INITIAL COVERAGE PCL (CPN) 3 Jul 2018

BUY 12M Target Price: Bt80.00 Promising long-term plans

Closing price: Bt70.00 We expect 2Q18 net profit of Bt2.9bn, up 17.7% YoY and 3.6% QoQ, driven Upside/downside 14.3% by the transfer of 3 condominium projects of Bt1bn We expect the renovation Sector Property Development process of Central World to be completed by the end of 3 Q6 1 with a Paid-up shares (shares mn) 2,244 resumption of occupancy rate in 2019. CPN plans to open average 2 - 3 Market capitalization (Bt mn) 314,160 branches per year mainly in Thailand and also look for opportunities to expand Free float (%) 52.34 its branches to overseas. Meanwhile, the company plans to open a new branch 12-mth daily avg. turnover (Bt mn) 485.43 12-mth trading range (Bt) 87.00/65.75 in Malaysia by the end of 2018, including expand its residential projects from

existing lands. However, the risk of online trading will raising the downside risk

Major shareholders (%) to its occupancy rate, especially the new branches in the future. We CENTRAL HOLDING 26.21 recommend "BUY" with a target price of Bt80.00/share THAI NVDR 6.17 HSBC (SINGAPORE) 2.57 2Q18 Earnings estimates

We expect 2Q18 net profit of Bt2.9bn, up 17.7% YoY and 3.6% QoQ, driven by Financial highlights the transfer of 3 condominium projects of Bt1bn (100% sold out) with 37.5%

End of Dec 31 2016 2017 2018E 2019E margin. However, GPM of total revenue expects to decline from 1Q18 to 49% Revenue (Bt mn) 27,634 28,785 32,208 33,022

Normalized profit (Bt mn) 9,244 10,068 11,044 11,287 due to higher proportion of condominium transfers. Net profit (Bt mn) 9,244 13,568 11,044 11,287

Normalized EPS (Bt) 2.06 2.24 2.46 2.52 EPS (Bt) 2.06 3.02 2.46 2.52 Renovation Plan Norm. profit grow th (%) 17.3% 8.9% 9.7% 2.2% We expect the renovation process of Central World to be completed by the end EPS grow th (%) 17.3% 46.8% -18.6% 2.2% P/E (x) 34.0 23.2 28.4 27.8 of 3Q61 with a resumption of occupancy rate in 2019. Meanwhile, the renovation P/BV (x) 6.0 5.1 4.6 4.1 plans are expected to occur in other branches, which affect to total revenue from EV/EBITDA (x) 20.5 18.6 15.7 15.1

DPS (Bt) 0.83 1.40 1.82 1.86 lower occupancy rate by consider remaining prospective renovations. Dividend yield (%) 1.2% 2.0% 2.6% 2.7%

ROE (%) 18.9% 23.8% 16.9% 15.6% Joint investment with DTC Source: SETSMART, AWS The acquisition of 2 3 % stake in DTC is to pursue a long-term investment

approach. The company plans to invest total of Bt17.3bn in the next 5 years to

Thailand Research Department develop mixed use project which comprises of retail space, office rental, hotels Mr. Nutchapol Cheevavichawalkul and condominiums. CPN will hold a greater proportion in office and retail space License, No. 46377 business, while DTC maintains a majority stake in the hotel and condominium Tel: 02-680-5094 segment . The development of mixed-used project will give an opportunity to adding revenue diversification in their portfolio. We have a positive view and believe that the company will earn benefit from its synergy in the long run.

Recommend “BUY” from promising long term plans

CPN plans to open average 2-3 branches per year mainly in Thailand and also

look for opportunities to expand its branches to overseas. Meanwhile, the company plans to open a new branch in Malaysia by the end of 2018, including expand its residential projects from existing lands. However, the risk of online trading will raising the downside risk to its occupancy rate, especially the new

branches in the future. We recommend "BUY" with a target price of

Bt80.00/share based on DCF.

