COMPANY UPDATE

TISCO Financial Group PLC

Thursday, December 15, 2016

Big value added via inorganic growth

BUY
Stock Data

Last close (Dec 22) (Bt)

12-m target price (Bt)
Upside (Downside) to TP (%)
Mkt cap (Btbn)
Mkt cap (US$mn)
Bloomberg code
Reuters code
Risk rating
Mkt cap (%) SET
Sector % SET
Shares issued (mn)
Par value (Bt)
12-m high / low (Bt)
Avg. daily 6m (US$mn)
Foreign limit / actual (%)
Free float (%)
Dividend policy (%)

58.00
70.00
20.69
46.44
1,289
TISCO TB
TISCO.BK
M
0.31
13.76
801
10.00
59.3 / 39.5
3.28
49 / 48
74.1
50

Price Performance

Dec-16

Jun-16

Sep-16

Mar-16

Sep-15

Dec-15

Jun-15

Mar-15

Dec-14

Price (Bt)
60
50
40
30
20
10
0

TISCO Stock Price

Absolute
Relative to SET

1M
7.4
6.9

3M
5.5
4.7

Acquisition of retail banking business from Standard Chartered Bank. TISCO

informed the SET that it has agreed to acquire Standard Chartered Bank (Thai) Plcs
retail banking business, which includes credit card, personal lending, mortgages, small
SMEs, wealth management and individual deposits. At the analyst meeting, it
disclosed that the acquisition will be at a slight discount to net asset value at the time
of purchase, with the transaction expected to be completed within 2017 (likely 2H17,
soonest in mid-2017). As of the end of 3Q16, net asset value is ~Bt5.5bn, consisting of
Bt41.6bn in assets and Bt36.1bn in liabilities. The Bt41.6bn assets are made up of
Bt25bn in housing loans, Bt7bn in personal loans, Bt5bn in small business loans and
Bt4bn in credit card loans. The majority of the Bt36.1bn liabilities are S-T deposits,
mainly savings deposits brought in under a under special campaign.
Impact: Raises ROE. By our calculations, this will enhance ROE by ~160 bps, expand its
loans by 18%, add 400,000 accounts (300,000 for lending and 100,000 for deposits) to its
client base, allow it to boost fee income by cross-selling bancassurance and asset
management products to the new client base, give it a shortcut into the credit card
business and give it economies of scale for its housing loan business. In response to
the added business, we have lifted our 2017F loan growth from assumption from 8% to
25% and this raises our 2017F earnings forecast by 6%, assuming just a half year impact,
and 2018F by 12%, with a full year of impact.
Forecast changes

TISCO Rel. to SET (rebased)

Source: SET, SCBS Investment Research

Share performance

TISCO has made a giant stride forward in its acquisition of the retail
banking business of Standard Chartered Bank (Thai). On the basis of
this move, we have raised 2017F loan growth from 8% to 25%, which
shoves our earnings forecast up by 6% for 2017F (assuming a half-year
impact) and 12% for 2018F (full-year impact). We maintain Buy on
TISCO with a hike in TP to Bt70 (1.6x 2017F BVPS) from Bt60.

12M
38.9
17.7

Source: SET, SCBS Investment Research

FY Dec

Net profit (Bt mn)

EPS (Bt)
BVPS (Bt)
DPS (Bt)

New
2017F
5,449
6.81
43.37
2.72

Source: SCBS Investment Research

2018F
6,033
7.54
48.18
3.01

Old
2017F
5,143
6.42
42.87
2.57

2018F
5,367
6.70
47.00
2.68

Change
2017F
6%
6%
1%
6%

2018F
12%
12%
3%
12%

Maintain Buy with a TP hike. We view this move as adding large value to TISCO and
maintain Buy, raising our TP to Bt70 (1.6x 2017F BVPS) from Bt60.
Kittima Sattayapan, CFA
Fundamental Investment
Analyst on Securities
(66-2) 949-1003
kittima.sattayapan@scb.co.th

Forecasts and valuation

FY Dec
Pre-provision profit
Net profit
PPP/Sh
EPS
BVPS
DPS
PER
P/PPP
EPS growth
PBV
ROE
Dividend yields

