26 July 2017 Morning Brief

Daily Market Performance Todays highlights

SET (25/07/2017): Market Turnover:
Market Wrap-up
1,581.42 (+0.30%) Bt46,194m
Source: SET, KS The SET Index closed at 1,581.42 on Tuesday, up 4.69 pts, or 0.30%.
Institutional investors bought a net Bt3,176.69mn worth of Thai shares, while,
Sector PER (KS Coverage, x) Proprietary, Foreign and Retail investors were net sellers of Bt1,168.29mn,
Yr to Dec 15A 16A 17E 18E Bt1,607.02mn and Bt401.39mn, respectively.
Agribusiness & Food 26.41 46.40 37.56 28.90
Banking 9.04 10.17 10.70 9.57 Strategy
Commerce 24.90 33.44 27.58 24.10
Commercial 26.77 27.55 31.79 28.41 Daily View (page 4) Big-cap stocks should continue to buoy the market after
Construction Materials 12.69 11.22 11.93 12.01
Contractor 23.60 29.69 42.62 28.12
the SET50 Index again outperformed the benchmark SET Index yesterday.
Electronics 13.47 17.66 17.39 14.06 Market sentiment appears to be positive and we expect buying interest in
Energy 115.38 12.78 9.17 9.88 laggard stocks, particularly contractors and property developers, to ramp up.
Finance & Securities 21.14 18.46 17.95 15.21
ICT 11.70 21.00 27.53 26.10 We recommend focusing on stocks that have trailed the market, among which
Industrial Estate 13.98 25.78 27.33 18.89 we see LH and STEC as the most attractive; and reiterate our strategy of holding
Insurance 22.98 17.68 17.35 14.03
Personal Products & 1) stocks expected to deliver strong 2Q17 earnings growth, such as MTLS, MEGA,
n.a. 47.90 35.67 22.86
Pharmaceuticals TK (not covered by KS Research), BEAUTY and JWD; 2) stocks that will get a boost
Petrochemical 11.39 10.55 10.21 10.63
Property Fund 14.42 21.67 17.91 16.48
from the recovering oil price, such as PTT and PTTEP; 3) stocks that should benefit
Residential 9.30 9.63 9.22 9.20 from the growth of the tourism sector, such as CENTEL* and MINT* (*not covered
Transportation 52.77 32.90 33.21 29.68 by KS Research); 4) stocks that have low PERs and high dividend yields, such as LH
Utilities 18.79 17.14 15.08 14.70
and PSH; and 5) stocks that will get a lift from further progress in mega
infrastructure projects, such as STEC, PYLON* and UNIQ* (*not covered by KS
Research).
Source: KS
Sector & Equities Recommendation
Inside Page AAV (Neutral) - 2Q17 Preview: Lower fare, higher jet fuel cost to
Fund Flows i weigh on 2Q17 earnings (page 5 ) Expect 2Q17 earnings to drop YoY and
Bond Trading i QoQ. We expect AAV to post 2Q17 earnings of Bt276mn, down 34.7% YoY and
Top Ten Short Sale ii 51.6% QoQ. The YoY decline will likely be due to a lower GPM due to stiff
competition and high operating costs. We expect QoQ earnings to decline due
Thai NVDR Trading Data by Stock ii
to a seasonal effect, as Q1 is normally the high season for the airline industry.
Daily Driver Stats (Market Summary) iii
AP (Outperform) - 2Q17 Preview: Earnings to grow both YoY and QoQ
Daily Driver Stats (Commodity) iv
(page 6) Earnings to rise YoY and QoQ. We expect APs earnings to rise 17.8%
Director Trade v YoY and 13.0% QoQ to Bt620mn in 2Q17. Revenue (including service revenue)
Insider Trading vi should climb 12.1% YoY and 18.1% QoQ to Bt4.9bn, and will be the main
Foreign Ownership - top ten gainers and losers vi earnings growth driver in the quarter. The presales response to APs low-rise
projects improved in 2Q17 after being hurt by weak sentiment earlier in the
Economic Calendar vii
year. Also, rights transfers at a number of condominium projects developed by
Company's Calendar ix AP went smoothly. The key revenue drivers in 2Q17 were Rhythm Sukhumvit
42, Rhythm Asoke and Aspire Ngamwongwan. Total earnings for 1H17 should
account for just 36.6% of our full-year forecast, which nonetheless remains
unchanged based on solid backlogs at both AP and its JVs, and a number of
Kasikorn Securities PCL new low-rise projects to be added in 2H17.

Research Department

Contact: 02-696-0031
Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
SET Index 1,581.42 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 100.26pt/0.47% Oil - Nymex (USD) 47.89/bbl/1.55USD
Change 4.69pt/0.3% (Btm) (Contracts) KCE 179 PTTGC -533 S&P 7.22pt/0.29% Gold - London (USD) 1,251.13/Oz/-5.39USD
Turnover (Btm) 46,193.66 Foreign -1,607 8,120 EA 117 KTB -376 NASDAX 1.36pt/0.02% DXYO 94.05/0.08%
PER (x) 16.38 Institution 3,177 6,436 TOP 110 BBL -249 CAC 33.38pt/0.65% Bt/USD 33.46/0.17%
PBV (x) 1.91 Retail -401 -14,556 ADVANC 92 PTT -204 FTSE 57.09pt/0.77% USD/Euro 1.17/0.02%
Div Yield (%) 3.06 Proprietary -1,168 - TMB 78 INTUCH -140 DAX 55.36pt/0.45% 10Y US treasury yld 2.34/3.56%

26 July 2017 1 Morning Brief

 Morning Brief
Sector & Equities Recommendation
CBG (Outperform) - 2Q17 Preview: Expect strong earnings growth
QoQ, flat YoY (page 7 ) Expect 2Q17 earnings to grow 75.5% QoQ, remain
flat YoY. We estimate 2Q17 earnings of Bt369mn, up 75.5% QoQ but flat YoY.
Behind the expected strong growth QoQ should be mainly international sales,
especially to China estimated at Bt380mn in 2Q17 and Bt1.4bn in 2017. Earnings
will likely be flat YoY despite our expected 55.4% YoY rise due to CBGs
consolidation of ICUK in 4Q16, which we expect will post a net loss of Bt88mn
in 2Q17 due to high marketing expense for its sponsorship of Chelsea FC and
the EFL cup. Note that we expect ICUK to post net losses of
Bt572mn/Bt490mn/Bt565mn in 2017-19E.

COM7 (Neutral) - 2Q17 Preview: Expect impressive earnings growth

YoY (page 8 ) Expect an impressive 2Q17 earnings growth YoY. We estimate
2Q17E earnings of Bt107mn, down 10.6% QoQ but up 32.2% YoY. The QoQ
decline should be due mainly to a seasonal effect, as Q2 and Q3 are normally
COMs low season for sales. Factors behind the expected YoY growth are
aggressive sales promotions offered at Banana IT stores, and sales of bundled
packages (smartphone + SIM) after COM7 entered into a partnership deal with
True Corporation (TRUE TB, Bt5.70, Neutral) in May 2016. Excluding a FX gain,
we expect core profit of Bt106mn, down 9.9% QoQ but up 32.1% YoY.

IVL (Outperform) - 2Q17 Preview: Stronger core profit expected (page

9) Higher core profit expected from rising core EBITDA/ton We estimate IVLs
2Q17 core earnings at Bt3.5bn, up 4% QoQ and 45% YoY, thanks to
improvements in core EBITDA/ton of 7% QoQ and 14% YoY to USD107. The
projected increase in core EBITDA/ton QoQ is based on expectations that a wider
margin from a 1-month lag in PET selling prices amid falling feedstock costs (in
line with the crude price in the quarter) will outweigh the softening MEG margin.
However, the benefit of such a margin improvement will be partly offset by the
strengthening of the THB against the USD by 2.3% in the quarter. Meanwhile,
we expect 2Q17 sales volumes to be almost flat QoQ and to decline 5% YoY to
2.2mn tons due to a 5-week shutdown of IVLs MEG plant in the quarter and the
resumption of operations at its AlphaPET plant in the last month of the quarter.

LH (Outperform) - 2Q17 Preview 50% of key targets achieved at the

halfway mark (page 10) 2Q17E earnings to rise 32.5% YoY and 98.4% QoQ
to Bt3.5bn. We expect LH to report impressive 2Q17 earnings growth of 32.5%
YoY and 98.4% QoQ to Bt3.5bn on the back of 1) a strong improvement in
operating performance, particularly the revenue contributions from low-rise
backlog carried over from 1Q17 and from condominium backlog including 333
Riverside (Bt7.0bn, 98% sold, 37% transferred as of 1Q17), The Bangkok
Sathorn (Bt7.5bn, 69% sold and 3% transferred as of 1Q17) and The Room
Charoenkrung (Bt2.0bn, 48% sold and a few units transferred as of 1Q17); and
2) asset sales (Grande Center Point Ratchadamri to LH Hotel Leasehold REIT,
LHHOTEL TB, Bt13.30, Non-rated), which we estimate will create an additional
after-tax gain of about Bt1.1bn. As such, we expect LH should be able to achieve
about 50% of its 2017 presales target of Bt26.0bn and sales revenue target of
Bt31.0bn by the end of 2Q17. Also, 1H17E earnings should account for about
half of our 2017 earnings forecast.
 QH (Outperform) - 2Q17 Preview: Operating performance set to
improve (page 11) Earnings to fall YoY but to rise QoQ. We expect QHs 2Q17
earnings to fall 14.7% YoY but to rise 16.9% QoQ to Bt763mn. QH officially
launched only one project in 2Q17, Q.District Kingkaew-Suvarnabhumi
(Bt1.3bn). Nonetheless, presales increased by 33.6% QoQ to a level comparable
to 2Q16s. As the vast majority of the latest presales were contributed by low-
rise products (90%), we expect revenue (including rental income) to increase by
a strong 24.5% from 1Q17. Nevertheless, revenue may not reach the level
achieved in 2Q16, when sales revenue was supported by the expiration of the
governments property tax breaks. Clearly, sales revenue will decide the direction
of earnings in 2Q17.

