May 2, 2019 OUTPERFORM (BBL TB) Share Price: Bt203.0 Target Price: Bt245.0 (+20.7%) Solid operations and asset quality

Company Update Company Loan and fee income to improve from 2Q19; mutual fund and

bancassurance fees to support non-NII growth. Asset quality

remains strong with slower NPL formation and high NPL coverage. OUTPERFORM, Bt245 TP implies 11.5x FY19F PE and 1x P/BV; rising ROE and improving NIM

Loan and fee income to pick up from 2Q19 We maintain a positive view towards BBL after the analyst briefing on Tuesday. BBL guided its loan portfolio shrank 2.6% qoq in 1Q19 due to seasonally higher repayment of corporate loans. However, they expect Jesada TECHAHUSDIN, CFA loan demand to improve and loan growth to meet full-year target of 4- 662 - 659 7000 ext 5004 6% this year. They also expect NIM to inch up yoy led by better asset [email protected] yield. 1Q19 NIM was 2.35% vs 2.33% in 2018. For fee income, BBL can Remark: KSS is a subsidiary of Plc. COMPANY RESEARCH | RESEARCH COMPANY still grow mutual fund and bancassurance fees and expect these to and is therefore unable to issue a report on Bank of support fee income growth this year. On a negative note, brokerage Ayudhya Plc. income and investment gains should drop yoy in FY19 due to weak Key Data capital market for the former and high base effect for the latter. 12-mth high/low (Bt) 218 / 184.5 Market capital (Btm/US$m) 387,495 / 12,137 Asset quality remains healthy with large LLR buffer 3m avg. turnover (Btm/US$m) 644.9 / 20.2 BBL’s asset quality remains superior to peers’. NPL coverage remain Free float (%) 60.3 high at 189% while NPL formation is under control. The bank is keeping Issued shares (m shares) 1,909 Major shareholders: provision target at Bt20bn this year (Bt5.1bn in 1Q19) and is comfortable -Thai NVDR 33.8 with its current loan loss reserve (LLR) which is more than sufficient to -STATE STRE ET CORP 4.4 comply with IFRS9. They are also keeping NPL ratio target at 3.85% this -SOCIAL SECURITY OFFI 3.0

year vs 4.12% in 1Q19. On the AIA partnership, BBL is offering whole Share Price Performance life and health insurance products from AIA at all branches now. They guided fee income from BLA (OUTPERFORM, TP Bt39) would grow yoy driven by new products.

Top pick in banking sector; ROE should continue to improve BBL remains our top pick for offering rising earnings and ROE. The bank should be a prime beneficiary of improving demand for corporate loans. Current valuation is undemanding at 0.9x FY19F P/BV and 9.6x PE, while ROE should improve to 9.7% in 2020F from 8.7% in 2018.

Financial Summary (Btm) YTD 1Mth 3Mth 12Mth

Absolute (%) 0.0 (1.9) (5.6) 5.2 Year to Dec 2017 2018 2019F 2020F 2021F Relative to index (%) Operating Income 112,468 121,400 126,356 134,494 142,946 (7.0) (4.1) (7.5) 11.2

Pre-provisioning Profit 63,520 66,236 71,191 75,468 79,788 Krungsri Securities vs Market Net Profit 33,009 35,330 40,202 44,418 48,826 Positive Neutral Negative Basic EPS (Bt) 17.29 18.51 21.06 23.27 25.58 Market EPS growth (%) 3.75 7.03 13.79 10.49 9.92 Recommend 28 1 1 DPS (Bt) 6.50 6.50 7.50 7.50 7.50 Krungsri Market % +/ - PER (x) 11.7 11.0 9.6 8.7 7.9 Target Price (Bt) 245.0 237.6 3.1 ’1 9 Net Profit (Btm) 40,202 39,059 2.9 Div Yield (%) 3.2 3.2 3.7 3.7 3.7 ’20 Net Profit (Btm) 44,418 42,745 3.9 P/BV (x) 0.96 0.94 0.88 0.82 0.77

Book Value (Bt) 210.5 216.3 230.8 246.6 264.7 Krungsri's earnings revision ROAE (%) 8.5 8.7 9.4 9.7 10.0 2019 F 2020 F ROAA (%) 1.11 1.15 1.27 1.33 1.38 Earnings revision (%) - - Source: Bloomberg, Krungsri Securities