Unit
(Bt mn)
(Bt mn)
(Bt)
(Bt)
(Bt)
(Bt)
(x)
(x)
(%)
(x)
(%)
(%)

Source: SCBS Investment Research

Tel. (662) 949-1000

Fax: (662) 949-1030
www.scbs.com

2014
8,676
4,250
10.84
5.31
32.14
2.00
10.93
5.35
0.02
1.80
17.45
3.45

2015
9,528
4,250
11.90
5.31
35.09
2.40
10.93
4.87
0.01
1.65
15.79
4.14

2016F
8,889
4,928
11.10
6.15
38.96
2.40
9.42
5.22
15.95
1.49
16.62
4.14

2017F
9,978
5,449
12.46
6.81
43.37
2.72
8.52
4.65
10.57
1.34
16.53
4.69

2018F
11,018
6,033
13.76
7.54
48.18
3.01
7.70
4.21
10.72
1.20
16.46
5.20

The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein
reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell
or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein.

TISCO Financial Group PLC

Thursday, December 15, 2016

Financial statement

Profit and Loss Statement (Btmn)

FY December 31
2014
Interest & dividend income
18,891
Interest expense
9,351
Net interest income
9,540
Non-interest income
5,757
Non-interest expenses
5,605
Earnings before tax & provision
9,692
Tax
1,043
Equities & minority interest
(27)
Core pre-provision profit
8,676
Provision
4,426
Core net profit
4,250
Extra item
0
Net profit
4,250
EPS (Bt)
5.31
DPS (Bt)
2.00
Balance Sheet (Btmn)
FY December 31
Cash
Interbank assets
Investments
Gross loans
Accrued interest receivable
Loan loss reserve
Net loans
Total assets
Deposits
Interbank liabilities
Borrowings
Total liabilities
Minority interest
Paid-up capital
Total Equities
BVPS (Bt)

2014
1,180
38,058
15,003
262,784
556
6,950
256,390
317,657
205,384
10,897
65,406
291,833
93
8,007
25,731
32.14

Key Assumptions and Financial Ratios

Growth
YoY loan growth
YoY fee & insurance income growth
Profitability
Yield on earn'g assets (%)
Cost on int-bear'g liab (%)
Spread (%)
Net interest margin(%)
ROE (%)
Asset Quality
NPLs/Total Loans(%)
LLR/NPLs(%)
Provision expense/Total loans (%)
Liquidity
Loans/Deposits & borrowings (%)
Efficiency
Cost to income ratio (%)
Capital Fund
Capital adequacy ratio(%)
Tier-1(%)
Tier-2(%)

2015
16,888
6,758
10,130
5,865
5,527
10,468
1,032
(92)
9,528
5,277
4,250
0
4,250
5.31
2.40

2016F
15,960
5,083
10,877
5,718
6,595
10,000
1,208
(97)
8,889
3,961
4,928
0
4,928
6.15
2.40

2017F
17,805
5,260
12,545
6,021
7,353
11,213
1,337
(102)
9,978
4,529
5,449
0
5,449
6.81
2.72

2018F
21,181
7,126
14,056
6,436
8,100
12,392
1,481
(107)
11,018
4,984
6,033
0
6,033
7.54
3.01

2015
1,101
31,163
8,617
238,260
542
6,168
232,634
280,294
158,125
10,249
74,519
252,099
99
8,007
28,095
35.09

2016F
1,217
31,505
8,617
226,347
542
7,129
219,760
267,951
151,800
10,249
64,519
236,659
99
8,007
31,193
38.96

2017F
1,364
16,068
8,617
283,191
542
8,659
275,074
308,050
187,397
10,249
64,519
273,230
99
8,007
34,721
43.37

2018F
1,485
16,068
8,617
311,510
542
10,646
301,407
334,582
209,004
10,249
64,519
295,908
99
8,007
38,576
48.18

2014

2015

2016F

2017F

2018F

Profit and Loss Statement (Btmn)

