
108
1,910
There were 38 Thai movies released in 2016 (vs 60 in 2015) which
generated Bt565m total revenue (-17% yoy). This accounted for c.13% of
Thailand’s total box office revenues, the lowest in ten years because of
competition from strong Hollywood blockbusters and free-access content.
This year, we expect a larger contribution from Thai movies led by: Mr.
Hurt, Thongdee the Warrior and 3-4 movies by GDH559, as leading Thai
studios (e.g. GDH559, Five Star, Transformation, Talent 1 and T Moment)
try to find the right recipe to attract local moviegoers, by focusing on feelgood, comedy and horror movies. A larger market share for Thai movies
would benefit MAJOR because of lower revenue-sharing rates than
Hollywood movies.
Hollywood blockbuster lineup for 2017
Superhero movies
Logan (Wolverine 3)
Guardians of the Galaxy Vol. 2
Wonder Woman
Spider-Man
The Justice League Part One
Thor: Ragnarok
Mar-17
May-17
Jun-17
Jul-17
Nov-17
Nov-17
Blockbuster sequels
(Last sequel’s revenue > Bt100m)
Resident Evil: The Final Chapter
Jan-17
Kong: Skull Island
Mar-17
Fast & Furious 8
Apr-17
Pirates of the Caribbean 5
May-17
The Mummy (reboot)
Jun-17
World War Z 2
Jun-17
Transformer 5
Jun-17
Star Wars: Episode VIII
Dec-17
Source: Company data, www.boxofficemojo.com and Krungsri Securities
Krungsri Securities Research
Thai movie lineup for 2017
School Tales (Five Star)
Present Perfect (Five Star)
Mr. Hurt (Transformation)
Thongdee the warrior
(Sahamongkol)
The Moment (Talent 1)
Over Size (T Moment)
GDH 559 (3-4 movies)
Jan-17
Feb-17
Feb-17
Feb-17
Feb-17
1Q17
FY17
Source: Company data
3
January 25, 2017
Resume Coverage | MAJOR
Number of screens to grow at 11% CAGR over FY15-18F
Despite the rising number of cinema screens in Thailand, MAJOR believes it is
still low relative to other major market in Asia, such as South Korea, Malaysia,
and China. There are currently 59,091 people/screen in Thailand vs 24,454 in
South Korea, 26,000 in Malaysia, and 30,000 in China.
MAJOR expects to operate 1,000 screens by 2020 vs 678 screens at the end of
FY16. This implies a 5-year CAGR of 11%. It is focusing on expanding
upcountry, which accounted for 47% of total screens in FY16 compared to only
30% in FY11. However, we conservatively assumed MAJOR would add 60-70
screens per year in the next two years and that cinema traffic would grow by 5%
p.a. during the period.
Based on the above, we estimate MAJOR would post 15% earnings growth
(CAGR) over FY15-18F. We conservatively assumed the number of moviegoers
would grow by 4-5% per year premised on its screen expansion plan and movie
lineup.
MAJOR: Key assumptions
2015
Number of moviegoers (Million)
27.5
Average ticket price (Bt)
165.0
GPM: Admission (%)
15.7
GPM: Concession (%)
69.0
GPM: Advertisement (%)
86.0
Concession to box office revenue (%)
30.4
SG&A to total revenue (%)
23.5
Source: Company data and Krungsri Securities
2016F
28.5
166.7
17.0
69.0
84.0
30.0
25.2
2017F
29.9
173.3
19.0
69.0
87.0
30.0
25.2
2018F
31.4
180.2
20.0
69.0
88.0
30.0
25.2
MAJOR: FY16F revenue breakdown
Film
distribution,
3%
Advertisement,
15%
Rental,
6%
Bowling and karaoke,
5%
Admission,
55%
Concession,
16%
Source: Company Data and Krungsri Securities
Krungsri Securities Research
4
January 25, 2017
Resume Coverage | MAJOR
MAJOR: Screen additions
MAJOR: Cinema traffic
Unit
90
Million moviegoers
35
80
30
70
25
60
20
50
40
15
30
10
20
5
10
0
0
2012
2013
2014
2015
2016F 2017F 2018F
Source: Company data and Krungsri Securities
2012
2013
2014
2015
2016F 2017F 2018F
Source: Company data and Krungsri Securities
OUTPERFORM, TP Bt36.0/sh; more resilient earnings than
media peers
MAJOR is now trading at 24x FY17F PE, in line with its 5-year average PE
multiple, while its earnings will grow 26% in FY17F and 18% in FY18F,
significantly higher than average 9% p.a. during such period. This could lead to
a rerating. We see potential upside from better-than-expected Thai movie
revenues.