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN) 3 Jul 2018

NATURE OF BUSINESS CPN’s core businesses comprise the development of shopping complexes and other complementary mixed-use projects, which include residences, office buildings and hotels, to add value to the shopping complexes. By the end of 2017, CPN manages 32 shopping centers, 14 in Metropolitan Area and 18 in prime provincial areas; seven office buildings in Bangkok; two hotels, namely Centara Hotel and Convention Center Udon Thani and Hilton Pattaya Hotel; and one residential project in Bangkok. Furthermore, CPN invested in CPN Retail Growth Leasehold REIT (CPNREIT) and CPN Commercial Growth Leasehold Property Fund (CPNCG).

CPN’s project development starts from securing strategic locations at reasonable prices and onto conducting feasibility studies, controlling design and construction processes, overseeing lease progress, and finally managing shopping complexes and office buildings after commercial openings, which extends to the provision of utilities, security and cleaning services at each site. Furthermore, CPN operates certain complementary businesses, such as food centers, multi-purpose convention halls, water parks, and recreation parks in some shopping complexes to accommodate customers. Regarding the hotel business, CPN has employed expert hotel management companies to manage its hotels and maximize benefits from the properties.

RETAIL INDUSTRY OVERVIEW The retail industry, which comprises 15 % of Thailand’s GDP, grew 4 . 2 % in 2017 as purchasing power from the middle-to-upper income and the regular-income classes remain the key contributors. The middle-to-lower income and farm income groups were still burdened with high household debts, while agricultural prices remained at low levels. Public measures to prohibit trade on footpaths, crackdown and scrutiny on corrupted activities resulted in more cautious spending behavior by the low-income class.

Under the current market conditions, shopping centers and department stores face the challenge of changing consumer behavior that focuses on speed, convenience and new experiences, growth of online shopping, the introduction of lifestyle retail with space designed to meet consumers and tourists’ lifestyles, as well the rapid growth of food delivery services. These factors contribute to a declining trend of customer traffic and spending at shopping centers and department stores, which in turn must adopt new strategies to continuously enhance their service offers, address to changing customer preferences and create new customer experiences.

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN) 3 Jul 2018 Community and Lifestyle Malls In the retail and wholesale industry face strong competition and the operators must make adjustments to differentiate and match the changing lifestyles of target customers and tourists through expansion or enhancement of projects, attracting new and diversified tentants, organizing activities and events to maintain existing and expand new existing customer bases, and providing convenient accommodations and facilities. These implementations require skillful management under the challenge of rising costs.

Hypermarkets and Convenience Stores Few hypermarkets were launched this year, whereas most of the focus was shifted to developing “super convenience store”, a small sized retail format that combines the features of convenience store and supermarket, and conventional convenience stores, such as Mini Big C, Tesco Lotus Express, Tops Deli, and MaxValue Tanjai. Project development in the form of market could help operators expand branches, covering diversified customer targets and more access to remote areas.

As online channels become more convenient and significant for retail operators to capture their target customers, more emphasis will be placed on creating online outlets in the near future to materially boost the retailers’ revenues as the changing customer behavior come with higher expectation on speed of delivery and convenience of access. The focus of convenience stores were the expansion of branches to maximize area coverage, initiation of franchises to support branch expansion, diversification of products, including hygienic foods and beverages at reasonable prices, to serve the needs of all consumers in their respective areas, and accommodation of speedy services.

NATURE OF BUSINESS

SHOPPING COMPLEXES CPN’s main source of revenue, the shopping complex business accounts for more than 80% of the total revenue. Revenue is derived from rental of retail space, utility and security services, cleaning services, rental and services of convention halls, and onsite media services at 32 properties-14 in Bangkok Metropolitan Area and 18 in prime provincial areas-of which 27 projects are owned by CPN and the other 5 projects leased out to CPNREIT in which CPN is the property manager.

In November 2017, CPN launched two new shopping centers, namely CentralPlaza Nakhon Ratchasima and CentralPlaza Mahachai as the 31st and 32nd shopping center respectively. In 2018, CPN plans to launch CentralPhuket and Central i-City in Malaysia.

According to its estimated data as of December 31, 2017, CPN has 21% market share of the retail industry in Bangkok Metropolitan Area based on gross floor area, excluding parking space.