FY December 31
3Q15
Interest & dividend income
4,176
Interest expense
1,559
Net interest income
2,617
Non-interest income
1,456
Non-interest expenses
928
Earnings before tax & provision
3,145
Tax
197
Equities & minority interest
(27)
Core pre-provision profit
2,975
Provision
2,166
Core net profit
810
Extra item
0
Net profit
810
EPS (Bt)
1.01
Balance Sheet (Btmn)
FY December 31
Cash
Interbank assets
Investments
Gross loans
Accrued interest receivable
Loan loss reserve
Net loans
Total assets
Deposits
Interbank liabilities
Borrowings
Total liabilities
Minority interest
Paid-up capital
Total Equities
BVPS (Bt)

3Q15
955
34,880
8,805
237,260
530
5,813
231,976
283,639
162,105
9,207
76,438
256,679
100
8,007
26,860
33.55

4Q15
4,074
1,409
2,665
1,421
1,665
2,421
301
(20)
2,140
896
1,244
0
1,244
1.55
-

1Q16
4,067
1,374
2,692
1,402
1,566
2,528
309
(18)
2,237
981
1,255
0
1,255
1.57
-

2Q16
3,991
1,300
2,691
1,318
1,605
2,404
289
(18)
2,133
926
1,208
0
1,208
1.51
-

3Q16
3,975
1,218
2,758
1,540
1,652
2,646
317
(13)
2,342
1,092
1,250
0
1,250
1.56
-

4Q15
1,101
31,163
8,617
238,260
542
6,168
232,634
280,294
158,125
10,249
74,519
252,099
99
8,007
28,095
35.09

1Q16
1,094
36,657
7,195
233,166
503
6,389
227,280
279,060
152,873
12,304
75,017
249,565
101
8,007
29,394
36.71

2Q16
974
28,870
7,478
230,833
521
6,792
224,562
270,223
152,001
11,361
67,046
241,499
101
8,007
28,623
35.75

3Q16
1,016
30,272
7,415
226,437
532
7,365
219,604
265,922
153,489
8,310
64,092
235,905
110
8,007
29,908
37.35

Financial Ratios
3Q15
(11.33)
(5.82)
5.79
2.46
3.63
22.79
3.30
74.14
3.65

YoY loan growth

YoY fee & insurance income growth
Yield on earn'g assets (%)
Cost on int-bear'g liab (%)
Net interest margin(%)
Cost to income ratio (%)
NPLs/Total Loans(%)
LLR/NPLs(%)
Provision expense/Total loans (%)

4Q15
(9.33)
7.93
5.83
2.30
3.81
40.75
3.23
80.10
1.50

1Q16
(8.36)
2.96
5.86
2.28
3.88
38.26
3.07
89.26
1.68

2Q16
(7.42)
(9.00)
5.87
2.21
3.96
40.04
3.03
97.03
1.60

3Q16
(4.56)
17.35
5.99
2.14
4.15
38.43
3.04
106.95
1.93

(10.05)
(4.13)

(9.33)
1.64

(5.00)
0.85

25.11
4.04

10.00
6.76

5.62
3.08
2.54
2.84
17.45

5.69
2.58
3.11
3.41
15.79

5.86
2.17
3.70
4.00
16.62

6.20
2.15
4.05
4.37
16.53

6.58
2.61
3.97
4.36
16.46

2.61
102.97
1.68

3.28
80.10
2.21

2.90
108.67
1.75

1.99
153.95
1.60

1.77
193.12
1.60

97.04

102.41

104.64

112.41

113.89

36.64

34.55

39.74

39.60

39.53

90

15.27
11.31
3.96

16.47
12.71
3.77

17.91
13.95
3.97

15.96
12.70
3.26

15.88
12.89
2.99

80

1.9x

70

1.5x

PBV Band Chart

PBV Band TISCO

Price (Bt)
100

2.2x

60
50

1.2x

40

0.8x

30

0.5x

20
10

Source: SEC

25.0%

Jun-17

Dec-17

Jul-16

Dec-16

Jan-16

Feb-15

Aug-15

Aug-14

Sep-13

Mar-14

Oct-12

Apr-13

Nov-11

May-12

5.0%
4.0%

10.0%

37

5.0%

35

0.0%

3.0%
2.0%
1.0%
0.0%

Dec-16

Nov-16

Oct-16

Sep-16

Aug-16

Jul-16

-1.0%

Jun-16

-5.0%

May-16

Avg. Price

15.0%

Jan-16

Jan-16

Dec-15

Nov-15

Oct-15

Sep-15

Aug-15

Jul-15

Jun-15

Apr-15

May-15

39

7.0%
6.0%

Apr-16

41

Cumulative Change in Foreign Ownership

8.0%

20.0%

Mar-16

43

Cumulative SET (LHS)