Moreover, we expect ADEX to recover in late 1Q17 after a sharp drop during the
mourning period last year. This would be positive for MAJOR’s advertising
business, which accounts for 15% of total revenue.
PE band
PB band
Source: Bloomberg and Krungsri Securities
Source: Bloomberg and Krungsri Securities
Krungsri Securities Research
5
January 25, 2017
Resume Coverage | MAJOR
INCOME STATEMENT (Btm)
Turnover
Cost of sales (COGS)
Depreciation & amoritisation
Gross profit
S&A expenses
Operating profit
Other operating income
EBIT
Interest expense
Other income
Pre-tax profit
Income tax on company & subsidiaries
Profit after tax
Minority interests
Share of associate net income
Preferred dividends
Recurring attributable net profit
Extraordinary items
Reported net profit
2014
8,623
(4,230)
(1,245)
3,148
(2,064)
1,084
0
1,084
(173)
123
1,035
(271)
764
15
199
0
978
108
1,086
2015
8,580
(4,327)
(1,226)
3,027
(2,013)
1,014
0
1,014
(155)
147
1,006
(300)
706
(11)
237
0
933
237
1,170
2016F
8,625
(4,081)
(1,395)
3,149
(2,173)
976
0
976
(171)
129
935
(234)
701
(11)
258
0
948
295
1,243
2017F
9,328
(4,325)
(1,419)
3,584
(2,351)
1,234
0
1,234
(162)
144
1,215
(280)
936
(12)
270
0
1,194
0
1,194
2018F
10,116
(4,713)
(1,424)
3,979
(2,549)
1,430
0
1,430
(150)
152
1,431
(293)
1,138
(13)
283
0
1,409
0
1,409
895
1.09
1.04
0.95
895
1.04
1.14
1.10
895
1.06
1.25
1.18
895
1.33
1.20
0.90
895
1.57
1.42
0.90
2014
1,035
(271)
1,245
36
343
2,388
2015
1,006
(300)
1,226
107
142
2,182
2016F
935
(234)
1,395
(30)
287
2,353
2017F
1,215
(280)
1,419
(13)
244
2,585
2018F
1,431
(293)
1,424
14
280
2,855
Capex
ST loans & investments
LT loans & investments
Adj for asset revaluation
Chg In other assets & liabilities
Cash flow from investments
(1,280)
(170)
251
(1,198)
(1,854)
(188)
425
(1,617)
(1,200)
288
(912)
(1,100)
(98)
(1,198)
(1,000)
(110)
(1,110)
Debt financing
Capital increase
Dividends paid
Warrants & other surplus
Cash flow from financing
(250)
51
(888)
(21)
(1,108)
90
50
(980)
11
(830)
(332)
(0)
(1,071)
(1,403)
(292)
2
(1,097)
(1,387)
(574)
(1,171)
(1,745)
1,109
82
328
(265)
1,153
38
1,485
(0)
1,855
0
Shares in issue (Y/E, m)
EPS (excluding extraordinary items, Bt)
DPS (Bt)
DPS/EPS (%)
CASH FLOW (Btm)
Earnings before tax
Tax paid
Depreciation & amortization
Chg In working capital
Chg In other CA & CL / minorities
Cash flow from operations
Free cash flow
Net Cash Flow or Chg In Cash
Krungsri Securities Research
6
January 25, 2017
Resume Coverage | MAJOR
BALANCE SHEET (Btm)
Cash & equivalents
A/C receivable
Inventory
Others
Total Current Assets
Property and equipment
Investments & associates
Other assets
Goodwill
Total Assets
2014
496
1,159
175
307
2,137
6,696
2,469
2,328
0
13,630
2015
577
1,307
154
343
2,382
6,730
2,638
2,182
0
13,932
2016F
312
1,181
183
355
2,030
7,358
2,826
2,032
0
14,246
2017F
350
1,187
180
357
2,073
7,163
2,826
2,043
0
14,105
2018F
350
1,283
189
386
2,208
6,844
2,826
2,209
0
14,087
Short-term debt
A/C payable
Other current liabilities
Total Current Liabilities
