3 October 2018 Morning Brief

Daily Market Performance Today’s research

SET (02/10/2018): Market Turnover:
Market Wrap-up
1,748.09 (-0.70%) Bt64,224m
Source: SET, KS ► The SET Index closed at 1,748.09 on Tuesday, down 12.38 pts, or 0.7%.
Individual investors were buyers of a net Bt6,285.40mn, while Foreign,
Sector PER (KS Coverage, x) Institutional and Proprietary investors sold a net Bt3,273.83mn, Bt2,743.30mn
Yr to Dec 16A 17A 18E 19E and Bt268.27mn, respectively.
Agribusiness & Food 19.17 17.29 16.28 15.18
Banking 10.17 12.00 10.96 9.90 Strategy & Economics
Commerce 34.93 36.15 31.04 27.20
Commercial 27.55 28.20 30.20 27.56 ► Monthly Strategy - A gradual shift in focus to pricing power (page 2)
Construction Materials 10.61 11.40 12.27 12.43
Contractor
Electronics
29.67
17.66
-174.51
17.07
45.07
17.17
30.24
13.11
Sector & Equities Recommendation
Energy 12.78 10.46 12.33 11.42
Finance & Securities 22.04 17.55 19.92 17.17 ► Residential Sector (Overweight) - BOT to take action to control rising
Healthcare 41.97 33.96 38.01 36.99 housing NPL rate (page 3)
ICT 14.66 17.60 16.41 14.56
Industrial Estate 25.78 30.50 22.08 25.10 ► MTC (Outperform) - Clear of regulatory risk; strong 3Q18E NP (page 4)
Insurance 17.68 16.55 14.49 12.92
Media 38.34 29.97 26.07 19.02 ► PTTEP (Outperform) - Additional upsides emerge from bids (page 5)
Personal Products &
n.a. 44.56 27.73 16.49
Pharmaceuticals
► ORI (Outperform) - Park Origin Phayathai enjoys strong launch (page 6)
Petrochemical 10.52 11.32 10.42 10.99
Property Fund 21.67 17.61 20.60 18.43
Residential 9.59 10.59 9.77 8.98
Tourism 25.22 38.09 29.87 26.37
Transportation 32.89 46.69 34.13 36.29
Utilities 17.12 21.08 17.56 20.29

Source: KS

Inside Page
Fund Flows i
Bond Trading i
Top Ten Short Sale ii
Thai NVDR Trading Data by Stock ii
Daily Driver Stats (Market Summary) iii
Daily Driver Stats (Commodity) iv
Director Trade v
Insider Trading vi
Foreign Ownership - top ten gainers and losers vi
Economic Calendar vii
Company's Calendar ix

Kasikorn Securities PCL

Research Department

Contact: 02-696-0031
Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
SET Index 1,748.09 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 122.73pt/0.46% Oil - Nymex (USD) 75.23/bbl/-0.07USD
Change -12.38pt/-0.7% (Btm) (Contracts) BCH 174 PTTEP -692 S&P -1.16pt/-0.04% Gold - London (USD) 1,189.89/Oz/3.55USD
Turnover (Btm) 64,224.08 Foreign -3,274 -6,032 GLOW 144 ADVANC -424 NASDAX -37.76pt/-0.47% DXYO 95.51/0.22%
PER (x) 17.25 Institution -2,743 13,282 INTUCH 130 PTT -421 CAC -38.93pt/-0.71% Bt/USD 32.4/0.51%
PBV (x) 1.99 Retail 6,285 -7,250 GULF 115 AOT -397 FTSE -21.12pt/-0.28% USD/Euro 1.15/-0.79%
Div Yield (%) 2.88 Proprietary -268 - KBANK 87 IVL -327 DAX -51.45pt/-0.42% 10Y US treasury yld 3.06/-0.66%

3 October 2018 1 Morning Brief

 Monthly Strategy - A gradual shift in focus to pricing
Strategy power
We maintain our 2018E SET Index target at 1,805 (implying a 5.8% total
return) as well as our positive economic and market views. While Thailand
continues to enjoy a disinflationary economic boom, we will increasingly
position our stock/sector picks to reflect a more inflationary environment
where pricing power will be a crucial attribute. The SET Index is currently
trading at the 2018E Bloomberg consensus PER of 16.3x, which is +1SD of
its 1-year forward historical mean. The current SET Index valuation, in our
opinion, remains reasonable with consensus pointing to 2018E EPS growth
of 8.2%.

An ongoing disinflationary economic boom

► Thailand has continued to enjoy an ongoing disinflationary boom, an economic
pattern that we are also observing in key developed markets. In 2017, Thailand
GDP growth improved to 3.9% from 3.3% in 2016 with headline inflation of only
0.7% vs 0.2% in 2016. The most recent CPI reading shows inflation continues to
remain stubbornly low despite the rising oil price. Despite Thailand being positioned
as an “emerging market”, our economic growth profile has been similar to that of
key developed markets with strong external stability, a low real policy rate and low
loan growth, compared with EM peers. The external stability, in our opinion,
has helped mitigate the impacts of the strong USD, Fed balance sheet
reduction and rising oil prices.

Prefer sectors/stocks with pricing power

► Our key investment themes remain domestic cyclical plays (big banks, residential
property developers) and domestic structural plays (commercial property, telcos).
These sectors in our opinion provide relatively good pricing power. For example,
the big banks’ commercial lending rate increases have tended to be in line with the
policy rate. Meanwhile, key residential and commercial property players have been
able to pass on rising land and construction costs and rental rates, which we expect
they will continue to be able to do. We believe that the pricing environment in the
telco sector will remain benign as all key players will try to monetize their 3G/4G
assets as much as possible before they enter into the next capex cycle (5G).

► We add JAS, GFPT and ERW to our top pick list. We believe that JAS will
continue to benefit from improving broadband penetration, a benign price
environment and strong dividend yield with upcoming asset sales in 1Q19. We like
GFPT’s client base with 80% of its chicken exports going to Japan and 20% to
Europe, two developing markets where the economic backdrop should remain
strong. The ongoing trade dispute between US and China has resulted in a
significant decline in the soybean price, GFPT’s key raw material. We like ERW for
its bright earnings outlook on the back of an ongoing strong hotel portfolio
expansion and the room it has to increase prices.

► While we continue to like the underlying stories of MTC, ROBINS and BEM, we have
decided to remove them from our list of top recommendations as these stocks have
reached our analysts’ TPs with share price appreciations of 38%, 18% and 19%
respectively since we included them on our top pick list.

► We keep KTC, BCH and STPI as our least preferred stocks. We maintain our
view that KTC’s valuation remains highly demanding and we do not believe that
the company can quickly expand into secured high yield lending as the business
requires a different skillset and operating platform from that which KTC currently
Equity Research Team
possesses.

3 October 2018 2 Morning Brief

 Residential Sector - BOT to take action to control rising
Residential Sector Overweight
housing NPL rate
What's going on?
► Dr. Veerathai Santiprabhob, governor of the Bank of Thailand, disclosed that the
BOT would conduct a public hearing of proposals to tighten mortgage lending
criteria amid concern over an increase in housing NPLs. The worrying trend is partly
being driven by search-for-yield behavior, especially for high-rise condo projects,
which may reflect oversupply in some areas.

► Several tentative measures are being considered including a lower LTV requirement
for second and third homes as well as larger down payments for the upper
residential segment, which normally enjoys more relaxed loan standards from
financial institutions compared with the lower-end segment. Limiting credit lines for
mortgage refinancing and higher debt servicing ratios for some homebuyer
segments will also be studied.

Impact
► While this move will support the sustainable growth of the sector, we see it having
a negative impact on the short-term operating performances of housing developers
in general.

► However, the effect on big developers will be less than on the small players. Also,
the high-end segment will be hurt less than the lower-end as normally homebuyers
in the low-end segment need high LTV ratios to enable them to access financing
and have lower debt service ratios.

► If the new measures are implemented by the end of this year, we see the 4Q18
earnings of developers that focus on the low-end market and which have a higher
portion of investors among their customers coming under more pressure than those
that focus on real demand. This is although we believe the market will be able to
adjust itself in the mid to long term.

Recommendation
► We maintain our Overweight rating on the sector. While uncertainty about the
potential new measures to control housing NPLs will put short-term pressure on
the share prices of some developers (mentioned above), we believe once the
regulatory action becomes clear, it will be a time to accumulate the stocks in this
sector again.