DELTA (Neutral) - 2Q17 Review Earnings beat on lower-than-

expected tax provision (page 12) 2Q17 earnings exceeded forecast. DELTA
reported a 2Q17 net profit of Bt843mn (-36.6% YoY, -37.5% QoQ) that is
significantly ahead of our expectation of Bt420mn. The higher-than-expected
result was due to a both a provision for a tax assessment of Bt992mn owed to
the Revenue Department that was Bt293mn lower than our expectation of
Bt1.3bn and SG&A expense of Bt1.68bn that was Bt239mn lower than expected.
Although 2Q17 revenue grew YoY and QoQ, earnings came in lower YoY and
QoQ due mainly to the tax assessment provision of Bt992mn. Excluding extra
items, 2Q17 core profit grew by 9.0% YoY due to higher automotive power
solution revenue and by 6.8% QoQ on a 40% decline in tax expense to Bt84mn.

26 July 2017 3 Morning Brief

 Daily View
Strategy Big-cap stocks should continue to buoy the market after the SET50 Index
again outperformed the benchmark SET Index yesterday. Market
sentiment appears to be positive and we expect buying interest in laggard
stocks, particularly contractors and property developers, to ramp up. We
recommend focusing on stocks that have trailed the market, among which
we see LH and STEC as the most attractive; and reiterate our strategy of
holding 1) stocks expected to deliver strong 2Q17 earnings growth, such as
MTLS, MEGA, TK (not covered by KS Research), BEAUTY and JWD; 2) stocks
that will get a boost from the recovering oil price, such as PTT and PTTEP; 3)
stocks that should benefit from the growth of the tourism sector, such as
CENTEL* and MINT* (*not covered by KS Research); 4) stocks that have low
PERs and high dividend yields, such as LH and PSH; and 5) stocks that will get
a lift from further progress in mega infrastructure projects, such as STEC,
PYLON* and UNIQ* (*not covered by KS Research).
Contractor stocks back in spotlight. The Cabinet yesterday gave the green light
to the mass-transit Purple Line project a southern route from Taopoon to Ratburana
with an initial investment budget of Bt101.00bn. The Mass Rapid Transit Authority of
Thailand expects to sign the contract for civil work between June-August 2018, while
construction and test runs should happen between September 2018 and April 2024
with operations to begin in May 2024.
Contractor stocks thus look attractive on the progress of these mega infrastructure
projects, while the bidding and contract-signings, which are on track, should further
support sentiment. We see STEC, UNIQ* and PYLON* as the most attractive stocks in
the sector.
PTT, PTTEP see gains on oil price uptrend. The WTI rose by a further 3.30%
overnight on optimism over the crude price outlook in the wake of the JMMC meeting
on Monday. Our Daily Reports last week had forecast the market would react positively
toward the JMMC meeting outcome and that the crude price would rise further. We
stick to our view the crude price will extend its gains in light of shrinking U.S. crude
inventories, the latest data for which is due out tonight. According to a Reuter poll,
consensus estimates show crude inventories will decline for a fourth consecutive week,
falling by 3mn barrels, while distillate and gasoline stockpiles will fall by 0.7mn and
1.2mn barrels. The refinery utilization rate is expected to tick down by 0.1%.
The oil price recovery should buoy energy stocks, particularly PTT (TB Bt446.00) and
PTTEP (TP Bt108.00), which have respective high upsides of 15.84% and 24.86%. We
believe their stocks have already priced in their weak earnings outlooks QoQ and we
see their current prices as representing a good opportunity to build positions. We
expect PTTEPs 2Q16 net profit to fall 21% QoQ but to grow 246% YoY to Bt9, 686mn.
PTTEP and PTT are widely expected to post their results on Jul. 28 and Aug. 11,
respectively
Expect strong buying interest in laggard stocks; LH, STEC look attractive.
Energy and ICT stocks lifted the SET Index yesterday while bank stocks slowed the
pace of declines, which resulted in the SET Index outperforming the benchmark SET
Index. We expect buying interest in energy and bank stocks to return but advise trading
cautiously in ICT stocks, which could face profit-taking. Amid rising investor confidence,
we expect the SET Index to move higher to trade in a range of 1,575-1,585 and we
see LH and STEC as the most attractive today.
Investment strategy - We recommend focusing on stocks that have trailed the
market, among which we see LH and STEC as the most appealing; and reiterate our
Analyst strategy of holding 1) stocks that are expected to deliver strong 2Q17 earnings growth,
Prakit Sirivattanaket such as MTLS, MEGA, TK, BEAUTY and JWD; 2) stocks that will get a boost from the
Prakit.si@kasikornsecurities.com recovering oil price, such as PTT and PTTEP; 3) stocks that should benefit from the
growth of the tourism sector, such as CENTEL and MINT; 4) stocks that have low PERs
and high dividend yields such as LH and PSH; and 5) stocks that should get a lift from
further progress in mega infrastructure projects, such as STEC, PYLON and UNIQ.

26 July 2017 4 Morning Brief

 AAV TB Neutral Asia Aviation PCL - 2Q17 Preview: Lower fare, higher
jet fuel cost to weigh on 2Q17 earnings
Target Price Bt5.90
Performance highlights
Close Price (25/07/2017) Bt 6.20
Downside % -5.6 Expect 2Q17 earnings to drop YoY and QoQ. We expect AAV to post 2Q17
Anti-Corruption Indicator N/A earnings of Bt276mn, down 34.7% YoY and 51.6% QoQ. The YoY decline will likely
be due to a lower GPM due to stiff competition and high operating costs. We expect
QoQ earnings to decline due to a seasonal effect, as Q1 is normally the high season
for the airline industry.

2Q17 revenue to rise 7.7% YoY, decline 8.7% QoQ. Based on AAVs
operating data that showed Pax of 4.69mn and a cabin factor of 86%, we project
2Q17 revenue of Bt8.4bn, up 7.7% YoY but down 8.7% QoQ. AAV reported
passenger growth of 12.7% YoY in 2Q17, which exceeded Pax growth at Don
Mueang airport of roughly of 7.5% YoY. The company reported a cabin factor of
86%, up from 83% in 2Q16, indicating higher operating efficiency even though
AAV added just five aircraft compared to 49 aircrafts in 2Q16. The QoQ decline
should be mainly to a seasonal factor.

Expect lower average ticket price and GPM YoY and QoQ. We estimate
AAVs average fare in the quarter to be Bt1,460, down 5.8% YoY and 6.9% QoQ.
The lower fare YoY and QoQ should be due to continued stiff competition in the
airline industry. We estimate a 2Q17 GPM of 13.1%, down from 17.3% in 1Q17
and lower than 14.8% in 2Q16. The YoY drop in GPM should be due mainly to a
higher jet fuel price in the quarter, even though AAV hedged roughly 75% of its
total jet fuel usage at roughly USD60/bbl. Note that AAVs effective jet fuel cost in
2016 was USD56/barrel, while our 2017 estimate is USD61.3/barrel (effective jet
fuel cost approximately USD61/bbl YTD).

Maintain Neutral rating with an unchanged mid-2018 target price of

Bt5.90. Our rating is based on our estimate of a negative total shareholder return
of about 4%. We believe that continuing stiff competition and an expected gradual
rise in jet fuel price could continue to pressure the share price performance.
However, as our 1H17 earnings estimate represents 47.2% of our full-year
forecast, we foresee no downside risk to our earnings forecast. The stock is
currently trading at 16.9x FY2018E PER, which is above the five-year average
Bloomberg consensus 12-month forward PER estimate of 14.2x.

Analyst
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Assistant Analyst
Phochara Lertwiram
Phochara.l@kasikornsecurities.com

26 July 2017 5 Morning Brief

 AP TB Outperform AP (Thailand) PCL - 2Q17 Preview: Earnings to grow
both YoY and QoQ
Target Price Bt8.40
Performance highlights
Close Price (25/07/2017) Bt 7.85
Upside % 7.01 Earnings to rise YoY and QoQ. We expect APs earnings to rise 17.8% YoY and
Anti-Corruption Indicator Declared 13.0% QoQ to Bt620mn in 2Q17. Revenue (including service revenue) should climb
12.1% YoY and 18.1% QoQ to Bt4.9bn, and will be the main earnings growth
driver in the quarter. The presales response to APs low-rise projects improved in
2Q17 after being hurt by weak sentiment earlier in the year. Also, rights transfers
at a number of condominium projects developed by AP went smoothly. The key
revenue drivers in 2Q17 were Rhythm Sukhumvit 42, Rhythm Asoke and Aspire
Ngamwongwan. Total earnings for 1H17 should account for just 36.6% of our full-
year forecast, which nonetheless remains unchanged based on solid backlogs at
both AP and its JVs, and a number of new low-rise projects to be added in 2H17.

GPM rebounds, SG&A-to-sales improves. Due to an increase in the ratio of

high-margin condominium revenue to overall revenue, as well as an improvement
in margin on low-rise products, we expect GPM on 2Q17 project sales will rebound
from 31.2% in 1Q17 to 32.2%, comparable to APs average GPM in 2015-16. SG&A-
to-sales ratio is also expected to fall slightly to 21.0% (from 21.8% in 1Q16).
However, it will be higher than the level in 2Q16, when SG&A spending was
partially supported by government tax privileges.

Equity income turns positive YoY, falls QoQ. On the back of continued rights
transfers at condominium projects developed under JVs (mostly since 4Q16), such
as Rhythm Sukhumvit 36-38, Rhythm Asoke II and Aspire Sathorn Thapra, we see
equity income in 2Q17 as likely to turn positive to Bt120mn from -Bt38mn in 2Q16.
This is despite marketing costs from the launch of Life Ladprao dragging down
equity income from a strong Bt510mn in 4Q16 and Bt213mn in 1Q17.

Maintain Outperform; TP unchanged at Bt8.40. We maintain our Outperform

rating for the stock. The latest closing price offers 7.0% upside to our mid-2018
target price of Bt8.40 plus a dividend yield for a one-year holding period of about
4.6%. In addition to the moderately better earnings expected in 2Q17, potential
robust presales responses at its next condominium project, Life@One Wireless
(Bt6.4bn, due to launch July 29) will provide another positive catalyst for the stock.

Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

26 July 2017 6 Morning Brief

 CBG TB Outperform Carabao Group PCL - 2Q17 Preview: Expect strong
earnings growth QoQ, flat YoY
Target Price Bt80.00
Performance highlights
Close Price (25/07/2017) Bt 70.75
Upside % 13.1 Expect 2Q17 earnings to grow 75.5% QoQ, remain flat YoY. We estimate
Anti-Corruption Indicator N/A 2Q17 earnings of Bt369mn, up 75.5% QoQ but flat YoY. Behind the expected
strong growth QoQ should be mainly international sales, especially to China
estimated at Bt380mn in 2Q17 and Bt1.4bn in 2017. Earnings will likely be flat YoY
despite our expected 55.4% YoY rise due to CBGs consolidation of ICUK in 4Q16,
which we expect will post a net loss of Bt88mn in 2Q17 due to high marketing
expense for its sponsorship of Chelsea FC and the EFL cup. Note that we expect
ICUK to post net losses of Bt572mn/Bt490mn/Bt565mn in 2017-19E.

