9  2554

Strategist Team KimEng

Mayuree Chowvikran, CISA
Analyst
662-6586300 x 1440
Padon Vannarat
Equity Analyst
662-6586300 x 1450
Chaiyachoke Suwisuttangkul
Economist
662-6586300 x 1540
Chatchai Jindarat
Analyst
662-6586300 x 1401

Twitter Channel
http://twitter.com/YipNgenYipTong

 

Sell into Strength

  !"# $ 3 &'(& 3.49 *+&,- $ 1,072.21

* 2-+,-34&5""('( 24,692 " 2+- $&728*5"59
8--&4$&( *2(( :7+ ECB  5> $( -(7?((
( :? '$( -&4$&(# $ 4 7-
KimEng +? ?E ( SET INDEX *4$& :&"2" 1065-1075/80 * 2(5
"?> 1075+/- *-*((2- '+?*P**'4Q (:2-( E
(++$( 2+-7 ( E ) ?"8&"+2T(2U*(
( 5((?# US$4.47 2 *?+ US$3.0 2 &*7-:2(- Sentiment
"( 2-:+#*?(-&5&&+?*Z Congress , +-:7-4$&((-
&-( +-+'((2!8+* (T9(5"59-&4$&(# $ 3  "
5&(?'^&?:Q_ -'  :U?+28($:Q_ ,*+
+$(+?$(59
-&,- $7+ G-7  +T9(7+-(3 a IMF
a EU -&+4"5&(2U5_ #7+ $&*(+$(-&( :
 $8 7-  +- 5&
 ( : KimEng 2 e5  "?> 1,075+/-  15% 5&('&# $
3g / e34&( g IVL 2 e &+g BANPU
  (4&: KimEng e!T Short : S50U11 "?> 740 +/- 9$(9$( 2T4&
T- $4&5+g Stop Loss: S50U11 > 752 * ! Short 2! Long
Portfolio

Profit-taking at 1075+/- by 15% of Portfolio: MINT/ BBL/ TCAP/IRPC/

BANPU/ PTT/ TOP/ PTTCH/ RCL/THAI KSL/KBS/ STA/ JAS/ SAT/ AJ/ TRUE/
VNT/ TK/ SAMTEL/ ESSO/ TTCL/ PSL/ PYLON
Speculative Buy: IVL
Accumulative Buy: BANPU

Technical View

2" 1040-1045 * -2 1075-1080 *  +- 1040 *

+&,-'-*+8&59 &" 1,100 * 

Thailand Equity Research

9  2554

Thailand Equity Research

CONTENT

Inside Yip Ngen Yip Tong

1
2
3
4
5
6
7
8
9
10
11

Investment strategy
Fund flow analysis
NVDR Trading Data by Stock
Economic Issues by region
Interest Rate & CDS Movement
Securities Commodities Forex Movement
Economic calendar
Management Transaction
Stock Update
News Update & Analyst Quick Comments
Stock Calendar

Page

3
5
7
8
11
13
17
18
18
19
22

2
www.kimeng.co.th

9  2554

Thailand Equity Research

Action and Stock of the Day


 

 
 !" #$%&'( 3  * #'+!% DJIA # 2% 1$# 
 #23 '+
 *(4+&'( 3  #5% 3.49 8 9#( 1072.21 8  # 9
1#;$!
3 


++%% 24681
+( 
# ICT ?9'81 * ##!%32$1@ 
11 (#!% 2(. ('%%!(33*A#%2'#' (3A  SET INDEX +%
5

#  2  4+29%2 *#
# 2$
2% F +4.20%,
# Professional +2.20% 

#
Packaging +1.45% 23 '+
#
'+#
# V1 +0.42%,
# 
'%% +0.61%,
# '2#2% 0.23% 

# ICT -0.80%
Z' 
(X(%
 '1#8'+Y
%
'%8!'+!"
 3 '(3#  !
 SET INDEX  $% & Z88'+A # 
%( 1'%* #'+!"!%
 ('
#%#  &5%3* #[
'%( )'%**+',$%-
  8%%!%VV++  
  %X\Y82 'Y] V^ Bernanke 

%!$2(5+'%
## &**A'#'
23 '+ SET INDEX '11
$* A+ 1,060/65 a 1,075/80 8 %!(33*2' F
!  !" ('%2%( #% '%* #'8
P** 21.
 


 



 
 !": '
!
#2
1$%% US$4.47 2
 8 (3  US$3.0 2
 ('%8 32[  ?"%
(%
!
%+ @#1@ X\ 2e Congress A'( 19
.. ;"%5#8$A 5%3* #
 '  #$#8[
''+*
* # ' Z88' 2%(  1$ ! ' 82e Congress ;"%98&$%
!'% #[
!
] 
 2V@A
%?"%
2. #

$%
&
'%&!:  #'
%( #% 8
'+ ;$2(VA
 

 Long 2(VA SET50 Futures &'A+ 5 '(3 #& 9
1#(++%#'  #
 $2?@FX\Y8 
(%*!Zj '%* # 1 '8  ?"%k  
2V@A '%* #1
1

% # (3A %( #% '+
%(A
 *(8'%* # 
1 '8* "%
3. 
!) *+ &
!: Bloomberg 238+# ' %^nA$2.1.1#8
6.1% yoy (+'+$.1.( 6.5% yoy  A
1% $29%#(
 * #

&82%
'
%(A
 8 
 HSKI '*#' '# (#'+
#V1
%88  1+1 2$ 
%^n! %   
4. #
%
 

%! $&.!'%: 'Y  '%* # '2A8 #5'%
#
!@(1@  11 (#(*'+1'
$  1'
$V 
%V 

32 #'Y  A'( 12 .. 1 * ##!%3$ 11 (#(9

]

&8(8'

# ICT 'A 1
$* A+1+&'( 2
Z' 
KimEng   %1#!%
+ #(X(%
 *(A2' F  A#&[
8Z88'eA(X  #
Z88' #%(X'%1% 3 ' #3 (X(%
%( 
$#8
'+  1 2% !"
1'%  (231'j2' F *#
1.
&  G-7: 1# 8* #  1  '  8 # (% *!Z j 1#  %  ( * # 2 (?" %
Z88' $Y!%2
%' r  ?"%(%^st ' X\Y8
(9#A1 2% # 

 ' !"
2.
&0%
1 2 IMF 2 EU: '( 12 .. $2+? 1 1$+  #*!Zj 
!
] !%; ;"%*
  $* $'( 2 ..([#  ;"%98 1 2%( +
2 8* # 51 1$+ #' ;"%'(#'+#1 2% #k  2V@A
'+ 
3 ' %!"
3
www.kimeng.co.th

9  2554

Thailand Equity Research

( Z'+ KimEng ((2:(  e5   15% 5&('&( 

"?> 1,075 +/- 2T4&'&- $4&g -&4$&(# $ 3 2"++&(+4$&
SET INDEX "Q(,- 1,050 *4&$- -*?&(: *+$( $
- 25(
 (  2 e 34&+g (-& 
1. BANPU : ! 644.00 " ++ 880.00 "
a. 1?#     BJI 2'   F
#  2  2  2 '  ( 8 ..  !"  % +US$2.55/ '  $ 
+2.1% wow & US$124.20/ ' '+ '!"&2' F( 4  #'  !"%(2A
+ 6 $ 
(3'+29%2A+ 9 2' F
'%8
'+ #%22 ?# 
1'% 21
%'+'1#%$ BDI ('+ '!"?"% 40.9% A#% 1 $([# 
b. KELIVE 1#[
+*[#8 32*
A 1Q54 ( 3* %
2,003 '
+( 
 ^st ' +17.9% qoq & 2,362
+( A 2Q54 !@(
3*  2H54 8! ' 52% hoh & 8,284
+( 8 1H54 ( 5,445

+(   @!( !"('%8
;
2 
 '%'1#3*
  3Q54 8^st ''8 qoq 
(3829%2!%zA 4Q54
c. 
8!" XD %Z[
1H54 
 9.00 +( '( 13 .. 1&[
+(8
%Z[
1.4% 1 ;$! PER 2554 ( 8.7 (# 3#1#|
!%
# 
'%%(
9.3 (# 8"%$#  Downside (83'
2 e34&( g
2. IVL : ! 38.00 " ++ 58.00 "
a. KELIVE 1#1 8*'+2%1F%+8'+ '!"!%1~n#%
#$% +9.6% A# % 2 2'  F([#   1~n   !" &  US$1.12/
F $ +2.0% dod (3'+29%2A+ 2 $ #$% 8!29#k9 2 !%
2 'Y 
1#[
(+!%1*A#%
$ 2.1. 

(
%1
$ '!29#(X2 'Y] 82#%[
A $(
9~n!%2 'Y2 
b. '%' IVL AY[9[
 2A
2 F;"%&21(( 1#8F
82# #%1
2 F(1#8#% '!"A 4Q54 #'
c. KELIVE 1#3*z 2554 8! '29%?"% 77.4% yoy & 18,741
+( !@(
1 ;$! PER 2554 ( 9.7 (# 3(2A 
# 4 1 ( KELIVE 8'(3+(
1 F(%Z88'$Y *# PTTAR 10.3 (#, TPC 12.1 (# 
 VNT 10.5 (#

'+ '!"!%1~n8&Z88'2'+2$!5%3*A2'*
What will DJIA move tonight?