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 | BBL May 2, 2019

BBL: 1Q19 results review Financial statement (Btm) 1Q18 4Q18 1Q19 Chg YoY Chg QoQ 1Q19F Diff Balance sheet Loans 1,978,512 2,083,160 2,029,810 2.6% -2.6% 2,062,328 -2% Deposits 2,334,078 2,326,470 2,340,979 0.3% 0.6% 2,338,102 0% Income statement Interest income 26,583 28,50 9 28,365 7% -1% 28,889 -2% Interest expenses (9,460) (10,086) (10,066) 6% 0% (10,227) -2% Net interest income 17,123 18,423 18,299 7% -1% 18,663 -2% Net fee income 7,602 7,070 6,840 -10% -3% 6,842 0% Non -interest income 14,414 10,623 10,328 -28% -3% 11,270 -8% Total operating income 31,537 29,046 28,627 -9% -1% 29,933 -4% Operating expenses (12,594) (16,317) (12,202) -3% -25% (13,602) -10% Operating profit 18,943 12,729 16,426 -13% 29% 16,331 1% Loan loss provisions (7,32 2) (2,765) (5,078) -31% 84% (4,874) 4% Pre -tax profit 11,622 9,965 11,348 -2% 14% 11,457 -1% Tax (2,522) (1,767) (2,224) -12% 26% (2,234) 0% Minority interest (95) (96) (95) 0% -2% (99) -5% Net profit 9,005 8,101 9,028 0% 11% 9,123 -1% EPS 4.72 4.24 4.73 0% 11% 4.78 -1% Key ratios Loans to deposits 84.8% 89.5% 86.7% 88.2% LDR & borrowings 81.6% 85.3% 82.7% 84.1% Net interest margin 2.22% 2.39% 2.35% 2. 41% Cost to income 39.9% 56.2% 42.6% 45.4% NPL - gross (Btm) 92,165 80,137 83,668 82,137 NPL/ Gross loans 4.66% 3.85% 4.12% 3.98% LLR/ Gross loans 7.42% 7.34% 7.79% 7.52% LLR/NPL 159.3% 190.9% 189.0% 188.7% Credit cos t 1.47% 0.54% 0.99% 0.95% ROA 1.16% 1.06% 1.16% 1.15% ROE 8.92% 7.93% 8.62% 8.84% Source: Company data, Krungsri Securities

