Company Research March 3, 2020

TRUE CORPORATION BUY (TRUE TB/ TRUE.BK) Target price Bt4.90 (+49.4%) Price Bt3.28

Sharp correction is unjustified

The sharp correction in the share price over the past six months suggest the negatives have been priced-in, including the core loss in 4Q19. We also expect TRUE to book losses this year, but the magnitude would be shallower than in 2019, underpinned by rising revenue. This could be a share price Phatipak NAVAWATANA catalyst. We continue to recommend a BUY rating with a TP of Bt4.9. Fundamental investment analyst on securities +662 659 7000 ext 5003 Minimal guidance for 2020 [email protected] At the analyst briefing yesterday, TRUE presented a recap of 4Q19 performance and earnings prospects for FY20 following its winning bids for 5G spectra in mid- February. We left the meeting with a neutral view as the message is in line with our view. The key takeaways were as follows: (1) TRUE gave a rough guidance Key data Unit for revenue, earnings and capex trend in 2020. Following successful marketing

12M high/ low (Bt) 6.8/ 3.2 strategies for both mobile and FBB implemented in 4Q19, the firm expects Market cap (Btm/ USDm) 109,448/ 3,484 services revenue to grow faster this year than +3.9% in 2019. TRUE also expects 3M avg. daily turnover (Btm/ USDm) 389.2/ 12.7 costs to rise at a slower pace than revenue because cost control remains a Free float (%) 67.0 Issued shares (m shares) 33,368 priority. Capex had peaked in 2018, and 2020 capex would be the same as 2019 Major shareholders: % despite the rollout in 5G. (2) TRUE expects 5G adoption in Thailand to take off in 1) Charoen Pokphand Gro 18.2 late 2021 when 5G-enabled handsets are more affordable. (3) TRUE assured 2) China Mobile Interna 18.0 3) Ubs Ag/Hong Kong 9.0 there is little risk of a cash call as there is little capex pressure and payment terms for 5G licenses are favorable currently. Stock price performance

(Bt) TRUE (pt) Our FY20F earnings more conservative than market estimate 7.0 SET (RHS) 1,850 1,800 We expect TRUE to book a smaller Bt83m core loss this year, compared with 6.0 Bt384m core loss in 2019. Consensus estimate indicate the market expects 1,750 5.0 Bt1.65b profit. The discrepancy could be in the costs, especially marketing 1,700 expenses which TRUE did little to control over the past two years. The 5G 4.0 1,650 1,600 advantage appears slim because adoption will be slow this year. 3.0 1,550 Maintain BUY rating, TP Bt4.9 2.0 1,500 The sharp correction in the share price over the past six months suggests the poor Mar-19 May-19 Aug-19 Nov-19 Feb-20 4Q/FY19 results have been priced-in. The anticipated smaller loss this year could Unit ytd 1M 3M 12M Total return (%) (28.7) (12.8) (24.4) (30.7) be a near-term share price catalyst. Total return vs SET (%) (13.4) (1.3) (9.8) (12.1)

Financial Summary Krungsri vs Bloomberg consensus Year to 31 Dec Unit 2017 2018 2019 2020F 2021F Unit (+) (=) (-) Revenue (Btm) 135,490 136,972 138,074 141,429 143,207 Bloomberg (Cnt.) 9 8 8 consensus Revenue growth (%) 8.6 1.1 0.8 2.4 1.3 Unit KSS BB %diff EBITDA (Btm) 30,807 33,589 31,447 27,114 28,932 Target price (Bt) 4.9 4.3 13.0 EBITDA growth (%) 22.9 9.0 (6.4) (13.8) 6.7 2020F net profit (Btm) (83) 1,751 (104.8) Profit, core (Btm) (3,496) (4,365) (384) (83) 1,666 2021F net profit (Btm) 1,666 2,168 (23.2) Profit growth, core (%) nm 25 nm (78) (2,102) Profit, reported (Btm) 2,323 7,035 5,636 (83) 1,666 Profit growth, reported (%) nm 202.9 (19.9) (101.5) (2,102.5) Earnings revision EPS, core (Bt) (0.1) (0.1) (0.0) (0.0) 0.0 Bloomberg Unit 2020F 2021F EPS growth, core (%) nm nm nm (78.3) (2,102.5) 1M (%) (37.22) (23.37) DPS (Bt) 0.03 0.11 0.00 0.00 0.02 3M (%) (39.77) (29.77) P/E, core (x) nm nm (285.0) (1,315.8) 65.7 ytd (%) (39.77) (29.77) P/BV, core (x) 0.34 0.33 0.33 0.33 0.33 Krungsri ROE (%) (2.7) (3.3) 0.2 (0.1) 1.2 From last report (%) 0.00 0.00 Dividend yield (%) 0.9 3.2 0.1 0.0 0.8 Source: Bloomberg, Krungsri Securities FCF yield (%) 1.4 3.7 0.6 0.5 1.3