#8

!) 9:;$ <
#!= $
 0!;> #8 #
%

4
www.kimeng.co.th

9  2554

Thailand Equity Research

Fund Flow Analysis

Fund Flow in Emerging Markets



.-/
0.
 5
$%)  US$4.7  7
%-/
0. US$213 

 


(US$
)

2553
(US$
)

-80.2

52.7

-8,784.3

9577

KOSPI

-3.0

-306.3

-5,354.3

19657

JSE

63.7

40.4

1,763.8

2345

PSE

5.2

5.7

572.5

1232

1.0

0.0

146.8

617

8.6

-5.6

-613.5

1919

Short-Selling 

Stock

Foreign Investors Action 




.*/;/*


('&'% 5 
<'
(
=) 7<

YTD 2554
(US$
)

TAIEX

  
SET INDEX

*+'*$% 211 

7% 326 

'# 
(US$
)

Total Value

% of trading

Avg.Price

(mn Bt)

Volume

(Bt)

121.64

ADVANC

27.17

1.6%

LOXLEY

25.90

2.6%

4.17

TOP

25.73

2.2%

67.71

IVL

22.21

2.2%

37.36

PTTEP

19.05

3.5%

165.65

 

  (
+()
SET50 Futures (2'jj)
SSF (2'jj)

 2  (
+()



'# 

+257

-167

+953

-24

+15

+1

-316

+771

 $
 A
!'+!" #$%&'( 3 +X
%( &+ 2#%[
A 
'
%( #% 
'+ 22
 *(&'A+ 5 '(3  #5% 257
+( 8

 4 '(3# !2(V 4,917
+( 
 YTD !2(V 19,026
+(  '+ 
Long 2(VA SET50 Futures &'A+ 5 '(3#' 953 2'jj(+'+
 4 '(3
#  Short 2(V 1,574 2'jj #8&#%42? Short
'% SET50 Index $ $
740 8#%!5%#% 
 S50U11 429%# SET50 Index 1'%5 
 #'
%(
# 
'+ !2(VA
 2 &'A+ 9 '(3  #5% 316

+( (+'+
 8 '(3# ;$2(V 24,910
+(
( ; NVDR
  *,$ %/
0. ;$![# NVDR 
'+ ;$2(V 798
+( 8 2 '(3# !2(V 396

@A); *)  %7 ' +( 2e *'% #*

< Short-covering =  

1.
# 
'%% ;$2(V 323
+( 8'# !2(V 109
+(  
#
2'% ] ;$2(V 249
+( 8'# ;$2(V 235
+(
# V1 ;$2(V
128
+( 

# ICT ;$2(V 114
+(
2. !@(
# (#%(?9!2(V 38
+(  
# 1


# '2#2%
!2(V 27
+( #
#
34& ?,(

+,- ?
(" )

% +,-34&
5

5 ?
,(

+,- ?
(" )

% +,-34&
5

KBANK

184.68

19.63

PTTAR

-103.19

11.74

TOP
IVL
BANPU
PTT

169.18
130.30
110.18
107.88

9.06
8.33
8.94
9.50

PTTCH
BBL
SCB
SCC

-75.41
-65.53
-50.12
-40.03

7.18
43.58
10.40
6.98

5
www.kimeng.co.th

9  2554

Thailand Equity Research

Foreign Brokers and Top Retail Brokers Position

Net Position (mnTHB)

11,000

Yesterday
-11,000

1 Week

1 Month

ASP

BLS

KS

CLSA

CS

DBSV

JPM

KGI

KEST

PHATRA

SCBS

MACQ

UBS

Yesterday

35

213

254

106

199

-400

-39

-112

-150

-784

111

-317

298

TOTAL
-585

1 Week

463

679

524

-345

-520

-2,185

108

73

380

-1,303

258

-368

-2,087

-4,322

1 Month

540

-766

2,195

-1,604

-104

-5,841

2,351

-202

906

1,190

1,112

-4,515

-4,678

-9,417

Source: SET SMART

Regional Foreign Fund Flow

(mnUS$)

1,000

-4,000

-9,000

Thailand

Vietnam

Yesterday

81.30

63.66

5.18

-2.97

-80.17

8.55

1.00

WTD Net

250.74

India*

Indonesia
64.05

Philippines
18.36

South Korea
-1070.92

-1193.80

Taiwan

-102.46

2.65

YTD Net

561.39

1763.79

572.51

-5354.32

-8784.33

-613.46

146.77

Source: Bloomberg
*India: Net foreign fund flow updated as of 7 Sep 11.

Yesterday

WORLD EQUITY MARKET MOVEMENT

Stock Market
DJIA

Closed

% DoD

% WTD

WTD Net

YTD Net

THAI STOCK MARKET MOVEMENT

% YTD

INDEX

Closed

% DoD

% WTD

% YTD

SET INDEX

1,072.21

0.3

0.7

3.8

747.06

0.4

0.6

3.7

20,842.59

0.6

0.2

-2.9

11,295.81

-1.0

0.5

-2.4

8,793.12

0.3

-1.8

-14.0

SET50 INDEX

19,912.82

-0.7

-1.5

-13.6

ENERGY

KOSPI

1,846.64

0.7

-1.1

-10.0

BANK

403.58

0.4

-0.1

3.2

SHANGHAI COMP

2,498.94

-0.7

-1.2

-11.0

ICT

116.75

-0.8

5.1

37.2

TAIEX

7,548.37

0.3

-2.7

-15.9

PROPERTY

10.8

17,167.84

0.6

2.1

-16.3

CONMAT

JAKARTA COMP

4,005.39

0.1

4.3

8.2

TRANSPORT

PSE

COMMERCE

NIKKEI
HSKI

BSE SENSEX

161.21

0.6

1.4

8,106.24

-0.2

-0.3

-4.6

92.24

-0.2

-1.2

-19.9
35.8

4,356.73

1.0

-0.8

3.7

16,044.97

-0.1

-0.2

HO CHI MINH INDEX

453.26

2.1

4.1

-6.5

MEDIA

58.11

4.2

5.5

25.9

MSCI AP EX JAPAN

429.71

0.2

-1.3

-10.3

PETRO

1,065.73

1.7

0.7

-21.2

Source: Bloomberg

6
www.kimeng.co.th

9  2554

Thailand Equity Research

NVDR Trading Data by Stock

(As of 30/08/11)
Top 20 Net BUY

Top 20 Net SELL

Value (Btmn)

Buy
BBL
TUF
ADVANC
SCB
AP
LPN
IVL
SCC
PTT
TOP
DTAC
PTTEP
TRUE
CPALL
BAY
TISCO
BEC
GFPT
MCOT
KK

171.82
109.07
87.40
100.36
68.53
61.78
52.51
158.85
57.50
38.05
34.93
31.15
20.23
19.76
17.79
47.09
13.07
13.60
12.41
12.00

Sell
30.92
15.72
0.18
16.19
0.66
0.22
3.75
111.46
16.41
4.48
2.19
4.32
0.29
0.95
0.01
32.40
0.55
0.04
0.29

Total
202.75
124.80
87.58
116.55
69.19
62.01
56.26
270.31
73.91
42.53
37.13
35.47
20.53
20.71
17.80
79.49
13.07
14.16
12.45
12.29

Value (Btmn)
Net
140.90
93.35
87.22
84.17
67.87
61.56
48.76
47.39
41.09
33.57
32.74
26.82
19.94
18.81
17.78
14.69
13.07
13.05
12.36
11.71

Buy
KBANK
BLA
INTUCH
LOXLEY
STA
THCOM
KTB
SAT
MPIC
MAKRO
MINT
DELTA
ASP
TCAP
HMPRO
SSI
KBS
SNC
BH
AOT

91.94
0.06
0.04
0.78
29.88
3.51
12.03
0.93
0.55
0.12
0.99
0.19
1.38
0.24
1.51
0.42
1.09
0.27
0.15

Sell
149.57
53.66
41.34
40.71
64.81
25.91
29.46
16.25
12.25
10.07
8.66
6.28
7.27
4.91
5.30
4.09
3.47
2.18
2.13
1.35

Total
241.51
53.72
41.37
41.49
94.69
29.42
41.49
17.18
12.81
10.19
9.65
6.47
8.65
5.15
6.81
4.51
4.56
2.18
2.40
1.50

Net
-57.63
-53.60
-41.30
-39.93
-34.93
-22.39
-17.43
-15.32
-11.70
-9.95
-7.66
-6.10
-5.89
-4.67
-3.79
-3.67
-2.38
-2.18
-1.86
-1.19

Top 20 Most Active

Buy
SCC
KBANK
BBL
TUF
SCB
STA
ADVANC
TISCO
PTT
AP
LPN
IVL
BLA
EGCO
TOP
KTB
LOXLEY
INTUCH
DTAC
CPF

158.85
91.94
171.82
109.07
100.36
29.88
87.40
47.09
57.50
68.53
61.78
52.51
0.06
23.16
38.05
12.03
0.78
0.04
34.93
19.85

Value (Btmn)
Sell
Total
111.46
149.57
30.92
15.72
16.19
64.81
0.18
32.40
16.41
0.66
0.22
3.75
53.66
23.36
4.48
29.46
40.71
41.34
2.19
15.83

270.31
241.51
202.75
124.80
116.55
94.69
87.58
79.49
73.91
69.19
62.01
56.26
53.72
46.51
42.53
41.49
41.49
41.37
37.13
35.68

Net
47.39
-57.63
140.90
93.35
84.17
-34.93
87.22
14.69
41.09
67.87
61.56
48.76
-53.60
-0.20
33.57
-17.43
-39.93
-41.30
32.74
4.02

7
www.kimeng.co.th

9  2554

Thailand Equity Research

EwQ?* - (?Z,+?Z
Q&+?
@%*
'  */%';%  -%
(M&/N -O;
 Bernanke *
* ';% -%(M';
 (
$
S7;'$ % (
&''; *
$% (%

 *$%*M+'.@T/'UV $%

/..' 
 ('7 59.2 7  $ %
)   44.5 7  7 *  
X'YU.7/'UV * */ /+-Z
7;
-/+T;[[%&%

OECD 5EwQ?*Q_ 2$ y '&+&(::78"(?U-&

+59: $%8e X\Y8
(8 + 
 '
%  '+1 2% Downside (
 !"
1. X\Y82 'Y]: 1#8! ' 1.1% qoq A 3Q54 
 0.4% qoq A 4Q54

%8
 A$.1.( 2.9% qoq 
 3.0% qoq 
3'+
2. X\Y8j: 1 + 4.1% A 3Q54 
 0.0% A 4Q54
3. (X!A j# 3  #%A: 1 + 1.4% qoq A 3Q54 
 -0.4% qoq A 4Q54

&2U*((5&(?" Obama: %% US$4.47 2

1. #2%2V@9e1%% US$1.05 2
  ?"%'+%%, !2#% 

'+%2'%  ('F(#%
% 8 A8#*8?"%z 2556
2. %#
$#'Y+
(%? 
 #%'Y US$3.5 $
 1#8#'\ 3 #%
%19* 2.8 2
3.
e\%*+11
V  %* US$106,800 8*
e\
% +#%2(V'%
#
 #%8%

98%#%
1"% ('%
98% 3.1% 8 6.2% ;"%8 Az 2555
 ?"%
8#e\%$&'1Az  $ 8%% 
#V8
!
5
4. e1V88*
 #e\ 3.1 a point A8#%$2# US$5.0
 2#(
8%8# 6.2% '8*
 # US$50
2(VA2#( 8%% !"
5. ['%
#1#8# X\Y8Az * 2% 
(3A #%%