Krungsri Securities Research 2

Company Update | BBL May 2, 2019

P/E Band P/BV Band

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

Peer comparison Market PE P/BV Div Yld ROE Share Price Cap (x) (x) (%) (%) Performance BB Ticker Name US$ 19F 20F 19F 20F 19F 19F 1M 3M 6M YTD BAY TB BANK OF AYUDHYA PCL 8,870 9.4 8.7 1.1 1.0 3.0 11.6 4. 1 1.3 (4.3) 0.7 BBL TB BANGKOK BANK PUBLIC CO LTD 12,137 9.6 8.7 0.9 0.9 3.7 9.7 (1.9) (5.6) (1.9) 0.0 KBANK TB PCL 14,317 11.1 10.1 1.1 1.0 2.6 10.5 1.9 (4.5) (4.3) 3.2 KTB TB KRUNG THAI BANK PUB CO LTD 8,273 9.4 8.4 0.8 0.8 4.1 9.4 (1.6) (4.5) (6.0) (1.6) KKP TB PCL 1,750 9.6 8.6 1.3 1.2 6.8 15.1 (5.0) (3.6) (7.4) (0.4) SCB TB PUB CO 13,932 10.4 9.7 1.1 1.0 4.2 11.0 (0.8) (1.5) (4.7) (1.9) TCAP TB THANACHART CAPITAL PCL 1,902 8.2 7.6 0.9 0.8 4.9 11.1 (2.8) (1.4) 0.5 6.5 TISCO TB TISCO FINANCIAL GROUP PCL 2,100 9.0 8.4 1.7 1.6 7.1 19.3 (5.1) 1.2 6.3 7.0 TMB TB TMB BANK PCL 2,774 11.4 10.2 0.9 0.8 2.7 8.3 (1.0) (8.2) (11.4) (8.2) Average 9.8 8.9 1.1 1.0 4.3 11.8 Malaysia MAY MK MALAYAN BANKING BHD 24,720 12.3 11.8 1.3 1.3 6.35 10.7 (0.2) (3.0) (2.5) (2.6) CIMB MK CIMB GROUP HOLDINGS BHD 12,398 10.1 9.5 0.9 0.9 5.05 9.3 2.3 (6.2) (7.9) (7.7) PBK MK PUBLIC BANK BERHAD 21,126 15.3 14.6 2.0 1.9 3.16 13.5 (2.8) (9.2) (8.5) (9.1) Av erage 12.5 12.0 1.4 1.3 4.8 11.2 Indonesia BBCA IJ TBK PT 49,718 24.3 21.4 4.1 3.6 1.14 18.1 3.6 2.0 21.6 10.6 BBRI IJ PERSER 37,807 14.5 12.6 2.6 2.3 2.74 18.9 6.1 13.5 38.7 19.4 BMRI IJ BANK MAN DIRI PERSERO TBK PT 25,286 12.8 11.3 1.8 1.7 3.19 14.9 3.7 3.7 12.8 4.7 Average 17.2 15.1 2.8 2.5 2.4 17.3 Singapore DBS SP DBS GROUP HOLDINGS LTD 53,117 11.6 11.0 1.4 1.3 4.41 12.5 12.0 18.1 20.4 19.2 UOB SP LTD 34,071 11.1 10.5 1.2 1.1 4.52 11.2 10.5 10.5 14.2 13.3 OCBC SP OVERSEA -CHINESE BANKING CORP 37,753 10.8 10.2 1.2 1.1 3.93 11.3 9.5 5.1 12.7 7.5 Average 11.2 10.5 1.3 1.2 4.3 11.7 Philippines BPI PM BANK OF THE PHILIPPINE ISLAN 7,370 13. 9 12.0 1.4 1.3 2.20 10.5 0.8 (6.8) 3.3 (9.7) MBT PM METROPOLITAN BANK & TRUST 5,696 11.1 9.6 1.0 0.9 1.38 9.1 (7.1) (11.6) 13.3 (8.3) BDO PM BDO UNIBANK INC 11,300 15.6 13.9 1.7 1.5 1.07 11.1 0.1 (0.7) 9.5 2.4 PNB PM PHILIPPINE NATIONAL BANK 1,264 7.3 6.0 0.5 0.5 0.00 6.9 (7.9) 16.7 32.6 22.8 SECB PM SECURITY BANK CORP 2,614 13.5 11.7 1.1 1.1 1.57 8.9 4.3 0.8 25.5 16.5 UBP PM UNION BANK OF PHILIPPINES 1,430 9.2 8.2 0.8 0.7 3.04 8.8 0.2 (5.6) (8.8) (4.7) RCB PM RIZAL COMMERCIAL BANKING 970 12.7 10.7 0. 6 0.6 3.85 4.6 (2.6) 0.0 (10.3) (8.8) Average 11.9 10.3 1.0 0.9 1.9 8.6 Average (Simple) 11.8 10.6 1.3 1.2 3.5 11.5 Source: Company data, Bloomberg, Krungsri Securities

Krungsri Securities Research 3

Company Update | BBL May 2, 2019

Financial statement - Quarter (Btm) 1Q18 2Q18 3Q18 4Q18 1Q19 Balance sheet Loans 1,978,512 2,065,487 2,021,246 2,083,160 2,029,810 Deposits 2,334,078 2,349,857 2,297,627 2,326,470 2,340,979 Income statement Interest income 26,583 27,468 28,221 28,509 28,365 Interest expense (9,460) (9,895) (9,964) (10,086) (10,066) Net interest income 17,123 17,573 18,256 18,423 18,299 Net fee and service income 7,602 6,655 6,263 7,070 6,840 Non-interest income 14,414 13,667 11,321 10,623 10,328 Total operating income 31,537 31,240 29,577 29,04 6 28,627 Operating expense (12,594) (13,376) (12,878) (16,317) (12,202) Operating profit 18,943 17,864 16,699 12,729 16,426 Loan loss provisions (7,322) (6,533) (5,346) (2,765) (5,078) Pre -tax profit 11 ,622 11,331 11,353 9,965 11,348 Tax (2,522) (2,041) (2,224) (1,767) (2,224) Minority interest (95) (96) (99) (96) (95) Net profit 9,005 9,194 9,030 8,101 9,028 EP S 4.72 4.82 4.73 4.24 4.73