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 1 invest in any securities.

Company Update | TRUE March 3, 2020

P/E Band EV/EBITDA

Source: Bloomberg, Krungsri Securities Source: Bloomberg, Krungsri Securities

Peer table Market PE EPS EV/EBITDA Div Yld ROE Share Price Cap (x) (%growth) (x) (%) (%) Performance BB Ticker Name US$ 20F 21F 20F 21F 20F 21F 20F 20F 1M 3M 6M YTD Thailand TRUE TB TRUE CORP PCL 3,483 NA 65.7 NA NA 7.2 6.6 0.0 (0.1) (12.8) (24.4) (48.8) (28.7) ADVANC TB ADVANCED INFO SERVICE P 18,688 17.8 17.2 NA 3.3 8.0 7.6 4.2 45.4 (3.2) (4.6) (13.4) (7.3) DTAC TB TOTAL ACCESS 2,713 14.2 16.0 251.3 (11.4) 5.4 5.2 4.7 23.2 (19.1) (30.4) (42.6) (32.4) INTUCH TB INTOUCH HOLDINGS PCL 5,485 13.5 13.0 15.1 3.5 12.4 12.4 5.8 34.1 (3.6) (5.3) (16.0) (6.1) THCOM TB THAICOM PCL 102 NA NA (94.6) (12.7) 1.0 1.1 1.1 (1.0) (22.8) (25.5) (40.9) (24.4) Average (simple) 15.1 28.0 57.2 (4.3) 6.8 6.6 3.2 20.3 Regional VOC AU VOCUS GROUP LTD 1,358 19.6 18.3 210.8 7.6 8.9 8.4 0.0 4.4 (1.5) 6.4 4.4 16.8 728 HK CHINA TELECOM CORP LTD-H 30,796 10.2 10.0 0.0 2.3 2.7 2.6 4.2 6.1 (2.6) 0.3 (16.1) (7.8) 941 HK CHINA MOBILE LTD 161,353 10.6 10.5 (10.2) 1.3 2.7 2.6 5.2 9.9 (4.5) 3.3 (5.5) (6.4) 215 HK HUTCHISON TELECOMM 886 20.4 24.7 (21.3) (17.1) NA NA 3.7 2.8 0.7 (7.1) 9.2 (8.9) 762 HK CHINA UNICOM HONG KONG 24,584 14.0 11.6 20.9 21.1 1.8 1.7 2.8 3.8 (4.4) (6.7) (20.4) (14.9) ISAT IJ INDOSAT TBK PT 797 NA NA (191.7) (26.1) 3.6 3.3 0.0 (13.1) (8.7) (30.6) (43.8) (28.2) TLKM IJ TELEKOMUNIKASI INDONESIA 23,924 16.5 14.7 14.6 11.8 6.0 5.5 4.7 19.7 (9.5) (12.9) (22.0) (13.4) TBIG IJ TOWER BERSAMA 1,686 27.0 24.2 25.5 11.7 11.6 10.7 2.7 24.6 (8.6) (7.8) (12.0) (13.8) BHARTI IN BHARTI AIRTEL LTD 39,109 NA NA (1,979.5) (139.5) 11.7 9.3 0.3 (13.3) 4.4 13.1 49.6 13.8 BHIN IN BHARTI INFRATEL LTD 5,568 12.7 12.6 27.6 0.1 5.4 5.1 6.6 22.3 (11.8) (17.9) (13.0) (13.7) IDEA IB VODAFONE IDEA LTD 1,389 NA NA (49.0) (58.6) 9.2 6.4 0.0 (107.1) (33.7) (55.1) (34.8) (43.2) RCOM IB RELIANCE COMMUNICATIONS 27 NA NA NA NA NA NA NA NA (4.1) (16.5) (18.4) (18.4) AXIATA MK AXIATA GROUP BERHAD 8,852 29.2 25.9 (13.1) 12.9 6.1 5.9 2.7 7.0 (5.6) (4.0) (19.6) (1.9) DIGI MK DIGI.COM BHD 7,510 21.8 21.4 0.9 2.2 11.3 11.1 4.6 218.4 (4.0) (12.3) (19.1) (9.0) T MK TELEKOM MALAYSIA BHD 3,288 16.0 16.3 36.3 (1.7) 4.8 4.8 3.2 10.7 (4.9) (3.2) (2.1) (3.9) GLO PM GLOBE TELECOM INC 4,726 10.2 10.9 8.8 (7.2) 4.6 4.5 5.9 27.5 (4.8) (9.1) (10.4) (10.9) TEL PM PLDT INC 4,184 8.7 8.7 30.1 (0.3) 5.0 4.8 7.1 19.8 (1.4) (7.7) (15.6) (0.6) M1 SP M1 LTD NA NA NA (16.2) (13.4) NA NA NA NA NA NA NA NA ST SP SINGAPORE 35,022 18.2 15.6 (13.5) 16.5 13.3 13.4 6.0 7.3 (9.7) (13.9) (5.1) (11.6) STH SP STARHUB LTD 1,880 16.6 17.2 (11.7) (3.3) 7.0 7.1 5.6 36.5 4.9 7.1 15.3 6.3 030200 KS KT CORP 5,163 8.7 7.6 14.5 13.7 2.4 2.3 4.8 5.1 (7.1) (12.3) (13.3) (12.8) 032640 KS LG UPLUS CORP 4,711 11.3 9.5 13.2 18.7 2.9 2.8 3.2 6.8 (3.0) (5.5) (2.7) (9.5) 017670 KS SK TELECOM 14,101 11.5 8.0 63.7 44.8 4.8 4.7 4.8 6.3 (9.4) (14.0) (13.0) (12.6) 2412 TT CHUNGHWA TELECOM CO LTD 27,839 26.7 27.5 (4.5) (2.8) 11.0 11.0 3.7 8.4 0.0 (4.4) (1.8) (1.8) 4904 TT FAR EASTONE TELECOMM CO 7,038 25.3 28.2 (4.0) (10.5) 9.0 8.9 5.1 12.0 (5.2) (11.4) (11.2) (9.8) Average (simple) 16.5 18.5 (57.8) (4.7) 6.7 6.3 3.6 15.5 Source: Company data, Bloomberg, Krungsri securities

