November 14, 2017 OUTPERFORM

Major Cineplex Group (MAJOR TB) Share Price: Bt31.25 Target Price: Bt39.00 (+25.0%)

Stronger growth around the corner Company Update ƒ Ticket sales should improve qoq and yoy in 4Q17 driven by Hollywood blockbusters, screen expansion, and 4Q16 low base ƒ High-margin concession and advertising units to support earnings growth in FY18 ƒ OUTPERFORM, Bt39/sh TP implies 29x FY18F PE; stock offers attractive growth and decent yield

Impressive movie ticket sales in November At the analyst briefing yesterday, MAJOR guided that ticket sales were weak in October due to the royal cremation ceremony, but grew 100% yoy in the first two weeks of November led by Thor. We expect sales to continue to improve during the rest of the quarter led by Hollywood blockbusters (e.g. Justice League and Star Wars) and Thai movies (e.g. Jazz the Dog) given the low base last year. Concession unit should Kitti PITAKTEERABANDIT continue to deliver double-digit growth in 4Q17 with c.36% con-to-box 662 - 659 7000 ext 5008

COMPANY RESEARCH | ratio (+6ppt yoy) after it started to sell locally-designed instead of [email protected] imported products. Advertising revenue should grow yoy in 4Q17 due to
the low-base effect. Overall, we maintain 7% top line growth assumption for FY17 led by admission (+7% yoy), concession (+18% yoy), and Key Data advertising (+4% yoy) revenue. 12-mth High/Low (Bt) 36.5 / 29 Strong earnings momentum from 4Q17 onwards Market Cap (Btm/US$m) 27,958.4 / 845.6 We trimmed FY17F-19F core earnings by 3-7% after adjusting for 3m Avg. Turnover (Btm/US$m) 98.8 / 3 Free Float (%) 59.5 weaker-than-expected GPM at the film distribution unit due to weak Issued Shares (m shares) 895 response to Thai movies and higher SG&A/Sales ratio on higher Major Shareholders: marketing cost. However, MAJOR should deliver strong yoy earnings - POOLVARALUK VICHA 31.8 growth starting 4Q17. We assumed 12%/9% yoy growth in - STATE STREET CORP 7.1 advertising/concession revenues, led by recovering ADEX and - BNY MELLON 5.0 consumption, new branch sponsorship contracts in Cambodia and The Icon Siam which is scheduled to open in mid-2018, and positive Share Price Performance response to locally-designed products. It plans to open 70 new screens in 2018 (from 728 at the end of 2017) mainly in upcountry, and launch 12-15 Thai movies to capture tier-2 market as 42% of its ticket sales are from cinemas upcountry. It also plans to reduce CAPEX per screen from Bt11m currently to Bt7m, to add more screens upcountry to reach out to moviegoers and reduce rental costs, while improving revenue-sharing structure in tier-2 locations to lift margins.

OUTPERFORM, Bt39/sh TP; more than just strong movie line-up MAJOR is now trading at 23x FY18F PE, at a slight discount to its 5- year average PE multiple, while earnings will grow at 38%/18% in FY18F/19F vs 9% p.a. average in the last five years. We recommend to accumulate the stock to capture strong box-office, concession and YTD 1Mth 3Mth 12Mth advertising revenues, with potential upside from better-than-expected Absolute (%) (4.6) 3.3 4.2 2.5 ticket sales for Thai movies. Relative to index (%) (13.9) 4.8 (3.9) (10.4)

