Morning Brief - E - 20170222092647

22 February 2017 Morning Brief
Daily Market Performance Todays highlights

SET (21/02/2017): Market Turnover:
Market Wrap-up
1,564.42 (-0.89%) Bt44,879m
The SET Index closed down 14.05 pts, or 0.89%, at 1,564.42 on Tuesday. Retail
Source: SET, KS
investors bought a net Bt1,310.44mn, while institutional, proprietary and foreign
investors were net sellers of Bt199.48mn, Bt451.95mn and Bt659.01mn worth
Sector PER (x)
of Thai shares, respectively.
Yr to Dec 14A 15A 16E 17E
Agribusiness & Food 42.04 45.93 37.16 32.88
Strategy
Commerce 38.01 35.18 32.21 26.26 Daily View (page 4) The widening gap in returns between emerging and
Commercial 33.17 30.75 26.05 24.72
developed markets is drawing funds into markets with high EPS growth
Construction Materials 13.48 13.26 11.61 13.14
Contractor 13.79 21.72 26.75 35.93 outlooks, whereas our coverage universe shows a gain of just 4.17% in YE2017E
Electronics 19.36 16.58 17.70 15.50 EPS. The SET thus looks set for an extended slide in the near term amid a lack
Energy 23.46 140.11 13.37 11.40
ICT 13.29 10.81 21.97 29.47 of fresh inflows and trading catalysts. We maintain our strategy of letting the
Industrial Estate 11.24 16.90 23.15 28.26 profits run in KKP, KTB, LH, SPCG and GLOW on their expected strong dividends;
Petrochemical 52.21 16.14 11.44 12.32
Residential 9.36 9.68 10.16 9.76
and in MEGA, CHG, TKN and PTTEP on their attractive upsides.
Transportation 298.41 42.53 24.79 25.10 Sector & Equities Recommendation
Utilities 10.71 17.01 15.28 14.02
Banking Sector (Overweight) - Repayments led to loan contraction in
Jan (page 5) Overall loan growth in January dropped by 0.9% MoM (+0.5%
YoY) mainly on loan repayments across all segments after the high season for
loans in 4Q16. We expect loan growth to pick up later in the year and estimate
loan growth of 5% YoY for 2017. Competition for deposits in January remained
benign with deposits contracting by 0.2% MoM (+0.4% YoY), but loans
contracted and resulted in LDR falling to 92.0% from 92.6% in December.
Source: Bloomberg, KS TASCO (Neutral) - Hedging policy provides support (page 6) We
Inside Page upgrade TASCO to Neutral from Underperform and raise our 2017 target price
to Bt25.0 (from Bt14.4) as we revise up our 2017/18 earnings estimates by
Fund Flows i
40.4%/83.1%. The earnings upgrade reflects a better-than-expected regional
Bond Trading i asphalt selling price that recovered faster than our previous forecast and
Top Ten Short Sale ii increased confidence in the companys strategy to cope with a crude oil price
Thai NVDR Trading Data by Stock ii
uptrend. Our concern that GPM could be negatively affected by rising oil prices
has eased after the company hedged its long crude oil positions to around 50%
Daily Driver Stats (Market Summary) iii
of its total crude cost in 2017. We believe the company will continue this strategy
Daily Driver Stats (Commodity) iv in 2018. The company is also conducting a feasibility study on doubling its
Director Trade v refinery capacity to 60 KBD, which will be considered at its 2018 AGM.
EGCO (Outperform) - 4Q16 Review Earnings beat our estimate (page
Insider Trading vi
7) 4Q16 core profit of Bt2.08bn jumped 52.5% YoY, fell 25.3% QoQ. The result
Foreign Ownership - top ten gainers and losers vi
is 60% ahead of consensus estimates of Bt1.30bn. The YoY growth was mainly
Economic Calendar vii due to 1) a higher gross profit of Bt680mn from a full quarter of operation after
Company's Calendar ix COD of KN4 (gas, 930 MWe) in late June 2016, which replaced KN2-3 (gas, 748
MWe); 2) a 10.6% increase in share of profit from associates and JVs owing to
a higher contribution of SEG (geothermal, 45 MWe) in Indonesia after it
obtained a 40% increase in tariff in late June 2016; and 3) lower SG&A expense
by Bt192mn. The QoQ decline was due mainly to a Bt384mn increase in SG&A
Kasikorn Securities PCL
expense and a lower share of profit from associates and JVs, mainly from a full
Research Department availability payment of BLCP and KK2. 4Q16 net profit was reported at Bt827mn,
a decline of 46.3% YoY and 71% QoQ. This was due to a FX loss of Bt1.17bn
Contact: 02-696-0031
on EGCOs USD loans.
Thai Stock Market Trading by Investor Type NVDR Net Buy/Sell International Markets Commodity Market
SET Index 1,564.42 Investor Type SET TFEX Top Buy Net Top Sell Net DJIA 118.95pt/0.58% Oil - Nymex (USD) 54.06/bbl/0.66USD
Change -14.05pt/-0.89% (Btm) (Contracts) SCB 186 ADVANC -342 S&P 14.22pt/0.6% Gold - London (USD) 1,229.24/Oz/-6.53USD
Turnover (Btm) 44,878.82 Foreign -659 -1,956 PTTGC 119 AOT -148 NASDAX 27.37pt/0.47% DXYO 101.37/0.42%
PER (x) 18.31 Institution -199 1,813 IVL 111 JAS -142 CAC 23.77pt/0.49% Bt/USD 35.04/0.03%
PBV (x) 1.96 Retail 1,310 143 SCC 84 KBANK -123 FTSE -25.03pt/-0.34% USD/Euro 1.05/-0.76%
Div Yield (%) 2.93 Proprietary -452 - CPALL 73 INTUCH -121 DAX 139.87pt/1.18% 10Y US treasury yld 2.43/0.59%
22 February 2017 1 Morning Brief

Morning Brief
Sector & Equities Recommendation
ERW (Neutral) - Earnings Review: Better than expectations (page 8)
Greater-than-expected 2016 earnings due to HOP INN. ERW reported 2016
earnings of Bt367 mn, up 87.7% YoY due to the increase of 6.1% YoY in revenue
from hotel business and better gross margin from hotel business of 41.2% vs
38.4% in 2015. 2016 earnings is better than our forecast of Bt287 mn. ERW
posted 4Q16 earnings of Bt103 mn, flat YoY but up 84.8% QoQ due to the rise
of 3.6% QoQ in revenue from hotel business and strong gross margin from hotel
business of 42% vs 40% in 3Q16. The impressive earnings was driven by
revenue from HOP INNbudget hotel. In 4Q16, ERW opened additional 2 HOP
INNs at Hat Yai and Phuket in the quarter. Totally, ERW has 22 HOP INNs.
MAKRO (Neutral) - Earnings Review: 4Q16 net profit beats

expectations on strong revenue (page 9) 4Q16 NP beat our forecast.
MAKRO reported a 4Q16 net profit of Bt1,618mn, up 13.6% YoY and 14.9%
QoO. This was 13.7% above our forecast of Bt1,361mn and 14.9% above the
Bloomberg consensus estimate of Bt1,301mn, due mainly to 7.6% higher-than-
expected revenue. MAKROs 2016 earnings came in at Bt5.4bn, up 0.6% YoY,
while 2016 SSSG improved to 4.1% from -0.6% in 2015.
SAWAD (Outperform) - 4Q16 Review: Record-high earnings for the

10th consecutive quarter (page 10) SAWAD reported a 4Q16 net profit of
Bt610mn, up 53.5% YoY and 12.1% QoQ. The result exceeded our forecast by
7% and consensus by 8%. The earnings beat was mainly on lower-than-
expected provisions, while non-interest income was lower than expected but
offset by slightly lower-than-expected OPEX. Factors behind the strong YoY
growth were strong loan growth, higher non-NII, and lower provisions. Factors
behind the strong QoQ earnings growth were strong loan growth, a higher NIM,
and lower provisions. Asset quality strengthened better than we expected but
the coverage ratio was lower than expected which we believe could put pressure
on the stocks performance. Full-year earnings totaled Bt2.0bn, up 50% YoY.
The number is in line with our forecast but 6% higher than consensus.
SPALI (Outperform) - 4Q16 Review: Earnings just below our

expectation, in line with market (page 11) 4Q16 earnings fall 17.1% YoY,
surge 42.4% QoQ to Bt1.21bn. This was 7.7% lower than our forecast of
Bt1.31bn but in line with Bloombergs consensus estimate of Bt1.17bn. A slight
decline in sales revenue and higher SG&A expenses were the major factors
behind the YoY decrease, while strong revenue growth and a drop in the SG&A-
to-sales ratio (reflecting a fuller benefit from economies of scale) boosted QoQ
growth. As a result, full-year earnings rose to Bt4.89bn, up 12.4% YoY.
BCP (Neutral) - Outlook for 2017 less than inspiring (page 12) Reiterate
Neutral with target price of Bt32.5: Our rating is premised on a lack of upside to
our YE2017 target price and flattish earnings outlook for 1Q17. Additionally, we
expect a stream of earnings downgrades for FY2018 from the market
(Bloomberg consensus estimate is Bt5.8bn for FY2018). However, BCP is among
the cheapest of the five Thai petrochemical refinery stocks under our coverage
in terms of PBV, trading at 1.05x versus 1.21x PBV for its peers. Therefore, we
maintain a Neutral rating on BCP and a target price of Bt32.5, which is a sum-
of-the-parts valuation.
BCPG (Neutral) - Construction delays imply a negative 2017 outlook

(page 13) We maintain our Neutral rating with a target price of Bt13.7, as
potential 2017 earnings downside would have a limited impact on our TP. BCPG
also has potential upside from the acquisition of a wind farm in the Philippines
(36 MW).
STEC (Outperform) - Investment in Japanese solar farm agreed with
TSE (page 14) We maintain our Outperform rating on STEC with a 2017 target
price of Bt33.00, based on a PBV multiple of 4.8x, or 1.5SD above its historical
mean. There is not yet sufficient information to estimate the potential
incremental value from the project to STEC.

