Initiate coverage Thu, Mar 11, 2021

Central Corporation CRC

Central Retail Corporation Bloomberg CRC TB Public Company Limited Reuters CRC.BK

Tactical: OUTPERFORM The year for an earnings turnaround (3-month) While CRC’s 2020 earnings were hit hardest in the commerce sector (of those Stock data under our coverage), with the sector’s largest contraction in SSS and dip in Last close (Mar 10) (Bt) 38.00 rental income, we like CRC for its 2021F turnaround story, off the low base Target price (Bt) 47.00 Mkt cap (Btbn) 229.18 (COVD-19) and gradual return in economic activities. We expect core profit Mkt cap (US$mn) 7,472 to turn up to Bt4.2bn in 2021F from -Bt909mn in 2020, backed by revived revenue and margin, store and plaza expansion and business adjustment. Beta L We initiate CRC as Outperform with a next-12-month DCF TP of Bt47. Mkt cap (%) SET 1.28 Sector % SET 9.80 Strategic direction for long-term growth. and will be key Shares issued (mn) 6,031 growth areas, as both undergo economic recovery, since it has a strong footprint Par value (Bt) 1.00 in both. Food and hardline businesses will be key segment growth drivers for 12-m high / low (Bt) 40 / 20.7 Avg. daily 6m (US$mn) 16.07 expansion, while the fashion business will focus on store transformation and Foreign limit / actual (%) 49 / 13 rejuvenation. To support long-term growth, CRC plans to accelerate business Free float (%) 52.5 Dividend policy (%) ≥ 40 expansion of the high-growth hardline business in Thailand and the hypermarket business in Vietnam. It plans to optimize the business in Thailand and Price performance Vietnam and the department store in Italy. It will also work create more new 50 (Bt) business, such as a new supermarket format in Vietnam (GO! and Tops 45 Supermarket). It will continue to transform its department store business in 40 35 Thailand and restructure the business in Thailand and hardline 30 business in Vietnam. It will boost omnichannel sales through adding more 25 20 products, extending existing channels and adding new ones, and improving 15 10 CRC — Stock Price profitability via a larger scale of sales and better management of more high- 5 CRC — Rel. to SET (rebased) margin products and logistic costs. 0 Jan-21 Apr-20 Earnings turnaround in 2021F. We expect CRC’s core earnings to turn around to Jun-20 Feb-20 Sep-20 Mar-21 Aug-20 Nov-20 Bt4.2bn in 2021F from -Bt909mn in 2020, boosted by stronger revenue and margin. Source: SET, SCBS Investment Research In 2021F, we expect a 13% YoY increase in total revenue from sale of goods and rentals and rendering services, backed by 8% growth off 2020’s low COVID-hit base Share performance plus expansion into new stores and plazas and another 5% growth contributed by (%) 1M 3M 12M Absolute 13.4 8.6 7.8 the completion of the consolidation of COL in February. We expect 2021F gross Relative to SET 8.8 2.3 (14.3) margin to widen to 26.6% (+160bps YoY) with better margin contribution from sale Source: SET, SCBS Investment Research of goods (more high-margin products, better management of price promotions and of shrinkage and obsolescence, and better margin contribution from business adjustments) and stronger margin from rental and rendering services in tandem with better occupancy and rental rates. With a wider gross margin and cost savings from business adjustments, we expect EBIT margin to widen to 4.2% in 2021F (+340bps YoY). Initiating as Outperform. We initiate CRC with an Outperform rating with a DCF TP of Bt47, assuming WACC of 8.4% and perpetual growth of 2.5%. Key risks are industry competition, changes in consumer behavior and foreign currency risk.

Forecasts and valuation Analyst Year to 31 Dec Unit 2019 2020 2021F 2022F 2023F Sirima Dissara, CFA Revenue (Btmn) 204,009 179,947 203,169 222,879 241,427 Fundamental Investment EBITDA (Btmn) 22,067 18,018 25,985 29,666 32,613 Analyst on Securities Core profit (Btmn) 7,290 (909) 4,212 6,456 8,101 Reported profit (Btmn) 10,633 46 4,212 6,456 8,101 (66-2) 949-1004 Core EPS (Bt) 1.55 (0.16) 0.70 1.07 1.34 [email protected] DPS (Bt) 7.71 0.40 0.28 0.43 0.54 P/E, core (x) 24.5 n.m. 54.4 35.5 28.3 EPS growth, core (%) (36.4) (110.0) n.a. 53.3 25.5 P/BV, core (x) 4.8 4.0 4.0 3.7 3.4 ROE (%) 13.9 (2.0) 7.4 10.8 12.4 Dividend yield (%) 20.3 1.1 0.7 1.1 1.4 FCF yield (x) 2.7 1.4 2.9 4.1 5.1 EV/EBIT (x) 18.7 223.5 38.3 28.2 23.2 EBIT growth, core (%) 5.8 (88.0) 488.8 32.7 17.8 EV/CE (x) 1.7 1.7 1.7 1.7 1.6 ROCE (%) (1.6) (3.3) (3.0) (2.4) (2.1) EV/EBITDA (x) 10.3 18.1 12.7 10.8 9.6 EBITDA growth (%) (2.5) (18.3) 44.2 14.2 9.9

Source: SCBS Investment Research See the end of this report for disclaimer 1

Central Retail Corporation PCL

Value proposition Central Retail Corporation Public Company Limited (CRC) is the holding company for entities engaged in multi-format and multi-category retail businesses in Thailand and overseas. CRC is Thailand’s largest mixed retailer, Vietnam’s largest foreign retailer and the third largest retailer and Italy’s largest department store operator based on market share in 2018. It is also a pioneer in omnichannel retailing in Thailand. CRC serves the needs of a variety of customer groups with comprehensive merchandise offerings and a diverse portfolio of retail brands, and an extensive store network in both brick-and-mortar and omnichannel retailing formats. Business outlook Over the medium to long term, Thailand and Vietnam will be key countries driving growth as both undergo economic recovery since it has a strong business footprint that it can leverage in both. By business unit, food and hardline businesses will be key segment growth drivers for business expansion, while the fashion business will focus on store transformation and rejuvenation. Omnichannel will be another key growth driver with higher sales via adding more products, extending existing channels and adding new ones, and improving profitability through larger sales volume and better management of more high-margin products and logistic costs. We expect CRC’s core earnings to turn around to Bt4.2bn in 2021F from -Bt909mn in 2020, especially in 2Q21F from losses in 2Q20, boosted by revived revenue from sale of goods, better rental income and stronger margin off the low base generated by the government’s efforts to control the spread of COVID-19 and weak purchasing power because of COVID-19.

Bullish views Bearish views 1. Resumption of domestic activities after easing government 1. Weak purchasing power and sentiment and a prolonged lockdown and more domestic travel will boost SSS drop in international tourists will hurt SSS

2. Rental income to revive as it has reduced the rent discount for 2. Rental income to come back slowly from a continued rent tenants after the lockdown was lifted discount in response to social distancing requirements

Key catalysts Factor Event Impact Comment 1Q21F earnings outlook SSS contraction from last year’s Stable earnings YoY and We expect 1Q21F earnings to be relatively normal base and some rent QoQ stable YoY and QoQ, with contraction in SSS discount given to tenants, and lower rental income YoY but earnings consolidation of COL in Feb 2021 accretive from COL consolidation in Feb 2021. 2021F earnings growth Low base in SSS and rental income Positive for SSS and rental We expect a turnaround in 2021F earnings, from COVID-19 in 2Q20-4Q20 income in 2Q21-4Q21F especially in 2Q21F from the 2Q20 loss, on a revival in SSS and rental income off the low base generated by the government’s efforts to control the spread of COVID-19 and weak purchasing power because of COVID-19.

Sensitivity analysis Factor Earnings impact TP impact 1% change in SSS 5-10% Bt1-2/sh.