Financial Summary (Btm) Krungsri Securities vs Market Year to Dec 2015 20162017F 2018F 2019F Positive Neutral Negative Sales (Btm) 8,580 8,745 9,330 10,119 10,897 Market Growth (%) (0.5) 1.9 6.7 8.5 7.7 Recommend 13 4 2 EBITDA (Btm) 2,240 1,967 2,327 2,757 3,027 Krungsri Market % +/- Growth (%) (3.8) (12.2) 18.3 18.5 9.8 Target Price (Bt) 39.0 35.9 8.6 Recurring profit (Btm) 933 812 873 1,201 1,420 ’17 Net Profit (Btm) 1,261 1,095 15.2 Growth (%) (4.6) (13.0) 7.5 37.6 18.2 ’18 Net Profit (Btm) 1,201 1,305 (7.9) Net income 1,170 1,188 1,261 1,201 1,420 EPS (Bt) (Core) 1.05 0.91 0.98 1.34 1.59 Growth (%) (4.6) (13.0) 7.5 37.6 18.2 Krungsri's earnings revision PE (x) 29.8 34.4 32.0 23.3 19.7 2017F 2018F DPS (Bt) 1.1 1.2 1.3 1.2 1.4 Earnings revision (%) (7) (3) Yield (%) 3.7 3.8 4.1 3.9 4.6 Source: Bloomberg, Krungsri Securities BVPS (Bt) 7.4 7.4 7.6 7.7 8.0 P/BV (x) 4.2 4.2 4.1 4.1 3.9 Disclaimer: This publication constitutes information disclosed to the public and believed to be reliable but its accuracy and completeness are not guaranteed. All opinions, suggestions, or projections are for informational purposes only and shall not be construed as an inducement for the sale or purchase of securities. Amendments to this publication may be made without prior notice. Investors are urged to exercise caution in making a decision to invest in any securities. 1

Company Update | MAJOR November 14, 2017

MAJOR: Changes to key assumptions FY16 FY17F FY18F FY19F Old New %Ch Old New %Ch Old New %Ch Number of moviegoers (Million) 29.0 31.4 31.4 0 34.0 34.0 0 36.4 36.4 0 Average ticket price (Bt) 166.0 164.6 164.6 0 166.3 166.3 0 167.9 167.9 0 GPM: Admission (%) 16.5 15.6 15.6 0 17.0 17.0 0 19.0 19.0 0 GPM: Concession (%) 68.4 69.4 69.4 0 69.4 69.4 0 69.4 69.4 0 GPM: Advertisement (%) 86.4 87.4 87.4 0 88.0 88.0 0 89.0 89.0 0 Concession to box office revenue (%) 29.9 33.0 33.0 0 33.0 33.0 0 33.0 33.0 0 SG&A to total revenue (%) 27.6 25.3 25.7 0.4 23.8 24.2 0.4 23.8 24.2 0.4 Blended GPM (%) 36.2 36.2 35.5 -0.7 37.6 37.5 -0.1 39.1 38.9 -0.2 Core profit (Btm) 812 942 873 -7 1,240 1,201 -3 1,461 1,420 -3 Source: Company data and Krungsri Securities

PE band PB band

Source: Bloomberg and Krungsri Securities Source: Bloomberg and Krungsri Securities

Krungsri Securities Research 2

Company Update | MAJOR November 14, 2017

P&L (Btm) 3Q16 4Q16 1Q17 2Q17 3Q17 Chg Chg QoQ YoY Sales 2,126.6 1,895.6 2,134.1 2,779.0 2,200.5 -21% 3% Cost of sales (1,347.5) (1,299.6) (1,417.9) (1,726.5) (1,488.4) -14% 10% Gross profit 779.2 596.0 716.2 1,052.5 712.0 -32% -9% SG&A (595.4) (700.5) (553.3) (570.2) (601.3) 5% 1% Operating Profit 183.8 (104.5) 162.9 482.3 110.7 -77% -40% Other income 43.4 94.6 34.9 36.6 59.9 64% 38% Equity income 68.6 52.8 40.6 80.7 83.4 3% 22% EBIT 295.8 42.9 238.4 599.5 254.1 -58% -14% Interest expense (34.2) (36.8) (38.5) (35.7) (33.0) -7% -3% EBT 261.6 6.1 199.9 563.9 221.0 -61% -16% Income tax (73.3) (7.7) (53.4) (130.1) (62.1) -52% -15% Minority interests (4.9) 5.0 1.2 (6.1) (4.4) -28% -11% Core profit 183.4 3.4 147.7 427.7 154.5 -64% -16% Extra items 149.3 81.6 114.1 126.8 147.9 17% -1% Net income 332.7 85.1 261.8 554 302 -45% -9%

Shares out (end Q, m) 894.5 894.5 894.5 894.7 894.7 0% 0% Adjusted shares (m) 894.3 894.5 894.5 894.7 894.7 0% 0%