Daily View
Strategy The widening gap in returns between emerging and developed markets is
drawing funds into markets with high EPS growth outlooks, whereas our
coverage universe shows a gain of just 4.17% in YE2017E EPS. The SET
thus looks set for an extended slide in the near term amid a lack of fresh
inflows and trading catalysts. We maintain our strategy of letting the
profits run in KKP, KTB, LH, SPCG and GLOW on their expected strong
dividends; and in MEGA, CHG, TKN and PTTEP on their attractive upsides.
Funds pouring into developed markets. Emerging markets have endured a

sharp pullbacks of late as investors have cashed in gains, which has resulted in a
wider gap in returns between these markets and their developed peers. The SET
Index yesterday fell 0.89% while Indonesias JSX Index shed 0.34%. Meanwhile,
regional developed markets Japan, Taiwan and South Korea enjoyed further
gains. The YTD return in emerging markets was also below that of developed
markets with the SET and JSX showing gains of just 1.4% and 0.8%. Among the
developed markets, Taiwan has provided 5.9% while Hong Kong has yielded 8.9%
and South Korea 3.8%. The Dow has returned 4.5% and Germans DAXX 4.35%.
Last year, the emerging markets provided much more attractive returns compared
with the global market with the SET climbing 19.8%. That story is now changing.
Funds have poured into developed markets amid expectations their economies will
grow at a solid pace. The U.S. in particular looks likely to enjoy a strong recovery
in light of new fiscal stimulus planned by new President Donald Trump. Bloomberg
consensus shows strong EPS growth estimates for the U.S., Europe, South Korea,
Taiwan and Japan. Meanwhile, our coverage universe is expected to generate a
mere 4.17% EPS growth.
KResearch Center has forecast flat growth of 3.3% for Thai GDP for 2017. This,
coupled with our moderate EPS growth outlook, will likely damp fund inflows. We
expect the SET to see subdued trading sentiment in the absence of fresh inflows
and given the limited amounts of local money. As such, it is highly likely the market
will see selling on the fact once the earnings season comes to an end.
SET Index braced for a sharp decline. Adding pressure to the markets
downside risk is potential weakness in the baht, which could fuel fund outflows, as
the USD looks set to gain strength in the near term on the back of 1) Trumps
planned implementation of fiscal stimulus; 2) potential Fed rate hikes over the
course of the year; and 3) European political unrest, which appears set to weaken
the British pound and the euro. Also, foreign investors of late have gone short in
about a net 36,000 contracts of SET50 Futures, most of which were short S50M07,
as evidenced by the higher Open Interest. This reflects foreign investors negative
view of the SET in the medium term. This could hurt the market in late 1Q17 if
positions are not rolled over, given the high number of long positions at more than
190,000 contracts.
Investment strategy. The SET Index looks set to decline to test 1555 within a
trading range of 1555-1562. We maintain our strategy of letting the profit run in
KKP, KTB, LH, SPCG and GLOW on their expected strong dividends; and in MEGA,
CHG, TKN and PTTEP on their attractive upsides.
Analyst
Prakit Sirivattanaket
Prakit.si@kasikornsecurities.com

Banking Sector - Repayments led to loan contraction
Banking Sector Overweight in Jan
Overall loan growth in January dropped by 0.9% MoM (+0.5% YoY) mainly
on loan repayments across all segments after the high season for loans in
4Q16. We expect loan growth to pick up later in the year and estimate loan
growth of 5% YoY for 2017. Competition for deposits in January remained
benign with deposits contracting by 0.2% MoM (+0.4% YoY), but loans
contracted and resulted in LDR falling to 92.0% from 92.6% in December.
Industry highlights
January loans dropped by 0.9% MoM. Loans in January dropped by 0.9%
MoM but increased by 0.5% YoY. The loan decline was due to repayments from
across segments, and mainly repayment of working capital and credit
card/personal loan repayments after the high season in 4Q16. We expect loan
growth to start picking up later in the year mainly from infrastructure investments
and construction businesses, as well as the retail segment (housing, credit card
and HP loans). We forecast 2017 sector loan growth of 5% compared to 2% in
2016.
TMBs loan growth outperformed its peers. Most banks reported negative
MoM loan growth except for TMB, which posted positive loan growth. KTB and KKP
posted flat loans MoM. TMBs loans grew by 1.5% MoM from all segments and
mainly for working capital in the corporate segment. KTBs government loans
picked up significantly by 7% MoM, but this was offset by a contraction in SME and
housing loans.
No sign of deposit competition yet. January deposits contracted by 0.2% MoM

but rose by 0.4% YoY. We see no sign of deposit competition yet as liquidity
remains sufficient. We also believe some banks preferred to wait for signs of an
improvement in loans before they begin to mobilize deposits. KTBs deposits
increased the most in the industry by 4.0% MoM mainly from government CASA.
The sector LDR fell to 92% vs 92.6% in December. BBL, KTB and KKP had a
significant decline in LDR, while TMB, SCB, and TISCO tightened their LDR ratios.
This could indicate a different funding cost/NIM trend in 1Q17 among banks.
Valuation
We maintain our Overweight rating on the banking sector with KTB and BBL our
top picks. The sector is currently trading at -1.0SD its 10-year average.
Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com

TASCO TB Neutral Tipco Asphalt PCL - Hedging policy provides support
We upgrade TASCO to Neutral from Underperform and raise our 2017
Target Price Bt25.00 target price to Bt25.0 (from Bt14.4) as we revise up our 2017/18 earnings
Close Price (21/02/2017) Bt 24.30 estimates by 40.4%/83.1%. The earnings upgrade reflects a better-than-
Upside % 2.88 expected regional asphalt selling price that recovered faster than our
Indicator Declared previous forecast and increased confidence in the companys strategy to
cope with a crude oil price uptrend. Our concern that GPM could be
negatively affected by rising oil prices has eased after the company hedged
its long crude oil positions to around 50% of its total crude cost in 2017.
We believe the company will continue this strategy in 2018. The company
is also conducting a feasibility study on doubling its refinery capacity to 60
KBD, which will be considered at its 2018 AGM.
Investment highlights
Revising up 2017-18 earnings forecasts. We revise up our 2017/18 earnings
forecasts by 40.4%/83.1% to reflect a better-than-expected regional asphalt
selling price that responded to a rise in crude oil price sooner than our previous
expectation and also to reflect the companys successful hedging strategy during
the period of rising crude oil prices. The average asphalt selling price in Jan. rose
to USD49.3/bbl or by 28.1% from 4Q16. We believe the price should be sustained
at an average USD51.0/bbl in 2017 before rising to USD57.0/bbl in 2018. The key
reason behind the earnings upgrade is our raised 2017/18 GRM assumptions to
15.3%/13.9% from 10.9%/7.7% that is also supported by a hedging gain.
Downside to rising oil price is limited in 2017-18. Although previously

believed that TASCO would be negatively impacted in terms of GPM by rising oil
prices, we change our view following the companys position that is currently long
on crude oil with financial derivatives to cope with the oil rising situation. This is
evident when in 4Q16 crude oil rose by 11.8%, the company took out long crude
oil positions that generated a hedging gain of Bt445.1mn. Management pointed
out that TASCOs current long crude oil positions account for around 50% of its
estimated crude cost in 2017. As we believe the company will continue to employ
this strategy in 2018, hedging gains should support core GPM amid an expected
increase in crude oil to USD65.0/bbl in 2018. This is in contrast with the previous
oil uptrend in 2009-13 when hedging gains were not consistent.
Refinery capacity upgrade under study. Management said the company is

conducting a feasibility study to double capacity of a specialized bitumen refinery
in Malaysia to 60 KBD (from 30 KBD). The study should be finished around the end
of 2017 and will be considered by an annual shareholders meeting in early 2018.
An upgrade of the refinery would support the companys goal of trading 6mn tons
of asphalt and petroleum products in 2020, up from around 2.4mn ton in 2016.
Valuation
We upgrade TASCO to a Neutral rating after adjusting up our target price to Bt25.0
from Bt14.4 to reflect a better-than-expected regional asphalt selling price and the
companys recent oil hedging strategy. Our TP is based on a PER multiple of 12.0x,
Analyst
which is close to +2.0SDV its six-year average PER. Although upside to our target
Sorapong Jakteerungkul
price is limited, rising asphalt prices and a potential strong earnings performance
Sorapong.j@kasikornsecurities.com
in 1Q17 may provide a short-term trading opportunity.
Anurak Suwanichkul
(Assistant Analyst)
Anurak.s@kasikornsecurities.com

EGCO TB Outperform Electricity Generating Holding PCL - 4Q16 Review
Earnings beat our estimate
Target Price Bt215
Performance highlights
Close Price (21/02/2017) Bt 201
Upside % 7.0 4Q16 core profit of Bt2.08bn jumped 52.5% YoY, fell 25.3% QoQ. The
Anti-Corruption Indicator Certified result is 60% ahead of consensus estimates of Bt1.30bn. The YoY growth was
mainly due to 1) a higher gross profit of Bt680mn from a full quarter of operation
after COD of KN4 (gas, 930 MWe) in late June 2016, which replaced KN2-3 (gas,
748 MWe); 2) a 10.6% increase in share of profit from associates and JVs owing
to a higher contribution of SEG (geothermal, 45 MWe) in Indonesia after it obtained
a 40% increase in tariff in late June 2016; and 3) lower SG&A expense by Bt192mn.
The QoQ decline was due mainly to a Bt384mn increase in SG&A expense and a
lower share of profit from associates and JVs, mainly from a full availability
payment of BLCP and KK2. 4Q16 net profit was reported at Bt827mn, a decline of
46.3% YoY and 71% QoQ. This was due to a FX loss of Bt1.17bn on EGCOs USD
loans.
FY2016 core profit of Bt9.16bn grew 8.3% YoY. The result is 5.6% above
our estimate of Bt8.65bn and 7.7% ahead of consensus estimates of Bt8.50bn,
due mainly to a higher-than-expected share of profit from associates and JVs. The
YoY growth was driven by the commencement of operation of KN4 and a higher
contribution from SEG, BPCL and QPL. FY2016 net profit came in at Bt8.32bn, up
a strong 118% YoY on the back of better core earnings and a lower FX loss of
Bt326mn vs Bt3.60bn in 2015.
Nam Theun 1 hydropower (NT1) became more visible. We foresee an

additional catalyst from the National Energy Policy Council (NEPC)s approval of a
draft contract to purchase power from NT1 totaling 515 MW. EGCO holds a 25%
stake in the project under a power cooperation agreement between Thailand and
the government of Laos. EGAT will sign a PPA with developers after the Office of
the Attorney General approves the draft. We have already included the value of
NT1 in our TP.
Announced final DPS of Bt3.25, implying 1.6% yield. The dividend

represents a 46.5% payout ratio. XD will be on March 2 and payment on April 28.
Full-year dividend of Bt6.5 implies a 41% payout and 3.2% yield.
Maintain Outperform rating with a target price of Bt215. We maintain our

Outperform rating and TP of Bt215 based on our expectation EGCO will deliver
solid 2017 earnings growth of 8.5%, while potentially higher-than-expected
earnings of most of EGCOs major power plants could provide an additional boost.
The expected acquisition of Chevrons geothermal operations in West Java,
Indonesia, could also provide earnings upside of Bt0.9-1.0bn after the acquisition
in 1Q17 and 4-6% upside to our TP.
Analyst
Jakapong Chawengsri
Jakapong.c@kasikornsecurities.com
Analyst
Tan Chirasittikorn
Tan.c@kasikornsecurities.com

ERW TB Neutral The Erawan Group PCL - Earnings Review: Better than
expectations
Target Price Bt4.86
Performance highlight
Close Price (21/02/2017) Bt 4.44
Upside % 9.46 Greater-than-expected 2016 earnings due to HOP INN. ERW reported 2016
Anti-Corruption Indicator Certified earnings of Bt367 mn, up 87.7% YoY due to the increase of 6.1% YoY in revenue
from hotel business and better gross margin from hotel business of 41.2% vs
38.4% in 2015. 2016 earnings is better than our forecast of Bt287 mn. ERW posted
4Q16 earnings of Bt103 mn, flat YoY but up 84.8% QoQ due to the rise of 3.6%
QoQ in revenue from hotel business and strong gross margin from hotel business
of 42% vs 40% in 3Q16. The impressive earnings was driven by revenue from HOP
INNbudget hotel. In 4Q16, ERW opened additional 2 HOP INNs at Hat Yai and
Phuket in the quarter. Totally, ERW has 22 HOP INNs.
1Q17 earnings may drop YoY but flat QoQ. This is because of the heavy flood
in the South of Thailand in January 2017 because ERW has 7 HOP INNs in the
South compared with total HOP INNs of 22 hotels. The implication is that 1Q17 is
unlikely to be high season as usual.
Maintain Neutral rating with TP of Bt4.86. Although we like ERW as its recent
round of investment has reached the break-even point and it is now seeing
economies of scale kick in, resulting in sharp earnings growth, we are concerned
that it has overreached with its new HOP INN brand. The increase in room supply
reflects expectations of high demand but OR will be the key yardstick by which to
judge the success of the business. We maintain a Neutral rating, our target
EV/EBITDA at 12.89x and a 2017 target price of Bt4.86. This is equal to a forward
PER of 35.02x in 2017 and 27.78x in 2018.
Analyst
Pongrat Ratanatavanananda
Pongrat.r@kasikornsecurities.com