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Central Retail Corporation PCL

Financial statement Profit and Loss Statement FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Revenue from sales and services (Btmn) 163,377 175,744 188,442 204,009 179,947 203,169 222,879 241,427 Cost of sales and services (Btmn) (113,582) (123,109) (131,868) (144,856) (134,948) (149,053) (162,733) (175,682) Gross profit (Btmn) 49,795 52,635 56,574 59,153 44,999 54,116 60,146 65,745 SG&A (Btmn) (51,927) (54,492) (59,995) (61,957) (57,428) (61,178) (65,879) (70,840) Other income (Btmn) 11,983 12,218 14,941 14,995 13,889 15,662 17,143 18,541 Interest expense (Btmn) (1,381) (1,187) (1,186) (1,085) (2,950) (3,104) (3,089) (3,046) Pre-tax profit (Btmn) 8,470 9,175 10,334 11,105 (1,490) 5,496 8,322 10,400 Corporate tax (Btmn) (1,754) (1,088) (1,974) (2,480) 744 (1,099) (1,664) (2,080) Equity a/c profits (Btmn) 469 461 287 391 132 149 163 177 Minority interests (Btmn) (1,260) (1,447) (1,589) (1,726) (295) (333) (365) (396) Core profit (Btmn) 5,925 7,101 7,058 7,290 (909) 4,212 6,456 8,101 Extra-ordinary items (Btmn) 298 (165) 4,763 3,343 956 0 0 0 Net Profit (Btmn) 6,222 6,936 11,822 10,633 46 4,212 6,456 8,101 EBITDA (Btmn) 21,716 22,534 22,627 22,067 18,018 25,985 29,666 32,613 Core EPS (Bt) (Btmn) 2.81 3.37 2.44 1.55 (0.16) 0.70 1.07 1.34 Net EPS (Bt) (Bt) 2.95 3.29 4.08 2.26 0.01 0.70 1.07 1.34 DPS (Bt) (Bt) 0.85 1.00 0.80 7.71 0.40 0.28 0.43 0.54

Balance Sheet FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Total current assets (Btmn) 63,237 106,633 60,187 65,785 67,177 71,919 77,210 81,761 Total fixed assets (Btmn) 165,012 154,355 117,170 117,721 172,003 171,302 169,766 167,353 Total assets (Btmn) 228,249 260,989 177,357 183,505 239,180 243,221 246,975 249,114 Total loans (Btmn) 91,925 113,208 42,209 61,155 121,917 116,917 109,417 99,917 Total current liabilities (Btmn) 131,514 155,543 87,241 119,513 89,049 99,230 106,251 106,494 Total long-term liabilities (Btmn) 37,726 38,807 22,790 26,473 94,416 86,403 78,366 74,743 Total liabilities (Btmn) 169,239 194,350 110,030 145,986 183,465 185,633 184,617 181,236 Paid-up capital (Btmn) 2,114 2,114 4,700 4,700 6,031 6,031 6,031 6,031 Total equity (Btmn) 59,009 66,638 67,327 37,519 55,715 57,588 62,358 67,877 BVPS (Bt) (Bt) 27.97 31.58 23.26 7.98 9.53 9.55 10.34 11.25

Cash Flow Statement FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Core Profit (Btmn) 5,925 7,101 7,058 7,290 (909) 4,212 6,456 8,101 Depreciation and amortization (Btmn) 11,866 12,173 11,107 9,877 16,558 17,386 18,255 19,168 Operating cash flow (Btmn) 17,642 22,324 17,017 18,386 11,961 23,228 26,060 28,537 Investing cash flow (Btmn) (47,306) (16,467) 24,706 (13,588) (8,779) (16,685) (16,719) (16,755) Financing cash flow (Btmn) 30,959 (6,340) (43,742) (6,480) 2,905 (7,340) (9,185) (12,082) Net cash flow (Btmn) 1,294 (483) (2,020) (1,682) 6,087 (796) 156 (300)

Key Financial Ratios FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F Gross margin (%) 30.5 29.9 30.0 29.0 25.0 26.6 27.0 27.2 Operating margin (%) (1.3) (1.1) (1.8) (1.4) (6.9) (3.5) (2.6) (2.1) EBITDA margin (%) 13.3 12.8 12.0 10.8 10.0 12.8 13.3 13.5 EBIT margin (%) 6.0 5.9 6.1 6.0 0.8 4.2 5.1 5.6 Net profit margin (%) 3.8 3.9 6.3 5.2 0.0 2.1 2.9 3.4 ROE (%) 20.1 11.3 10.5 13.9 (2.0) 7.4 10.8 12.4 ROA (%) 5.2 2.9 3.2 4.0 (0.4) 1.7 2.6 3.3 Net D/E (x) 1.3 1.5 0.4 1.3 1.9 1.7 1.5 1.2 Interest coverage (x) 15.7 19.0 19.1 20.3 6.1 8.4 9.6 10.7 Debt service coverage (x) 0.3 0.2 0.6 0.4 0.4 0.5 0.6 0.7 Payout Ratio (%) 29.0 30.5 19.7 340.8 5,056.8 40.0 40.0 40.0

Main Assumptions FY December 31 Unit 2016 2017 2018 2019 2020 2021F 2022F 2023F SSSG-Fashion (%) 0.6 (2.0) 1.1 (2.5) (34.0) 3.5 6.0 3.0 SSSG-Hardline (%) (0.5) (3.5) (0.2) (2.3) (13.0) 3.5 3.0 3.0 SSSG-Food (%) 3.9 2.2 2.2 2.4 (10.0) 2.0 4.0 3.0 SSSG-Total (simple average) (%) 1.3 (1.1) 1.0 (0.8) (19.0) 3.0 4.3 3.0 No of stores, ending (stores) 2,090 2,205 2,224 2,083 2,031 2,062 2,142 2,222 No of plazas, ending (plazas) 48 53 59 61 66 72 77 82

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Central Retail Corporation PCL

Financial statement Profit and Loss Statement FY December 31 Unit 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Total revenue (Btmn) 49,978 48,820 49,983 55,228 50,576 38,029 43,956 47,387 Cost of sales and services (Btmn) (35,329) (34,422) (35,723) (39,382) (37,617) (29,803) (32,647) (34,881) Gross profit (Btmn) 14,649 14,397 14,260 15,846 12,959 8,226 11,309 12,506 SG&A (Btmn) (15,286) (15,476) (15,271) (15,924) (14,794) (14,560) (13,278) (14,796) Other income (Btmn) 3,725 3,759 3,539 3,971 3,709 3,347 3,142 3,691 Interest expense (Btmn) (217) (292) (284) (292) (615) (790) (771) (775) Pre-tax profit (Btmn) 2,870 2,389 2,245 3,601 1,260 (3,777) 402 625 Corporate tax (Btmn) (546) (635) (561) (738) (328) 924 (138) 286 Equity a/c profits (Btmn) 115 119 78 79 65 (6) 84 (11) Minority interests (Btmn) (509) (426) (273) (519) (148) (71) (31) (45) Core profit (Btmn) 1,929 1,448 1,489 2,423 849 (2,930) 316 855 Extra-ordinary items (Btmn) (4) (106) (104) 3,557 (106) 340 521 201 Net Profit (Btmn) 1,925 1,342 1,385 5,980 743 (2,590) 837 1,056 EBITDA (Btmn) 5,479 5,077 4,977 6,534 5,992 821 5,554 5,652 Core EPS (Bt) (Btmn) 0.41 0.31 0.32 0.52 0.16 (0.49) 0.05 0.14 Net EPS (Bt) (Bt) 0.41 0.29 0.29 1.27 0.14 (0.43) 0.14 0.18

Balance Sheet FY December 31 Unit 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Total current assets (Btmn) n.a. 58,826 59,479 65,785 87,068 69,620 72,363 67,177 Total fixed assets (Btmn) n.a. 123,781 123,737 117,721 177,154 175,659 177,963 172,003 Total assets (Btmn) n.a. 182,607 183,216 183,505 264,222 245,279 250,326 239,180 Total loans (Btmn) n.a. 53,179 52,099 61,155 137,802 130,727 128,487 121,917 Total current liabilities (Btmn) n.a. 94,174 93,471 119,513 130,041 113,469 114,736 89,049 Total long-term liabilities (Btmn) n.a. 22,933 22,749 26,473 70,546 71,813 74,873 94,416 Total liabilities (Btmn) n.a. 117,106 116,220 145,986 200,587 185,282 189,609 183,465 Paid-up capital (Btmn) n.a. 4,700 4,700 4,700 6,031 6,031 6,031 6,031 Total equity (Btmn) n.a. 65,501 66,996 37,519 63,635 59,996 60,716 55,715 BVPS (Bt) (Bt) n.a. 13.94 14.25 7.98 12.01 9.95 10.07 9.24