Long-term debt
Other liabilities
Total Liabilities
2,468
1,736
147
4,352
2,352
827
7,530
2,376
1,899
267
4,542
2,188
816
7,546
3,366
1,908
206
5,480
1,287
831
7,598
3,126
1,881
237
5,244
1,195
835
7,274
2,914
1,973
240
5,128
1,114
903
7,145
Share capital
Share premium
Revaluation surplus
Translation adjustment
Retained earnings
Total ordinary equity
Preferred equity
Minorities
Total equity & minorities
888
3,919
383
0
913
6,103
0
(4)
6,099
890
3,968
362
0
1,111
6,331
0
56
6,387
893
4,015
378
0
1,295
6,581
0
67
6,648
892
4,015
378
0
1,467
6,753
0
78
6,831
894
4,015
378
0
1,565
6,852
0
90
6,942
Accumulated depreciation
BV per ordinary share (Y/E, Bt)
Adjusted book value ps (Y/E, Bt)
(5,797)
6.88
6.82
(6,488)
7.13
7.08
(7,203)
7.40
7.36
(8,598)
7.57
7.55
(10,017)
7.66
7.66
RATIOS (%)
Growth
Turnover
EBITDA
EBIT
Recurring net profit
EPS (before extraordinary items)
EPS
DPS
2014
2015
2016F
2017F
2018F
11.8
17.3
17.8
17.6
3.3
17.6
5.0
(0.5)
(3.8)
(6.5)
(4.6)
7.4
(4.8)
9.8
0.5
5.8
(3.8)
1.6
5.9
1.3
9.3
8.2
11.9
26.4
26.0
(4.1)
25.7
(3.9)
8.4
7.6
15.9
18.0
18.0
18.0
18.0
Accounting ratios
Gross profit margin
Operating profit margin
Net profit margin
Turnover/avg total assets (x)
ROA
ROE
S&A/turnover
36.5
12.6
12.6
0.6
7.9
17.4
23.9
35.3
11.8
13.6
0.6
8.3
17.9
23.5
36.5
11.3
14.4
0.6
8.8
18.4
25.2
38.4
13.2
12.8
0.7
8.5
17.3
25.2
39.3
14.1
13.9
0.7
10.0
19.9
25.2
Operating performance
EBITDA margin
EBIT margin
NOPLAT margin (NOPLAT/Turnover)
Asset turnover (Turnover/avg Op assets)
27.0
12.6
8.9
0.6
26.1
11.8
8.2
0.6
27.5
11.3
8.1
0.6
28.4
13.2
10.0
0.7
28.2
14.1
11.2
0.7
Krungsri Securities Research
7
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CI
CITY
CKP
CNS
CPALL
CPL
CSC
CSP
CSS
CTW
DNA
EARTH
EASON
ECL
EFORL
ESSO
FE
FIRE
FOCUS
FORTH
FPI
FSMART
FSS
FVC
GCAP
GENCO
GL
GLAND
GLOW
GOLD
GYT
HTC
HTECH
IEC
IFEC
IFS
IHL
IRCP
LALIN
ITD
JSP
JTS
JUBILE
KASET
KBS
KCAR
KGI
KKC
KTIS
KWC
KYE
L&E
LHK
LIT
LST
M
MAJOR
MAKRO
MATCH
MATI
MBKET
M-CHAI
MFC
MILL
MJD
MK
MODERN
MOONG
MPG
MSC
MTI
MTLS
NC
NOK
NUSA
NWR
NYT
OCEAN
PACE
PATO
PB
PCA
PCSGH
PDG
PF
PICO
PL
PLANB
PLAT
PPM
PRG
PRIN
PSTC
PTL
PYLON
QLT
RCI
RCL
RICHY
RML
RPC
S
SALEE
SAPPE
SAWAD
SCCC
SCN
SCP
STANLY
SEAOIL
SIRI
SKR
SMG
SOLAR
SORKON
SPA
SPC
SPCG
SPPT
SPVI
SRICHA
SSC
STPI
SUC
SUSCO
SUTHA
SYNEX
TAE
TAKUNI
TCC
TCCC
TCJ
TEAM
TFD
TFI
TIC
TIW
TLUXE
TMC
TMD
TOPP
TPCH
TPIPL
TRT
TSE
TSR
TT
UMI
UP
UPF
UPOIC
UREKA
UWC
VIBHA
VIH
VPO
WHA
WIN
XO
Disclaimer
The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to
the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on
the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public
investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public
Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2015
Level 5: Extended
BCP
CPN
GYT
PE
PM
PPP
PT
PTT
AYUD
DTC
KCE
PTTEP
THREL
BAFS
EASTW
KGI
SABINA
TISCO
BANPU
ECL
KKP
SCB
TMB
BAY
EGCO
KTB
SINGER
TMD
BBL
ERW
LANNA
SIS
TNITY
PTTGC
SAT
SCC
THANI
TOP
BLA
GCAP
MBKET
SNP
TSTH
BTS
HANA
MFC
SSF
CFRESH
HTC
MINT
SSI
CIMBT
IFEC
MTI