% 1% (+
'+[ @ Z88+' (
e\%$
% 
!2'2#%% ;"%8221%
eA2z
6. 2' F  Obama 832['%
# #1@(3%X\2e Congress #(%
1#A8#2#( !" ;"%?$& "%!%(%
!
] US$1.5

A

7. '( 19 .. Obama 82[
!
] ;"%8 ?"% (( !"8[ 
8%% $'\2?e'+ 2V@!%2 'Y]

Bernanke -{*+'?*>2 (EwQ?*:7+(: $ 
(% X\Y8A  1  2 eA 2?e1 !@(A+1
'%
(! %
&82% #X\Y8

5+74$&+$5&(Q_ -(>7?("22--+
1. !&#
&8!? @# 0!;> 8 .#. $<
A<
 B%
2 D: '+ '
%%8
59.2 8 29#'+ 44.5 8 ##
1@F1#!% ( 52 8 
'+&2? 
'+ '
%%2 '% #$ .1.2551 81 '%
# ! '!%X\Y8
2 'Y] 2#+(231'j '%
a. !&%9:;E!!!)%8: 8 35.7 8 
$ 33.3 8
b. !&
#

FGB 6 8
0
$<
A<
 B%
2 D: 8 74.9 8

$% 51.9 8
2. !&
#

 S&P/Case-Shiller 8 .. % !==
F A@

: '+ '
%A
' (
 '( -4.5% yoy !@(
1#8(#'+$# ( -4.6% yoy (+
'+$# '1+A2 'Y] '+ '
% 0.1% mom #%*5   ^st ''%
&*#%$% 8Zj "+!(
 !@(2%1F;$+*'+
[
(+8' #%%A'+29%
83'
#2$Ae12?+'%

8
www.kimeng.co.th

9  2554

Thailand Equity Research

US : Consumer Confidence

US : S&P/Case-Shiller Home Prices (% YoY)

Source: Bloomberg

Source: Bloomberg

8
ECB ] BoE @'.
*

ECB (8"(?+: ' ++81% 1.5% !@(%$*!A++%

!% ' %1%2% 
 ECB   (8 ' |  2e1
# %!29#  ++ !"   1  83 & 
8 ECB
n  + (%X\Y8A9
%
$ 1.6% Az8 1.9% 
z
( 1.3% 8 1.7%

BoE (&&"8"+7- : ' + + 0.5%   %%' +;$ 
2('F GBP2.0 2
  (
1 !@(
  # BoE 88@ %%'+
;$2('F GBP5.0 $
 $ X\Y8(2% #
 '
 +$(5&(&?5"59& 2-3&,-:Z-#-(: CDS Spread  5 z!%
 
 4 ( 433.70bps 8'#    431.10bps 2#  CDS Spread  5 z ! % ; & 
3025.74bps 8'#  2805.22bps

ITALY : CDS Spread 5Yr Bond

GREECE : CDS Spread 5Yr Bond

Source: Bloomberg

7+74$&+$ (EwQ?*4&
*$ %*
X'YU. 7&% +
 

</[.
.
</&'% 1 ^ 7('
  _ `   / 0'O;& @ '

$  $ % (;  *  = 
%%%  
7

.. 5&(&,2((2-4& ..2551: 

'+ '
%8 103 8 29#'+ 98.3 8 32'+ '% #$ .1.2553 
##(
1('+
100.2 8 8[
%Zj  2V@!%($$ ' ! '!%X\Y89
2#+(231'j '%
1. !&#
&8!? @# % !==
F&)%8:

%8 -11.2 8 29#'+ -16.5 8
2. !&#
&8!? 
@
#
)%!): 8 0.9 8 29#'+ -2.9 8
3. !&#
&8!@
#
!!)&%!: 8 7.9 8 29#'+ 3.7 8
EU : Economic Confidence

Source: Bloomberg

9
www.kimeng.co.th

9  2554

Thailand Equity Research

*

**?"-(?Z: 2558: !@( PBOC * # $'?"% %

(
'8  # @ Z88+'
1%A #%(X (Offshore) ;$!%  !"

&723?{!
%/  ,$ % '$ % 7 '$ %  .. -%
` a
*

&$(34&4$&(*4& .. 5&($y+-: -8.2% mom 

 +4% yoy 8

0'';
X% ;%'&
@
'. 
  - *   
X'YU.7 @* */ 
%';%

*-Z

+7.7% mom 
 +17.9% yoy A$ .. ##(
1( -4.2% mom 
 +8.3% yoy
$  %8!5 % 1# !%%  #  $  %&   21 #  ^st  ' !%++X\Y 8 !%(X
e
'% e'+'  11 .1.
Japan : Machinery Order (%YoY)

Source: Bloomberg

BOK (:(&&"8"+: ('+ 3.25%  # '

!
X\Y88'%1%^st '*#% #$% 
' %^n+n !% BOK  #2e
X\Y8
(
 '
% 
 5 *1 * ##(3A X\Y8!%(X2% 

'
%  ?"%' %^n(8
 '
%#'

(&?83 (&&"8": 6.75% &*  2%(
1 8
(%;
' + Interbank lending rate !' 3 150bps 8 100bps $A 
V1!*(3V8A
 Interbank money market !"

(+3 (&  &"8"+: ( ' + 3% $ A  ! ' (%
X\Y8&*#% #$%(#
%
 '
%!%X\Y82 'Y] 
Zj  2A

&-((4& .. 5&(&&'?$+594&++: ('+ 5.3% 8
5.1% A$ .1. 
 #(
1(#8(% '( 5.1% 29%2'+ '% #$ .1. 2553 8
e X\Y8
(&%
+(+8 (
%( !%[9+A 
8%%
%
#$%&$( 2  #'

-(&&4& .. 5&( 5$:&"4&" 2 : +7.2% yoy 8 +17.6% yoy
A$ .1. 
 3#(
1( +15.5% yoy 1#!%  8
 '!%X\Y8

2#%[
A 2%1F82 'Y]
 '
%  ?"%  (%%8(! %'2%1F88
#'


    *$ % *  M+  '. @ T$ %  /..
-%
'('&'% 4 $%

7+74$&+$U,"?8Z4& .. 5&( ((2:&" 4 4&: 29#'+ 73.8 8

8$ 2.1. (9#( 74.4 8 ('%$%8e3(# A

8'% 'e1 $ [9+e1'%
'%
1#1%(29%!"* #21
%'+* !@(121'%(% 'A'+29% [9+e1'%* #
'A8'+!'+1
$+!%'Y+
1 * ##!%^st 'X\Y8

10
www.kimeng.co.th

9  2554

Thailand Equity Research

4$& 5&(&&" 2 CDS $

.
 -)0
'';;/
)$%'%+
.X
'
% '

&&" LIBOR3M (#2:&" 8  

1. LIBOR 3M = 4( 0.3368% * #

%8'# 
2. HIBOR 3M = 4( 0.2800% (% '#'

 Ted Spread '?$+59 (" LIBOR3M:

 Ted Spread 4( 0.3267%  !" 1.41bps

8'# 

% 0.78bps !@( LIBOR3M (3A [
+(8'V+' 2'!%2 'Y]


%&'A+ 3 '(3 ?"% 2.19bps 8'#  +1.18bps  $e

%(A2('F2% #%
  
21e1e'@F 3 '  * #'8 (3A %(*
!'
A2('F Safe Haven 2' $9(X(%
%( "%

LIBOR Rate: 3M

US TED Spread

0.80

0.60

0.70
0.50
0.60
0.40

(%)

(%)

0.50

0.40

0.30

0.30
0.20
0.20
0.10

14-Jul-11

25-Aug-11

23-Jun-11

04-Aug-11

21-Apr-11

02-Jun-11

31-Mar-11

12-May-11

27-Jan-11

10-Mar-11

06-Jan-11

17-Feb-11

16-Dec-10

14-Oct-10

25-Nov-10

04-Nov-10

23-Sep-10

22-Jul-10

02-Sep-10

01-Jul-10

12-Aug-10

29-Apr-10

10-Jun-10

08-Apr-10

20-May-10

18-Mar-10

14-Jan-10

25-Feb-10

04-Feb-10

22-Dec-09

20-Oct-09

01-Dec-09

10-Nov-09

29-Sep-09

08-Sep-09

4-Aug-11

25-Aug-11

2-Jun-11

14-Jul-11

23-Jun-11

21-Apr-11

31-Mar-11

12-May-11

10-Mar-11

6-Jan-11

27-Jan-11

17-Feb-11

4-Nov-10

16-Dec-10

25-Nov-10

2-Sep-10

14-Oct-10

23-Sep-10

1-Jul-10

22-Jul-10

12-Aug-10

10-Jun-10

8-Apr-10

29-Apr-10

20-May-10

4-Feb-10

18-Mar-10

25-Feb-10

1-Dec-09

14-Jan-10

22-Dec-09

10-Nov-09

8-Sep-09

20-Oct-09

29-Sep-09

0.10

Source: Bloomberg

M 
% (
)  0 
' ' U  

T)'*'
&'%( -O;




.,$%/
0.
%$%

2 )' % *  *+    (  -Z 
 ' ; 
8.0 )

Term
1 Month
3 Month
6 Month
3 Year
5 Year
7 Year
10 Year

Yield
3.32483
3.39936
3.46842
3.41554
3.42000
3.45275
3.50963

Change (bps)
+6.11
+3.39
+0.98
0
-1.86
-0.10
+1.06

'": E: [
+('V+' 'Y+
*(e '+ 'A+1+  '+
9
1#;$!(++%
%
$% 7.5 $
+( $%8* # Z88'A #3(X(%
%(
A
'V+'  !@('
%( #% ;$2(V #$%&'( 2  7,967
+( (+'+'
# ( +3,652
+( (3A 2?;$2(V YTD  !"& 6.61 2
+(
Thailand : Government Bond Yield Curve

Source: ThaiBMA
Thai Baht Implied Interest Rate Movement

Term
29/08/11
2 Day
3.33
1 Week
3.33
1 Month
3.28
2 Month
3.37
3 Month
3.31
6 Month
3.29
9 Month
3.3
12 Month
3.46
Source: BOT

26/08/11
3.33
3.28
3.25
3.32
3.3
3.28
3.37
3.48

25/08/11
3.35
3.38
3.4
3.32
3.33
3.31
3.37
3.52

24/08/11
3.4
3.37
3.37
3.23
3.2
3.19
3.27
3.39

23/08/11
3.29
3.38
3.24
3.13
3.1
3.09
3.2
3.37

22/08/11
3.25
3.25
3.07
3.03
2.93
3.04
3.06
3.25

11
www.kimeng.co.th

9  2554

Thailand Equity Research

*/ 
@--Z=% 7
('_`.d
. &@' 
/<`

 +$(5&( E '?$+59&( 2-'(&: CDS Spread !%(X*( 

5 z 4( 141.57bps 8'# ( 140.84bps 
 CDS Spread  5 z !%8 !"#'
4( 117.12bps 8'#  116.00bps

/;
%* */ &
--Z
=%

Thailand : CDS Spread 5Yr Bond

Source: Bloomberg

(
*/ /'UV 
%$%

CDS Spread 5&(Q_ (# $ 3: CDS Spread  5 z!%2 'Y] 4( 51.22bps 8
'#  51.76bps

USA : CDS Spread 5Yr Bond

Source: Bloomberg

12
www.kimeng.co.th

9  2554

Thailand Equity Research

Z a  $

@7/N  ' 
  -Z   
 3
. 
 %   -( E:
(*   7;' 
  &  ('  
 DJIA "59 $ 3 ?-& : '82F'+ '!" 20.70 8 $ 0.18% 4( 11,559.95

-X'YU. 7%%*
<  (

8 '+ '!"%&'( 3  #'*2358  #8'+ '
%A#%!%;$! 100 8
*S7;%%*
''';


'%'1 $ '[9+e1$ 2.1.