Cash Flow Statement FY December 31 Unit 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Core Profit (Btmn) 1,929 1,448 1,489 2,423 849 (2,930) 316 855 Depreciation and amortization (Btmn) 2,392 2,396 2,448 2,640 4,117 3,808 4,381 4,252 Operating cash flow (Btmn) 1,688 1,891 3,191 11,615 (2,282) 1,740 7,780 4,723 Investing cash flow (Btmn) (2,170) (9,661) (2,851) 1,093 (3,064) (1,256) (2,151) (2,307) Financing cash flow (Btmn) (1,326) 6,042 (800) (10,396) 28,604 (10,882) (6,695) (8,122) Net cash flow (Btmn) (1,808) (1,727) (460) 2,313 23,258 (10,399) (1,066) (5,705)

Key Financial Ratios FY December 31 Unit 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Gross margin (%) 29.3 29.5 28.5 28.7 25.6 21.6 25.7 26.4 Operating margin (%) (1.3) (2.2) (2.0) (0.1) (3.6) (16.7) (4.5) (4.8) EBITDA margin (%) 11.0 10.4 10.0 11.8 11.8 2.2 12.6 11.9 EBIT margin (%) 6.2 5.5 5.1 7.0 3.7 (7.9) 2.7 3.0 Net profit margin (%) 3.9 2.7 2.8 10.8 1.5 (6.8) 1.9 2.2 ROE (%) n.a. 0.7 0.6 1.3 1.7 1.8 1.7 1.9 ROA (%) n.a. 6.3 3.3 5.3 1.5 (4.6) 0.5 1.4 Net D/E (x) n.a. 0.7 0.6 1.3 1.7 1.8 1.7 1.9 Interest coverage (x) 25.2 17.4 17.5 22.4 9.7 1.0 7.2 7.3 Debt service coverage (x) 25.2 17.4 0.4 0.5 0.4 0.0 0.3 0.3

Main Assumptions FY December 31 Unit 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 SSSG-Fashion (%) (0.9) (0.2) (6.4) (2.5) (28.0) (58.0) (22.0) (27.0) SSSG-Hardline (%) 0.5 (0.8) (4.2) (4.5) (3.0) (29.0) (8.0) (11.0) SSSG-Food (%) 3.5 2.9 1.7 1.5 3.0 (15.0) (13.0) (17.0) SSSG-Total (simple average) (%) 1.0 0.6 (3.0) (1.8) (9.3) (34.0) (14.3) (18.3) No of stores, ending (stores) 2,120 2,060 2,072 2,083 2,086 2,092 2,093 2,031 No of malls, ending (stores) 59 60 60 61 62 64 65 66

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Central Retail Corporation PCL

Key development & business strategies Strategic direction for long-term growth. Over the medium to long term, Thailand and Vietnam will be the main countries driving growth as they undergo economic recovery and leverage off CRC’s strong footprint. By business unit, food and hardline businesses will be primary segment growth drivers for business expansion, while the fashion segment will focus on store transformation and rejuvenation. To support long-term growth, CRC plans to accelerate business expansion of its high-growth hardline business in Thailand (Thai Wasadu, Bann and Beyond and Power Buy) and hypermarket business in Vietnam ( and GO!). It is working to optimize its supermarket business in Thailand ( and Central Food Hall) and Vietnam (Lanchi) and the department store in Italy (Rinascente). It aims to create more new business, such as a new supermarket format in Vietnam (GO! and Tops Supermarket). It will continue to transform the department store business in Thailand ( and Robinson Department Store) and restructure the convenience store business in Thailand (FamilyMart) and hardline business in Vietnam (Nguyen Kim). In the omnichannel, it will continue boost sales through adding products, extending existing channels and adding new ones and improving profitability through larger scale of sales and better management of more high- margin products and logistic costs. Figure 1: CRC’s strategic direction for each business format to support long-term growth

Source: Company data and SCBS Investment Research

Thailand (72% of sales in 2020): Expand market leadership. In Thailand’s highly fragmented retail market, CRC will continue to explore opportunities for mergers and acquisitions, joint ventures and partnerships in Thailand. Its target is to extend its leadership position through store optimization, network expansion and omnichannel integration to capture additional market share. Over the next five years, its priority is to expand upcountry, where its market penetration is still low, particularly since it has observed faster consumer spending growth upcountry than in and vicinity. Fashion business in Thailand (22% of sales in 2020): Department store transformation. After acquiring an additional stake in Robinson PCL to bring its holding up to 98% in early 2020 from 54% in 2019, CRC initiated a department store transformation plan, combining the strengths of Central and Robinson Department Store in 2020. Its key objectives are to serve customers better with clearer brand positioning, broader product assortment with the most appropriate brands offered in each location, improve gross margin by 1-1.2% by aligning commercial conditions of the common brands and reduce operating costs by about 20% p.a. by minimizing overlapping functions. It successfully rebranded two stores in Mega Bangna and UdornThani from Robinson Department Store into Central Department Store in July 2020 and October 2020, resulting in better sales and gross profit. It plans banner switching at another 4-5 locations in 2021-23F and expects synergies of Bt1.2bn within 2023F from better sales and gross margin, together with head office cost reduction. Of total synergies, one-third is expected to be realized in 2021F.

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Central Retail Corporation PCL

Figure 2: Department store transformation

Source: Company data and SCBS Investment Research

Store expansion, transformation and renovation plan. In 2021F, CRC targets to open three new department stores, consisting of two Robinson Lifestyle centers and a Robinson Department Store, in Banchang, Thalang, and Ayutthaya. In 2021F, it plans to transform two stores from Robinson Department Store into Central Department Store in Chonburi and Khonkaen. This year it also plans to renovate three Central Department stores in Bangkok - Chidlom, Ladprao and Rama II. The planned renovation will shift 10-15% of retail area into rental area in department stores, raise sales efficiency in retail space and enhance recurring income from rental space. Its rental area will increase from new space in two new Robinson Lifestyle centers and additional space from store renovation.

Food business in Thailand (26% of sales in 2020): Strengthening its existing platform. CRC views its existing multi-format platforms - Tops Super Store (hypermarket), Tops Market and Central Food Hall (supermarket), Tops Daily (small supermarket) and FamilyMart (convenience store) – as suitable for the food business in Thailand. It plans to strengthen all platforms this year. In 2020, it realized Bt1.8bn cost savings in items such as expenses related to logistics and distribution centers, shrinkage, utilities and head office costs via the optimization and transformation of its food business in Thailand, and it will continue to focus on cost optimization. It will undergo steady transformation and upgrade of stores by adding new and more youthful concepts, such as health, bakery and snack and beauty zones within stores. It targets to ramp up high-margin private brand sales to total sales to 10.3% in 2021F from 8.3% in 2020 through an increase in product variety in private brand products. Figure 3: Food business in Thailand – To strengthen existing platform with cost savings, transformation and innovative new concepts

Source: Company data and SCBS Investment Research

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Central Retail Corporation PCL

Figure 4: Adding new and youthful concepts within stores to create differentiating value proposition

Source: Company data and SCBS Investment Research

Synergy from acquisition of shares in Central FamilyMart Co., Ltd. On May 27, 2020, CRC announced that wholly owned subsidiary Central Food Retail Co., Ltd (CFR) entered into an agreement to acquire 49% of Central FamilyMart Co., Ltd (CFM), which is engaged in the convenience store business in Thailand, from FamilyMart Co., Ltd. (JFM), a Japanese joint venture that is divesting its investment in Thailand. After the transaction, CRC held 100% of CFM. JFM will continue to provide products and customer services and will fully support CFM in the expansion of the FamilyMart brand in Thailand. Based on information from Business Online, CFM had revenue of Bt15bn in 2019 with a net loss of Bt183mn. The acquisition of all CFM shares gives CRC authority to manage the FamilyMart franchise completely, leveraging its innovative stance to meet the needs of customers via becoming a lifestyle and food destination and increase potential by offering full-scale services through a customer-centric omnichannel platform. This year, CRC expects to optimize this format via adjustment of product assortment, i.e., high-margin ready-to-eat and private brands, adding a greater variety of snacks and beverages to match customer needs and drive traffic. It will continue to realize cost synergy with its small supermarket format in Thailand (Tops Daily) through shared procurement with common suppliers, integrated logistics management and a combined team for business development. It plans to increase sales of quick commerce (collaboration with Grab and PandaMart) and roll out LEX Lazada drop-off. Its long-term expansion strategy is to keep its focus on performing locations, such as tourist areas, and increase expansion via the franchise format. Figure 5: CRC’s 2021 key priorities for business adjustment in FamilyMart

Source: Company data and SCBS Investment Research

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Central Retail Corporation PCL

Store expansion plan. In 2021F, CRC targets to open 40 (Central Food Hall, Tops Market and Tops Daily) and targets the conversion of 100 FamilyMart stores into franchise stores.