► ORI, SPALI and SC remain our top picks in the sector.

Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

3 October 2018 3 Morning Brief

 Muang Thai Capital PCL - Clear of regulatory risk; strong
MTC TB Outperform 3Q18E NP
Target Price Bt 55.00 MTC held an analyst meeting on Oct. 1 after new draft regulations from the
BOT indicated the interest rates charged by auto-backed personal loan
Close Price (02/10/2018) Bt 48.75
providers would be capped at 28%. This eased long-held concerns about
Upside % 12.82
Valuation GGM
regulatory risk for MTC. We view the new regulations as supportive given
Sector Finance & Securities that MTC’s current yield of around 23% is lower than the cap while small
Market Cap Btm 103,350 competitors face the possibility of having to cut the rates they charge. We
30-day avg turnover Btm 419.75 revise up our 2018/19/20 earnings forecasts for MTC by 7%/7%/9%
No. of shares on issue m 2,120 mainly to reflect our higher NII and lower cost/income and provision
CG Scoring Very Good assumptions. We maintain our Outperform rating on the stock, roll forward
Anti-Corruption Indicator Declared our valuation base to YE2019 from mid-2018, and raise our target price
from Bt48 (pegged to 7.2x PBV) to Bt55 (based on 7.0x PBV). We expect
MTC to report a strong 3Q18 net profit of Bt966mn, up 49% YoY and 6%
QoQ (results expected to be announced on Nov. 6).

Investment highlights
► Easing of regulatory risk positive to MTC. The draft of the BOT’s new
regulations for auto-backed lenders, which will apply to MTC, indicates a 28% cap
on interest rates (see details in Fig 1). This is very positive for MTC as it removes
long-held concerns that regulators would impose a lower interest rate ceiling. MTC’s
current average interest rate is 23%, well below the new cap. The company already
complies with the other requirements, while some small operators might need time
to adjust to the stricter rules. The proposed rate cap will likely make the operating
environment tougher for smaller players who are currently charging interest rates
higher than 28% as MTC and other large lenders would continue to benefit from
economies of scale. There could also be potential upside for MTC in terms of lower
funding costs if its bond rating is upgraded by TRIS (next review in May 2019).

► New loan growth targets of 35%/30% in 2019/20E down from

40%/30% with NPL ratio target of 2.0% in 2019E. At the Oct. 2 meeting,
MTC’s management reiterated its 2018 loan growth target of 40% but offered new
2019/20E loan growth targets of 35%/30%, down from earlier guidance of
40%/30% due mainly to a high base for loans and number of branches and a target
NPL ratio of 2.0% in 2019E. Despite the lower guidance, we believe MTC will be
able to achieve its target and we revise up our loan growth assumptions for
2019/20E to 32%/27% from 28%/22%.

► 3Q18E earnings to rise 49% YoY and 6% QoQ. We expect MTC to report a
3Q18 net profit of Bt966mn, up 49% YoY and 6% QoQ. The key drivers should be
strong loan growth of 40% YoY and 9% QoQ from a branch expansion and lower
cost to income thanks to greater economies of scale. We expect provisions to rise
12% YoY and 20% QoQ to Bt190mn while NPL ratio should rise QoQ to 1.42%
from 1.35% in 2Q18.

► Earnings revised up 7-9% in 2018-20E and TP rolled over to YE2019. We

adjust up our 2018/19/20 earnings forecasts by 7%/7%/9% mainly to reflect our
higher NII and lower cost/income and provisions assumptions (Fig 3). We roll
forward our base year to YE2019 from mid-2018, and raise our target price from
Bt48 to Bt55.

Valuation
► We maintain our Outperform rating on MTC, roll forward our target price to YE2019
from mid-2018, and raise our TP from Bt48 (pegged to 7.2x PBV) to Bt55 (based
on 7.0x PBV).
Analyst
Jantana Taveeratanasilp
jantana.ta@kasikornsecurities.com

3 October 2018 4 Morning Brief

 PTTEP Exploration & Production PCL - Additional upsides
PTTEP TB Outperform emerge from bids
Target Price Bt 170.0 We reiterate our Outperform rating on PTTEP, but raise our mid-2019
target price to Bt170 as we include the upsides from an additional 34%
Close Price (02/10/2018) Bt 156.50
stake in the Bongkot field (Total did not join the bid) and the exercise of
Upside % 8.6
Valuation DCF
government participation rights in a stake of up to 25% in the Erawan
Sector Energy & Utilities project following the Energy Ministry’s recent declaration that PTTEP will
Market Cap Btm 621,303 be a representative of the government for the investment. Moreover, we
30-day avg turnover Btm 1,598.72 expect PTTEP’s earnings growth to remain robust in both the short (2H18)
No. of shares on issue m 3,970 and long (FY2019) terms due to an expected higher ASP, greater sales
CG Scoring Excellent volume and lower extraordinary items. Moreover, we do not see any
Anti-Corruption Indicator Certified downside from the risk of a blast at the Montara project, as all liabilities
were handed off to Jadestone in 3Q18.

Investment highlights
► 3 scenarios for the concession bidding: Two groups of oil companies
submitted bids for both the Bongkot and Erawan gas field projects: 1) Chevron
group; and 2) PTTEP group. Based on this, we see three possible scenarios for the
bidding results:

 PTTEP wins the bids for both concessions. We see potential upside of 31% to
the current production volumes of 300 KBD, given the potential production volumes
at a minimum DCQ of each project.

 The current operators of each field win their respective projects. We see
two potential upsides for PTTEP: 1) from an additional 34% stake in the Bongkot
field, translating into 8% upside to the current production volumes; and 2) another
8% upside to production volumes from the exercise of government participation
rights of a 25% stake in the Erawan project.

 PTTEP loses all bids. We see 14% potential downside to PTTEP’s current
production volumes, after taking into account the assumption that PTTEP exercises
the government participation rights of 25% stakes in both projects.

In our view, the second scenario is the most likely.

► No impact from risk of blast at Montara project. We see no impact from the
risk of a blast at the Montara project on PTTEP. According to Bloomberg, Australian
government inspectors identified the risk of a potential blast at PTTEP's former
Montana project due to a failure in the cargo pump room at its FPSO facilities. As
the divestment deal was already completed and all money already transferred,
PTTEP faces no legal liability from any damage to the project.
► Expect earnings to gradually improve in 2H18. We estimate PTTEP’s 3Q18
earnings at Bt9.9bn (EPS: Bt2.49), up 175% QoQ and turning around from a net
loss of Bt8.7bn in 3Q17, due to expected improvement in core profit, a reversal of
deferred tax expense into gain arising from the THB/USD appreciation, as well as
no impairment expenses as were seen in 3Q17. However, these will be partly offset
by the potential extra loss from the Montara project divestment of USD68mn.

Valuation
► Maintain Outperform; higher mid-2019 target price of Bt170. As we
assume the second scenario as our new base case, we raise our DCF-based mid-
2019 target price from Bt153.0 to Bt170. Our new target price includes the potential
upsides from an additional 34% stake in the Bongkot field (previously held by Total)
and the exercise of government participation of up to a 25% stake in Erawan
project after the Energy Ministry declared that PTTEP will be a representative of
Analyst the government for the investment.
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com

3 October 2018 5 Morning Brief

 Origin Property PCL - Park Origin Phayathai enjoys
ORI TB Outperform strong launch
Target Price Bt 24.40 What's going on?
Close Price (02/10/2018) Bt 17.50 ► ORI officially launched another big luxury condominium project, Park Origin
Upside % 39.43 Phayathai (worth Bt4.6bn, 550 units), on Sept. 30. Only a few days after the launch
Valuation SOTP it had achieved a presales rate of 72% on an average selling price/sq.m. of
Sector Property Development Bt270,000. Note that about 30% of the units were booked by foreign buyers.
Market Cap Btm 28,511
30-day avg turnover Btm 63.66 ► We attribute this strong presales result to not only the project’s location on a main
No. of shares on issue m 1,629 road within 300 meters of the BTS/Airport Rail Link interchange at Phayathai, but
CG Scoring Very Good it also has a mixed-use project called “One Phayathai” owned by ORI next to the
Anti-Corruption Indicator Declared condominium building. In addition, the project will be serviced by IHG, a world
class hotel operator, which helped drive the strong presales.