MAKRO TB Neutral Siam Makro PCL - Earnings Review: 4Q16 net profit
beats expectations on strong revenue
Target Price Bt36.50
Close Price (21/02/2017) Bt 33.50
Upside % 8.95 4Q16 NP beat our forecast. MAKRO reported a 4Q16 net profit of Bt1,618mn,
Anti-Corruption Indicator Certified up 13.6% YoY and 14.9% QoO. This was 13.7% above our forecast of Bt1,361mn
and 14.9% above the Bloomberg consensus estimate of Bt1,301mn, due mainly to
7.6% higher-than-expected revenue. MAKROs 2016 earnings came in at Bt5.4bn,
up 0.6% YoY, while 2016 SSSG improved to 4.1% from -0.6% in 2015.
Strong revenue booked in 4Q16. Revenue surged to Bt44.8bn in 4Q16, up

10.8% YoY and 6.5% QoQ. The YoY improvement was driven by the opening of
17 new stores (6 Classic, 5 Foodservices, 3 Eco plus, 2 Food shop and one Frozen
shop) over the past 12 months and SSSG of 3.9% (vs 6.3% in 3Q16 and -3.7% in
4Q15). The QoQ revenue increase was helped by both the governments consumer
stimulus measure implemented from Dec. 14-31, which offset weak consumption
sentiment during OctNov, as well as sales from seven new stores opened in the
quarter.
Gross margin narrows on high competition. Blended gross margin fell to

11.0%, from 11.3% in 3Q16 amid high competition and as a result of a reversal of
an income allocation to stock that was higher than in the same period of last year.
Nevertheless, this was still up from 10.9% in 4Q15. Excluding rental and services
income, GPM from sales was 9.5%, down from 9.7% in 3Q16 and flat from 9.5%
in 4Q15.
SG&A to sales improved. SG&A expense increased to Bt3.0bn, up 8.7% YoY on

added expenses at the new head office building and the companys continued
aggressive expansion, but fell 1.7% QoQ from 3Q16 due to the absence of
marketing expenses for a special event, The Grand Anniversary Sale. Thanks to
the high revenue base, MAKROs SG&A-to-sales ratio fell to 6.7% from 6.9% in
4Q15 and 7.3% in 3Q16.
Network continues to grow as planned. MAKRO opened seven new outlets in

4Q16 (a Classic B format store, an Eco Plus store, four food-services stores and a
frozen goods shop), taking its network to 115 outlets at end-2016. The network
now comprises 76 classic stores, 17 Foodservices, 11 Ecoplus, 3 food shops and 8
Frozen shops.
Maintain Neutral rating. We maintain our Neutral rating on MAKRO with a target
price of Bt36.50, pegged at a PER multiple of 27.5x 2017 EPS, or 0.75SD above its
10-year historical mean. MAKRO announced a cash dividend for its 2016 operation
of Bt0.49/share, equal to a 1.46% dividend yield. XD is March 7.
Analyst
Tareetip Wongsaengpaiboon
Tareetip.w@kasikornsecurities.com

SAWAD TB Outperform Srisawad Power PCL - 4Q16 Review: Record-high
earnings for the 10th consecutive quarter
Close Price (21/02/2017) Bt 43.00
Upside % 16.27 SAWAD reported a 4Q16 net profit of Bt610mn, up 53.5% YoY and
Anti-Corruption Indicator N/A 12.1% QoQ. The result exceeded our forecast by 7% and consensus by 8%. The
earnings beat was mainly on lower-than-expected provisions, while non-interest
income was lower than expected but offset by slightly lower-than-expected OPEX.
Factors behind the strong YoY growth were strong loan growth, higher non-NII,
and lower provisions. Factors behind the strong QoQ earnings growth were strong
loan growth, a higher NIM, and lower provisions. Asset quality strengthened better
than we expected but the coverage ratio was lower than expected which we believe
could put pressure on the stocks performance. Full-year earnings totaled Bt2.0bn,
up 50% YoY. The number is in line with our forecast but 6% higher than
consensus.
4Q16 loans exceeded expectations, up 52% YoY and 12% QoQ. Net loans
totaled Bt17.1bn, up 52% YoY and 12% QoQ. The growth came from continued
branch expansion and strong loan demand for both vehicle and land-backed loans.
NIM widened to 26.1% from 25.6% in 3Q16 and exceeded our assumption of
25.4%. The higher NIM was due to a significant 45 bps QoQ increase in yield from
an expansion of high-yield SME loans, while funding costs fell slightly by 10 bps
QoQ. Overall, net interest income increased by 48% YoY and 14% QoQ. PPOP of
Bt785mn was in line with our assumption, or growth of 49.8% YoY and 9.4% QoQ.
Non-interest income grew by 29% YoY but was flat QoQ and lower than expected
owing to a lower amount of late payment fees from SAWADs improved asset
quality.
Asset quality improved for the seventh consecutive quarter. The NPL ratio
(loans overdue >3 months) declined more than expected to 3.63% from 4.46% in
3Q16 as a result of loan write-offs and improved debt management. NPLs declined
by 9.1% QoQ. The coverage ratio fell slightly from 64% to 61%, which was lower
than expected. This occurred because of much lower-than-expected provisions of
Bt24mn vs our forecast of Bt76mn. Although we believe SAWADs loss given default
(LGD) is lower than its peers because of its low loan to value (LTV) ratio, we believe
the low coverage ratio could put pressure the stocks performance.
Maintain Outperform rating with a target price of Bt50.0. We maintain our

Outperform rating on SAWAD with a target price of Bt50.0 based on the GGM
methodology, implying a 2017 PBV of 5.5x. The stock is currently trading at 4.7x
BV 2017 and 17.4x PER 2017, which is -1.5SD its 10-year historical average.
Analyst
Jantana Taveeratanasilp
Jantana.ta@kasikornsecurities.com

SPALI TB Outperform Supalai PCL - 4Q16 Review: Earnings just below our
expectation, in line with market
Close Price (21/02/2017) Bt 24.50
Upside % 16.33 4Q16 earnings fall 17.1% YoY, surge 42.4% QoQ to Bt1.21bn. This was
Anti-Corruption Indicator N/A 7.7% lower than our forecast of Bt1.31bn but in line with Bloombergs consensus
estimate of Bt1.17bn. A slight decline in sales revenue and higher SG&A expenses
were the major factors behind the YoY decrease, while strong revenue growth and
a drop in the SG&A-to-sales ratio (reflecting a fuller benefit from economies of
scale) boosted QoQ growth. As a result, full-year earnings rose to Bt4.89bn, up
12.4% YoY.
Low-rise revenue salvages earnings. SPALI reported solid 4Q16 revenue of

Bt6.2bn, down 5.0% YoY but up by a substantial 34.3% QoQ. In the absence of
the type of large-scale projects that boosted condominium revenue in 4Q15, such
as Supalai Prima Riva (Bt5.5bn) and Supalai Lite Sathorn-Charoenrat (Bt2.0bn),
the major contributors were Supalai Mare@Pattaya (Bt2.2bn) and Supalai Cute
Ratchayothin-Phaholyothin 34 (Bt1.9bn). As a result, condominium revenue fell by
a sharp 44.7% YoY and was little changed from the low base in 3Q16. However, a
strong improvement in low-rise revenue, which climbed 42.3% YoY and 49.7%
QoQ, limited the drop in earnings from 4Q15s high level and contributed to the
solid growth QoQ.
SG&A-to-sales swings widen bottom/top line growth gap. 4Q16 GPM fell
slightly to 37.0% from 37.8% in 4Q15 and 37.7% in 3Q16. However, this factor
was not the key to the swings in 4Q16 earnings against the top line rather it was
movement in the SG&A-to-sales ratio. In 4Q16, the ratio rose to 11.4% from 8.9%
in 4Q15 due to the higher number of developing projects on hand and
compensation payments, but declined strongly from 13.4% in 3Q16 thanks to
greater economies of scale and lower-than-expected marketing expenses as
Thailand entered the mourning period. The change in the SG&A-to-sales ratio was
thus the major reason for the deeper earnings contraction YoY and the positive
earnings growth QoQ relative to the top line.
Maintain Outperform; 2017 target price unchanged Bt28.50. Despite the

slightly softer-than-expected 4Q16 result, we maintain our 2017 earnings forecast
and target price of Bt28.50. The shortfall was partly the result of a lower-than-
expected sales revenue, which should be realized later in 2017. This creates
potential upside of 16.3% from the latest closing price. SPALI announced 2H16
DPS of Bt0.55, equivalent to a current yield of 2.24%. XD date is March 3.
Analyst
Sorapong Jakteerungkul
Sorapong.j@kasikornsecurities.com

BCP TB Neutral Bangchak Petroleum PCL - Outlook for 2017 less than
inspiring
Target Price Bt32.50 What's going on?
Close Price (21/02/2017) Bt 33.50
Downside % -3.0 We attended BCPs 4Q16 post-earnings analyst meeting yesterday. We left with a
Anti-Corruption Indicator Certified neutral view. Highlights included:
Key reasons for 4Q16 earnings disappointment: The main drag on 4Q16
earnings was weakness in the oil marketing business, which was negatively
affected by both a sharp lowering of marketing margin (down Bt0.24 QoQ to
Bt0.56/liter due to a sharp rise in crude oil prices) and a heavy SG&A expense
burden. On top of record normal year-end expenses, the company incurred extra
expenses for personnel, advertising and other marketing costs, additives for new
oil products, and set-up costs for Bangchak Retail Company (BCR) and SPAR.
The lower gross margin and higher expenses dragged the EBITDA of BCPs
marketing business down to near zero. Meanwhile, refinery business
outperformed the budget with a high refinery intake of 115-116 KBD, GRM rising
toward USD6.5/bbl and oil inventory gain of USD2.4/bbl.
Drivers of 2017 earnings, volume growth: BCPs FY2017 earnings should

be driven by an 8% higher crude run to 111 KBD, 10% growth in sales volume
at its marketing business, and a 20% rise in biodiesel sales volume as the
completion of a new plant boosts production capacity. However, margins appear
likely to be flat YoY as management expects GRM of USD6-7/bbl and marketing
margin of Bt0.75-0.8 in 2017, compared with USD6.0 and Bt0.79 in 2016. BCPs
non-oil business is a key source of net profit variance; the firm plans to add 120
branches of Inthanin (a brand of franchised coffee shops operated out of BCPs
oil service stations) and 55 branches of its new convenience store brand, SPAR.
Upside/downside to net profit will depend on how these efforts to expand non-
oil business fare.
Another year of heavy CAPEX in 2017: BCP estimates capital expenditure at

Bt18.5bn in 2017, most of which will go toward preparing for refinery
maintenance activities in 2018; expansion of its retail oil service station network
by 100 outlets; non-oil business including additional investment and inter-
company loans for its lithium battery business; and penetration into bio-products
and other innovation-based businesses. However, FY2017 CAPEX is about 10%
lower than planned FY2016 CAPEX of Bt20.5bn.
Impacts
We maintain our FY2017-18 earnings forecasts at Bt5.4bn and Bt4.4bn. We see
slight downside to BCPGs FY2017 net profit from delays to the start-up of solar
farm projects in Japan, but our conservative retail oil marketing margin of
Bt0.7/liter (compared with managements guidance of Bt0.75-Bt0.80/liter) provides
upside that should fully offset any downside to BCPGs earnings. Our FY2018
earnings forecast is on a downward trend (-18% YoY) as it incorporates the
potential impact of refinery shutdowns for maintenance.
Recommendation
Reiterate Neutral with target price of Bt32.5: Our rating is premised on a
lack of upside to our YE2017 target price and flattish earnings outlook for 1Q17.
Analyst Additionally, we expect a stream of earnings downgrades for FY2018 from the
Jakapong Chawengsri market (Bloomberg consensus estimate is Bt5.8bn for FY2018). However, BCP is
Jakapong.c@kasikornsecurities.com among the cheapest of the five Thai petrochemical refinery stocks under our
coverage in terms of PBV, trading at 1.05x versus 1.21x PBV for its peers.
Therefore, we maintain a Neutral rating on BCP and a target price of Bt32.5, which
is a sum-of-the-parts valuation.