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN) 3 Jul 2018 OFFICE BUILDINGS The office building business involves the development of office buildings for rent not only for their complementarity with the shopping complex, but also for their value accretion from the optimization of land use and efficiency of car park management. At present, CPN runs 7 office buildings on the premises of 1. CentralPlaza Lardprao 2. CentralPlaza Pinklao (2 towers) 3. CentralPlaza Bangna 4. CentralWorld (The Offices at CentralWorld) 5. CentralPlaza Chaengwattana 6. CentralPlaza Grand Rama 9

Hotel The hotel business on the same premises as shopping centers complements the shopping center business in terms value accretion to the overall project by making the most use of properties for the maximum return on investment. Key consideration factors of hotel investment include project location, demand and supply, surrounding environment, and the project’s growth potential. Revenue from the hotel business comprises room revenue, sale of food & beverage and rental of units in buildings and service income.

Residential Recognizing the potential of mixed-use development of shopping complex projects, CPN has developed residential projects to maximize the benefit of its core shopping-complex business. Currently, CPN has been developing six condominium projects on the premises of its shopping complexes.

INVESTMENT IN CPNREIT & CPNCG CPN is the major unit holder of CPNREIT and CPNCG, representing 2 6 . 6 9 % and 2 5 . 0 0 % of total ownership respectively. It is also the property manager and receives monthly fees under management contracts and profit-sharing agreement based on investment proportions.

SUMMARY OF BUSINESS OPERATIONS IN 2017 Consists of 2 locations, CentralPlaza Nakhon Ratchasima, the 31st was officially opened on November 3 , 2017, as part of the largest mixed-use development project in the Isan region and CentralPlaza Mahachai, the 32nd shopping mall was officially opened on November 23, 2017. Both have the occupancy rate more than 80%.

Source: CPN, AWS Research

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN) 3 Jul 2018 Risk Factor

Risks from competition The overall retail business continues to be highly competitive among existing entrepreneurs and new ones that have launched new shopping complexes one by one and renovated existing shopping centers, particularly in high-potential areas in Bangkok and its perimeter.

Based on today’s consumer behavior that depends more and more on mobile technology, online shopping has become shopping center formidable competitor, particularly foreigners’ encroaching E- market places like Lazada and Shopee, which command supply chain management of an integrated E- commerce market, ranging from platforms, online shops, delivery, to payment systems. In addition, because of consumers’ search for cost-effective goods or services, convenience, and speed, a portion of store operators have added online services to meet such needs, including food ordering through the internet and mobile banking-based financial transactions. These have affected sales of goods and services of several retailers in shopping centers, including fashion, IT gear, cosmetics, restaurant, and bank outlets.

Risks from residential property Based on current competition in the residential markets marked by supply gluts and customers’ spending care as well as the lack of encouragement measures issued by the public sector over this year, one sees a slowdown in the residential market.

Credit Risk CPN’s credit-risk prevention policies are to collect advance rents from tenants, to terminate leases for tenants whose rents are outstanding for over 90 days and accelerate coordination to negotiate and find problem solution with them, and to closely follow up debt collection so that most tenants pay their rents in time. In case of overdue payments, related units will cooperate to effectively deal with the default payment. Allowance for doubtful accounts in previous year was below 0.1% of its revenue, so CPN rates its credit risks low.

Risk arising from Unrest Incidents of unrest or terrorism currently pose critical threats to the international communities. Recognizing such threats, CPN undertakes the following risk management measures: Provide relevant employees with knowledge and training to be alert and capable of observing unsafe incidents, with regular conduct of crisis response drills.