Impact
► On the back of the good progress at this large project, we expect ORI’s 9M18
presales to exceed Bt18.0bn, or 75% of its full-year presales target of Bt24.0bn
given that it earlier disclosed 8M18 presales of Bt15.0bn. This means it is highly
likely to beat its full-year presales target as it needs to achieve only a 50% presales
rate at its largest condominium project of 2018, Park Origin Thonglor (valued at
Bt12.0bn), to meet the goal. Meanwhile, it has three low-rise projects worth a
combined Bt4.0bn that are scheduled to open in 4Q18.

► Backlog at the end of both 3Q18 and 4Q18 is thus likely to set successive record
highs from the strong level of Bt29.0bn at the end of 2Q18. ORI’s growth outlook
remains very bright, in our view. These factors should also be the main drivers of
its share price in the near future.

Recommendation
► We maintain our Outperform rating on the stock with an unchanged mid-2019 TP
of Bt24.40 (Bt16.30 after the XD sign is posted on Oct. 16).

► Strong core earnings, which should show growth from 2Q18 in 3Q18 and rise
further in 4Q18, will be the key positive factor in the final quarter of the year. Also,
presales at the Park Origin Thonglor project, which is scheduled to open in
November, will be another important factor to monitor.

Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

3 October 2018 6 Morning Brief

 Daily News
Economic & Industry News
► BoT tamps down on mortgage lending. The Bank of Thailand has set out measures to rein in
mortgage lending after it found widespread search-for-yield behaviour in the residential market, with
some banks extending housing loans exceeding the central bank's guidance. (Bangkok Post)

► Net foreign bond holdings to hit B1tn. Foreign net holdings in Thai bonds is estimated to hit a
fresh record high of 1 trillion baht within this year based on persistent capital inflows, as they are
considered a safe haven investment. (Bangkok Post)

► Grand tourism plans for EEC. Thailand has devised a tourism development plan for the Eastern
Economic Corridor (EEC) with a five-year public and private budget of about Bt200 billion. (The
Nation)

► Cabinet notes Court order for payout to NECL. The Cabinet yesterday acknowledged the
Supreme Administrative Court's final ruling ordering Expressway Authority of Thailand (Exat) to pay
compensation worth Bt1.8 billion plus interest - or about Bt4 billion in total - to Bangkok Expressway
and Metro Plc's subsidiary Northern Expressway Plc (NECL), according to the transport minister.
(The Nation)

► Thai economy 'insulated' from global volatility despite rate hikes, trade war. Thailand's
economy and banks should be able to weather heightening global risks from rising US interest rates,
although escalating trade wars could pressure global growth next year, according to sovereign and
banking analysts at Fitch Ratings' annual Thai conference in Bangkok yesterday. (The Nation)

► Most big Thai businesses give digital a big embrace, survey finds. Most businesses in
Thailand are digital adopters that utilise digital technology to support, enhance and performing their
business in the digital age. That is among the findings of the Digital Transformation Index survey of
100 executives. Meanwhile, around 7 per cent of businesses act as digital leaders that utilise digital
technology and digital transformation to support their business. (The Nation)

Corporate News
► Singtel-led Via service makes debut. Singtel and Advanced Info Service (AIS) in collaboration
with Kasikornbank (KBank) have officially launched Via, claiming Asia's first cross-border mobile
payment alliance and enabling consumers to use their local mobile wallets while travelling abroad.
(Bangkok Post)

► The future is in senior care and living units, says THG after roadshows. Senior care and
living services will increase the cash flow for the Thonburi Healthcare Group or THG in December
and the first quarter of next year, said Tanatip Suppradit, its vice president. (The Nation)

3 October 2018 7 Morning Brief

  
   

Daily Stats

Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
26-Sep-18 27-Sep-18 28-Sep-18 5 Days 30 Days YTD 2017
Thailand 2.53 -53.60 37.75 -4.87 -235.56 -6,517.63 -795.52
Indonesia 15.64 -7.64 59.36 108.09 -65.61 -3,687.12 -2,960.10
Philippine -9.60 -9.63 -0.54 -33.11 -212.59 -1,569.92 1,095.07
India -96.22 85.58 0.00 -661.87 -1,080.00 -1,771.52 8,014.48
Taiwan -8.86 376.57 88.75 578.81 2,144.25 -5,670.44 5,736.29
S. Korea 0.00 223.44 -280.70 -57.26 -147.72 -2,088.29 8,267.52
Vietnam 1.27 3.76 9.46 17.87 8.73 1,395.54 1,163.06
Total -95.24 618.49 -85.92 -52.34 411.50 -19,909.39 20,520.80
Source : Bloomberg

Trading Activities
SET (Btmn) Buy Sell Net 5 Days 30 Days YTD 2017
Institutions 6,103 4,949 1,155 -4,455 20,508 140,632 103,632
Foreign Investors 22,078 20,858 1,220 -161 -11,322 -208,874 -25,755
Local Investors 22,412 25,263 -2,851 1,073 -16,633 73,147 -94,624
Proprietary Trading 6,581 6,105 476 3,542 7,446 -4,906 16,747
SET50 Index Futures (# contracts) Long Short Net 5 Days 30 Days YTD 2017
Institutions 16,965 18,830 -1,865 2,150 5,060 16,166 86,493
Foreign Investors 26,733 22,508 4,225 -13,801 -35,361 -7,804 -168,542
Local Investors 62,488 64,848 -2,360 11,651 30,301 -8,362 82,049
Precious Metal Futures (# contracts) Long Short Net 5 Days 30 Days YTD 2017
Institutions 13,676 13,561 115 -1,467 -5,752 -10,054 10,888
Foreign Investors 5,682 3,210 2,472 -234 -4,997 -22,928 -40,980
Local Investors 12,280 14,867 -2,587 1,701 10,749 32,982 30,092

Bond Trading
Bond Trading : Dealer-Client (Btmn)
26-Sep-18 27-Sep-18 28-Sep-18 5 Days 30 Days YTD 2017
Net Foreign * 2,589 -1,487 3,685 4,686 45,525 225,797 357,183
Short term 1,565 -79 394 935 7,116 57,363 190,480
Long term (TTM > 1Y) 1,024 -1,408 3,291 3,751 38,409 168,434 166,702
Net Asset Management ** 3,247 19,166 15,179 60,074 318,643 2,849,281 3,333,785
Short term 5,183 18,695 14,857 55,314 318,761 2,660,874 3,081,279
Long term (TTM > 1Y) -1,937 471 322 4,760 -118 188,407 252,506
Total Outright Trading 68,987 73,022 67,640 381,326 1,533,380 15,105,175 22,046,708
Short term 41,656 40,248 44,746 263,184 1,117,870 10,153,582 15,764,428
Long term (TTM > 1Y) 27,331 32,774 22,894 118,142 415,510 4,951,593 6,282,280
Source : Thai BMA * Top 2 most active investors

1 October 2018 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
TRUE 9.05 3.58 6.40 4.73
KBANK 7.79 8.73 6.33 6.99
GCAP 7.19 3.55 2.37 0.60
SPALI 7.14 2.16 2.18 2.99
THCOM 6.94 3.49 1.34 0.77
CBG 6.30 5.20 5.11 7.13
TVO 5.22 1.55 0.27 0.53
BEM 4.50 1.66 2.02 2.42
CKP 4.10 3.81 1.73 1.55
IRPC 3.19 2.21 2.64 1.83
Source : SET Smart