Pre-ex EPS 0.21 0.004 0.17 0.48 0.17 -64% -16% EPS 0.37 0.10 0.29 0.62 0.34 -45% -9%

Depreciation (311.5) (330.3) (353.9) (299.5) (380.9) 27% 22% EBITDA 495.3 225.8 516.9 781.7 491.6 -37% -1%

Key Ratios Gross margin (%) 36.6 31.4 33.6 37.9 32.4 Operating profit margin (%) 8.6 (5.5) 7.6 17.4 5.0 Core profit margin (%) 8.6 0.2 6.9 15.4 7.0

Krungsri Securities Research 3

Company Update | MAJOR November 14, 2017

INCOME STATEMENT (Btm) 2015 2016 2017F 2018F 2019F Turnover 8,580 8,745 9,330 10,119 10,897 Cost of sales (COGS) (4,327) (4,367) (4,605) (4,913) (5,233) Depreciation & amortization (1,226) (1,214) (1,411) (1,416) (1,421) Gross profit 3,027 3,165 3,313 3,790 4,243 S&A expenses (2,013) (2,412) (2,398) (2,449) (2,637) Operating profit 1,014 753 916 1,341 1,606 Other operating income 0 0 0 0 0 EBIT 1,014 753 916 1,341 1,606 Interest expense (155) (144) (146) (138) (122) Other income 147 202 142 152 163 Pre-tax profit 1,006 811 912 1,355 1,647 Income tax on company & subsidiaries (300) (237) (268) (393) (478) Profit after tax 706 574 644 962 1,170 Minority interests (11) (19) (15) (16) (17) Share of associate net income 237 256 244 255 268 Preferred dividends 0 0 0 0 0 Recurring attributable net profit 933 812 873 1,201 1,420 Extraordinary items 237 376 389 0 0 Reported net profit 1,170 1,188 1,261 1,201 1,420

Shares in issue (Y/E, m) 895 895 895 895 895 EPS (excluding extraordinary items, Bt) 1.04 0.91 0.98 1.34 1.59 DPS (Bt) 1.14 1.20 1.27 1.21 1.43 DPS/EPS (%) 1.10 1.32 1.30 0.90 0.90

CASH FLOW (Btm) 2015 2016 2017F 2018F 2019F Earnings before tax 1,006 811 912 1,355 1,647 Tax paid (300) (237) (268) (393) (478) Depreciation & amortization 1,226 1,214 1,411 1,416 1,421 Chg In working capital 107 (138) 46 (20) (15) Chg In other CA & CL / minorities 142 106 239 224 248 Cash flow from operations 2,182 1,756 2,341 2,582 2,824

Capex (1,854) (1,447) (1,100) (1,000) (900) ST loans & investments - (8) - - - LT loans & investments (188) (214) - - - Adj for asset revaluation - - - - - Chg In other assets & liabilities 425 677 327 (83) (82) Cash flow from investments (1,617) (991) (773) (1,083) (982)

Debt financing 90 586 (646) (391) (663) Capital increase 50 40 (0) 0 - Dividends paid (980) (1,072) (1,103) (1,108) (1,179) Warrants & other surplus 11 (100) - - - Cash flow from financing (830) (546) (1,749) (1,499) (1,842)

Free cash flow 328 309 1,241 1,582 1,924 Net Cash Flow or Chg In Cash (265) 219 (181) 0 0

Krungsri Securities Research 4

Company Update | MAJOR November 14, 2017

BALANCE SHEET (Btm) 2015 2016 2017F 2018F 2019F Cash & equivalents 312 531 350 350 350 A/C receivable 1,181 1,256 1,340 1,454 1,565 Inventory 183 98 105 111 117 Others 355 457 488 529 570 Total Current Assets 2,030 2,342 2,284 2,444 2,602 Property and equipment 7,358 7,591 7,280 6,864 6,342 Investments & associates 2,826 3,040 3,040 3,040 3,040 Other assets 2,032 1,743 1,860 2,017 2,172 Goodwill 0 0 0 0 0 Total Assets 14,246 14,717 14,464 14,364 14,157 Short-term debt 3,366 4,475 3,924 3,590 3,023 A/C payable 1,908 1,761 1,899 1,998 2,100 Other current liabilities 206 183 210 220 241 Total Current Liabilities 5,480 6,420 6,032 5,807 5,364 Long-term debt 1,287 764 670 613 516 Other liabilities 831 823 878 953 1,026 Total Liabilities 7,598 8,007 7,581 7,372 6,906