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN) 3 Jul 2018

Earnings preview FY December 31 (Bt mn) 2Q17 1Q18 2Q18E %YoY %QoQ 2017 2018E %YoY Total revenue 7,167 7,730 8,722 21.7% 12.8% 28,785 32,208 11.9% Cost of goods sold (3,578) (3,852) (4,439) (14,518) (16,567) Gross profit 3,589 3,878 4,283 19.3% 10.4% 14,267 15,641 9.6% SG&A expense (1,197) (1,203) (1,401) (5,110) (5,417) Operating profit 2,392 2,675 2,882 20.5% 7.7% 9,157 10,225 11.7% Share of gain (loss) of joint ventures 200 255 255 839 889 Other income 455 501 526 2,332 2,402 EBIT 3,047 3,432 3,663 20.2% 6.8% 12,328 13,516 9.6% Financial costs (93) (105) (112) (364) (402) Pretax profit 2,954 3,327 3,552 20.2% 6.8% 11,964 13,113 9.6% Income tax expenses (441) (474) (506) (1,795) (1,967)

Profit before MI 2,514 2,853 3,046 21.2% 6.8% 10,170 11,147 9.6% Minority interests (30) (31) (26) (102) (103) Normalized profit 2,483 2,822 3,020 21.6% 7.0% 10,068 11,044 9.7% Extra-ordinary items - - - 3,500 - Net Profit 2,483 2,822 3,020 21.6% 7.0% 13,568 11,044 -18.6% EBITDA 4,358 4,823 5,030 17,642 20,979 Normalized EPS (Bt) 1.11 1.26 1.35 21.6% 7.0% 2.24 2.46 9.7% Net EPS (Bt) 0.55 0.63 0.67 21.6% 7.0% 3.02 2.46 -18.6%

Financial ratio (%) 1,311 1,372 Gross profit margin 50.1% 50.2% 49.1% 49.6% 48.6% -1.0% SG&A expense 16.7% 15.6% 16.1% 17.8% 16.8% -0.9% Normalized profit margin 34.6% 36.5% 34.6% 35.0% 34.3% -0.7% Net profit margin 34.6% 36.5% 34.6% 47.1% 34.3% -12.8%

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN) 3 Jul 2018 Income Statement (Btmn) Year to 31 Dec 2015 2016 2017 2018E 2019E Total revenue 24,283 27,634 28,785 32,208 33,022 Cost of goods sold (12,634) (14,041) (14,518) (16,567) (16,984) Gross profit 11,649 13,593 14,267 15,641 16,038 SG&A (4,030) (4,406) (5,110) (5,417) (5,742) Operating Profit 7,618 9,187 9,157 10,225 10,297 Share of gain (loss) of joint venture 749 853 839 889 956 Other income 1,589 1,627 2,332 2,402 2,473 EBIT 9,957 11,667 12,328 13,516 13,725 Financial cost (509) (633) (364) (402) (326) Pretax profit 9,448 11,033 11,964 13,113 13,400 Income tax expenses (1,431) (1,686) (1,795) (1,967) (2,010) Minority interests (137) (103) (102) (103) (102) Normalized profit 7,880 9,244 10,068 11,044 11,287 Extraordinaries items 0 0 3,500 0 0 Net profit 7,880 9,244 13,568 11,044 11,287 EBITDA 14,407 16,789 17,642 20,979 21,454 Normalized EPS (Bt) 1.76 2.06 2.24 2.46 2.52 Net EPS (Bt) 1.76 2.06 3.02 2.46 2.52 DPS (Bt) 0.70 0.83 1.40 1.82 1.86 Statement of Financial Position (Btmn) Year to 31 Dec 2015 2016 2017 2018E 2019E Current Assets 7,137 6,535 13,114 14,359 15,191 Non-current Assets 95,908 97,992 107,459 115,411 121,518 Total assets 103,045 104,527 120,574 129,771 136,710 Current Liabilities 15,530 14,882 14,354 14,816 15,335 Non-current Liabilities 40,714 36,640 42,340 44,410 43,514 Total liabilities 56,244 51,523 56,694 59,226 58,849 Paid-up capital 2,244 2,244 2,244 2,244 2,244 Retained Earnings 34,950 41,052 50,890 57,848 64,960 Total equity 46,801 53,005 63,880 70,545 77,861 Total liabilities and equity 103,045 104,527 120,574 129,771 136,710 BVPS (Bt) 10.43 11.81 14.23 15.72 17.35 Cash Flow Statement (Btmn) Year to 31 Dec 2015 2016 2017 2018E 2019E Pretax Profit 8,018 9,347 13,670 13,113 13,400 Depreciation & Amortization 4,450 5,123 5,315 7,463 7,729 Operating Cash Flow 13,785 14,376 26,599 18,571 21,190 CAPEX (14,449) (5,376) (10,358) (7,748) (5,874) Investing Cash Flow (16,761) (5,942) (14,576) (16,047) (12,303) Dividend Payment (2,917) (3,141) (3,725) (4,086) (4,176) Financing Cash Flow 3,066 (8,520) (12,016) (2,100) (8,176) Exchange rate gains(losses) on cash 0 (3) (78) 0 0 Inc. (Dec.) in cash & equivalents 90 (89) (71) 425 711 Beginning cash & equivalents 2,488 2,578 2,489 2,418 2,843 Ending cash & equivalents 2,578 2,489 2,418 2,843 3,554

