thailand’s eec plays - asiawealth.co.th · please see disclaimer on last page 1 thailand’s eec...

Please see disclaimer on last page 1

Thailand’s EEC Plays

► EEC to be prime driver for Thailand’s economic growth in the next ten years under ‘Thailand 4.0’ economic development model.

► Government plans to invest at least Bt1.5tn in EEC during 2017-2021 in three eastern provinces, Chonburi, Rayong and Chachoengsao, with combined area of 13,285 square kilometers.

► A new city for the special economic zone is to be established for ten target industries with linking transportation networks.

► EEC offers the most-enticing-ever investment incentives.

► Eastern Special Economic Zone Act, which supersedes more than 100 laws to facilitate FDI, to be enacted in September and implemented in October 2017.

► Notable beneficiaries: AMATA, WIIK, ETE and AOT.

The Thai junta government aims to create the Eastern Economic Corridor (EEC) under its ‘Thailand 4.0’ economic development model as the prime driver for the country’s economic growth, at least over the next ten years, and as a world class industrial zone. In the first five years (2017-2021), the government plans to invest at least Bt1.5tn in industrial infrastructure under a public-private-participation scheme, which consists of 15 crucial projects, linking with transportation networks in three eastern provinces, Chonburi, Rayong and Chachoengsao, with a combined area of 13,285 square kilometers. These three provinces will be developed into a new city for a special economic zone for ten target industries.

The EEC is actually the enhancement of the highly successful Eastern Seaboard

Development Program (ESP) which was launched in 1982 under Gen Prem Tinsulanon’s

administration. The ESP had established Thailand as one of the top regional

powerhouses of manufacturing and trade for more than 30 years and brought about

average economic growth of 7.2% per year during the first twenty years (1982-2002

excluding 1997 and 1998 recession years of the Asian financial crisis, but if we include

1997 and 1998, the average growth rate was 6.2% per year). Thailand’s average annual

growth declined to 4.8% during 1999-2008 and 3.1% during 2009-2016. To reignite the

country’s growth engine, the junta has come up with the ‘Thailand 4.0’ economic model,

with EEC as part of it, and expects the scheme to bring back annual economic growth of

5.0%, create at least 100,000 jobs and attract 10mn more tourist arrivals each year.

4 Core areas 15 Crucial Investment projects Btmn US$bn

1 Transportation & logistic 1 U-Tapao airport and aircraft maintenance 200,000 5.7

2 Sattahip commercial seaport 33,000 0.9

3 Laem Chabang port phase 3 55,000 1.6

4 Map Ta Phut port phase 3 10,150 0.3

5 High-speed rail - ease route 158,000 4.5

6 Double-track railway 64,300 1.8

7 Highways and moterway 35,300 1.0

2 Industry 8 Next-generation automative (EV/AV) 500,000 14.3

+ Innovation hub 9 Aviation industry, Robotics, Smart electronics

+ Digital infrastructure 10 Advanced petrochemical and Bioeconomy

11 Medical hub

3 Tourism 12 Tourism 200,000 5.7

4 New cities/Hospitals 13 Global Business Hub/Free Economic Zone 400,000 11.4

14 New Cities

15 Public Utilities

Source: Eastern Economic Corridor Office (EECO), Ministry of Industry

Figure 1: EEC's combined Public - Private Investment Bt1.5tn (US$44bn) in the first 5 years

Thailand Research Department

-----------------------------------------------------------------

Mr. Warut Siwasariyanon (No.17923) Tel: 0-2680-5041

Mrs. Vajiralux Sanglerdsillapachai (No. 17385) Tel: 0-2680-5077

Mr. Narudon Rusme, CFA (No.29737) Tel: 0-2680-5056


The junta has opted to enacting the Eastern Special Economic Zone Act (EEC Act) to

ensure that elected and future governments will be bound by the legislation, which

contains detailed plans, to carry on the entire project and cannot be arbitrarily modified or

changed with any ill intention as they have to obtain approval from the parliament. As

each article of this law is empowered to supersede more than 100 Thai laws and

regulations to facilitate foreign investment with special privileges in the EEC, it will take 2-

3 months for the Council of State to review and amend the law after its second draft was

approved by the Cabinet in April. The government has scheduled the law to seek approval

from the National Legislative Assembly (NLA) in September before implementing it in

October 2017. As the law has not yet be in force, the government has invoked Section 44

of the interim charter to speed up investment in the EEC, temporarily superseding some

related laws and regulations, unlocking limits and streamlining procedures for investors

who want to start the projects right away. There have been many construction projects

involving facilities and structures in the EEC that have already started, so they will benefit

from the special law for the time being.

Figure 2: Possible PPP projects in the EEC

Source: Dr. Kobsak Pootrakool, Vice Minister for Office of the Prime Minister


Aerospace and Aviation Center: U-Tapao

Among the 15 projects (see Figure 1), six will be carried out as pilot projects, namely (1)

U-Tapao International Airport, (2) Laem Chabang Port Phase 3, (3) high-speed train, (4)

dual-track rail systems, (5) 3 new S-curve industries, and (6) new cities.

U-Tapao Airport will link with Suvarnabhumi Airport and Don Muang Airport. These three

international airports will be linked by high-speed rail lines, making Thailand an

international aviation hub. Aerospace and aviation are among the advanced industries

that will be headquartered in the U-Tapao area. Thai Airways International has announced

its intention to build the region’s finest aircraft maintenance, repair and overhaul facility in

the region. European aircraft maker Airbus in March this year signed an agreement to

invest in a joint aircraft-repair center with Thai Airways International.

Digital Park: Sri Racha

A digital park will be built on a 245-acre site in Sri Racha, Chonburi. The park will be the

center of the country’s digital industries, develop software and nurture start-ups. Leading

software and hardware developers like Facebook have expressed interest to set up firms

here, while the center for digital start-ups will be upgraded to cope with Thailand’s growing

digital industry.

Ten target industries

Under the Thailand 4.0 economic model, the government aims to take advantage of the

country’s bio-diversities and cultural pluralism to enhance competitiveness through

innovations and creativity in ten selective industries, which can be divided into two groups

- five existing and another five new industries.

The government plans to continue to focus on five existing industries that have future

growth opportunities (S-curve industries) and that Thailand already has deep foundations

and competitive advantage in the global markets. With high technology, extensive R&D

investment and government support, these industries can be upgraded to the next level

of industrialization. The five industries in this group are:

1. Automotive: To develop next-generation automobiles, i.e. electric vehicles

(EVs), automated vehicles (AVs) or autonomous vehicles.

2. Electrical and electronics: To move to the next level of the industry, namely

smart electronics, which are electronic devices connected to other devices

that can operate autonomously, through communication protocols such as

Bluetooth, WIFI, 4G, 5G, etc. They are electronic devices used in

smartphones, tablets, etc.

3. Tourism and healthcare: To develop into higher income generating services,

such as integrative healthcare, robotic operations, etc.

4. Agricultural and food: To move up to more sophisticated food processing

levels and biotechnology. 5. Petrochemicals: To move to higher petrochemical levels with high profit

margins.