Expect impressive 2Q17 revenue growth. We expect 2Q17 revenue of

Bt3.6bn, up 33.9% QoQ and 55.4% YoY. The QoQ growth should be due to 1) low
base in 1Q17 when there was a low utilization rate due to the companys redesign
of can lids and labels and additional capacity at CBGs can filling factory. The YoY
growth should supported by 1) new capacity added at the can filling factory of
roughly 480mn cans/year; and 2) higher international sales (CLMV, China). Note
that the company set a sales target of 300mn cans for China in 2017, while it
currently has preorders of roughly 200mn cans.

GPM to narrowed QoQ and YoY. We estimate GPM of 31.9%, down slightly
from 32.8% in 1Q17 but a sharp decline from 37.2% in 2Q16. The main reason
for the lower margin QoQ and YoY should be due to 1) a higher proportion of
international sales, as these have a lower GPM than domestic sales; and 2) an
increase in third-party products sold via cash vans, which have lower margins.

Recommendation. We reiterate our Outperform rating on CBG with a target price

of Bt80.0. 1H17E earnings represent 40.7% of our 2017 forecast. We maintain our
full-year forecast as we expect 2H17 earnings to account for ~60% driven mainly
by 1) higher international sales, especially to China; and 2) an increase in
production capacity of 830mn cans/year compared to 350mn cans/year in 1Q17.

Analyst
Tareetip Wongsaengpaiboon
Tareetip.w@kasikornsecurities.com
Assistant Analyst
Phochara Lertwiram
Phochara.l@kasikornsecurities.com

26 July 2017 7 Morning Brief

 COM7 TB Neutral COM7 PCL - 2Q17 Preview: Expect impressive
earnings growth YoY
Target Price Bt11.60
Performance highlights
Close Price (25/07/2017) Bt 11.00
Upside % 5.5 Expect an impressive 2Q17 earnings growth YoY. We estimate 2Q17E
Anti-Corruption Indicator N/A earnings of Bt107mn, down 10.6% QoQ but up 32.2% YoY. The QoQ decline
should be due mainly to a seasonal effect, as Q2 and Q3 are normally COMs low
season for sales. Factors behind the expected YoY growth are aggressive sales
promotions offered at Banana IT stores, and sales of bundled packages
(smartphone + SIM) after COM7 entered into a partnership deal with True
Corporation (TRUE TB, Bt5.70, Neutral) in May 2016. Excluding a FX gain, we
expect core profit of Bt106mn, down 9.9% QoQ but up 32.1% YoY.

Expect sales to increase 23% YoY. We expect 2Q17E revenue of Bt4.8bn,

down 2.7% QoQ but up 23% YoY. The lower growth QoQ will likely be due to Q2
and Q3 being COM7s low season. The YoY growth should be due to aggressive
sales promotions offered at Banana IT stores, such as a discount of Bt3,000 on
items (mainly laptop and notebook computers) if customers agree to register a
TRUE SIM card, which is an example of synergy attained from its tie-up with TRUE.

GPM to widen slightly QoQ. We expect GPM of 13.7%, a slight increase from
13.6% in 1Q17 but below 13.9% recorded in 2Q16. The slight QoQ increase will
likely be due to a higher recurring income from SIM cards that COM7 started selling
in May 2016. The decline YoY should be due to an aggressive sales promotions by
Banana IT.

Recommendation. We reiterate our Neutral rating on COM7 with a target price

of Bt11.60, pegged to 20x PER, which is the 10-year average Bloomberg consensus
12-month forward PER for the Commerce sector. Although 1H17E earnings
represent only 40% of our 2017 estimate, we maintain our forecast as we expect
an improvement in 2H17 similar to that which occurred in 2H16 when earnings
accounted for around 60% of full-year earnings. This is because new models of its
most popular product, the iPhone (accounting for ~30% of total sales), are
normally launched in September.

Analyst
Tareetip Wongsaengpaiboon
Tareetip.w@kasikornsecurities.com
Assistant Analyst
Phochara Lertwiram
Phochara.l@kasikornsecurities.com

26 July 2017 8 Morning Brief

 IVL TB Outperform Indorama Ventures PCL - 2Q17 Preview: Stronger
core profit expected
Target Price Bt42.00
Performance highlights
Close Price (25/07/2017) Bt 36.25
Upside % 15.9 Higher core profit expected from rising core EBITDA/ton We estimate
Anti-Corruption Indicator Certified IVLs 2Q17 core earnings at Bt3.5bn, up 4% QoQ and 45% YoY, thanks to
improvements in core EBITDA/ton of 7% QoQ and 14% YoY to USD107. The
projected increase in core EBITDA/ton QoQ is based on expectations that a wider
margin from a 1-month lag in PET selling prices amid falling feedstock costs (in
line with the crude price in the quarter) will outweigh the softening MEG margin.
However, the benefit of such a margin improvement will be partly offset by the
strengthening of the THB against the USD by 2.3% in the quarter. Meanwhile, we
expect 2Q17 sales volumes to be almost flat QoQ and to decline 5% YoY to 2.2mn
tons due to a 5-week shutdown of IVLs MEG plant in the quarter and the
resumption of operations at its AlphaPET plant in the last month of the quarter.

but expect oil inventory loss to drag down 2Q17 net profit: Despite the
stronger core profit, we estimate IVLs 2Q17 net profit will decline to Bt2.94bn
(EPS: Bt0.61), down 34% QoQ and 51% YoY, due to a turnaround of oil inventory
gains to a loss and no extraordinary gain in the quarter. We expect IVL to show an
oil inventory loss of Bt680mn in 2Q17 vs. gains of Bt1.3bn in the previous quarter
and Bt705mn in 2Q16. Note that the company recognized a Bt2.6bn gain from
negative goodwill in 2Q16 for the CEPSA asset acquisition deal.

Aug. 24 to be the last day to exercise IVL-W1: IVLs EPS will be subject to
about a 9% dilution if all IVL-W1 units are converted on the last exercise date on
Aug. 24, 2017; meanwhile, the last trading day of IVL-W1 will be on July 27. The
Lohia family holds 63.7% of the total 481.4mn units and the derivative is currently
in the money, at an exercise price of Bt36.

Maintain Outperform rating with unchanged mid-2018 target price of

Bt42.0: Our rating is premised on gradual improvements in earnings in 2H17 and
2018 due to the start of contributions from the Rotterdam PTA expansion project
(+350 kta, COD in mid-2017) and the recent tire-cord business acquisition from
Glanzsoff (110 kta, deal closed in mid-June 2017), as well as from its gas cracker
project in the U.S. (440 kta, start-up in 4Q17). Moreover, IVL could be one of the
main beneficiaries of any U.S. tax cut given that its U.S. operation accounts for
about 35% of total EBITDA. Our mid-2018 target price of Bt42 is maintained and
already includes the dilution effect from IVL-W1.

Analyst
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com

26 July 2017 9 Morning Brief

 LH TB Outperform Land and Houses PCL - 2Q17 Preview 50% of key
targets achieved at the halfway mark
Target Price Bt11.60
Performance highlights
Close Price (25/07/2017) Bt 9.90
Upside % 17.17 2Q17E earnings to rise 32.5% YoY and 98.4% QoQ to Bt3.5bn. We expect
Anti-Corruption Indicator N/A LH to report impressive 2Q17 earnings growth of 32.5% YoY and 98.4% QoQ to
Bt3.5bn on the back of 1) a strong improvement in operating performance,
particularly the revenue contributions from low-rise backlog carried over from 1Q17
and from condominium backlog including 333 Riverside (Bt7.0bn, 98% sold, 37%
transferred as of 1Q17), The Bangkok Sathorn (Bt7.5bn, 69% sold and 3%
transferred as of 1Q17) and The Room Charoenkrung (Bt2.0bn, 48% sold and a
few units transferred as of 1Q17); and 2) asset sales (Grande Center Point
Ratchadamri to LH Hotel Leasehold REIT, LHHOTEL TB, Bt13.30, Non-rated), which
we estimate will create an additional after-tax gain of about Bt1.1bn. As such, we
expect LH should be able to achieve about 50% of its 2017 presales target of
Bt26.0bn and sales revenue target of Bt31.0bn by the end of 2Q17. Also, 1H17E
earnings should account for about half of our 2017 earnings forecast.

Revenue boosted by backlog. Although we expect 2Q17 presales to fall by

8.8% QoQ due to seasonal factors and LHs launch of only two medium sized low-
rise projects in the quarter, we still see revenue (including rental income) rising
27.5% YoY and 38.8% QoQ to Bt9.9bn. We attribute this robust growth to smooth
rights transfers at the three sizable condominium projects mentioned above and
more efficient construction progress at several low-rise projects that had larger-
than-normal backlogs in 2Q17. These improvements are the reason why we believe
LH was able to generate higher revenue than presales in 2Q17.

GPM and SG&A expenses well managed. While lower-margin condominium

products contributed a larger portion of revenue in 2Q17, we see increased
economies of scale on the revenue expansion helping keep 2Q17 GPM at the same
healthy levels as in 2Q16 and 1Q17. Also, the revenue expansion helped lower
SG&A to sales to 9.6% from 9.7% in 2Q16 and 10.2% in 1Q17.

Equity income to decline YoY but rise QoQ. Weaker earnings performances
YoY but improvements QoQ for key equity income generators like LH Financial
Group PCL (LHBANK TB, Bt1.77, Non-rated) and Quality Houses PCL (QH TB,
Bt2.40, Outperform) suggest LHs equity income would have moved in a similar
direction in 2Q17. This is despite that the equity income from Home Product Center
PCL (HMPRO TB, Bt9.70, Outperform) rose both YoY and QoQ.

Outperform rating maintained; TP unchanged at Bt11.60. We maintain our

Outperform rating on LH. The latest closing price offers an attractive upside of
17.17% to our TP plus a solid dividend yield of 7.8%.

Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

26 July 2017 10 Morning Brief

 QH TB Outperform Quality Houses PCL - 2Q17 Preview: Operating
performance set to improve
Target Price Bt3.00
Performance highlights
Close Price (25/07/2017) Bt 2.40
Upside % 25.0 Earnings to fall YoY but to rise QoQ. We expect QHs 2Q17 earnings to fall
Anti-Corruption Indicator Declared 14.7% YoY but to rise 16.9% QoQ to Bt763mn. QH officially launched only one
project in 2Q17, Q.District Kingkaew-Suvarnabhumi (Bt1.3bn). Nonetheless,
presales increased by 33.6% QoQ to a level comparable to 2Q16s. As the vast
majority of the latest presales were contributed by low-rise products (90%), we
expect revenue (including rental income) to increase by a strong 24.5% from 1Q17.
Nevertheless, revenue may not reach the level achieved in 2Q16, when sales
revenue was supported by the expiration of the governments property tax breaks.
Clearly, sales revenue will decide the direction of earnings in 2Q17.

GPM flat but SG&A-to-sales under control. GPM will continue to come under
pressure from low-margin unsold inventory in 2Q17 as higher-margin new projects
will remain a small part of blended revenue. We thus expect GPM to be flat both
YoY and QoQ. However, the intense internal cost controls that we have seen over
the past year continued to be applied in 2Q17. We thus expect SG&A-to-sales to
come in at 18.0% in 2Q17, down slightly from 19.2% in 1Q17 and in line with the
companys full-year target of 18.0%.

Unexciting equity income movement. While we foresee a strong expansion in

the equity income contribution from Home Product Center PCL (HMPRO TB, Bt9.70,
Outperform) in 2Q17 after it posted strong earnings growth of 14.2% YoY and
8.1% QoQ, a big contraction in 2Q17 earnings of (LHBANK TB, Bt1.77, Non-rated)
of 23.1% YoY (and a rise of only 5.1% QoQ) should push overall 2Q17 equity
income slightly lower than the Bt413mn reported in 2Q16 (and slightly above the
Bt390mn seen in 1Q17). The minimal change in this key earnings contributor
supports our view that sales revenue will be the main factor driving earnings in
2Q17.

Maintain Outperform; TP unchanged at Bt3.00. Although we estimate 1H17

earnings will account for only 37.1% of our full-year forecast, we maintain our full-
year projections. In addition to the continued improvement in operations in 2H17
amid an improved market situation and a number of low-rise project launches in
the pipeline, our full-year number is supported by an extra gain from an adjustment
in LHBANKs BV following its recent capital increase. We expect Bt634mn to be
realized from the capital increase in 3Q17. Given the attractive upside of 25.0%
from the latest closing price to our target price of Bt3.00, and dividend yield of
about 6.3%, we maintain our Outperform rating on the stock.

Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

26 July 2017 11 Morning Brief

 DELTA TB Neutral Delta Electronics (Thailand) PCL - 2Q17 Review
Earnings beat on lower-than-expected tax provision
Target Price Bt93.00
Performance highlights
Close Price (25/07/2017) Bt 86.50
Upside % 7.51 2Q17 earnings exceeded forecast. DELTA reported a 2Q17 net profit of
Anti-Corruption Indicator N/A Bt843mn (-36.6% YoY, -37.5% QoQ) that is significantly ahead of our expectation
of Bt420mn. The higher-than-expected result was due to a both a provision for a
tax assessment of Bt992mn owed to the Revenue Department that was Bt293mn
lower than our expectation of Bt1.3bn and SG&A expense of Bt1.68bn that was
Bt239mn lower than expected. Although 2Q17 revenue grew YoY and QoQ,
earnings came in lower YoY and QoQ due mainly to the tax assessment provision
of Bt992mn. Excluding extra items, 2Q17 core profit grew by 9.0% YoY due to
higher automotive power solution revenue and by 6.8% QoQ on a 40% decline in
tax expense to Bt84mn.

Revenue rose YoY and QoQ. 2Q17 revenue came in at Bt12.3bn, up 9.1% YoY
and 1.4% QoQ. The YoY growth was driven mainly by revenue from the automotive
power solution business that grew by 99.3% YoY. 2Q17 revenue grew slightly QoQ
due to a recovery of sales of power supplies for datacenters in the U.S.

Operating margin increased slightly YoY, QoQ. Although GPM of 25.4%

declined by 180 bps YoY and 110 bps QoQ due mainly to the strengthening THB
against the USD by 2.7% YoY and 2.3% QoQ, operating margin grew slightly by
30 bps YoY and 10 bps QoQ driven by lower SG&A expense by 9.0% YoY and 8.7%
QoQ to Bt1.68bn. The reason behind the lower SG&A expense YoY and QoQ was
because the company sold its four subsidiaries, all of which have high SG&A
expense, to Delta Electronics Inc. in May.

To merge indirect subsidiaries in India to enhance operating efficiency.

At the same time DELTA announced its 2Q17 results, it reported to the Stock
Exchange of Thailand (SET) that its board of directors approved a plan to merge
Delta Electronics Pvt. Ltd. (India) with Delta Power Solutions (India) Pvt. Ltd. The
new merged entity will be known as Delta Electronics India Pvt. Ltd. DELTA expects
no impact on its business operations. The merger is expected to take four or five
months.

Maintain Neutral rating. We maintain our Neutral rating on DELTA with a mid-
2018 target price of Bt93.0. Our target is pegged to a forward PER of 14.9x, 1.2SD
above the forward consensus PER mean since Jan. 2012.

Analyst
Korakot Sawetkruttamat
Korakot.sa@kasikornsecurities.com
Analyst
Tareetip Wongsaengpaiboon
Tareetip.w@kasikornsecurities.com

26 July 2017 12 Morning Brief

 Daily News
Economic & Industry News
Baht's sharp rise on BoT radar. The Bank of Thailand has acknowledged the baht's rapid climb
against the US dollar recently, a movement that it says warrants close monitoring. (Bangkok Post)

PDMO eyes swap boost. The Public Debt Management Office (PDMO) is to reap a windfall from
the local currency's rapid run-up by swapping foreign-denominated debt for baht-denominated debt.
(Bangkok Post)

Promise seen for cards in Myanmar's ranks of unbanked. The large number of Myanmar
people without bank accounts creates room for growth in the use of cards and e-wallets in the
country over the next few years, bankers said at a conference yesterday. (The Nation)

Funds get U-Tapao plan rolling. The government yesterday gave a clear signal of its
commitment to the expansion of U-Tapao Rayong Pattaya International Airport by announcing it will
spend Bt760 million on feasibility studies for the massive project that has been elevated to a key
element of the Eastern Economic Corridor (EEC). (The Nation)

Green commitment reaffirmed at expo. Thailand reaffirmed its commitment to the principles of
the Paris accord to fight climate change and promote renewable energy at the Astana Expo fair in
Kazakhstan this month. (The Nation)

Corporate News
57.5m shares of ailing IFEC to be sold off. Trinity Securities has announced it will auction 57.5
million shares of Inter Far East Energy Corporation Plc (IFEC) via three brokers, with all the shares
belonging to IFEC president Wichai Thavornwattanayong. (Bangkok Post)

Singapore's Scoot spreads its wings. Singapore-based airline Scoot is considering expansion into
Cambodia and Laos as a next step after launching five new routes yesterday, the company's chief
commercial officer Leslie Thng said. (The Nation)

26 July 2017 13 Morning Brief



Daily Stats

Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
21-Jul-17 24-Jul-17 25-Jul-17 5 Days 30 Days YTD 2016
Thailand -16.39 23.27 -48.10 -82.17 213.35 463.70 2,240.46
Indonesia -32.87 -24.15 -124.17 -358.52 -810.65 493.28 1,258.66
Philippine 1.32 1.57 11.30 14.82 6.31 409.73 83.39
India -15.85 -41.94 0.00 127.48 381.10 8,686.47 2,902.89
Taiwan -140.75 65.47 22.50 70.29 940.17 9,227.39 10,956.41
S. Korea 241.88 -142.83 -349.38 -173.41 851.88 9,918.65 10,480.09
Vietnam 2.66 8.25 60.53 74.91 128.71 499.19 -344.70
Total 40.00 -110.36 -427.31 -326.59 1,710.87 29,698.41 27,577.19
Source : Bloomberg

Trading Activities (Btmn)

SET Buy Sell Net 5 Days 30 Days YTD 2016
Institutions 8,764 5,588 3,177 2,434 -2,327 45,627 -8,657
Foreign Investors 13,571 15,178 -1,607 -2,752 7,272 15,866 77,927
Local Investors 19,636 20,037 -401 2,910 4,517 -55,515 -94,642
Proprietary Trading 4,223 5,391 -1,168 -2,592 -9,462 -5,977 25,372
Index Future Long Short Net 5 Days 30 Days YTD 2016
Institutions 15,945 9,509 6,436 12,492 32,239 56,898 -127,656
Foreign Investors 18,984 10,864 8,120 35,458 17,347 2,593 214,365
Local Investors 44,750 59,306 -14,556 -47,950 -49,586 -59,491 -86,709
Metal Futures Long Short Net 5 Days 30 Days YTD 2016
Institutions 2,691 2,976 -285 3,579 762 3,689 512
Foreign Investors 470 441 29 3,733 -7,246 -21,379 -3,321
Local Investors 5,727 5,471 256 -7,312 6,484 17,690 2,809

Bond Trading
Bond Trading (Btmn)
21-Jul-17 24-Jul-17 25-Jul-17 5 Days 30 Days YTD 2016
Net Foreign -1,491 2,366 -613 845 -9,816 139,977 330,926
Short term -1,563 1,273 517 -270 -3,936 28,379 289,238
Long term (TTM > 1Y) 72 1,092 -1,129 1,115 -5,880 111,598 41,688
Net Asset Management 17,752 7,067 20,460 62,747 279,889 1,938,589 3,248,652
Short term 17,209 6,399 20,622 56,763 250,887 1,826,534 3,057,827
Long term (TTM > 1Y) 543 668 -162 5,984 29,002 112,055 190,825
Total Outright Trading 84,715 67,982 117,276 457,066 1,986,444 12,835,705 22,409,446
Short term 64,006 45,776 88,701 294,523 1,288,177 9,462,557 16,843,737
Long term (TTM > 1Y) 20,709 22,206 28,575 162,543 698,267 3,373,148 5,565,709
Source : Thai BMA

26 July 2017 i Daily Stats



Daily Stats

Top Ten Short Sale

Acc % Short Sale Volume Comparing with Main Board
-1 Day -1 Week -1 Month -3 Month
LHBANK 49.74 10.79 3.34 3.32
BH 19.41 4.87 3.85 2.15
DELTA 17.00 6.36 3.43 1.59
RATCH 15.20 4.99 1.11 0.40
MINT 14.46 17.24 5.95 3.89
CPALL 13.04 2.49 1.07 1.38
AOT 12.79 5.86 3.11 2.41
PSH 12.31 2.58 6.03 2.16
TCAP 12.12 1.78 0.97 0.73
MALEE 11.71 2.23 0.50 0.36
Source : SET Smart