Krungsri Securities Research 2

Company Update | TRUE March 3, 2020

Financial statement

Profit and Loss Statement FY December 31 Unit 2014 2015 2016 2017 2018 2019 2020F 2021F Total revenue (Btm) 109,216 118,781 124,719 135,490 136,972 138,074 141,429 143,207 Cost of goods sold (Btm) 76,918 86,176 95,599 101,866 101,693 (105,785) 107,447 113,566 Gross profit (Btm) 23,040 28,204 29,120 33,624 35,280 32,289 29,312 31,486 SG&A (Btm) 23,103 23,596 29,611 32,985 35,283 (27,054) 28,286 28,641 Other income (Btm) 148 142 442 533 313 320 313 313 Interest expense (Btm) 4,988 2,897 4,672 5,917 5,012 (7,491) 5,115 5,250 Pre-tax profit (Btm) (5,747) 1,853 (1,908) (8,744) (4,953) (1,936) (4,026) (2,343) Corporate tax (Btm) 0 251 490 1,316 (935) 54 0 0 Equity a/c profits (Btm) 1,000 1,414 (7) 3,154 3,790 2,880 3,943 4,022 Minority interests (Btm) 89 (11) 7 (13) (13) 14 (14) (14) Core profit (Btm) (2,706) 65 (2,138) (3,496) (4,365) (384) (83) 1,666 Extra-ordinary items (Btm) 4,000 1,722 (676) 5,819 11,401 6,020 0 0 Net Profit (Btm) 1,294 4,412 (2,814) 2,323 7,035 5,636 (83) 1,666 EBITDA (Btm) 17,219 22,110 25,071 30,807 33,589 31,447 27,114 28,932 Core EPS (Bt) (0.11) 0.00 (0.06) (0.10) (0.13) (0.01) (0.00) 0.05 Net EPS (Bt) 0.05 0.18 (0.11) 0.09 0.29 0.17 (0.00) 0.07 DPS (Bt) 0.00 0.00 0.00 0.03 0.11 0.00 0.00 0.02