Thai NVDR Trading Data by Stock

Top Net Buy (Btmn) Top Net Sell (Btmn)
Stock 24-Sep-18 25-Sep-18 26-Sep-18 27-Sep-18 28-Sep-18 Stock 24-Sep-18 25-Sep-18 26-Sep-18 27-Sep-18 28-Sep-18
KBANK 62.86 17.26 -201.22 -67.15 396.34 INTUCH -30.00 -48.24 -132.24 -120.70 -208.70
AOT 51.64 192.40 222.87 324.17 296.15 BBL 784.84 7.07 171.83 -19.71 -154.97
MINT 71.90 25.43 39.38 147.75 235.78 BANPU 53.27 -6.06 -88.33 -172.12 -97.95
SCB 104.76 148.07 148.20 280.48 148.10 MBK -34.57 -14.07 -24.31 -13.61 -60.14
PTTEP 21.23 -99.16 317.33 17.33 141.64 STEC 10.30 -44.55 -4.05 -26.22 -59.70
ADVANC -16.31 -95.30 168.73 78.35 112.15 EGCO -6.33 -16.46 -64.34 34.04 -50.82
HMPRO 86.78 21.34 45.22 20.80 110.33 QH 30.47 1.58 5.32 34.73 -47.01
TRUE -31.27 90.14 254.12 -61.98 109.88 AMATA 49.38 7.10 2.11 -31.62 -43.47
TMB 65.57 -2.89 4.93 -13.17 107.90 CENTEL 35.72 -24.64 -29.17 -55.32 -42.55
MTC -4.36 15.56 26.88 -16.01 105.56 CPF -55.94 -105.70 -17.44 -106.27 -35.61
BJC 41.74 75.00 31.46 17.40 104.08 BGRIM -9.63 2.08 1.31 26.60 -31.26
TKN -13.13 -8.92 2.67 5.64 100.11 BCP 1.26 -12.46 15.47 61.59 -29.14
EA 74.93 9.21 99.15 5.50 90.68 COM7 -6.47 -2.15 3.35 3.79 -28.70
SAWAD -7.22 -1.19 31.42 5.81 86.32 LH 19.29 -7.97 -23.62 -30.62 -26.83
IVL -10.43 5.59 37.17 149.45 84.00 CK 4.96 46.05 7.85 5.11 -23.20
BDMS -72.31 -31.86 99.14 35.19 72.77 LPN 6.87 4.76 27.82 -1.94 -20.29
TOP 11.98 46.41 -6.43 218.01 71.44 PTG 2.62 -19.71 -0.54 16.94 -19.67
IRPC 44.74 -60.30 21.56 50.45 64.42 ECF -5.15 -3.17 2.52 -6.01 -16.12
PTT 454.92 171.90 390.65 93.19 56.93 SGP -0.48 -13.20 15.64 -8.42 -12.86
DTAC 18.86 6.26 20.17 -2.22 56.04 VGI -0.18 -55.83 23.12 -4.92 -12.40
Source: SET Source: SET

Net Buy/Sell 10 Days NVDR Trading by Sector

Value (% of Mkt Cap.) Value (Btmn) 28-Sep-18 5 Days
Top Buy Top Sell Buy Sell Total (%) (%)
SABINA 1.56% ETE -1.66% -- Energy & Utilities 2,400.70 2,092.69 4,493.40 34.30% 35.95%
TMB 1.23% PF -0.95% -- Banking 2,125.95 1,568.68 3,694.64 82.79% 68.20%
STA 1.20% MBK -0.90% -- Commerce 1,180.32 862.87 2,043.19 44.79% 37.00%
W ORK 0.75% ESSO -0.72% -- Property Development 905.24 1,121.47 2,026.71 29.28% 33.13%
TKN 0.73% DEMCO -0.65% -- Information & Communication 656.10 553.82 1,209.92 49.50% 45.42%
QH 0.68% MCS -0.60% -- Food and Beverage 761.34 436.22 1,197.57 48.45% 43.24%
THE 0.64% NINE -0.59% -- Transportation & Logistics 698.40 380.92 1,079.32 49.43% 40.53%
UREKA 0.63% EASON -0.54% -- Finance and Securities 661.32 395.48 1,056.80 20.75% 21.90%
SVOA 0.61% AH -0.53% -- Petrochemicals & Chemicals 452.31 348.01 800.33 52.72% 39.97%
CHEW A 0.48% STEC -0.52% -- Health Care Services 405.85 240.48 646.33 44.38% 42.72%
EA 0.43% RS -0.50% -- Construction Materials 331.91 305.10 637.01 46.72% 59.69%
SEAFCO 0.40% SCP -0.45% -- Electronic Components 123.30 63.60 186.90 42.05% 36.57%
CHARAN 0.38% SY NTEC -0.44% -- Media & Publishing 60.66 58.21 118.88 16.41% 20.95%
TSI 0.37% BEAUTY -0.42% -- Tourism & Leisure 28.43 73.03 101.46 34.24% 32.53%
HMPRO 0.36% TPOLY -0.40% -- Agribusiness 49.72 38.66 88.39 18.29% 21.86%
MINT 0.35% BANPU -0.38% -- Steel 7.35 7.54 14.90 13.42% 10.97%
THANI 0.35% FTE -0.38% -- Automotive 4.79 4.11 8.91 13.72% 19.67%
TACC 0.34% CENTEL -0.36% -- Professional Services 0.92 5.06 5.97 7.57% 8.29%
W ICE 0.33% CSS -0.35% -- Fashion 4.62 0.21 4.83 10.21% 10.48%
PLANB 0.33% INTUCH -0.34% -- Insurance 2.45 2.10 4.55 9.80% 8.71%
Source: SET *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET, KS Research

1 October 2018 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 26,458.31 0.07% -1.07% 1.51% 16.75% 7.04% 26,743.50 22,405.09
S&P 500 2,913.98 -0.00% -0.54% 0.57% 14.83% 8.99% 2,930.75 2,519.36
Nasdaq 8,046.35 0.05% 0.74% 0.20% 23.13% 16.56% 8,109.69 6,495.96
FTSE 100 7,510.20 -0.47% 0.27% -1.40% 0.57% -2.31% 7,877.45 6,888.69
DAX 12,246.73 -1.52% -1.48% -2.24% -5.58% -5.19% 13,559.60 11,787.26
CAC 5,493.49 -0.85% -0.01% 0.15% 2.43% 3.41% 5,640.10 5,066.28
NIKKEI 24,120.04 1.36% 1.05% 5.73% 16.94% 5.95% 24,124.15 20,356.28
Hang Seng 27,788.52 0.26% -0.59% -1.99% -2.08% -7.12% 33,154.12 26,345.04
MSCI Ex. JP 471.95 -0.13% -0.65% -2.20% -0.34% -6.18% 547.80 453.93
S&P Volatility (VIX Index) 12.12 -2.34% 3.77% -3.04% 25.86% 9.78% 37.32 9.14
Dow Jones Real Estate 318.33 1.30% -1.52% -3.43% -0.03% -1.04% 329.63 285.03
Dow Jones Financial Sector 601.08 -0.39% -3.10% -2.69% 7.47% 1.68% 626.26 555.61
Dow Jones Construction Material 674.15 -0.66% -3.46% -3.38% -2.03% -6.56% 768.15 643.63
Dow Jones Energy 630.61 -0.18% 0.97% 2.17% 12.47% 6.14% 650.00 544.09
Dow Jones Technology 2,492.64 0.21% 1.30% 0.18% 30.71% 20.44% 2,512.18 1,901.66
Dow Jones Health Care 1,029.80 0.34% 0.92% 3.08% 16.34% 16.51% 1,029.80 854.99
Dow Jones Consumer Services 1,072.89 -0.05% 0.68% 2.10% 27.84% 18.12% 1,073.38 830.03
SET Indices
SET Index 1,756.41 0.20% 0.02% 2.23% 4.07% 0.15% 1,838.96 1,595.58
SET 100 Index 2,578.35 0.15% -0.03% 2.21% 6.50% 1.39% 2,677.39 2,320.82
SET 50 Index 1,158.75 0.02% -0.07% 1.71% 7.56% 2.08% 1,206.31 1,050.60
MAI Index 456.38 0.59% 1.21% 4.66% -19.50% -15.54% 578.25 412.91
Energy 27,262.90 0.24% 0.74% 4.59% 19.18% 11.03% 28,364.80 22,343.03
Bank 558.81 0.28% -0.26% 1.13% 3.19% -2.51% 610.52 492.34
Property 332.75 0.07% -0.62% 2.18% 4.40% 0.60% 342.17 297.71
Transportation 374.04 0.28% -1.19% 0.53% 6.15% -2.74% 410.02 346.66
Construction Materials 11,476.51 -0.59% -2.05% 0.87% -12.65% -8.44% 13,162.37 10,492.05
ICT 162.13 -0.27% -0.36% -1.12% -4.01% -1.80% 175.25 147.65
Electronic 1,750.16 0.22% 0.41% 0.47% -20.73% -4.71% 2,215.57 1,440.66
Commerce 42,116.62 -0.06% -0.50% 2.85% 5.39% -6.37% 48,944.80 39,328.64
Hospitality & Leisure 697.63 0.58% 0.95% 4.06% 3.06% -13.04% 802.27 653.59
Fixed Income and FX
US 2-Y yield 2.82 -0.29% 0.68% 5.76% 91.61% 49.70% 2.84 1.47
US 5-Y yield 2.95 -0.12% 0.15% 6.46% 54.10% 33.83% 2.98 1.90
US 10-Y yield 3.06 0.31% -0.05% 6.28% 31.78% 27.26% 3.11 2.27
US Ted Spread 0.20 -4.73% -3.60% -1.40% -29.30% -36.60% 0.63 0.18
Thai 2-Y yield 1.95 -0.09% -1.28% 4.27% 32.53% 32.87% 1.97 1.30
Thai 5-Y yield 2.32 -0.10% -1.26% 1.37% 30.77% 25.25% 2.35 1.71
Thai 10-Y yield 2.81 -0.10% -1.69% 3.24% 15.81% 10.71% 2.86 2.37
Thai TED Spread 0.28 0.35% -1.30% -4.53% -15.12% -26.13% 0.43 0.23
Dollar Index 95.13 0.25% 0.97% 0.43% 1.79% 3.14% 96.73 88.59
French CDS USD SR 5Y 25.17 0.00% 0.00% -4.17% 21.32% 43.25% 27.80 14.95
Portugal 5Yr USD CDS 63.21 0.00% 0.00% 0.00% -55.86% -21.61% 143.20 63.21
Ireland 5Yr USD CDS 19.99 0.00% 0.00% 0.00% -36.99% -20.84% 31.72 19.99
Spain 5Yr USD CDS 64.87 0.00% 0.00% -7.42% -13.46% 16.27% 91.94 35.70
Italy 5Yr USD CDS 221.22 0.00% 0.00% -12.71% 54.46% 88.48% 269.47 84.53
German 5Yr USD CDS 10.63 0.00% 0.00% -0.08% -15.56% 11.42% 13.61 8.23
Thailand 5Yr CDS 41.28 0.00% 1.62% 0.15% -17.21% -8.28% 51.31 39.12
Indonesia 5Yr CDS 130.12 -0.79% -4.02% 12.13% 28.94% 52.64% 148.48 76.92
Philippines 5Yr CDS 76.69 -0.46% -2.88% 1.00% 19.08% 13.99% 95.71 51.87
USD : EURO 1.16 -1.19% -1.54% -1.00% -1.65% -3.48% 1.25 1.13
USD : POUND 0.77 0.75% 1.12% -1.13% 1.86% 3.29% 0.79 0.70
USD : Yen 113.44 0.59% 0.65% 2.13% 0.93% 0.67% 114.16 104.98
USD : Yuan 6.88 0.06% 0.54% 1.17% 3.79% 5.78% 6.91 6.27
Source : Bloomberg

