Company update Wed, Aug 18, 2021

True Corporation TRUE

True Corporation Bloomberg TRUE TB Public Company Limited Reuters TRUE.BK

Tactical: NEUTRAL Core loss remains the key drag (3-month)

TRUE hosted an analyst meeting yesterday post 2Q21 results. Stock data

Management toned down the group service revenue growth target in Last close (Aug 17) (Bt) 3.08 2021 to low single-digit growth (from mid single-digit). This is within our Target price (Bt) 3.30 Mkt cap (Btbn) 102.77 expectations as we assumed 3% growth. Hence, we keep our 2021F core Mkt cap (US$mn) 3,093 loss at Bt2.2bn, flat YoY. We will keep our tactical recommendation NEUTRAL with a DCF-based TP of Bt3.3 as long as the company reports a Beta L core loss and there is no sign of sustainable core profit turnaround. Upside Mkt cap (%) SET 0.58 Sector % SET 7.93 to share price is capped. Shares issued (mn) 33,368 Recap of 2Q21 results. TRUE reported a Bt299mn loss, improving from a Par value (Bt) 4.00 12-m high / low (Bt) 3.8 / 2.7 Bt581mn loss in 1Q21, but plunging from the Bt1.3bn profit in 2Q20. Removing FX Avg. daily 6m (US$mn) 7.53 loss shows a core loss of Bt135mn better than the Bt472mn loss in 1Q21 and Foreign limit / actual (%) 49 / 46 Bt467mn loss in 2Q20 and beating consensus forecast of a Bt668mn loss. Free float (%) 31.8 Dividend policy (%) 40 Operationally, TrueMove H reported service revenue of Bt20.2bn, up 1.2% QoQ, but flat YoY. This is better than peers, who saw flat to a slight decline in growth QoQ Price performance and YoY. Net adds were strong at 489k, broken down into 352k postpaid and 136k 7 (Bt) prepaid, bringing total subscribers to 31.7mn. 1H21 core loss accounted for 27% of 6 our full-year forecast. 5 Expect 3Q21F core profit to drop QoQ. We believe the lockdown will hurt 4 3 subscriber acquisition, which will hurt prepaid revenue and prepaid net adds. 2 TRUE — Stock Price Weak spending power will also cut overall mobile revenue, though lower 1 TRUE — Rel. to SET (rebased) marketing spending and ongoing strong demand for fixed broadband will help 0 mitigate the impact. On a YoY basis, we expect to see losses narrow from last Feb-20 Feb-21 Aug-19 Nov-19 Aug-20 Nov-20 Aug-21 year’s huge loss. We stand by our 2021F core loss of Bt2.2bn. May-20 May-21 Source: SET, SCBS Investment Research Neutral tone at analyst meeting. Management admits that the targeted mid single-digit core service growth in 2021F will be challenging in the current Share performance environment and it is now expecting to see low single-digit growth. 5G subs is (%) 1M 3M 12M Absolute 0.0 1.3 (12.0) now at 1mn and ARPU uplift is 15%. The company expects to see acceleration in Relative to SET 2.0 2.8 (24.2)

5G adoption in 2H21 upon the introduction of affordable 5G handsets (~Bt5,000 Source: SET, SCBS Investment Research per handset). Despite the losses in 1H21, management will try to push 2H21 into profit by optimizing its cost structure and growing revenue. However, we see this as quite challenging as we expect weaker earnings in 3Q21. Asset divestment. TRUE has no plan to divest more assets to DIF because management anticipates a good stream of cash flow. Management also said that it has no plan to divest DIF shares at this time, but, again, did not say that the current level of holding is the minimum. Hence, we continue to believe that further divestment of DIF shares is possible, but that the timeline is unclear.

Forecasts and valuation Analyst Year to 31 Dec Unit 2019 2020 2021F 2022F 2023F Kittisorn Pruitipat, CFA, FRM Revenue (Btmn) 140,943 138,212 149,160 155,328 161,810 Fundamental Investment EBITDA (Btmn) 39,741 61,021 66,260 67,000 69,109 Analyst on Securities Core profit (Btmn) 5,637 (2,209) (2,222) (2,043) 757 Reported profit (Btmn) 5,637 1,048 (2,222) (2,043) 757 (662) 949 1007 Core EPS (Bt) 0.17 (0.07) (0.07) (0.06) 0.02 [email protected] DPS (Bt) 0.09 0.07 0.00 0.00 0.01 P/E, core (x) 18.2 na. na. na. 135.8 EPS growth, core (%) (19.9) na. na. na. na. P/BV, core (x) 0.8 1.2 1.3 1.3 1.3 ROE (%) 4.3 na. na. na. 1.0 Dividend yield (%) 2.9 2.3 0.0 0.0 0.3 FCF yield (%) (24.9) (31.3) (1.5) 15.7 22.3 EV/EBIT (x) 9.5 7.1 6.2 5.6 4.8 EBIT growth, core (%) (29.6) 51.7 15.7 4.5 7.2 EV/CE (x) 0.8 0.6 0.6 0.6 0.6 ROCE (%) (2.4) 2.2 1.1 0.9 1.2 EV/EBITDA (x) 6.7 4.9 4.6 4.3 3.9 EBITDA growth (%) (25.5) 53.5 8.6 1.1 3.1