Balance Sheet FY December 31 Unit 2014 2015 2016 2017 2018 2019 2020F 2021F Total current assets (Btm) 84,301 77,807 122,678 117,812 124,692 137,170 138,952 140,335 Total long-term assets (Btm) 156,340 206,654 327,184 348,152 371,470 406,050 445,165 486,977 Total assets (Btm) 240,079 283,525 448,960 465,311 495,569 543,220 584,117 627,312 Total current liabilities (Btm) 110,305 112,226 160,844 197,803 204,260 118,716 118,716 118,716 Total long-term liabilities (Btm) 33,137 55,522 156,389 56,722 68,054 129,051 138,553 138,865 Total liabilities (Btm) 168,575 208,318 317,233 330,998 361,685 106,559 109,409 112,259 Paid-up capital (Btm) 245,809 98,432 133,473 133,473 133,473 409,748 450,715 492,626 Total equity (Btm) 70,941 74,271 131,728 127,515 133,291 133,473 133,473 133,473 Minority interest (Btm) 562 936 902 653 593 132,866 132,782 134,052 BVPS (Bt) 2.89 7.55 9.87 9.55 9.99 9.95 9.95 10.04

Cash Flow Statement FY December 31 Unit 2014 2015 2016 2017 2018 2019 2020F 2021F Core Profit (Btm) (2,706) 65 (2,138) (3,496) (4,365) 306 (83) 1,666 Depreciation and amortization (Btm) 17,281 17,502 6,410 33,473 33,593 25,269 26,088 26,088 Operating cash flow (Btm) (1,184) (3,930) 8,096 4,993 14,506 18,461 29,848 25,181 Investing cash flow (Btm) (36,518) (39,901) (45,411) (42,050) (39,963) (58,101) (62,725) (65,375) Financing cash flow (Btm) 30,841 4,445 76,966 5,114 9,096 (6,835) 55,162 (5,396) Net change in cash (Btm) (6,861) (39,385) 39,651 (31,942) (16,361) (46,476) 22,286 (45,589)

Key Financial Ratios FY December 31 Unit 2014 2015 2016 2017 2018 2019 2020F 2021F Gross margin (%) 21.10 23.74 23.35 24.82 25.76 23.10 20.73 21.99 EBITDA margin (%) 15.77 18.61 20.10 22.74 24.52 19.18 19.17 20.20 EBIT margin (%) (0.06) 3.88 (0.39) (1.97) (0.00) 1.10 0.73 1.99 Net profit margin (%) (5.26) 1.35 (4.52) (7.42) (5.94) (2.55) (2.85) (1.64) ROE (%) (2.78) 0.09 (2.09) (2.71) (3.35) 0.23 (0.06) 1.25 ROA (%) (0.47) 0.02 (0.58) (0.76) (0.91) 0.06 (0.01) 0.27 Net D/E (x) 0.60 1.17 0.52 0.85 0.72 0.69 1.10 1.06 Interest coverage (x) (0.01) 1.59 (0.11) (0.45) (0.00) 0.30 0.20 0.54 Payout Ratio (%) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Main Assumptions FY December 31 Unit 2014 2015 2016 2017 2018 2019 2020F 2021F Prepaid subscribers ( '000) 21,000 22,000 23,000 24,000 25,000 25,500 26,500 27,501 Postpaid subscribers ( '000) 4,000 4,500 5,000 5,500 6,000 6,500 6,501 6,502 Total subscribers ( '000) 25,000 26,500 28,000 29,500 31,000 32,000 33,001 34,003 Net additions ( '000) 25,000 1,500 1,500 1,500 1,500 1,000 1,001 1,002 Blended ARPU (Bt/sub/month) 160 180 220 231 243 255 267 281