Share capital 893 895 894 895 895 Share premium 4,015 4,053 4,053 4,053 4,053 Revaluation surplus 378 278 278 278 278 Translation adjustment 0 0 0 0 0 Retained earnings 1,295 1,412 1,570 1,663 1,903 Total ordinary equity 6,581 6,637 6,795 6,888 7,129 Preferred equity 0 0 0 0 0 Minorities 67 81 96 112 129 Total equity & minorities 6,648 6,718 6,891 7,000 7,258 Accumulated depreciation (7,203) (8,081) (9,492) (10,909) (12,330) BV per ordinary share (Y/E, Bt) 7.40 7.44 7.60 7.70 7.97 Adjusted book value ps (Y/E, Bt) 7.36 7.42 7.60 7.70 7.97

RATIOS (%) 2015 2016 2017F 2018F 2019F Growth Turnover (0.5) 1.9 6.7 8.5 7.7 EBITDA (3.8) (12.2) 18.3 18.5 9.8 EBIT (6.5) (25.7) 21.6 46.5 19.7 Recurring net profit (4.6) (13.0) 7.5 37.6 18.2 EPS (before extraordinary items) 7.4 1.3 5.9 (4.8) 18.2 EPS (4.8) (13.2) 7.3 37.6 18.2 DPS 9.8 4.7 6.0 (4.8) 18.2

Accounting ratios Gross profit margin 35.3 36.2 35.5 37.5 38.9 Operating profit margin 11.8 8.6 9.8 13.3 14.7 Net profit margin 13.6 13.6 13.5 11.9 13.0 Turnover/avg total assets (x) 0.6 0.6 0.6 0.7 0.8 ROA 8.3 8.2 8.6 8.3 10.0 ROE 17.9 17.8 18.5 17.3 19.9 S&A/turnover 23.5 27.6 25.7 24.2 24.2

Operating performance EBITDA margin 26.1 22.5 24.9 27.2 27.8 EBIT margin 11.8 8.6 9.8 13.3 14.7 NOPLAT margin (NOPLAT/Turnover) 8.2 6.6 6.9 9.5 10.7 Asset turnover (Turnover/avg Op assets) 0.6 0.6 0.6 0.7 0.8

Krungsri Securities Research 5

CG Rating 2016 Companies with CG Rating

AMATA AOT BAFS BAY BCP BIGC BTS BWG CK CPF CPN CSL DELTA DEMCO DRT DTAC DTC EASTW EGCO GFPT GPSC GRAMMY HANA HMPRO INTUCH IRPC IVL KBANK KCE KKP KTB KTC LHBANK LPN MBK MCOT MINT MONO NKI NYT OTO PHOL PPS PS PSL PTT PTTEP PTTGC QH QTC RATCH SAMART SAMTEL SAT SC SCB SCC SCCC SE-ED SIM SITHAI SNC SPALI SSSC STEC SVI TCAP THCOM TISCO TKT TMB TNDT TOP TSC TTCL TU UV VGI WACOAL WAVE

2S AAV ACAP ADVANC AGE AH AHC AKP ALUCON AMANAH ANAN AP APCO APCS ARIP ASIA ASIMAR ASK ASP AUCT AYUD BANPU BBL BDMS BEM BFIT BLA BOL BROOK CEN CENTEL CFRESH CGH CHG CHO CHOW CI CIMBT CKP CM CNS CNT COL CPI DCC EA ECF EE ERW FORTH FPI GCAP GLOBAL GBX GC GL GLOW GUNKUL HOTPOT HYDRO ICC ICHI IFEC INET IRC JSP K KSL KTIS L&E LANNA LH LHK LIT LOXLEY LRH LST M MACO MALEE MBKET MC MEGA MFC MOONG MSC MTI MTLS NCH NOBLE NSI NTV OCC OGC OISHI ORI PACE PAP PCSGH PDI PE PG PJW PLANB PM PPP PR PRANDA PREM PRG PRINC PT PTG PYLON Q-CON RICHY ROBINS RS RWI S SAMCO SABINA SALEE S&J SCG SEAFO SIAM SINGER SIS SMK SMPC SMT SNP SPI SPPT SPRC SR SSF SST STA SUSCO SUTHA SWC SYMC SYNEX SYTNEC TAE TAKUNI TASCO TBSC TCC TF TFI TGCI