Source: SCBS Investment Research

See the end of this report for disclaimer 1

True Corporation PLC

Value proposition TRUE is the second largest mobile operator in Thailand. TRUE is Thailand’s most fully- integrated telecommunications provider, offering mobile, broadband internet, television and content as well as digital and other telecommunication services. Business outlook Business outlook in the mobile segment for the mid- to long-term is challenging for its 5G business as we believe the key growth driver is industrial users where the potential business case is now limited. Another challenge for the company is that its free cash flow is still negative, forcing it to increase its debt every year to fill the gap.

Bullish views Bearish views 1. Rising subscriber and revenue market share momentum 1. Core profit is still in the red, free cash flow is negative and there is no sign of turnaround 2. Commercial use case for 5G enterprise is limited

Key catalysts Factor Event Impact Comment Latest development Government imposes lockdown Negative This limits marketing activities, hurting the prepaid segment and also spending power, which in turn will affect overall mobile revenue.

Near-term earnings 3Q21F earnings momentum Weaker QoQ, but better QoQ drop due to the impact of the outlook YoY lockdown while YoY growth will be off last year’s high loss.

Factors to be aware Postpaid competition Negative Since the competition for 5G consumer in 2021 segment is unequal, we believe one operator will have to use pricing strategy to retain its postpaid subscribers

Sensitivity analysis Factor Earnings impact TP impact 1ppt change in TrueMove H revenue 30% Bt0.1/sh.

Wed, Aug 18, 2021 2

True Corporation PLC

Financial statement Profit and Loss Statement FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Total revenue (Btmn) 124,719 139,519 161,820 140,943 138,212 149,160 155,328 161,810 Cost of goods sold (Btmn) (95,600) (102,096) (105,780) (107,411) (100,638) (114,326) (120,502) (124,596) Gross profit (Btmn) 29,120 37,423 56,041 33,533 37,574 34,834 34,826 37,214 SG&A (Btmn) (29,611) (33,306) (35,635) (28,232) (26,928) (28,191) (29,512) (30,744) Other income (Btmn) (268) 2,883 (3,751) 5,096 4,621 4,621 4,622 4,622 Interest expense (Btmn) (6,166) (8,294) (7,477) (9,539) (18,476) (18,490) (16,970) (14,660) Pre-tax profit (Btmn) (6,926) (1,293) 9,178 858 (3,208) (7,226) (7,035) (3,568) Corporate tax (Btmn) (490) (1,316) (6,010) (2,172) (19) 1,445 1,407 714 Equity a/c profits (Btmn) 4,609 3,154 3,789 6,887 4,153 3,436 3,462 3,488 Minority interests (Btmn) (7) 6 77 64 123 123 123 123 Core profit (Btmn) (2,814) 551 7,035 5,637 (2,209) (2,222) (2,043) 757 Extra-ordinary items (Btmn) 0 0 0 0 3,257 0 0 0 Net Profit (Btmn) (2,814) 551 7,035 5,637 1,048 (2,222) (2,043) 757 EBITDA (Btmn) 27,320 43,267 53,328 39,741 61,021 66,260 67,000 69,109 Core EPS (Bt) (0.08) 0.02 0.21 0.17 (0.07) (0.07) (0.06) 0.02 Net EPS (Bt) (0.08) 0.02 0.21 0.17 0.03 (0.07) (0.06) 0.02 DPS (Bt) 0.00 0.03 0.09 0.09 0.07 0.00 0.00 0.01

Balance Sheet FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Total current assets (Btmn) 122,678 111,683 124,692 134,449 104,406 110,921 110,717 106,975 Total fixed assets (Btmn) 144,449 176,196 205,915 230,282 336,495 334,890 317,870 299,898 Total assets (Btmn) 448,960 459,182 495,569 523,993 617,548 625,428 611,230 592,603 Total loans (Btmn) 118,716 127,454 155,324 212,729 222,999 230,000 210,000 180,000 Total current liabilities (Btmn) 160,844 197,803 204,260 154,182 175,786 184,881 190,874 199,618 Total long-term liabilities (Btmn) 156,389 133,195 157,425 243,792 356,145 359,630 341,626 313,642 Total liabilities (Btmn) 317,233 330,998 361,685 397,974 531,931 544,511 532,500 513,260 Paid-up capital (Btmn) 133,473 133,473 133,473 133,473 133,473 133,473 133,473 133,473 Total equity (Btmn) 131,728 128,184 133,884 126,019 85,617 80,916 78,730 79,343 BVPS (Bt) 3.93 3.82 3.99 3.76 2.55 2.41 2.35 2.37