Cumulative TISCO (RHS)

Feb-16

45

Baht/share

47

Mar-15

Dec-10

Cumulative Change in SET index

49

Cumulative Net Buy (+) / Sell (-)

May-11

Jan-10

12 Month cumulative chg in foreign ownership versus

cumulative chg in SET index

8
7
6
5
4
3
2
1
0
Feb-15

'000 shares

12-Month Cumulative directors trade

Jun-10

Source: SET, SCBS Investment Research

TISCO Financial Group PLC

Thursday, December 15, 2016

Figure 1: Valuation summary (Closing price as of Dec 22, 2016)

Rating
BAY
BBL
KBANK
KKP
KTB
LHBANK
TCAP
TISCO
TMB
Average

Price
Target
(Bt/Sh) (Bt/Sh)
Neutral 38.50
37.0
Buy
156.50
200.0
Buy
172.00
215.0
Neutral 57.25
60.0
Buy
17.20
21.0
Sell
1.73
1.7
Buy
43.50
50.0
Buy
58.00
70.0
Neutral
2.08
2.2

ETR
(%)
(1.6)
31.6
27.3
13.4
26.6
0.4
19.1
24.8
8.3

15A
15.2
8.7
10.4
14.6
8.4
14.3
10.2
10.9
9.8
11.3

P/E (x)
16F
13.2
9.5
10.5
9.1
8.1
13.7
8.3
9.4
11.8
10.4

17F
11.0
8.0
10.0
9.7
7.5
12.3
7.7
8.5
9.7
9.3

EPS growth (%)

15A
16F
17F
9
15
20
(8)
(6)
18
(14)
(0)
5
25
60
(6)
(14)
4
9
33
4
11
6
23
8
0
16
11
(2)
(17)
21
(7)
4
11

P/BV (x)
15A
16F
1.5
1.4
0.8
0.8
1.4
1.3
1.3
1.2
1.0
0.9
1.3
1.0
1.1
0.9
1.7
1.5
1.2
1.1
1.3
1.2

17F
1.3
0.7
1.2
1.2
0.8
0.9
0.9
1.3
1.0
1.1

ROE (%)
15A
16F
12
11
10
9
15
13
9
14
12
11
10
10
10
12
16
17
13
10
12
12

17F
12
9
12
12
11
8
12
17
11
12

Div. Yield (%)

15A
16F
17F
2.0
2.3
2.7
4.2
3.8
4.5
2.3
2.3
2.6
5.2
8.6
7.7
4.4
4.6
4.9
1.9
2.2
2.4
4.1
4.1
4.1
4.1
4.1
4.7
3.1
2.6
3.1
3.5
3.8
4.1