SSSC
Level 4: Certified
ADVANC AMANAH
CSL
DCC
IRPC
IVL
PPS
PSL
TCAP THCOM
ASP
DRT
KBANK
PTG
THRE
BKI
FSS
LHBANK
SNC
TOG
CNS
INTUCH
NKI
SVI
Level 3B: Established by Commitment and Policy
AAV
CITY
GL
MANRIN
PJW
SAPPE
SUTHA
TOPP
UV
AHC
CK
GOLD
MATI
PLANB
SC
T
TPC
VPO
AIT
AKR
CKP
COLOR
GPSC
GRAMMY
MODERN
MSC
PLE
POLAR
SCP
SFP
TAE
TBSP
TPCH
TPIPL
WAVE
WINNER
ARROW
CWT
HYDRO
NOBLE
PRG
SIM
TCC
TSR
YUASA
ASK
EARTH
IRCP
NOK
PTL
SLP
TFD
TT
BA
EASON
IT
NPK
Q-CON
SMT
TGCI
TYCN
BDMS
EPG
JCT
NUSA
QTC
SPA
TGPRO
UAC
BEC
F&D
KCM
OISHI
RCI
SPORT
THANA
UBIS
BJCHI
FANCY
KWC
OTO
S11
SSC
THIP
UEC
CGH
FIRE
LH
PAF
SALEE
SST
TIW
UMI
CHG
FMT
LIT
PAP
SAM
STEC
TK
UP
CHOW
FORTH
LOXLEY
PATO
SAMART
STPI
TMW
UPF
CIG
GENCO
MACO
PF
SAMTEL
SUC
TNDT
UT
Level 3A: Established by declaration of intent
ABC
BWG
DIMET
ICC
MAKRO
PACE
ROJNA
SPI
TMILL
ZMICO
ACAP
CEN
DNA
ICHI
MC
PCSGH
RWI
SRICHA
TMT
AGE
CENTEL
DTAC
INOX
MCOT
PDI
SAMCO
STANLY
TNL
AH
CHARAN
EA
INSURE
MFEC
PG
SCCC
SUPER
TPCORP
ANAN
CHO
ECF
IRC
MJD
PHOL
SCG
SYMC
TSTE
AP
CHOTI
EE
JAS
MONO
PLAT
SEAOIL
SYNEX
TTCL
APCS
CM
EVER
JTS
MOONG
PR
SE-ED
SYNTEC
TU
APURE
CNT
FPI
JUBILE
NBC
PRANDA
SENA
TASCO
TVI
AS
COL
GBX
KC
NDR
PREB
SITHAI
TCMC
UOBKH
ASIA
CPF
GC
KTC
NINE
PS
SMK
TFI
UREKA
ASIAN
CPI
GFPT
KYE
NMG
QLT
SMPC
THAI
VGI
ASIMAR
CPL
GLOW
LHK
NSI
RATCH
SPALI
TICON
VNT
AF
BRR
FVC
KCAR
MPG
QH
SR
TRUE
WIN
AIRA
BSBM
GEL
KKC
MTLS
ROCK
SUSCO
TSC
XO
AKP
BTNC
GLOBAL
KSL
NCH
ROH
TAKUNI
TSI
ALUCON
CCP
GUNKUL
KTECH
NCL
RP
TEAM
TTW
AMARIN
CI
IEC
L&E
NNCL
RPC
TF
TVD
AMATA
CSC
IFS
LALIN
NPP
S&J
TIC
TVO
AOT
CSR
ILINK
LTX
OCC
SGP
TIP
TVT
APCO
CSS
INET
M
OCEAN
SIAM
TIPCO
U
BEAUTY
EFORL
J
MALEE
PB
SKR
TMC
UKEM
BFIT
EPCO
JMT
MBAX
PCA
SMG
TMI
UNIQ
AJ
CPH
GRAND
MAX
PRAKIT
SIRI
TCJ
TTTM
AMC
CSP
GREEN
M-CHAI
PRECHA
SMART
TCOAT
TWP
AQUA
CTW
HFT
MDX
PRIN
SMM
TH
TWZ
ARIP
DCON
HTECH
MIDA
RAM
SOLAR
TKS
UMS
AUCT
DRACO
IHL
ML
RICH
SPG
TNH
UPA
BAT-3K
DSGT
ITD
MPIC
RS
SPVI
TNPC
UPOIC
BIG
DTCI
JSP
NC
SANKO
STA
TPAC
UTP
BJC
E
KDH
NEP
SAUCE
STAR
TPOLY
UVAN
BOL
EMC
KTIS
NWR
SAWAD
SVH
TRC
VARO
BIGC
DELTA
HMPRO
LPN
NTV
RML
SPC
TKT
WACOAL
BROOK
DEMCO
HOTPOT
LRH
OGC
ROBINS
SPCG
TLUXE
WHA
Level 2: Declared
2S
BLAND
FER
KASET
MILL
PSTC
SPACK
TRT
VNG
ABICO
BROCK
FNS
KBS
MK
PYLON
SPPT
TRU
WIIK
BH
BKD
ESTAR
FE
JUTHA
K
MBK
MEGA
PDG
PRINC
SMIT SORKON
TPA
TPP
UWC
VIBHA
Level 1: Committed
AEONTS
CGD
GIFT
MAJOR
PL
SF
TC
TTI
WG
AFC
CMR
GLAND
MATCH
PPM
SHANG
TCCC
TTL
CBG
ESSO
KTP
OHTL
SAWANG
SVOA
TRUBB
VI
CCET
FOCUS
LEE
PICO
SCN
SWC
TSE
VIH
CCN
FSMART
LST
PK
SEAFCO
TAPAC
TTA
VTE
Disclaimer
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by
Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the
Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as
stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report
(Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of
Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is
only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change
to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and
completeness of the assessment result."