Hardline business in Thailand (24% of sales in 2020) The acquisition of COL. On September 14, 2020, CRC’s board of directors approved the acquisition of COL PCL (COL), which is engaged in retail stationary, office equipment, books, entertainment media, and lifestyle products through “Office Mate” and “B2S” as well as distributing and providing advisory services in connection with e-books. This acquisition will be made by PBHD Limited, a CRC subsidiary, by means of a tender offer for all shares of COL, delisting from the SET, and an MOU for the acquisition of COL. After a 45-day tender offer for COL shares, PBHD acquired 638.2mn shares (99.73% stake) for Bt19/share, paying a total of Bt12.1bn as of February 5. In 2019, COL reported revenue of Bt10bn with net profit of Bt762mn. In 9M20, it had revenue of Bt6.7bn with net profit of Bt243mn. This transaction will make CRC’s retail business more comprehensive, in line with its strategy to be Thailand’s leading multi-category and multi-format retailing platform. The acquisition will extend CRC’s retail business to include a multitude of categories, from office supplies to stationery & books, lifestyle products and entertainment media and to a variety of store formats (specialty stores, with various retailing platforms, including offline and online stores and strong sales through call centers). The potential synergies with CRC will be found on both the revenue and cost sides. In terms of revenue synergy, it will not be able to engage in cross-selling, with a potential increase in business to business (B2B) sales at CRC’s retail banners such as Thai Watsadu and Power Buy off COL’s existing customer base and add opportunities to COL’s online presence under the banner “MEB” to leverage CRC’s platforms, such as the Central app and thereby cross-sell its products. In terms of cost synergy, CRC and COL will be able to manage business operations more efficiently through economies of scale, SKU rationalization, joint procurement, sharing staff across store operations and centralization of rental negotiations and renewal. Figure 6: COL integration to strengthen CRC’s hardline business

Source: Company data and SCBS Investment Research

Store expansion plan. CRC has been adding new Thai Wasadu stores at an increasing rate after just two in 2018, adding five in 2019 and four in 200; it has been satisfied with the results. CRC will continue to aggressively expand this format, targeting to open four new Thai Wasadu stores upcountry in 2021F. CRC also has a goal of raising high-margin private brand sales to Thai Wasadu sales to 19% in 2021F from 17% in 2020. It intends to continue to expand Power Buy stores, mainly upcountry, both the standard size that will operate within CRC’s new department stores and a mini size that will operate in other malls.

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Central Retail Corporation PCL

Vietnam (23% of sales in 2020): Leveraging Big C for growth. CRC plans to leverage Big C to boost its growth in Vietnam. Its plazas in Vietnam are anchored by Big C hypermarkets (some of which have been rebranded into GO!), with space leased to third-party stores and its own retail brands. CRC plans to adapt this business model to its other food store formats and adjust products on its shelves to meet customer needs. Nguyen Kim will also expand its standalone stores and shop-in-shops within Big C/GO! stores. It opened a new specialty retail store, “Hello Beauty”, a DIY home improvement store “LookKool” and a home appliance shop- in-shop “Home Mart” at Big C/GO! stores. Food business in Vietnam (17% of sales in 2020) New store format launched in Vietnam to capture multi-segment grocery market. With large market potential and low penetration rate by food retailers in Vietnam, CRC will continue to expand its large hypermarket store format - Big C/GO! (more than 4,000 sq.m.) in all provinces and Lanchi Mart (more than 2,000 sq.m.) in rural areas, currently just in North Vietnam. With market opportunities provided by the new supermarket format and its business expertise, it has created a new food business - GO! Supermarket (2,000 sq.m.), which it plans to expand in rural areas, and Tops Supermarket (1000-2000 sq.m.), with expansion concentrated in urban areas. In August 2020, it launched its first new GO! Supermarket and plans to add more in 2021F. It will introduce Tops Supermarket this year via adding new stores and by conversion from Big C hypermarkets in some cities; this format will lead to more omnichannel sales, i.e., from the Tops app. Figure 7: Mutli-format food business in Vietnam to capture the full potential of the grocery market in both urban and rural areas

Source: Company data and SCBS Investment Research

Ample room for store expansion in the long term. Vietnam’s high-growth and under- penetrated market is encouraging CRC to expand its store network from 66 hypermarkets and supermarkets in 29 provinces in Vietnam in 2020 to more than 300 stores to blanket 55 provinces in Vietnam within 2025F.

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Central Retail Corporation PCL

Figure 8: Focus on the potential of food and lifestyle malls under BigC/GO! brand

Source: Company data and SCBS Investment Research

Store rebranding and expansion. CRC began rebranding its hypermarket stores from “Big C” to “GO!” in 2019. After rebranding, the hypermarket slotted more retail area into rental area. This was accompanied by store modernization that allowed it to raise rental rate, thereby raising rental income via more space and higher rental rate. It plans to rebrand eight hypermarkets in 2021F. If it can rebrand 5-8 hypermarkets each year, it expects to complete the rebranding of all stores within 2023F. In 2021F, CRC plans to open four GO! malls and hypermarkets. After the good response to its first GO! Supermarket (focus on rural areas) in August 2020, it targets ten new GO! Supermarkets in 2021F. For the new Tops Supermarket format (focus on urban areas), it targets three new stores and seven stores converted from Big C in 2021F. Its rental area will by increased by the new space at the four new GO! malls and the space added by store rebranding.

Hardline business in Vietnam (6% of sales in 2020) Nguyen Kim business restructuring. CRC consolidated Nguyen Kim’s operations since June 2019 after acquiring 100% of this entity. It then restructured Nguyen Kim’s business model to match its own long-term growth strategy. Adhering to its business turnaround plan, it will continue to adjust product and pricing strategies (reducing price promotions), working on after-sales service. It will optimize cost structure further by changing to centralizing cost management at the head office rather than each store being responsible for its own cost management. It will continue to adjust store format, closing non-performing stores and rolling out the new store concept to modernize and promote the omnichannel experience. New store expansion is not its priority in the near term. It will shift sales growth by focusing more on e-commerce, via developing nationwide delivery capabilities, improving online marketing, working with suppliers to improve online margin and deals and improving its e-commerce platform. Price maximization, improved supplier relationships and a revised merchandise mix has brought an observable rise in margin since 3Q20. CRC expects to complete its turnaround plan this year.

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Central Retail Corporation PCL

Figure 9: Nguyen Kim business turnaround strategy Figure 10: Nguyen Kim’s new store concept

Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Italy (5% of sales in 2020): Optimization in the fashion business. CRC intends to optimize its Rinascente department store in Italy by ensuring shoppers enjoy their shopping experience and will achieve this through continued store renovation and better brand selection, including more luxury and affordable luxury brands. It does not plan to add new stores this year. In 2021F, it plans to renovate three stores: Rome, Milan and Florence. It will also put greater emphasis on the omnichannel platform in Italy. After launching a new Rinascente website in June 2020, it plans to expand in “marketplace” offerings (in which it features a selection of new brands that are not yet available in its stores but will be available on its website via its mobile app) to increase product variety and expand its customer base in 2021F.

Omnichannel sales (9.5% of sales in 2020): To accelerate sales further. Its omnichannel platform differs from other online marketplaces, as it is a combination of seamless online and offline shopping, fostering interactions with customers and reinforcing the quality and credibility of its merchandise and services. COVID-19 has accelerated the jump by consumers onto the omnichannel platform, lifting omnichannel sales to total sales to 9.5% in 2020 (vs pre COVID-level of 3% in 2019). This increased to 13% in 2Q20 during store closures and dropped to 9.5-10% in 2H20 after stores reopened but remained higher than pre-COVID level. CRC targets raising this portion to 15% by end-2021F and 20% by end-2023F by offering more products, expanding existing channels and adding new channels. It also hopes to improve profitability by a larger scale of sales and better management of high-margin products and logistics costs, such as selecting the most competitive logistic providers and expanding product collections at its stores. Key developments for its omnichannel platform in 2020 and plans for 2021F are given below. Thailand CRC upgraded its Tops Supermarket app in 2Q20, launched new omnichannel services such as chat & shop and Facebook Live in 2Q20, set up a new website for Thai Wasadu in 3Q20 and launched an app for its fashion unit (combining products from Central and Robinson department stores) in 4Q20. In 2021F, for its food business, CRC plans to increase home delivery from its hypermarkets and supermarkets by collaboration with partners GrabMart and PandaMart and make all its stores into omnichannel hubs. It plans to expand one-hour delivery to 10 provinces and launch Central Food Hall applications. For the hardline and fashion arenas, it plans to offer hardline and fashion products within the same application. It will continue to increase sales by broadening the variety of offerings through its omnichannel platform. Vietnam. CRC formed an online partnership and set up a home delivery platform for its food business in 2Q20. In 2021F, it plans to introduce a Tops app and a Big C/GO! Hyper app in March-May, start Big C/GO! Hyper delivery services in June and launch a social commerce platform on Facebook in July. It also plans to add more products via omnichannel platforms and increase the number of stores that will support online delivery. Italy. CRC successfully launched an e-commerce website in June 2020. In 2021F, it plans to launch a “marketplace” to increase product variety in luxury brands and also introduce international shipping to sign on new customers. Thu, Mar 11, 2021 11