Thai NVDR Trading Data by Stock

Top Net Buy (Btmn) Top Net Sell (Btmn)
Stock 19-Jul-17 20-Jul-17 21-Jul-17 24-Jul-17 25-Jul-17 Stock 19-Jul-17 20-Jul-17 21-Jul-17 24-Jul-17 25-Jul-17
KCE 43.51 -8.17 1.85 -57.23 179.31 PTTGC 58.67 -302.90 -56.84 -82.50 -533.44
EA 31.53 -0.16 129.09 223.19 116.86 KTB 3.95 -147.21 239.10 -74.96 -376.00
TOP 50.43 204.49 218.52 97.15 110.46 BBL -251.93 -144.14 -308.80 -155.05 -248.73
ADVANC -103.70 15.90 -26.37 256.69 91.91 PTT 101.22 167.25 -104.74 20.06 -204.27
TMB 11.27 11.46 108.73 -12.09 77.66 INTUCH -61.90 -14.89 -38.91 145.69 -139.72
BANPU 97.15 -48.31 22.90 97.59 72.30 SCC -55.56 -429.87 -258.75 -187.81 -116.50
WORK 0.79 1.94 57.47 -0.32 62.74 AOT 24.57 178.60 -67.27 76.59 -81.35
SPRC 57.54 5.50 101.45 8.20 62.69 LH -33.40 -42.81 -3.42 36.10 -80.96
BCP 1.77 71.80 35.87 38.94 59.60 KKP 6.33 -52.67 -151.35 -90.66 -69.48
HANA -10.85 -34.93 1.42 -6.69 45.89 EGCO 1.48 -11.42 -18.83 -27.72 -53.75
DTAC 63.59 -32.08 2.75 -7.29 37.07 SCB 24.73 146.20 -57.70 115.32 -53.44
WHA -30.35 -20.28 2.57 0.58 34.46 PTTEP -19.86 -79.82 -30.93 -16.42 -42.88
SGP 0.39 -4.62 1.13 15.05 33.52 KTC 123.63 53.82 32.82 22.08 -36.71
TISCO 15.41 -2.89 37.28 12.18 33.08 SPALI 3.37 -32.50 -112.54 42.63 -31.47
CPALL -2.46 -17.12 -53.41 -42.02 31.02 TU -14.53 -0.49 -12.03 -24.82 -28.23
BDMS -16.16 -56.17 27.71 10.50 18.54 MTLS 19.70 -12.78 -7.13 9.14 -27.72
TPCH -2.32 0.04 -1.19 3.77 17.92 KBANK 106.49 205.11 360.09 129.03 -26.85
CPN 44.56 -36.98 -63.47 27.33 15.14 SAW AD 1.67 -42.09 6.05 -0.65 -25.65
EPG -0.22 7.83 6.40 6.55 12.60 CPF -32.25 -64.42 106.46 -15.00 -21.65
BEAUTY 26.58 -24.84 1.18 11.74 12.57 MEGA 4.35 -7.70 -6.97 -30.57 -21.12
Source: SET Source: SET

Net Buy/Sell 10 Days NVDR Trading by Sector

Value (% of Mkt Cap.) Value (Btmn) 25-Jul-17 5 Days
Top Buy Top Sell Buy Sell Total (%) (%)
BAT-3K 1.55% ECL -1.11% -- Banking 939.42 1,610.39 2,549.81 44.46% 48.88%
PT 0.82% SPALI -0.95% -- Energy & Utilities 1,234.08 1,247.30 2,481.39 31.78% 32.01%

AH 0.81% SSSC -0.70% -- Information & Communication 738.71 749.66 1,488.37 29.99% 29.83%
-- Petrochemicals & Chemicals 270.85 797.84 1,068.68 48.89% 47.20%
KTC 0.79% TRC -0.54%
-- Transportation & Logistics 257.02 354.73 611.75 16.14% 22.55%
SPRC 0.78% PTTGC -0.52%
-- Property Development 266.69 342.35 609.04 20.69% 24.65%
CM 0.78% ESSO -0.42%
-- Commerce 277.08 303.36 580.45 27.93% 26.13%
GFPT 0.67% GCAP -0.42%
-- Construction Materials 215.53 328.76 544.30 38.83% 42.46%
GJS 0.66% MATI -0.36% -- Food and Beverage 240.03 298.79 538.81 34.00% 34.65%
TPAC 0.63% TIP -0.34% -- Finance and Securities 211.19 302.48 513.67 29.81% 23.25%
MBAX 0.63% LH -0.33% -- Electronic Components 275.74 42.17 317.91 17.42% 23.31%
JMT 0.62% LHK -0.31% -- Health Care Services 125.25 111.54 236.78 31.91% 26.91%
KBANK 0.58% KKC -0.30% -- Media & Publishing 119.01 60.33 179.34 30.94% 21.01%
TOP 0.52% KKP -0.28% -- Tourism & Leisure 14.17 20.62 34.79 34.61% 27.26%
EA 0.49% PTL -0.26% -- Insurance 14.92 18.68 33.60 41.00% 26.68%
BCP 0.47% FOCUS -0.26% -- Automotive 15.18 17.03 32.21 25.61% 12.66%
TMB 0.43% TIPCO -0.25% -- Agribusiness 9.25 16.63 25.88 12.72% 9.97%

NETBAY 0.42% TKN -0.25% -- Steel 3.90 3.91 7.81 6.13% 13.93%
W ORK 0.42% CRANE -0.24% -- Industrial Materials & Machine 1.07 5.31 6.38 5.66% 3.18%
CENTEL 0.37% MEGA -0.24% -- Mining 2.40 0.45 2.85 15.60% 7.35%
RS 0.36% LHBANK -0.24% *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET Source: SET, KS Research

26 July 2017 ii Daily Stats



Daily Stats

Daily Driver Stats (Market Summary)

%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
World Stock Index
Dow Jones 21,613.43 0.47% 0.18% 1.02% 17.26% 9.37% 21,640.75 17,888.28
S&P 500 2,477.13 0.29% 0.67% 1.59% 13.96% 10.64% 2,477.13 2,085.18
Nasdaq 6,412.17 0.02% 1.07% 2.35% 24.22% 19.12% 6,412.17 5,046.37
FTSE 100 7,434.82 0.77% 0.60% 0.14% 10.56% 4.09% 7,547.63 6,634.40
DAX 12,264.31 0.45% -1.34% -3.68% 18.64% 6.82% 12,888.95 10,144.34
CAC 5,161.08 0.65% -0.24% -1.99% 16.25% 6.14% 5,432.40 4,321.08
NIKKEI 19,955.20 -0.10% -0.22% -0.88% 20.43% 4.40% 20,230.41 16,083.11
Hang Seng 26,852.05 0.02% 1.23% 4.60% 22.66% 22.05% 26,852.05 21,574.76
MSCI Ex. JP 456.95 -0.21% 0.99% 4.62% 26.60% 28.63% 457.89 348.49
S&P Volatility (VIX Index) 9.43 0.00% -4.65% -5.89% -20.56% -32.83% 22.51 9.36
Dow Jones Real Estate 318.71 0.09% 0.46% -0.57% -5.32% 4.55% 338.01 287.10
Dow Jones Financial Sector 544.66 0.94% 1.53% 4.06% 23.06% 8.21% 544.66 437.91
Dow Jones Construction Material 674.84 0.43% -0.00% 0.78% 4.66% 6.96% 681.12 580.39
Dow Jones Energy 537.01 1.33% 1.18% 2.17% -4.18% -13.41% 638.25 520.96
Dow Jones Technology 1,861.69 -0.14% 0.57% 2.20% 31.01% 23.49% 1,864.23 1,392.74
Dow Jones Health Care 855.01 -0.71% 0.68% -0.28% 7.99% 16.92% 861.91 697.23
Dow Jones Consumer Services 844.36 0.73% 0.74% 1.49% 11.82% 10.38% 860.20 713.91
SET Indices
SET Index 1,581.42 0.30% 0.63% -0.06% 3.76% 2.49% 1,591.00 1,406.18
SET 100 Index 2,256.65 0.38% 0.81% 0.23% 3.89% 3.60% 2,271.25 2,000.16
SET 50 Index 1,005.53 0.46% 0.93% 0.93% 4.26% 4.22% 1,009.23 896.30
MAI Index 559.75 0.16% -0.71% -2.98% -5.01% -9.17% 646.02 493.07
Energy 20,821.58 1.17% 2.22% 1.75% 10.30% 1.44% 21,627.10 17,550.63
Bank 521.11 -0.42% -1.20% -0.65% 0.28% 4.38% 550.93 469.29
Property 291.95 0.20% 0.95% -1.73% 1.89% 8.18% 300.56 251.01
Transportation 323.55 0.17% 4.30% 6.29% 11.52% 15.46% 323.55 256.38
Construction Materials 13,253.17 -0.02% -0.83% -2.53% -3.17% 1.81% 14,295.50 12,324.97
ICT 166.86 0.86% 1.47% 2.06% -0.89% 13.03% 173.26 140.39
Electronic 2,062.83 -1.34% -4.82% -10.05% 13.64% -3.77% 2,343.26 1,738.15
Commerce 35,876.61 0.37% -0.07% -1.37% 7.89% -2.94% 37,477.05 32,356.84
Hospitality & Leisure 631.82 -0.68% 0.47% 3.74% 0.10% 5.29% 646.81 567.42
Fixed Income and FX
US 2-Y yield 1.39 2.45% 3.13% 3.69% 112.07% 16.97% 1.41 0.64
US 5-Y yield 1.89 3.77% 4.25% 7.60% 84.62% -1.94% 2.14 1.02
US 10-Y yield 2.34 3.56% 3.38% 9.01% 60.72% -4.46% 2.63 1.45
US Ted Spread 0.16 10.44% -37.27% -53.44% -68.39% -68.07% 0.69 0.14
Thai 2-Y yield 1.52 0.07% -0.42% 0.38% -1.92% -10.58% 1.75 1.50
Thai 5-Y yield 1.89 0.69% -0.78% -0.60% 9.05% -12.87% 2.31 1.69
Thai 10-Y yield 2.54 0.40% 0.11% 2.26% 20.38% -4.64% 2.90 2.04
Thai TED Spread 0.34 1.81% 5.40% 80.05% 42.89% 267.96% 0.34 0.07
Dollar Index 94.05 0.08% -0.58% -3.30% -1.55% -7.98% 103.30 93.86
French CDS USD SR 5Y 17.73 -2.05% -13.97% -26.12% -46.25% -52.08% 70.36 17.73
Greece 5Yr USD CDS 5124.67 0.00% 0.00% 0.00% 0.00% 0.00% 5,124.67 5,124.67
Portugal 5Yr USD CDS 167.56 -0.01% -5.32% -8.82% -37.95% -38.85% 310.32 167.56
Ireland 5Yr USD CDS 31.72 0.00% 0.00% -20.12% -50.98% -50.24% 70.26 31.72
Spain 5Yr USD CDS 63.54 -0.24% -3.15% -3.07% -26.61% -15.97% 90.88 62.31
Italy 5Yr USD CDS 134.11 0.27% -4.41% -7.76% 0.21% -14.70% 197.28 123.81
German 5Yr USD CDS 13.59 2.70% -8.16% -11.91% -19.26% -37.61% 25.23 13.23
US 5Yr CDS 19.89 0.00% 0.00% 0.00% 0.00% 0.00% 19.89 19.89
Thailand 5Yr CDS 63.07 0.00% 0.90% 4.51% -32.54% -22.70% 104.83 51.41
Indonesia 5Yr CDS 115.46 0.06% 12.81% 0.40% -28.46% -26.88% 198.85 102.35
Philippines 5Yr CDS 72.82 -0.60% -6.44% -4.61% -26.92% -33.60% 134.81 71.09
USD : EURO 1.17 0.02% 0.80% 4.33% 4.85% 10.47% 1.17 1.04
USD : POUND 0.77 0.04% -0.05% -2.25% 1.12% -5.59% 0.83 0.75
USD : Yen 111.37 0.59% -0.67% 0.13% 7.79% -4.66% 118.35 99.99
USD : Yuan 6.75 0.03% 0.01% -1.27% 1.54% -2.77% 6.96 6.62
Source: Bloomberg