%
$ 44.5 8 (3'+ 32 '% #  ..52 
 3#
X'YU. 7 '  &* /  M&      &
1!%
 
'1+A! 20  $%$ ..

% 0.1% mom 3#1!%
(
( 
1#8(% ' mom #%*5 
'+ '!"*
'%^[% ( $ +#
*  $'?"%   X\Y81'%A #  ('% !;$'V+'  2#%[
A 
'
%(1#^8 XA   X\Y81'%A #A '( 20-21
.. #%*5  VIX Index  $ !"
5 +1.8% dod & 32.89 8
 ( "5'(?: Safe Haven &(:
'% '
!'1 $ '[9+e12 'Y] $
2.1.  '
%%#1
(32?  32A+# 2 z 2#%[
A '
%(
'+ '%
#
! '!%X\Y82 'Y] 
2%1F
%(A Safe Haven #%'V+' 2 'Y] #
!"1'% ' [
+('V+' 2 'Y]  2 z
'+ 

% 0.8bps 4('+ 0.196%
!@(' [
+('V+'  10 z
'+ 

%#' -7.9bps 4('+ 2.177% 8'
# ( +6.6bps A2' F* # 4 9
'V+' 2 'Y]  ##%A 8%% 9

('%2A2' F#( US$9.9 $


VIX Index

Fed Fund Rate Futures

70%

90

64.20%

64.20%

63.20%

80

64.80%
0.00%

0.25%

0.50%

0.75%

60%

70
50%

50

(Probability)

(VIX Index)

60

40
30

40%
35.10%

34.70%

34.70%

33.50%

30%

20
20%

10
09/09/2008
24/09/2008
09/10/2008
24/10/2008
08/11/2008
23/11/2008
08/12/2008
23/12/2008
07/01/2009
22/01/2009
06/02/2009
21/02/2009
08/03/2009
23/03/2009
07/04/2009
22/04/2009
07/05/2009
22/05/2009
06/06/2009
21/06/2009
06/07/2009
21/07/2009
05/08/2009
20/08/2009
04/09/2009
19/09/2009
04/10/2009
19/10/2009
03/11/2009
18/11/2009
03/12/2009
18/12/2009
02/01/2010
17/01/2010
01/02/2010
16/02/2010
03/03/2010
18/03/2010
02/04/2010
17/04/2010
02/05/2010
17/05/2010
01/06/2010
16/06/2010
01/07/2010
16/07/2010
31/07/2010
15/08/2010
30/08/2010
14/09/2010
29/09/2010
14/10/2010
29/10/2010
13/11/2010
28/11/2010
13/12/2010
28/12/2010
12/01/2011
27/01/2011
11/02/2011
26/02/2011
13/03/2011
28/03/2011
12/04/2011
27/04/2011
12/05/2011
27/05/2011
11/06/2011
26/06/2011
11/07/2011
26/07/2011
10/08/2011
25/08/2011

10%
1.70%
0.00%
Sep 5

Source: Bloomberg

1.10%
0.00%
Sep 6

Sep 7

1.70%
0.00%
Sep 8

Source: Bloomberg

Asians Equity Market Wrap

Down and Up
NIKKEI

World Stock Market Movement

PHILIPPINE SE
STAITS TIMES
KOSPI
CAC
FTSE
NIKKEI
SET
TAIWAN TAIEX
MSCI ASIA PACIFIC
JAKARTA COMPOSITE
DAX
HSKI
SHANGHAI
DJIA

1.10%
0.00%

0%

0.96%
0.88%
0.72%
0.41%
0.41%
0.34%
0.33%
0.26%
0.10%
0.10%
0.05%
-0.67%
-0.68%

8,793.12

+0.3%

Key Factors
'+ '!"&'( 2  #' $%8
1.

3    
# 2# % 8  % % + #  [
+
' %
VV++   #8'|2e1
#%!29#++2?+'
% US$3 2
 
1 '%
#k  2!%[#
1

% 2#%[
A  Toyota Motor +0.8%, Nintendo Co +1.9%

2.


# 
5(12F'+ '!"
'% ' Philadelphia Semiconductor
Index '+ '!"?"% 4.5%  !"%2'+ '% # 23 2.1. 2#%[
A  Tokyo
Electron +3%, Shinko Electric Industries Co. +3.5%

3. Fanuc ([9[
 1$%8'% 2  ) -3.4%
'%j%
2'%;$1$%8'$ .1. ##(
1

-1.04%

Update: Sep 9 @ 7.30 Source: Bloomberg

13
www.kimeng.co.th

9  2554

Thailand Equity Research

HANG SENG
ASIA PACIFIC VS THAILAND SECTORAL MOVEMENT
CHEMICAL

1.16%

-0.30%

COAL

0.99%

-0.34%

REAL ESTATE

0.87%

-0.62%

0.32%

ENERGY

0.23%

BANK

0.17%
0.16%
0.00%

TRANS
FARMING & FISHING

-0.44%

SHIPPING
CONSTRUCTION
FOOD
TELECOM

4
+'A+ 3 '(3 $%8
1.

0.77%

23'!# Securities Times %V1

%88!"' +
+A$   $  $     $  1+1 %  ^n  ICBC -1%,
Agricultural Bank of China Ltd. -0.6%

2. !@(%5%3* #   8%%!%VV++ 

2#%[
A  Li & Fung Ltd +1.3% #%'

SHANGHAI

2,498.94

-0.7%

Key Factors
'+ '
%&'( 5 A+ 6 '(3 $%8

0.79%

-1.37%
-0.39%

Update: Sep 8 @ 17.00 Source: Bloomberg

-0.7%

Key Factors

0.45%

-0.03%
-0.20%
-0.47%
-0.39%
-0.56%
-0.16%
-0.71%

BUILDING MTRLS

19,912.82

Asia Pac

Thailand

1.

23  ' !#  A(X%#  V1

%8  8!"  ' + 
+1'%A$ $$  $1+1 ' %^n('%9#
'+29% ' 
# V1
2'% ]

2. '+
 @ GDP !%8
%!% UBS AG, Morgan Stanley

 Deutsche Bank AG 85X\Y8!%(X
# '(

 '
%82#%[
A 2#%!%(XA #*'+[
(+ 

X\Y 8 8
 ' 
%#  '  2# % [
A  Jiangxi Copper -1.5%,
Aluminum Corp. of China Ltd -1%, China Shenhua -0.9%, SAIC
Motor Corp -0.9%, China Southern Airlines -0.9%

: E
SET Index [+ ('-
<< ' 
 &
 %7;Sno
(;
 
%$%
 3 *$%

 @ 'Sno 
  7'=  <  '<  ([
-% 0. @%*

SET+MAI

Latest

Prior date

YTD

Institute
Prop
Foreigner

232.01

619.54

-24,764.89

67.89
257.85

929.91
-171.73

2,259.77
-19,307.44

Retail

-557.75

-1,377.72

41,812.57

 SET INDEX "59# $ 3 ?-& : ^st '8('+ 'A

+A#%!%;$

!8%!(33* 

# ICT 81 '%
] 8
(9

 #% '%1@ 
2(. A #*
'% 1^n%%* !%1@ ++ #% '%(* #* 8
$ '%
#* # 1 #%A2  ##%+#
 1
$* A+#(3A +X
%(


'+ &+  
# 
'%%
V1^st ' 
'+ '!" '

'+ 4A
+*2358 4
'9#('+ 1,072.21 8  !" 3.49 8 $ +0.3% 9
1#;$
!
%('+ 2.47 $
+.
 ( -(7?34& ?#2:&" 5   : 1& 9
1# 258
+. 8'#
(!2(V1& 9
1# 172
+. 2#%[
A  9
1# YTD &!2(V !"& 1.93 $
+.
 ( T": E34& ?# $ 2 ?-& : 1& 9
1# 232
+. 8'#
(!2(V1& 9
1# 620
+. 2#%[
A  9
1# YTD &!2(V

%& 2.48 $
+. '

%(+\'(
'('F(Prop Trade) ;$2(V&'( 3  #'1& 9
1# 68
+.
 -+"597-( 7: 3
# 2$
2% F +4.2%, BEC +7.9%

# 4 1  +1.7%, IVL +2.7%, VNT +2%, PTTCH +1.8%

# 2'% ] +0.6%, RAIMON
+4.3%, LPN +3.5%, CPN +1.9%, AP +1.7%, PS +1%
# 
'%% +0.6%, ESSO +3.9%, GLOW
+1.8%, TOP +1.5%, PTTAR +1.5%, BANPU +1.3% !@(
# ICT -0.8%, JAS -1.6%, ADVANC
-1.6%, TRUE -1.4%, SAMTEL -0.8%
 2( -(7?"+ Long  ?#2:&" 5  : 83 953 2'jj
(+'+ 4 '(3#  Short 2(V 1,574 2'jj 1#8&42? Short (4* 
('%
'+ ;$2(VA
 *(&'A+ 5 '(3  #8& 9
1#(* #   #&
2#%2'jj@%! $
3 '
%(A
 *(!%'
%( #%  83' %!"
% #A#%2'r  KimEng $#8'%* # 5 5%( #% *
!
%(A
 *(
#
 #$%