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INITIAL COVERAGE CENTRAL PATTANA PCL (CPN)

3 Jul 2018

Quarterly Income Statement (Btmn) Year to 31 Dec 1Q17 2Q17 3Q17 4Q17 1Q18 Total revenue 7,205 7,167 7,103 7,310 7,730 Cost of goods sold (3,460) (3,578) (3,661) (3,819) (3,852) Gross profit 3,745 3,589 3,442 3,491 3,878 SG&A (1,054) (1,197) (1,160) (1,700) (1,203) Operating Profit 2,691 2,392 2,282 1,791 2,675 Share of gain (loss) of joint venture 219 200 201 219 255 Other income 524 455 604 749 501 EBIT 3,434 3,047 3,087 2,759 3,432 Financial cost (110) (93) (97) (64) (105) Pretax profit 3,325 2,954 2,990 2,695 3,327 Income tax expenses (519) (441) (481) (354) (474) Minority interests (29) (30) (26) (16) (31) Normalized profit 2,776 2,483 2,483 2,326 2,822 Extraordinaries items 0 0 3,500 0 0 Net profit 2,776 2,483 5,983 2,326 2,822 EBITDA 4,730 4,358 4,423 4,131 4,823 Normalized EPS (Bt) 1.24 1.11 1.11 1.04 1.26 Net EPS (Bt) 0.62 0.55 1.33 0.52 0.63

Key Financial Ratios Year to 31 Dec 2015 2016 2017 2018E 2019E Sales growth (%) 8.85 13.80 4.17 11.89 2.53 Normalized profit growth (%) 7.85 17.30 8.91 9.70 2.20 Net profit growth (%) 7.85 17.30 46.78 (18.60) 2.20 Normalized EPS growth (%) 7.85 17.30 8.91 9.70 2.20 EPS growth (%) 7.85 17.30 46.78 (18.60) 2.20 Gross margin (%) 47.97 49.19 49.56 48.56 48.57 Operating margin (%) 31.37 33.24 31.81 31.75 31.18 EBITDA margin (%) 59.33 60.76 61.29 65.13 64.97 Normalized profit margin (%) 32.45 33.45 34.98 34.29 34.18 Net profit margin (%) 32.45 33.45 47.13 34.29 34.18 Effective tax rate (%) 15.14 15.28 15.00 15.00 15.00 ROA (%) 8.21 8.91 12.05 8.82 8.47 ROE (%) 18.12 18.87 23.84 16.91 15.60 EV/EBITDA 24.59 20.55 18.61 15.73 15.15 Net Debt to equity (x) 0.43 0.29 0.11 0.11 0.07 P/E (x) 39.87 33.99 23.16 28.45 27.83 P/BV (x) 6.84 6.04 5.08 4.57 4.14 Dividend Yield (%) 1.00 1.19 2.00 2.60 2.66

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Corporate Governance Report (CGR) 2017.