BCPG TB Neutral BCPG PCL - Construction delays imply a negative 2017
outlook
Close Price (21/02/2017) Bt 12.90
Upside % +6.2 We attended a post 4Q16 analyst meeting yesterday and came away with a
Anti-Corruption Indicator N/A negative outlook of the companys near-term earnings outlook. Progresses of
almost all solar projects in Japan under construction/development are facing
delays, which means completion dates will be much later than our assumption, as
shown in Fig 1. We believe SCOD of projects 7-16 (137 MWe) slated for late 3Q17-
1Q18 is now unlikely to occur as construction has not even begun. The normal
construction period of a solar farm in Japan would take about 18 months.
Management said 2016 earnings disappointed YoY because of four factors: 1) a

lower solar irradiation in Thailand caused earnings to drop by Bt100mn; 2) a lower
electricity tariff that caused a Bt90mn hit; 3) a FX loss of Bt86mn; and 4) higher
SG&A related to a one-time expense for the SunEdison acquisition in 1Q16, an
expense regarding its IPO, and a higher holding expense from the spin-off.
Going forward in 2017, the company will focus on expansion for further
opportunities and optimize assets with a goal of reducing costs, which will apply to
projects under development, as well. It is studying a new EPC method in Japan
that utilizes robots, which could shorten the construction period for solar plants by
eight months.
The company maintained its capacity target of 1,000 MW installed by 2020 from
the current 418 MW on hand.
In domestic growth, the company will participate in the Hybrid SPP firm contract
bidding program totaling 300 MW. The NEPC plans to open bidding in 2H17.
Management was confident that it has the potential to obtain the quota as the SPP
Firm structure is limited to small players to allow them to engage in the bidding.
In addition, BCPG eyes solar cooperative phase 2 totaling 119 MW, which is
expected to be opened for bidding in 2H17, as well. The company believes it has
an advantage in terms of relationships with cooperatives.
In overseas growth, BCPG will maintain its focus on further acquisition of solar
farms in Japan, but will carefully consider whether they could provide a good return
on investment. The company is also looking for further projects mainly based in
the SEA region with interest in all types of renewable energy, i.e., solar, wind,
biomass, and geothermal.
Impact
Although we believe earnings in 2017 will recover from 2016 thanks to lower SG&A
expense from the absence of one-time expenses and a ramp-up of operations of
plants in Japan, we foresee 8-11% downside to our earnings forecast as
construction delays could result in COD of solar plants being later than this year.
This would result in earnings looking unattractive throughout 2017, with our
estimated 39.8% earnings growth, while growth will likely shift to 2018 instead.
Analyst
Jakapong Chawengsri Recommendation
Jakapong.c@kasikornsecurities.com We maintain our Neutral rating with a target price of Bt13.7, as potential 2017
earnings downside would have a limited impact on our TP. BCPG also has potential
Analyst upside from the acquisition of a wind farm in the Philippines (36 MW).
Tan Chirasittikorn
Tan.c@kasikornsecurities.com

STEC TB Outperform Sino Thai Engineering and Construction PCL -
Investment in Japanese solar farm agreed with TSE
Close Price (21/02/2017) Bt 26.50
Upside % 24.53 According to the SETs website, STEC and Thai Solar Energy PCL (TSE TB, Bt5.60,
Anti-Corruption Indicator N.A Non-rated) have entered an agreement to jointly invest in a 154.98 MW ground-
mounted solar power plant with accredited power generation in Onikoube, Miyagi
Prefecture, Japan. The agreement has a transaction value of JPY61.24bn, or
Bt19.66bn (Bt32.1 to JPY100).
The investment will be made through a joint company (TSE:STEC = 60:40). As a

result of the transaction it will:
Acquire all insured and paid-up shares of PurpleSol G.K., a limited company
incorporated in Japan in order to obtain power distribution certification granted
by the Ministry of Economy, Trade and Industry and other required licenses
including a grid-connection agreement with an electricity utility provider.
Acquire all insured and paid-up shares of SolarOne G.K., a limited company
incorporated in Japan, to obtain ownership and possessory rights to the projects
land, which has an approximate area of 2,080 rai.
Enter into a share purchase agreement with Kamisol Ltd as the seller, subject to
terms and conditions to be mutually agreed between the company and the seller.
Impacts
The investment cost is equal to Bt126.8mn per megawatt, slightly higher than the
market average cost per megawatt of Bt80-Bt110mn. Expected returns from the
project have not been disclosed.
As STEC will hold 40% in the abovementioned asset and holds 10% of TSE, its
effective stake in the project will be 46%, which implies a Bt9.0bn investment
value. Assuming the projects financing structure involves a debt/equity ratio of
4:1, STEC would need to inject cash of about Bt1.8bn as equity. Given its strong
financial position and net cash status, we believe STEC will be able to leverage up
comfortably in order to finance this investment project.
Assuming an approximately 18-month construction period, we do not expect the

transaction to have any impact on STECs earnings forecast until commercial
operations begin. We maintain our 2017 earnings forecast of Bt1.2bn, down 10.2%
YoY. Based on our rough calculation, once all 155MW of capacity is commercially
operational, the project should contribute about Bt178-320mn a year to STECs
bottom line, creating potential upside of 10-19% to our 2018 net profit forecast of
Bt1.7bn. However, the detail of development have not been released, the overall
project development will take about 5 years.
Recommendation
We maintain our Outperform rating on STEC with a 2017 target price of Bt33.00,
based on a PBV multiple of 4.8x, or 1.5SD above its historical mean. There is not
yet sufficient information to estimate the potential incremental value from the
project to STEC.
Analyst
Tareetip Wongsaengpaiboon
tareetip.w@kasikornsecurities.com

Daily News
Economic & Industry News
Tourist SIM card plan axed. Plans for special SIM cards for tourists have finally been scrapped by
the national telecom regulator after facing strong opposition from the government, which says the
idea would do more harm than good. (Bangkok Post)
New bill on foreign quota for aviation. The cabinet yesterday approved a new bill on civil
aviation that authorizes the Civil Aviation Board (CAB) to decide the proportion of foreign ownership
in Thailand's aviation business. (Bangkok Post)
US grants one-year extension of GSP privileges for Thai products. The United States has
agreed to extend trade preferences for Thai products for another year. (The Nation)
Profits soar at top petrochem companies. Thailand's two major petrochemical companies have
reported a surge in combined net profit for last year of 54.2 per cent from the prior year to Bt41.79
billion. (The Nation)
Corporate News
BCPG close to renewable deal. BCPG Plc, an electricity-generating arm of SET-listed oil refiner
Bangchak Petroleum Plc (BCP), is continuing expanding its renewable power portfolio overseas,
saying it is in talks with a company in an Asian country. (Bangkok Post)
GSB, BAAC to provide emergency loans. The Government Savings Bank (GSB) and the Bank for
Agriculture and Agricultural Cooperatives (BAAC) are set to extend a total of 10 billion baht in
emergency loans to farmers and low-income earners as part of efforts to tackle the problem of loan
sharks. (Bangkok Post)
Telecom committee turns down TOTs plan for 4G partnership. TOT'S search for a strategic
partner to launch fourth-generation cellular services on its 2.3-gigahertz band hit a snag yesterday
when the telecom committee of the National Broadcasting and Telecommunications Commission
rejected its revised business plan. (The Nation)
Property Perfect, unit seek Bt11bn for growth. Property Perfect and its subsidiary Grand Asset
Hotel and Property, which are both listed developers, plan to raise Bt11.41 billion this year by
increasing registered capital, issuing debentures, establishing a real-estate investment trust (REIT)
and selling land. (The Nation)
Thai Union Group reports seventh consecutive year of record sales. Thai Union Group has
reported a 7.3-per-cent year-over-year rise in 2016 consolidated sales to a record Bt134.375 billion.
This is the seventh consecutive year of record sales. (The Nation)
Bangchak eyes 20% surge in gross earnings. Diversified oil refiner Bangchak Petroleum
targets growing its earnings before interest, tax, depreciation and amortization (EBITDA) by 20 per
cent this year, after reporting disappointing fourth-quarter 2016 results on Monday. (The Nation)
SCB redesigns branches to be more automated. Siam Commercial Bank is embracing

automation to improve transaction efficiency at its redesigned branches to cater to the new behavior
of three customer segments - retail clients, wealthy clients, and small and medium-sized enterprises.
(The Nation)
Minor upbeat on hotel, food outlook. Minor International is confident its hotel and food businesses
will put in strong performances this year, even though its net profit receded 2.7 per cent to Bt4.57
billion last year. (The Nation)

Daily Stats
Fund Flows
Foreign net Buy/Sell in regional markets (USDmn)
17-Feb-17 20-Feb-17 21-Feb-17 5 Days 30 Days YTD 2016
Thailand 53.77 -7.78 -18.81 -4.52 -139.53 87.53 2,240.46
Indonesia -54.59 -12.06 -10.95 -105.72 28.98 -90.65 1,258.66
Philippine -0.95 -7.83 -11.10 -19.07 -107.80 -77.82 83.39
India 1,202.04 0.00 0.00 1,210.61 1,948.39 1,575.28 2,902.89
Taiwan 54.09 57.10 234.77 866.48 2,768.99 3,479.15 11,258.54
S. Korea 257.39 46.52 109.34 540.34 377.87 1,312.43 10,480.09
Vietnam -1.53 4.70 8.34 23.83 38.03 53.20 -344.70
Total 1,510.22 80.65 311.60 2,511.95 4,914.93 6,339.12 27,879.32
Source : Bloomberg
Trading Activities (Btmn)

SET Buy Sell Net 5 Days 30 Days YTD 2016
Institutions 4,055 4,254 -199 56 6,990 6,773 -8,657
Foreign Investors 12,551 13,210 -659 -161 -4,899 3,235 77,927
Local Investors 22,875 21,565 1,310 1,477 333 -11,274 -94,642
Proprietary Trading 5,398 5,850 -452 -1,372 -2,423 1,266 25,372
Index Future Long Short Net 5 Days 30 Days YTD 2016
Institutions 28,340 26,527 1,813 102 31,396 24,790 -127,656
Foreign Investors 13,339 15,295 -1,956 -3,838 -33,239 -36,129 214,365
Local Investors 76,995 76,852 143 3,736 1,843 11,339 -86,709
Metal Futures Long Short Net 5 Days 30 Days YTD 2016
Institutions 3,347 4,046 -699 141 606 3,041 512
Foreign Investors 239 306 -67 1,933 3,506 1,579 -3,321
Local Investors 3,586 2,820 766 -2,074 -4,112 -4,620 2,809
Bond Trading
Bond Trading (Btmn)
17-Feb-17 20-Feb-17 21-Feb-17 5 Days 30 Days YTD 2016
Net Foreign 1,067 724 3,559 7,494 55,801 87,961 330,926
Short term -392 496 3,927 2,044 48,083 58,885 289,238
Long term (TTM > 1Y) 1,459 228 -368 5,450 7,718 29,076 41,688
Net Asset Management 20,194 9,333 42,809 81,934 334,640 615,565 3,248,652
Short term 19,754 7,835 40,502 74,701 315,373 593,959 3,057,827
Long term (TTM > 1Y) 439 1,498 2,307 7,233 19,268 21,606 190,825
Total Outright Trading 87,462 55,017 145,645 448,297 1,954,013 3,246,892 22,409,446
Short term 66,842 34,389 128,590 330,598 1,502,811 2,560,327 16,843,737
Long term (TTM > 1Y) 20,620 20,627 17,055 117,699 451,202 686,565 5,565,709
Source : Thai BMA
22 February 2017 i Daily Stats

