February 24, 2017 OUTPERFORM

COMPANY RESEARCH | Company Update

The Erawan Group

(ERW TB)
Share Price: Bt4.42 Target Price: Bt6.00 (+35.7%)

Book now, good price guaranteed

Plans to expand hotel portfolio from 41 to 95 with Bt9.1bn capex
budget for 2017-2020

Targeting 10% yoy revenue growth in FY17 comprising 7%
organic growth and 3% growth from nine new hotels

OUTPERFORM, raised DCF-based TP to Bt6.0/sh (from
Bt5.5/sh), implying 32x FY17F PE; top pick in the sector
To open four more midscale & economy hotels by 2019
At the analyst briefing yesterday, ERW revealed its investment plan for
the next four years. It plans to almost double asset size from Bt11.7bn
currently supported by a Bt9.1bn capex budget for 2017-2020. This
would expand its hotel portfolio from 41 to 95 by 2020. ERW said the
first project would comprise a midscale hotel (Novotel) and an economy Teerapol UDOMVEJ
hotel (Ibis Styles) on Sukhumvit 4 (Soi Nana). Both hotels will be in the 662 - 659 7000 ext 5012
same building and have a total of 318 rooms. It is scheduled to open in teerapol.udomvej@krungsrisecurities.com
4Q18. The second project would include two hotels, also in one building,
under Mercure and Ibis and would be located on Sukhumvit 24 near The Key Data
Emporium. This will have 500 rooms and is scheduled to open in 4Q19. 12-mth High/Low (Bt) 5.30 / 3.92
Market capital (Btm/US$m) 11,041.9 / 315.6
Expect FY17F core profit to grow by 34%
3m avg Turnover (Btm/US$m) 28.1 / 0.8
Management expects revenue to grow by 10% this year, comprising 7% Free Float (%) 40.0
organic growth from higher occupancy rate and higher room rates. The Issue Shares (m shares) 2,498
remaining 3% growth would come from nine new Hop Inn hotels (8 in Major shareholders:
Thailand, 1 in Philippines) which will open this year and increase the - WATTANAVEKIN SUKAKAR 15.1
number of Hop Inn rooms by 41% to 2,652. We conservatively assumed - CITY HOLDING CO LTD 8.2
- WANNAMETHEE VANSAMOR 6.0
only 8% revenue growth this year and forecast core profit would grow by
34% to Bt464m. This is 8% higher than consensus estimate because we Share Price Performance
believe the market has overlooked one key point ERW will start to pay
a fixed rent of Bt72.5m plus variable fee based on the performance of
Ibis Patong and Ibis Pattaya under ERWPF in 2Q17, which ERW
currently pays the minimum guaranteed rental of Bt111.5m per year and
this will end in 1Q17. The historical data suggest this would be less than
the minimum guaranteed rental.
Expect record profit in 1Q17 peak tourism season
We revised up FY17-19F earnings by 3-9% after upgrading assumptions
and derived a new TP of Bt6.0/sh. ERW is cheap currently at 24x FY17F
P/E compared to regional peers average of 28x. We expect ERW to
post record earnings in 1Q17 as YTD RevPar growth is 9% yoy, YTD 1Mth 3Mth 12Mth
exceeding managements target at 7% for 2017. Absolute (%) (1.8) (2.6) (3.9) 10.5
Relative to index (%) (4.0) (4.6) (8.9) (11.9)
Financial Summary (Btm)
Year to Dec 2015 2016 2017F 2018F 2019F Krungsri Securities vs Market
Sales (Btm) 5,255 5,571 6,044 6,613 7,585 Positive Neutral Negative
Growth (%) 24 6 8 9 15 Market
EBITDA (Btm) 1,521 1,691 1,840 2,011 2,258 Recommend 14 2 0
Krungsri Market % +/-
Growth (%) 57 11 9 9 12
Target Price (Bt) 6.0 5.8 4.3
Recurring profit (Btm) 195 346 464 534 656
17 Net Profit (Btm) 464 428 8.3
Growth (%) (215) 77 34 15 23 18 Net Profit (Btm) 534 499 6.9
Net profit (Btm) 195 367 464 534 656
FDEPS (Bt) (Core) 0.08 0.14 0.18 0.21 0.26 Krungsri's earnings revision
Growth (%) (215.3) 74.7 34.1 15.2 22.7
2017F 2018F
PE (x) 56.6 32.4 24.2 21.0 17.1
Earnings revision (%) 3.3 8.5
DPS (Bt) 0.04 0.06 0.06 0.06 0.08
Source: Bloomberg, Krungsri Securities
Yield (%) 0.9 1.4 1.3 1.5 1.8
BVPS (Bt) 1.87 1.97 2.09 2.25 2.45
P/BV (x) 2.4 2.2 2.1 2.0 1.8

Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions,
suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this
publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities.
1
Company Update | ERW February 24, 2017

Financial statement - Quarterly (Btm) 4Q15 1Q16 2Q16 3Q16 4Q16 Chg Chg
QoQ YoY
Sales 1,386 1,536 1,236 1,375 1,424 4% 3%
COGS (incl. Depreciation) (789) (813) (759) (794) (796) 0% 1%
Gross Profit 597 723 477 581 628 8% 5%
SG&A (348) (379) (357) (368) (377) 3% 9%
Operating Profit 249 344 120 213 251 18% 1%
ERWPF Rental Payment (28) (28) (28) (28) (28) 0% 0%
Other income 20 9 14 7 10 37% -51%
Interest (95) (93) (89) (89) (91) 1% -5%
Pretax profit 146 232 17 103 142 39% -3%
Income Tax (33) (44) (16) (30) (32) 7% -4%
Associates 2 8 5 (4) 5 -232% 144%
Minority interest (12) (7) (6) (13) (15) 13% 27%
Profit after tax (pre-ex) 103 189 1 56 101 80% -2%
Extraordinaries, GW & FX 0 3 16 0 2
Reported net profit 103 191 17 56 103 85% 0%

Shares out (end Q, m) 2,498 2,498 2,498 2,498 2,498 0% 0%

Adjusted shares (m) 2,498 2,498 2,498 2,498 2,498 0% 0%

Pre-ex EPS 0.04 0.08 0.00 0.02 0.04 80% -2%

EPS 0.04 0.08 0.01 0.02 0.04 85% 0%

Depreciation (179) (180) (181) (185) (185) 0% 3%

EBITDA 449 533 315 405 446 10% -1%

Key ratios
Gross margin (%) 43% 47% 39% 42% 44% 2% 1%
SG&A/Revenue (%) 25% 25% 29% 27% 26% 0% 1%
EBITDA margin (%) 32% 34% 25% 29% 31% 2% -1%
Net profit margin (%) 7% 12% 1% 4% 7% 3% 0%
Source: Krungsri Securities

ERW: Revised assumptions

FY17F FY18F FY19F
% chg % chg % chg
old new old new old new
Revenue (Btbn) 6.0 6.0 0.2% 6.5 6.6 2.5% 7.3 7.6 3.9%
EBITDA margin (%) 30.2% 30.4% 0.2% 30.4% 30.4% 0.0% 29.8% 29.8% 0.0%
Core earnings (Btbn) 449 464 3.3% 492 534 8.6% 600 656 9.2%
Source: Krungsri Securities

Krungsri Securities Research 2

Company Update | ERW February 24, 2017

ERW: Key Assumptions

2016A 2017F 2018F 2019F
No. of Hotel 41 50 62 78
No. of room
Luxury Resort 966 966 966 966
Midscale 1,282 1,282 1,441 1,691
Economy 2,253 2,253 2,412 2,662
Hop Inn Thai 1,716 2,340 2,886 3,432
Hop Inn Inter 168 312 762 1,812
Total 6,385 7,153 8,467 10,563
Occupancy rate (%)
Luxury Resort 81% 81% 82% 82%
Midscale 84% 85% 84% 83%
Economy 83% 86% 85% 84%
Hop Inn Thai 70% 71% 72% 73%
Hop Inn Inter 0% 65% 60% 60%
RevPar growth
Luxury Resort 8% 3% 4% 4%
Midscale 7% 5% 3% 3%
Economy 0% 9% 4% 4%
Hop Inn Thai 30% 10% 6% 6%
Hop Inn Inter 5%
EBITDA margin
Luxury 29% 29% 29% 29%
Midscale 39% 39% 39% 38%
Economy 35% 35% 35% 34%
Hop Inn Thai 48% 48% 48% 48%
Hop Inn Inter 28% 28% 28%
Capex 855 2,200 2,300 2,300
Source: Krungsri Securities