ADVANC CFRESH DTC HMPRO KTC PHOL PYLON SCC SVI TRC Corporate Governance Report disclaimer AKP CHO EASTW ICC LHBANK PLANB Q-CON SCCC SYNTEC TRUE ANAN CK EGCO ICHI LPN PPS QH SDC TCAP TSC The disclosure of the survey result of the Thai Institute of Directors AOT CNT GC INTUCH MBK PRANDA QTC SE-ED THANA TTCL AP CPF GCAP IRPC MCOT PRG RATCH SIS THCOM TU Association (“IOD”) regarding corporate governance is made pursuant to BAFS CPN GFPT IVL MINT PSH ROBINS SITHAI THREL TVD BANPU CSL GOLD JSP MONO PSL SAMART SNC TISCO UV the policy of the Office of the Securities and Exchange Commission. The BAY DELTA GPSC KBANK NCH PTG SAMTEL SPALI TKT VGI BCP DEMCO GRAMMY KCE NKI PTT SAT SPRC TMB WACO survey of the IOD is based on the information of a company listed on the BTS DRT GUNKUL KKP NYT PTTEP SC SSSC TNDT WAVE BWG DTAC HANA KTB OTO PTTGC SCB STEC TOP Stock Exchange of Thailand and the Market for Alternative Investment disclosed to the public and able to be accessed by a general public 2S BBL CI FN KGI MC PCSGH SAMCO SR THANI TSE WINNE investor. The result, therefore, is from the perspective of a third party. It is AAV BCPG CIG FNS KKC MEGA PDI SAWAD SSF THIP TSR XO ACAP BDMS CIMBT FORTH KOOL MFC PE SCG SST THRE TSTE YUASA not an evaluation of operation and is not based on inside information. AGE BEC CKP FPI KSL MFEC PG SCI STA TICON TSTH ZMICO AH BEM CM FSMART KTIS MOONG PJW SCN STPI TIPCO TTA The survey result is as of the date appearing in the Corporate Governance AHC BFIT CNS FVC L&E MSC PLANET SEAFCO SUC TIW TTW AIRA BJC COL GBX LALIN MTI PLAT SEAOIL SUSCO TK TVI Report of Thai Listed Companies. As a result, the survey result may be AIT BJCHI COM7 GEL LANNA MTLS PM SENA SUTHA TKN TVO ALT BLA CPI GLOBAL LH NOBLE PPP SFP SWC TKS TWP changed after that date, Asia wealth Securities Company Limited does not AMANAH BOL CSC GLOW LHK NOK PREB SIAM SYMC TMC TWPC AMATA BROOK CSP HARN LIT NSI PRINC SINGER SYNEX TMI U conform nor certify the accuracy of such survey result. AMATAV BRR CSS HOTPOT LOXLEY NTV PT SIRI TAE TMILL UAC APCO BTW DCC HYDRO LRH NWR RICHY SMK TAKUNI TMT UMI ARIP CEN EA ILINK LST OCC RML SMPC TASCO TNITY UP ASIA CENTEL EASON INET M OGC RS SMT TBSP TNL UPF ASIMAR CGH ECF IRC MACO OISHI RWI SNP TCC TOG UPOIC ASK CHARAN ECL IT MAJOR ORI S SORKON TEAM TPAC UWC ASP CHEWA EE ITD MAKRO PAP S & J SPC TFG TPCOR VIH AUCT CHG EPG JWD MALEE PATO SABINA SPI TGCI TRT VNT Score Range Number of Logo Description AYUD CHOW ERW K MBKET PB SALEE SPPT THAI TRU WICE 90 – 100 Excellent AEC ASIAN BTNC DNA GTB KCAR MK PIMO SANKO SRICHA TNR UT 80 – 89 Very Good AEONTS ASN CBG EFORL GYT KIAT MODER PK SAPPE SSC TOPP VIBHA AF ATP30 CCET EKH HPT KWC MPG PL SCP STANL TPA VPO AJ AU CCP EPCO HTC KYE NC PLE SE SUPER TPBI VTE 70 – 79 Good AKR BA CGD ESSO HTECH LDC NCL PMTA SGP SVOA TPCH WIIK ALLA BCH CITY ETE IFS LEE NDR PRECHA SKR T TPIPL WIN 60 – 69 Satisfactory ALUCON BEAUTY CMR FE IHL LPH NEP PRIN SKY TACC TPOLY AMA BH COLOR FER INSURE MATCH NETBAY PSTC SLP TCCC TPP AMARIN BIG COMAN FOCUS IRCP MATI NPK QLT SMIT TCMC TRITN 50 – 59 Pass AMC BIZ CPL FSS J M-CHAI NPP RCI SOLAR TFD TTI APURE BLAND CSR GENCO JMART MDX NUSA RCL SPA TIC TVT Below 50 N/A AQUA BPP CTW GIFT JMT METCO OCEAN RJH SPCG TLUXE TYCN No logo given ARROW BR CWT GJS JUBILE MGT PDG ROJNA SPG TM UOBKH AS BROCK DCON GLAND KASET MILL PF RPC SPVI TMD UPA ASEFA BTC DIGI GSTEL KBS MJD PICO S11 SQ TNP UREKA