The five new or future industries that will offer growth opportunities for Thailand (new S-

curve industries) and are suitable for the country to adopt and develop as key industries

in the future can be developed from the five existing leading industries of Thailand:

1. Industrial robotics and automation

2. Aviation and logistics

3. Digital industries

4. Biofuels and bio-chemicals

5. Medical & Wellness hub


Thailand 4.0 economic model

As mentioned earlier, the ESP brought success to Thailand for more than 30 years with

high growth during 1982-2002. Without this growth engine, Thailand’s economic growth

has come down below neighboring ASEAN countries and other developing nations. The

country has also fallen into at least three economic development traps, namely a middle

income trap, an inequality trap and an imbalance trap. As far as the middle-income trap

is concerned, Thailand has become stuck in between its low-wage competitors such as

Bangladesh, Myanmar and Cambodia that dominate labor-intensive industries and

higher-innovative, stronger capital-based competitors such as Singapore, South Korea

and Taiwan that dominate technology-intensive industries. Meanwhile, an inequality trap

refers to the economic structure that keeps people poor and destitute across generations.

An imbalance trap is the economic system that is characterized by disparities in several

dimensions economically or socially or environmentally between the rich and the poor,

urban and provincial, among economic sectors as well as imbalance in the aspects of

debt, savings and consumption.

Thailand 4.0 is aimed to overcome these traps through new growth engines with high

technology, innovation and knowledgeable society, economy and people, which will lead

to four ultimate results or goals; economic prosperity with sustainable growth, social well-

being, higher human values and environmental safety.

Thailand has gone through succeeding steps of economic, industrial and social

development from an agricultural society in the past to modern society at present as

follows.

Thailand 1.0: Emphasis was placed on increasing agricultural production

and trading agricultural products.

Thailand 2.0: Focused on light industries with low wages for import

substitution purpose following global industrialization trend.

Thailand 3.0: Emphasized heavy and more complex industries. Shifted to

export oriented purpose following globalization trend.

Thailand 4.0: Focus will be on value based economy with an emphasis on

research and development, innovation, science and technology, creative

thinking and digital economy.

Thailand 4.0 manifests in five deliberate policy directions:

Investment in human resources, including attracting talent from abroad.

Investment in enterprises, ranging from community enterprises to those

innovation driven, such as startups, SMEs, etc.

Investment in S-curve industries (see the first five targeted industries

above).

Investment in the core technologies for new S-curve industries (see the

latter five targeted industries above).

Investment in infrastructure, including industrial facilities and special

economic zones such as the EEC project, high-speed trains, mass rapid

transits, digital infrastructure.


Figure 3: Thailand 1.0 to Thailand 3.0

Figure 4: Thailand 4.0

Source: Office of the Prime Minister

Most-enticing-ever investment incentives

According to Thailand’s Board of Investment (BOI), those investing in EEC area will

enjoy special incentives that are highly competitive and considered ‘most enticing ever’

offered in Thailand. These include the following.

50% deduction on corporate income tax (CIT) for five years in addition to

a CIT exemption of 13 years.

Other incentives granted in line with the Competitive Enhancement Act,

which includes a maximum corporate income tax exemption of 15 years,

instead of the current maximum tax holidays of 8 years.

The government will provide other supports including eliminating barriers,

rules and regulations in order to generate real, high-value investments as

well as One Stop Service to facilitate investment in the area.


Source: Bank of Thailand


A maximum personal income tax (PIT) rate of 17% for management,

investors, experts of companies in target industries with HQ and facilities

situated in EEC.

A 5-year business visa.

A land lease for 50+49 years.

Trade using foreign currencies directly without having to convert into Thai

baht.

Government’s dedicated fund of Bt10bn to support investments in

research and technological development and innovation or specialized

personnel development in the target industry.

A 3-month public-private-partnership (PPP) procedure.

Looking for Improvement in Foreign Direct Investment (FDI)

The amount of inbound foreign direct investment to Thailand has diminished

continuously in recent years and averaged Bt25bn per month during 2014-2016.

Nevertheless, after the government began promoting the EEC development project and

accelerated infrastructure investment in 4Q16, inbound FDI has been on the rise and

exceeded Bt50bn per month in November 2016 and February 2017. From 2017 onwards,

the focus should be how much inbound FDI can be generated by the EEC

development program.

Figure 5: Thailand Foreign Direct Investment (Last one year)

Figure 6: Thailand Foreign Direct Investment (Last 5 years)



Figure 7: Thailand Foreign Direct Investment (Last 10 years)

Stock recommendations

We classify beneficiaries of the EEC into two main groups. The first group is referred to

as companies that will benefit from infrastructure development for the EEC projects.

They comprise industrial estate developers, civil-work construction contractors, and

system/solution providers for electrical, computer and telecommunication systems. The

second group constitutes those companies in the government’s targeted industries

which will establish their facilities in the EEC. They will enjoy BOI’s super investment

incentives and the government’s other extensive support measures. At this juncture, we

can identify with confidence only three beneficiaries in the first group as these

companies have already revealed their intention to carry on projects involving the EEC.

They are Amata Corporation Pcl. (AMATA), Wiik & Hoeglund Pcl. (WIIK) and Eastern

Technical Engineering Pcl. (ETE). For the second group, we can only pick Airports of

Thailand Pcl. (AOT) as a clear beneficiary due to the company’s sole state-enterprise

status in the aviation industry.

AMATA (Bt17.00 BUY AWS TP Bt20.90) is among Thailand’s top industrial estate

developers. It has two of the largest industrial estates in two of the three EEC provinces,

Amata Nakorn in Chon Buri and Amata City in Rayong. The company will reap the benefits

from increased land sales, industrial facility construction and utility services (water supply,

power supply and other services). AMATA has 14,137 rais of land bank available to serve

its sales over the next 10 years. It aims to sell 1,000 rais each year in 2017 and 2018

following sales of only 617 rais in 2015 and 638 rais in 2016. Our forecast calls for its

earnings to surge 18% in 2017 and 17% in 2018.

WIIK (Bt5.00 BUY AWS TP Bt6.70) produces and distributes HDPE pipes and provides

water management services. The water-related industry is on an up-cycle in Thailand

with increasing requirements for hygienic standards. Specifically for EEC, by the year

2017 there will be 48 urgent water-related projects worth a total of Bt6.9bn, comprising

(1) reservoir, (2) water supply systems, and (3) water pipeline and drainage systems. We

expect earnings growth of 11% for 2017, accelerating to 15% for 2018, after robust

growth of 61% in 2016. WIIK offers a pleasing dividend yield of 4.7% in 2017.

ETE (Bt3.92 BUY AWS TP Bt6.20), a large-scale provider of electrical engineering and

telecom services, will benefit from ever-increasing demand for electrical power and

telecommunication in Thailand. Thailand’s demand for electricity is forecast to increase

at a strong compounded annual growth rate of 4.3% during 2015-36. The MEA and


Ministry of the Interior have joint plans to bring all power and telecom lines in Bangkok

underground with a total budget of Bt192bn (2016-25), further raising demand for

transmission lines. For its telecom services, all three major mobile phone operators,

ADVANC, TRUE and DTAC, are ETE’s clients. Together, they have earmarked more

than Bt160bn in telecom infrastructure for their 4G and internet data services. We expect

its net profit to grow a robust 343% this year and 30% in 2018. As ETE will go to wherever

there is business across the country, EEC will be its prime business target.