AEC AEONTS AF AIRA AIT AJ AKR AMARIN AMATAV ARROW APURE AQUA AMC AS BA BEAUTY BEC BH BIG BJC BJCHI BKD BR BROCK BRR BTNC CBG CGD CHARAN CITY CMR COLOR COM7 CPL CSC CSP CSR CSS CTW DCON DIMET DNA EARTH EASON ECL EFORL EPCO EPG ESSO FE FER FOCUS FSMART FSS FVC GEL GIFT GLAND GOLD GSTEL GYT HPT HTC HTECH IFS IHL ILINK INSURE IRPC IT ITD J JMART JMT JUBILE JWD KASET KBS KCAR KGI KKC KOOL KWC KYE LALIN LPH MAJOR MAKRO MATCH MATI M-CHAI MDX MFEC MJD MK MODERN MPG NC NCL NDR NEP NOK NUSA PATO PCA PDG PF PICO PIMO PL PLAT PLE PMTA PPM PRIN PSTC QLT RCI RCL RICH RML RPC SANKO SAPPE SAWAD SCI SCN SCP SEAOIL SENA SIRI SKR SLP SMG SMIT SORKON SPA SPC SPCG SPVI SSC STANLY STPI SUC TACC TCCC TCMC TEAM TFD TFG TIC TIW TKN TLUXE TMD TNP TOPP TPA TPAC TPCH TPIPL TPOLY TRITN TRT TTI TVI TWP U UBIS UMI UPOIC UT UWC VIBHA VPO VTE WICE WIIK WIN XO

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

Anti-corruption Progress Indicator 2016

Companies that have declared their intention to join CAC

A AI AIE AIR AJ ALUCON AMATAV AOT APCO AQUA ARROW ASIA ASK AU BCH BJC BJCHI BLAND BR BROCK BRR CEN CGH CHEWA CHG CHOTI CHOW CIG COL COM7 CPALL CPF CPR CSC EKH EPCO FC FER FPI FSMART GEL GFPT GGC GIFT GJS GLOBAL GOLD GPSC GREEN GSTEL GUNKUL HARN IFS ILINK INET IRC J JMART JMT JUBILE JUTHA KASET KBS KCAR KTECH KWC KYE L&E LEE LIT LVT MAKRO MATCH MATI MBAX MC MFEC MIDA MILL ML MTLS NBC NCL NEP NINE NMG NNCL NTV NUSA NWR OGC PACE PAF PAP PATO PCSGH PIMO PK PL PLANB POST PRINC PRO PSTC PYLON QTC ROH ROJNA RWI SANKO SAUCE SC SCCC SCN SEAOIL SE-ED SENA SIRI SMART SPACK SPPT SPRC SR SRICHA SST STA SUPER SUSCO SWC SYMC TAKUNI TBSP TFI THE TICON TIP TKN TLUXE TMILL TMT TNP TPA TRUE TSE TTI TU TVD TVO TVT TWPC U UPA UREKA UWC VGI VIBHA VIH VNT WAVE WHA WICE WIIK