Source: Bloomberg

1 October 2018 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) 73.25 1.57% 3.49% 6.89% 46.56% 21.23% 74.15 49.29 PTT, PTTEP
GRM (USD/bbl) 5.82 3.74% -2.84% -7.03% -21.03% -16.74% 11.01 3.85 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 114.80 0.33% 0.33% -2.43% 18.96% 9.45% 123.82 91.68 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 1,540.00 1.05% 8.99% -8.55% 16.67% 12.74% 1,774.00 948.00 TTA, PSL, RCL, JUTHA, ASIM AR

Gold (USD/ounce) 1,182.87 -1.06% -1.85% -2.45% -7.58% -9.19% 1,359.58 1,177.63
Thai Gold Bar (Bath/15.244 g) 18,210.00 -1.25% -2.20% -3.14% -10.21% -9.90% 20,520.00 18,210.00
Near Month Gold Future (Baht) 18,100.00 -1.09% -1.90% -2.95% -9.95% -9.50% 20,350.00 18,100.00
Silver (USD/ounce) 1,430.50 -0.80% -0.17% -3.99% -14.98% -15.18% 1,752.00 1,412.50
Copper Spot (USD/MT) 6,263.50 1.32% -1.82% 2.09% -3.21% -13.09% 7,330.50 5,759.00
CRB Index 195.16 0.51% 0.61% 1.80% 7.65% 0.67% 206.38 180.90
Zinc (USD/tonne) 2,612.00 4.23% 4.65% 2.83% -20.90% -21.30% 3,575.00 2,300.00 PDI
Malaysian Palm Oil (MYR/tonne) 2,080.00 0.00% -1.79% -5.00% -23.59% -12.97% 2,820.50 2,080.00 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 11.20 2.66% -4.11% 0.81% -26.94% -28.62% 15.95 10.91 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 7.95 -1.18% -0.41% 0.54% -13.89% -14.45% 10.43 7.65
Soybean Oil (USD/pound) 27.60 0.00% -0.43% -1.18% -13.34% -14.31% 34.49 26.51 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 321.90 0.00% 0.00% -0.25% 3.01% 4.07% 408.10 307.00
Rubber (JPY/kg) 168.00 0.54% -0.53% -2.44% -19.42% -18.72% 214.80 165.90 STA, TRUBB
Chicken - (Bt/kg) 34.00 0.00% 0.00% -10.53% -19.53% -17.07% 42.25 31.00 CPF,GFPT
Pork (Bt/kg) 61.63 0.00% -1.20% -6.45% -4.64% -15.54% 67.38 41.88 CPF
Ethylene (USD/tonne) 1,245.00 0.00% 0.00% -9.12% -4.96% -6.04% 1,395.00 1,180.00
Propyene (USD/tonne) 1,125.00 0.00% 0.00% 3.21% 19.68% 22.95% 1,125.00 880.00
HDPE (USD/tonne) 1,270.00 0.00% 0.00% -1.93% 9.48% -0.39% 1,385.00 1,160.00
PVC CFR Far East (USD/tonne) 870.00 0.0% 0.0% -9.4% -8.4% -1.1% 980.00 850.00
Naptha C&F Japan (USD/tonne) 715.75 -0.10% 3.69% 7.31% 40.34% 16.59% 716.50 509.00
Ethylene Spread (Olefin) 529.25 0.14% -4.60% -24.72% -33.84% -25.58% 802.50 492.37 PTTGC
Propylene Spread (Olefin) 409.25 0.18% -5.87% -3.25% -4.83% 35.91% 510.62 280.62 PTTGC
HDPE Spread (Olefin) 554.25 0.14% -4.40% -11.74% -14.73% -16.16% 821.50 553.50 PTTGC, SCC
Hot Rolled Coil C&F Turkey (USD/tonn 555.00 0.00% 0.00% -4.31% -8.26% -4.31% 635.00 535.00 SSI, GSTEL, GJS
Rebar (USD/tonne) 659.04 -0.61% -0.91% 0.25% 11.75% 1.74% 727.91 540.81 TSTH, BSBM
Slab East C&F Asia (USD/tonne) 530.00 0.00% 0.00% -3.64% 6.00% 0.00% 570.00 470.00 SSI
Scrap (USD/tonne) 321.50 0.47% 0.47% 3.54% 8.98% -9.49% 384.00 291.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 25.00 0.00% 0.00% -16.67% -76.19% -50.00% 105.00 -7.50 SSI
Source : Bloomberg, SET Smart

Source : Bloomberg, SET Smart

1 October 2018 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)
26-Sep-18 ASIMAR Common Share Mr PRAWAT CHANRUANG Sell 2.62 10,000 26,200
27-Sep-18 ASIMAR Common Share Mr PRAWAT CHANRUANG Sell 2.62 30,000 78,600
26-Sep-18 ASN Common Share Mr. Thawatchai Lertrungruang Buy 3.61 27,900 100,719
27-Sep-18 ASN Common Share Mr. Thawatchai Lertrungruang Buy 3.98 10,000 39,800
25-Sep-18 BEAUTY Common Share Mr. SURAPON PHETKLUENG Sell 11.70 37,500 438,750
27-Sep-18 BEAUTY Common Share Mr. SURAPON PHETKLUENG Sell 12.00 65,000 780,000
27-Sep-18 CGH W arrant Mr. Pisuth Viriyamettakul Sell 0.07 66 5
27-Sep-18 DOD Common Share Miss SUWARIN KONTHONG Sell 15.10 10,000 151,000
27-Sep-18 GEL Common Share Mr. Thitipong Tangpoonphonvivat Buy 0.35 101,800,000 35,630,000
27-Sep-18 MTC Common Share Mr. Amnat Niamsee Sell 45.00 31,800 1,431,000
28-Sep-18 MTC Common Share Mr. Amnat Niamsee Sell 46.50 10,000 465,000
27-Sep-18 MTC Common Share Mr. Songkran Iamkai Sell 44.50 20,000 890,000
28-Sep-18 MTC Common Share Mr. Songkran Iamkai Sell 47.50 20,000 950,000
25-Sep-18 SW C Common Share Doctor Narongrit Tangkarawakun Sell 26.75 1,200 32,100
27-Sep-18 SUSCO Common Share Mr. Mongkol Simaroj Buy 3.24 50,000 162,000
26-Sep-18 T STE Common Share Mr. Prapas Chutimavoraphan Buy 7.12 13,900 98,968
27-Sep-18 T STE Common Share Mr. Prapas Chutimavoraphan Buy 7.10 10,000 71,000
27-Sep-18 VCOM Common Share Mrs SONGSRI SRIRUNGROUNGJIT Buy 3.40 300,000 1,020,000