26 July 2017 iii Daily Stats



Daily Stats

Daily Driver Stats (Commodity)

%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
Current Price Related Stocks
Nymex Futures 1 M (USD/bbl) 47.89 3.34% 3.21% 11.35% 15.12% -10.85% 54.45 39.51 PTT, PTTEP
GRM (USD/bbl) 7.88 0.00% 15.37% 11.46% 136.64% 12.73% 10.80 2.87 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 90.05 0.00% 6.78% 4.95% 43.92% -2.38% 112.90 62.57 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 977.00 0.00% 4.83% 12.30% 48.93% 1.66% 1,338.00 631.00 TTA , P SL, RCL, JUTHA , A SIM A R

Gold (USD/ounce) 1,251.13 -0.43% 1.09% -0.49% -6.32% 7.90% 1,364.26 1,130.70
Thai Gold Bar (Bath/15.244 g) 19,960.00 -0.15% 0.76% -1.63% -9.76% 0.71% 22,670.00 19,330.00
Near Month Gold Future (Baht) 19,750.00 0.00% 0.51% -1.99% -10.63% 0.51% 22,450.00 19,150.00
Silver (USD/ounce) 1,631.00 -1.15% 0.87% -2.39% -18.61% 0.43% 2,071.00 1,522.00
Copper Spot (USD/MT) 6,197.25 3.38% 3.75% 7.21% 26.08% 12.21% 6,197.25 4,595.00
CRB Index 177.67 0.81% 0.45% 5.92% -1.85% -7.71% 195.14 166.50
Zinc (USD/tonne) 2,836.00 1.72% 1.50% 4.88% 26.44% 10.09% 2,924.00 2,175.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,576.50 0.00% -0.94% -1.62% 9.99% -19.45% 3,348.00 2,336.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 13.90 -3.47% -1.42% 5.54% -23.37% -25.47% 21.21 12.76 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 9.56 -1.39% -0.31% 9.08% -7.01% -3.14% 10.58 8.76
Soybean Oil (USD/pound) 32.75 -0.33% 1.02% 7.41% 13.52% -0.52% 37.43 27.91 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 332.00 0.00% 3.94% 12.24% -4.73% 2.72% 359.00 293.50
Rubber (JPY/kg) 211.50 1.05% 4.96% 11.73% 37.79% -19.86% 351.40 149.50 STA, TRUBB
Chicken - (Bt/kg) 38.50 0.00% 1.32% -4.94% 5.48% -6.10% 43.50 34.75 CPF,GFPT
Pork (Bt/kg) 59.38 0.00% 2.59% -4.23% -9.35% -12.86% 77.63 57.38 CPF
Ethylene (USD/tonne) 920.00 0.00% 2.22% 1.10% -12.38% -16.36% 1,290.00 880.00
Propyene (USD/tonne) 835.00 0.00% 1.83% 1.21% 18.44% -1.18% 965.00 705.00
HDPE (USD/tonne) 1,070.00 0.00% 0.00% 0.00% -5.73% -8.55% 1,200.00 1,070.00
PVC CFR Far East (USD/tonne) 880.00 0.0% 0.0% 2.3% 8.6% -2.2% 960.00 810.00
Naptha (USD/tonne) 426.25 -0.23% 0.62% 7.74% 23.10% -14.15% 528.88 343.75
Ethylene Spread (Olefin) 493.75 0.20% 3.65% -4.01% -29.84% -18.19% 819.25 453.37 PTTGC
Propylene Spread (Olefin) 408.75 0.25% 3.12% -4.80% 13.94% 17.29% 473.50 299.50 PTTGC
HDPE Spread (Olefin) 643.75 0.16% -0.41% -4.54% -18.38% -4.42% 791.25 612.75 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 505.00 0.00% 8.02% 14.77% 37.41% 2.02% 505.00 365.00 SSI, GSTEL, GJS
Slab (USD/tonne) 420.00 0.00% 2.44% 8.39% 33.33% 0.00% 427.50 315.00 SSI
Scrap (USD/tonne) 283.00 0.00% 0.71% 7.20% 28.93% 1.98% 283.00 201.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 85.00 0.00% 47.83% 61.90% 61.90% 13.33% 87.50 27.50 SSI
Source : Bloomberg, SET Smart

Source : Bloomberg, SET Smart

26 July 2017 iv Daily Stats



Daily Stats

Director Trade
Director Trade
Transact ion Stock Types of Name of Management Transaction Avg Price Amount Tot al Remark
Date Securities (Bt ) (shares) (Bt)
24-Jul-17 EPCO Common share YUTH CHINSUPAKUL Buy 7.07 211,500 1,495,305
20-Jul-17 FVC W arrant 2 DANUJ BUNNAG Buy 1.94 200,000 388,000
20-Jul-17 JSP Common share PAIROJ WATTANAVARODOM Buy 1.00 1,000,000 1,000,000
21-Jul-17 PACE Common share SORAPOJ TECHAKRAISRI Buy 2.70 17,830,300 48,141,810
21-Jul-17 GLOBAL Common share ANAVAT SURIYAWANAKUL Buy 13.70 100,000 1,370,000
24-Jul-17 BFIT Common share THITITHAM ROJANAPRUK Sell 18.50 37,800 699,300
24-Jul-17 T TI Common share KUMJORN CHUENCHOOCHIT Buy 31.00 1,000 31,000
21-Jul-17 T W PC Common share KWONPING HO Buy 9.52 7,000,000 66,640,000
21-Jul-17 UTP Common share BOONNAM BOONNAMSUP Buy 6.40 140,000 896,000

Source : www.sec.or.th

26 July 2017 v Daily Stats



Daily Stats

Insider Trading

Change 1W (Bt mn) Change 1M (Btmn) Change 3M (Bt mn) Change 6M (Btmn) Change YTD (Btmn)

Gainers Gainers Gainers Gainers Gainers

TMC 120.82 BDMS 169.29 BDMS 1325.63 BDMS 1328.23 BDMS 1328.23
VNG 40.81 TMC 120.82 TKN 209.23 SIRI 356.19 SIRI 489.86
BLAND 37.25 BLAND 43.46 TMC 120.82 WHAUP 181.76 PACE 208.80
TVT 20.25 VNG 40.81 BLAND 120.78 BLAND 171.36 WHAUP 181.76
UTP 8.06 EA 30.29 PACE 104.16 AIRA 161.41 BLAND 171.36
ECL 2.50 MALEE 23.40 MTLS 63.94 TMC 120.82 AIRA 161.41
BANPU 2.37 TVT 20.25 TLUXE 54.35 PLAT 117.60 TMC 120.82
GLOBAL 1.38 BLA 19.84 MCS 48.55 TU 101.23 PLAT 117.60
KBS 0.68 UTP 13.68 GBX 48.05 PACE 86.20 MCS 95.25
FVC 0.52 ASIAN 13.50 PTG 41.82 EA 85.91 TU 86.39

Losers Losers Losers Losers Losers

ECF -82.00 TMT -280.00 EARTH -914.32 EARTH -905.35 EARTH -905.35
IVL -10.08 ITD -164.81 NETBAY -307.80 TKN -600.77 TKN -600.77
JSP -1.44 ECF -82.00 TMT -277.86 TMT -323.44 TMT -323.44
ITD -1.04 DCORP -79.50 ITD -225.38 NETBAY -307.80 NETBAY -307.80
EPCO -0.79 TFG -57.00 ECF -95.20 MK -254.72 MK -254.72
BA -0.44 SPPT -35.70 DCORP -79.50 ITD -245.18 ITD -245.18
STANLY IVL -19.83 TFG -57.00 CCN -161.11 CCN -149.11
NETBAY AS -12.43 SQ -55.65 PYLON -143.00 BA -145.19
FN MODERN -11.76 FVC -45.09 ORI -136.13 PYLON -143.00
UWC BANPU -9.50 MODERN -40.01 BFIT -106.03 DCORP -137.00