Daily Stats
Top Ten Short Sale

Acc % Short Sale Volume Comparing with Main Board
-1 Day -1 Week -1 Month -3 Month
LPN 32.16 6.49 2.38 1.73
KBANK 19.90 14.81 9.48 7.47
SGP 16.97 3.46 0.26 0.08
SCC 8.79 8.00 3.16 3.39
ADVANC 6.99 1.79 2.48 2.37
TOP 6.51 4.41 3.65 2.04
KTB 6.02 3.89 1.81 1.43
BBL 5.92 4.69 2.72 1.89
THAI 5.74 3.36 1.82 1.62
PTTEP 5.71 3.53 3.01 4.92
Source : SET Smart
Thai NVDR Trading Data by Stock

Top Net Buy (Btmn) Top Net Sell (Btmn)
Stock 15-Feb-17 16-Feb-17 17-Feb-17 20-Feb-17 21-Feb-17 Stock 15-Feb-17 16-Feb-17 17-Feb-17 20-Feb-17 21-Feb-17
SCB 148.08 19.33 129.20 30.89 186.29 ADVANC -651.64 -153.34 169.04 -308.91 -341.91
PTTGC 305.26 3.25 159.79 -0.92 119.12 AOT -45.32 994.74 -144.76 -220.90 -147.96
IVL -17.15 0.71 67.78 10.40 110.70 JAS 108.36 -50.64 -10.09 -65.72 -141.59
SCC 274.20 24.30 109.99 39.94 83.52 KBANK 211.17 294.65 110.98 42.89 -122.82
CPALL 107.63 -0.41 94.27 -56.51 73.35 INTUCH -99.98 -1.92 -91.90 -26.64 -120.97
MTLS 16.35 4.47 -16.13 -33.95 68.51 BBL -21.83 -8.62 -6.22 -4.19 -112.27
KKP 78.39 31.22 170.19 93.24 52.82 TRUE 37.54 28.87 27.26 21.86 -74.61
SIRI 8.77 130.66 7.55 11.43 46.05 EGCO -8.61 -29.25 -31.41 -33.62 -62.75
TISCO 160.38 15.34 -169.33 -11.50 37.23 PTTEP -27.94 -21.89 8.56 17.18 -59.36
BLAND 10.28 13.84 20.83 5.66 36.12 GPSC 13.34 6.08 -6.74 2.63 -45.83
SAW AD 19.46 1.68 78.77 -10.15 29.07 TU -63.24 -45.47 -50.69 -5.59 -29.54
BANPU 34.23 -32.35 -4.77 -35.03 24.52 BJC 7.27 11.24 -157.92 -20.95 -25.55
PSL 8.28 -1.84 -3.84 0.49 20.02 GLOW 65.52 -9.84 29.93 -14.02 -24.82
CBG 7.07 27.68 4.18 6.02 17.17 BA 4.56 -12.62 8.11 5.79 -23.18
BCP 3.05 1.89 3.22 16.66 13.95 CPF 0.79 38.69 -35.65 30.01 -22.08
SUSCO 3.36 2.03 9.39 -4.73 12.00 CK -2.50 1.31 47.53 1.09 -18.80
MC 3.17 8.74 22.49 8.45 11.50 PSH -10.63 -11.88 1.08 -3.04 -17.75
BDMS 62.34 6.78 -23.12 -14.12 11.50 FN -0.09 0.21 -0.68 0.06 -16.63
THAI 2.37 -9.80 -5.98 0.32 11.46 W HA 4.90 -2.86 6.94 3.92 -15.40
SVI 1.90 8.76 4.02 6.21 11.14 TASCO -38.53 -0.30 32.92 8.30 -12.75
Source: SET Source: SET
Net Buy/Sell 10 Days NVDR Trading by Sector

Value (% of Mkt Cap.) Value (Btmn) 21-Feb-17 5 Days
Top Buy Top Sell Buy Sell Total (%) (%)
KKP 1.69% MALEE -1.36% -- Banking 975.91 921.80 1,897.71 44.61% 35.68%
ECL 1.31% BEAUT Y -1.27% -- Energy & Utilities 698.15 839.41 1,537.56 19.35% 21.14%
SIRI 1.23% SINGER -1.22% 296.53
-- Information & Communication Technology 972.23 1,268.76 21.12% 22.98%
-- Property Development 445.15 401.11 846.26 12.10% 11.91%
W IIK 1.23% TU -0.61%
-- Transportation & Logistics 319.50 442.18 761.68 25.84% 22.75%
AMAT A 1.21% KCE -0.58%
-- Food and Beverage 300.54 314.01 614.55 25.49% 31.06%
MC 1.03% JAS -0.54%
-- Commerce 324.99 278.22 603.21 25.99% 22.37%
KSL 0.75% PPS -0.39%
-- Petrochemicals & Chemicals 353.81 121.87 475.68 19.69% 16.93%
AMANAH 0.73% ADVANC -0.39%
-- Construction Materials 229.20 164.38 393.58 14.16% 14.50%
LPN 0.73% ST A -0.38% 210.13 92.81 302.94 20.72% 19.13%
-- Finance and Securities
SAW AD 0.70% ASEFA -0.36% -- Health Care Services 142.86 131.33 274.19 27.37% 30.26%
MCS 0.69% SC -0.36% -- Electronic Components 75.60 48.19 123.79 28.52% 31.92%
T ISCO 0.68% SPALI -0.35% -- Media & Publishing 56.72 45.90 102.62 20.08% 16.02%
SUSCO 0.67% SY NT EC -0.34% -- Insurance 38.20 19.13 57.33 16.07% 22.31%
SNC 0.61% JMART -0.33% -- Agribusiness 29.38 17.33 46.71 9.41% 12.45%
APURE 0.58% UKEM -0.33% -- Steel 23.03 12.88 35.91 1.80% 4.78%
T RUBB 0.51% NYT -0.32% -- Industrial Materials & Machinery 9.76 2.52 12.28 9.48% 5.54%
SVI 0.51% MAX -0.31% -- Tourism & Leisure 8.32 2.20 10.52 13.32% 12.11%
KBANK 0.49% EGCO -0.30% -- Packaging 8.29 1.90 10.19 6.72% 11.64%
ST EC 0.48% IRPC -0.27% -- Personal Products & Pharmaceuticals 5.21 0.28 5.49 11.94% 5.06%
T HIP 0.47% T HCOM -0.27% *% of Trading Volumn in Underlying Securities traded in each sector
Source: SET Source: SET, KS
22 February 2017 ii Daily Stats

Daily Stats
Daily Driver Stats (Market Summary)
%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
World Stock Index
Dow Jones 20,743.00 0.58% 1.16% 4.62% 24.66% 4.96% 20,743.00 16,391.99
S&P 500 2,365.38 0.60% 1.19% 4.14% 21.42% 5.65% 2,365.38 1,917.78
Nasdaq 5,865.95 0.47% 1.44% 5.59% 27.79% 8.97% 5,865.95 4,503.58
FTSE 100 7,274.83 -0.34% 0.09% 1.06% 19.34% 1.85% 7,337.81 5,867.18
DAX 11,967.49 1.18% 1.66% 2.90% 25.80% 4.24% 11,967.49 9,167.80
CAC 4,888.76 0.49% -0.14% 0.79% 13.31% 0.54% 4,924.86 3,984.72
NIKKEI 19,381.44 0.68% 0.74% 1.27% 19.72% 1.40% 19,594.16 14,952.02
Hang Seng 23,963.63 -0.76% 1.10% 4.71% 23.75% 8.92% 24,146.08 18,888.75
MSCI Ex. JP 390.24 0.17% 0.95% 5.48% 25.87% 9.85% 390.24 306.21
S&P Volatility (VIX Index) 11.57 0.70% 7.73% 0.26% -41.60% -17.59% 25.76 10.58
Dow Jones Real Estate 315.61 1.25% 1.71% 2.78% 12.51% 3.53% 338.01 274.01
Dow Jones Financial Sector 530.13 0.63% 1.15% 5.25% 33.90% 5.32% 530.13 388.35
Dow Jones Construction Material 666.04 1.33% 1.30% 3.85% 26.66% 5.57% 670.73 500.03
Dow Jones Energy 591.72 0.72% -1.64% -3.60% 23.73% -4.59% 638.25 469.65
Dow Jones Technology 1,667.44 0.55% 1.47% 6.86% 34.64% 10.61% 1,667.44 1,213.63
Dow Jones Health Care 785.79 0.48% 1.50% 5.93% 11.64% 7.46% 796.93 689.60
Dow Jones Consumer Services 814.09 0.67% 1.33% 3.76% 16.29% 6.42% 814.09 682.73
SET Indices
SET Index 1,564.42 -0.89% -0.50% 0.09% 16.48% 1.39% 1,591.00 1,320.19
SET 100 Index 2,213.02 -0.90% -0.20% 0.51% 15.73% 1.60% 2,251.19 1,876.96
SET 50 Index 981.03 -0.88% -0.06% 0.85% 14.14% 1.68% 998.44 844.43
MAI Index 624.64 -1.55% -1.03% -2.20% 24.96% 1.36% 646.02 493.07
Energy 20,799.30 -0.35% 1.77% -0.12% 31.49% 1.34% 21,627.10 15,610.11
Bank 528.23 -0.99% -0.54% 3.37% 11.62% 5.81% 534.81 440.37
Property 274.52 -1.20% -1.66% -1.37% 10.89% 1.72% 290.01 243.68
Transportation 275.98 -1.99% -0.51% -1.90% 4.88% -1.52% 300.22 256.38
Construction Materials 13,543.41 -0.49% -0.77% 1.61% 10.25% 4.04% 14,187.87 12,083.55
ICT 156.33 -1.44% -0.99% 1.20% 2.61% 5.90% 173.26 140.39
Electronic 2,160.94 -1.14% -1.50% -1.03% 13.12% 0.81% 2,237.93 1,597.34
Commerce 35,366.25 -0.44% -1.53% -1.54% 25.27% -4.32% 37,477.05 27,501.27
Hospitality & Leisure 588.45 -0.38% -0.51% -1.09% 1.31% -1.93% 646.81 563.74
Fixed Income and FX
US 2-Y yield 1.21 1.56% -2.24% 1.53% 52.09% 1.55% 1.27 0.55
US 5-Y yield 1.92 0.97% -2.20% -0.86% 54.86% -0.39% 2.09 0.94
US 10-Y yield 2.43 0.59% -1.65% -1.53% 37.83% -0.63% 2.60 1.36
US Ted Spread 0.54 0.00% 7.67% -1.56% 65.49% 7.40% 0.69 0.30
Thai 2-Y yield 1.59 -0.23% -1.30% -0.23% 6.95% -6.34% 1.75 1.36
Thai 5-Y yield 2.14 0.25% -0.02% 0.25% 22.08% -1.53% 2.31 1.47
Thai 10-Y yield 2.74 0.32% -0.06% 0.32% 28.97% 2.81% 2.90 1.54
Thai TED Spread 0.16 -1.09% 1.09% -0.88% -25.58% 71.66% 0.25 0.07
Dollar Index 101.37 0.42% 0.12% 0.63% 3.28% -0.82% 103.30 92.63
French CDS USD SR 5Y 69.16 2.64% 24.91% 75.83% 85.48% 86.87% 69.16 27.26
Greece 5Yr USD CDS 5124.67 0.00% 0.00% 0.00% 0.00% 0.00% 5,124.67 5,124.67
Portugal 5Yr USD CDS 290.23 0.19% 2.92% 7.74% -10.89% 5.92% 348.99 237.83
Ireland 5Yr USD CDS 68.66 0.00% 2.90% 9.57% 3.35% 7.70% 70.26 57.81
Spain 5Yr USD CDS 81.54 1.21% 2.26% 13.47% -27.90% 7.83% 131.55 66.08
Italy 5Yr USD CDS 194.77 0.89% 7.41% 30.25% 34.13% 23.89% 194.77 112.90
German 5Yr USD CDS 25.10 0.16% 11.30% 26.54% 5.53% 15.20% 25.10 15.71
US 5Yr CDS 19.89 0.00% 0.00% 0.00% 1.11% 0.00% 20.43 19.19
Thailand 5Yr CDS 58.94 -6.77% -7.93% -21.59% -61.89% -27.76% 160.79 58.94
Indonesia 5Yr CDS 132.17 -2.42% -0.38% -11.49% -44.18% -16.29% 242.66 132.17
Philippines 5Yr CDS 85.28 -3.09% 0.66% -16.39% -29.68% -22.24% 134.81 84.33
USD : EURO 1.05 -0.76% -0.73% -0.92% -4.35% -0.08% 1.16 1.04
USD : POUND 0.81 0.46% 0.41% -1.03% 12.70% -0.89% 0.83 0.67
USD : Yen 113.69 0.45% 0.25% -1.29% 0.56% -2.67% 118.35 99.99
USD : Yuan 6.88 0.09% 0.30% 0.08% 5.32% -0.86% 6.96 6.46
Source: Bloomberg
22 February 2017 iii Daily Stats