Companies certified by CAC

ADVANC AKP AMANAH AP ASP AYUD BAFS BANPU BAY BBL BCP BKI BLA BROOK BTS BWG CENTEL CFRESH CIMBT CM CNS CPI CPN CSL DCC DEMCO DIMET DRT DTAC DTC EASTW ECL EGCO FE FNS FSS GBX GCAP GLOW HANA HMPRO HTC ICC IFEC INTUCH IRPC IVL K KBANK KCE KGI KKP KSL KTB KTC LANNA LHBANK LHK LPN MBK MBKET MCOT MFC MINT MONO MOONG MSC MTI NKI NSI OCC OCEAN PB PDI PE PG PHOL PLAT PM PPP PPS PRANDA PREB PRG PSH PSL PT PTG PTT PTTEP PTTGC Q-CON QH QLT RATCH RML ROBINS S & J SABINA SAT SCB SCC SCG SGP SINGER SIS SITHAI SMIT SMPC SNC SNP SORKON SPC SPI SSF SSI SSSC SVI SYNTEC TAE TCAP TCMC TFG TGCI THANI THCOM THRE THREL TIPCO TISCO TKT TMB TMD TNITY TNL TOG TOP TPCORP TRU TSC TSTH TTCL TVI UOBKH WACOAL

N/A

2S AAV ABICO ACAP ACC ADAM AEC AEONTS AF AFC AGE AH AHC AIT AJA AKR ALLA ALT AMA AMARIN AMATA AMC ANAN APCS APEX APURE AQ ARIP AS ASAP ASEFA ASIAN ASIMAR ASN ATP30 AUCT BA BAT-3K BCPG BDMS BEAUTY BEC BEM BFIT BGRIM BGT BH BIG BIZ BKD BLISS BM BOL BPP BSBM BSM BTC BTNC BTW BUI CBG CCET CCP CGD CHARAN CHO CHUO CI CITY CK CKP CMO CMR CNT COLOR COMAN CPH CPL CRANE CRD CSP CSR CSS CTW CWT D DCON DCORP DELTA DIGI DNA DTCI EA EARTH EASON ECF EE EFORL EIC EMC EPG ERW ESSO ESTAR ETE EVER F&D FANCY FMT FN FOCUS FORTH FTE FVC GC GENCO GL GLAND GRAMMY GRAND GTB GYT HFT HOTPOT HPT HTECH HYDRO ICHI ICN IEC IHL III INGRS INOX INSURE IRCP IT ITD ITEL JAS JCT JSP JTS JWD KAMART KC KCM KDH KIAT KKC KOOL KTIS KWG LALIN LDC LH LOXLEY LPH LRH LST LTX M MACO MAJOR MALEE MANRIN MAX M-CHAI MCS MDX MEGA METCO MGT MJD MK MM MODERN MPG MPIC NC NCH NDR NETBAY NEW NEWS NFC NOBLE NOK NPK NPP NVD NYT OHTL OISHI ORI OTO PAE PDG PERM PF PICO PJW PLANET PRECHA PMTA POLAR POMPUI PPM PRAKIT PLE PRIN PRM PTL RAM RCI RCL RICH RICHY RJH ROCK RP RPC RPH RS S S11 SAFARI SALEE SAM SAMART SAMCO SAMTEL SAPPE SAWAD SAWANG SCI SCP SDC SE SEAFCO SELIC SF SFP SGF SHANG SIAM SIMAT SKN SKR SKY SLP SMK SMM SMT SOLAR SPA SPALI SPCG SPG SPORT SPVI SQ SSC SSP STANLY STAR STEC STHAI STPI SUC SUTHA SVH SVOA SYNEX T TACC TAPAC TASCO TC TCB TCC TCCC TCJ TCOAT TEAM TFD TFMAMA TGPRO TH THAI THANA THIP THL TIC TIW TK TKS TM TMC TMI TMW TNDT TNH TNPC TNR TOA TOPP TPAC TPBI TPCH TPIPL TPIPP TPOLY TPP TR TRC TRITN TRT TRUBB TSF TSI TSR TSTE TTA TTL TTTM TTW TUCC TWP TWZ TYCN UAC UBIS UEC UKEM UMI UMS UNIQ UP UPF UPOIC UT UTP UV UVAN VARO VI VNG VPO VTE WG WHAUP WIN WINNER WORK WORLD WP WPH WR XO YCI YNP YUASA ZIGA ZMICO Disclaimer The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspectiv e of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, verify, or certify the accuracy and completeness of the assessment result." Reference Disclosure: Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of July 31, 2017) are categorised into: • Companies that have declared their intention to join CAC • Companies certified by CAC.