Source : www.sec.or.th

1 October 2018 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

GEL 35.63 NOBLE 646.48 NOBLE 646.48 SUPER 2897.10 SUPER 2923.50
JCK 16.00 DNA 308.27 DNA 305.47 NOBLE 2117.57 NOBLE 2117.57
TTA 7.30 GEL 94.73 GEL 106.03 SAWAD 736.03 GULF 954.13
SYNTEC 6.31 RCI 18.45 WP 97.30 NFC 709.47 NFC 709.47
JMT 2.70 JCK 16.00 POST 37.14 RS 486.98 EA 514.20
CENTEL 2.08 TTA 14.46 AU 23.49 BROOK 324.27 RS 344.17
VCOM 1.02 VIBHA 7.99 RCI 20.84 DNA 293.52 BROOK 324.27
SUSCO 0.98 GULF 6.88 JCK 16.24 GULF 210.91 DNA 213.52
SVI 0.55 SYNTEC 6.38 SIRI 16.00 KAMART 135.89 SYNTEC 138.60
DDD 0.43 AU 5.82 TTA 14.46 GEL 119.31 KAMART 136.21

Losers Losers Losers Losers Losers

HMPRO -6.24 GLAND -6837.37 GLAND -6837.37 GLAND -6837.37 M -7058.05
COL -5.78 SABINA -2500.00 SABINA -2500.00 SABINA -2500.00 GLAND -4365.30
MTC -3.74 PRINC -530.00 PRINC -581.80 TICON -672.72 BEAUTY -2723.37
BJC -3.02 OCEAN -50.00 TIC -199.54 PRINC -581.80 SABINA -2500.00
ERW -2.32 ECF -38.00 ITD -141.81 TBSP -315.42 SAWAD -996.97
COMAN -1.65 HMPRO -20.06 D -125.00 TIC -199.54 TICON -669.76
MINT -1.48 COL -15.35 OCEAN -50.00 ECF -174.75 PRINC -581.80
BEAUTY -1.22 HYDRO -13.36 GPI -38.83 ITD -170.86 TU -499.28
HUMAN -1.17 FANCY -9.90 ECF -31.25 D -123.89 MONO -446.73
PTG -1.00 MTC -8.55 BDMS -26.80 ABC -97.98 SSF -405.00

Source: SEC, KS Research, data as of 28 September 2018

Foreign Ownership - top ten gainers and losers

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

Gainers Gainers Gainers Gainers Gainers

STA 0.45 STA 0.58 BCH 3.06 BCH 3.75 BCH 5.46
AMATA 0.27 CHG 0.52 CKP 2.49 GFPT 3.00 BTS 5.46
LPN 0.20 BEAUTY 0.49 STA 1.78 CKP 2.62 DTAC 4.11
COM7 0.15 CKP 0.41 AMATA 1.60 STA 2.37 STA 3.75
BGRIM 0.14 MINT 0.29 TMB 1.52 WORK 2.16 CHG 3.24
CHG 0.13 BBL 0.29 TCAP 1.48 CHG 1.98 BDMS 2.97
KTC 0.12 COM7 0.29 THANI 1.44 TCAP 1.70 CKP 2.85
TRUE 0.11 TKN 0.28 CK 0.98 DTAC 1.65 QH 2.60
BEAUTY 0.10 QH 0.26 GFPT 0.93 QH 1.64 PTTEP 2.34
THAI 0.08 BGRIM 0.26 EGCO 0.85 KTB 1.39 ESSO 1.94

Losers Losers Losers Losers Losers

SAWAD -0.29 SPALI -0.87 MEGA -4.65 BEAUTY -11.28 LPN -17.08
KCE -0.22 STEC -0.79 BEAUTY -3.83 LPN -7.27 SIRI -17.00
SPALI -0.18 SAWAD -0.68 LPN -2.16 SIRI -4.42 BEAUTY -10.98
HANA -0.14 KCE -0.56 SAWAD -1.79 SPALI -3.98 GLOW -7.65
GLOW -0.12 PTG -0.52 CPALL -1.49 TISCO -3.44 SPRC -7.31
SCB -0.12 LH -0.46 BANPU -1.42 PTG -3.23 AMATA -7.20
BEM -0.09 ESSO -0.38 STEC -1.34 AMATA -2.66 KCE -6.59
INTUCH -0.09 SGP -0.30 ERW -1.28 TOP -2.63 TISCO -6.26
BANPU -0.09 PTTGC -0.29 ORI -1.13 PTTGC -2.20 RATCH -5.62
CENTEL -0.08 SPRC -0.29 KCE -1.10 CENTEL -2.07 LH -5.48

Source: SET100, Setsmart

1 October 2018 vi Daily Stats

  
   

Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
10/01/2018 07:30 Thailand Nikkei Thailand PMI Mfg Sep -- 50 49.9 --
10/01/2018 10:00 Thailand CPI YoY Sep 1.23% -- 1.62% --
10/01/2018 10:00 Thailand CPI NSA MoM Sep 0.22% -- 0.26% --
10/01/2018 10:00 Thailand CPI Core YoY Sep 0.71% -- 0.75% --
10/01/2018 14:30 Thailand Business Sentiment Index Sep -- -- 51.4 --
10/04/2018 10:30 Thailand Consumer Confidence Sep -- -- 83.2 --
10/04/2018 10:30 Thailand Consumer Confidence Economic Sep -- -- 70.2 --
10/05/2018 14:30 Thailand Foreign Reserves 28-Sep-18 -- -- $205.5b --
10/05/2018 14:30 Thailand Forward Contracts 28-Sep-18 -- -- $31.7b --
10/01/2018 06:50 Japan Tankan Large Mfg Index 3Q 22 19 21 --
10/01/2018 06:50 Japan Tankan Large Mfg Outlook 3Q 20 19 21 --
10/01/2018 06:50 Japan Tankan Large Non-Mfg Index 3Q 23 22 24 --
10/01/2018 06:50 Japan Tankan Large Non-Mfg Outlook 3Q 21 22 21 --
10/01/2018 06:50 Japan Tankan Large All Industry Capex 3Q 13.90% 13.40% 13.60% --
10/01/2018 06:50 Japan Tankan Small Mfg Index 3Q 13 14 14 --
10/01/2018 06:50 Japan Tankan Small Mfg Outlook 3Q 12 11 12 --
10/01/2018 06:50 Japan Tankan Small Non-Mfg Index 3Q 6 10 8 --
10/01/2018 06:50 Japan Tankan Small Non-Mfg Outlook 3Q 4 5 5 --
10/01/2018 07:30 Japan Nikkei Japan PMI Mfg Sep F -- 52.5 52.9 --
10/01/2018 12:00 Japan Vehicle Sales YoY Sep -- -- -0.20% --
10/01/2018 15:00 Eurozone Markit Eurozone Manufacturing PMI Sep F 53.3 -- 53.3 --
10/01/2018 16:00 Eurozone Unemployment Rate Aug 8.10% -- 8.20% --
10/01/2018 20:45 United States Markit US Manufacturing PMI Sep F 55.6 -- 55.6 --
10/01/2018 21:00 United States Construction Spending MoM Aug 0.40% -- 0.10% --
10/01/2018 21:00 United States ISM Manufacturing Sep 60 -- 61.3 --
10/01/2018 21:00 United States ISM Employment Sep -- -- 58.5 --
10/01/2018 21:00 United States ISM Prices Paid Sep 71.4 -- 72.1 --
10/01/2018 21:00 United States ISM New Orders Sep -- -- 65.1 --
10/01/2018 10/02 United States Wards Total Vehicle Sales Sep 16.80m -- 16.60m --
10/02/2018 06:50 Japan Monetary Base End of period Sep -- -- ¥502.0t --
10/02/2018 06:50 Japan Monetary Base YoY Sep -- -- 6.90% --
10/02/2018 06:50 Japan Loans & Discounts Corp YoY Aug -- -- 3.18% --
10/02/2018 12:00 Japan Consumer Confidence Index Sep 43.1 -- 43.3 --
10/02/2018 16:00 Eurozone PPI MoM Aug 0.20% -- 0.40% --
10/02/2018 16:00 Eurozone PPI YoY Aug 3.80% -- 4.00% --
10/03/2018 07:30 Japan Nikkei Japan PMI Services Sep -- -- 51.5 --
10/03/2018 07:30 Japan Nikkei Japan PMI Composite Sep -- -- 52 --
10/03/2018 15:00 Eurozone Markit Eurozone Services PMI Sep F 54.7 -- 54.7 --
10/03/2018 15:00 Eurozone Markit Eurozone Composite PMI Sep F 54.2 -- 54.2 --
10/03/2018 16:00 Eurozone Retail Sales MoM Aug 0.20% -- -0.20% --
10/03/2018 16:00 Eurozone Retail Sales YoY Aug 1.70% -- 1.10% --
10/03/2018 18:00 United States MBA Mortgage Applications 28-Sep-18 -- -- 2.90% --
10/03/2018 19:15 United States ADP Employment Change Sep 185k -- 163k --
10/03/2018 20:45 United States Markit US Services PMI Sep F 53 -- 52.9 --
10/03/2018 20:45 United States Markit US Composite PMI Sep F -- -- 53.4 --
10/03/2018 21:00 United States ISM Non-Manufacturing Index Sep 58 -- 58.5 --
10/04/2018 06:50 Japan Japan Buying Foreign Bonds 28-Sep-18 -- -- ¥1505.0b --
10/04/2018 06:50 Japan Japan Buying Foreign Stocks 28-Sep-18 -- -- ¥297.1b --
10/04/2018 06:50 Japan Foreign Buying Japan Bonds 28-Sep-18 -- -- -¥2297.6b --
10/04/2018 06:50 Japan Foreign Buying Japan Stocks 28-Sep-18 -- -- -¥519.8b --