AOT (Bt42.50 BUY AWS TP Bt49.00) will benefit from EEC, as Thailand aims to

promote tourism and aviation industries through the revamping of U-Tapao Airport to be

linked with Suvarnabhumi Airport and Don Muang Airport. The government aims for the

country to be an international aviation hub. Aerospace and aviation are among the

advanced industries that will be headquartered in the U-Tapao area. Thai International

Airways announced its intention to build the region’s finest aircraft maintenance, repair

and overhaul facility in the region. Meanwhile, European aircraft maker Airbus signed an

agreement to invest in a joint aircraft-repair center with Thai Airways International in

March this year. We valued AOT at Bt49.00 based on DCF valuation, to be the proxy of

the tourism and aviation sectors.

Please see disclaimer on last page

Amata Corporation PCL (AMATA)

Direct beneficiary of EEC

► To restart fast growth stages in 2017-2020.

► The right location to serve EEC demand.

► We recommend BUY with a target price of Bt20.90.

Restarting fast growth stages in 2017-2020

AMATA operates four industrial estates in Thailand and Vietnam

(Amata Nakorn, Chonburi, Amata City, Rayong, Thai-Chinese

Rayong Industrial Park in Amata City and Amata Vietnam) with

14,137 rai of land available to serve its sales over the next 10 years.

AMATA sold 617 rais in 2015 and 638 rais in 2016 and aims to sell

1,000 rais each year in 2017 and 2018. However, to be conservative,

we forecast land sales of 800 rais in 2017 and 850 rais in 2018.

Meanwhile, the company’s selling prices are expected to increase

by 5% p.a. in 2017 and 2018. The Eastern Economic Corridor (EEC)

project will be a prime driver for AMATA’s faster earnings growth

during 2017-20, after the sluggish performances in 2013-16 that

resulted from low Foreign Direct Investment (FDI) in light of high

domestic political uncertainties and poor global economic

conditions.

The right location to meet demand from EEC

The government is projected to draw Bt1.5tn under the EEC project,

from both the public and private sectors, for integrated infrastructure

projects involving sea-air-land-rail links to reform the country as a

new industrial base under “Thailand 4.0”. The EEC is located in

three provinces, Chonburi, Rayong and Chachoengsao, and

AMATA is set to reap direct benefits as its domestic industrial

estates are located in two of the three provinces.

We recommend BUY with a target price of Bt20.90

The EEC will be the major driver for industrial estates located in the

zone and we expect AMATA to reap the most benefit from increased

land sales in the zone from 2017 onwards. The company also has

recurring income from its utility business, which accounts for

approximately 10-12% of its total revenues. In addition, AMATA has

strong land sales in Vietnam, which account for 7% of its total

revenues. We expect net profit to grow 18% YoY in 2017 and 17%

YoY in 2018 and anticipate upside gain from the gradual

appreciation of land prices. We recommend BUY with a target price

of Bt20.90, based on its historical 5-year PER at 13.4x. Our target

price offers 24% upside from the current price.

BUY

TP: Bt20.90 Closing price: Bt17.00

Upside/downside +22.94%

Sector Property Development

Paid-up shares (shares mn) 1,067

Market capitalization (Bt mn) 18,139

Free float (%) 76.94

12-mth daily avg. turnover (Bt mn) 89.28

12-mth trading range (Bt) 18.20/10.20

Major shareholders (%)

Vikrom Kromadit 17.93

Thai NVDR 8.15

State Street Bank of Trust Company 3.86

Financial highlights

Source: SETSMART, AWS


Mrs. Vajiralux Sanglerdsillapachai,

License, No. 17385

Tel: 02 680 5077

Year to 31 Dec 2015 2016 2017E 2018E

Revenue (Bt mn) 5,170 4,484 5,130 5,541

Normalized profit (Bt mn) 359 1,438 1,704 2,004

Net profit (Bt mn) 1,216 1,198 1,663 2,004

Normalized EPS (Bt) 0.34 1.35 1.60 1.88

EPS (Bt) 1.14 1.12 1.56 1.88

Normalized EPS grow th (%) (83.8) 300.4 18.5 17.6

EPS grow th (%) (45.3) (1.5) 38.8 20.4

P/E (x) 15.0 15.0 10.8 8.9

P/BV (x) 1.5 1.4 1.2 1.1

EV/EBITDA (x) 8.7 7.5 6.6 6.2

DPS (Bt) 0.46 0.45 0.50 0.60

Dividend yield (%) 2.7 3.0 3.6 4.2

ROE (%) 12.4 13.6 14.6 14.9


Figure 1: Quarterly earnings

Source: SET, AWS Research

FY December 31 (Bt mn) 1Q16 4Q16 1Q17 %YoY %QoQ

Total revenue 787 2,168 775 -1.5% -64.3%

Cost of goods sold (411) (808) (394)

Gross profit 377 1,360 381 1.2% -72.0%

SG&A expenses (187) (220) (197)

Operating profit 189 1,140 184 -3.0% -83.9%

Share of gain (loss) of associates 24 20 194

Other income 19 96 18

EBIT 233 1,256 396 70.1% -68.5%

Financial costs (73) (67) (55)

Pretax profit 160 1,189 341 113.4% -71.3%

Income tax expenses (38) (186) (37)

Profit before MI 122 1,002 304 148.5% -41.9%

Minority interests (39) (22) (13)

Normalized profit 83 981 291 251.5% -83.0%

Extra-ordinary items (3) (237) (40)

Net Profit 80 743 251 212.2% -64.7%

EBITDA 304 1,332 470

Normalized EPS (Bt) 0.08 0.92 0.27 251.5% -83.0%

Net EPS (Bt) 0.08 0.70 0.23 212.2% -64.7%

Financial ratio (%)

Gross profit margin 47.8% 62.7% 49.2%

SG&A expense 23.8% 10.1% 25.5%

Normalized profit margin 10.5% 45.2% 37.5%

Net profit margin 10.2% 34.3% 32.3%


Income Statement (Btmn)

Year to 31 Dec 2015 2016 2017E 2018E 2019E

Total revenue 5,170 4,484 5,130 5,541 6,536

Cost of goods sold (2,824) (2,070) (2,309) (2,468) (2,823)

Gross profit 2,346 2,414 2,821 3,074 3,713

SG&A (972) (820) (901) (1,039) (1,216)

Operating Profit 1,374 1,594 1,920 2,035 2,497

Share of gain (loss) of joint venture 153 325 333 350 333

Other income 211 249 245 458 460

EBIT 1,738 2,168 2,498 2,843 3,290

Financial cost (306) (266) (272) (279) (434)

Pretax profit 1,432 1,902 2,226 2,563 2,856

Income tax expenses (396) (304) (356) (410) (457)

Minority interests (677) (159) (166) (150) (140)

Normalized profit 359 1,438 1,704 2,004 2,259

Extraordinaries items 857 (240) (40) 0 0

Net profit 1,216 1,198 1,663 2,004 2,259

EBITDA 2,027 2,476 2,923 3,129 3,567

Normalized EPS (Bt) 0.34 1.35 1.60 1.88 2.12

Net EPS (Bt) 1.14 1.12 1.56 1.88 2.12

DPS (Bt) 0.46 0.45 0.50 0.60 0.70

Statement of Financial Position (Btmn)