Source: SCBS Investment Research

Disclaimer
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CMR, COLOR, COM7, CPL, CSC, CSP, CSR, CSS, CTW, DCON, DIMET, DNA, EARTH, EASON, ECL, EFORL, EPCO, EPG, ESSO, FE, FER, FOCUS, FSMART, FSS, FVC, GEL, GIFT, GLAND, GOLD, GSTEL,
GYT, HPT, HTC, HTECH, IFS, IHL, ILINK, INSURE, IRCP, IT, ITD, J, JMART, JMT, JUBILE, JWD, KASET, KBS, KCAR, KGI, KKC, KOOL, KWC, KYE, LALIN, LPH, MAJOR, MAKRO, MATCH, MATI, MCHAI, MDX, MFEC, MJD, MK, MODERN, MPG, NC, NCL, NDR, NEP, NOK, NUSA, PATO, PCA, PDG, PF, PICO, PIMO, PL, PLAT, PLE, PMTA, PPM, PRIN, PSTC, QLT, RCI, RCL, RICH, RML, RPC, SANKO,
SAPPE, SAWAD, SCI, SCN, SCP, SEAOIL, SENA, SIRI, SKR, SLP, SMG, SMIT, SORKON, SPA, SPC, SPCG, SPVI, SSC, STANLY, STPI, SUC, TACC, TCCC, TCMC, TEAM, TFD, TFG, TIC, TIW, TKN,
TLUXE, TMD, TNP, TOPP, TPA, TPAC, TPCH, TPIPL, TPOLY, TRITN, TRT, TTI, TVI, TWP, U, UBIS, UMI, UPOIC, UT, UWC, VIBHA, VPO, VTE, WICE, WIIK, WIN, XO
Corporate Governance Report
The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange
Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able
to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not base on inside information.
The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after that date. SCB Securities Company
Limited does not conform nor certify the accuracy of such survey result.
SMG was voluntarily delisted from the Stock Exchange of Thailand effectively on June 2, 2016
Anti-corruption Progress Indicator 2015
Certified ( )
ADVANC, AKP, AMANAH, ASP, AYUD, BAFS, BANPU, BAY, BBL, BCP, BKI, BLA, BTS, BWG, CENTEL, CFRESH, CIMBT, CNS, CPI, CPN, CSL, DCC, DEMCO, DIMET, DRT, DTAC, DTC, EASTW, ECL,
EGCO, ERW, FE, FSS, GBX, GCAP, GLOW, HANA, HTC, ICC, IFEC, INTUCH, IRPC, IVL, KBANK, KCE, KGI, KKP, KTB, KTC, LANNA, LHBANK, LHK, MBK, MBKET, MFC, MINT, MONO, MOONG, MSC,
MTI, NKI, NSI, OCEAN, PB, PE, PG, PHOL, PM, PPP, PPS, PR, PS, PSL, PT, PTG, PTT, PTTEP, PTTGC, Q-CON, QLT, RATCH, S & J, SABINA, SAT, SCB, SCC, SCG, SINGER, SIS, SMPC, SNC, SNP, SPC,
SPI, SSF, SSI, SSSC, SVI, TCAP, TCMC, TF, TGCI, THANI, THCOM, THRE, THREL, TIPCO, TISCO, TMB, TMD, TNITY, TNL, TOG, TOP, TPC, TPCORP, TSC, TSTH, TTCL, TVI, WACOAL
Declared ()
2S, A, ABC, ABICO, ACAP, AEC, AF, AGE, AH, AI, AIE, AIRA, ALUCON, AMARIN, AMATA, ANAN, AOT, AP, APCO, APCS, APURE, AQUA, AS, ASIA, ASIAN, ASIMAR, ASK, BCH, BEAUTY, BFIT, BH,
BIGC, BJCHI, BKD, BLAND, BROCK, BROOK, BRR, BSBM, BTNC, CEN, CGH, CHARAN, CHO, CHOTI, CHOW, CI, CM, COL, CPALL, CPF, CPL, CSC, CSR, CSS, DELTA, DNA, EA, ECF, EE, EFORL, EPCO,
ESTAR, EVER, FC, FER, FNS, FPI, FSMART, FVC, GC, GEL, GFPT, GIFT, GLOBAL, GPSC, GREEN, GUNKUL, HMPRO, HOTPOT, ICHI, IEC, IFS, ILINK, INET, INOX, INSURE, IRC, J, JAS, JMART, JMT,