Source : Bloomberg

1 October 2018 vii Daily Stats

  
   

Daily Stats

Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
10/04/2018 18:30 United States Challenger Job Cuts YoY Sep -- -- 13.70% --
10/04/2018 19:30 United States Initial Jobless Claims 29-Sep-18 213k -- 214k --
10/04/2018 19:30 United States Continuing Claims 22-Sep-18 1665k -- 1661k --
10/04/2018 20:45 United States Bloomberg Consumer Comfort 30-Sep-18 -- -- 61.2 --
10/04/2018 21:00 United States Factory Orders Aug 2.20% -- -0.80% --
10/04/2018 21:00 United States Factory Orders Ex Trans Aug -- -- 0.20% --
10/04/2018 21:00 United States Durable Goods Orders Aug F -- -- 4.50% --
10/04/2018 21:00 United States Durables Ex Transportation Aug F -- -- 0.10% --
10/04/2018 21:00 United States Cap Goods Orders Nondef Ex Air Aug F -- -- -0.50% --
10/04/2018 21:00 United States Cap Goods Ship Nondef Ex Air Aug F -- -- 0.10% --
10/05/2018 06:30 Japan Household Spending YoY Aug 0.10% -- 0.10% --
10/05/2018 06:50 Japan Official Reserve Assets Sep -- -- $1259.3b --
10/05/2018 07:00 Japan Labor Cash Earnings YoY Aug 1.30% -- 1.50% 1.60%
10/05/2018 07:00 Japan Real Cash Earnings YoY Aug 0.00% -- 0.40% 0.50%
10/05/2018 12:00 Japan Leading Index CI Aug P 104.2 -- 103.9 --
10/05/2018 12:00 Japan Coincident Index Aug P 117.4 -- 116.1 --
10/05/2018 19:30 United States Trade Balance Aug -$53.0b -- -$50.1b --
10/05/2018 19:30 United States Change in Nonfarm Payrolls Sep 185k -- 201k --
10/05/2018 19:30 United States Two-Month Payroll Net Revision Sep -- -- -50k --
10/05/2018 19:30 United States Change in Private Payrolls Sep 180k -- 204k --
10/05/2018 19:30 United States Change in Manufact. Payrolls Sep 13k -- -3k --
10/05/2018 19:30 United States Unemployment Rate Sep 3.80% -- 3.90% --
10/05/2018 19:30 United States Underemployment Rate Sep -- -- 7.40% --
10/05/2018 19:30 United States Average Hourly Earnings MoM Sep 0.30% -- 0.40% --
10/05/2018 19:30 United States Average Hourly Earnings YoY Sep 2.80% -- 2.90% --
10/05/2018 19:30 United States Average W eekly Hours All Employees Sep 34.5 -- 34.5 --
10/05/2018 19:30 United States Labor Force Participation Rate Sep 62.70% -- 62.70% --
10/05/2018 10/12 Japan Bankruptcies YoY Sep -- -- 8.60% --
10/06/2018 02:00 United States Consumer Credit Aug $15.000b -- $16.640b --
10/07/2018 China Foreign Reserves Sep $3110.00b -- $3109.72b --
10/08/2018 08:45 China Caixin China PMI Composite Sep -- -- 52 --
10/08/2018 08:45 China Caixin China PMI Services Sep 51.4 -- 51.5 --
10/08/2018 15:30 Eurozone Sentix Investor Confidence Oct -- -- 12 --
10/08/2018 10/18 China Foreign Direct Investment YoY CNY Sep -- -- 1.90% --

Source : Bloomberg

1 October 2018 viii Daily Stats

  
   

Daily Stats

Company's Calendar
As of 28 September 2018
Mon Tue Wed Thu Fri Sat
1-Oct-18 2-Oct-18 3-Oct-18 4-Oct-18 5-Oct-18 6-Oct-18
0 0 0
LANNA-XD@0.45 SPORT-XR1(O):3(N)@0.2 MODERN-XD@0.1
New Listing: IVL13P1902A SPORT-XW@3(O):1(N)
New Listing: PTT13P1902A SWC-XD@2
New Listing: PTT28C1904A
New Listing: PTTE13P1902A
New Listing: SCC13C1903A
New Listing: META-W3
New Listing: TGPRO-W3
New Listing: KWM

8-Oct-18 9-Oct-18 10-Oct-18 11-Oct-18 12-Oct-18 13-Oct-18

TCAP-XD@1 TFMAMA-XD@1.91
TCAP-P-XD@1

15-Oct-18 16-Oct-18 17-Oct-18 18-Oct-18 19-Oct-18 20-Oct-18

EMC-XW@2(O):1(N) SANKO-XW@3(O):1(N)
ORI-XD(ST)@2(O):1(N)
ORI-XD@0.04

22-Oct-18 23-Oct-18 24-Oct-18 25-Oct-18 26-Oct-18 27-Oct-18

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

1 October 2018 ix Daily Stats

  
   