Cash Flow Statement FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Core Profit (Btmn) (2,814) 551 7,035 5,637 (2,209) (2,222) (2,043) 757 Depreciation and amortization (Btmn) 28,080 36,267 36,673 29,344 45,754 54,997 57,065 58,016 Operating cash flow (Btmn) 53,039 36,265 31,726 56,841 53,517 64,154 67,374 72,317 Investing cash flow (Btmn) (95,395) (77,591) (56,137) (82,382) (85,717) (65,740) (51,190) (49,355) Financing cash flow (Btmn) 81,932 8,897 26,831 54,272 7,124 4,645 (20,021) (30,021) Net cash flow (Btmn) 39,576 (32,430) 2,419 28,732 (25,076) 3,059 (3,836) (7,059)

Key Financial Ratios FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Gross margin (%) 23.3 26.8 34.6 23.8 27.2 23.4 22.4 23.0 Operating margin (%) (0.4) 3.0 12.6 3.8 7.7 4.5 3.4 4.0 EBITDA margin (%) 21.9 31.0 33.0 28.2 44.2 44.4 43.1 42.7 EBIT margin (%) 16.6 24.1 24.6 19.9 30.8 33.0 33.1 34.1 Net profit margin (%) (2.3) 0.4 4.3 4.0 0.8 (1.5) (1.3) 0.5 ROE (%) (2.1) 0.4 5.3 4.5 1.2 (2.7) (2.6) 1.0 ROA (%) (0.8) 0.1 1.5 1.1 0.2 (0.4) (0.3) 0.1 Net D/E (%) 0.5 0.9 1.0 1.3 2.3 2.5 2.4 2.1 Interest coverage (%) 4.4 5.2 7.1 4.2 3.3 3.6 3.9 4.7 Debt service coverage (%) 0.4 0.5 0.6 0.9 0.7 0.7 0.8 0.8 Payout Ratio (%) 0.0 187.6 42.7 53.3 222.8 0.0 0.0 45.0

Main Assumptions FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Service revenue (mobile) (Btmn) 57,856 67,885 72,828 77,740 80,131 83,163 87,892 92,905 Service revenue (online) (Btmn) 27,596 32,186 36,632 36,014 38,034 39,389 40,812 42,306 Service revenue (pay TV) (Btmn) 12,198 12,205 13,263 12,014 10,662 10,697 10,732 10,732

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True Corporation PLC

Financial statement

Profit and Loss Statement FY December 31 Unit 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Total revenue (Btmn) 36,735 37,681 34,844 33,878 33,008 36,483 35,425 33,797 Cost of goods sold (Btmn) (27,040) (29,748) (25,597) (24,291) (23,862) (26,888) (25,451) (23,657) Gross profit (Btmn) 9,695 7,933 9,247 9,586 9,146 9,595 9,975 10,141 SG&A (Btmn) (7,362) (7,221) (6,922) (6,912) (6,595) (6,499) (6,686) (6,520) Other income (Btmn) 5,165 (987) 438 2,443 1,371 369 (26) (8) Interest expense (Btmn) (2,576) (2,393) (4,003) (4,900) (4,745) (4,828) (4,679) (4,818) Pre-tax profit (Btmn) 4,923 (2,669) (1,240) 218 (824) (1,364) (1,417) (1,206) Corporate tax (Btmn) (3,044) 26 25 (12) (27) (5) (45) (19) Equity a/c profits (Btmn) 1,002 2,814 1,017 1,016 913 1,207 874 873 Minority interests (Btmn) (23) 39 37 40 41 5 6 53 Core profit (Btmn) 2,857 210 (161) 1,262 104 (157) (581) (299) Extra-ordinary items (Btmn) 0 0 0 0 0 0 0 0 Net Profit (Btmn) 2,857 210 (161) 1,262 104 (157) (581) (299) EBITDA (Btmn) 15,050 7,851 13,413 15,903 15,478 28,490 14,797 15,306 Core EPS (Bt) 0.09 0.01 (0.00) 0.04 0.00 (0.00) (0.02) (0.01) Net EPS (Bt) 0.09 0.01 (0.00) 0.04 0.00 (0.00) (0.02) (0.01)