Central Retail Corporation PCL

Figure 11: CRC’s interconnected omnichannel Figure 12: 2020’s key omni channel achivement platform

Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Figure 13: Portion of sales from omnichannel to total Figure 14: Target to raise the portion of sales from CRC’s sales in 1Q20-4Q20 omnichannel to total CRC’s sales over the next 3 years 25.0 25.0 (%) % online sales - Total (%) % online sales - Total 20 20.0 20.0 +262% YoY 15 +190% YoY 15.0 13.0 +175% YoY 15.0 9.5 +61% YoY 10.0 9.5 10.0 10.0

4.0 5.0 2.1 3.0 5.0 1.1 1.3 0.0 0.0 2016 2017 2018 2019 2020 end- end- 1Q20 2Q20 3Q20 4Q20 2021F 2023F

Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

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Earnings outlook Earnings turnaround in 2021F. We expect CRC’s core earnings to turnaround to Bt4.2bn in 2021F from -Bt909mn in 2020 on stronger revenue and margin. We look for a 13% YoY increase in total revenue from sale of goods and rental and rendering services, backed by 8% growth off 2020’s low COVID-hit base plus continued expansion in new stores and plazas and another 5% growth contribution by the completion of the consolidation of COL in February 2021. We expect EBIT margin to expand 340bps YoY, with wider gross margin (+160bps YoY) from both higher sales of goods and rental and rendering services, and better control of SG&A expenses (-180bps YoY). Figure 15: Expect earnings turnaround in 2021-23F

14.0 (Bt bn) Core earnings 12.0 Extra items 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) 2018 2019 2020 2021F 2022F 2023F Source: Company data and SCBS Investment Research

Revenue from sale of goods. We expect revenue from sale of goods to grow 13% YoY to Bt196bn in 2021F, backed by a revival in SSS growth, off last year’s COVID-19-led contraction, continued store expansion and the completion of consolidation of COL in February 2021.  SSS growth. Off last year’s COVID-hit base in both Thailand and Italy, in 2021F, we expect total SSS (simple average) to turn up to growth of 3% YoY (vs -19% YoY in 2020). In the fashion unit, we expect SSS to grow 3.5% YoY (vs -34% YoY). In the hardline unit, we expect SSS to grow 3.5% YoY (vs -13% YoY). In the food unit, we expect SSS to grow 2% YoY (vs -10% YoY). Note that we do not yet expect SSS growth to return to pre-COVID level because of the continued low number of tourists and business restructuring at Nguyen Kim in Vietnam and FamilyMart in Thailand  Store expansion. At end-2021F, we expect net saleable area to grow to 3.2mn sq.m. (+4% YoY) and total number of stores to expand to 2,062 (+1.5% YoY). We have included the opening of three Robinson Department stores, four Thai Wasadu stores, 15 Tops Supermarkets in Thailand, and 9 hypermarkets and supermarkets in Vietnam in 2021F.  Consolidation of COL. On February 5, CRC completed the acquisition of COL, raising its stake in COL to 99.73%. COL revenue was Bt10bn in 2019 and Bt6.7bn in 2020. Taking into account the consolidation of COL from February onwards, we estimate COL to contribute revenue growth of 5% YoY to CRC’s 2021F growth.

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Figure 16: Revenue from sale of goods on the rise Figure 17: Portion of revenue from sale of goods broken down by business

300 (Bt bn) 120 (%) Revenue from sales of goods Fashion Hardline Food 250 100 3‐yr CAGR = 10% p.a. 200 80 43.4 41.2 43.1 40.9 41.1 41.5

150 60 232 21.9 25.9 100 195 196 215 30.2 33.4 32.9 32.9 181 173 40 50 20 34.8 32.9 26.7 25.7 25.9 25.7 0 0 2018 2019 2020 2018 2019 2020 2021F 2022F 2023F 2021F 2022F 2023F Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Figure 18: SSS growth to revive off 2020’s low base

30 (%) 20 SSSG - Total, simple avg SSSG - Fashion SSSG - Hardline SSSG - Food

10 4 6 4 1 1 2 2 3 4 4 2 333 3 3 0 (0.2) (1) (10) (3)(2) (10) (20) (13) (19) (30) (40) (34) 2018 2019 2020 2021F 2022F 2023F Source: Company data and SCBS Investment Research

Figure 19: Net saleable area broken down by Figure 20: Number of stores broken down by business business unit unit

5.0 (Mn sqm, 3,500 (Stores, Fashion Hardline Food ending) Fashion Hardline Food ending) 3,000 4.0 3‐yr CAGR = 4% p.a. 3‐yr CAGR = 3% p.a. 2,500 0.78 3.0 0.68 0.73 0.66 0.63 0.64 2,000 2.0 1.34 1,500 1,449 1,248 1,202 1,226 1,300 1,374 1.07 1.11 1.16 1.22 1.28 1,000 1.0 219 234 239 243 247 251 1.25 1.27 1.27 1.29 1.30 1.31 500 556 601 590 593 595 597 0.0 0 2018 2019 2020 2018 2019 2020 2021F 2022F 2023F 2021F 2022F 2023F Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Revenue from rental and rendering services. We expect growth of revenue from rental and rendering services of 17% YoY to Bt7.9bn in 2021F, undergirded by a revival in occupancy and rental rates off last year’s low COVID base and continued plaza expansion.  Occupancy and rental rates. In 2021F, we expect occupancy rate for rental area to expand to 91% from 90.4% in 2020. We also expect a higher rental rate YoY without last year’s waiver of rents during store closures and a narrower rent discount for tenants.  Net leasable area. At end-2021F, net leasable area is expected to rise to 670K sq.m. (+11% YoY) and number of plazas to rise to 72 (+9% YoY). We have included the opening of two Robinson Lifestyle centers in Thailand and four GO! malls in Vietnam in 2021F.

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Figure 21: Revenue from rental and rendering Figure 22: Rental area occupancy rate services to improve in 2021-23F

14 (Bt bn) 100 (%) Revenue from rental & rendering services Occupancy rate 12 10 3‐yr CAGR = 15% p.a. 95

8 90 6 10.3 9.2 93.6 4 7.8 8.7 7.9 93.0 92.0 6.8 85 90.4 91.0 91.5 2

0 80 2018 2019 2020 2018 2019 2020 2021F 2022F 2023F 2021F 2022F 2023F Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research Figure 23: Net leasable area to be raised by Figure 24: Number of plazas to grow in 2021-23F additional rental space

1.0 (Mn sqm, 120 (Plazas, NLA Retail plazas 0.9 ending) ending) 100 0.8 3‐yr CAGR = 9% p.a. 3‐yr CAGR = 8% p.a. 0.7 80 0.6 60 0.5 0.72 0.77 40 82 0.67 72 77 0.4 0.60 61 66 0.51 0.55 59 0.3 20

0.2 0 2018 2019 2020 2018 2019 2020 2021F 2022F 2023F 2021F 2022F 2023F Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Gross margin. We expect gross margin to widen to 26.6% in 2021F (+160bps YoY) on better margin from both sale of goods and rental and rendering services.  Gross margin from sale of goods. We expect gross margin from sale of goods to widen to 24.8% (+160bps YoY) from a better margin YoY at all business units. High-margin products will grow in tandem with the economy, more high-margin private brands, better management of price promotions and shrinkage and obsolescence and better margin brought by business adjustments - department store transformation in Thailand, business restructuring for FamilyMart in Thailand and Nguyen Kim in Vietnam, and business consolidation with higher margin contribution from COL. Note that COL had a gross margin of 34% in 2019 (vs CRC’s gross margin of 27% from the sale of goods) and 33% in 9M20 (vs 23% at CRC).  Gross margin at rental and rendering services. We expect gross margin at rental and rendering services to widen to 72.5% (+60bps YoY), in tandem with improved occupancy and rental rates. EBIT margin. We expect EBIT margin to widen to 4.2% in 2021F (+340bps YoY), boosted by a wider gross margin (+160bps YoY) and lower SG&A/sales (-180bps YoY). We expect SG&A expenses to grow 7% YoY, increasing at a slower pace than sales (+13% YoY) from continued cost control and cost savings provided by business adjustment. CRC will continue to combine purchasing for similar suppliers to improve trade terms, combine teams with similar functions, centralize rent negotiation and engage in joint logistics.