Key ratios Loans to deposits 84.8% 87.9% 88.0% 89.5% 86.7% Net interest margin 81.6% 84.5% 83.2% 85.3% 82.7% Cost to income 39.9% 42.8% 43.5% 56.2% 42.6%

Gross NPL (Btm) 92,165 83,478 84,137 80,137 83,668 NPL/ Gross loans 4.66% 4.04% 4.16% 3.85% 4.12% Credit cost 1.47% 1.29% 1.05% 0.54% 0.99%

Krungsri Securities Research 4

Company Update | BBL May 2, 2019

INCOME STATEMENT (Btm) 2017 2018 2019F 2020F 2021F

Interest income 105,476 110,781 115,816 123,442 131,565 Interest expenses (38,851) (39,405) (41,141) (44,245) (47,787) Net interest income 66,625 71,376 74,676 79,196 83,777

Net fee income 27,526 27,590 29,245 31,292 33,483 Non-interest income 45,843 50,025 51,680 55,298 59,168

Total operating income 112,468 119,922 126,304 134,434 142,946 Operating expense (48,948) (51,395) (54,479) (58,293) (63,158)

Operating profit 63,520 68,527 71,825 76,141 79,788 Loan loss provisions (22,370) (22,705) (20,786) (19,713) (18,081)

Pretax profit 41,150 45,822 51,040 56,428 61,706 Taxation (7,832) (9,164) (10,208) (11,286) (12,341) Minority interest (309) (344) (383) (423) (539)

Net profit 33,009 36,314 40,449 44,719 48,826 Recurring net profit 33,009 36,314 40,449 44,719 48,826

Basic EPS (Bt) 17.3 19.0 21.2 23.4 25.6 DPS (Bt) 6.5 7.0 7.5 7.5 7.5 BVPS (Bt) 210.5 223.0 237.2 253.1 264.7

BALANCE SHEET (Btm) 2017 2018 2019F 2020F 2021F

Cash 65,473 62,394 49,869 62,913 77,905 Interbank & Money market 437,738 450,700 477,742 506,407 536,791 Investment securities 591,720 556,788 590,195 625,606 663,143 Investment in associates 1,460 1,608 1,624 1,640 1,657 Net loans 1,869,029 1,935,781 2,048,878 2,170,125 2,300,093 Customer liabilities under acceptances 1,433 1,578 1,672 1,773 1,879 Properties foreclosed - net 11,415 10,604 10,710 10,817 10,925 Premises and equipment - net 43,834 42,567 42,993 43,423 43,857 Intangible asset 1,032 1,080 1,091 1,102 1,113 Other assets 53,176 53,651 54,188 54,729 55,277 Total assets 3,076,310 3,116,750 3,278,961 3,478,534 3,692,640

Deposits 2,310,743 2,326,470 2,442,793 2,589,361 2,744,722 Interbank & Money market 133,584 136,862 143,705 152,328 161,467 Liabilities payable on demand 13,643 7,223 7,512 7,888 8,282 Borrowings 107,190 116,348 122,166 129,496 137,265 Bank liabilities under acceptances 1,433 1,578 1,672 1,773 1,879 Other liabilities 107,710 115,111 119,715 125,701 131,986 Total liabilities 2,674,303 2,703,592 2,837,564 3,006,545 3,185,602

Share capital 19,088 19,088 19,088 19,088 19,088 Share premium 56,346 56,346 56,346 56,346 56,346 Other reserves 56,283 42,843 42,843 42,843 42,843 Retained earnings 270,006 294,537 322,331 352,433 386,943 Total equity 401,723 412,814 440,609 470,710 505,220 Minority interests 283 345 788 1,279 1,818 Total equity & liabilities 3,076,310 3,116,751 3,278,961 3,478,534 3,692,640

Krungsri Securities Research 5

Company Update | BBL May 2, 2019

FINANCIAL RATIOS 2017 2018 2019F 2020F 2021F

Profitability ratios Net Int. Income/ Total Op. Income 59.2% 58.8% 59.1% 58.9% 58.6% Net Fee Income/ Total Op. Income 24.5% 22.7% 23.1% 23.3% 23.4% Non-Interest Income/ Total Op. Income 40.8% 41.2% 40.9% 41.1% 41.4%