Krungsri Securities Research 3

Company Update | ERW February 24, 2017

P/E Band P/BV Band

Source: Bloomberg, Krungsri Securities Source: Bloomberg, Krungsri Securities

Peer table
Market PE P/BV EPS Div Yld ROE Share Price
Cap (x) (x) Growth% (%) (%) Performance
BB Ticker Name US$ 16F 17F 16F 17F 16F 17F 16F 16F 1M 3M 6M YTD
Hotel
ERW TB ERAWAN GROUP PCL/THE 316 32.4 24.2 2.2 2.1 74.7 34.1 1.4 4.3 (2.6) (3.9) (10.2) (1.8)
CENTEL TB CENTRAL PLAZA HOTEL PCL 1,390 26.9 24.4 4.6 4.1 7.9 10.3 1.5 19.1 (5.9) (6.5) (13.3) (9.4)
MINT TB MINOR INTERNATIONAL PCL 4,225 30.0 25.0 3.9 2.9 4.5 20.1 1.1 13.5 (1.5) (3.6) (16.3) (6.3)
2707 TT FORMOSA INTERNATIONAL HOTELS 719 18.5 16.7 5.7 4.8 7.5 10.6 5.0 31.3 4.2 1.5 (2.8) 3.0
2704 TT AMBASSADOR HOTEL/THE 285 20.7 20.3 NA NA 0.9 1.7 2.9 4.5 1.9 (0.8) (6.1) 1.9
41 HK GREAT EAGLE HOLDINGS LTD 3,201 13.0 13.8 0.4 0.4 N/A (5.7) 2.7 3.4 2.8 5.9 1.5 (0.8)
45 HK HONGKONG & SHANGHAI HOTELS 1,791 21.6 20.5 0.4 0.4 (22.2) 5.6 1.6 3.7 3.4 (4.5) 11.0 3.1
69 HK SHANGRI-LA ASIA LTD 4,651 32.5 30.2 5.6 5.5 188.4 7.5 0.9 1.4 22.0 16.4 17.8 23.2
MAND SP MANDARIN ORIENTAL INTL LTD 1,627 24.0 20.9 NA NA (27.1) 14.8 2.7 NA 3.2 (1.5) (4.1) 1.6
OUE SP OUE LTD 1,277 23.5 18.1 0.5 0.5 (22.6) 29.4 2.5 2.0 12.7 11.5 25.5 13.7
Average (Simple) 24.3 21.4 2.9 2.6 23.5 12.8 2.2 9.2
Food
M TB MK RESTAURANTS GROUP PCL 1,537 26.0 23.6 4.1 4.0 13.4 10.1 3.5 15.9 4.4 5.9 11.9 0.4
341 HK CAFE DE CORAL HOLDINGS LTD 1,978 26.3 22.6 4.5 4.3 N/A 16.0 3.0 18.1 1.7 (1.5) (3.3) 4.4
9861 JP YOSHINOYA HOLDINGS CO LTD 956 51.8 60.6 1.8 1.8 42.2 -14.4 1.2 3.6 3.4 7.4 12.7 3.2
JFC PM JOLLIBEE FOODS CORP 4,353 36.1 31.9 6.4 5.6 27.2 13.2 0.9 18.4 (1.9) (3.3) (19.8) 4.6
Average (Simple) 35.1 34.7 4.2 3.9 27.6 6.2 2.2 14.0
Average (Simple) 29.7 28.0 3.6 3.3 25.6 9.5 2.2 11.6
Source: Bloomberg, Krungsri Securities

Krungsri Securities Research 4

Company Update | ERW February 24, 2017

INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F

Turnover 5,255 5,571 6,044 6,613 7,585
Cost of sales (COGS) (2,401) (2,432) (2,632) (2,880) (3,326)
Depreciation & amortization (717) (730) (757) (787) (830)
Gross profit 2,137 2,410 2,655 2,946 3,429
S&A expense (1,374) (1,482) (1,607) (1,759) (2,040)
Operating profit 763 928 1,048 1,187 1,389
Other operating income 40 33 35 37 39
EBIT 803 962 1,083 1,224 1,428
Interest expense (387) (362) (367) (398) (442)
Interest income 5 6 5 1 1
Other income 0 0 0 0 0
Goodwill amortization (112) (112) (82) (100) (106)
Pre-tax profit 310 494 638 727 880
Income tax on company & subsidiaries (99) (122) (147) (164) (194)
Profit after tax 211 372 491 563 687
Minority interests (35) (41) (43) (45) (47)
Share of associate net income 19 15 15 16 16
Preferred dividends 0 0 0 0 0
Recurring attributable net profit 195 346 464 534 656
Extraordinary items 0 21 0 0 0
Reported net profit 195 367 464 534 656
Shares in issue (Y/E, m) 2,498 2,498 2,498 2,498 2,498
Shares in issue (weighted avg. m) 2,498 2,498 2,498 2,498 2,498
EPS (before extraordinary items, Bt) 0.08 0.14 0.19 0.21 0.26
DPS (Bt) 0.04 0.06 0.06 0.06 0.08
DPS/EPS (%) 51 41 30 30 30

CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F

Operating profit 763 928 1,048 1,187 1,389
Other operating income 40 33 35 37 39
EBIT 803 962 1,083 1,224 1,428
Depreciation & amortization 717 730 757 787 830
EBITDA 1,521 1,691 1,840 2,011 2,258
Notional cash taxes on ungeared operations (214) (228) (256) (283) (326)
Net change in working capital (79) (12) 64 78 135
CAPEX (738) (791) (2,186) (2,286) (2,286)
Operating free cashflow (OpFCF) 489 660 (538) (479) (219)
Net interest income adjusted for tax impact (274) (262) (267) (292) (323)
Net free cashflow (NetFCF) 215 398 (805) (771) (542)
Non-operating income (net of tax) 0 (1) 0 0 0
Equity income from associates 19 15 15 16 16
Investments (1) 7 0 0 0
Net change in other assets/liabilities 101 (146) 0 0 0
Other items (122) (91) (82) (100) (106)
Residual cashflow (RCF) 212 181 (872) (856) (632)
Dividends (99) (100) (150) (139) (160)
Equity capital raised 61 0 0 0 0
Other items (1) (118) (41) (43) (46)
Cashflow from financing (40) (218) (191) (183) (206)
Net change in cash 172 (37) (1,063) (1,038) (838)
Net cash/(debt) at YS (7,768) (7,595) (7,632) (8,695) (9,733)
Ending net cash /(debt) (7,595) (7,632) (8,695) (9,733) (10,571)
Increase/(decrease) in cash & equivalents 335 (216) (663) (38) 162
(Increase)/decrease in debt (163) 179 (400) (1,000) (1,000)
NOPLAT (net op profit less adjusted tax) 589 733 827 941 1,102
Normalised OpFCF (est. maintenance CAPEX) 56 247 1,648 1,806 2,067
FCFE (free cashflow to equity) 375 2 (472) 144 368

Krungsri Securities Research 5

Company Update | ERW February 24, 2017

BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F

Cash & equivalents 676 1,011 795 132 94
A/C receivable 212 202 202 203 203
Inventory 55 62 53 58 63
Others 103 134 227 246 270
Total Current Assets 1,047 1,409 1,278 639 630
Property and equipment 11,603 11,632 11,707 13,150 14,663
Investments & associates 162 163 156 156 156
Other assets 1,705 1,616 1,769 1,769 1,769
Goodwill 0 0 0 0 0
Total Assets 14,517 14,820 14,911 15,715 17,218
Short-term debt 1,721 2,618 2,558 2,558 2,558
A/C payable 254 261 252 273 299
Other current liabilities 773 713 795 863 944
Total Current Liabilities 2,748 3,593 3,606 3,694 3,801
Long-term debt 6,722 5,988 5,869 6,269 7,269
Other liabilities 344 357 363 363 363
Total Liabilities 9,815 9,938 9,839 10,327 11,434
Share capital 2,479 2,498 2,498 2,498 2,498
Share premium 787 836 836 836 836
Revaluation surplus 3 (7) (27) (27) (27)
Translation adjustment 0 0 0 0 0
Retained earnings 1,257 1,343 1,610 1,924 2,319
Total ordinary equity 4,525 4,671 4,918 5,232 5,627
Preferred equity 0 0 0 0 0
Minorities 177 212 155 156 158
Total equity & minorities 4,702 4,882 5,073 5,388 5,785
Accumulated depreciation 5,457 6,047 6,642 7,399 8,187
BV per ordinary share (Y/E, Bt) 1.83 1.87 1.97 2.09 2.25
Adjusted book value ps (Y/E, Bt) 1.83 1.87 1.97 2.09 2.25