Krungsri Securities Research 3

CG Rating 2019 Companies with CG Rating

AAV ADVANC AIRA AKP AKR AMA AMATA AMATAV ANAN AOT AP ARROW BAFS BANPU

BAY BCP BCPG BOL BRR BTS BTW BWG CFRESH CHEWA CHO CK CKP CM CNT COL COMAN CPALL CPF CPI CPN CSS DELTA DEMCO DRT DTAC DTC EA EASTW ECF EGCO GBX GC GCAP GEL GFPT GGC GOLD GPSC GRAMMYGUNKUL HANA

HARN HMPRO ICC ICHI III ILINK INTUCH IRPC IVL JKN JSP K KBANK KCE KKP KSL KTB KTC KTIS LH LHFG LIT LPN MAKRO MALEE MBK MBKET MC

MCOT MFEC MINT MONO MTC NCH NCL NKI NSI NVD NYT OISHI OTO PAP PCSGH PDJ PG PHOL PJW PLANB PLANET PORT PPS PR9 PREB PRG PRM PSH PSL PTG PTT PTTEP PTTGC PYLON Q-CON QH QTC RATCH ROBINS RS S S & J

SABINA SAMART SAMTEL SAT SC SCB SCC SCCC SCN SDC SEAFCO SEAOIL SE-ED SELIC SENA SIS SITHAI SNC SORKONSPALI SPI SPRC SSSC STA STEC SVI SYNTEC TASCO TCAP THAI THANA THANI THCOM THIP THREL TIP TISCO TK TKT TMB TMILL TNDT

TOA TOP TRC TRU TRUE TSC TSR TSTH TTA TTCL TTW TU TVD TVO U UAC UV VGI VIH WACOALWAVE WHA WHAUP WICE WINNER

2S ABM ADB AF AGE AH AHC AIT ALLA ALT AMANAHAMARIN APCO APCS

AQUA ARIP ASAP ASIA ASIAN ASIMAR ASK ASN ASP ATP30 AUCT AYUD B BA BBL BDMS BEC BEM BFIT BGC BGRIM BIZ BJC BJCHI BLA BPP BROOK CBG CEN CENTEL CGH CHG CHOTI CHOW CI CIMBT CNS COLOR COM7 COTTO CRD CSC

CSP DCC DCON DDD DOD EASON ECL EE EPG ERW ESTAR ETE FLOYD FN FNS FORTH FPI FPT FSMART FSS FVC GENCO GJS GL GLOBAL GULF HPT HTC

HYDRO ICN IFS INET INSURE IRC IRCP IT ITD ITEL J JCK JCKH JMART

JMT JWD KBS KCAR KGI KIAT KOOL KWC KWM L&E LALIN LANNA LDC LHK LOXLEY LRH LST M MACO MAJOR MBAX MEGA METCO MFC MK MODERNMOONG MPG

MSC MTI NEP NETBAY NEX NINE NOBLE NOK NTV NWR OCC OGC ORI OSP PATO PB PDG PDI PL PLAT PM PPP PRECHA PRIN PRINC PSTC PT QLT RCL RICHY RML RWI S11 SAAM SALEE SAMCO SANKO SAPPE SAWAD SCG SCI SCP

SE SFP SIAM SINGER SIRI SKE SKR SKY SMIT SMK SMPC SMT SNP SONIC SPA SPC SPCG SPVI SR SRICHA SSC SSF SST STANLY STPI SUC SUN SUSCO SUTHA SWC SYMC SYNEX T TACC TAE TAKUNI TBSP TCC TCMC TEAM TEAMG TFG