Daily Stats
Daily Driver Stats (Commodity)
%Change 52 week
Current Index
1D 1W 1M 1Y YTD High Low
Current Price Related Stocks
Nymex Futures 1 M (USD/bbl) 54.06 1.24% 1.62% 3.13% 64.92% 0.63% 54.06 31.87 PTT, PTTEP
GRM (USD/bbl) 6.52 1.72% -13.64% -1.36% 16.22% -6.72% 11.20 2.87 PTTGC,TOP,IRPC,ESSO
Newcastle Coal Price (USD/tonne) 78.49 0.00% -3.79% -6.34% 48.82% -14.92% 112.90 49.55 BANPU,LANNA,UMS
Baltic Dry Index (BDI) 778.00 2.77% 13.58% -15.89% 137.92% -19.04% 1,257.00 318.00 TTA , P SL, RCL, JUTHA , ASIM A R
Gold (USD/ounce) 1,229.24 -0.53% 0.06% 2.44% -0.29% 6.01% 1,373.99 1,130.70
Thai Gold Bar (Bath/15.244 g) 20,510.00 -0.34% 0.34% 1.23% -1.71% 3.48% 22,990.00 19,330.00
Near Month Gold Future (Baht) 20,350.00 -0.25% 0.49% 0.74% -1.21% 3.56% 22,700.00 19,150.00
Silver (USD/ounce) 1,789.00 -0.50% -0.08% 5.92% 17.93% 10.16% 2,071.00 1,475.00
Copper Spot (USD/MT) 6,045.50 -0.21% 0.69% 5.51% 28.23% 9.46% 6,103.50 4,495.75
CRB Index 192.05 -0.04% -0.12% -1.01% 18.79% -0.24% 195.82 160.44
Zinc (USD/tonne) 2,875.00 -0.31% -0.96% 3.90% 63.54% 11.61% 2,924.00 1,730.00 PDI
Malaysian Palm Oil (MYR/tonne) 3,198.00 0.00% -2.72% -3.03% 30.90% -0.02% 3,348.00 2,296.50 TVO, UVAN, UPOIC
Sugar Price (US cent/lb) 20.74 2.37% 1.82% 2.57% 45.14% 7.74% 22.91 14.20 KBS,KSL, KTIS, BRR
Soybeans (USD/lb) 10.11 -1.70% -1.82% -3.83% 18.55% 2.51% 11.68 8.51
Soybean Oil (USD/pound) 31.02 -2.67% -4.52% -7.82% 5.05% -5.77% 37.43 27.83 TVO, UVAN, UPOIC
Soybean Meal (USD/short ton) 339.00 0.00% 1.07% -2.36% 25.32% 4.89% 424.80 270.50
Rubber (JPY/kg) 292.00 -1.02% -10.54% 1.28% 87.66% 10.65% 351.40 147.20 STA, TRUBB
Chicken - (Bt/kg) 40.50 0.00% 0.00% 3.18% -2.41% -1.22% 43.50 34.75 CPF,GFPT
Pork (Bt/kg) 59.75 0.00% -2.65% -2.65% -19.53% -10.00% 77.63 59.00 CPF
Ethylene (USD/tonne) 1,290.00 0.00% 4.03% 17.27% 32.99% 17.27% 1,290.00 910.00
Propyene (USD/tonne) 965.00 0.00% 4.32% 13.53% 62.18% 14.20% 965.00 580.00
HDPE (USD/tonne) 1,200.00 0.00% 0.84% 5.26% 6.19% 2.56% 1,200.00 1,090.00
PVC CFR Far East (USD/tonne) 950.00 0.0% 2.2% 5.0% 24.2% 5.6% 960.00 730.00
Naptha (USD/tonne) 510.00 -0.20% -3.57% -0.73% 51.11% 2.72% 528.88 308.25
Ethylene Spread (Olefin) 780.00 0.13% 9.69% 33.05% 23.32% 29.25% 835.00 500.25 PTTGC
Propylene Spread (Olefin) 455.00 0.22% 14.86% 35.32% 76.70% 30.56% 466.00 246.50 PTTGC
HDPE Spread (Olefin) 690.00 0.15% 4.37% 10.18% -12.93% 2.45% 810.00 612.75 PTTGC, SCC
Hot Rolled Coil (USD/tonne) 477.50 0.00% 0.53% -2.55% 78.50% -3.54% 499.00 267.50 SSI, GSTEL, GJS
Slab (USD/tonne) 415.00 0.00% 2.47% -1.19% 74.74% -1.19% 422.50 237.50 SSI
Scrap (USD/tonne) 262.50 0.00% 12.18% -2.78% 42.28% -5.41% 322.00 173.00 TSTH, GSTEL, GJS
Spread HRC-Slab (USD/tonne) 62.50 0.00% -10.71% -10.71% 108.33% -16.67% 87.50 17.50 SSI
Source : Bloomberg, SET Smart
Source : Bloomberg, SET Smart
22 February 2017 iv Daily Stats

Daily Stats
Director Trade
Director Trade
Transaction Stock Types of Name of Management Transaction Avg Price Amount Total Remark
Date Securities (Bt) (shares) (Bt)
20-Feb-17 K Common share CHAYAWAT PISESSITH Sell 6.30 5,000,000 31,500,000
20-Feb-17 EPCO Common share YUTH CHINSUPAKUL Buy 7.53 200,000 1,506,000
20-Feb-17 KIAT Common share KIATICHAI MONSEREENUSORN Buy 0.69 1,625,000 1,121,250
20-Feb-17 KIAT W arrant KIATICHAI MONSEREENUSORN Sell 0.24 4,704,000 1,128,960
20-Feb-17 PSH Common share RATTANA PROMSAWAD Buy 22.40 100,000 2,240,000
17-Feb-17 SUSCO W arrant MONGKOL SIMAROJ Sell 0.87 900,000 783,000
Source : www.sec.or.th
22 February 2017 v Daily Stats

Daily Stats
Insider Trading
Change 1W (Btmn) Change 1M (Btmn) Change 3M (Btmn) Change 6M (Bt mn) Change YTD (Bt mn)
Gainers Gainers Gainers Gainers Gainers

PYLON 143.00 PYLON 143.00 TU 321.50 JAS 17703.41 SIRI 148.78
TFD 8.46 PACE 122.60 AIRA 250.00 TU 633.98 PYLON 143.00
SIM 1.05 SIRI 42.49 SIRI 156.44 BDMS 516.96 PACE 122.60
PTTEP 0.98 NPP 16.88 PYLON 143.00 TRITN 392.93 TRC 83.08
EPCO 0.09 CK 14.38 TRITN 125.44 AIRA 249.76 SMT 39.94
2S SMT 11.78 PACE 122.60 PACE 206.57 MONO 23.89
A MONO 9.95 MTI 83.42 SIRI 178.40 NPP 20.58
AAV TPIPL 7.17 TRC 83.08 SYNTEC 158.24 CK 14.38
ACAP MINT 6.83 SMT 39.94 VNG 156.83 CCN 12.00
ADVANC TFD 4.46 TFG 27.52 EARTH 154.87 MC 11.18
Losers Losers Losers Losers Losers

EA -63.00 BA -136.15 PS -35813.85 PS -35816.09 BA -136.10
UTP -5.79 ASP -98.45 SCN -1027.00 BEAUTY -6600.43 HOTPOT -120.40
GLOBAL -1.74 EA -63.00 BDMS -594.82 PTG -3343.30 ASP -98.45
CCP -1.40 DCORP -57.50 MCS -433.59 COM7 -1073.50 EA -63.00
SIRI -1.30 GUNKUL -44.85 PTG -383.06 SCN -1027.00 CHG -62.00
KAMART -0.53 UTP -37.50 AP -357.84 TKN -892.29 BSM -60.00
NUSA -0.44 TPOLY -18.74 BA -317.45 SUTHA -885.63 DCORP -57.50
TOP -0.35 DNA -16.70 CHG -291.68 MCS -741.18 STAR -52.55
KSL -0.31 TU -14.84 AU -184.76 BA -495.72 BJC -45.50
KTC -0.07 SYNTEC -12.35 HOTPOT -151.20 IFEC -442.56 GUNKUL -44.85
Source: KS Research, as of 20 February 2017
Foreign Ownership - top ten gainers and losers
Change 1D Change 1W Change 1M Change 3M Change YTD
Gainers Gainers Gainers Gainers Gainers

SIRI 0.53 SIRI 0.97 LPN 3.98 PSH 5.86 LPN 4.07
LPN 0.43 LPN 0.70 SIRI 2.40 TMB 3.04 TMB 2.66
AOT 0.34 TMB 0.44 TISCO 1.79 SAWAD 2.98 KBANK 2.46
MAJOR 0.25 TISCO 0.38 TMB 1.55 KBANK 2.65 SIRI 2.46
SAMART 0.13 TCAP 0.34 KBANK 1.13 PTTGC 2.64 SAWAD 2.27
CENTEL 0.07 SPALI 0.29 TOP 0.90 KCE 1.88 TISCO 1.99
TOP 0.07 AMATA 0.29 MTLS 0.83 SIRI 1.84 MTLS 1.33
SAWAD 0.06 ADVANC 0.28 TCAP 0.73 MTLS 1.60 PTTGC 1.31
STEC 0.06 SAWAD 0.27 KTB 0.72 THCOM 1.47 BANPU 1.25
EPG 0.05 TOP 0.25 CHG 0.69 TISCO 1.35 TOP 1.13
Losers Losers Losers Losers Losers

BEAUTY -0.18 BEAUTY -1.27 BEAUTY -4.15 AMATA -7.97 MAJOR -4.14
PLANB -0.16 HANA -0.66 MAJOR -2.15 BEAUTY -5.99 BEAUTY -2.93
HANA -0.15 TU -0.51 HANA -2.14 MAJOR -5.30 STEC -2.73
TU -0.15 UNIQ -0.50 TU -1.47 HANA -4.39 WHA -2.69
UNIQ -0.14 AOT -0.39 GLOW -1.40 WHA -3.72 HANA -2.57
TRUE -0.11 GLOW -0.29 KCE -1.29 TU -3.58 AMATA -2.49
SPRC -0.11 KCE -0.28 AMATA -1.27 KTC -3.19 UNIQ -1.90
KKP -0.10 TRUE -0.28 MINT -1.17 STEC -3.05 TU -1.62
CHG -0.09 HMPRO -0.24 PTTEP -1.12 COM7 -2.90 AOT -1.38
BDMS -0.07 PSH -0.22 STEC -1.02 MINT -2.69 GLOW -1.35
Source: SET100, Setsmart
22 February 2017 vi Daily Stats