Balance Sheet FY December 31 Unit 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Total current assets (Btmn) 101,139 134,449 100,778 103,720 109,249 104,406 100,989 109,097 Total fixed assets (Btmn) 222,424 230,282 328,047 334,743 337,626 336,495 338,956 340,300 Total assets (Btmn) 485,074 523,993 604,326 610,034 615,666 617,548 618,798 626,777 Total loans (Btmn) 180,799 212,729 207,802 213,807 221,467 222,999 185,009 194,292 Total current liabilities (Btmn) 147,481 151,150 157,788 154,333 160,233 175,786 181,464 182,338 Total long-term liabilities (Btmn) 143,757 193,142 211,106 246,823 361,976 369,943 369,580 356,145 Total liabilities (Btmn) 358,587 397,974 519,764 524,276 529,813 531,931 533,748 544,334 Paid-up capital (Btmn) 133,473 133,473 133,473 133,473 133,473 133,473 133,473 133,473 Total equity (Btmn) 126,487 126,019 84,562 85,758 85,853 85,617 85,050 82,443 BVPS (Bt) 3.77 3.76 2.52 2.55 2.56 2.55 2.53 2.46

Cash Flow Statement FY December 31 Unit 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Core Profit (Btmn) 2,857 210 (161) 1,262 104 (157) (581) (299) Depreciation and amortization (Btmn) 6,561 7,105 7,552 8,126 10,649 10,785 11,556 12,763 Operating cash flow (Btmn) 11,273 10,956 8,328 22,884 14,709 26,396 63,849 16,309 Investing cash flow (Btmn) (8,430) (16,626) (39,896) (16,791) (15,218) 4,532 (30,384) (19,725) Financing cash flow (Btmn) (3,120) 31,876 (4,973) 5,878 7,692 (38,618) (37,970) 9,223 Net cash flow (Btmn) (276) 26,206 (36,541) 11,971 7,183 (7,689) (4,505) 5,807

Key Financial Ratios FY December 31 Unit 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Gross margin (%) 26.4 21.1 26.5 28.3 27.7 26.3 28.2 30.0 Operating margin (%) 6.4 1.9 6.7 7.9 7.7 8.5 9.3 10.7 EBITDA margin (%) 41.0 20.8 38.5 46.9 46.9 78.1 41.8 45.3 EBIT margin (%) 25.7 14.6 27.1 32.4 32.4 64.8 28.4 31.0 Net profit margin (%) 7.8 0.6 (0.5) 3.7 0.3 (0.4) (1.6) (0.9) ROE (%) 8.5 0.6 (0.6) 4.8 0.4 (0.6) (2.7) (1.4) ROA (%) 2.3 0.2 (0.1) 0.9 0.1 (0.1) (0.4) (0.2) Net D/E (%) 1.2 1.3 2.3 2.2 2.2 2.3 1.9 2.0 Interest coverage (%) 5.8 3.3 3.4 3.2 3.3 5.9 3.2 3.2 Debt service coverage (%) 1.2 0.7 0.9 1.1 0.9 1.4 1.6 1.8

Main Assumptions FY December 31 Unit 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Service revenue (mobile) (Btmn) 19,269 19,850 20,094 20,171 19,940 19,926 19,937 20,171 Service revenue (online) (Btmn) 9,406 9,477 9,101 9,239 9,454 10,240 9,564 9,587 Service revenue (pay TV) (Btmn) 3,074 3,043 2,613 2,642 2,648 2,759 2,588 2,381

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True Corporation PLC

Figure 1: 2Q21 results review Unit: (Btmn) 2Q20 1Q21 2Q21 y-o-y q-o-q Revenue TrueMove H 26,040 27,067 25,855 -1% -4% TrueOnline 5,804 6,411 6,116 5%-5% TrueVision 2,034 1,947 1,826 -10% -6% Total revenue 33,878 35,425 33,797 0% -5% Cost of goods sold (24,291) (25,451) (23,657) -3% -7% Gross profit 9,586 9,975 10,141 6% 2% SG&A (6,912) (6,686) (6,520) -6% -2% Operating profit 2,674 3,288 3,620 35% 10% Other income/(expense) 2,443 (26) (8) na. -69% EBIT 5,118 3,262 3,612 -29% 11% Equity income 1,016 874 873 -14% 0% Interest expense (4,900) (4,679) (4,818) -2% 3% EBT 1,235 (543) (332) -127% -39% Income tax (12) (45) (19) 55% -58% Minority interests 40 6 53 32% 732% Extra items 0 0 0 na. na. Net income 1,262 (581) (299) na. -49% EPS (Bt/sh.) 0.04 (0.02) (0.01) -124% -49% Adjusted core profit** (467) (472) (135) -71% -71%

Ratio analysis SGA/Total revenue (%) 20.4 18.9 19.3 Operating profit margin (%) 7.9 9.3 10.7 Net profit margin (%) 3.7 (1.6) (0.9)

Source: SCBS Investment Research, TRUE

Appendix Figure 2: Revenue breakdown by business Figure 3: TRUE mobile subscribers TrueVision ('000) 6% 32,000 TrueOnline 18% 31,500