Year to 31 Dec 2015 2016 2017E 2018E 2019E

Current Assets 11,345 10,218 9,317 9,687 10,131

Non-current Assets 14,106 16,378 18,025 19,619 21,345

Total assets 25,451 26,596 27,342 29,305 31,477

Current Liabilities 5,096 5,863 5,422 5,963 6,562

Non-current Liabilities 6,855 6,493 6,493 6,493 6,493

Total liabilities 11,951 12,356 11,915 12,456 13,055

Paid-up capital 1,067 1,067 1,067 1,067 1,067

Retained Earnings 9,158 9,940 11,070 12,434 13,946

Total equity 13,501 14,240 15,427 16,849 18,422

Total liabilities and equity 25,451 26,596 27,342 29,305 31,477

BVPS (Bt) 12.65 13.35 14.46 15.79 17.27

Cash Flow Statement (Btmn)

Year to 31 Dec 2015 2016 2017E 2018E 2019E

Pretax Profit 2,289 1,662 2,498 2,843 3,290

Depreciation & Amortization 289 308 425 450 521

Operating Cash Flow 1,160 1,648 1,649 1,686 1,955

CAPEX (718) (639) (960) (1,000) (1,000)

Investing Cash Flow 2,292 (2,027) (149) (211) (194)

Dividend Payment (768) (416) (534) (640) (747)

Financing Cash Flow (1,460) (921) (2,498) (2,402) (1,886)

Exchange rate gains(losses) on cash 43 2 0 0 0

Inc. (Dec.) in cash & equivalents 2,035 (1,298) (997) (926) (126)

Beginning cash & equivalents 1,021 3,056 1,758 761 (165)

Ending cash & equivalents 3,056 1,758 761 (165) (291)


Quarterly Income Statement (Btmn)

Year to 31 Dec 1Q16 2Q16 3Q16 4Q16 1Q17

Total revenue 787 821 708 2,168 775

Cost of goods sold (411) (438) (413) (808) (394)

Gross profit 377 383 294 1,360 381

SG&A (187) (245) (168) (220) (197)

Operating Profit 189 138 127 1,140 184


Other income 19 81 52 96 18

EBIT 233 351 329 1,256 396

Financial cost (73) (66) (60) (67) (55)

Pretax profit 160 284 269 1,189 341

Income tax expenses (38) (56) (24) (186) (37)


Normalized profit 83 192 183 981 291

Extraordinaries items (3) 0 0 (237) (40)

Net profit 80 192 183 743 251

EBITDA 304 434 406 1,332 470


Net EPS (Bt) 0.04 0.18 0.17 0.70 0.23

Key Financial Ratios

Year to 31 Dec 2015 2016 2017E 2018E 2019E

Sales growth (%) (29.7) (13.3) 14.4 8.0 17.9

Normalized profit growth (%) (83.8) 300.4 18.5 17.6 12.8

Net profit growth (%) (45.3) (1.5) 38.8 20.4 12.8

Normalized EPS growth (%) (83.8) 300.4 18.5 17.6 12.8

EPS growth (%) (45.3) (1.5) 38.8 20.4 12.8

Gross margin (%) 45.4 53.8 55.0 55.5 56.8

Operating margin (%) 26.6 35.6 37.4 36.7 38.2

EBITDA margin (%) 39.2 55.2 57.0 56.5 54.6

Normalized profit margin (%) 6.9 32.1 33.2 36.2 34.6

Net profit margin (%) 23.5 26.7 32.4 36.2 34.6

Effective tax rate (%) 27.7 16.0 16.0 16.0 16.0

ROA (%) 4.6 6.2 7.1 7.4 7.3

ROE (%) 12.4 13.6 14.6 14.9 14.1

EV/EBITDA 8.7 7.5 6.6 6.2 5.9

Debt to equity (x) 1.0 0.9 0.9 0.8 0.7

P/E (x) 15.0 10.8 8.9 7.9 7.6

P/BV (x) 1.5 1.4 1.2 1.1 1.0

Dividend Yield (%) 2.7 3.0 3.6 4.2 4.3

Main Assumptions

Year to 31 Dec (Btmn) 2015 2016 2017E 2018E 2019E

Land sales (rai) 617 639 800 850 1,000

Price per rai (Bt mn) 5 3 3 4 4


WIIK & HOEGLUND PCL (WIIK)

Benefits from EEC development begin

► To start paying corporate tax from 2017 onwards. ► Expect 2Q17 net profit of approximately Bt42mn. ► Water management projects drive growth. ► Maintain BUY with a target price of Bt6.70.

To start paying corporate tax from 2017 onwards.

WIIK’s tax shield has expired and it will have to begin paying a

corporate tax rate of 15%-20% from 2017 onwards, which we have

included in our 2017 earnings forecast. Despite slightly lowering

our full-year forecast to reflect the tax burden, we believe its 2017

net profit will increase 41% YoY. We reduced our 2017 earnings

forecast to Bt188mn (fully diluted EPS of Bt0.40), from our previous

estimate of Bt198mn.

Expect 2Q17 net profit of approximately Bt42mn

We expect WIIK’s 2Q17 earnings to recover from 1Q17 as

construction of a pipeline between Surat Thani and Samui

restarted after flooding in the South. We expect its 2Q17 net profit

(also after tax) to be Bt42mn, up from Bt38mn in 2Q16. The

company’s backlog at the end of 1Q17 was Bt600mn and there

was additional backlog of Bt200mn during 2Q17 from Provincial

Waterworks Authority (PWA).

Water management projects drive growth

Revenue recognition on Water Management Project #2 for

Wellgrow Industrial Estate is expected to start from June 2017

instead of May 2017, one month late. However, the company is

likely to have at least two additional water management projects

this year. The contract on Water Project #3, a water management

project for PWA, is expected to be signed after June 2017. This

year, we expect total revenue recognition of Bt80mn from these

two water management projects, Bt50mn from the first project and

Bt30mn from the second.

Benefits from EEC

The Eastern Economic Corridor (EEC) will benefit WIIK by

accelerating the creation of public utilities including piping and

water supply for industrial estates and industrial groups to manage

the water supply and sewage systems. This will offer great

potential for WIIK in the future. WIIK’s pipe plant is located in

Rayong, which would be very convenient for transportation to EEC

development areas (Chonburi, Rayong, Chachoengsao).

BUY


Upside/downside +34%

Sector Construction Materials

Paid-up shares (mn) *fully diluted 475






Sumalee Ongjarit 14.72

Jirayu Assanuwong 12.00

Montira Padungrat 8.00





License, No. 17385

Tel: 02 680 5077

Year to 31 Dec 2015 2016 2017E 2018E

Revenue (Bt mn) 1,145 1,214 1,621 1,842

Normalized profit (Bt mn) 83 134 188 216

Net profit (Bt mn) 83 134 188 216


EPS (Bt) 0.22 0.36 0.40 0.46

Norm. EPS grow th (%) N.A. 60.5% 10.8% 15.3%

EPS grow th (%) N.A. 60.5% 10.8% 15.3%

P/E (x) 22.5 14.0 12.7 11.0

P/BV (x) 2.5 2.0 1.6 1.5

EV/EBITDA (x) 15.5 11.9 9.8 9.2

DPS (Bt) 0.11 0.20 0.24 0.27

Dividend yield (%) 2.2% 4.0% 4.7% 5.5%

ROE (%) 16.0% 17.4% 15.4% 14.0%


Maintain BUY with a target price of Bt6.70

We revised down our net profit forecasts for 2017-2018 by 5% and 7%, respectively, due to taxes to be paid from

2017 onwards and the one-month delay for Water Management Project #2. However, we foresee potential growth

for WIIK’s HDPE pipe business and management business with the EEC development. Moreover, WIIK plans to

list Wiik Water. We recommend BUY for long-term investment with a target price of Bt6.70 based on the sum-of-

the-parts method; PER of 14.25x for the construction business of Bt6.00 and DCF for two water management

projects of Bt0.70. We expect 2017-2018 earnings to grow 41% YoY and 15% YoY, respectively, even with a

dilution effect from about 100mn shares converted from warrants (WIIK-W1) that will expire on 16 Jun 2018. We

calculate the diluted EPS for 2017 according to full dilution of 475mn shares. EPS in 2017-2018 is expected to

grow 11% and 15%, respectively, and the stock offers an attractive high dividend yield of 4.8% in 2017 and 5.4%

in 2018.