Daily Stats
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
02/23/2017 02/27 Thailand Car Sales Jan -- -- 86858 --
02/24/2017 14:30 Thailand Foreign Reserves 17-Feb-17 -- -- $180.3b --
02/24/2017 14:30 Thailand Forward Contracts 17-Feb-17 -- -- $23.2b --
02/27/2017 Thailand Customs Exports YoY Jan -- -- 6.20% --
02/27/2017 Thailand Customs Imports YoY Jan -- -- 10.30% --
02/27/2017 Thailand Customs Trade Balance Jan -- -- $938m --
02/27/2017 02/28 Thailand Mfg Production Index ISIC NSA YoY Jan -- -- 0.50% --
02/27/2017 02/28 Thailand Capacity Utilization ISIC Jan -- -- 63.3 --
02/28/2017 14:30 Thailand Exports YoY Jan -- -- 5.60% --
02/28/2017 14:30 Thailand Exports Jan -- -- $18072m --
02/28/2017 14:30 Thailand Imports YoY Jan -- -- 10.50% --
02/28/2017 14:30 Thailand Imports Jan -- -- $16025m --
02/28/2017 14:30 Thailand Trade Balance Jan -- -- $2047m --
02/28/2017 14:30 Thailand BoP Current Account Balance Jan -- -- $3719m --
02/28/2017 14:30 Thailand BoP Overall Balance Jan -- -- -$3503m --
03/01/2017 07:30 Thailand Nikkei Thailand PMI Mfg Feb -- -- 50.6 --
03/01/2017 10:30 Thailand CPI YoY Feb -- -- 1.55% --
03/01/2017 10:30 Thailand CPI NSA MoM Feb -- -- 0.16% --
03/01/2017 14:30 Thailand Business Sentiment Index Feb -- -- 50.1 --
03/01/2017 Thailand CPI Core YoY Feb -- -- 0.75% --
02/22/2017 08:30 China China January Property Prices 0 0 0 0
02/22/2017 17:00 Eurozone CPI MoM Jan -0.80% -- 0.50% 0.50%
02/22/2017 17:00 Eurozone CPI YoY Jan F 1.80% -- 1.80% 1.10%
02/22/2017 17:00 Eurozone CPI Core YoY Jan F 0.90% -- 0.90% --
02/22/2017 19:00 United States MBA Mortgage Applications 17-Feb-17 -- -- -3.70% --
02/22/2017 21:00 China Conference Board C hina January Leading Economic Index 0 0 0 0
02/22/2017 22:00 United States Revisions: Existing Home Sales 0 0 0 0
02/22/2017 22:00 United States Existing Home Sales Jan 5.55m -- 5.49m --
02/22/2017 22:00 United States Existing Home Sales MoM Jan 1.10% -- -2.80% --
02/23/2017 02:00 United States FOMC Meeting Minutes 1-Feb-17 -- -- -- --
02/23/2017 06:50 Japan PPI Services YoY Jan 0.50% -- 0.40% --
02/23/2017 06:50 Japan Japan Buying Foreign Bonds 17-Feb-17 -- -- -297.4b --
02/23/2017 06:50 Japan Japan Buying Foreign Stocks 17-Feb-17 -- -- -96.7b --
02/23/2017 06:50 Japan Foreign Buying Japan Bonds 17-Feb-17 -- -- -99.2b --
02/23/2017 06:50 Japan Foreign Buying Japan Stocks 17-Feb-17 -- -- 175.6b --
02/23/2017 08:00 China Swift Global Payments CNY Jan -- -- 0.0168 --
02/23/2017 12:00 Japan Leading Index CI Dec F -- -- 105.2 --
02/23/2017 12:00 Japan Coincident Index Dec F -- -- 115.2 --
02/23/2017 20:30 United States Chicago Fed Nat Activity Index Jan 0 -- 0.14 --
02/23/2017 20:30 United States Initial Jobless Claims 18-Feb-17 240k -- 239k --
02/23/2017 20:30 United States Continuing Claims 11-Feb-17 2068k -- 2076k --
02/23/2017 21:00 United States House Price Purchase Index QoQ 4Q -- -- 1.50% --
02/23/2017 21:00 United States FHFA House Price Index MoM Dec 0.50% -- 0.50% --
02/23/2017 21:45 United States Bloomberg Consumer Comfort 19-Feb-17 -- -- 48.1 --
02/23/2017 23:00 United States Kansas City Fed Manf. Activity Feb 9 -- 9 --
02/23/2017 Japan Cabinet Office Monthly Economic Report for February 0 0 0 0
02/24/2017 22:00 United States New Home Sales Jan 572k -- 536k --
02/24/2017 22:00 United States New Home Sales MoM Jan 6.70% -- -10.40% --
02/24/2017 22:00 United States U. of Mich. Sentiment Feb F 96 -- 95.7 --
02/24/2017 22:00 United States U. of Mich. Current Conditions Feb F -- -- 111.2 --
Source : Bloomberg
22 February 2017 vii Daily Stats

Daily Stats
Economic Calendar
Date Time Country Event Period Survey Actual Prior Revised
02/24/2017 22:00 United St ates U. of Mich. Expectat ions Feb F -- -- 85.7 --
02/24/2017 22:00 United St ates U. of Mich. 1 Yr Inflation Feb F -- -- 2.80% --
02/24/2017 22:00 United St ates U. of Mich. 5-10 Yr Inflation Feb F -- -- 2.50% --
02/27/2017 16:00 Eurozone M3 Money Supply YoY Jan -- -- 5.00% --
02/27/2017 17:00 Eurozone Economic Confidence Feb -- -- 107.9 --
02/27/2017 17:00 Eurozone Business Climate Indicator Feb -- -- 0.77 --
02/27/2017 17:00 Eurozone Indust rial Confidence Feb -- -- 0.8 --
02/27/2017 17:00 Eurozone Services Confidence Feb -- -- 12.9 --
02/27/2017 17:00 Eurozone Consumer Confidence Feb F -- -- -6.2 --
02/27/2017 20:30 United St ates Durable Goods Orders Jan P 2.00% -- -0.50% --
02/27/2017 20:30 United St ates Durables Ex Transportat ion Jan P 0.40% -- 0.50% --
02/27/2017 20:30 United St ates Cap Goods Orders Nondef Ex Air Jan P 0.50% -- 0.70% --
02/27/2017 20:30 United St ates Cap Goods Ship Nondef Ex Air Jan P -- -- 1.00% --
02/27/2017 22:00 United St ates Pending Home Sales MoM Jan 0.90% -- 1.60% --
02/27/2017 22:00 United St ates Pending Home Sales NSA Y oY Jan -- -- -2.00% --
02/27/2017 22:30 United St ates Dallas Fed Manf. Activity Feb 19 -- 22.1 --
02/28/2017 06:50 Japan Indust rial Product ion MoM Jan P -- -- 0.70% --
02/28/2017 06:50 Japan Indust rial Product ion YoY Jan P -- -- 3.20% --
02/28/2017 06:50 Japan Ret ail Trade Y oY Jan -- -- 0.60% 0.70%
02/28/2017 06:50 Japan Ret ail Sales MoM Jan -- -- -1.70% -1.60%
02/28/2017 06:50 Japan Dept. Store, Supermarket Sales Jan -- -- -1.30% --
02/28/2017 11:00 Japan Vehicle Production Y oY Jan -- -- 4.20% --
02/28/2017 12:00 Japan Housing Start s YoY Jan -- -- 3.90% --
02/28/2017 12:00 Japan Annualized Housing Starts Jan -- -- 0.923m --
02/28/2017 12:00 Japan Construction Orders YoY Jan -- -- 7.10% --
02/28/2017 12:00 Japan Small Business Confidence Feb -- -- 48.3 --
02/28/2017 17:00 Eurozone CPI Est imate YoY Feb -- -- 1.80% --
02/28/2017 17:00 Eurozone CPI Core Y oY Feb A -- -- -- --
02/28/2017 20:30 United St ates GDP Annualized QoQ 4Q S 2.10% -- 1.90% --
02/28/2017 20:30 United St ates Personal Consumption 4Q S -- -- 2.50% --
02/28/2017 20:30 United St ates GDP Price Index 4Q S 2.10% -- 2.10% --
02/28/2017 20:30 United St ates Core PCE QoQ 4Q S -- -- 1.30% --
02/28/2017 20:30 United St ates Advance Goods Trade Balance Jan -$65.9b -- -$65.0b -$64.4b
02/28/2017 20:30 United St ates Wholesale Invent ories MoM Jan P 0.40% -- 1.00% --
02/28/2017 20:30 United St ates Ret ail Inventories MoM Jan -- -- 0 --
02/28/2017 21:00 United St ates S&P CoreLogic CS 20-Cit y MoM SA Dec -- -- 0.88% --
02/28/2017 21:00 United St ates S&P CoreLogic CS 20-Cit y Y oY NSA Dec -- -- 5.27% --
02/28/2017 21:00 United St ates S&P CoreLogic CS 20-Cit y NSA Index Dec -- -- 192.14 --
02/28/2017 21:00 United St ates S&P CoreLogic CS US HPI Y oY NSA Dec -- -- 5.64% --
02/28/2017 21:00 United St ates S&P CoreLogic CS US HPI NSA Index Dec -- -- 185.23 --
02/28/2017 21:45 United St ates Chicago Purchasing Manager Feb 52.8 -- 50.3 --
02/28/2017 22:00 United St ates Conf. Board Consumer Confidence Feb 110.9 -- 111.8 --
02/28/2017 22:00 United St ates Conf. Board Present Situation Feb -- -- 129.7 --
02/28/2017 22:00 United St ates Conf. Board Expectations Feb -- -- 99.8 --
02/28/2017 22:00 United St ates Richmond Fed Manufact . Index Feb -- -- 12 --
03/01/2017 06:50 Japan Capital Spending YoY 4Q -- -- -1.30% --
03/01/2017 06:50 Japan Capital Spending Ex Soft ware 4Q -- -- -1.40% --
03/01/2017 06:50 Japan Company Profits 4Q -- -- 11.50% --
03/01/2017 06:50 Japan Company Sales 4Q -- -- -1.50% --
03/01/2017 07:30 Japan Nikkei Japan PMI Mfg Feb F -- -- 53.5 --
Source : Bloomberg
22 February 2017 viii Daily Stats

Daily Stats
Company's Calendar
As of 21 February 2017
Mon Tue Wed Thu Fri Sat
20-Feb-17 21-Feb-17 22-Feb-17 23-Feb-17 24-Feb-17 25-Feb-17
0
GPSC-XD@0.7 SPG-XD@0.45 DELTA-XD@3
New Listing: BCH42C1710A FUTUREPF-XD@0.351 GBX-XD@0.03
TCIF-XD@0.215
New Listing: BEM42C1710A MNIT-XD@0.0175
TTLPF-XD@0.4505
New Listing: BEM42P1710A TRIF-XD@0.225
MNIT2-XD@0.0556
New Listing: MTLS42C1710A CPTGF-XD@0.2154 M-STOR-XD@0.19
THIF-XD@0.1448 M-PAT-XD@0.178
JASIF-XD@0.23 IMPACT-XD@0.17
EGATIF-XD@0.12
GVREIT-XD@0.1887
27-Feb-17 28-Feb-17 1-Mar-17 2-Mar-17 3-Mar-17 4-Mar-17
IRPC-XD@0.23 TASCO-XD@0.6 STEC-XD@0.22 PT-XD(ST)@1(O):1(N) TPC-XD@1.75