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Figure 25: Gross margin breakdown by business Figure 26: EBIT margin on the rise

100 (%) GPM - Total 60 (%) 90 GPM from sales of goods GPM SG&A/sales EBIT margin 50 80 GPM from rental and rendering services 70 40 75.3 74.8 72.5 73.0 73.5 31.8 31.9 60 71.9 30.4 30.1 29.6 29.3 30 50 30.0 29.0 27.2 40 30.0 29.0 20 25.0 26.6 27.0 25.0 26.6 27.0 27.2 30 10 6.1 6.0 4.2 5.1 5.6 20 28.1 27.0 0.8 23.2 24.8 25.0 25.2 10 0 2018 2019 2020 2018 2019 2020 2021F 2022F 2023F 2021F 2022F 2023F Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Valuation Initiate as Outperform. We initiate CRC as Outperform with next-12-month DCF TP of Bt47, assuming WACC of 8.4% and perpetual growth of 2.5%. Key risks are industry competition, changes in consumer behavior and foreign currency risk. Figure 27: DCF-based fair value calculation Bt mn PV of forecast 10-year FCF 140,419 PV of terminal value 244,988 Enterprise value 385,407 Subtract: Net debt (cash) 101,802 Equity value 283,605 No. of shares (mn shares) 6,031 DCF value (Bt/share) 47.0 Source: SCBS Investment Research

Figure 28: CRC’s historical PE band Figure 29: CRC’s historical EV/EBITDA band

PE (x) PE Band — CRC EV/EBITDA (x) EV/EBITDA Band —CRC 1500 20.0 +2SD = 1010x 1000 18.0 +2SD = 17.6x +1S D =600x 16.0 +1SD = 15.6x 500 Avg.= 190x 14.0 Avg. = 13.6x

0 12.0 -1SD = -220x -1SD = 11.6x 10.0 -500 -2SD = -630x -2SD = 9.6x 8.0 -1000 6.0 Apr-20 Oct-20 Apr-21 Oct-21 Jun-20 Jun-21 Feb-20 Feb-21 Dec-20 Dec-21 Aug-20 Aug-21 Apr-20 Oct-20 Apr-21 Oct-21 Jun-20 Jun-21 Feb-20 Feb-21 Dec-20 Dec-21 Aug-20 Aug-21 Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

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Figure 30: Global retailer peers (as of March 10) Core PE Core EPS PBV ROE EV/ Mkt Cap (x) Growth (%) (x) (%) EBITDA (x) Company name Country (US$ mn) 21F 22F 21F 22F 21F 22F 21F 22F 21F 22F Home Improvement 24.3 18.2 37.6 19.8 2.5 2.2 11.7 11.7 12.1 10.8 Suning.com Co Ltd China 10,631 86.4 36.1 200.0 139.5 0.8 0.8 0.5 1.8 19.3 14.6 Ace Hardware Indonesia Tbk PT Indonesia 1,909 26.7 22.8 33.3 17.3 4.7 4.1 18.4 19.3 18.7 16.4 Nitori Holdings Co Ltd Japan 20,273 22.8 21.2 10.7 7.4 3.1 2.7 14.4 13.6 12.0 11.4 DCM Holdings Co Ltd Japan 1,667 9.1 9.5 (10.3) (4.4) 0.7 0.7 8.0 7.3 6.6 6.7 Komeri Co Ltd Japan 1,419 8.6 8.7 (1.4) (1.3) 0.7 0.6 8.1 7.4 4.6 4.6 Arcland Sakamoto Co Ltd Japan 621 8.1 6.5 68.1 24.6 0.8 0.7 10.4 11.9 10.4 7.0 Kingfisher PLC Britain 8,388 10.8 12.4 n.a. (13.5) 1.0 1.2 9.4 7.5 5.1 5.5 Home Depot Inc/The United States 285,256 21.2 19.7 8.0 7.5 n.m. n.m. n.a. n.m. 14.7 14.0 Costco Wholesale Corp United States 141,109 31.7 29.3 11.2 8.0 8.1 6.8 24.7 24.9 17.7 16.4 Lowe's Cos Inc United States 121,339 17.7 15.7 18.7 12.7 n.m. n.m. n.m. n.m. 12.1 11.4

Convenience Store / Food Retail 19.3 17.1 23.6 11.3 3.1 2.9 16.6 16.9 8.5 8.0 Inc Japan 4,991 31.2 25.2 50.6 23.5 2.0 2.0 6.4 8.1 5.1 4.9 Seven & i Holdings Co Ltd Japan 36,289 16.5 15.3 40.2 7.7 1.4 1.3 8.5 8.6 5.2 4.7 Valor Holdings Co Ltd Japan 1,223 10.1 9.7 14.9 4.3 0.9 0.8 9.0 8.7 5.0 4.9 Dairy Farm International Holdings Ltd Hong Kong 6,332 20.3 16.1 32.2 26.5 4.6 4.0 24.2 26.9 16.5 14.9 President Chain Store Corp Taiwan 10,090 26.0 24.0 7.4 8.3 7.4 7.0 28.9 29.9 12.6 12.1 Co/The United States 26,236 11.8 12.1 (3.6) (2.6) 2.5 2.3 22.7 19.4 6.3 6.3

Hypermarket / Supermarket 23.6 16.6 56.9 19.6 1.5 1.5 9.1 9.9 6.8 6.8 New Huadu Supercenter Co Ltd China 439 8.9 7.9 20.5 12.8 n.a n.a n.a. n.a. n.a. n.a. BeijingHualian Hypermarket Co Ltd China 385 25.1 n.a. 7.1 n.m. 0.9 n.a 3.5 n.a. 3.3 n.a. Aeon Co Ltd Japan 25,114 132.9 65.1 327.3 104.2 2.6 2.5 2.6 4.7 9.4 8.6 Seven & i Holdings Co Ltd Japan 36,289 16.5 15.3 40.2 7.7 1.4 1.3 8.5 8.6 5.2 4.7 E-MART Inc South Korea 4,344 14.5 12.2 (6.1) 19.4 0.5 0.5 3.5 4.1 8.0 7.6 Puregold Price Club Inc Philippines 2,135 13.4 11.5 7.3 17.0 1.4 1.3 11.1 11.5 6.9 6.3 SA France 13,989 10.6 9.6 66.2 10.3 1.0 1.0 11.1 11.0 5.6 5.2 Casino Guichard Perrachon SA France 3,380 12.1 10.6 161.9 14.2 0.5 0.5 5.2 6.4 6.9 6.4 PLC Britain 23,755 12.1 10.3 40.8 17.4 1.1 1.0 10.4 10.9 7.1 6.7 J Sainsbury PLC Britain 7,131 12.7 11.0 64.0 15.6 0.7 0.7 5.3 6.4 5.2 4.9 Wm Morrison Supermarkets PLC Britain 5,861 13.4 11.8 12.7 13.8 0.9 0.9 7.1 7.6 6.6 6.3 Walmart Inc United States 364,667 23.3 22.1 0.8 5.5 4.3 4.2 18.7 18.6 11.7 11.4 Kroger Co/The United States 26,236 11.8 12.1 (3.6) (2.6) 2.5 2.3 22.7 19.4 6.3 6.3