FY December 31 (Bt mn) 1Q16 4Q16 1Q17 %YoY %QoQ

-

Total revenue 291 265 300 3.1% 13.3%

Cost of goods sold (231) (211) (232)

Gross profit 60 53 68 14.2% 28.0%

SG&A expense (31) (35) (34)

Operating profit 28 18 34 20.8% 93.4%

Share of gain (loss) of associates - - -

Other income 7 3 6

EBIT 35 21 40 14.6% 91.0%

Financial costs (4) (5) (5)

Pretax profit 31 16 36 15.3% 118.2%

Income tax expenses (0) 3 (6)

Profit before MI 31 19 30 -2.6% 56.9%

Minority interests - - -

Normalized profit 31 19 30 -2.6% 56.9%

Extra-ordinary items - - -

Net Profit 31 19 30 -2.6% 56.9%

41 30 40

Normalized EPS (Bt) 0.08 0.03 0.08 -2.6% 162.8%

Net EPS (Bt) 0.08 0.03 0.08 -2.6% 163.0%

# share(mn) 375 375 375

Financial ratio (%)

Gross profit margin 20.5% 20.1% 22.7%

SG&A expense 10.8% 13.4% 11.3%

Normalized profit margin 10.7% 7.3% 10.1%

Net profit margin 10.7% 7.3% 10.1%



Year to 31 Dec 2015 2016 2017E 2018E 2019E

Total revenue 1,145 1,214 1,621 1,842 2,135

Cost of goods sold (959) (953) (1,247) (1,398) (1,611)

Gross profit 186 261 374 443 523

SG&A (110) (137) (162) (184) (213)

Operating Profit 76 124 212 259 310



EBIT 95 145 240 291 345

Financial cost (16) (16) (19) (21) (22)

Pretax profit 79 129 221 271 323

Income tax expenses 4 5 (33) (54) (65)

Minority interests 0 0 0 0 0


Extraordinaries items 0 0 0 0 0

Net profit 83 134 188 216 258

EBITDA 117 175 270 322 376


Net EPS (Bt) 0.22 0.36 0.40 0.46 0.54

DPS (Bt) 0.11 0.20 0.24 0.27 0.33


Year to 31 Dec 2015 2016 2017E 2018E 2019E

Current Assets 511 699 775 2,348 2,528

Non-current Assets 411 530 764 1,088 1,093

Total assets 922 1,229 1,539 3,436 3,621

Current Liabilities 472 589 499 815 913

Non-current Liabilities 14 32 114 1,114 1,114

Total liabilities 486 621 613 1,929 2,027

Paid-up capital 300 300 375 475 475

Retained Earnings (19) 71 154 229 316

Total equity 436 608 926 1,507 1,593

Total liabilities and equity 922 1,229 1,539 3,436 3,621

BVPS (Bt) 1.45 2.03 2.47 3.17 3.35


Year to 31 Dec 2015 2016 2017E 2018E 2019E

Pretax Profit (5) 79 129 240 291

Depreciation & Amortization 28 23 30 30 31

Operating Cash Flow (72) (230) 104 32 146

CAPEX (9) (29) (101) (100) (100)

Investing Cash Flow 14 (27) (255) 133 182

Dividend Payment 0 0 (41) (75) (112)

Financing Cash Flow 3,198 119 209 1,431 (312)

Exchange rate gains(losses) on cash (54) 75 0 0 0

Inc. (Dec.) in cash & equivalents (722) (115) (1,572) 821 1,257

Beginning cash & equivalents 2,388 1,611 1,572 0 821

Ending cash & equivalents 1,611 1,572 0 821 2,078



Year to 31 Dec 1Q16 2Q16 3Q16 4Q16 1Q17

Total revenue 291 305 354 265 300

Cost of goods sold (231) (234) (276) (211) (232)

Gross profit 60 70 78 53 68

SG&A (31) (36) (34) (35) (34)

Operating Profit 28 34 44 18 34



EBIT 35 42 47 21 40

Financial cost (4) (3) (4) (5) (5)

Pretax profit 31 39 43 16 36

Income tax expenses (0) (0) 2 3 (6)

Minority interests 0 0 0 0 0


Extraordinaries items 0 0 0 0 0

Net profit 31 38 45 19 30

EBITDA 41 48 55 30 40


Net EPS (Bt) 0.10 0.10 0.12 0.03 0.08


Year to 31 Dec 2015 2016 2017E 2018E 2019E

Sales growth (%) 21.2 6.0 33.5 13.6 15.9

Normalized profit growth (%) N.A. 60.5 40.3 15.3 19.3

Net profit growth (%) N.A. 60.5 40.3 15.3 19.3

Normalized EPS growth (%) N.A. 60.5 10.8 15.3 19.3

EPS growth (%) N.A. 60.5 10.8 15.3 19.3

Gross margin (%) 16.2 21.5 23.1 24.1 24.5

Operating margin (%) 6.6 10.2 13.1 14.1 14.5

EBITDA margin (%) 10.2 14.4 16.7 17.5 17.6



Effective tax rate (%) (5.6) (3.8) 15.0 20.0 20.0

ROA (%) 7.7 9.7 7.5 6.1 6.9

ROE (%) 16.0 17.4 15.4 14.0 15.7

EV/EBITDA 15.5 11.9 9.8 9.2 7.8

Net debt to equity (x) 0.5 0.2 Net cash Net cash Net cash

P/E (x) 22.5 14.0 12.7 11.0 9.2

P/BV (x) 2.5 2.0 1.6 1.5 1.4

Dividend Yield (%) 2.2 4.0 4.7 5.5 6.5

Main Assumptions

Year to 31 Dec (Btmn) 2015 2016 2017E 2018E 2019E

HDPE pipe sales volume (ton) 15,624 17,230 19,000 20,900 22,990

Sales per unit (Bt per ton) 84,162 76,531 72,000 72,000 72,000

HDPE pipe sales (Bt mn) 945 1,145 1,362 1,490 1,644

Services (Bt mn) 46 51 51 52 80

WIIK Water revenue (Bt mn) - - 80 146 192


Eastern Technical Engineering PCL

(ETE)

A real boon from EEC projects

► Speed-up of EEC should draw extensive demand for

electricity and telecommunication infrastructure.

► Large demand in other areas from massive

government infrastructure projects, especially EGAT’s

Bt300bn grid connection.

► Maintain BUY with a 2017 target price of Bt6.20.