Source: SEC, KS Research, as of 21 July 2017

Foreign Ownership - top ten gainers and losers

Change 1D Change 1W Change 1M Change 3M Change YTD

Gainers Gainers Gainers Gainers Gainers

TMB 0.10 KTC 0.63 UNIQ 1.83 BJC 5.42 SIRI 10.28
AOT 0.10 S 0.47 SIRI 1.64 SIRI 4.57 BJC 9.99
BA 0.07 SPRC 0.41 KBANK 1.45 LPN 4.37 LPN 9.45
SIRI 0.06 TISCO 0.38 SPRC 1.00 SPRC 3.31 GFPT 6.69
TOP 0.06 TOP 0.37 GFPT 0.83 BEAUTY 3.23 TMB 3.28
CPALL 0.06 SIRI 0.33 ADVANC 0.83 AOT 2.57 KBANK 3.01
BANPU 0.05 BA 0.30 LPN 0.70 PTG 2.10 SAWAD 2.87
BCP 0.05 BANPU 0.30 AOT 0.66 STEC 1.95 INTUCH 2.74
KBANK 0.04 CHG 0.29 TMB 0.66 INTUCH 1.76 MTLS 2.67
IVL 0.04 LPN 0.23 PTG 0.61 THAI 1.73 BANPU 2.62

Losers Losers Losers Losers Losers

SPALI -0.28 AMATA -1.15 SPALI -2.24 TVO -4.53 TVO -7.21
TVO -0.28 SPALI -0.68 MALEE -2.15 CPF -3.87 MAJOR -6.97
KCE -0.27 KCE -0.62 AMATA -1.96 AMATA -3.25 UNIQ -5.63
AMATA -0.27 MAJOR -0.53 CK -1.45 ANAN -3.04 CPF -5.62
ANAN -0.14 ANAN -0.49 CPF -1.37 MAJOR -3.00 TU -4.66
BCH -0.14 STEC -0.45 S -0.96 SPALI -2.98 SPALI -4.17
PTTGC -0.12 TVO -0.38 TVO -0.89 TCAP -2.75 PLANB -3.89
KKP -0.12 CK -0.29 MAJOR -0.87 MEGA -2.55 AMATA -3.77
BEAUTY -0.08 TCAP -0.28 KCE -0.85 CBG -2.14 ROBINS -3.69
SAWAD -0.07 LH -0.27 ANAN -0.83 MALEE -2.08 STEC -3.44

Source: SET100, Setsmart

26 July 2017 vi Daily Stats



Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
07/28/2017 14:30 Thailand Foreign Reserves 21-Jul-17 -- -- $185.4b --
07/28/2017 14:30 Thailand Forward Contracts 21-Jul-17 -- -- $31.6b --
07/28/2017 07/31 Thailand Mfg Production Index ISIC NSA YoY Jun 1.30% -- 1.40% --
07/28/2017 07/31 Thailand Capacity Utilization ISIC Jun -- -- 62.1 --
07/31/2017 14:30 Thailand Exports YoY Jun -- -- 10.60% --
07/31/2017 14:30 Thailand Exports Jun -- -- $19794m --
07/31/2017 14:30 Thailand Imports YoY Jun -- -- 18.20% --
07/31/2017 14:30 Thailand Imports Jun -- -- $17563m --
07/31/2017 14:30 Thailand Trade Balance Jun -- -- $2231m --
07/31/2017 14:30 Thailand BoP Current Account Balance Jun -- -- $1130m --
07/31/2017 14:30 Thailand BoP Overall Balance Jun -- -- -$1631m --
08/01/2017 07:30 Thailand Nikkei Thailand PMI Mfg Jul -- -- 50.4 --
08/01/2017 10:30 Thailand CPI YoY Jul -- -- -0.05% --
08/01/2017 10:30 Thailand CPI NSA MoM Jul -- -- 0.02% --
08/01/2017 10:30 Thailand CPI Core YoY Jul -- -- 0.45% --
08/01/2017 14:30 Thailand Business Sentiment Index Jul -- -- 50.7 --
07/26/2017 06:50 Japan PPI Services YoY Jun 0.80% 0.80% 0.70% 0.80%
07/26/2017 12:00 Japan Small Business Confidence Jul 49.8 -- 49.2 --
07/26/2017 18:00 United States MBA Mortgage Applications 21-Jul-17 -- -- 6.30% --
07/26/2017 21:00 United States New Home Sales Jun 615k -- 610k --
07/26/2017 21:00 United States New Home Sales MoM Jun 0.80% -- 2.90% --
07/27/2017 01:00 United States FOMC Rate Decision (Upper Bound) 26-Jul-17 1.25% -- 1.25% --
07/27/2017 01:00 United States FOMC Rate Decision (Lower Bound) 26-Jul-17 1.00% -- 1.00% --
07/27/2017 06:50 Japan Japan Buying Foreign Bonds 21-Jul-17 -- -- 947.8b --
07/27/2017 06:50 Japan Japan Buying Foreign Stocks 21-Jul-17 -- -- 438.6b --
07/27/2017 06:50 Japan Foreign Buying Japan Bonds 21-Jul-17 -- -- 413.7b --
07/27/2017 06:50 Japan Foreign Buying Japan Stocks 21-Jul-17 -- -- 341.0b --
07/27/2017 08:00 China Swift Global Payments CNY Jun -- -- 1.61% --
07/27/2017 08:30 China Industrial Profits YoY Jun -- -- 16.70% --
07/27/2017 15:00 Eurozone M3 Money Supply YoY Jun 5.00% -- 5.00% --
07/27/2017 19:30 United States Initial Jobless Claims 22-Jul-17 240k -- 233k --
07/27/2017 19:30 United States Continuing Claims 15-Jul-17 1960k -- 1977k --
07/27/2017 19:30 United States Durable Goods Orders Jun P 3.50% -- -0.80% --
07/27/2017 19:30 United States Durables Ex Transportation Jun P 0.40% -- 0.30% --
07/27/2017 19:30 United States Cap Goods Orders Nondef Ex Air Jun P 0.30% -- 0.20% --
07/27/2017 19:30 United States Cap Goods Ship Nondef Ex Air Jun P 0.30% -- 0.10% --
07/27/2017 19:30 United States Advance Goods Trade Balance Jun -$65.5b -- -$65.9b -$66.3b
07/27/2017 19:30 United States Wholesale Inventories MoM Jun P 0.30% -- 0.40% --
07/27/2017 19:30 United States Retail Inventories MoM Jun -- -- 0.60% --
07/27/2017 19:30 United States Chicago Fed Nat Activity Index Jun 0.35 -- -0.26 --
07/27/2017 20:45 United States Bloomberg Consumer Comfort 23-Jul-17 -- -- 47.6 --
07/27/2017 22:00 United States Kansas City Fed Manf. Activity Jul 11 -- 11 --
07/28/2017 06:30 Japan Jobless Rate Jun 3.00% -- 3.10% --
07/28/2017 06:30 Japan Job-To-Applicant Ratio Jun 1.5 -- 1.49 --
07/28/2017 06:30 Japan Overall Household Spending YoY Jun 0.50% -- -0.10% --
07/28/2017 06:30 Japan Natl CPI YoY Jun 0.40% -- 0.40% --
07/28/2017 06:30 Japan Natl CPI Ex Fresh Food YoY Jun 0.40% -- 0.40% --
07/28/2017 06:30 Japan Natl CPI Ex Fresh Food, Energy YoY Jun -0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI YoY Jul 0.10% -- 0.00% --
07/28/2017 06:30 Japan Tokyo CPI Ex-Fresh Food YoY Jul 0.10% -- 0.00% --

Source : Bloomberg

26 July 2017 vii Daily Stats



Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
07/28/2017 06:30 Japan Tokyo CPI Ex-Fresh Food, Energy YoY Jul -0.10% -- -0.20% --
07/28/2017 06:50 Japan Retail Sales MoM Jun 0.40% -- -1.60% -1.50%
07/28/2017 06:50 Japan Retail Trade YoY Jun 2.40% -- 2.00% 2.10%
07/28/2017 06:50 Japan Dept. Store, Supermarket Sales Jun -0.10% -- -0.60% --
07/28/2017 16:00 Eurozone Economic Confidence Jul 110.8 -- 111.1 --
07/28/2017 16:00 Eurozone Business Climate Indicator Jul 1.13 -- 1.15 --
07/28/2017 16:00 Eurozone Industrial Confidence Jul 4.3 -- 4.5 --
07/28/2017 16:00 Eurozone Services Confidence Jul 13.4 -- 13.4 --
07/28/2017 16:00 Eurozone Consumer Confidence Jul F -1.7 -- -1.7 --
07/28/2017 19:30 United States Rev isions: G D P data from 2014-16; reference y ear remains 2009 0 0 0 0
07/28/2017 19:30 United States GDP Annualized QoQ 2Q A 2.50% -- 1.40% --
07/28/2017 19:30 United States Personal Consumption 2Q A 2.90% -- 1.10% --
07/28/2017 19:30 United States GDP Price Index 2Q A 1.30% -- 1.90% --
07/28/2017 19:30 United States Core PCE QoQ 2Q A 0.70% -- 2.00% --
07/28/2017 19:30 United States Employment Cost Index 2Q 0.60% -- 0.80% --
07/28/2017 21:00 United States U. of Mich. Sentiment Jul F 93.1 -- 93.1 --
07/28/2017 21:00 United States U. of Mich. Current Conditions Jul F -- -- 113.2 --
07/28/2017 21:00 United States U. of Mich. Expectations Jul F -- -- 80.2 --
07/28/2017 21:00 United States U. of Mich. 1 Yr Inflation Jul F -- -- 2.70% --
07/28/2017 21:00 United States U. of Mich. 5-10 Yr Inflation Jul F -- -- 2.60% --
07/31/2017 06:50 Japan Industrial Production MoM Jun P -- -- -3.60% --
07/31/2017 06:50 Japan Industrial Production YoY Jun P -- -- 6.50% --
07/31/2017 06:50 Japan Loans & Discounts Corp YoY Jun -- -- 3.91% --
07/31/2017 08:00 China Manufacturing PMI Jul 51.5 -- 51.7 --
07/31/2017 08:00 China Non-manufacturing PMI Jul -- -- 54.9 --
07/31/2017 11:00 Japan Vehicle Production YoY Jun -- -- 5.50% --
07/31/2017 12:00 Japan Annualized Housing Starts Jun -- -- 0.998m --
07/31/2017 12:00 Japan Housing Starts YoY Jun -- -- -0.30% --
07/31/2017 12:00 Japan Construction Orders YoY Jun -- -- -0.50% --
07/31/2017 16:00 Eurozone Unemployment Rate Jun -- -- 9.30% --
07/31/2017 16:00 Eurozone CPI Estimate YoY Jul -- -- 1.30% --
07/31/2017 16:00 Eurozone CPI Core YoY Jul A -- -- 1.10% --
07/31/2017 20:45 United States Chicago Purchasing Manager Jul 59 -- 65.7 --
07/31/2017 21:00 United States Pending Home Sales MoM Jun 1.00% -- -0.80% --
07/31/2017 21:00 United States Pending Home Sales NSA YoY Jun -- -- 0.50% --
07/31/2017 21:30 United States Dallas Fed Manf. Activity Jul 14 -- 15 --
08/01/2017 07:30 Japan Nikkei Japan PMI Mfg Jul F -- -- 52.2 --
08/01/2017 08:45 China Caixin China PMI Mfg Jul 50.3 -- 50.4 --
08/01/2017 12:00 Japan Vehicle Sales YoY Jul -- -- 9.70% --
08/01/2017 15:00 Eurozone Markit Eurozone Manufacturing PMI Jul F -- -- 56.8 --
08/01/2017 16:00 Eurozone GDP SA QoQ 2Q A -- -- 0.60% --
08/01/2017 16:00 Eurozone GDP SA YoY 2Q A -- -- 1.90% --
08/01/2017 19:30 United States Personal Income Jun 0.40% -- 0.40% --
08/01/2017 19:30 United States Personal Spending Jun 0.20% -- 0.10% --
08/01/2017 19:30 United States Real Personal Spending Jun -- -- 0.10% --
08/01/2017 19:30 United States PCE Deflator MoM Jun 0.00% -- -0.10% --
08/01/2017 19:30 United States PCE Deflator YoY Jun -- -- 1.40% --
08/01/2017 19:30 United States PCE Core MoM Jun 0.10% -- 0.10% --
08/01/2017 19:30 United States PCE Core YoY Jun -- -- 1.40% --
08/01/2017 20:45 United States Markit US Manufacturing PMI Jul F -- -- 53.2 --