TFMAMATHG THRE TIPCO TITLE TIW TKN TKS TM TMC TMD TMI TMT TNITY TNL TNP TNR TOG TPA TPAC TPBI TPCORP TPOLY TRITN TRT TSE TSTE TVI TVT TWP TWPC UBIS UEC UMI UOBKH UP UPF UPOIC UT UWC VNT WIIK

XO YUASA ZEN ZMICO

A ABICO ACAP AEC AEONTS AJ ALUCON AMC APURE AS ASEFA AU B52 BCH BEAUTY BGT BH BIG BLAND BM BR BROCK BSBM BSM BTNC CCET CCP CGD

CHARANCHAYO CITY CMAN CMC CMO CMR CPL CPT CSR CTW CWT D DIMET EKH EMC EPCO ESSO FE FTE GIFT GLAND GLOCONGPI GREEN GTB GYT HTECH

HUMAN IHL INGRS INOX JTS JUBILE KASET KCM KKC KWG KYE LEE LPH MATCH

MATI M-CHAI MCS MDX META MGT MJD MM MVP NC NDR NER NNCL NPK NUSA OCEAN PAF PF PICO PIMO PK PLE PMTA POST PPM PROUD PTL RCI

RJH ROJNA RPC RPH SF SGF SGP SKN SLP SMART SOLAR SPG SQ SSP STI SUPER SVOA TCCC THE THMUI TIGER TNH TOPP TPCH TPIPP TPLAS TQM TTI TYCN UTP VCOM VIBHA VPO WIN WORK WP WPH ZIGA

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 2019

Companies that have declared their intention to join CAC 2S ABICO AF AI AIRA ALT AMA AMARIN AMATA ANAN B BM BPP BUI

CHG CHO CHOTI CHOW CI CMC COL DDD DELTA EFORL EPCO ESTAR ETE FPI FTE ICHI INOX IRC ITEL JAS JSP JTS KWG LDC LIT META MFEC MPG NEP NOK NWR ORI PRM PSL ROJNA RWI SAAM SAPPE SCI SEAOIL SHANG SKR SPALI STANLY SYNEX TAE TAKUNI TMC TOPP TPP TRITN TVO UV UWC WHAUP XO YUASA ZEN

Companies certified by CAC ADVANC AIE AKP AMANAHAP APCS AQUA ARROW ASK ASP AYUD BAFS BANPU BAY BBL BCH BCP BCPG BGRIM BJCHI BKI BLA BROOK BRR BSBM BTS BWG CEN CENTEL CFRESH CGH CHEWA CIG CIMBT CM CNS COM7 CPALL CPF CPI CPN CSC DCC DEMCO DIMET DRT DTAC DTC EASTW ECL EGCO FE FNS FSS GBX GC GCAP GEL GFPT GGC GJS GOLD GPSC GSTEEL GUNKUL HANA HARN HMPRO HTC ICC IFS INET INSURE INTUCH IRPC IVL K KASET KBANK KBS KCAR KCE KGI KKP KSL KTB KTC KWC L&E LANNA LHK LPN LRH M MAKRO MALEE MBAX MBK MBKET MC MCOT MFC MINT MONO MOONG MSC MTI NBC NINE NKI NMG NNCL NSI OCC OCEAN OGC PAP PATO PB PCSGH PDG PDI PDJ PE PG PHOL PL PLANB PLANET PLAT PM PPP PPS PREB PRG PRINC PSH PSTC PT PTG PTT PTTEP PTTGC PYLON Q-CON QH QLT QTC RATCH RML ROBINS S & J SABINA SAT SC SCB SCC SCCC SCG SCN SE-ED SELIC SENA SGP SIRI SIS SITHAI SMIT SMK SMPC SNC SNP SORKONSPACK SPC SPI SPRC SRICHA SSF SSI SSSC SST STA SUSCO SVI SYNTEC TASCO TCAP TFG TFI TFMAMATHANI THCOM THIP THRE THREL TIP TIPCO TISCO TKT TMB TMD TMILL TMT TNITY TNL TNP TNR TOG TOP TPA TPCORP TRU TRUE TSC TSTH TTCL TU TVD TVI TWPC U UBIS UEC UKEM UOBKH VGI VIH VNT WACOALWHA WICE WIIK