Daily Stats

Company's Calendar
A s of 28 September 2018
Mon Tue Wed Thu Fri Sat
1-Oct-18 2-Oct-18 3-Oct-18 4-Oct-18 5-Oct-18 6-Oct-18
0 0 0
Delisted share: ADVA08P1809A Delisted share: BANP27C1809A Delisted share: TMB24C1809A
Delisted share: CPF08C1809A Delisted share: DTAC27P1809A Delisted share: MAJO24C1809A
Delisted share: CPN08C1809A Delisted share: PTG27C1809A Delisted share: BBL24C1809A
Delisted share: DTAC08C1809A Delisted share: BBL27C1809A Delisted share: BH24C1809A
Delisted share: EGCO08C1809A Delisted share: GLOB27C1809A Delisted share: IRPC24C1809A
Delisted share: MINT08C1809A Delisted share: IRPC27C1809A Delisted share: LH24C1809A
Delisted share: PTT08P1809A Delisted share: KBAN27C1809A Delisted share: BEC23C1809A
Delisted share: PTTE08P1809A Delisted share: KBAN27P1809A Delisted share: ESSO23C1809A
Delisted share: TRUE08C1809A Delisted share: PTT27C1809A Delisted share: MC23C1809A
Delisted share: WORK08C1809A Delisted share: PTT27P1809A Delisted share: MONO23C1809A
Delisted share: ADVA08C1809A Delisted share: PTTE27P1809A Delisted share: ORI23C1809A
Delisted share: BBL08C1809A Delisted share: SCC27C1809A Delisted share: TPI23C1809A
Delisted share: BEM08C1809A Delisted share: THAI27C1809A Delisted share: UV23C1809A
Delisted share: BJC08C1809A Delisted share: TRUE27C1809A Delisted share: AAV24C1809A
Delisted share: CK08C1809A Delisted share: AP01C1809A Delisted share: BEM24C1809A
Delisted share: EA08C1809A Delisted share: BLAN01C1809A Delisted share: KTC23C1809A
Delisted share: HANA08C1809A Delisted share: CHG01C1809A Delisted share: STA23C1809A
Delisted share: KCE08C1809A Delisted share: CHG01P1809A Delisted share: BEC24C1809A
Delisted share: KTB08C1809A Delisted share: CK01P1809A Delisted share: CPF24C1809A
Delisted share: SCC08C1809A Delisted share: CPF01C1809A Delisted share: PSL23C1809A
Delisted share: TRUE08P1809A Delisted share: EGCO01C1809A Delisted share: TTA24C1809A
Delisted share: BEC08C1809A Delisted share: EPG01C1809A Delisted share: PTT24C1809A
Delisted share: CPF01C1809B Delisted share: GLOB01C1809A Delisted share: BPP24C1809A
Delisted share: EA01C1809A Delisted share: INTU01P1809A
Delisted share: EA01C1809B Delisted share: LH01C1809A
Delisted share: INTU01C1809B Delisted share: LH01P1809A
Delisted share: AP01C1809B Delisted share: LPN01P1809A
Delisted share: BLAN01C1809B Delisted share: STEC01C1809A
Delisted share: CHG01C1809B Delisted share: STEC01P1809A
Delisted share: CK01C1809B Delisted share: THCO01C1809A
Delisted share: EA01P1809A Delisted share: THCO01P1809A
Delisted share: GLOB01C1809B Delisted share: TVO01C1809A
Delisted share: INTU01P1809B Delisted share: UNIQ01C1809A
Delisted share: LH01C1809B Delisted share: CPF01P1809A
Delisted share: STEC01C1809B Delisted share: TASC01C1809A
Delisted share: S5006C1809A Delisted share: TASC01P1809A
Delisted share: S5006C1809B Delisted share: AOT24P1809A
Delisted share: S5006P1809A Delisted share: CBG24C1809A
Delisted share: S5006P1809B Delisted share: DTAC24C1809A
Delisted share: S5013C1809A Delisted share: PTTE24P1809A
Delisted share: S5013P1809A Delisted share: AAV06C1809A
Delisted share: S5013C1809B Delisted share: AOT19C1809A
Delisted share: S5013P1809B Delisted share: CBG06C1809A
Delisted share: S5001C1809F Delisted share: CPF06C1809A
Delisted share: S5001C1809G Delisted share: DTAC06P1809A
Delisted share: S5001P1809F Delisted share: LH06C1809A
Delisted share: S5028C1809A Delisted share: MINT06C1809A
Delisted share: S5013C1809C Delisted share: SCC06C1809A
Delisted share: S5013P1809C Delisted share: SPAL06C1809A
Delisted share: S5006C1809C Delisted share: STEC06C1809A
Delisted share: S5006P1809C Delisted share: THAI06C1809A
Delisted share: S5013C1809D Delisted share: ADVA06C1809A
Delisted share: S5013P1809D Delisted share: AMAT06C1809A
Delisted share: S5013C1809E Delisted share: BEAU06C1809A
Delisted share: S5013P1809E Delisted share: BPP06C1809A
Delisted share: S5006C1809D Delisted share: COM706C1809A
Delisted share: S5028C1809B Delisted share: EA06C1809A
Delisted share: S5008P1809A Delisted share: GLOB06C1809A
Delisted share: S5028P1809B Delisted share: PTTG06C1809A
Delisted share: S5001C1809H Delisted share: TOP06C1809A
Delisted share: S5001C1809I Delisted share: BCH19C1809A
Delisted share: S5001P1809H Delisted share: BEC19C1809A
Delisted share: S5001P1809I Delisted share: EA24C1809A
Delisted share: S5013C1809F Delisted share: CBG01C1809A
Delisted share: PTT08C1809A Delisted share: PTTE27C1809A
Delisted share: IVL08P1809A Delisted share: SCC27P1809A
Delisted share: S5028P1809A Delisted share: TRUE27P1809A
Delisted share: S5006P1809D Delisted share: BLAN01P1809A
Delisted share: S5013P1809F Delisted share: CK01C1809A
Delisted share: CENT08C1809A Delisted share: LPN01C1809A
Delisted share: STEC08C1809A Delisted share: PTG24C1809A
Delisted share: AMAT08C1809A Delisted share: CBG06P1809A
Delisted share: TVO01C1809B Delisted share: KCE06C1809A
Delisted share: S5001P1809G Delisted share: ROBI06C1809A
Delisted share: S5008C1809A Delisted share: WHA06C1809A
Delisted share: BJC19C1809A
Delisted share: DTAC27C1809A
8-Oct-18 9-Oct-18 10-Oct-18 11-Oct-18 12-Oct-18 13-Oct-18

Delisted share: AAV28C1810A Delisted share: BLA28C1810A

Delisted share: KKP28C1810A Delisted share: MALE28C1810A
Delisted share: TOP28C1810A Delisted share: PLAN28C1810A
Delisted share: BANP28C1810A
Delisted share: THAN28C1810A
Delisted share: KTC28C1810A
Delisted share: VGI28C1810A
Delisted share: BEAU28C1810A
Delisted share: SAWA28C1810A
Delisted share: PTL28C1810A
Delisted share: SUPE28C1810A
Delisted share: ADVA28P1810A
Delisted share: CPN28C1810A
Delisted share: TRUE28C1810A
Delisted share: GUNK28C1810A
Delisted share: PTTE28C1810A
Delisted share: DTAC28C1810A
Delisted share: STEC28C1810A

15-Oct-18 16-Oct-18 17-Oct-18 18-Oct-18 19-Oct-18 20-Oct-18

Delisted share: TRUE13C1810A Delisted share: SAWA13C1810A Delisted share: SMM-W4

Delisted share: TASC13C1810A Delisted share: BCPG13C1810A Delisted share: SPALI-W4
Delisted share: EA13C1810A Delisted share: CKP13C1810A
Delisted share: KBAN13C1810A Delisted share: INTU13C1810A
Delisted share: CPF13C1810A Delisted share: ORI13C1810A
Delisted share: WORK13C1810A
Delisted share: BBL13C1810A
Delisted share: BJC13C1810A

22-Oct-18 23-Oct-18 24-Oct-18 25-Oct-18 26-Oct-18 27-Oct-18

Source : SET as of previous trading day

1 October 2018 x Daily Stats

  
 

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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject security(ies) and subject company(ies); and
no part of the compensation of the research analyst(s) was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in
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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KS acts as market maker and issuer of Derivative Warrants (“DWs”) on the underlying stocks listed below. Investors should carefully read the details of the DWs
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DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BA, BANPU, BBL, BCH, BCP, BCPG, BDMS, BEAUTY, BEM, BH, BJC, BLAND, BTS, CBG, CENTEL, CHG, CK,
COM7, CPALL, CPF, CPN, DTAC, EA, EPG, ESSO, GLOBAL, GPSC, GUNKUL, HANA, HMPRO, INTUCH, IRPC, ITD, IVL, KCE, KKP, KTB, KTC, LH, MAJOR, MEGA, MINT,
MTC, ORI, PSH, PSL, PTG, PTT, PTTEP, PTTGC, QH, ROBINS, SAWAD, SCB, SCC, SGP, SIRI, SPALI, SPRC, STEC, TASCO, TCAP, THAI, THCOM, TISCO, TKN, TMB, TOP,
TPIPL, TRUE, TU, TVO, UNIQ, WHA and WORK

1 October 2018 xii Daily Stats