Net interest margin 2.25% 2.33% 2.34% 2.34% 2.34% Cost-to-income 43.5% 45.4% 43.7% 43.9% 44.2%

Liqui dity ratios Net L/D ratio 86.7% 89.5% 90.4% 90.4% 90.4% Net L/D ratio (incl. B/E) 82.9% 85.3% 86.1% 86.1% 86.1%

Capital adequacy ratios Tier 1 Ratio 17.1% 17.6% 17.9% 18.1% 18.5% CAR 18.6% 19.2% 19.4% 19.7% 20.0%

Asset quality ratios NPL ratio 4.4% 4.1% 4.1% 4.0% 4.0% Loan loss coverage ratio 160.2% 190.9% 184.2% 188.3% 190.9%

Returns ratios ROAE 8.5% 8.7% 9.4% 9.7% 10.0% ROAA 1.1% 1.2% 1.3% 1.3% 1.4%

GROWTH RATES 2017 2018 2019F 2020F 2021 F

Total assets 4.5% 1.3% 5.2% 6.1% 6.2% Shareholders' equity 6.0% 2.8% 6.7% 6.8% 7.3% Net loans 3.2% 4.0% 6.0% 6.0% 6.0% Deposits 6.1% 0.7% 5.0% 6.0% 6.0%

Interest income 3.0% 5.0% 4.5% 6.6% 6.6% Interest expense 1.1% 1.4% 4.4% 7.5% 8.0% Net interest income 4.1% 7.1% 4.6% 6.1% 5.8% Net fee income 12.4% 0.2% 6.0% 7.0% 7.0% Non-interest income 9.5% 9.1% 3.3% 7.0% 7.0% Operating income 6.2% 7.9% 4.1% 6.4% 6.3% Operating expense (3.1%) 12.7% 0.0% 7.0% 7.0% Operating profit 14.8% 4.3% 7.5% 6.0% 5.7% Pre-tax profit 3.8% 7.6% 14.8% 10.5% 9.9% Net profit 3.8% 7.0% 13.8% 10.5% 9.9% Recurring net profit 3.8% 7.0% 13.8% 10.5% 9.9%

Krungsri Securities Research 6

CG Rating 2018 Companies with CG Rating

ADVANC AKP AMATA AMATAV ANAN AOT AP BAFS BANPU BAY BCP BCPG BRR BTS BWG CFRESH CHO CK CKP CM CNT COL CPF CPI CPN CSS DELTA DEMCO DRT DTAC DTC EA EASTW EGCO GC GEL GFPT GGC GOLD GPSC GRAMMY GUNKUL

HANA HMPRO ICC ICHI INTUCH IRPC IVL JSP KBANK KCE KKP KSL KTB KTC LHFG LIT LPN MAKRO MBK MCOT MINT MONO MTC NCL NKI NVD NYT OISHI OTO PCSGH PDJ PG PHOL PLANB PLANET PPS PRG PSH PSL PTG PTT PTTEP PTTGC PYLON Q-CON QH QTC RATCH ROBINS S & J SABINA SAMART SAMTEL SAT SC SCB SCC SCCC SDC SE-ED SIS SITHAI SNC SPALI SPRC SSSC STEC SVI SYNTEC TASCO TCAP THAI THANA THANI THCOM THIP THREL TIP TISCO TKT TMB TNDT TOP TRC TRU TRUE TSC TSTH TTCL TU TVD UAC UV VGI VIH WACOAL WAVE WHA WINNER

2S AAV ACAP AGE AH AHC AIRA AIT AKR ALLA ALT AMA AMANAH APCO AQUA ARIP ARROW ASIA ASIMAR ASK ASN ASP ATP30 AU AUCT AYUD BA BBL BDMS BEC BEM BFIT BGRIM BIZ BJC BJCHI BLA BOL BPP BROOK BTW CBG

CEN CENTEL CGH CHEWA CHG CHOW CI CIMBT CNS COM7 COMAN CPALL CSC CSP DCC DCORP DDD EASON ECF ECL EE EPG ERW ETE FN FNS FORTH FPI FSMART FVC GBX GCAP GLOBAL GLOW GULF HARN HPT HTC HYDRO ICN ILINK INET IRC ITD JAS JCKH JKN JWD K KBS KCAR KGI KKC KOOL KTIS L&E LANNA LDC LH LHK LOXLEY LRH LST M MACO MAJOR MALEE MBKET MC MEGA