Source : Bloomberg

26 July 2017 viii Daily Stats



Daily Stats

Company's Calendar
As of 25 July 2017
Mon Tue Wed Thu Fri Sat
24-Jul-17 25-Jul-17 26-Jul-17 27-Jul-17 28-Jul-17 29-Jul-17
0 0
TMW-XD@1.32 TWZ-XR7(O):2(N)@0.25
New Listing: AOT13C1803A
New Listing: EPG13C1803A

31-Jul-17 1-Aug-17 2-Aug-17 3-Aug-17 4-Aug-17 5-Aug-17

BTS-XD@0.175 PTL-XD@0.36 TIW-XD@1

SUPER-XW@5(O):1(N) KYE-XD@30.36
EPG-XD@0.15

7-Aug-17 8-Aug-17 9-Aug-17 10-Aug-17 11-Aug-17 12-Aug-17

14-Aug-17 15-Aug-17 16-Aug-17 17-Aug-17 18-Aug-17 19-Aug-17

AMARIN-XR1(O):2(N)@4.25

Remark
XD - Cash Dividend XR - Rights for Common
XD(ST) - Stock Dividend XW - Rights for Warrant

26 July 2017 ix Daily Stats



Daily Stats

Company's Calendar
A s of 25 July 2017
Mon T ue Wed T hu Fri Sat
24-Jul-17 25-Jul-17 26-Jul-17 27-Jul-17 28-Jul-17 29-Jul-17
0 0
Delisted share: IVL13C1707A Delisted share: ECF-W1
Delisted share: SPRC13C1707A
Delisted share: TKN13C1707A
Delisted share: TTA13C1707A

31-Jul-17 1-A ug-17 2-A ug-17 3-A ug-17 4-A ug-17 5-A ug-17

Delisted share: BA27C1707A Delisted share: M42C1707A Delisted share: MAX-W2 Delisted share: CHG08C1707A Delisted share: TRUE06C1707A
Delisted share: BBL27C1707A Delisted share: SCCC42C1707A Delisted share: LPN08C1707A Delisted share: AAV23C1707A
Delisted share: BCH27C1707A Delisted share: STPI42C1707A Delisted share: PLAN08C1707A Delisted share: BANP23C1707A
Delisted share: KBAN27C1707A Delisted share: TICO42C1707A Delisted share: STPI08C1707A Delisted share: BBL23P1707A
Delisted share: KBAN27P1707A Delisted share: UV42C1707A Delisted share: SPRC08C1707A Delisted share: BEM23C1707A
Delisted share: PTTE27P1707A Delisted share: PTTG42C1707A Delisted share: SUPE08C1707A Delisted share: BJCH23C1707A
Delisted share: SCB27C1707A Delisted share: PTTG42P1707A Delisted share: TISC08C1707A Delisted share: BTS23C1707A
Delisted share: THAI27C1707A Delisted share: ROBI42C1707A Delisted share: TKN08C1707A Delisted share: CBG23C1707A
Delisted share: ROBI42P1707A Delisted share: VIBH08C1707A Delisted share: INTU23P1707A
Delisted share: SAMA42C1707A Delisted share: S5028C1707A Delisted share: KBAN23P1707A
Delisted share: SAMA42P1707A Delisted share: S5028P1707A Delisted share: PTT23P1707A
Delisted share: SAWA42C1707A Delisted share: STPI23C1707A
Delisted share: SAWA42P1707A Delisted share: UNIQ23C1707A
Delisted share: SCB42C1707A Delisted share: AOT23C1707A
Delisted share: SCB42P1707A Delisted share: AOT23P1707A
Delisted share: SPAL42C1707A Delisted share: BLA23C1707A
Delisted share: SPAL42P1707A Delisted share: CENT23C1707A
Delisted share: TASC42C1707A Delisted share: KTC23C1707A
Delisted share: THAI42C1707A Delisted share: LH23C1707A
Delisted share: THCO42C1707A Delisted share: PTTE23P1707A
Delisted share: THCO42P1707A Delisted share: SAWA23C1707A
Delisted share: TPIP42C1707A Delisted share: TCAP23C1707A
Delisted share: TPIP42P1707A Delisted share: TRUE23P1707A
Delisted share: TRUE42C1707A Delisted share: ITD24C1707A
Delisted share: TRUE42P1707A Delisted share: PTTG24C1707A
Delisted share: TTW42C1707A Delisted share: AOT24C1707A
Delisted share: TU42C1707A Delisted share: WORK11C1707A
Delisted share: TU42P1707A Delisted share: PSH01C1707A
Delisted share: VNG42C1707A Delisted share: PSH01P1707A
Delisted share: SPRC01C1707A
Delisted share: SPRC01P1707A
Delisted share: TKN01C1707A
Delisted share: BA11C1707A
Delisted share: BDMS11C1707A
Delisted share: BEAU11C1707A
Delisted share: BH11C1707A
Delisted share: BLAN11C1707A
Delisted share: CBG11C1707A
Delisted share: DELT11C1707A
Delisted share: IRPC11C1707A
Delisted share: KTC11C1707A
Delisted share: MAJO11C1707A
Delisted share: MINT11C1707A
Delisted share: MINT11P1707A
Delisted share: PTTG11C1707A
Delisted share: QH11C1707A
Delisted share: SIRI11C1707A
Delisted share: SPRC11C1707A
Delisted share: STPI11C1707A
Delisted share: THCO11C1707A
Delisted share: TKN11C1707A
Delisted share: TU11C1707A
Delisted share: BBL24C1707A
Delisted share: GUNK24C1707A
Delisted share: CBG24C1707A
Delisted share: GLOB24C1707A
Delisted share: ADVA01C1707A
Delisted share: ADVA01P1707A
Delisted share: AOT01C1707A
Delisted share: AOT01P1707A
Delisted share: DTAC01C1707A
Delisted share: DTAC01P1707A
Delisted share: GPSC01C1707A
Delisted share: GPSC01P1707A
Delisted share: INTU01C1707A
Delisted share: INTU01P1707A
Delisted share: PTTE01C1707A
Delisted share: PTTE01P1707A
Delisted share: TRUE01C1707A
Delisted share: TRUE01P1707A
Delisted share: BA01C1707A
Delisted share: BA01P1707A
Delisted share: BCP01C1707A
Delisted share: BCP01P1707A
Delisted share: CENT01C1707A
Delisted share: CENT01P1707A
Delisted share: CPF01C1707A
Delisted share: CPF01P1707A
Delisted share: CPN01C1707A
Delisted share: CPN01P1707A
Delisted share: DELT01C1707A
Delisted share: MINT01C1707A
Delisted share: MINT01P1707A
Delisted share: SPAL01C1707A
Delisted share: SPAL01P1707A
Delisted share: TPIP01C1707A
Delisted share: TPIP01P1707A
Delisted share: MINT24C1707A
Delisted share: AOT06C1707A
Delisted share: AOT06P1707A
Delisted share: SPRC06C1707A
Delisted share: S5001C1707A
Delisted share: S5001C1707B
Delisted share: S5001P1707A
Delisted share: S5001P1707B

7-A ug-17 8-A ug-17 9-A ug-17 10-A ug-17 11-A ug-17 12-A ug-17

Delisted share: CPN28C1708A

Delisted share: BCH28C1708A
Delisted share: HMPR28C1708A
Delisted share: TASC28C1708A
Delisted share: TPIP28C1708A
Delisted share: VIBH28C1708A
Delisted share: TISC28C1708A
Delisted share: TRUE28C1708A
Delisted share: TTA28C1708A
Delisted share: PTT28C1708A
Delisted share: ADVA28C1708A
Delisted share: CBG28C1708A
Delisted share: IRPC28C1708A
Delisted share: BA28C1708A
Delisted share: KCE28C1708A
Delisted share: KTC28C1708A
Delisted share: TRUE28C1708B
Delisted share: BBL28C1708A
Delisted share: INTU28C1708A
Delisted share: GUNK28C1708A
Delisted share: SCC28C1708A

14-A ug-17 15-A ug-17 16-A ug-17 17-A ug-17 18-A ug-17 19-A ug-17

Delisted share: CBG13C1708A Delisted share: MBAX-W1

Delisted share: CPAL13C1708A
Delisted share: CPF13C1708A
Delisted share: IRPC13C1708A
Delisted share: KTC13C1708A
Delisted share: SCC13C1708A
Delisted share: THCO13C1708A
Delisted share: GUNK13C1708A

Source : SET as of previous t rading day

26 July 2017 x Daily Stats



Daily Stats

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the report.
Investment Ratings
Outperform : Expected total return of 10% or more within a 12-month period
Neutral : Expected total return between -10% and 10% within a 12-month period
Underperform : Expected total return of -10% or worse within a 12-month period
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DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BA, BANPU, BBL, BCH, BCP, BDMS, BEAUTY, BEM, BH, BLA, BLAND, BTS, CBG, CENTEL, CHG, CK, CKP,
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26 July 2017 xi Daily Stats