Anti -Corruption Progress Indicator 2017 ประกาศเจตนารมณ์ CAC 2S APCO BROOK CSS GFPT JMART LVT NCL PLANB SAUCE SR TICON TVD WIIK A APCS BRR DELTA GIFT JMT M NDR PLAT SC SRICHA TIP TVO WIN ABC APURE BSBM DNA GLOBAL JTS MAKRO NINE PRANDA SCCC STA TKT TVT XO ABICO AQUA BTNC EA GPSC JUBILE MALEE NMG PREB SCN STANLY TLUXE TWPC ZMICO ACAP AS CEN ECF GREEN JUTHA MBAX NNCL PRG SEAOIL SUPER TMC U AEC ASIA CGH EE GUNKUL K MC NPP PRINC SE-ED SUSCO TMI UBIS AF ASIAN CHARAN EFORL HMPRO KASET MCOT NTV PSTC SENA SYMC TMILL UKEM AGE ASIMAR CHO EPCO HOTPOT KBS MEGA NUSA PYLON SGP SYNEX TMT UNIQ AH ASK CHOTI ESTAR ICHI KC MFEC OCC QH SITHAI SYNTEC TPA UOBKH AI BCH CHOW EVER IEC KCAR MIDA OGC RML SKR TAE TPP UREKA AIE BEAUTY CI FC IFS KSL MILL PACE ROBINS SMIT TAKUNI TRT UWC AIRA BFIT CM FER ILINK KTECH MJD PAF ROCK SMK TASCO TRU VGI ALUCON BH COL FNS INET KYE MK PCA ROH SORKON TBSP TRUE VIBHA AMARIN BIGC CPALL FPI INOX L&E ML PCSGH ROJNA SPACK TEAM TSE VNG AMATA BJCHI CPF FSMART INSURE LALIN MPG PDG RP SPALI TFG TSI VNT ANAN BKD CPL FVC IRC LPN MTLS PDI RWI SPCG TFI TSTE WAVE AOT BLAND CSC GC J LRH NBC PIMO SAMCO SPPT THAI TTW WHA AP BROCK CSR GEL JAS LTX NCH PK SANKO SPRC TIC TU WICE ได้รับการรับรอง CAC AKP BKI CPN ECL HTC KKP MINT PE PTG SAT SPC TGCI TNITY TVI AMANAH BLA CSL EGCO ICC KTB MONO PG PTT SCB SPI THANI TNL WACOAL ASP BTS DCC ERW IFEC KTC MOONG PHOL PTTEP SCC SSF THCOM TOG AYUD BWG DEMCO FE INTUCH LANNA MSC PM PTTGC SCG SSI THRE TOP BAFS CENTEL DIMET FSS IRPC LHBANK MTI PPP Q-CON SINGER SSSC THREL TPC BANPU CFRESH DRT GBX IVL LHK NKI PPS QLT SIS SVI TIPCO TPCORP BAY CIMBT DTAC GCAP KBANK MBK NSI PR RATCH SMPC TCAP TISCO TSC BBL CNS DTC GLOW KCE MBKET OCEAN PSL S & J SNC TCMC TMB TSTH BCP CPI EASTW HANA KGI MFC PB PT SABINA SNP TF TMD TTCL N/A AAV AU CBG CTW GJS KAMART M-CHAI PAP RCL SGF SUC TK TTA VIH ACC AUCT CCET CWT GL KCM MCS PATO RICH SHANG SUTHA TKN TTI VPO The disclosure of the Anti-Corruption Progress Indicators of a listed company ADAM BA CCN DAII GLAND KDH MDX PERM RICHY SIAM SVH TKS TTL VTE AEONTS BAT-3K CCP DCON GOLD KIAT METCO PF RJH SIM SVOA TM TTTM WG on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is AFC BCPG CGD DCORP GRAMMY KKC MODERN PICO RPC SIMAT SWC TMW TUCC WINNER made in order to comply with the policy and sustainable development