RATIOS (%) 2015 2016 2017F 2018F 2019F

Growth
Turnover (9.7) 23.8 6.0 8.5 9.4
EBITDA (28.1) 56.5 11.2 8.8 9.3
EBIT (56.3) 167.9 19.7 12.6 13.1
Net profit (111.9) (275.2) 87.7 26.4 15.2
EPS pre extraordinary items (228.5) (214.4) 77.0 34.1 15.2
EPS (diluted) (228.7) (215.3) 74.7 34.1 15.2
DPS (73.6) 0.0 50.0 (7.2) 15.2
Accounting ratios
Cash profit margin 50.6 54.3 56.4 56.5 56.5
Gross profit margin 34.8 40.7 43.3 43.9 44.6
Operating profit margin 6.4 14.5 16.7 17.3 18.0
Net profit margin (2.6) 3.7 6.6 7.7 8.1
Turnover/avg total assets (x) 0.3 0.4 0.4 0.4 0.4
ROA (1.2) 1.3 2.3 3.0 3.2
ROE (3.5) 4.3 7.2 9.1 9.8
S&A/turnover 28.4 26.1 26.6 26.6 26.6
Effective tax rate (11.2) 31.9 24.6 23.0 22.5
Operating performance
EBITDA margin 22.8 28.8 30.3 30.4 30.4
EBIT margin 7.1 15.3 17.3 17.9 18.5
NOPLAT margin (NOPLAT/Turnover) 4.1 11.2 13.2 13.7 14.2
Asset turnover (Turnover/avg Op assets) 0.4 0.4 0.4 0.5 0.5
ROCE (NOPLAT/avg Op assets) 1.5 4.8 5.9 6.2 6.4
ROCE inc capitalised goodwill 1.5 4.8 5.9 6.2 6.4

Krungsri Securities Research 6

Company Update | ERW February 24, 2017

EQUITY VALUATIONS (Bt) 2015 2016 2017F 2018F 2019F

EPS 0.08 0.14 0.19 0.21 0.26
FDEPS 0.08 0.14 0.18 0.21 0.26
FDEPS growth (%) (215.27) 74.67 34.07 15.19 22.73
DPS 0.04 0.06 0.06 0.06 0.08
BVPS 1.87 1.97 2.09 2.25 2.45
Adjusted BVPS 1.87 1.97 2.09 2.25 2.45
Free cashflow to equity (FCFE) per share 0.15 0.00 (0.19) 0.06 0.15
Share price (Bt) 4.42
PE (x) 56.5 31.9 23.8 20.7 16.8
PE (fully diluted, x) 56.6 32.4 24.2 21.0 17.1
PE/FDEPS growth (x) (0.3) 0.4 0.7 1.4 0.8
Yield (%) 0.9 1.4 1.3 1.5 1.8
P/BV (x) 2.4 2.2 2.1 2.0 1.8
P/ABV (x) 2.4 2.2 2.1 2.0 1.8
P/FCFE (x) 29.5 6,076.4 (23.4) 76.5 30.0

ENTERPRISE VALUATIONS (Btm) 2015 2016 2017F 2018F 2019F

Ordinary shares (m) 2,498 2,498 2,498 2,498 2,498
Share price (Bt) 4 5 5 5 5
Ordinary equity MV 10,692 11,242 11,242 11,242 11,242
MI & deferred taxes 212 155 156 158 159
Equity MV (adjusted ord) 10,904 11,396 11,398 11,400 11,401
Preferred equity 0 0 0 0 0
Debt 8,607 8,427 8,827 9,827 10,827
Enterprise Value 19,510 19,824 20,225 21,227 22,229
Net noncore assets 1,174 952 289 250 413
Core Enterprise Value (EV) 18,336 18,872 19,937 20,977 21,816
Turnover 5,255 5,571 6,044 6,613 7,585
EBITDA 1,521 1,691 1,840 2,011 2,258
EBIT 803 962 1,083 1,224 1,428
NOPLAT 589 733 827 941 1,102
OpFCF 489 660 (538) (479) (219)
OpFCF (normalized) 56 247 1,648 1,806 2,067
Op (core) capital employed (CE) 12,315 12,548 13,927 15,362 16,696
Avg. core capital employed 12,311 12,432 13,237 14,644 16,029
Core EV Multiples
EV/Turnover (x) 3.5 3.4 3.3 3.2 2.9
EV/EBITDA (x) 12.1 11.2 10.8 10.4 9.7
EV/EBIT (x) 22.8 19.6 18.4 17.1 15.3
EV/NOPLAT (x) 31.1 25.7 24.1 22.3 19.8
EV/OpFCF (x) 37.5 28.6 (37.1) (43.8) (99.7)
EV/OpFCFnormalised (x) 326.6 76.3 12.1 11.6 10.6
EV/capital employed (YE, x) 1.5 1.5 1.4 1.4 1.3
EV/avg capital employed (x) 1.5 1.5 1.5 1.4 1.4