Department Store 20.9 20.4 137.0 86.8 1.0 1.0 6.5 6.6 13.6 11.4 Lotte Shopping Co Ltd South Korea 3,275 23.4 13.6 120.6 72.2 0.4 0.4 1.7 2.8 10.2 9.8 Shinsegae Inc South Korea 2,526 14.6 10.7 436.2 37.0 0.7 0.7 5.5 7.1 10.2 9.5 Hyundai Department Store Co Ltd South Korea 1,836 10.9 8.7 177.2 24.6 0.5 0.4 4.4 5.2 7.0 6.2 Golden Eagle Retail Group Ltd China 1,508 8.6 7.7 38.0 11.6 1.2 1.1 15.7 16.0 4.3 4.0 CapitaLand Ltd Singapore 12,684 14.9 13.0 171.0 15.0 0.7 0.7 5.8 6.6 17.7 16.3 SM Prime Holdings Inc Philippines 21,350 34.5 25.5 66.5 35.5 3.1 2.8 9.1 11.4 22.3 17.6 Isetan Mitsukoshi Holdings Ltd Japan 3,079 n.a. 69.3 65.5 138.0 0.7 0.7 n.m. 0.8 n.a. 12.0 J Front Retailing Co Ltd Japan 2,845 40.2 15.6 191.7 158.3 0.8 0.8 2.2 5.5 16.8 10.9 Marui Group Co Ltd Japan 4,443 20.3 17.0 21.5 19.6 1.5 1.5 7.5 8.6 20.5 18.6 Takashimaya Co Ltd Japan 2,001 n.a. 23.4 82.1 356.3 0.5 0.5 n.m. 2.2 13.7 8.8

Thailand Modern Trade 31.1 25.9 943.4 19.4 4.6 4.2 15.4 16.6 17.3 15.5 CP ALL PCL Thailand 19,120 31.8 26.2 14.9 21.6 5.5 4.8 17.7 19.2 17.7 15.9 Home Product Center PCL Thailand 6,239 31.7 28.9 17.9 9.8 8.3 7.8 26.8 27.9 18.5 17.0 Siam Makro PCL Thailand 6,083 26.1 23.5 9.1 11.0 7.6 6.7 31.4 31.0 15.1 13.9 Siam Global House PCL Thailand 3,125 38.1 32.7 28.9 16.6 5.2 4.7 14.1 15.0 24.5 21.4 Berli Jucker PCL Thailand 5,014 26.8 22.6 43.6 18.8 1.3 1.2 4.9 5.5 15.0 14.0 Central Pattana PCL Thailand 8,136 25.9 22.1 1.6 17.0 3.1 2.9 13.2 13.8 17.4 15.5 Dohome PCL Thailand 1,433 41.6 34.8 44.0 19.5 5.6 5.0 13.6 15.0 25.8 22.2 Index Livingmall PCL Thailand 238 14.5 12.6 20.5 15.0 1.4 1.3 9.8 10.6 7.7 7.5 Central Retail Corp PCL Thailand 7,202 43.7 30.0 8,310.0 45.9 3.7 3.4 7.5 11.0 14.0 11.6 Average 24.2 19.6 235.8 32.8 2.4 2.2 11.5 11.8 11.6 10.5 Source: Bloomberg and SCBS Investment Research

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Appendix. Total revenue breakdown. Of total revenue in 2020, 96% came from sale of goods, 3% from rental services and 1% from other services. Figure 31: Revenue breakdown by type of business in 2020 Revenue from rendering of Revenue from services, 1% rental services, 3%

Revenue from sales of goods, 96%

Source: Company data and SCBS Investment Research

Revenue from sale of goods breakdown. By country, of revenue from sale of goods in 2020, 72% came from Thailand, 23% from Vietnam and 5% from Italy. By business unit, CRC’s business has three main segments: fashion, hardline and food. Of revenue from the sale of goods in 2020, 43% came from the food segment in Thailand and Vietnam, 27% from the fashion segment in Thailand and Italy, and 30% from hardline segment in Thailand and Vietnam. In each segment, CRC offers a variety of retail brands to suit store location and traffic demographics. Details are below.  Food segment. This deals with the sale of consumer products and general products carried by supermarkets, hypermarkets and convenience stores and is made up of: 1) supermarkets in Thailand (Tops and Central Food Hall); 2) convenience stores in Thailand (FamilyMart); 3) hypermarkets in Vietnam (Big C which is rebranding as GO! and Lanchi Mart).  Fashion segment. Here the main focus is on clothes and accessories. This business consists of: 1) department stores in Thailand (Central Department Store, Robinson Department Store and Robinson Lifestyle Center) and in Italy (Rinascente); 2) exclusive distribution and licensee for fashion and beauty products sold in department stores and branded shops in Thailand (CMG); 3) specialty sport retailing in Thailand (Supersport).  Hardline segment. This segment deals with electronics and home decor and home improvement products, including: 1) specialty retailing of electronics and appliances in Thailand (Power Buy) and Vietnam (Nguyen Kim); 2) specialty retailing of items for home improvement in Thailand (Thai Watsadu and Baan & Beyond). Figure 32: Revenue from sale of goods broken down by country in 2020

Italy, 5%

Vietnam, 23%

Thailand, 72%

Source: Company data and SCBS Investment Research

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Figure 33: Revenue from sale of goods broken down by business segment in 2020 Revenue from sale of Hardline unit goods breakdown Foo d unit Electronics & Appliances Supermarkets Hardline, 30% Food, 43%

DIY Home Improvements Hypermarkets Fashion, 27%

Fashion unit Department stores Hardline in Vietnam, 6% Convenience stores Food in Hardline in Thailand, 26% Thailand, 24%

Department Food in stores in Italy, Sports specialty retailers Vietnam, # Market postion in category based 5% 17% on sales in 2018 Department stores and sport Market share in category in 2018 speciatly in Thailand, 22%

Source: Company data and SCBS Investment Research

Store breakdown. By country, at end-2020, CRC operated 2,031 stores consisting of 1,898 stores in Thailand (93.5%), 124 stores in Vietnam (6.1%), and 9 stores in Italy (0.4%). By business unit, of its 2,031 stores, 1,202 (59%) were in the food segment, 590 (29%) in the fashion segment and 239 (12%) in the hardline segment. Details are below.  Food segment. It had 298 stores in the Tops and Central Food Hall formats in Thailand, 901 FamilyMart convenience stores in Thailand, 65 hypermarket stores in Vietnam (41 Big C stores, partially rebranded as GO!, and 24 Lanchi Mart stores).  Fashion segment. It had 70 department stores in Thailand (Central Department Store, Robinson Department Store and Lifestyle Centers), 508 specialty shops (Supersport and CMG), and 9 Rinascente Department Stores in Italy.  Hardline segment. It had 60 specialty home improvement stores in Thailand (Thai Watsadu and Baan & Beyond), 120 specialty electronics and appliance stores in Thailand (Power Buy) and another 59 stores in Vietnam (Nguyen Kim). Figure 34: Breakdown of number of stores by Figure 35: Breakdown of number of stores by business country at end-2020 unit at end-2020

Hardline, Vietnam, Italy, 0.4% 12% 6.1%

Fashion, 29% Food, 59%

Thailand, 93.5%

Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

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Omnichannel sales. In 2020, omnichannel sales contributed 9.5% of CRC’s overall sales, 12% of its sales in Thailand and 4% of sales in Vietnam and Italy. Of total omnichannel sales, 88% were from Thailand, 9% from Vietnam and 3% from Italy. By business unit, 64% came from the fashion unit, 26% from the hardline unit and 10% from the food unit. Figure 36: Proportion of sales from omnichannel to Figure 37: Sales from omnichannel broken down by total sales country in 2020 14.0 (%) % online sales - Total 12 Italy, 3% 12.0 % online sales - Thailand Vietnam, 9% 10.0 % online sales - Vietnam 9.5 % online sales - Italy 8.0

6.0 44 4.0 3.03.2 2.11.8 1.3 2.0 1.10.7 1.0 0.0 Thailand, 2016 2017 2018 2019 2020 88%

Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Figure 38: Sales from omnichannel broken down by Figure 39: Thailand omnichannel sales contribution by business unit in 2020 channel in 2020

E-ordering, Food, 10% 7%

New channels Hardline, (i.e. social media 26% platform), 33%

Online (web & app), Fashion, 60% 64%

Source: Company data and SCBS Investment Research Source: Company data and SCBS Investment Research