Much greater demand from the EEC projects

On May, 23 2017, The government invoked Section 44 of the interim

charter to speed up investment in the Eastern Economic Corridor

(EEC). The EEC development is projected to draw Bt1.5tn from both

the public and private sectors for integration of infrastructure

projects. The larger the EEC projects, the more estates and

economic activities and the more demand for electricity and

telecommunication infrastructure. Importantly, more high-voltage

transmission lines (e.g. 115kV, 230kV) are required to ensure

enough electricity for this key economic area. Fortunately, ETE is

now able to do 115kV transmission line engineering services, an

area which has fewer competitors and offers impressive margins.

Once it gains experience and a reputation in 115kV, we expect the

company to move up to 230kV, which provides even greater margins

and matches the needs of the economic corridor.

Still significant upside potential

We maintain our BUY recommendation with a 2017 target price of

Bt6.20 based on the DCF method. We expect ETE’s net profit to

surge 361% in 2017 and 16% in 2018 thanks to easier access to

sources of funds and increased potential for larger and more

sophisticated jobs, which are backed by a hefty demand. Despite the

strong outlook, the share price is still trading around the IPO price

which is quite low. The current price offers a very large 60% upside

to our target price. Moreover, we still have not priced in upward

potential from additional solar energy projects that ETE might get

and margin from possible 230kV transmission line jobs that may

raise overall margin higher than expected.

BUY


Upside/downside 58.16%

Sector Service (MAI)

Paid-up shares (shares mn) 560






Lekavorranan’s family 57.3

Wongsuppachart’s family 3.4

Mr.Ammarit Klomjitjaroen 2.6




Mr. Narudon Rusme, CFA

License, No. 29737

Tel: 02 680 5056


Income Statement

Unit: Btmn 2014 2015 2016 2017E 2018E

Sales and service revenues 1,136 1,586 1,412 1,711 1,960

Cost of sales and services 1,012 1,371 1,214 1,411 1,616

Gross profit 124 215 118 300 345

Total revenues 1,143 1,594 1,416 1,770 2,020

SG&A expense 75 102 119 117 134

Total expenses 1,088 1,473 1,336 1,529 1,750

Operating profit 56 121 80 242 270

Financial cost 32 42 44 60 60

Pre-tax profit 24 80 36 182 210

Income tax expense 5 15 5 36 42

Net profit 19 65 31 145 168

Net profit for the company 16 62 31 144 167

Statement of Financial Position

Unit: Btmn 2014 2015 2016 2017E 2018E

Cash and equivalents 19 98 73 115 74

ST investments 52 - - - -

Trade accounts receivables 440 377 604 720 825

Inventories 70 42 40 87 104

Other current assets 102 130 177 150 151

Total non-current assets 218 349 1,204 1,263 1,319

Total assets 901 998 2,098 2,335 2,473

Bank OD & short-term loan 536 655 791 1,111 1,101

Trade accounts payable 225 115 540 189 227

Other current liabilities 15 21 236 22 22

Long-term loans 26 49 477 82 81

Other non-current liabilities 6 9 20 9 10 Total liabilities 805 845 1,844 1,407 1,435

Issued and paid-up share capital 124 140 210 280 280

Premium on ordinary shares 4 4 4 478 478

Retained earnings (54) 8 39 167 278 Equity attributable to owners 88 152 253 925 1,036

Total equity 96 153 254 927 1,038


Airports of Thailand PCL (AOT)

Indirect benefits from EEC

► New expansion under EEC to enhance AOT’s business.

► High potential to increase revenues and businesses.

► Don Muang Phase 3 expansion to boost passenger volumes.

► Recommend BUY with the new target price of Bt49.00 (from

Bt46.00).

New expansion under EEC plan to enhance AOT’s business

AOT has experience and excellent expertise in airport operation

management, airport development planning and airport improvement

to meet required international standards and to be able to respond to

the various needs of clients. We expect AOT to benefit indirectly from

EEC, as Thailand aims to promote the tourism and aviation industries

through revamping U-Tapao Airport to be linked with Suvarnabhumi

Airport and Don Muang Airport. Presently, AOT has six international

airports under its management, Don Muang, Phuket, Chiang Mai, Hat

Yai, Chiang Rai and Suvarnabhumi, all of which accommodate

domestic and international flghts.

High potential to increase revenues and businesses

For AOT’s new 10-year master plan, starting from fiscal year 2017,

the company plans to increase the proportion of commercial rental

area at its airports, which is a stable revenue source due to long-

term agreements and a guaranteed minimum rental income. AOT

was able to accommodate 76mn passengers for the first seven

months of FY17 (Oct 16-Apr 17), +7.36% YoY, while in FY16 it

accommodated 120mn passengers. AOT develops the

infrastructure and airports to support demand and stay competitive

in the Asian Economic Community. In this fiscal year, AOT will see

positive factors from the opening of Terminal 2 at Don Mueang

International Airport on 8 Mar 2016 and the International terminal of

Phuket International Airport on 16 Sep 2016. The projects would

accommodate an increase in passenger volumes and commercial

rental areas at these airports.

Don Muang Phase 3 expansion to boost passenger volumes AOT is expected to invest approximately Bt32bn on the Don Muang Phase 3 expansion to serve 40mn passenger p.a. up from 30-35mn passenger p.a. The expansion plan will be proposed to AOT’s Board of Directors in November 2017. Don Muang accommodated 21.7mn passengers in the first seven months of FY17 during Oct 16-Apr 17.

BUY


Upside/downside +15%

Sector Transportation & Logistics

Paid-up shares (shares mn) 14,286



12-mth daily avg. turnover (Bt mn) 1,415



Ministry of Finance 70.00

Thai NVDR 3.47

State Street Bank Europe Ltd 1.91





License, No. 17385

Tel: 02 680 5077

Year to Sep FY2015 FY2016 FY2017E FY2018E

Revenue (Bt mn) 43,969 50,962 55,500 59,495

Normalized profit (Bt mn) 15,755 19,482 23,301 24,845

Net profit (Bt mn) 18,729 19,571 22,036 24,845


EPS (Bt) 1.31 1.37 1.54 1.74

Normalized EPS grow th (%) 32.43 23.66 19.60 6.63

EPS grow th (%) 53.27 4.50 12.59 12.75

P/E (x) 38.99 31.53 26.36 24.72

P/BV 5.65 5.05 4.76 4.38

DPS (Bt) 0.65 0.68 0.76 0.87

Div. Yield (%) 1.51 1.58 1.77 2.02

ROE (%) 4.23 4.90 3.51 3.59


Recommend BUY and revise up target price from Bt46.00 to Bt49.00.

In 2017, AOT is developing Suvarnabhumi Airport Phase 2 with a total investment cost of Bt54bn, comprised of seven

contracts. This is down from the existing budget of Bt63bn. The project is expected to be ready to accommodate

passengers in November 2019. It will help the company serve 15mn additional passengers per annum, from its current

45mn passengers to 60mn passengers. We maintain a BUY recommendation with a target price of Bt46.00 based on

a DCF method, changing to 8 years from 9 years and a WACC changing from 9.9% to 8.6%.Our target offers an

upside gain of 7% from the current share price.