BOL-XD@0.07 MBKET-XD@0.95 BCP-XD@1 PT-XD@0.88 DCC-XD@0.036
TOP-XD@3 SPVI-XD@0.012 RATCH-XD@1.25 KWG-XR1(O):3.2(N)@2.63 TAPAC-XD(ST)@2.7(O):1(N)
MJLF-XD@0.26 EGCO-XD@3.25 TAPAC-XD@0.0412
KIAT-XD@0.03 SAT-XD@0.41 TMT-XD@1.5
IFS-XD(ST)@20(O):1(N) PM-XD@0.59 KSL-XD@0.1
IFS-XD@0.1 PTTGC-XD@1.8 DRT-XD@0.15
KPNPF-XD@0.1 TH100-XD@0.14 QLT-XD@0.15
PLANB-XD@0.035 GCAP-XD@0.11 TMI-XD@0.006
PPP-XD@0.26
6-Mar-17 7-Mar-17 8-Mar-17 9-Mar-17 10-Mar-17 11-Mar-17
SINGER-XD@0.25 MACO-XD@0.011 PRIN-XD@0.06

TU-XD@0.31 AMATAR-XD@0.05
THANI-XD@0.21
FPI-XD@0.1
SYNEX-XD@0.26
GLOBAL-XD(ST)@20(O):1(N)
GLOBAL-XD@0.165555555554
Remark
XD - Cash Dividend XR - Rights for Common
XD(ST) - Stock Dividend XW - Rights for Warrant
Source : SET as of previous trading day
22 February 2017 ix Daily Stats

Daily Stats
Company's Calendar
As of 21 February 2017
Mon T ue Wed T hu Fri Sat
20-Feb-17 21-Feb-17 22-Feb-17 23-Feb-17 24-Feb-17 25-Feb-17
0 0
Delisted share: GL13C1702A Delisted share: IFEC-W1
Delisted share: CBG13C1702A
Delisted share: KCE13C1702A
27-Feb-17 28-Feb-17 1-Mar-17 2-Mar-17 3-Mar-17 4-Mar-17
Delisted share: AAV27C1702A Delisted share: CPAL13C1702A Delisted share: BANP08P1702A

Delisted share: AOT27C1702A Delisted share: KTC13C1702A Delisted share: CHG08C1702A
Delisted share: BEC27C1702A Delisted share: TTA- W4 Delisted share: DTAC08C1702A
Delisted share: CPF27C1702A Delisted share: EPG08C1702A
Delisted share: CPN27C1702A Delisted share: ITD08C1702A
Delisted share: JAS27C1702A Delisted share: ITD08P1702A
Delisted share: ROBI27C1702A Delisted share: KBAN08P1702A
Delisted share: BCH42C1702A Delisted share: PLAN08C1702A
Delisted share: BEM42C1702A Delisted share: PTT08C1702A
Delisted share: BEM42P1702A Delisted share: PTT08P1702A
Delisted share: IFEC42C1702A Delisted share: PTTE08C1702A
Delisted share: MTLS42C1702A Delisted share: PTTE08P1702A
Delisted share: PTTG08P1702A
Delisted share: SIRI08C1702A
Delisted share: SIRI08P1702A
Delisted share: STPI08C1702A
Delisted share: THCO08C1702A
Delisted share: TTA08C1702A
Delisted share: WHA08C1702A
Delisted share: BA01C1702A
Delisted share: BA01P1702A
Delisted share: CPF01C1702A
Delisted share: CPF01P1702A
Delisted share: BCP01C1702A
Delisted share: BCP01P1702A
Delisted share: CENT01C1702A
Delisted share: CENT01P1702A
Delisted share: CPN01C1702A
Delisted share: CPN01P1702A
Delisted share: DELT01C1702A
Delisted share: DTAC01C1702A
Delisted share: DTAC01P1702A
Delisted share: ITD01C1702A
Delisted share: ITD01P1702A
Delisted share: KBAN01C1702A
Delisted share: KBAN01P1702A
Delisted share: KTB01C1702A
Delisted share: KTB01P1702A
Delisted share: MINT01C1702A
Delisted share: MINT01P1702A
Delisted share: PTT01C1702A
Delisted share: PTT01P1702A
Delisted share: SCB01C1702A
Delisted share: SCB01P1702A
Delisted share: SPAL01C1702A
Delisted share: SPAL01P1702A
Delisted share: TPIP01C1702A
Delisted share: TPIP01P1702A
Delisted share: S5001C1702A
Delisted share: S5001P1702A
Delisted share: S5001C1702B
Delisted share: S5001P1702B
Delisted share: CK06C1702A Delisted share: JAS28C1703A

Delisted share: AOT06C1702A Delisted share: HMPR28C1703A
Delisted share: AOT06P1702A Delisted share: PTG28C1703A
Delisted share: BLAN06C1702A Delisted share: BLA28C1703A
Delisted share: HMPR06C1702A Delisted share: CBG28C1703A
Delisted share: MINT06C1702A Delisted share: GLOB28C1703A
Delisted share: PLAN06C1702A Delisted share: BDMS28P1703A
Delisted share: RS06C1702A Delisted share: BEAU28C1703A
Delisted share: SAMA06C1702A Delisted share: DTAC28C1703A
Delisted share: SPAL06C1702A Delisted share: IFEC28C1703A
Delisted share: THAI06C1702A Delisted share: KTB28C1703A
Delisted share: CPAL23C1702A Delisted share: KTB28P1703A
Delisted share: CPAL23P1702A Delisted share: CBG13C1703A
Delisted share: CPF23C1702A Delisted share: CPAL28C1703A
Delisted share: CPF23P1702A Delisted share: CPF28C1703A
Delisted share: CPN23C1702A Delisted share: TRUE28C1703A
Delisted share: CPN23P1702A Delisted share: BCH28C1703A
Delisted share: LHBA23C1702A Delisted share: CHG28C1703A
Delisted share: SAMA23C1702A Delisted share: TASC28C1703A
Delisted share: TISC23C1702A Delisted share: IFEC28C1703B
Delisted share: TU23C1702A Delisted share: ITD28C1703A
Delisted share: ADVA23P1702A Delisted share: PLAN28C1703A
Delisted share: AMAT11C1702A Delisted share: TPIP28C1703A
Delisted share: BBL11C1702A Delisted share: BA28C1703A
Delisted share: BBL11P1702A Delisted share: BBL28C1703A
Delisted share: BEM11C1702A Delisted share: KTC28C1703A
Delisted share: CPAL11C1702A Delisted share: ROBI28C1703A
Delisted share: CPAL11P1702A Delisted share: GL28C1703A
Delisted share: CPN11C1702A Delisted share: BANP28C1703A
Delisted share: CPN11P1702A Delisted share: BH28C1703A
Delisted share: EPG11C1702A Delisted share: IFEC28C1703C
Delisted share: ITD11C1702A
Delisted share: PLAN11C1702A
Delisted share: PTG11C1702A
Delisted share: SPAL11C1702A
Delisted share: STEC11C1702A
Delisted share: WHA11C1702A
Delisted share: TRUE13C1703A

Delisted share: BDMS13C1703A
Delisted share: PTTE13C1703A
22 February 2017 x Daily Stats

Daily Stats
Analyst Certification
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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Corporate Governance Report 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 companies listed on the Stock Exchange of Thailand
and the Market of Alternative Investment disclosed to the public and able to be accessed by a general public investor at http://www.thai-
iod.com/en/publications-detail.asp?id=170 . The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based
on inside information.
The survey result is as of the data appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey result may be changed after
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Structured Notes and Derivative Warrants Disclaimer
KS may be the issuer of structured notes on these securities.
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
in the prospectus before making any investment decisions.
DWs Underlying Stocks: AAV, ADVANC, AMATA, AOT, BA, BANPU, BBL, BCH, BCP, BDMS, BEAUTY, BEM, BH, BLA, BLAND, BTS, CBG, CENTEL, CHG, CK, CPALL, CPF,
CPN, DELTA, DTAC, EPG, GL, GLOW, GPSC, GUNKUL, HMPRO, INTUCH, ICHI, IRPC, ITD, IVL, KCE, KTB, KTC, LH, LPN, MAJOR, MINT, MTLS, PLANB, PS, PTG, PTT,
PTTEP, PTTGC, QH, ROBINS, SAWAD, SCB, SCC, SIRI, SPALI, SPRC, STEC, STPI, TASCO, THAI, THCOM, TKN, TMB, TOP, TPIPL, TRUE, TTA, TU, TVO, UNIQ, VGI, WHA
and WORK
22 February 2017 xi Daily Stats

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22 February 2017 Morning Brief

Daily Market Performance Todays highlights

22 February 2017 1 Morning Brief

MAKRO (Neutral) - Earnings Review: 4Q16 net profit beats

SAWAD (Outperform) - 4Q16 Review: Record-high earnings for the

SPALI (Outperform) - 4Q16 Review: Earnings just below our

BCPG (Neutral) - Construction delays imply a negative 2017 outlook

22 February 2017 3 Morning Brief

Funds pouring into developed markets. Emerging markets have endured a

22 February 2017 4 Morning Brief

No sign of deposit competition yet. January deposits contracted by 0.2% MoM

22 February 2017 5 Morning Brief

Downside to rising oil price is limited in 2017-18. Although previously

Refinery capacity upgrade under study. Management said the company is

22 February 2017 6 Morning Brief

Nam Theun 1 hydropower (NT1) became more visible. We foresee an

Announced final DPS of Bt3.25, implying 1.6% yield. The dividend

Maintain Outperform rating with a target price of Bt215. We maintain our

22 February 2017 7 Morning Brief

22 February 2017 8 Morning Brief

Strong revenue booked in 4Q16. Revenue surged to Bt44.8bn in 4Q16, up

Gross margin narrows on high competition. Blended gross margin fell to

SG&A to sales improved. SG&A expense increased to Bt3.0bn, up 8.7% YoY on

Network continues to grow as planned. MAKRO opened seven new outlets in

22 February 2017 9 Morning Brief

Maintain Outperform rating with a target price of Bt50.0. We maintain our

22 February 2017 10 Morning Brief

Low-rise revenue salvages earnings. SPALI reported solid 4Q16 revenue of

Maintain Outperform; 2017 target price unchanged Bt28.50. Despite the

22 February 2017 11 Morning Brief

Drivers of 2017 earnings, volume growth: BCPs FY2017 earnings should

Another year of heavy CAPEX in 2017: BCP estimates capital expenditure at

22 February 2017 12 Morning Brief

Management said 2016 earnings disappointed YoY because of four factors: 1) a

22 February 2017 13 Morning Brief

The investment will be made through a joint company (TSE:STEC = 60:40). As a

Assuming an approximately 18-month construction period, we do not expect the

22 February 2017 14 Morning Brief

SCB redesigns branches to be more automated. Siam Commercial Bank is embracing

22 February 2017 15 Morning Brief

Trading Activities (Btmn)

22 February 2017 i Daily Stats

Top Ten Short Sale

Thai NVDR Trading Data by Stock

Net Buy/Sell 10 Days NVDR Trading by Sector

22 February 2017 ii Daily Stats

Daily Driver Stats (Market Summary)

22 February 2017 iii Daily Stats

Daily Driver Stats (Commodity)

Source : Bloomberg, SET Smart

22 February 2017 iv Daily Stats

22 February 2017 v Daily Stats

Gainers Gainers Gainers Gainers Gainers

Losers Losers Losers Losers Losers

Source: KS Research, as of 20 February 2017

Foreign Ownership - top ten gainers and losers

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

Gainers Gainers Gainers Gainers Gainers

Losers Losers Losers Losers Losers

Source: SET100, Setsmart

22 February 2017 vi Daily Stats

22 February 2017 vii Daily Stats

22 February 2017 viii Daily Stats