31,000

30,500

30,000

29,500 TrueMove H 76% 29,000 TrueMove H TrueOnline TrueVision 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21

Source: SCBS Investment Research, TRUE Source: SCBS Investment Research, TRUE Figure 4: PE Band Figure 5: EV/EBITDA Band PE (x) EV/EBITDA (x) 500 25.0

400 +2SD = 83x 20.0 300 +2SD = 17.2x +1SD =63.8x 200 15.0 +1SD = 13.3x 100 Avg.= 44.7x 10.0 Avg. = 9.4x 0 -1SD = 25.5x -1SD = 5.4x -100 5.0 -2SD = 6.3x -2SD = 1.5x -200 0.0 -300 Jul-15 Jan-12 Oct-13 Jan-19 Oct-20 Apr-17 Jun-18 Feb-16 Sep-16 Mar-13 Mar-20 Dec-14 Dec-21 Aug-12 Nov-17 Aug-19 May-14 May-21 Jul-15 Jan-12 Jan-19 Oct-13 Apr-17 Oct-20 Jun-18 Feb-16 Sep-16 Mar-13 Mar-20 Dec-14 Dec-21 Aug-12 Nov-17 Aug-19 May-14 May-21

Source: SCBS Investment Research Source: SCBS Investment Research

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True Corporation PLC

(price as of Aug 17, 2021) Figure 6: Valuation summary Rating Price Target ETR P/E (x) EPS growth (%) P/BV (x) ROE (%) Div. Yield (%) EV/EBITDA (x) (Bt/Sh) (Bt/Sh) (%) 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F 20A 21F 22F ADVANC Outperform 183.50 220.0 23.5 19.9 20.9 19.4 (11) (5) 7 7.2 6.7 6.1 38 33 33 3.8 3.6 3.9 6.9 6.8 6.4 DTAC Neutral 34.25 38.0 17.1 17.0 19.7 22.6 (13) (14) (13) 3.3 3.8 4.0 19 18 17 8.7 6.1 5.3 4.6 4.8 4.7 TRUE Neutral 3.08 3.3 7.1 n.m. n.m. n.m. n.m. (1) 8 1.2 1.3 1.3 (2) (3) (3) 2.3 0.0 0.0 4.9 4.6 4.3 Average 18.4 20.3 21.0 (12) (6) 1 3.9 3.9 3.8 18 16 16 4.9 3.2 3.1 5.5 5.4 5.1 Source: SCBS Investment Research