Ending of September (Unit: Bt mn) Q2/FY16 Q1/FY17 Q2/FY17 % YoY % QoQ

Total revenue 13,800 12,613 14,665 6% 16%

Operating expenses (6,093) (6,449) (6,060)

EBIT 7,707 6,163 8,605 12% 40%

Other income (349) 327 (245)

Financial cost (349) (319) (300)

Pre-tax profit 7,009 6,172 8,059 15% 31%

Corporate tax (1,353) (1,319) (1,609)

After tax profit 5,657 4,853 6,450 14% 33%

Minority interests (14) (14) (18)

Normalized profit 5,642 4,839 6,432 14% 33%

Extra-ordinary items (76) 246 38

Net Profit 5,567 5,084 6,470 16% 27%

Normalized EPS 0.39 0.34 0.45 14% 33%

Net EPS (Bt) 0.39 0.36 0.45 16% 27%

# share (mn) 14,286 14,286 14,286

EBIT margin (%) 55.8% 48.9% 58.7%

Normalized profit margin (%) 40.9% 38.4% 43.9%

Net profit margin (%) 40.3% 40.3% 44.1%

Effective tax rate (%) 19.3% 21.4% 20.0%



Year to 30 Sep FY2015 FY2016 FY2017E FY2018E FY2019E

Total revenue 43,969 50,962 55,500 59,495 64,250

Operating expenses (21,455) (24,196) (26,500) (28,320) (30,500)

EBIT 22,514 26,766 29,000 31,175 33,750

Other income(expenses) (547) (1,055) 1,214 1,295 1,200

Financial cost (1,605) (1,377) (1,394) (1,350) (1,414)

Pre-tax profit 20,361 24,335 28,820 31,120 33,536

Corporate tax (4,585) (4,821) (5,469) (6,224) (6,707)

Net Profit before MI 15,776 19,514 23,351 24,896 26,829


Normalized profit 15,755 19,482 23,301 24,845 26,774

Extra-ordinary items 2,974 90 (1,264) 0 0

Net Profit 18,729 19,571 22,036 24,845 26,774


EPS (Bt) 1.31 1.37 1.54 1.74 1.87

DPS (Bt) 0.65 0.68 0.76 0.87 0.94


Year to 31 Dec FY2015 FY2016 FY2017E FY2018E FY2019E

Current Assets 51,925 64,157 52,500 61,000 73,500

Non-current Assets 107,699 108,059 142,000 145,000 145,500

Total assets 159,624 172,216 194,500 206,000 219,000

Current Liabilities 15,854 18,429 25,670 28,000 30,541

Non-current Liabilities 34,958 32,209 39,730 37,667 39,159

Total liabilities 50,812 50,638 65,400 65,667 69,700

Paid-up capital 14,286 14,286 14,286 14,286 14,286

Retained Earnings 79,695 92,124 95,553 97,410 98,302

Total equity 108,812 121,578 129,100 140,333 149,300

Total liabilities and equity 159,624 172,216 194,500 206,000 219,000

BVPS (Bt) 7.62 8.51 9.04 9.82 10.45



Pretax Profit 23,335 24,424 28,820 31,120 33,536

Depreciation & Amortization 6,188 6,404 6,630 6,969 7,050

Operating Cash Flow 24,906 30,326 30,600 30,469 31,560

CAPEX (6,892) (4,906) (6,000) (7,000) (8,000)

Investing Cash Flow (16,079) (14,722) (15,700) (17,900) (14,970)

Dividend Payment (9,286) (9,714) (10,857) (12,429) (13,394)

Financing Cash Flow (12,778) (12,803) (11,531) (14,300) (23,858)

Net cash flow (3,951) 2,801 3,369 (1,731) (7,268)

Beginning cash & equivalents 7,037 3,087 5,886 9,255 7,524

Ending cash & equivalents 3,087 5,887 9,255 7,524 257



Year to 30 Sep FY2Q16 FY3Q16 FY4Q16 FY1Q17 FY2Q17

Total revenue 13,800 12,573 12,775 12,613 14,665

Operating expenses (6,093) (4,816) (7,336) (6,449) (6,060)

EBIT 7,707 7,757 5,439 6,163 8,605

Other income(expenses) (349) (1,399) 353 327 (245)

Financial cost (349) (339) (329) (319) (300)

Pre-tax profit 7,009 6,019 5,464 6,172 8,059

Corporate tax (1,353) (1,186) (1,053) (1,319) (1,609)

Net Profit before MI 5,657 4,833 4,411 4,853 6,450

Minority interests (14) 0 (8) (14) (18)

Normalized profit 5,642 4,833 4,403 4,839 6,432

Extra-ordinary items (76) 233 (89) 246 38

Net Profit 5,567 5,065 4,314 5,084 6,470


EPS (Bt) 0.39 0.35 0.30 0.36 0.45



Sales growth (%) 17.0 15.9 8.9 7.2 8.0

Normalized profit growth (%) 32.4 23.7 19.6 6.6 7.8

Net profit growth (%) 53.3 4.5 12.6 12.7 7.8

Normalized EPS growth (%) 32.4 23.7 19.6 6.6 7.8

EPS growth (%) 53.3 4.5 12.6 12.7 7.8

EBIT margin (%) 51.2 52.5 52.3 52.4 52.5



Effective tax rate (%) 22.5 19.8 19.0 20.0 20.0

ROA (%) 9.9 11.7 12.7 12.4 12.6

ROE (%) 5.2 4.2 3.5 3.6 4.4

EV/EBITDA 22.0 19.1 18.0 16.8 15.8

Debt to equity (x) 0.5 0.4 0.5 0.5 0.5

P/E (x) 39.0 31.5 26.4 24.7 22.9

P/BV (x) 5.6 5.1 4.8 4.4 4.1

Dividend Yield (%) 1.5 1.6 1.8 2.0 2.2

Score Range Number of Logo Description

90 – 100

80 – 89

70 – 79

60 – 69

50 – 59

Below 50

No logo given

Excellent

Very Good

Good

Satisfactory

Pass

N/A

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 a company listed

on the Stock Exchange of Thailand and the Market for Alternative

Investment disclosed to the public and able to be accessed by a

general public investor. The result, therefore, is from the perspective of

a third party. It is not an evaluation of operation and is not 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, Asia wealth Securities Company

Limited does not conform nor certify the accuracy of such survey result.

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, AWS does not confirm, verify, or certify the accuracy and completeness of the assessment result.

Anti-Corruption Progress Indicator 2016

2S APCO BROOK CSS GFPT JMART LVT NCL PLANB SAUCE SR TICON TVD WIIKA APCS BRR DELTA GIFT JMT M NDR PLAT SC SRICHA TIP TVO WINABC APURE BSBM DNA GLOBAL JTS MAKRO NINE PRANDA SCCC STA TKT TVT XOABICO AQUA BTNC EA GPSC JUBILE MALEE NMG PREB SCN STANLY TLUXE TWPC ZMICOACAP AS CEN ECF GREEN JUTHA MBAX NNCL PRG SEAOIL SUPER TMC UAEC ASIA CGH EE GUNKUL K MC NPP PRINC SE-ED SUSCO TMI UBISAF ASIAN CHARAN EFORL HMPRO KASET MCOT NTV PSTC SENA SYMC TMILL UKEMAGE ASIMAR CHO EPCO HOTPOT KBS MEGA NUSA PYLON SGP SYNEX TMT UNIQAH ASK CHOTI ESTAR ICHI KC MFEC OCC QH SITHAI SYNTEC TPA UOBKHAI BCH CHOW EVER IEC KCAR MIDA OGC RML SKR TAE TPP UREKAAIE BEAUTY CI FC IFS KSL MILL PACE ROBINS SMIT TAKUNI TRT UWCAIRA BFIT CM FER ILINK KTECH MJD PAF ROCK SMK TASCO TRU VGIALUCON BH COL FNS INET KYE MK PCA ROH SORKON TBSP TRUE VIBHAAMARIN BIGC CPALL FPI INOX L&E ML PCSGH ROJNA SPACK TEAM TSE VNGAMATA BJCHI CPF FSMART INSURE LALIN MPG PDG RP SPALI TFG TSI VNTANAN BKD CPL FVC IRC LPN MTLS PDI RWI SPCG TFI TSTE WAVEAOT BLAND CSC GC J LRH NBC PIMO SAMCO SPPT THAI TTW WHAAP BROCK CSR GEL JAS LTX NCH PK SANKO SPRC TIC TU WICE