METCO MFC MFEC MK MOONG MSC MTI NCH NEP NINE NOBLE NOK NSI NTV NWR OCC OGC ORI PAP PATO PB PDI PJW PLAT PM PORT PPP PREB PRECHA PRINC PRM PT QLT RICHY RML RS RWI S S11 SALEE SANKO SAWAD SCG SCI SCN SE SEAFCO SEAOIL SELIC SENA SFP SIAM SINGER SIRI SKE SMK SMPC SMT SNP SORKON SPC SPI SPPT SPVI SR SSF SST STA SUC SUSCO

SUTHA SWC SYMC SYNEX TACC TAE TAKUNI TBSP TCC TEAM TFG TFMAMA THRE TICON TIPCO TK TKN TKS TM TMC TMI TMILL TMT TNITY TNL TNP TNR TOA TOG TPA TPAC TPBI TPCORP TRITN TRT TSE TSR TSTE TTA TTW TVI TVO TWP TWPC U UMI UOBKH UP UPF UPOIC UT UWC VNT WHAUP WICE WIIK XO YUASA ZMICO

7UP ABICO ABM AEC AEONTS AF AJ ALUCON AMARIN AMC AS ASAP ASEFA ASIAN BCH BEAUTY BGT BH BIG BLAND BM BR BROCK BSBM BTNC CCET CCP CGD CHARAN CHAYO CITY CMO CMR COLOR CPL CPT CRD CSR CTW CWT D DCON DIGI DIMET EKH EMC EPCO ESSO ESTAR FE FLOYD FOCUS FSS FTE GENCO GIFT

GJS GLAND GPI GREEN GTB GYT HTECH IFS IHL III INOX INSURE IRCP IT

ITEL J JCK JMART JMT JTS JUBILE KASET KCM KIAT KWC KWG KYE LALIN LEE LPH MATCH MATI MBAX M-CHAI MDX META MILL MJD MM MODERN MPG NC NDR NETBAY NNCL NPK OCEAN PAF PDG PF PICO PIMO PK PL PLE PMTA PPPM PRIN PSTC PTL RCI RCL RJH ROJNA RPC RPH SAMCO SAPPE SCP SF SGF SGP SKN SKR SKY SLP SMIT SOLAR SPA SPCG SPG SQ SRICHA SSC

SSP STANLY STPI SUN SUPER SVOA T TCCC TCMC THE THG THMUI TIC TITLE

TIW TMD TOPP TPCH TPIPP TPOLY TTI TVT TYCN UEC UMS UNIQ 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 2018

Companies that have declared their intention to join CAC

A ABICO AIE AJ AMATA AMATAV ANAN AOT APCO ARROW ASIAN B BJC BLAND BLISS BM BPP BR BUI CEN CGH CHG CHO CHOTI CI CIMBT CITY COL CPR DDD EFORL EKH ESTAR ETE FLOYD FN FPI FTE GPI GYT ICHI ILINK INSURE IRC ITEL JAS JTS KWG LDC LEE LIT LRH MATCH MATI META MFEC MILL MTC NCL NEP NWR ORI PAP PK PLANB POST PRM PRO PSL PYLON QTC ROJNA RWI SAPPE SCI SHANG SPALI SST STANLY SUPER SWC SYMC SYNEX TAKUNI THE THIP TKN TMC TNR TOPP TPP TRITN TTI TVO UEC UKEM UPA UREKA UV UWC VIH XO YUASA

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

TTCL TU TVD TVI TWPC U UBIS UOBKH VGI VNT WACOAL WHA WICE WIIK

N/A 2S 7UP AAV ABM ACAP ACC ADAM ADB AEC AEONTS AF AFC AGE AH AHC AI AIRA AIT AJA AKR ALLA ALT ALUCON AMA AMARIN AMC APEX APURE AQ AQUA ARIP AS ASAP ASEFA ASIA ASIMAR ASN ATP30 AU AUCT BA BAT-3K BCT BDMS BEAUTY BEC BEM BFIT BGC BGT BH BIG BIZ BKD BOL BROCK BSM BTNC BTW CBG CCET CCP CGD CHARAN CHAYO CHOW CHUO CK CKP CMAN CMC CMO CMR CNT COLOR COMAN COTTO CPH CPL CPT CRANE CRD CSP CSR CSS CTW CWT D DCON DCORP DELTA DIGI DNA DOD DTCI EA EARTH EASON ECF EE EIC EMC EPG ERW ESSO EVER F&D FANCY FC FMT FOCUS FORTH FSMART FVC GENCO GIFT GL GLAND GLOBAL GRAMMY GRAND GREEN GTB GULF HFT HPT HTECH HUMAN HYDRO ICN IEC IHL III INGRS INOX IRCP IT ITD J JCK JCKH JCT JKN JMART JMT JSP JUBILE JUTHA JWD KAMART KC KCM KDH KIAT