Reference
Level 5: Extended – Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
investigations, prosecutions or closed cases
Level 4: Certified – Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established – Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared – Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed – Organization’s statement or board's resolution to work against corruption and to be in compliance with all relevant laws
Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road
Klongton, Klongtoey, Bangkok 10110
Tel: 0-2695-4500 Fax: 0-2695-4599
Nakhon Pathom
67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Amphur Muang, Nakhon Pathom 73000
Tel: 0-3427-5500-7 Fax: 0-3421-8989
Central Bangna
589/151 Central City Tower 1 Office, Fl. 27
Bangna-Trad Road, Bangna, Bangkok 10260
Tel: 0-2763-2000 Fax: 0-2399-1448
Suphanburi
249/171-172 Moo 5 Tambol Ta Rahad,
Amphur Muang, Suphanburi, 72000
Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II
111/917-919 Rama II Road, Smaedum,
Bangkhuntien, Bangkok 10150
Tel: 0-2895-9575 Fax: 0-2895-9557
Nakhon Ratchasima
168 Chomphon Road, Tambol Nai Muang,
Amphur Muang Nakhon Ratchasima,
Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited
123 Suntowers (B) Building, Vibhavadirangsit Road,
Jompol, Jatujak, Bangkok 10900
Tel: 0-2273-8388 Fax: 0-2273-8399
Khon Kaen
114 Sri Chan Road, Tambol Nai Muang,
Amphur Muang, Khon Kaen 40000
Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi
64/17 Sukhumvit Road, Tambol Bang Plasoi,
Amphur Muang, Chonburi 20000
Tel: 0-3879-0430 Fax: 0-3879-0425
Chiang Mai
70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chiang Mai 50200
Tel: 0-5321-9234-6 Fax: 0-5321-9247
Hat Yai Branch
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai,
Amphur Hat Yai, Songkhla 90110
Tel: 0-7422-1229 Fax: 0-7422-1411
Chiang Rai
231-232 Thamalai Road, Tambol Wiang,
Amphur Muang, Chiang Rai 57000
Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Central line:
Analyst Team
Sector Coverage
662-659-7000
E-mail
Naphat Chantaraserekul, Head of Research
Kittisorn Pruitipat, CFA, FRM
Energy, Petrochemical, Strategy
ext. 5000
[email protected]
Construction
Property,
ICT,Materials
Contractor
ext. 5019
[email protected]
Jesada Techahusdin, CFA
Banking, Consumer Finance, Insurance ext. 5004
[email protected]
Sunthorn Thongthip
Insurance
Insurance Strategy
Food,
Transportation,
ext. 5009
[email protected]
Worrapong Tuntiwutthipong
Electronic, Automotive, Commerce
ext. 5016
[email protected]
Karun Intrachai
Media
Renewable
Energy
ext. 5010
[email protected]
Teerapol Udomvej
Healthcare, Tourism
ext. 5012
[email protected]
Artit Jansawang
Mid - Small cap, MAI
ext. 5005
[email protected]
Nalinee Praman, Assistant Analyst
Mid - Small cap, MAI
Kitti Pitakteerabandit, Assistant Analyst
Fax 662-658-5643
Definition of Ratings
OUTPERFORM
NEUTRAL
UNDERPERFORM
- Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
- Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
- Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps
www.krungsrisecurities.com