RISK MEASURES 2015 2016 2017F 2018F 2019F

Equity multiplier (avg. total assets/avg. equity) 3.2 3.1 3.0 3.0 3.1
Net debt/equity & MI 1.6 1.5 1.6 1.7 1.7
Interest cover (x)
Interest cover (EBIT & int.incl/int. expense) 2.1 2.7 3.0 3.1 3.2
NOPLAT/interest paid 1.5 1.9 2.2 2.3 2.4
Debt service (OpFCF/net interest paid) 1.3 1.8 (1.4) (1.2) (0.5)
Short-Term Ratios (x)
Current assets/current liabilities 0.4 0.4 0.2 0.2 0.2
Current assets less inventory/current liabilities 0.4 0.3 0.2 0.1 0.2
A/C receivable, days turnover 14.0 13.3 12.2 11.2 9.8
Inventory, days COGS 9.4 8.0 8.0 8.0 8.0
A/C payable, days COGS 39.7 37.9 37.9 37.9 37.9

Krungsri Securities Research 7

CG Rating 2015 Companies with CG Rating

ADVANC BAFS BCP BIGC BTS CK CPN DRT DTAC DTC EASTW EGCO GRAMMY HANA
HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB LHBANK LPN MCOT MINT MONO NKI
PHOL PPS PS PSL PTT PTTEP PTTGC QTC RATCH ROBINS SAMART SAMTEL SAT SC
SCB SCC SE-ED SIM SNC SPALI THCOM TISCO TKT TMB TOP VGI WACOAL

AAV ACAP AGE AHC AKP AMATA ANAN AOT APCS ARIP ASIMAR ASK ASP BANPU
BAY BBL BDMS BKI BLA BOL BROOK BWG CENTEL CFRESH CHO CIMBT CM CNT
COL CPF CPI CSL DCC DELTA DEMCO ECF EE ERW GBX GC GFPT GLOBAL
GUNKUL HOTPOT HYDRO ICC ICHI INET IRC KSL KTC LANNA LH LOXLEY LRH MACO
MBK MC MEGA MFEC NBC NCH NINE NSI NTV OCC OGC OISHI OTO PAP
PDI PE PG PJW PM PPP PR PRANDA PREB PT PTG Q-CON QH RS
S&J SABINA SAMCO SCG SEAFCO SFP SIAM SINGER SIS SITHAI SMK SMPC SMT SNP
SPI SSF SSI SSSC SST STA STEC SVI SWC SYMC SYNTEC TASCO TBSP TCAP
TF TGCI THAI THANA THANI THIP THRE THREL TICON TIP TIPCO TK TKS TMI
TMILL TMT TNDT TNITY TNL TOG TPC TPCORP TRC TRU TRUE TSC TSTE TSTH
TTA TTCL TTW TU TVD TVO UAC UT UV VNT WAVE WINNER YUASA ZMICO

2S AEC AEONTS AF AH AIRA AIT AJ AKR AMANAH AMARIN AP APCO AQUA

AS ASIA AUCT AYUD BA BEAUTY BEC BFIT BH BIG BJC BJCHI BKD BTNC
CBG CGD CHG CHOW CI CITY CKP CNS CPALL CPL CSC CSP CSS CTW
DNA EARTH EASON ECL EFORL ESSO FE FIRE FOCUS FORTH FPI FSMART FSS FVC
GCAP GENCO GL GLAND GLOW GOLD GYT HTC HTECH IEC IFEC IFS IHL IRCP
ITD JSP JTS JUBILE KASET KBS KCAR KGI KKC KTIS KWC KYE L&E LALIN
LHK LIT LST M MAJOR MAKRO MATCH MATI MBKET M-CHAI MFC MILL MJD MK
MODERN MOONG MPG MSC MTI MTLS NC NOK NUSA NWR NYT OCEAN PACE PATO
PB PCA PCSGH PDG PF PICO PL PLANB PLAT PPM PRG PRIN PSTC PTL
PYLON QLT RCI RCL RICHY RML RPC S SALEE SAPPE SAWAD SCCC SCN SCP
SEAOIL SIRI SKR SMG SOLAR SORKON SPA SPC SPCG SPPT SPVI SRICHA SSC STANLY
STPI SUC SUSCO SUTHA SYNEX TAE TAKUNI TCC TCCC TCJ TEAM TFD TFI TIC
TIW TLUXE TMC TMD TOPP TPCH TPIPL TRT TSE TSR TT UMI UP UPF
UPOIC UREKA UWC VIBHA VIH VPO WHA WIN XO

Disclaimer
The disclosure of the survey result of the Thai Institute of Directors Association ("IOD") regarding corporate governance is made pursuant to
the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on
the Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public
investor. The result, therefore, is from the perspective of a third party. It is not an assessment of operation and is not based on inside
information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the
survey result may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public
Company Limited does not confirm, verify, or certify the accuracy and completeness of such survey result.
Anti-corruption Progress Indicator 2015
Level 5: Extended
BCP CPN GYT PE PM PPP PT PTT PTTGC SAT SCC THANI TOP