N/A 7UP A A5 AAV ABM ACAP ACC ACE ACG ADB AEC AEONTS AFC AGE AH AHC AIT AJ AJA AKR ALL ALLA ALUCON AMATAV AMC AOT APCO APEX APP APURE AQ ARIN ARIP AS ASAP ASEFA ASIA ASIAN ASIMAR ASN ATP30 AU AUCT AWC B52 BA BAM BAT-3K BC BCT BDMS BEAUTY BEC BEM BFIT BGC BGT BH BIG BIZ BJC BKD BLAND BLISS BOL BR BROCK BSM BTNC BTW CAZ CBG CCET CCP CGD CHARANCHAYO CHUO CITY CK CKP CMAN CMO CMR CNT COLOR COMAN COTTO CPH CPL CPR CPT CPW CRANE CRD CSP CSR CSS CTW CWT D DCON DCORP DOD DOHOMEDTCI EA EASON ECF EE EIC EKH EMC EPG ERW ESSO EVER F&D FANCY FLOYD FMT FN FORTH FPT FSMART FVC GENCO GIFT GL GLAND GLOBAL GLOCONGPI GRAMMYGRAND GREEN GSC GTB GULF GYT HFT HPT HTECH HUMAN HYDRO ICN IFEC IHL III ILINK ILM INGRS INSET IP IRCP IT ITD J JCK JCKH JCT JKN JMART JMT JUBILE JUTHA JWD KAMART KC KCM KDH KIAT KKC KOOL KTECH KTIS KUMWELKUN KWM KYE LALIN LEE LH LHFG LOXLEY LPH LST MACO MAJOR MANRIN MATCH MATI MAX M-CHAI MCS MDX MEGA METCO MGT MIDA MILL MITSIB MJD MK ML MM MODERNMORE MPIC MTC MVP NC NCH NCL NDR NER NETBAY NEW NEWS NEX NFC NOBLE NPK NTV NUSA NVD NYT OHTL OISHI OSP OTO PACE PAE PAF PERM PF PICO PIMO PJW PK PLE PMTA POLAR POMPUI PORT POST PPM PPPM PR9 PRAKIT PRECHA PRIME PRIN PRO PROUD PTL RAM RBF RCI RCL RICH RICHY RJH ROCK ROH RP RPC RPH RS RSP S S11 SAFARI SALEE SAM SAMART SAMCO SAMTEL SANKO SAUCE SAWAD SAWANGSCP SDC SE SEAFCO SEG SF SFLEX SFP SGF SHR SIAM SIMAT SINGER SISB SKE SKN SKY SLP SMART SMT SOLAR SONIC SPA SPCG SPG SPORT SPVI SQ SR SSC SSP STAR STARK STC STEC STHAI STI STPI SUC SUN SUPER SUTHA SVH SVOA SWC SYMC T TACC TAPAC TBSP TC TCC TCCC TCJ TCMC TCOAT TEAM TEAMG TGPRO TH THAI THANA THE THG THL THMUI TIGER TITLE TIW TK TKN TKS TM TMI TMW TNDT TNH TNPC TOA TPAC TPBI TPCH TPIPL TPIPP TPLAS TPOLY TPS TQM TR TRC TRT TRUBB TSE TSF TSI TSR TSTE TTA TTI TTT TTW TVT TWP TWZ TYCN UAC UMI UMS UNIQ UP UPA UPF UPOIC UREKA UT UTP UVAN VARO VCOM VI VIBHA VL VNG VPO VRANDA WAVE WG WIN WINNER WORK WORLD WP WPH WR YCI 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 th e Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company . The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, Krungsri Securities Public Company Limited does not confirm, v erify, 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.