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True Corporation PLC

CG Rating 2020 Companies with CG Rating Companies with Excellent CG Scoring AAV, ADVANC, AF, AIRA, AKP, AKR, ALT, AMA, AMATA, AMATAV, ANAN, AOT, AP, ARIP, ARROW, ASP, BAFS, BANPU, BAY, BCP, BCPG, BDMS, BEC, BEM, BGRIM, BIZ, BKI, BLA, BOL, BPP, BRR, BTS, BWG, CENTEL, CFRESH, CHEWA, CHO*, CIMBT, CK, CKP, CM, CNT, COL, COMAN, COTTO, CPALL, CPF, CPI, CPN, CSS, DELTA, DEMCO, DRT, DTAC, DTC, DV8, EA, EASTW, ECF, ECL, EGCO, EPG, ETE, FNS, FPI, FPT, FSMART, GBX, GC, GCAP, GEL, GFPT, GGC, GPSC, GRAMMY, GUNKUL, HANA, HARN, HMPRO, ICC, ICHI*, III, ILINK, INTUCH, IRPC, IVL, JKN, JSP, JWD, K, KBANK, KCE, KKP, KSL, KTB, KTC, LANNA, LH, LHFG, LIT, LPN, MAKRO, MALEE, MBK, MBKET, MC, MCOT, METCO, MFEC, MINT, MONO, MOONG, MSC, MTC, NCH, NCL, NEP, NKI, NOBLE*, NSI, NVD, NYT, OISHI, ORI, OTO, PAP, PCSGH, PDJ, PG, PHOL, PLANB, PLANET, PLAT, PORT, PPS, PR9, PREB, PRG, PRM, PSH, PSL, PTG, PTT, PTTEP, PTTGC, PYLON, Q-CON, QH, QTC, RATCH, RS, S, S & J, SAAM, SABINA, SAMART, SAMTEL, SAT, SC, SCB, SCC, SCCC, SCG, SCN, SDC, SEAFCO, SEAOIL, SE-ED, SELIC, SENA, SIRI, SIS, SITHAI, SMK, SMPC, SNC, SONIC, SORKON, SPALI, SPI, SPRC, SPVI, SSSC, SST, STA, SUSCO, SUTHA, SVI, SYMC, SYNTEC, TACC, TASCO, TCAP, TFMAMA, THANA, THANI, THCOM, THG, THIP, THRE, THREL, TIP, TIPCO, TISCO, TK, TKT, TMB, TMILL, TNDT, TNL, TOA, TOP, TPBI, TQM, TRC, TRUE, TSC, TSR, TSTE, TSTH, UAC, TTA, UBIS, TTCL, UV, TTW, VGI, TU, VIH, TVD, WACOAL, TVI, WAVE, TVO, WHA, TWPC, WHAUP, U, WICE, WINNER Companies with Very Good CG Scoring 2S, ABM, ACE, ACG, ADB, AEC, AEONTS, AGE, AH, AHC, AIT, ALLA, AMANAH, AMARIN, APCO, APCS, APURE, AQUA, ASAP, ASEFA, ASIA, ASIAN, ASIMAR, ASK, ASN, ATP30, AUCT, AWC, AYUD, B, BA, BAM, BBL, BFIT, BGC, BJC, BJCHI, BROOK, BTW, CBG, CEN, CGH, CHARAN, CHAYO, CHG, CHOTI, CHOW, CI, CIG, CMC, COLOR, COM7, CPL, CRC, CRD, CSC, CSP, CWT, DCC, DCON, DDD, DOD, DOHOME, EASON, EE, ERW, ESTAR, FE, FLOYD, FN, FORTH, FSS, FTE, FVC, GENCO, GJS, GL, GLAND, GLOBAL, GLOCON, GPI, GULF, GYT, HPT, HTC, ICN, IFS, ILM, IMH, INET, INSURE, IRC, IRCP, IT, ITD*, ITEL, J, JAS, JCK, JCKH, JMART, JMT, KBS, KCAR, KGI, KIAT, KOOL, KTIS, KWC, KWM, L&E, LALIN, LDC, LHK, LOXLEY, LPH, LRH, LST, M, MACO, MAJOR, MBAX, MEGA, META, MFC, MGT, MILL, MITSIB, MK, MODERN, MTI, MVP, NETBAY, NEX, NINE, NTV, NWR, OCC, OGC, OSP, PATO, PB, PDG, PDI, PICO, PIMO, PJW, PL, PM, PPP, PRIN, PRINC, PSTC, PT, QLT, RCL, RICHY, RML, RPC, RWI, S11, SALEE, SAMCO, SANKO, SAPPE, SAWAD, SCI, SCP, SE, SEG, SFP, SGF, SHR, SIAM, SINGER, SKE, SKR, SKY, SMIT, SMT, SNP, SPA, SPC, SPCG, SR, SRICHA, SSC, SSF, STANLY, STI, STPI, SUC, SUN, SYNEX, T, TAE, TAKUNI, TBSP, TCC, TCMC, TEAM, TEAMG, TFG, TIGER, TITLE, TKN, TKS, TM, TMC, TMD, TMI, TMT, TNITY, TNP, TNR, TOG, TPA, TPAC, TPCORP, TPOLY, TPS, TRITN, TRT, TRU, TSE, TVT, TWP, UEC, UMI, UOBKH, UP, UPF, UPOIC, UT, UTP, UWC, VL, VNT, VPO, WIIK, WP, XO, YUASA, ZEN, ZIGA, ZMICO Companies with Good CG Scoring 7UP, A, ABICO, AJ, ALL, ALUCON, AMC*, APP, ARIN, AS, AU, B52, BC, BCH, BEAUTY, BGT, BH, BIG, BKD, BLAND, BM, BR, BROCK, BSBM, BSM, BTNC, CAZ, CCP, CGD, CITY, CMAN, CMO, CMR, CPT, CPW, CRANE, CSR, D, EKH, EP, ESSO, FMT, GIFT, GREEN, GSC*, GTB, HTECH, HUMAN, IHL, INOX, INSET, IP, JTS, JUBILE, KASET, KCM, KKC, KUMWEL, KUN, KWG, KYE, LEE, MATCH, MATI, M-CHAI, MCS, MDX, MJD, MM, MORE, NC, NDR, NER, NFC, NNCL, NPK, NUSA, OCEAN, PAF, PF, PK, PLE, PMTA, POST, PPM, PRAKIT, PRECHA, PRIME, PROUD, PTL, RBF, RCI, RJH, ROJNA, RP, RPH, RSP, SF, SFLEX, SGP, SISB, SKN, SLP, SMART, SOLAR, SPG, SQ, SSP, STARK, STC, SUPER, SVOA, TC, TCCC, THMUI, TIW, TNH, TOPP, TPCH, TPIPP, TPLAS, TTI, TYCN, UKEM, UMS, VCOM, VRANDA, WIN, WORK, WPH Corporate Governance Report The material contained in this publication is for general information only and is not intended as advice on any of the matters discussed herein. Readers and others should perform their own independent analysis as to the accuracy or completeness or legality of such information. The Thai Institute of Directors, its officers, the authors and editor make no representation or warranty as to the accuracy, completeness or legality of any of the information contained herein. By accepting this document, each recipient agrees that the Thai Institute of Directors Association, its officers, the authors and editor shall not have any liability for any information contained in, or for any omission from, this publication. 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. SCB Securities Company Limited does not conform nor certify the accuracy of such survey result. To recognize well performers, the list of companies attaining “Good”, “Very Good” and “Excellent” levels of recognition (Not including listed companies qualified in the "no announcement of the results" clause from 1 January 2019 to 19 November 2020) is publicized. * บรษิ ัทหรอกรรมการหรื อผื ูบร้ หารของบริ ษิ ัททมี่ ขี าวด่ านการก้ ํากับดแลกู จการิ เชน่ การกระทําผดเกิ ยวกี่ ับหลักทรัพย ์ การทุจรติ คอรร์ ัปชนั เป็ นตน้ ซงการใชึ่ ข้ อม้ ูล CGR ควรตระหนักถงึ ขาวด่ ังกลาวประกอบด่ วย้