14
www.kimeng.co.th

9  2554

Thailand Equity Research

Foreign Net Position in TFEX

850

150,000
116,147

810

100,000

730

(mn THB)

258

0
2552

2553

2554

1Q54

-19,307

-50,000

-37,027

2Q54

-711

3Q54

-14,092

Sep 8
-558

-65,516
-100,000

(SE T50)

41,813
38,013

2551

690

20,000

Prop Trade

Foreign

8,000
4,000

610

570

-4,000

530

-8,000

490

-12,000

450

-16,000

Retail

-200,000

Source: SET SMART

12,000

29-Jan-10
26-Feb-10
31-M ar-10
30-A pr-10
31-M ay-10
30-Jun-10
30-Jul-10
31-A ug-10
30-S ep-10
29-O ct-10
30-N ov-10
30-D ec-10
31-Jan-11
28-Feb-11
31-M ar-11
29-A pr-11
31-M ay-11
30-Jun-11
29-Jul-11
31-A ug-11
1-S ep-11
2-S ep-11
5-S ep-11
6-S ep-11
7-S ep-11
8-S ep-11
Y TD

Institutions

16,000
6,956

650

-150,000
-162,357

24,000

SET50

770

81,415

50,000

Monthly Acc. Positions

(no.of contracts)

Customer Type Breakdown in SET&MAI

Source: TFEX

Z?8ZZ>
'<*.' 
-Z
% 7*
) @,'%

 '.*%
 
-Z  %7/  M';

 % @'  -%
/'U
'pq (;'[ $ %' 
 
-Z 
 % $ %    
 3
. 
 %   (;
'[.).*-Z
 3


 +?"

NYMEX "59 : 13 '+ NYMEX 2#% +$ .1. 2554 4(
US$88.90/barrel +1.87% dod $ US$1.63/barrel 8'# ( US$87.27/barrel  #

%

5
$ US$88.59/barrel Z88'231'j( [
(+*#
1. 1 '%
#;1( ( # '!"A 2 ( 
  
1#8(1
%!"&1A#%'V5 
82#%[
#[
 3 '!%2 'Y
2. ^ [% '( 9 2.1. #1@ ^ *  $'+  
 X\Y8  ('% !;$'V+'  2#%[
A '
%(1#^8  
 X\Y81'%A #A $ ..
3. EIA 8% '
!2 53 '+A1$ 1#2 53 '+8 !" 1.2
+F


2 53 '+;8

% 1.4
+F

  &( COMEX "592( : 1(%13 COMEX 2#% +$ V.1.2554 4(
US$1,827.50/ounce +2.19% dod $ US$39.10/ounce 8'# ( US$1,788.40/ounce

'+ '!" #& US$1,830.20
'%'1 $ '(%X\Y8!%$ 2.1.

%

$  98.3 8  
&  

%$  ( 6   #  '  
%5 % 3 *1@F # ^8
  X\Y81'%A #A$ ..

BDI (& : 4( 1,537 8

% 4 8 8'# ( 1,541 8
 ( Future "59 : 1%
j 4( 362.90  / 
' +3.10% dod
8'# ( 352.00  / 
'  '+ '!"A+ 7 ' 
(% '( 363.00  /

'
 WTI Crack '?$+59 : 4( US$33.74/barrel $ +3.75% dod
  "59 $ 3 ?-& : 1~n
#% 
F1 4( US$1.049/F
+0.13% dod 8'# ( US$1.047/F  !"'( 3  #'
'%1* 8
2#%[
(+A $(
9~nA'Y8F8 ;"% 
9~n&''+ 2 !%2 'YA 2 
 T$4&("59 $ 3 ?-&: 1?'
$%
 CBOT 2#% +$ ..4(
US$14.57/bushel $ +0.69% dod 8'# ( US$14.47/bushel '+ '!"&'( 3
 #'
'%1#81
$XA! 2 F!%(X2 'Y 
82#%[
(+ #

9?'
$%

 NYMEX "( $ 2 ?-& : 13 

 NYMEX 2#% +$ .1.
2554 4( 29.62 ; F / F $ -0.90% dod 8'# ( 29.89 ; F / F # '
%
'( 2  #' $%8!Z88'+A #
 T-?2T-?"59
1. Bloomberg Asia Pacific Coal Index 4( 833.37 8 $ +0.41% 8'# ( 829.96
8  #(% '( 833.78 8
2. 1?# 
#% A
 Rotterdam 2#% +$ .. 2554 4( US$128.75/ '
 !" 1.6% dod 8'# ( US$126.70/ '
3. 1?# 
#% A
 Richard Bay 2#% +$ .. 2554 4( US$118.50/ '
 !" 0.08% dod 8'# ( US$118.40/ '
4. 1?# 
#% A
 Newcastle 2#% +$ .. 2554 4( US$122.30/ '
 !" 0.66% dod 8'# ( US$121.50/ '

15
www.kimeng.co.th

9  2554

Thailand Equity Research

NYMEX Crude Futures

COMEX Gold Future

150
140

1,900

130
120

1,700

100

1,500
(US$/ounce)

(US$/barrel)

110

90
80
70
60

1,300

1,100

50
40

900

30

6/3/11

8/18/11

7/12/11

4/26/11

2/9/11

3/18/11

1/3/11

9/9/10

11/24/10

10/18/10

8/3/10

6/25/10

4/9/10

5/18/10

3/3/10

1/25/10

11/6/09

12/15/09

9/29/09

6/5/09

8/21/09

7/15/09

4/28/09

3/19/09

1/2/09

Source: Bloomberg

2/10/09

6/3/11

700

8/26/11

7/15/11

4/21/11

3/10/11

1/27/11

11/3/10

9/22/10

12/16/10

8/11/10

4/6/10

6/30/10

5/18/10

2/23/10

1/12/10

9/3/09

11/27/09

10/15/09

7/23/09

6/10/09

4/28/09

2/2/09

3/16/09

11/7/08

12/19/08

7/3/08

9/26/08

8/15/08

20

Source: Bloomberg

4$& 5&(&2$ $

-(?,8$- US$1.4/euro :

'%V ECB 2#%2'jj@8 '+!"' 

.+@'%%(; US$1.4/euro

+ $%8X\Y8A2% #e

 ' 2#%[
A '
%( #%
?$1%%9

 GBP
%#%5
1. Yen/US$: 1#% $(+'+

F2 'Y] #1#

%1'% 0.43% dod 4( 77.52
/US$ 
 %(% ' ;$!( Yen77.51 /US$
2. US$/Euro: %9(+'+

F2 'Y] #1#

%#%% 1.5% dod 4(
US$1.3882/euro
#2 1#%9^st '!"
5 ;$!( US$1.3916/euro
3. US$/GBP: %F'%k\(+'+

F2 'Y] 4( US$1.5960/GBP #1#

% 0.19%
dod 
'%F'%k\^st '!"
5 ;$!( US$1.5982/GBP
4. THB/US$: 1#%+( on shore #1#&'( 3  0.10% dod 

'+ $ $
30.00 +(/US$ &1'%A+$+ 2 $ 4( 30.01 +(/US$ $%81#%


F!5%1# $(+'+9#%# '1#%+(*((%

#2'1#%
+(#1#
% ;$!( 30.03 +(/US$

Thai Baht - US Dollar

US Dollar Index
95

35.00
34.50

90

34.00
33.50

85

(THB/US$)

33.00
32.50
32.00

80

31.50
31.00

75

30.50
30.00

70

Source: Bloomberg

22-Jul-11

25-Aug-11

20-Jun-11

17-May-11

9-Mar-11

12-Apr-11

3-Feb-11

26-Nov-10

31-Dec-10

25-Oct-10

21-Sep-10

18-Aug-10

15-Jul-10

11-Jun-10

10-May-10

6-Apr-10

3-Mar-10

29-Jan-10

20-Nov-09

24-Dec-09

19-Oct-09

9-Jul-09

15-Sep-09

5-Jun-09

12-Aug-09

4-May-09

30-Mar-09

24-Feb-09

21-Jan-09

12-Nov-08

16-Dec-08

9-Oct-08

5-Sep-08

1-Jul-08

65
4-Aug-08

9/1/11

8/3/11

7/5/11

6/6/11

5/4/11

3/3/11

3/31/11

2/2/11

1/5/11

12/2/10

11/4/10

10/7/10

9/9/10

8/10/10

7/12/10

6/14/10

5/17/10

4/16/10

3/16/10

2/16/10

1/19/10

12/18/09

11/18/09

10/20/09

9/22/09

8/25/09

7/27/09

6/24/09

29.00

5/27/09

29.50

Source: Bloomberg

16
www.kimeng.co.th

9  2554

Thailand Equity Research

P** $& (?+:

 $E

-&

Consensus

5*?(

P**Z&

%+ @$ 2.1. !% 

'1[9[
 $ .1. !%9
8%%e1\ $ 2.1. !%2 'Y]
' #%%$ 2.1. !%2 'Y]

'( 2 ..

EUR4.0 bn
5.9% yoy
117K
9.1%

6.1% yoy
95K
9.1%

-EUR6.9bn
6.1% yoy
0
9.1%

' PMI Composite $ 2.1. !%9

'1 $ ''
%($ .. !%9
'
! GDP A 2Q54 !%9

'( 5 ..

51.1
-13.5
0.2% qoq

50.9
-17.7
0.2% qoq

50.7
-15.11
0.2% qoq

52.7
103.3
0% mom
-1.0% mom

51.0
105.9
+0.2% mom
-+0.5% mom

53.3
106.0
-0.2% mom
+4.0% mom

0.1%
JPY526.9 bn

0.1%
JPY 1175.8 bn

0.1%
JPY990.2bn

2'%;$1$%8'$ .1. !%j

BOE Meeting
ECB Meeting

1$ .1. !%2 'Y]

17.9%
0.5%
1.5%
-US$51.6 bn

8.3% yoy
0.5%
1.5%
-US$51.0 bn

4.0% yoy
0.5%
1.5%
-US$44.8bn

!2'2#%%1'%2' F!%2 'Y]

2$$+e1$ .1. !%2 'Y]
' %^n$ 2.1. !%8
'1[9[
 $ 2.1. !%8

412K
US$11.35 bn
6.5% yoy
7.5% yoy

405K
US$6.0 bn
6.1% yoy
7.2% yoy

414K
US$11.97bn

14% yoy
-0.3% qoq
37
2.3% yoy
0.3% qoq
US$31.48 bn

13.8% yoy
-0.5% qoq
US$25.40 bn

20.4% yoy
22.9% yoy

21.7% yoy
20.9% yoy

74.4

' ISM e1+$2.1. !%2 'Y]

'3X\Y8$ .1. !%j
[
[
 e1 2  $ .1. !%'%k\
[
[
 e1 2  $ .1. !% '
BOJ Meeting
% Beige Book !%^

+'j2'$ .1. !%j

[
[
  2  $ 2.1. !%8
'
! GDP A 2Q54 !%j
'1 $ '[9+e1$ 2.1. !%j
' %^n$ 2.1. !% '
'
! GDP A 2Q54 !% 


1$ 2.1. !%8

'( 6 ..
'( 7 ..