plan for AHC BDMS CHEWA DRACO GRAND KOOL MPIC PJW RS SIRI T TNDT TWP WORK AIT BEC CHG DSGT GSTEL KTIS NC PL S SLP TACC TNH TWZ WORLD the listed companies of the Office of the Securities and Exchange Commission. AJ BEM CHUO DTCI GTB KWC NEP PLE S11 SMART TAPAC TNP TYCN WP Thaipat Institute made this assessment based on the information received from AJD BGT CIG EARTH GYT KWG NETBAY PMTA SAFARI SMM TC TNPC UAC WR the listed company, as stipulated in the form for the assessment of Anti- AKR BIG CITY EASON HARN LDC NEW POLAR SALEE SMT TCB TNR UEC YCI ALLA BIZ CK EIC HFT LEE NEWS POMPUI SAM SOLAR TCC TOPP UMI YNP corruption which refers to the Annual Registration Statement (Form 56- 1), ALT BJC CKP EKH HPT LH NFC POST SAMART SPA TCCC TPAC UMS YUASA Annual Report (Form 56- 2), or other relevant documents or reports of such AMA BLISS CMO EMC HTECH LIT NOBLE PPM SAMTEL SPG TCJ TPBI UP AMATAV BM CMR EPG HYDRO LOXLEY NOK PRAKIT SAPPE SPORT TCOAT TPCH UPA listed company. The assessment result is therefore made from the perspective AMC BOL CNT ESSO IHL LPH NPK PRECHA SAWAD SPVI TFD TPIPL UPF of Thaipat Institute that is a third party. It is not an assessment of operation and APX BPP COLOR F&D IRCP LST NWR PRIN SAWANG SQ TGPRO TPOLY UPOIC AQ BR COM7 FANCY IT MACO NYT PRO SCI SSC TH TR UT is not based on any inside information. Since this assessment is only the ARIP BRC COMAN FMT ITD MAJOR OHTL PSH SCP SST THANA TRC UTP assessment result as of the date appearing in the assessment result, it may be ARROW BSM CPH FN ITEL MANRIN OISHI PTL SEAFCO STAR THE TRITN UV ASEFA BTC CPR FOCUS JCT MATCH ORI QTC SELIC STEC THIP TRUBB UVAN changed after that date or when there is any change to the relevant information. ASN BTW CRANE FORTH JSP MATI OTO RAM SF STHAI THL TSF VARO Nevertheless, AWS does not confirm, verify, or certify the accuracy and ATP30 BUI CSP GENCO JWD MAX PAE RCI SFP STPI TIW TSR VI completeness of the assessment result. Source : Thai Institute of Directors ขอ้ มูลบรษิ ัททเี่ ขา้ ร่วมโครงการแนวร่วมปฏบิ ัตขิ องภาคเอกชนไทยในการตอ่ ตา้ นทจุ รติ (Thai CAC) ของสมาคมสง่ เสรมิ สถาบันกรรมการบรษิ ัทไทย (ขอ้ มูล ณ วนั ท ี่ 28 ตลุ าคม 2559) ม ี 2 กลมุ่ คอื • ไดป้ ระกาศเจตนารมณเ์ ขา้ ร่วม CAC • ไดร้ ับการรับรอง CAC

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