Krungsri Securities Public Company Limited

Headquarters 898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini Pathumwan, Bangkok 10330 Tel: 0-2659-7000 Fax: 0-2658-5699 Internet Trading: 0-2659-7777 Branches Emporium Nakhon Pathom 662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee, Klongton, Klongtoey, Bangkok 10110 Amphur Muang, Nakhon Pathom 73000 Tel: 0-2695-4500 Fax: 0-2695-4599 Tel: 0-3427-5500-7 Fax: 0-3421-8989

Central Bangna Suphanburi 589/151 Central City Tower 1 Office, Fl. 27 249/171-172 Moo 5 Tambol Ta Rahad, Bangna-Trad Road, Bangna, Bangkok 10260 Amphur Muang, Suphanburi, 72000 Tel: 0-2763-2000 Fax: 0-2399-1448 Tel: 0-3550-1234 Fax: 0-3552-2449

Rama II Nakhon Ratchasima 111/917-919 Rama II Road, Smaedum, 168 Chomphon Road, Tambol Nai Muang, Bangkhuntien, Bangkok 10150 Amphur Muang Nakhon Ratchasima, Tel: 0-2895-9575 Fax: 0-2895-9557 Nakhon Ratchasima 30000 Tel: 0-4425-1211-4 Fax: 0-4425-1215 Vibhavadi-rangsit Bank of Ayudhya Public Company Limited Khon Kaen 123 Suntowers (B) Building, Vibhavadirangsit Road, 114 Sri Chan Road, Tambol Nai Muang, Jompol, Jatujak, Bangkok 10900 Amphur Muang, Khon Kaen 40000 Tel: 0-2273-8388 Fax: 0-2273-8399 Tel: 0-4322-6120 Fax: 0-4322-6180

Chonburi Chiang Mai 64/17 Sukhumvit Road, Tambol Bang Plasoi, 70 Chang Phuak Road, Tambol Sri Phum Amphur Muang, Chonburi 20000 Amphur Muang, Chiang Mai 50200 Tel: 0-3879-0430 Fax: 0-3879-0425 Tel: 0-5321-9234-6 Fax: 0-5321-9247

Hat Yai Branch Chiang Rai 90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 231-232 Thamalai Road, Tambol Wiang, Amphur Hat Yai, Songkhla 90110 Amphur Muang, Chiang Rai 57000 Tel: 0-7422-1229 Fax: 0-7422-1411 Tel: 0-5371-6489 Fax: 0-5371-6490

Phitsanulok 275/1 Phichaisongkram Road, Tambol Nai Muang, Amphur Muang, Phitsanulok 65000 Tel: 0-5530-3360 Fax: 0-5530-2580

Central line: Analyst Team Sector Coverage 662-659-7000 E-mail Naphat Chantaraserekul, Head of Research Energy, Petrochemical, Strategy ext. 5000 [email protected] Kittisorn Pruitipat, CFA, FRM PropertyConstruction, ICT Materials, Contractor ext. 5019 [email protected] Jesada Techahusdin, CFA Banking, Consumer Finance, Insurance ext. 5004 [email protected] Sunthorn Thongthip Food,Insurance Transportation, Insurance Strategy ext. 5009 s [email protected] Worrapong Tuntiwutthipong Electronic, Automotive, Commerce ext. 5016 [email protected] Karun Intrachai RenewableMedia Energy, Food ext. 5010 [email protected] Teerapol Udomvej Healthcare, Tourism ext. 5012 [email protected] Kitti Pitakteerabandit Transportation, Media ext. 5008 [email protected] Artit Jansawang Mid - Small cap, MAI ext. 5005 [email protected] Nurudon Rusme Mid - Small cap, MAI ext. 5007 [email protected] Nalinee Praman, Assistant Analyst Mid - Small cap, MAI Chaiyot Jiwagkul Technical ext. 5006 [email protected] Definition of Ratings Fax 662-658-5643

OUTPERFORM - Stocks with an expected capital gain above 10% in the next 12 months for small-caps, above 5% for big-caps NEUTRAL - Stocks with an expected capital gain between -10% and +10% in the next 12 months for small-caps, -5% to +5% for big-caps UNDERPERFORM - Stocks with an expected capital gain below 10% in the next 12 months for small-caps, below 5% for big-caps www.krungsrisecurities.com