Level 4: Certified
ADVANC AMANAH ASP AYUD BAFS BANPU BAY BBL BKI BLA BTS CFRESH CIMBT CNS
CSL DCC DRT DTC EASTW ECL EGCO ERW FSS GCAP HANA HTC IFEC INTUCH
IRPC IVL KBANK KCE KGI KKP KTB LANNA LHBANK MBKET MFC MINT MTI NKI
PPS PSL PTG PTTEP SABINA SCB SINGER SIS SNC SNP SSF SSI SSSC SVI
TCAP THCOM THRE THREL TISCO TMB TMD TNITY TOG TSTH

Level 3B: Established by Commitment and Policy

AAV AHC AIT AKR ARROW ASK BA BDMS BEC BJCHI CGH CHG CHOW CIG
CITY CK CKP COLOR CWT EARTH EASON EPG F&D FANCY FIRE FMT FORTH GENCO
GL GOLD GPSC GRAMMY HYDRO IRCP IT JCT KCM KWC LH LIT LOXLEY MACO
MANRIN MATI MODERN MSC NOBLE NOK NPK NUSA OISHI OTO PAF PAP PATO PF
PJW PLANB PLE POLAR PRG PTL Q-CON QTC RCI S11 SALEE SAM SAMART SAMTEL
SAPPE SC SCP SFP SIM SLP SMT SPA SPORT SSC SST STEC STPI SUC
SUTHA T TAE TBSP TCC TFD TGCI TGPRO THANA THIP TIW TK TMW TNDT
TOPP TPC TPCH TPIPL TSR TT TYCN UAC UBIS UEC UMI UP UPF UT
UV VPO WAVE WINNER YUASA

Level 3A: Established by declaration of intent

ABC ACAP AGE AH ANAN AP APCS APURE AS ASIA ASIAN ASIMAR BIGC BROOK
BWG CEN CENTEL CHARAN CHO CHOTI CM CNT COL CPF CPI CPL DELTA DEMCO
DIMET DNA DTAC EA ECF EE EVER FPI GBX GC GFPT GLOW HMPRO HOTPOT
ICC ICHI INOX INSURE IRC JAS JTS JUBILE KC KTC KYE LHK LPN LRH
MAKRO MC MCOT MFEC MJD MONO MOONG NBC NDR NINE NMG NSI NTV OGC
PACE PCSGH PDI PG PHOL PLAT PR PRANDA PREB PS QLT RATCH RML ROBINS
ROJNA RWI SAMCO SCCC SCG SEAOIL SE-ED SENA SITHAI SMK SMPC SPALI SPC SPCG
SPI SRICHA STANLY SUPER SYMC SYNEX SYNTEC TASCO TCMC TFI THAI TICON TKT TLUXE
TMILL TMT TNL TPCORP TSTE TTCL TU TVI UOBKH UREKA VGI VNT WACOAL WHA
ZMICO

Level 2: Declared
2S ABICO AF AIRA AKP ALUCON AMARIN AMATA AOT APCO BEAUTY BFIT BH BKD
BLAND BROCK BRR BSBM BTNC CCP CI CSC CSR CSS EFORL EPCO ESTAR FE
FER FNS FVC GEL GLOBAL GUNKUL IEC IFS ILINK INET J JMT JUTHA K
KASET KBS KCAR KKC KSL KTECH L&E LALIN LTX M MALEE MBAX MBK MEGA
MILL MK MPG MTLS NCH NCL NNCL NPP OCC OCEAN PB PCA PDG PRINC
PSTC PYLON QH ROCK ROH RP RPC S&J SGP SIAM SKR SMG SMIT SORKON
SPACK SPPT SR SUSCO TAKUNI TEAM TF TIC TIP TIPCO TMC TMI TPA TPP
TRT TRU TRUE TSC TSI TTW TVD TVO TVT U UKEM UNIQ UWC VIBHA
VNG WIIK WIN XO

Level 1: Committed
AEONTS AFC AJ AMC AQUA ARIP AUCT BAT-3K BIG BJC BOL CBG CCET CCN
CGD CMR CPH CSP CTW DCON DRACO DSGT DTCI E EMC ESSO FOCUS FSMART
GIFT GLAND GRAND GREEN HFT HTECH IHL ITD JSP KDH KTIS KTP LEE LST
MAJOR MATCH MAX M-CHAI MDX MIDA ML MPIC NC NEP NWR OHTL PICO PK
PL PPM PRAKIT PRECHA PRIN RAM RICH RS SANKO SAUCE SAWAD SAWANG SCN SEAFCO
SF SHANG SIRI SMART SMM SOLAR SPG SPVI STA STAR SVH SVOA SWC TAPAC
TC TCCC TCJ TCOAT TH TKS TNH TNPC TPAC TPOLY TRC TRUBB TSE TTA
TTI TTL TTTM TWP TWZ UMS UPA UPOIC UTP UVAN VARO VI VIH VTE
WG

Disclaimer
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by
Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the
Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as
stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report
(Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of
Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is
only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change
to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and
completeness of the assessment result."