Research Group

Investment Strategy Isara Ordeedolchest Varorith Chirachon Head of Research Group, Macro-strategy Investment Strategy and Wealth Research +662 659 7000 ext. 5001 +662 659 7000 ext. 5012 [email protected] [email protected] Artit Jansawang Chaiyot Jiwagkul Retail Investment Strategy Technical Strategy +662 659 7000 ext. 5005 +662 659 7000 ext. 5006 [email protected] [email protected] Nalinee Praman Amornrat Kakanankul Assistant Strategist Assistant Analyst, Quantitative Research +662 659 7000 ext. 5011 +662 659 7000 ext. 5019 [email protected] [email protected] Fundamental Research Naphat Chantaraserekul Phatipak Navawatana Energy, Power Utilities and Petrochemical ICT, Media and Transportation (Land) +662 659 7000 ext. 5000 +662 659 7000 ext. 5003 [email protected] [email protected] Adisak Prombun Ratasak Piriyanont Agribusiness, Food and Construction Services Property, Investment Strategy and Economics +662 659 7000 ext. 5013 +662 659 7000 ext. 5016 [email protected] [email protected] Ekasit Kunadirekwong Peerawat Kupatilertpong Commerce, Tourism and Transportation (Air) Assistant analyst – Property (Property and Industrial Estates) +662 659 7000 ext. 5010 +662 659 7000 ext. 5008 [email protected] [email protected] Research Support Yuphawanee Laotrakunchai Natthakan Phosri Database Database +662 659 7000 ext. 5002 +662 659 7000 ext. 5015 [email protected] [email protected]

Krungsri Securities Public Company Limited

Krungsri Securities

01 Head Office 02 Emporium Tower 898 Ploenchit Tower, 3rd Floor, Ploenchit Road, 622 Emporium Tower, 10th Floor, Sukhumwit 24 Lumpini, Pathumwan, Bangkok 10330 Road, Klongtan, Klongtoey, Bangkok 10110 Tel. +662 659 7000 Fax. +662 658 5699 Tel. +662 695 4539-40 Fax. +662 695 4599

03 Central Bangna 04 Rama 2 589/151 Central City Tower, 27th Floor, Thepparat 111/917-919 4th Floor, Rama 2 Road, Samaedam, Road, Bangnanua, Bangna, Bangkok 10260 Bangkhunthian, Bangkok 10150 Tel. +662 763 2000 Fax. +662 399 1448 Tel. +662 013 7145 Fax. +662 895 9557

05 Suphanburi 06 Chonburi 249/171-172 Moo 5, Tha Rahat, Amphur 64/17 Sukhumwit Road, Bangplasoi, Amphur Mueang Suphanburi, Suphanburi 72000 Mueang Chonburi, Chonburi 20000 Tel. +663 596 7981 Fax. +663 552 2449 Tel. +663 312 6 580 Fax. +663 312 6588

07 Nakhonpathom 08 Nakhonratchasima 67/1 Ratchadamnern Road, Phrapathomjedee, Amphur 168 Jompol Road, Naimueang, Amphur Mueang Mueang Nakhonpathom, Nakhonpathom 73000 Nakhonratchasima, Nakhonratchasima 30000 Tel. +663 427 5500-7 Fax. +663 421 8989 Tel. +664 425 1211-4 Fax. +664 425 1215

09 Chiang Mai 10 Phitsanulok 70 Chang Phuak Road, Sri Phum, Amphur Mueang 275/1 Phichaisongkhram Road, Nai Muang, Chiang Mai, Chiang Mai 50200 Amphur Mueang Phitsanulok, Phitsanulok 65000 Tel. +665 321 9234 Fax. +665 321 9247 Tel. +665 530 3360 Fax. +665 530 2580

11 Khon Kaen 12 Hat yai 114 Sri Chan Road, Nai Muang, Amphur Mueang 90-92-94 Nipat-u-tit Nueng Road, Hat Yai, Khon Kaen, Khon Kaen 40000 Amphur Hat Yai, Songkhla 90110 Tel. +664 322 6120 Fax. +664 322 6180 Tel. +667 422 1229 Fax. +667 422 1411

Definition of Ratings BUY: Stocks with expected capital gain above 10% in the next 12 months HOLD: Stocks with expected capital gain between -10% and +10% in the next 12 months SELL: Stocks with expected capital gain below -10% in the next 12 months

Krungsri Securities Public Company Limited