JTS, JUBILE, JUTHA, K, KASET, KBS, KC, KCAR, KSL, KTECH, KYE, L&E, LALIN, LPN, LRH, LTX, LVT, M, MAKRO, MALEE, MBAX, MC, MCOT, MEGA, MFEC, MIDA, MILL, MJD, MK, ML, MPG, MTLS,
NBC, NCH, NCL, NDR, NINE, NMG, NNCL, NPP, NTV, NUSA, OCC, OGC, PACE, PAF, PCA, PCSGH, PDG, PDI, PIMO, PK, PLANB, PLAT, PRANDA, PREB, PRG, PRINC, PSTC, PYLON, QH, RML, ROBINS,
ROCK, ROH, ROJNA, RP, RWI, SAMCO, SANKO, SAUCE, SC, SCCC, SCN, SEAOIL, SE-ED, SENA, SGP, SITHAI, SKR, SMIT, SMK, SORKON, SPACK, SPALI, SPCG, SPPT, SPRC, SR, SRICHA, STA,
STANLY, SUPER, SUSCO, SYMC, SYNEX, SYNTEC, TAE, TAKUNI, TASCO, TBSP, TEAM, TFG, TFI, THAI, TIC, TICON, TIP, TKT, TLUXE, TMC, TMI, TMILL, TMT, TPA, TPP, TRT, TRU, TRUE, TSE, TSI,
TSTE, TTW, TU, TVD, TVO, TVT, TWPC, U, UBIS, UKEM, UNIQ, UOBKH, UREKA, UWC, VGI, VIBHA, VNG, VNT, WAVE, WHA, WICE, WIIK, WIN, XO, ZMICO
N/A
AAV, ACC, ADAM, AEONTS, AFC, AHC, AIT, AJ, AJD, AKR, ALLA, ALT, AMATAV, AMC, APX, AQ, ARIP, ARROW, ASEFA, ASN, ATP30, AUCT, BA, BAT-3K, BCPG, BDMS, BEC, BEM, BGT, BIG, BIZ, BJC,
BLISS, BM, BOL, BPP, BR, BRC, BSM, BTC, BTW, BUI, CBG, CCET, CCN, CCP, CGD, CHEWA, CHG, CHUO, CIG, CITY, CK, CKP, CMO, CMR, CNT, COLOR, COM7, COMAN, CPH, CPR, CRANE, CSP,
CTW, CWT, DAII, DCON, DCORP, DRACO, DSGT, DTCI, EARTH, EASON, EIC, EKH, EMC, EPG, ESSO, F&D, FANCY, FMT, FN, FOCUS, FORTH, GENCO, GJS, GL, GLAND, GOLD, GRAMMY, GRAND,
GSTEL, GTB, GYT, HARN, HFT, HPT, HREIT, HTECH, HYDRO, IHL, IRCP, IT, ITD, ITEL, JCT, JSP, JWD, KAMART, KCM, KDH, KIAT, KKC, KOOL, KTIS, KWC, KWG, LDC, LEE, LH, LIT, LOXLEY, LPH,
LST, MACO, MAJOR, MANRIN, MATCH, MATI, MAX, M-CHAI, MCS, MDX, METCO, MODERN, MPIC, NC, NEP, NETBAY, NEW, NEWS, NFC, NOBLE, NOK, NPK, NWR, NYT, OHTL, OISHI, ORI, OTO,
PAE, PAP, PATO, PERM, PF, PICO, PJW, PL, PLE, PMTA, POLAR, POMPUI, POST, PPM, PRAKIT, PRECHA, PRIN, PRO, PTL, QTC, RAM, RCI, RCL, RICH, RICHY, RJH, RPC, RS, S, S11, SAFARI, SALEE,
SAM, SAMART, SAMTEL, SAPPE, SAWAD, SAWANG, SCI, SCP, SEAFCO, SELIC, SF, SFP, SGF, SHANG, SIAM, SIM, SIMAT, SIRI, SLP, SMART, SMM, SMT, SOLAR, SPA, SPG, SPORT, SPVI, SQ, SSC,
SST, STAR, STEC, STHAI, STPI, SUC, SUTHA, SVH, SVOA, SWC, T, TACC, TAPAC, TC, TCB, TCC, TCCC, TCJ, TCOAT, TFD, TGPRO, TH, THANA, THE, THIP, THL, TIW, TK, TKN, TKS, TM, TMW,
TNDT, TNH, TNP, TNR, TNPC, TOPP, TPAC, TPBI, TPCH, TPIPL, TPOLY, TPROP, TR, TRC, TRITN, TRUBB, TSF, TSR, TTA, TTI, TTL, TTTM, TUCC, TWP, TWZ, TYCN, UAC, UEC, UMI, UMS, UP, UPA,
UPF, UPOIC, UT, UTP, UV, UVAN, VARO, VI, VIH, VPO, VTE, WG, WINNER, WORK, WORLD, WP, WR, YCI, YNP, YUASA
Explanations
Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programmed (Thai CAC) under Thai Institute of Directors (as of October 28, 2016) are categorized
into: companies that have declared their intention to join CAC, and companies certified by CAC.