Anti-corruption Progress Indicator Certified (ไดร้ บการรั บรองั ) 2S, ADVANC, AF, AI, AIE, AIRA, AKP, AMA, AMANAH, AMATA, AMATAV, AP, APCS, AQUA, ARROW, ASK, B, BAFS, BAM, BANPU, BAY, BBL, BCH, BCP, BCPG, BGC, BGRIM, BJCHI, BKI, BLA, BPP, BROOK, BRR, BSBM, BTS, BWG, CEN, CENTEL, CFRESH, CGH, CHEWA, CHOTI, CHOW, CIG, CIMBT, CM, CMC, COM7, COTTO, CPALL, CPF, CPI, CPN, CSC, DCC, DELTA, DEMCO, DIMET, DRT, DTAC, DUSIT, EA, EASTW, ECL, EGCO, EP, EPG, ERW, ETE, FE, FNS, FPI, FPT, FSS, FTE, GBX, GC, GCAP, GEL, GFPT, GGC, GJS, GLOCON, GPI, GPSC, GSTEEL, GUNKUL, HANA, HARN, HEMP, HMPRO, HTC, ICC, ICHI, IFS, ILINK, INET, INSURE, INTUCH, IRC, IRPC, ITEL, IVL, K, KASET, KBANK, KBS, KCAR, KCE, KGI, KKP, KSL, KTB, KTC, KWC, KWG, L&E, LANNA, LHFG, LHK, LPN, LRH, M, MAKRO, MALEE, MBAX, MBK, MBKET, MC, MCOT, META, MFC, MFEC, MINT, MONO, MOONG, MSC, MTC, MTI, NBC, NEP, NINE, NKI, NMG, NNCL, NOK, NSI, NWR, OCC, OCEAN, OGC, ORI, PAP, PATO, PB, PCSGH, PDG, PDI, PDJ, PE, PG, PHOL, PL, PLANB, PLANET, PLAT, PM, PPP, PPPM, PPS, PREB, PRG, PRINC, PRM, PSH, PSL, PSTC, PT, PTG, PTT, PTTEP, PTTGC, PYLON, Q-CON, QH, QLT, QTC, RATCH, RML, RWI, S & J, SAAM, SABINA, SAPPE, SAT, SC, SCB, SCC, SCCC, SCG, SCN, SEAOIL, SE-ED, SELIC, SENA, SGP, SINGER, SIRI, SIS, SITHAI, SMIT, SMK, SMPC, SNC, SNP, SORKON, SPACK, SPC, SPI, SPRC, SRICHA, SSF, SSSC, SST, STA, STOWER, SUSCO, SVI, SYMC, SYNTEC, TAE, TAKUNI, TASCO, TBSP, TCAP, TCMC, TFG, TFI, TFMAMA, THANI, THCOM, THIP, THRE, THREL, TIP, TIPCO, TISCO, TKS, TKT, TMD, TMILL, TMT, TNITY, TNL, TNP, TNR, TOG, TOP, TOPP, TPA, TPCS, TPP, TRU, TRUE, TSC, TSTH, TTB, TTCL, TU, TVD, TVI, TVO, TWPC, U, UBIS, UEC, UKEM, UOBKH, UPF, UV, VGI, VIH, VNT, WACOAL, WHA, WHAUP, WICE, WIIK, XO, ZEN Declared (ประกาศเจตนารมณ์) 7UP, ABICO, APURE, B52, BKD, BROCK, CI, ESTAR, EVER, FSMART, J, JKN, JMART, JMT, JSP, LDC, MAJOR, NCL, NOBLE, PK, PLE, SHANG, SKR, SPALI, SSP, SUPER, TGH, THAI, TQM, TTA, WIN, ZIGA N/A 3K-BAT, A, A5, AAV, ABM, ACAP, ACC, ACE, ACG, ADB, ADD, AEONTS, AFC, AGE, AH, AHC, AIT, AJ, AJA, AKR, ALL, ALLA, ALT, ALUCON, AMARIN, AMC, AMR, ANAN, AOT, APCO, APEX, APP, AQ, ARIN, ARIP, AS, ASAP, ASEFA, ASIA, ASIAN, ASIMAR, ASN, ASP, ASW, ATP30, AU, AUCT, AWC, AYUD, BA, BC, BCT, BDMS, BEAUTY, BEC, BEM, BFIT, BGT, BH, BIG, BIZ, BJC, BLAND, BLISS, BM, BOL, BR, BSM, BTNC, BTW, BUI, BYD, CAZ, CBG