Reference
Level 5: Extended Extension of the anti-corruption policy to business partners in the supply chain, and disclosure of any current
investigations, prosecutions or closed cases
Level 4: Certified Audit engagement by audit committee or auditors approved by the office of SEC, and receiving certification or assurance
by independent external assurance providers (CAC etc.)
Level 3: Established Carrying out preventive measures, risk assessment, communication and training for all employees, including
consistent monitoring and review processes
Level 3A: Established by declaration of intent, Level 3B: Established by Commitment and Policy
Level 2: Declared Public declaration statement to participate in Thailand's private sector Collective Action Coalition Against Corruption
(CAC) or equivalent initiatives
Level 1: Committed Organizations statement or board's resolution to work against corruption and to be in compliance with all relevant laws
 Krungsri Securities Public Company Limited
Headquarters
898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini
Pathumwan, Bangkok 10330
Tel: 0-2659-7000 Fax: 0-2658-5699
Internet Trading: 0-2659-7777
Branches
Emporium Nakhon Pathom
662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee,
Klongton, Klongtoey, Bangkok 10110 Amphur Muang, Nakhon Pathom 73000
Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989
Central Bangna Suphanburi
589/151 Central City Tower 1 Office, Fl. 27 249/171-172 Moo 5 Tambol Ta Rahad,
Bangna-Trad Road, Bangna, Bangkok 10260 Amphur Muang, Suphanburi, 72000
Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449
Rama II Nakhon Ratchasima
111/917-919 Rama II Road, Smaedum, 168 Chomphon Road, Tambol Nai Muang,
Bangkhuntien, Bangkok 10150 Amphur Muang Nakhon Ratchasima,
Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000
Tel: 0-4425-1211-4 Fax: 0-4425-1215
Vibhavadi-rangsit
Bank of Ayudhya Public Company Limited Khon Kaen
123 Suntowers (B) Building, Vibhavadirangsit Road, 114 Sri Chan Road, Tambol Nai Muang,
Jompol, Jatujak, Bangkok 10900 Amphur Muang, Khon Kaen 40000
Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180
Chonburi Chiang Mai
64/17 Sukhumvit Road, Tambol Bang Plasoi, 70 Chang Phuak Road, Tambol Sri Phum
Amphur Muang, Chonburi 20000 Amphur Muang, Chiang Mai 50200
Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247
Hat Yai Branch Chiang Rai
90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 231-232 Thamalai Road, Tambol Wiang,
Amphur Hat Yai, Songkhla 90110 Amphur Muang, Chiang Rai 57000
Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490
Phitsanulok
275/1 Phichaisongkram Road, Tambol Nai Muang,
Amphur Muang, Phitsanulok 65000
Tel: 0-5530-3360 Fax: 0-5530-2580
Central line:
Analyst Team Sector Coverage 662-659-7000 E-mail

Naphat Chantaraserekul, Head of Research Energy, Petrochemical, Strategy ext. 5000 naphat.chantaraserekul@krungsrisecurities.com
Kittisorn Pruitipat, CFA, FRM Construction
Property, ICT,Materials
Contractor ext. 5019 kittisorn.pruitipat@krungsrisecurities.com
Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 jesada.techahusdin@krungsrisecurities.com
Sunthorn Thongthip Insurance
Food, Insurance Strategy
Transportation, ext. 5009 sunthorn.thongthip@Krungsrisecurities.com
Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 worrapong.tuntiwutthipong@krungsrisecurities.com
Karun Intrachai Media
Renewable Energy ext. 5010 karun.intrachai@krungsrisecurities.com
Teerapol Udomvej Healthcare, Tourism ext. 5012 teerapol.udomvej@krungsrisecurities.com
Kitti Pitakteerabandit, Assistant Analyst
Artit Jansawang Mid - Small cap, MAI ext. 5005 artit.jansawang@krungsrisecurities.com
Nalinee Praman, Assistant Analyst Mid - Small cap, MAI

Fax 662-658-5643
Definition of Ratings
OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps
NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps
UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps
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