KKC KOOL KTECH KTIS KWM KYE LALIN LH LOXLEY LPH LST LTX LVT MACO

MAJOR MANRIN MAX M-CHAI MCS MDX MEGA METCO MGT MIDA MJD MK ML MM

MODERN MPG MPIC MVP NC NCH NDR NER NETBAY NEW NEWS NFC NOBLE NOK

NPK NPPG NTV NUSA NVD NYT OHTL OISHI OSP OTO PACE PAE PAF PERM

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Krungsri Securities

Headquarters 898 Ploenchit Tower, 3rd Floor, Ploenchit Road, Lumpini Pathumwan, Bangkok 10330 Tel: 0-2659-7000 Fax: 0-2658-5699

Branches Emporium 662 Emporium Tower, Fl. 10, Sukhumvit 24 Road 01 Klongton, Klongtoey, Bangkok 10110 Tel: 0-2695-4500 Fax: 0-2695-4599

Central Bangna 589/151 Central City Tower, Fl. 27 02 Debaratana Road, Bangna Nua,Bangna, Bangkok 10260 Tel: 0-2763-2000 Fax: 0-2399-1448

Rama II 111/917-919 Fl. 4 Rama II Road, Smaedum, 03 Bangkhuntien, Bangkok 10150 Tel: 0-2013-7145 Fax: 0-2895-9557

Vibhavadi-rangsit Bank of Ayudhya Public Company Limited 123 Suntowers (B) Building, Vibhavadirangsit Road, 04 Jompol, Jatujak, Bangkok 10900 Tel: 0-2273-8388 Fax: 0-2273-8399

Chonburi 64/17 Sukhumvit Road, Tambol Bang Plasoi, 05 Amphur Muang, Chonburi 20000 Tel: 0-3312-6580 Fax: 0-3312-6588

Hat Yai Branch 90-92-94 Nipat U Tit Nueng Road,Tambol Hat Yai, 06 Amphur Hat Yai, Songkhla 90110 Tel: 0-7422-1229 Fax: 0-7422-1411

Nakhon Pathom 67/1 Ratchadamnoen Road, Tambol Phra Pathom Jaedee, Amphur Muang Nakhon Pathom, Nakhon 07 Pathom 73000 Tel: 0-3427-5500-7 Fax: 0-3421-8989

Suphanburi 249/171-172 Moo 5 Tambol Ta Rahad, 08 Amphur Muang, Suphanburi, 72000 Tel: 0-3596-7981 Fax: 0-3552-2449

Nakhon Ratchasima 168 Chomphon Road, Tambol Nai Muang, Amphur Muang Nakhon Ratchasima, 09 Nakhon Ratchasima 30000 Tel: 0-4425-1211-4 Fax: 0-4425-1215

Khon Kaen 114 Sri Chan Road, Tambol Nai Muang, 10 Amphur Muang Khon Kaen, Khon Kaen 40000 Tel: 0-4322-6120 Fax: 0-4322-6180

Chiang Mai 70 Chang Phuak Road, Tambol Sri Phum 11 Amphur Muang Chiang Mai, Chiang Mai 50200 Tel: 0-5321-9234-6 Fax: 0-5321-9247

Chiang Rai 231-232 Thamalai Road, Tambol Wiang, 12 Amphur Muang Chiang Rai, Chiang Rai 57000 Tel: 0-5371-6489 Fax: 0-5371-6490

Phitsanulok 275/1 Phichaisongkram Road, Tambol Nai Muang, 13 Amphur Muang Phisanolok, Phitsanulok 65000 Tel: 0-5530-3360 Fax: 0-5530-2580

Definition of Ratings 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

Krungsri Securities Public Company Limited