, CCET, CCP, CGD, CHARAN, CHAYO, CHG, CHO, CITY, CK, CKP, CMAN, CMO, CMR, CNT, COLOR, COMAN, CPH, CPL, CPR, CPT, CPW, CRANE, CRC, CRD, CSP, CSR, CSS, CTW, CWT, D, DCON, DDD, DHOUSE, DITTO, DMT, DOD, DOHOME, DTCI, DV8, EASON, ECF, EE, EFORL, EKH, EMC, ESSO, ETC, F&D, FANCY, FLOYD, FMT, FN, FORTH, FVC, GENCO, GIFT, GL, GLAND, GLOBAL, GRAMMY, GRAND, GREEN, GSC, GTB, GULF, GYT, HFT, HPT, HTECH, HUMAN, HYDRO, ICN, IFEC, IHL, IIG, III, ILM, IMH, IND, INGRS, INOX, INSET, IP, IRCP, IT, ITD, JAK, JAS, JCK, JCKH, JCT, JR, JTS, JUBILE, JUTHA, JWD, KAMART, KC, KCM, KDH, KEX, KIAT, KISS, KK, KKC, KOOL, KTIS, KUMWEL, KUN, KWM, KYE, LALIN, LEE, LEO, LH, LIT, LOXLEY, LPH, LST, MACO, MANRIN, MATCH, MATI, MAX, M-CHAI, MCS, MDX, MEGA, MENA, METCO, MGT, MICRO, MIDA, MILL, MITSIB, MJD, MK, ML, MODERN, MORE, MPIC, MUD, MVP, NC, NCAP, NCH, NDR, NER, NETBAY, NEW, NEWS, NEX, NFC, NOVA, NPK, NRF, NSL, NTV, NUSA, NVD, NYT, OHTL, OISHI, OR, OSP, OTO, PACE, PACO, PAE, PAF, PERM, PF, PICO, PIMO, PJW, PMTA, POLAR, POMPUI, PORT, POST, PPM, PR9, PRAKIT, PRAPAT, PRECHA, PRIME, PRIN, PRO, PROEN, PROS, PROUD, PTL, RAM, RBF, RCL, RICHY, RJH, ROCK, ROH, ROJNA, RP, RPC, RPH, RS, RSP, RT, S, S11, SA, SABUY, SAFARI, SAK, SALEE, SAM, SAMART, SAMCO, SAMTEL, SANKO, SAUCE, SAWAD, SAWANG, SCGP, SCI, SCM, SCP, SDC, SE, SEAFCO, SECURE, SF, SFLEX, SFP, SFT, SGF, SHR, SIAM, SICT, SIMAT, SISB, SK, SKE, SKN, SKY, SLM, SLP, SMART, SMD, SMT, SNNP, SO, SOLAR, SONIC, SPA, SPCG, SPG, SPVI, SQ, SR, SSC, STANLY, STAR, STARK, STC, STEC, STECH, STGT, STHAI, STI, STPI, SUC, SUN, SUTHA, SVH, SVOA, SWC, SYNEX, T, TACC, TAPAC, TC, TCC, TCCC, TCJ, TCOAT, TEAM, TEAMG, TGPRO, TH, THANA, THE, THG, THL, THMUI, TIDLOR, TIGER, TITLE, TK, TKN, TM, TMC, TMI, TMW, TNDT, TNH, TNPC, TOA, TPAC, TPBI, TPCH, TPIPL, TPIPP, TPLAS, TPOLY, TPS, TQR, TR, TRC, TRITN, TRT, TRUBB, TSE, TSF, TSI, TSR, TSTE, TTI, TTT, TTW, TVT, TWP, TWZ, TYCN, UAC, UMI, UMS, UNIQ, UP, UPA, UPOIC, UREKA, UT, UTP, UVAN, VARO, VCOM, VI, VIBHA, VL, VNG, VPO, VRANDA, W, WAVE, WGE, WINMED, WINNER, WORK, WORLD, WP, WPH, WR, XPG, YCI, YGG, YUASA Explanations Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of January 30, 2021) are categorised into: companies that have declared their intention to join CAC, and companies certified by CAC.

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