'( 8 ..

'( 9 ..

'( 10 ..

2#%$ 2.1. !%8

3!$ 2.1. !%8
P**Z: E
'1 $ '[9+e1$ 2.1. !%*(

'( 8 ..

-0.5% qoq

73.8

$+ : Bloomberg,  ., SET

17
www.kimeng.co.th

9  2554

Thailand Equity Research

5&+,2""($2(T4& '5&(U,"? (2"" 59-2)

* $ 8 .. 2554
74$&"?w

74$&U,"?

KBANK
SE-ED
CPN
TRUBB
BROOK
BROOK
BLAND
BLAND
MIDA
GLOBAL
AGE
LHBANK

e 22
j8 8j%\F
'
 8V'F
2  8j

2e@ %XF2e

 X'  89j
' F j82F
' F j82F

X9

@ 2

+j
X 
$ 2$+

*8F %2

Z
 '
2 'j
2 'j
2 'j
2 'j
A+231'j2%2(V(8;$ 4
A+231'j2%2(V(8;$ 4
2 'j
2 'j
2 'j
A+231'j2%2(V(8;$ 
2 'j
2 'j

 $ +/*-

*



5/9/2554
7/9/2554
1/9/2554
5/9/2554
7/9/2554
7/9/2554
6/9/2554
7/9/2554
7/9/2554
5/9/2554
6/9/2554
5/9/2554

30,000
23,600
4,700
16,200
50,000
153,686
1,000,000
3,800,000
30,690,738
26,200
5,000
300,000

125.5
11.1
39
4.08
0.42
0.42
0.63
0.64
0
2
25.5
0

? +/
*-
;$
!
!
;$
!
!
;$
;$

!
;$


" ?*
TUF

Company Update

BUY

$#1  TUF '%* #*2(?"%  + !%+\'(8&[9[

 (9#%A j#(2A


&[93AV8[
 
2#% (
A + 8'( 2(Ve
 YV8(
!5%#%
'%8 8 MW Brands ;"%(3A  TUF Y[
 1+1
 ('%(X*( 2 'Y] 
  
('% 
#%' ?+A(#3* ##8& 2 (;^4 2 ( 
  
 2 ( 8'
'%&8
8 (!82 'Y] 2'2#$+ 50% !%! & 36% A 1H54
1 Z88+''% 2# #% 20% (+'+1 2 ( 68.50 +(;"%  PER z 2555 ( 15 (# 1%
133 34&
A$ 2.1. 1' ?+
(9#'+ ' !" 39% yoy ( 1,845  j/ ';"%&'+(29%2''+2%Az
(%8 $$ .. ;"%1(9#9#( 1,905  j/ ') ;"%1#8&Z88' "%([
''!!% TUF
$%8+\'(  '%1!++ Cost Plus  '+1!2( (*5  
2'jj(
1#!%2' 2#!;$8 MW Brands  $$ .. 2553 1#8(3A   Synergies 8 V8
A 2H54  @ 3
9 
 * # 3# 15
9Az  8' TUF '%8(3V8 2' FA2 'Y]
8 [
 %1A#% 4Q54 ;"%1#82%!A 2555 & * +\'( #!8
 &# 200
 j2 'Y] eA
 4 z $%8
21 2' FA2 'Y]'% #%#%A
 + *  ('% 2' F&21( ' 3*29%# 20% 8"%1#8 '+  @3*z
2555 !@(3*2(Vz1#8 + 39% & 4,004
+( (4.19 +(/ )
1#  TUF 82 ?(3 !* 4 ' 
   j] Az 2558  ( + \' ( ' %n * 8  + !%(' %
Chicken of the Sea, MW Brands 
 V8 2' F  + !%3*8?9!'+1
$8  !
' 3*('+ '29%!" 
 +8#(

%
'%8(31$  2#'+!"1#%!' 31#8 
[
(+83' $%8! @ 50% !% TUF 8[
 A(X*(  (1#% 2'2#* #
  10% !%  (  
1# A 8#  A3  % !@( A Z 8 8 +' + \' (8# 1# %!'  3 29 % # @F  9#

 8'+\'('%   31$%8' (( A(%%(* #*9#A2[
  %

18
www.kimeng.co.th

9  2554

Thailand Equity Research

5-*
PS 4$&&&, 3 ' 2+9$((  "?&87-: . (5- 9 ..54)
"PS" 
$[ 9 3,000
+( 8$..54 *&z  $91 '8+'Y+
('%
e\ +11
+
'%-'+!"1#%!' 3 300 +( 2#%;*-3*1"%z
'%

%81"%z
'%
91 
;$

1%  V8+1A #A #%(X 
5%(3( (
+?22*? :  #
 9Az 8&[
#+\'($%8Z88+'
PS  2 #(29%?"% 1.6 (#
29%!" #$%A
*  2([#  8 @ 2 2Q54 PS  backlog A $(#'+
36,178
+( (+ 30% (F2F 18% 
1  49%)  9
1# @ 18,400
+(8'+9&
*A 2H54 2#(
$8'+9&*Az 2555 a 2556 #%*5  3 backlog ('+9* '+*A
1H54 8(3A +\'( *?"% 30,000
+( #%*5  ?#%3 '8|(
#
91
$9
  2'% ] ;"% [
(+ #'+9* (3A '%1% @!%z 28,302
+( (+21.4% yoy)  
2  Y*81% #%(X @ 1,200
+(;"% 3#(+\'(1*( 2,400
+(
13*
2(V( 4,393
+( (+26% yoy) (2 $ e34&+4$&&-&g "++?Q Forward PER $ 12  - 
+5&( 2554 *9( -" 24.00 " /
TK *&"?74$&,8 23(  (  9 ..54)
TK 'A8[
+*  2 3/2554 (32?  + 10 *  2  #'
'%
#2$#%|9  !
?8' F( !" 12$ ('%z 2554  +  n 20%  3*29%#* 1  
#% '!"
(2+ 12.50 +(
+?22*? : '%1%$# TK 8'%1% [
3%( + *#% #$% 
12 $ # ;$ ?8' F8 ' %1%  + # A' + 4-5% A 3Q54 A1"% z   + *
  9% 
'% 1%
1@F('%z2$! '* 20% !@(2# #%' +8'%1%'\'+**# 30% 1@F
A+$% #3* 3Q54 #8'%1%'+ '!"&*  2( 10  #' A'+ 180-185
+( !@(('%z 2554 1
3*2(VA'+ 680
+(  + 28% 8z#  
1z 3*'%1% + * #$% 21% (2
"34&" + 15 "
'?7g9(e?Qg7-+'(( (5- 9 .. 54)
' #%[X"\'+1%2%
'%%!%(X('%++   (.![
%(('%A(X
 #%(X
$2%1 '1%
'%% 2#%;"% 2Y &("\
'%%
'% ; (. ' ('%[%
'%
#81+1
 ?"%9
(e12# ?"%[
[
2
'%822   "%1;V  23 '+
 F (58) 
;4 
 
 (
8) eA2$.. 8!'+1 $* #' 8 %9?"% (1#1%
!%1+19#*
+?22*? :

5'+1%2%
'%%('%++'%* # 9V ('8 '%''%* #2 ? ?"%[
+ $
+*
A!@

 #"% CEO !% PTT (8 

%A'*&("\(%
'%%' '%1% %   #*#8 
'+
1%2%
'%%* %A ([#  CEO !% PTT ;"% 1 !A8AV8
'%%!%
*(&#% 1( %8[
''A 1$
%A(X 1 2 !" 
 3*8%
$#8&Z88'+A '+
# PTT A

2#5(8 8@'+ 1! NGV 8 8.50 +( # .. & 10.50 +( # .. 1#

' ?2%1F
'8&
e8%(3 '(Z88+' e(8 %8#%A '+ PTT 9# 2
+( # .. '%'5* ##82#%[
+ #[
+!% PTT  #8(3A  2%2'+*5 
!"

23 '+8@ 1 LPG e1 2   3 +( # .. & 24.13 +( # .. [

A$ .1. 
?$ & +( 2  ! %1@ 
' %% #%   ( A  ('+ 1'%
 3 +( 83  4 1' %
3A1'%&
e%(3 '#' * #2#%[
+ # PTT 
%
'3 ' 2#
8@
 LPG Ae1!2#% !@'%9# #%X"\[
(+

'*+''4+"*. 2-( 6 4&PU22 (  9 ..54)


'('F[+\'(8(+ 126  #% A

'('F


'('F mai X8#%Z[
 #%

%1"%z 2554  110,050

+( 2%2? 29%2('% 9
1# 
83+\'((8#%Z[

19
www.kimeng.co.th

Thailand Equity Research

9  2554

-&(7'74$&+$U,"?8Z,"&"44& (5- 9 ..54)

VVF 
' [93X9F@FX\Y8
V8 (
' 1*( 4[[
238'1
$ '[9+e1$2.1.54 +# '1 $ '!%[9+e1('+ '

%1'%A+ 4 $ '+ '% #$
.1.([#  8'+ 84.1 A$.1. & 83.4 A$2.1. 2(#[9+e1'%* # 'A8A2?@F #%r |
1 '%
#1#1%
13 '(29%  'Y+
8
13 ';

+;
%
(77"3?U, 3,800 " (?? 9 ..54)

8\Y
V+ V8
'%% (V.) 4[# *'+(+ '
!+$% 52 3 '1%
$$
8#%A '+[9+
'%8'Y+
*'+
' 8'5+%%(3 '$
% %%9#( 3,800

+( $%81
'%3 '*5+2 3 '*83 %'+4;# +3%%
'3 ' 2  #% 1$ 2;# '+2F;
A#%$ ..-.. 
34&T42 +7.(&:+.&+?&(*-(?4 $+'+? (8' , 9 ..54)
1
'%21$e\?1 2+( A  1 . ' '%1
'+-('+A 3 z +j(%  e F  .1
'%
4[# (%1
'%832  1$e\? F1' 1 2+( * #83'e(? F  #1?(8
;$ %* # 1
+( A 1@'Y   (1 .) 8@ ' A''%1 #
BEC +- 8+(" 54 ?8"2 2 3.6 '. (  9 ..54)
BEC  % 'A8[
%z $1 1 
'%1"%z!# 6.5 '
+( $'+!*  2
3/2554 
F;;'  #2#%;* #*  2 3/2553 # &[
8 2  \@ ' 1$ ^%+F ";$"
13*z#% 3.6 '
+( 2#%(11 
  50 +(
 7.? +- ?$(w>&( ,_ ADVANC-INTUCH - DTAC-TRUE -2"-(  (5- 9
..54)
%A$ 2(.  * #2   +''Y   %3$ 11 2(. !"(9

] $2#%[
 2$2 
A8';(   ADVANC-INTUCH #2 !@( DTAC-TRUE 8 (82#+#%* %8# A  2(] (

z %
'\@F 3 ~ * #!'!%  (9

]('( ^#( 2(.  ' 12 ..
PAO  29 &1.50". (5- 9 ..54)
' "'%]"
'+ (A #1"1'! '+2 
#2'% ]
5
1 #%* # 3# 1.30 +( 2#1;$!