Figure 40: Breakdown of CRC’s omnichannel services Omnichannel Orders Sales Delivery Details platform made by channel method 1 Web store Clients Client's Delivered to CRC operates web stores that allow customers to browse, select and purchase directly devices destinations/ from websites and mobile applications offered by some of its retail brands, with a stores selection not limited to the merchandise available at a particular store location. 2 Chat & Shop, Clients Client's Delivery to CRC operates an instant messaging service (hosted by the social networks “LINE”, Rinascente ON devices destinations/ “WeChat” and “WhatsApp”) that allows customers to shop via texting with the DEMAND stores assistance of a sales associate. Customers can pick up their purchases at store locations or request delivery through GrabBike. 3 E-ordering Sales Stores Delivery to E-ordering is an in-store service in which sales associates are provided tablets, mobile associates destinations/ devices and other online resources that enable them to respond quickly to in-store stores customer queries and give customers access to products that may not be available at that location. 4 Click & Delivery Clients Client's Delivery to Click & Delivery allows customers to make purchases online, pay online or upon devices destinations delivery and have the merchandise delivered to them at home. 5 Reserve & Clients Client's Delivery to Reserve & Collect allows customers to reserve their items online and collect and pay for Collect devices stores the items in-store. Customers are able to use promotions and inspect or try on their desired items at stores before making the decision to purchase. For items that are stocked in the store, it aims to have customer orders ready for pickup within two hours. Orders are held for up to 48 hours after the customer is notified that an order is ready. 6 Click & Collect Clients Client's Delivery to Click & Collect allows customers to make purchases online then collect the items at devices stores or their preferred store or collection point at certain stations on Bangkok’s BTS rail collection network. This service accommodates customers who prefer to buy products that have points limited-time promotions and for customers who live or work near one of its locations. The merchandise will be delivered there, at no additional cost, within two to three days in Bangkok, three to five days upcountry, and seven days for Power Buy nationwide. The customer’s visit also presents an opportunity for its associates to offer other merchandise. Source: Company data and SCBS Investment Research Thu, Mar 11, 2021 20

Central Retail Corporation PCL

Revenue from rental services. CRC operates rental services through rental space in its stores (such as Thai Watsadu and Baan & Beyond) and owned plazas (Robinson Lifestyle Center in Thailand, Tops plazas in Thailand and Big C plazas in Vietnam). Plaza space is taken up by its retail stores (department stores, supermarkets, hypermarkets and other owned retail brands) and other types of tenants. Of total rental revenue in 2020, 69% came from the fashion unit, 25% from the food unit and 6% from the hardline unit. At end 2020, it had 66 plazas, consisting of 24 Robinson Lifestyle Center plazas in Thailand, 5 Tops plazas in Thailand, and 37 Big C and GO! plazas in Vietnam. Figure 41: Revenue from rental services broken down by business segment in 2020

Hardline, 6%

Food, 25%

Fashion, 69%

Source: Company data and SCBS Investment Research

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Central Retail Corporation PCL

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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, , 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, AI, AIE, AIRA, AKP, AMA, AMANAH, AP, AQUA, ARROW, ASK, ASP, AYUD, B, BAFS, 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, COL, COM7, CPALL, CPF, CPI, CPN, CSC, DCC, DELTA, DEMCO, DIMET, DRT, DTAC, DTC, EASTW, ECL, EGCO, FE, FNS, FPI, FPT, FSS, FTE, GBX, GC, GCAP, GEL, GFPT, GGC, GJS, GPSC, GSTEEL, GUNKUL, HANA, HARN, HMPRO, HTC, ICC, ICHI, IFS, INET, INSURE, INTUCH, IRPC, ITEL, IVL, K, KASET, KBANK, KBS, KCAR, KCE, KGI, KKP, KSL, KTB, KTC, KWC, L&E, LANNA, LHFG, LHK, LPN, LRH, M, MAKRO, MALEE, MBAX, MBK, MBKET, MC, MCOT, MFC, MFEC, MINT, MONO, MOONG, MPG, MSC, MTC, MTI, NBC, NEP, NINE, NKI, NMG, NNCL, 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, SABINA, SAT, SC, SCB, SCC, SCCC, SCG, SCN, SEAOIL, SE-ED, SELIC, SENA, SGP, SIRI, SITHAI, SMIT, SMK, SMPC, SNC, SNP, SORKON, SPACK, SPC, SPI, SPRC, SRICHA, SSF, SSSC, SST, STA, SUSCO, SVI, SYNTEC, TAE, TAKUNI, TASCO, TBSP, TCAP, TCMC, TFG, TFI, TFMAMA, THANI, THCOM, THIP, THRE, THREL, TIP, TIPCO, TISCO, TKT, TMB, TMD, TMILL, TMT, TNITY, TNL, TNP, TNR, TOG, TOP, TPA, TPCORP, TPP, TRU, TRUE, TSC, TSTH, TTCL, TU, TVD, TVI, TVO, TWPC, U, UBIS, UEC, UKEM, UOBKH, UWC, VGI, VIH, VNT, WACOAL, WHA, WHAUP, WICE, WIIK, XO, ZEN Declared (ประกาศเจตนารมณ์) 7UP, ABICO, AF, ALT, AMARIN, AMATA, AMATAV, ANAN, APURE, B52, BKD, BM, BROCK, BUI, CHO, CI, COTTO, DDD, EA, EFORL, EP, ERW, ESTAR, ETE, EVER, FSMART, GPI, ILINK, IRC, J, JKN, JMART, JMT, JSP, JTS, KWG, LDC, MAJOR, META, NCL, NOBLE, NOK, PK, PLE, ROJNA, SAAM, SAPPE, SCI, SE, SHANG, SINGER, SKR, SPALI, SSP, STANLY, SUPER, SYNEX, THAI, TKS, TOPP, TRITN, TTA, UPF, UV, WIN, ZIGA N/A 3K-BAT, A, A5, AAV, ABM, ACAP, ACC, ACE, ACG, ADB, AEC, AEONTS, AFC, AGE, AH, AHC, AIT, AJ, AJA, AKR, ALL, ALLA, ALUCON, AMC, AOT, APCO, APCS, APEX, APP, AQ, ARIN, ARIP, AS, ASAP, ASEFA, ASIA, ASIAN, ASIMAR, ASN, ATP30, AU, AUCT, AWC, BA, BAM, BC, BCT, BDMS, BEAUTY, BEC, BEM, BFIT, BGT, BH, BIG, BIZ, BJC, BLAND, BLISS, BOL, BR, BSM, BTNC, BTW, CAZ, CBG, CCET, CCP, CGD, CHARAN, CHAYO, CHG, CITY, CK, CKP, CMAN, CMO, CMR, CNT, COLOR, COMAN, CPH, CPL, CPR, CPT, CPW, CRANE, CRC, CRD, CSP, CSR, CSS, CTW, CWT, D, DCON, DHOUSE, DOD, DOHOME, DTCI, DV8, EASON, ECF, EE, EKH, EMC, EPG, ESSO, ETC, F&D, FANCY, FLOYD, FMT, FN, FORTH, FVC, GENCO, GIFT, GL, GLAND, GLOBAL, GLOCON, 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, 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, METCO, MGT, MICRO, MIDA, MILL, MITSIB, MJD, MK, ML, MM, MODERN, MORE, MPIC, MVP, NC, NCAP, NCH, NDR, NER, NETBAY, NEW, NEWS, NEX, NFC, NOVA, NPK, NRF, NTV, NUSA, NVD, NYT, OHTL, OISHI, OR, OSP, OTO, PACE, PAE, PAF, PERM, PF, PICO, PIMO, PJW, PMTA, POLAR, POMPUI, PORT, POST, PPM, PR9, PRAKIT, PRAPAT, PRECHA, PRIME, PRIN, PRO, PROUD, PTL, RAM, RBF, RCI, RCL, RICHY, RJH, ROCK, ROH, RP, RPC, RPH, RS, RSP, RT, S, S11, SA, SABUY, SAFARI, SAK, SALEE, SAM, SAMART, SAMCO, SAMTEL, SANKO, SAUCE, SAWAD, SAWANG, SCGP, SCM, SCP, SDC, SEAFCO, SF, SFLEX, SFP, SFT, SGF, SHR, SIAM, SICT, SIMAT, SIS, SISB, SK, SKE, SKN, SKY, SLM, SLP, SMART, SMT, SO, SOLAR, SONIC, SPA, SPCG, SPG, SPVI, SQ, SR, SSC, STAR, STARK, STC, STEC, STGT, STHAI, STI, STPI, SUC, SUN, SUTHA, SVH, SVOA, SWC, SYMC, T, TACC, TAPAC, TC, TCC, TCCC, TCJ, TCOAT, TEAM, TEAMG, TGH, TGPRO, TH, THANA, THE, THG, THL, THMUI, TIGER, TITLE, TK, TKN, TM, TMC, TMI, TMW, TNDT, TNH, TNPC, TOA, TPAC, TPBI, TPCH, TPIPL, TPIPP, TPLAS, TPOLY, TPS, TQM, TQR, TR, TRC, 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, WINNER, WORK, WORLD, WP, WPH, WR, YCI, YGG, YUASA, ZMICO Explanations Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of June 24, 2019) are categorised into: companies that have declared their intention to join CAC, and companies certified by CAC.

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