AKP BKI CPN ECL HTC KKP MINT PE PTG SAT SPC TGCI TNITY TVIAMANAH BLA CSL EGCO ICC KTB MONO PG PTT SCB SPI THANI TNL WACOALASP BTS DCC ERW IFEC KTC MOONG PHOL PTTEP SCC SSF THCOM TOGAYUD BWG DEMCO FE INTUCH LANNA MSC PM PTTGC SCG SSI THRE TOPBAFS CENTEL DIMET FSS IRPC LHBANK MTI PPP Q-CON SINGER SSSC THREL TPCBANPU CFRESH DRT GBX IVL LHK NKI PPS QLT SIS SVI TIPCO TPCORPBAY CIMBT DTAC GCAP KBANK MBK NSI PR RATCH SMPC TCAP TISCO TSCBBL CNS DTC GLOW KCE MBKET OCEAN PSL S & J SNC TCMC TMB TSTHBCP CPI EASTW HANA KGI MFC PB PT SABINA SNP TF TMD TTCL

AAV AU CBG CTW GJS KAMART M-CHAI PAP RCL SGF SUC TK TTA VIHACC AUCT CCET CWT GL KCM MCS PATO RICH SHANG SUTHA TKN TTI VPOADAM BA CCN DAII GLAND KDH MDX PERM RICHY SIAM SVH TKS TTL VTEAEONTS BAT-3K CCP DCON GOLD KIAT METCO PF RJH SIM SVOA TM TTTM WGAFC BCPG CGD DCORP GRAMMY KKC MODERN PICO RPC SIMAT SWC TMW TUCC WINNERAHC BDMS CHEWA DRACO GRAND KOOL MPIC PJW RS SIRI T TNDT TWP WORKAIT BEC CHG DSGT GSTEL KTIS NC PL S SLP TACC TNH TWZ WORLDAJ BEM CHUO DTCI GTB KWC NEP PLE S11 SMART TAPAC TNP TYCN WPAJD BGT CIG EARTH GYT KWG NETBAY PMTA SAFARI SMM TC TNPC UAC WRAKR BIG CITY EASON HARN LDC NEW POLAR SALEE SMT TCB TNR UEC YCIALLA BIZ CK EIC HFT LEE NEWS POMPUI SAM SOLAR TCC TOPP UMI YNPALT BJC CKP EKH HPT LH NFC POST SAMART SPA TCCC TPAC UMS YUASAAMA BLISS CMO EMC HTECH LIT NOBLE PPM SAMTEL SPG TCJ TPBI UPAMATAV BM CMR EPG HYDRO LOXLEY NOK PRAKIT SAPPE SPORT TCOAT TPCH UPAAMC BOL CNT ESSO IHL LPH NPK PRECHA SAWAD SPVI TFD TPIPL UPFAPX BPP COLOR F&D IRCP LST NWR PRIN SAWANG SQ TGPRO TPOLY UPOICAQ BR COM7 FANCY IT MACO NYT PRO SCI SSC TH TR UTARIP BRC COMAN FMT ITD MAJOR OHTL PSH SCP SST THANA TRC UTPARROW BSM CPH FN ITEL MANRIN OISHI PTL SEAFCO STAR THE TRITN UVASEFA BTC CPR FOCUS JCT MATCH ORI QTC SELIC STEC THIP TRUBB UVANASN BTW CRANE FORTH JSP MATI OTO RAM SF STHAI THL TSF VAROATP30 BUI CSP GENCO JWD MAX PAE RCI SFP STPI TIW TSR VISource : Thai Institute of Directors

Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)

under Thai Institute of Directors (as of October 28, 2016) are categorised into:

• Companies that have declared their intention to join CAC, and

• Companies certified by CAC.

Companies that have declared their intention to join CAC

Companies certified by CAC

N/A

This Report has been prepared by Asia Wealth Securities Company Limited (”AWS”). The information in here has been obtained from sources believed to be reliable and accurate, but AWS makes no representation as to the accuracy and completeness of such information. AWS does not accept any liability for any loss or damage of any king arising out of the use of such information or opinions in this report. Before making your own independent decision to invest or enter into transaction, investors should study this report carefully and should review information relating. All rights reserved. This report may not be reproduced, distributed or published by any person in any manner for any purpose without permission of AWS. Investment in securities has risks. Investors are advised to consider carefully before making investment decisions.

Asia Wealth, Empower Your Wealth Call Center

02-680-5000

Branch Address Phone Fax

Head Office 540 Floor 7,14,17 , Mercury Tower, Ploenchit Road, Lumphini,

Pathumwan Bangkok 10330

02-680-5000 02-680-5111

Silom 191 Silom Complex Building,21st Floor Room 2,3-1 Silom Rd.,

Silom, Bangrak, Bangkok, 10500 Thailand

02-630-3500 02-630-3530-1

Asok 159 Sermmitr Tower, 17th FL. Room No.1703, Sukhumvit 21 Road,

Klong Toey Nua, Wattana, Bangkok 10110

02-261-1314-21 02-261-1328

Pinklao

7/3 Central Plaza Pinklao Office Building Tower B, 16th Flr., Room

No.1605-1606 Baromrajachonnanee Road, Arunamarin,

Bangkoknoi, Bangkok 10700

02-884-7333 02-884-7357,

02-884-7367

Chaengwattana

99/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2204 Chaengwattana Road, Bang Talad, Pakkred, Nonthaburi

11120

02-119-2300 02-835-3014

Chaengwattana 2

9/99 Moo 2 Central Plaza Chaengwattana Office Tower, 22nd Flr.,

Room 2203 Chaengwattana Road, Bang Talad, Pakkred, Nonthaburi

11120

02-119-2388 02-119-2399

Mega Bangna 39 Moo6 Megabangna, 1st Flr., Room 1632/7 Bangna-Trad Road,

Bangkaew Bangplee, Samutprakarn 10540

02-106-7345 02-105-2070

Rayong 356/18 Sukhumvit Road, Nuen-Phra Sub District, Muang District,

Rayong Province 21000

038-808200 038-807200

Khonkaen 26/9 Srijanmai Road, Tamboonnaimuang, Khon Khaen

40000

043-334-700 043-334-799

Chonburi 55/22 Moo 1, Samed Sub District, Muang District, Chonburi 20000 038-053-858 038-784-090

Chaseongsao 233-233/2 Moo2 1st Flr., Sukprayoon Road, Na Meung Sub-District,

Meung District, Chachoengsao 24000

038-981-587 038-981-591

thailand’s eec plays - asiawealth.co.th · please see disclaimer on last page 1 thailand’s eec...

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