 1.50 +( ^[9+  "\@" 'A8 PAO 8*'+ +'+(
'3*z#z# '%n*z#% 1,000

+( %n 5 z (5(5
{! 7:?,7:+- SCC " A (U,* 9 ..54)
^4(F A 1 9A # "9;  F*(" ('+ "A(tha)" 2(81 2%!%2%28V8 
 
2?&[93A #
V8
'!%+\'(A(X 8?9
(8Z88'2%1 ['[!%V8
[

2# A 2  9;  FA(X
2-   '8'  1.3 ' (8' , 9 ..54)
'
%(%(1
F 8'+8'% (33*' 1,300
+(
'%(%(3* ' 2 
e  [98' +\'(

'('F8'%( (+
8.) 2*(
##8(1(%13*'+ '!"*(32? 29%21'%A # $'( 6 ..
2554 ('+ @ 1,920  j2 'Y #;F 2#%[
A  [9
%(2#%132'%!1$%(%(41 
F (K-GOLD)#
1,300
+(
TMI {,&&3 (2- 20% (5- 9 ..54)
TMI 

^
92; F+F GATA  2'2#211;9 F 'A82 ?!#%A
* [
+'+2%$
!* 50,000
  '%n! 40,000-50,000
 #$ $eA 1-2 z 2'2#*$ 20% !%
*
8& (2U" + + +-$&7"?3G +$:*4$?+4&- (5- 9 ..54)
(( 
5%2[*2' ( z  %[X"\ 4 Z88'
' 2#4A + 3 8 3#%!%
' ;((* # ' 'A8A1
$( &1
$( $#
&  Y2
2 ?%'+@F*(#
,"&" &(5950% (5- 9 ..54)
9+2  @1(%13Az 2555  @ 50% %X\Y8 e1('
(&9#A!@#[ '% 1
#z (%138 1|
 2,075 

F #;F 8 1* 1,380 

F #;F

20
www.kimeng.co.th

9  2554

Thailand Equity Research

2& 8 "2"&" '?$+ 23'. (( '?* 9 ..54)
2F 8F +;# 
;#  [98' +\'( 
. . (1
 83' ( ) $ LVT 4[# *
z89#( 2,500-3,000
+(  !"8z#( * 782
+( 1"%z+\'( * 1,309
+(
2#1"%z
'%8('+9* #$%8%A $ (Backlog) @ 2*  2 2 z  9
1# 5-6 '
+( 2#' 3*
!' 9#( 10-15%
THCOM 3:"? +5-6'? 161.-14.70". (  9 ..54)
THCOM   ;52'jj'+"2* 
%" ##%2'jj@*(1 5  8%A*(1 6
#%  9
1#
''
+(
;  %2#%[
+ #1
*A1 ? '%&1$%' 1 %A( A1 $ 53*8
%*(1 6 2#[
%z
&3* 161
+(  ";$" n  14.70 +(
SCP +- ^339$(((&Q-&7'-( (  9 ..54)
%A SCP 2# F1"%
'%!29#*;;'V8  F8e1'Y-*
(
' #4%+z 2554 2#%[
1%[+
A21 ?
# (

5%[
%*  2 3 21? &*  2((2!%z *%e1A  ('%2%!
-2
\FV ! 5   '3
'%[
 % 80% $('%z* 2 A8 10%
+ 3-+("& &5&34&TMB-BAY (5- 9 .. 54)

# +%F 
; 8'% 2++%F@F*( (5 +-%X] !Y
%(
#2 F+%F;$+%F#A
*( 2#F+;# 88 BAY +] 3F;$ TMB 1
% ?98%r 
5%!'+n +

Key Market's Holiday

Sep

Mon

Tue

Wed

Thu

Fri

13

14

15

16

US: Labor Day

12
CH: Mid-Autumn Festival

SK: Harvest Moon Day

TA: Mid-Autumn Festival

SK: Harvest Moon Day

HK: Day After Mid-Autum

Note
US =
TH =

United State of America

Thailand

HK =
JP =

Hong Kong
Japan

CH =
SK =

China
South Korea

JA =
PH =

Jakarta
Philippines

TA =
SP =

Taiwan
Singapore

IN =

India

21
www.kimeng.co.th

9  2554

Thailand Equity Research

Stock Calendar ( 9 September 2011)

Monday

Tuesday

Wednesday

Thursday

Friday

12
TSF

9    ( 
16,707,800  8
%
2e TSF-W1 (1 : 1.67078 @
0.12)

13

14

15

BANPU : XD @ 9

TOP : XD @1.30

LUXF : XD @ 0.3471

IRPC : XD @ 0.08

TLOGIS : XD @ 0.17

TIP : XD @ 0.75
BSEC 
$# & "OSK"
19

26
CCP : XW
83  
155,000,000  2:1
THANI: XR
83  
904,853,240  1:1 @ 1.52

20
UAC : XD @ 0.0167 (20:3 
Z[
)
CGD : XR
83  
3,909,747,803  1:1.6 @
1.00
EARTH : XW 83 
444,542,535  5:1
TVO : XD @ 0.60

21
SMM-W1 : 8%A2(V 21-29
.. 54 (1:1@1.25)

27
LL : XW 83 780,000,000

LL : XR 83 780,000,000
 1:1 @ 0.25
SSI:XR 83 2,250,000,000
 11,000 : 1
SUPER : XR
83  
157,277,223  3:1

28

22

29

9
BCP : XD @ 0.65
DRT : XD @ 0.18
SIMAT-W1  ;$! 83
41,549,965   3 z 1:1
@ 1.50 (1'% 30 V.1. 54/
2( 28 2.1. 57)
ROJNA

9     ( 
618,624   8
%
2e ROJNA-W2 (1:1.19982
@ 3.334)
16

BLAND-W2 : 8%A2(V 1629 .. 54 (1:1@1.70)

BLAND-W3 : 8 % A 2 ( V 1629 .. 54 (1:1@1.10)
ESTAR-W1 8%A2(V 16-29
.. 54 (1:1@0.424)
ESTAR-W2 8%A2(V 16-29
.. 54 (1:1@1)
ESSO : XD @ 0.20
23
L&E-W2 : 8%A2(V 23-29
.. 54 (1:1@7.40)
CEN-W2 : 8%A2(V 23-29
.. 54 (1:1.05@2.096)
CEN-W3 : 8%A2(V 23-29
.. 54 (1:1@2)
BLA : XD @ 0.38
LIVE-W1 : 8%A2(V 23-29
.. 54 (1:1@0.20)
TIES-W1 : 8%A2(V 23-29
.. 54 (1:1@1.20)
30
CGD-W1 (SP 30 .. - 26
.1. 54) 2e 27 .1. 54

22
www.kimeng.co.th

9  2554

Thailand Equity Research

Disclaimer
" +?"" * 59 8 + (  Z:y?* "( 
: E (KELIVE RESEARCH) ( ?(:"U"#+5&(  $ 
+?+?7 &&" P**'4Q a 4$&(+4& ? - P**2&+ $
?59 > 5> 39$(&*++ $52("" ? P**'4Q 2-(4$& 5
:+-&( 5&(" +""#'( 1-2 4& 39$(&*+
+ $52("" ?P**'4 Q $+?( :Z' 12
4&5( ( *9(#4$&( $  (  &(&- 2 +5:*T9(&
" ?:7?( ""
&* y?* ' 5&( "+*.  ' ?+&( ( E ) + 2 + 4& y?*
"( : E (KELIVE Research) 2y?*( T"-( E (Kim Eng
Research) &+U+*w> $2-(: w>U,(  T( 2  
:2 2/4& +&*++2-( 8 KELIVE Research +T( $
* " ?'4$&"5&+,( 2-( : E ( -+T,& 
* http://kelive.kimeng.co.th :5> $ KimEng Research "( T"-( E ( -
+T,& * www.kimengresearch.com.sg) ( *9(#4$&( $  (  &(
&- 2 +5:*T9(&" ?:7?( ""
&"" * 59 *2-(5&+, $ "+*.  ' ?+&( ( E ) --74$&T4&
&"" E-5&(U,*  39$(+? +T9(+T,&(4&+",>5&(5&+,(- 2&-(: 2& * 59 '4$&87::7#5&+,&"?:*:( 
 - +? +T('4$& $*774&734&5 ':8' 4&#
$ 2-&-(: ( '9(:75&+,:&"" &"5&+,2+&4$ +T9(
?*>>5&(:?:*( :++:2->
(+ 2$ (&,-:
&""#+-5&(U,*  "+*.  ' ?+&( ( E ) &*
U,"?2'(5&("?w +-*#&('&("+ $2(&,-:&"" 2&-(:

23
www.kimeng.co.th

9  2554

Thailand Equity Research

THAI INS TITUTE O F DIR ECT O RS ASSO C IATIO N (IO D) C O RPO RATE G O V ERN ANC E REP O RT RATING 2010

AC L
AD VANC
ASIM AR
BAFS
BAN PU
BAY
BC P
BEC L
BKI

BLS
CPN
DRT
EG CO
ERAW AN
G BX
GC
G STEEL
HEM RAJ

ICC
IRP
IRPC
KBANK
KEST
KK
KSL
KTB
NC H

NK I
PTT
PTT AR
PTT CH
PTT EP
RA TCH
SAM ART
SAM TEL
SAT

SC
SC B
SC C
SC IB
SE-ED
SIM
SIS
SN C
SSI

T HC O M
T HR E
T IPCO
T ISCO
T MB
TOP
T TA

Score Range
90-100
80-89
70-79
60-69
50-59
Lower than 50

Num ber of Logo

D escription
Excellent
Very G ood
G ood
Satisfactory
Pass
N/A

AC AP
AH C
AKR
AM ATA
AO T
AP
ASK
ASP
AYUD
BBL
BEC
BG H
BH
BIG C
BM CL
BR O O K

BW G
CCET
CENT EL
CG S
CIM BT
CK
CM
CNS
CPALL
CPF
CSC
CSL
DELTA
EASTW
ECL
EE

EIC
G ENC O
G FPT
GL
G LO W
G RAM M Y
HAN A
HM PRO
IFEC
INET
KASET
KCE
KDH
KG I
KTC
KW C

L&E
LANN A
LH
LPN
LST
LVT
M ACO
M AKRO
M BK
M CO T
M FEC
M INO R
M INT
MK
M O DER N
M SC

N MG
NWR
OCC
OGC
O ISHI
PF
PG
PH ATRA
PO ST
PR AND A
PS
PSAAP
PSL
PYLO N
QH
R ASA

R CI
R CL
R O BIN S
R O JANA
RS
S &J
S &P
S AMC O
S CSM G
S HIN
S ICC O
S IMAT
S ING ER
S IRI
S ITHAI
S MK

SPALI
SPSU
SSC
SSEC
SSF
STANLY
STEC
STEEL
STPI
SUSC O
SVI
SW C
SYN TEC
TASCO
TCAP
TCP

TF
TFD
TH AI
TIC
TIP
TK
TN ITY
TN L
TPC
TR C
TR U
TR UE
TST E
TST H
TVO
TYM

U MI
U MS
UP
U PO IC
UV
VN T
W ACO AL
W AVE
YUASA
ZM IC O

AFC
AH
AIT
APR INT
APU RE
ASIA
BAT-3K
BG T
BLAN D
BLISS
Source: IO D

BRO C K
BSBM
CCP
CHU O
CM R
CPL
CTW
DCC
DM
DSG T

DTA C
EASO N
EPCO
ESTAR
ETG
FNS
FO C US
G FM
G YT
IHL

ILIN K
ITD
JCT
JUTH A
KH
KW H
KYE
LEE
LRH
M AJO R

M BAX
M ETR O
M ILL
N EP
N IPPO N
O H TL
PIC O
PL
PLE
PPM

P RG
P RIN
P RO
Q -C O N
ROCK
S CCC
S CP
S EAFCO
S FP
S HANG

SMIT
SPACK
SSSC
SST
SVH
TAPAC
TCB
TCJ
THAN I
TIC O N

TIW
TKS
TLU XE
TM T
TN DT
TN H
TPP
TU F
TW FP
UBIS

U EC
U NIQ
U PF
UT
U TP
W O RK

No logo given

72*(
4[[
238!%2 1 2#%2 2?+' +\'(*( (IOD) A$%3'+9
8 (Corporate Governance)  &
3  +!%23'%1@ 3'+
'('F


'('F 238!% IOD &238
 8! 9
!%
+\'(8(+A

'('F #%(X*( 


'('F 5 * ( 4[ #2V@ 
&! 9
([9
%((' *2 ?!?"%
* '%' [
238'%
#8"%&32A  %!%+11
e * #*& +'  
 * A! 9
eA A
 
"% [
238'%
# &[
238 @ '(A%3'+9
8 +\'(8(+*((#' '%' [
238
8"%8

%*e
'%''%
# ('% +\'(
'('F 5% ((X*() 83' ( ) *$' $'+%?"%1 ?9 %!% [
238
'%
# ##%A

24
www.kimeng.co.th

9  2554

Thailand Equity Research




  


 

 

   20-21
 999/9  ! 1 
"#!
$"#! #
% 10330
& 0-2658-6300 & 0-2658-6301



125
 &
'!.  3 (#


-/0 !' $  #
% 10200
& 0-2225-0242 & 0-2225-0523

!
"#
622
 
!&'!  14
##!  


$ $

$'
#
% 10110
& 0-2664-9800 & 0-2664-9811

#+
215
1.  4
' 
!3

$!3
 #
% 10100
& 0-2622-9412 & 0-2622-9383

*)-%
 3105

! .
3 , 


2
$-
" #
 10240
 .02-378-1144  
. 02-378-1323

-)(1 2

# $
!  5  831
-# 
+1 $
#
!( 10400
& 0-2657-0830 & 0-2657-0831


159
 !! $  25

'##!  21 
& 


$'()

$* #
% 10110
& 0-2665-7000 & 0-2665-7050


56
+  5 (,

3/1
! 
# '
 $-

#
% 10500
& 0-2632-8341 & 0-2632-8395



904

  G (,

1005
  
(

-
 $" 
#
% 10260
& 0-2320-3600 & 0-2320-3610

  
1145 (!/ 5

1 
  3
  $-&
()


0
!)

!#"
2
(!#"10270
& 0-2758-7003 & 0-2758-7248

$%&
 
(
94 (!/.. 2 /', 2
  
 $ (,

091
 G F .(&'3  $." 3 "$4 '
.3+-#
2."#!3 12130
& 0-2958-0591 & 0-2958-0590

, #)
52
3 ' . 10,11   20 !

# '
 $-
 #
% 10500
& 0-2231-2700 & 0-2231-2349


30/39-50


!

!

 14 
!
 $--


0
!)

-# 2
(-# 11000
& 0-2550-0577 & 0-2550-0566



1693

/',
. ,  11 (,

905/1
(&'3  
, $2$#2
#
% 10900
& 0-2541-1411 & 0-2541-1108

*
275 (!/. 1 
!
-
  8 5!

-
()
$-
 #
% 10160
& 0-2804-4235 & 0-2804-4251

$+" 0
 
5/5-6 /', 1

 BF (!/. 7 !


' $'
#
% 10230
& 0-2947-5800-5 & 0-2519-5040

 
(,

 3, 3.1  5

! . 
496-502  2 $ 
#!  $"#!
#
% 10330
& 0-2256-9373 & 0-2256-9374

 ##3(
( *

 1
'

7 - (3# 2 !( ''5$$
50 
!
 
'
$2$#2 #
 10900
& 0-2579-9880 & 0-2579-9840

+# 2
201/3 !(  $-(''

0
!)

'
?(!. 2
('
?(!. 50100
& (053) 284-138 & (053) 284-138

 ##,&*45(#

 10  1  110/1-4 " )

#.


(,

$( #
!( 10210
& 0-2580- 3673
& 0-2580- 3643


 
137/5-6   A $-?!)

0
!)

2
(#  32000
& (044) 531-600-3 & (044) 519-378

*+, 
191,193 
#" $-?!)


0
!)

2
(
#-3 34000
& (045) 265-631-8 & (045) 265-639

& *
203  2 
$-$

0
!)

2-#
2
(2-# 22000
& (039) 346-626-30 & (039) 346-631


3;, 
216/3 (!/. 4 5!
$-! !$'
0
!)

#5B3
2
(#5B3 84000
& (077) 205-460 & (077) 205-475


 

322/91 
'
$-!('
0
!)

!#
2
(!# 74000
& (034) 837-410 & (034) 837-610

:1!(
22/39-40
 .
(
.
C

$-$?(+.

0
!)

0/$ 2
(0/$ 83000
& (076) 355-730-6 & (076) 355-737

-
48/11-12 !$ $--$#@'
0
!)

"

2
("
52100
& (054) 319-211 & (054) 319-216

 
)
99


!
 .  13
0 5-. 
-#& $3-#
#
% 10600
& 0-2876-6500 & 0-2876-6531

-%. 
7/129
"6 ,  3 (,

302
-! 

#7
! 
$-

,
' #
% 10700
& 0-2884-9847 & 0-2884-6920



62
3 '  4 !

# '
 $-
 #
% 10500
& 0-2231-2700& 0-2231-2418

$&1  
 5

2/ ?$,
0 5 
 

$ 
#
% 10400
& 0-2641-0977 & 0-2641-0966

&6 )
99/9 1 " 2 ! 
 &6 )
$$%  +2 14 1401
9 &6 ) (**(
:-! & * 11120
& 02-835- 3283 & 02-835- 3280

 +
 1
14 ! $-?!)


0
!)

2
(! 30000
& (044) 269-400 & (044) 269-410

+*
57/1-2 0$
$--
",
'
0
!)

-#
2
(-# 20000
& (038) 792-479 & (038) 792-493


 

74/27-28 .-
2 
4  ! 2 $.!.

.!)

2.!#
! 75000
& (034) 724-062-7 & (034)-724-068

-) 
44/4 -#
5B
$-
+" 
0

+" 
2
( , 27120
& (037) 226-347-8 & (037) 226-346


, 
100/46
3 
  24C
()

! $-

#
% 10500
& 0-2636-7550-6 & 0-2636-7565

) 0 
999/3 /',
1 -

/8$
  3
0 ! 9 
(.
$(

#
% 10250
& 0-2716-7816 & 0-2716-7815

#10 (! ! (
3 23
 '/1$ $
  17
! $-

#
 10500
& 0-2680-4340 & 0-2 680-4355

(&

+# 1
244

  2-3
' $-(''
0
!)

'
?(!.
2
('
?(!. 50100
& (053) 284-000 & (053) 284-019

 +
 2
1242/2


!
 7
(,

3A ! $0 $-?!)

0
!)

2
(! 30000
& (044) 288-455 & (044) 288-466

)#
180/1-2
!3  2
##!  $-
 

0
!)

 '

2
( '

21000
& (038) 862-022-9 & (038) 862-043


1,3,5 
'2#$
#  3 2#$
#7
$-(?(+.
0
(?(+.
2
(
 90110
& (074) 346-400 & (074) 239-509

#)
18 

 ,

$- $

0
!)

2
('  95000
& (073) 255-493-7 & (073) 255-498

25
www.kimeng.co.th